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Shr 12 cts vs 10 cts
Net 1,683,000 vs 1,407,000
Sales 42.2 mln vs 28.8 mln
Year
Shr 83 cts vs 70 cts
Net 11,908,000 vs 10,005,000
sales 160.3 mln vs 126.5 mln
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Shr loss two cts vs profit three cts
Net loss 59,299 vs profit 88,843
Revs 3,487,693 vs 2,123,488
Year
Shr profit 25 cts vs loss two cts
Net profit 816,395 vs loss 44,541
Revs 12.2 mln vs 7,413,328
Avg shrs 3,208,472 vs 2,348,559
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State-owned <Chemie Linz AG> is
likely to record a 1986 loss of some 600 mln schillings
compared with a 340 mln loss in 1985, a company spokesman said.
Falling sales and lower world prices of fertilisers were
largely responsible for the sharp increase, along with the
effects of the dollar's fall which has helped to give U.S.
Fibre producers a competitive edge, he told Reuters.
The firm would have made a small profit in 1985 had it not
been for 456 mln schillings lost by subsidiary <Merx
HandelsgesmbH> on oil trading. Merx has since withdrawn from
the oil market. The firm will announce 1986 results in July.
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Shr 13 cts vs 13 cts
Net 617,000 vs 604,000
Revs 1,889,000 vs 1,920,000
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Dudley Taft and Narragansett
Capital Inc said it was prepared to raise its bid to acquire
Taft Broadcasting Co to more than 150 dlrs per share.
Taft, through Theta Co, sent and letter to Taft's board of
directors stating he was committed to purchasing the
broadcasting company and was ready to discuss all aspects of
the purchase.
The company said items to be discussed included price,
structure and form of consideration. Taft said he was prepared
to negotiate a transaction in which Taft Broadcast shareholders
would receive in excess of 150 dlrs per share.
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Allwaste Inc said it entered into an
agreement in principle to acquire all the outstanding common of
a related air-moving and industrial services company. It did
not disclose the name of the company.
Allwaste, which preforms air-moving and related services,
said it will swap shares of its common, valued at 2.6 mln dlrs,
with the company it is acquiring.
It said the acquisition is subject to negotiation of a
final agreement.
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Exxon Corp, the world's largest oil
company, said in a published interview today that it was
reviewing its worldwide refinery operations and might decide to
close on of its french refineries.
Lee R. Raymond, Exxon's new president, singled out the
possibility of a closure of one of Exxon's refineries in France
during the interview.
An Exxon spokeswoman confirmed that Raymond had
specifically mentioned refineries in France but said that no
specific refinery had been named. She also said that all of
Exxon's opertations were under constant review.
Exxon currently has two refineries in France, FOS in the
mediterranean with a capcity of 175,000 barrels per day and
Port Jerome west of paris with a similar capacity.
Petroleum Intelligence Weekly, an influential trade
journal, said, in its current issue, that they understood that
Exxon was looking at the possibility of refinery closures in
Antwerp, Southern France or possibly Italy.
Paul Mlotok, oil analyst with Salomon Brothers inc said
that with the closures Exxon made in 1986 in Europe and the
improvement in the European refining situation, its future
profits there should be good.
"Exxon and other major oil companies have closed a bunch of
refineries in Europe, upgraded the rest and shaken many of the
indepedents out of the market. Now with demand for products
rising and efficient operations, Exxon should show superior
earnings," Mlotok said.
"Just after Royal Dutch <RD>, they are seen as one of the
highest grade refiners in Europe," he added.
Industry sources said that the oil companies were likely to
feel greater pressure on their operations in Southern Europe
where competition from the OPEC countries is increasing as
these producers move further into downstream operations.
PIW said that refiners in the Mediterranean can expect
increased shipments from Saudi Arabia and other OPEC export
refineries.
PIW said "sales from Libya, Algeria and elsewhere are
expected to reclaim markets lost to Italian and other European
refiners as a result of the abundance of cheap netback oil last
year."
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An investor group led by New York
investor George Soros said it acquired a 6.1 pct stake in B.F.
Goodrich Co common stock as an investment.
The group said it paid about 69 mln dlrs for the 1,389,600
Goodrich shares, which are being held by Quantum Fund N.V., a
Netherlands Antilles investment firm advised by Soros.
It said all the shares were bought between Dec. 29 and
March 9.
The group said it reserved the future right to buy
additional shares and to formulate other purposes or plans
regarding its Goodrich investment.
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A group led by New York investor
Michael Steinhardt told the Securities and Exchange Commission
it bought a 6.6 pct stake in Holiday Corp common stock as an
investment.
The group said it paid 114 mln dlrs for its 1.6 mln Holiday
shares, 530,000 of which were bought since Feb. 6.
At the same time, group members said they held short
positions in the stock totaling 830,000 shares.
In addition to Steinhardt himself, the group includes
Steinhardt Partners and Institutional Partners, two investment
firms of which Steinhardt is one of the general partners.
Reuter
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Oper shr 29 cts vs 22 cts
Oper net 3.9 mln vs 1.8 mln
Year
Oper shr 63 cts vs four cts
Oper net 10.1 mln vs 855,000
NOTE: Excludes gain one ct per share vs loss two cts in the
quarter, and gain 41 cts per share vs gain six cts in the year
from investments. Also excludes extraordinary gain of one ct
per share in fourth quarter 1985, and gain of one ct per share
vs one ct in the full year period.
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Societe Generale de Belgique <BELB.BR>
said the near doubling of net profits in 1986 was due in large
part to the sale of shares in Genstar Corp.
The company, which announced a net non-consolidated profit
of 5.31 billion francs compared with 2.82 billion in 1985, said
its current profits rose by 19 pct last year, without giving
further figures.
However, it added in a statement that the company made
major capital gains on sales during the year, in particular
from the sale of Genstar shares.
Societe Generale governor Rene Lamy told last November's
annual meeting that 1986 asset disposals would total around 4.5
billion francs, including the sale of Genstar shares to Imasco
Limited <IMS.TO>.
He predicted a profit on extraordinary items of two billion
francs after a rough balance in 1985.
In today's statement, Societe Generale gave no figures for
extraordinary gains.
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Shr loss 11 cts vs profit six cts
Net loss 217,200 vs profit 83,200
Revs 3,564,200 vs 3,171,900
Avg shrs 2,033,750 vs 1,334,950
Reuter
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A proposal by two U.S. House
Democrats to target government farm benefits to small- and
medium-sized farms was warmly received by Democrats on a
House subcommittee today.
"On balance, this is the best new idea I have seen," said
Rep. Dan Glickman (D-Kan.), Chairman of the House Agriculture
Subcommittee on Wheat, Feedgrains and Soybeans. "This is the
first hard constructive proposal coming out as an alternative
to the (Reagan) administration's farm proposal."
The plan, offered by Reps. Tim Penny (D-Minn.) and Byron
Dorgan (D-ND), would raise target prices for wheat to 5.00 dlrs
per bushel and for corn to 3.50 dlrs. Producers could receive
deficiency payments on up to 80 pct of normal yield but not
more than on 30,000 bu of corn and 20,000 bu of wheat.
The proposal also would require acreage reductions of 20
pct, eliminate generic certificates and prohibit persons not
actively engaged in farming from receiving program benefits.
Dorgan said the bill would save 24 billion dlrs over five
years, protect family farms and eliminate government
accumulation of stocks because nonrecourse loans would be
halted.
However, Rep. Pat Roberts (R-Kan.) said the measure would
"involve the federal government in deciding and defining who a
family farmer is."
Roberts said the bill, for example, would restrict program
payments to 500 acres of wheat production in western Kansas.
Other Republicans on the panel questioned how the bill
would determine if a person was actively engaged in farming and
therefore eligible for payments.
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The European Commission is to consider
proposed new higher minimum standards for sales of durum wheat
into intervention stores, European Community sources said.
They said a document drawn up by Commission officials
proposes a reduction in the maximum humidity level to 13 pct
from 14, an increase in the minimum weight to 78 kilos per
hectolitre from 76, a tightening of other technical standards
and introduction of some new ones.
Current public stocks of durum wheat in the EC are 1.15 mln
tonnes, of which almost 1.12 mln are in Italy.
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Bancroft Convertible Fund said the
U.S. District Court for the District of New Jersey issued a
preliminary injunction, enjoining <Zico Investment Holding
Inc's> tender offer for Bancroft.
It said the Court order prevents Zico from buying any
shares tendered to them during the offer, which began on Feb.
17, 1987.
In the tender offer blocked by the Court, Zico offered to
buy 500,000 shares, or about 22 pct of Bancroft's outstanding
stock, for 30 dlrs a share.
Previously, Zico had bought 965,000 Bancroft shares for 31
dlrs a share, giving it about 28 pct of the company. If the
recent offer had gone through, the Zico would have owned
slightly more than 50 pct of Bancroft's outstanding shares.
Reuter
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Zambia will reintroduce a modified
foreign exchange auction at the end of this month as part of a
new two-tier exchange rate, central bank governor Leonard
Chivuno said.
Chivuno told a press conference at the end of three weeks
of negotiations with the International Monetary Fund (IMF) that
there would be a fixed exchange rate for official transactions
and a fluctuating rate, decided by the auction, for other types
of business.
The Bank of Zambia previously held weekly auctions to
distribute foreign exchange to the private sector and determine
the kwacha's exchange rate, but these were suspended at the end
of January.
President Kenneth Kaunda said at the time that he was
suspending the auction system in view of the rapid devaluation
and violent fluctations of the exchange rate which had
resulted.
Business and banking sources said another reason for
suspending the auction was that the central bank was low on
foreign exchange and was 10 weeks behind in paying successful
bidders. The kwacha stood at 2.2 per dollar when the auction system
was first introduced in October 1985, but it slid to around 15
per dollar by the time it was suspended 16 months later.
Since then, Zambia has operated a fixed exchange rate of
about nine kwacha per dollar.
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Shr primary 64 cts vs 45 cts
Shr diluted 60 cts vs 44 cts
Net 4,524,000 vs 3,212,000
Revs 202.5 mln vs 171.9 mln
Avg shrs primary 7,112,480 vs 7,052,964
Avg shrs diluted 8,034,223 vs 8,008,763
Year
Shr primary 1.70 dlrs vs 1.31 dlrs
Shr diluted 1.65 dlrs vs 1.30 dlrs
Net 12.1 mln vs 9,252,000
Year
Revs 612.4 mln vs 523.4 mln
Avg shrs primary 7,112,480 vs 7,052,964
Avg shrs diluted 8,034,223 vs 7,732,544
Note: Includes after-tax LIFO charges of 441,000 dlrs vs
359,000 dlrs for qtr and 539,000 dlrs vs 407,000 dlrs for year.
Reuter
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Taft Broadcasting Co said its
board continues to explore alternatives, such as a possible
financial restructuring, in response to a Theta Corp offer of
150 dlrs per share for Taft stock.
Last week Taft rejected a 145 dlr-a-share bid by Theta, an
investment group headed by Taft's vice chairman, Dudley Taft.
Taft also said the new proposal would be submitted to the
board but no decision had been made with respect to the sale of
the company.
In the proposal, Theta said it was prepared to discuss all
aspects of the offer including price, structure and form of
consideration and would be prepared to negotiate a transaction
in which shareholders would receive a value in excess of 150
dlrs per share.
Taft said Theta requested that the company cooperate and
provide it with information subject to an appropriate
confidentiality agreement.
The company declined to comment beyond this statement.
Reuter
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Two new U.K. Tax relief measures for oil
producers, announced today, are aimed at encouraging
developments in the North Sea to go ahead and boost
opportunities for the offshore supplies industry, the Inland
Revenue said in a post-budget statement.
Earlier, Chancellor of the Exchequer Nigel Lawson announced
in his annual budget to Parliament that from today, companies
will be allowed to offset up to 10 pct of qualifying
development expenditure on certain future oil fields against
Petroleum Revenue Tax (PRT).
To date, full relief was allowed for expenditure on an
individual field itself, when its income stream began, but was
not immediately available against other development
expenditure, the statement said.
The new relief will apply to fields outside the southern
basin for which development
consent is first given on or after today, and will improve the
post-tax economics of new developments and encourage companies
to proceed with project which might have been delayed, it said.
Lawson also announced that he would henceforth allow
certain expenditure on oil related research which does not at
present qualify for PRT relief to be offset against PRT
liability.
This means oil-related expenditure in the U.K. Or on the
U.K. Continental shelf, which has not become allowable in a
particular field within three years of being incurred, to be
allowed against PRT liability in any oil field, the Inland
Revenue said.
This brings the scope of PRT relief for research costs more
in line with corporation tax relief measures, and is planned to
encourage general research into ways of reducing field
development costs, it said.
In due course, the industry should benefit by over 100 mln
stg a year, it calculated.
The Inland Revenue statement also included other technical
measures that Lawson did not comment on in his budget speech.
These included measures to allow companies to balance their
shares of PRT-exempt oil allowances through reallocation in two
past periods of allowance utilisation.
Tidier rules on incorrectly allowed PRT expenditure reliefs
were announced, while there were also ammendments on rules on
corporation tax and Advance Corporation Tax relating to the
so-called "ring fence" of activities in the U.K. And its
continental shelf. The Finance Bill will have provisions for
the implementation of measures announced in November, it said.
Gareth Lewis Davies, a North Sea expert with stockbrokers
Wood Mackenzie and Co Inc in Edinburgh, thought the two reliefs
on PRT would help the depressed offshore industry.
He said the 10 pct cross field allowance relief would
favour chances that development of smaller North Sea fields
such Osprey, Don and Arbroath would be brought forward.
Early development of the larger Miller and Bruce oil fields
might also be encouraged, he said.
Lewis Davies said the measure might also aid the offshore
construction industry, which suffered a huge amount of lay-offs
under the price slump of more than 50 pct last year.
He pointed out that the relief only applies to the
development of new fields outside the Southern Basin.
This means more jobs could be created, as the fields in the
central and northern sectors of the North Sea are deeper than
in the south and thus have greater capital and labour
requirements as the waters are deeper than in the south.
He said the PRT relief for certain research expenditure
would help fundamental research in the oil industry, although
the benefits of this research would not be seen for several
year.
REUTER
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Shr 31 cts vs 27 cts
Qtly div four cts vs four cts prior
Net 11.4 mln vs 9,905,528
Revs 194.3 m ln vs 171.7 mln
Note: Qtly div is payable April 22 to shareholders of
record April three.
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American Telephone and Telegraph Co and
Philips Telecommunications BV (APT) would hold 36 pct through
direct and indirect holdings in France's <Cie Generale de
Constructions Telephoniques> if a joint bid with French
partners for the soon-to-be-privatised firm succeeds, a
director at one of the partner firms said.
Marc Mathieu of <Societe Anonyme de Telecommunications>
SAT, told journalists the bid foresaw a direct stake of 20 pct
for APT, the joint firm set up by the U.S.'s ATT <T.N.> and the
NV Philips Gloeilampenfabrieken <PGLO.AS>.
The other 80 pct would be owned by a holding company made
up of SAT, APT, Cie du Midi <MCDP.PA> and five mutual funds.
Under French law, foreign investors are restricted to a 20
pct direct stake in privatised companies but can boost their
stake to 40 pct through indirect holdings.
The make-up of the holding company, however, is subject to
close discussions within the government due to legal queries
over the nationality of the mutual funds, a Finance Ministry
official said.
Although bought by French citizens they are managed by
foreign banks <Morgan Guaranty Trust Co of New York> and
<Banque de Neuflize, Schlumberger, Mallet SA>, controlled by
Algemene Bank Nederland NV <ABNN.AS>, an SAT spokesman said.
CGCT, which controls 16 pct of the French public telephone
switching market, is to be sold by the government for 500 mln
francs by private tender.
Five groups are bidding for the company and the government
has said it will choose CGCT's new owner by the end of April.
APT vice-president Wim Huisman told a news conference a
capital increase was envisaged if SAT-APT wins CGCT, but
declined to give details or say how an increase would affect
foreign stakes in CGCT.
In 1985, CGCT posted losses of 200 mln francs on sales of
three billion after 1984 losses of 997 mln francs.
A joint SAT-APT statement added that buyers were committed
to investing 240 mln francs in CGCT research and production
plants. The APT-SAT offer includes a provision for CGCT to
produce APT 5ESS-PRX switching technology and adapt it to
French standards.
The tender was launched after a 1985 draft agreement for
ATT to take over CGCT was abandoned following the introduction
of the French government privatisation laws which reopened
bidding among a wider range of applicants.
Other candidacies to take over CGCT include West Germany's
Siemens AG <SIEG.F> allied with Schneider SA <SCHN.PA>
subsidiary Jeumont-Schneider, Sweden's Telefon AB LM Ericsson
<ERIC.ST> allied with Matra <MATR.PA> and Bouygues SA
<BOUY.PA>, Italy's <Italtel>, and Canada's Northern Telecom Ltd
<NTL.TO>.
Reuter
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British bank base lending rates are
likely to fall by as much as one full point to 9-1/2 pct this
week following the sharp three billion stg cut in the U.K.
Central government borrowing target to four billion stg set in
today's 1987 budget, bank analysts said.
The analysts described Chancellor of the Exchequer Nigel
Lawson's budget as cautious, a quality which currency and money
markets had already started to reward.
Sterling surged on foreign exchange markets and money
market interest rates moved sharply lower as news of the budget
measures came through, the analysts said.
Lloyds merchant bank chief economist Roger Bootle said he
expected base rates to be cut by one full point tomorrow.
"This is very much a safety-first budget in order to get
interest rates down," he said.
Bootle said the money markets had almost entirely
discounted such a one point cut, with the key three month
interbank rate down to 9-11/16 pct from 9-13/16 last night, and
it would be rather conservative for banks to go for a
half-point cut now.
Midland Bank treasury economist David Simmonds said he,
too, expected base rates would be a full point lower by Friday,
but this would likely happen via two half-point cuts.
"This budget is designed to please both the markets and the
electorate. The implications for interest rates are very
favourable, we could have a half-point cut tomrorow and another
such cut before the end of the week," Simmonds said.
Pointing to buoyant U.K. Retail data released yesterday, he
said Lawson had done well to resist pressures for a sharp cut
in income tax rates at the expense of a lower borrowing target.
"There is no real need to boost private consumption," he said.
National Westminster Bank chief economist David Kern said
the lower borrowing target set in the budget had increased the
likelihood of an early one-point base rate cut.
Kern said the budget would have to be analysed carefully,
in particular to see how exactly Lawson planned to achieve the
sharper than expected borrowing target cut, before a one-point
base rate cut could be implemented.
But providing the budget small-print was convincing, "and I
suspect it will be, it is entirely possible that we see one
point off base rates by the end of this week," Kern said.
Bootle of Lloyds said the expected base rate cut would pave
the way for an early one-point cut in mortgage lending rates.
This would help achieve Lawson's lower than expected consumer
price inflation target of four pct at end-1987, he said.
U.K. Base rates were cut last week to 10-1/2 pct from 11
pct after sustained pressure from the foreign exchange, money
and government bonds (gilts) markets.
But building societies said they would not cut lending
rates until base rates had fallen by one full point.
REUTER
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A shareholder group led by New York
investor Robert Toussie told the Securities and Exchange
Commission it sold off most of its holdings in Heck's Inc
common stock but reserved the right to again seek control of
the company in the future.
The group, which includes the Edward A. Viner and Co
brokerage, said it sold 579,600 shares since March 5, leaving
it with 157,000 shares or 1.8 pct of the total outstanding.
The group had proposed a takeover of Heck's in September
but later withdrew the offer, and Heck's on March 5 filed for
protection from its creditors under federal bankruptcy law.
Reuter
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<Dixons Group PLC>, which is in a
battle with <CYACQ Corp> for control of Cyclops Corp, said a
Cyclops shareholder had agreed to withdraw a motion in U.S.
District Court to prevent Dixons from completing its tender
offer for Cyclops, which expires 2400 EST today.
Dixons did not name the shareholder and did not disclose
the holder's stake in Cyclops.
Reuter
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Shr 72 cts vs 58 cts
Net 20.8 mln vs 14.9 mln
Revs 328.7 mln vs 239.8 mln
Avg shrs 28.9 mln vs 25.7 mln
Note: Prior year shr restated for June, 1986 two-for-one
stock split
Reuter
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Siebel Capital Management Inc, a
California investment adviser, told the Securities and Exchange
Commission (SEC) it bought 1.3 mln CooperVision Inc common
shares or 5.9 pct of the total outstanding.
In its SEC filing, the firm said it "intends to acquire more
stock and may attempt to influence management of the company to
make major changes in the company's business or corporate
structure."
Siebel said it made net purchases of 163,200 CooperVision
shares since Jan. 1.
Reuter
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American Cyanamid Co said it bought
the 50 pct interest of Cyanamid Fothergill Ltd held by
<Fothergill and Harvey PLC>, making the unit a wholly owned
subsidiary.
The unit manufactures structural materials, including
advanced composites, adhesives, and aluminum honeycomb for the
European space industry.
The current management will remain in place and the unit
will continue at its locations in Wrexham, U.K., the company
said.
Reuter
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Shr loss 26 cts vs loss 12 cts
Net loss 289,649 vs loss 138,372
Revs 5,944,286 vs 5,902,074
Reuter
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An investor group including New
York-based Mutual Shares Corp and Mutual Qualified Income Fund
Inc told the Securities and Exchange Commission it raised its
stake in Gelco Corp common stock to 575,859 shares or 8.2 pct
of the total outstanding.
The group said its most recent purchases included 241,000
shares bought between January 21 and March 10.
The group said it purchased the shares for investment
purposes.
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Qtr ended Jan 31
Shr 92 cts vs 1.28 dlrs
Net 5,415,000 vs 7,730,000
Revs 114.2 mln vs 112.9 mln
Avg shrs 5,864,000 vs 6,030,000
Year
Shr 45 cts vs 1.40 dlrs
Net 2,664,000 vs 8,536,000
Revs 322.9 mln vs 312.3 mln
Avg shrs 5,885,000 vs 6,105,000
Note: Net includes LIFO gains of 48,000 dlrs vs 118,000
dlrs for qtr and charges of 257,000 dlrs vs 225,000 dlrs for
year.
Reuter
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Oper shr 24 cts vs 19 cts
Oper net 1,096,332 vs 794,711
Revs 803,085 vs 442,420
Six mths
Oper shr 53 cts vs 43 cts
Oper net 2,375,844 vs 1,741,437
Revs 1,471,257 vs 768,683
NOTE: Prior year excludes income from discontinued
operations of 19 cts per share in the quarter and 17 cts per
share in the year.
Reuter
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Freedom Federal Savings Bank
said it voted its first cash dividend of 10 cts a share,
payable April 10, record March 31.
The 1987 annual dividend will be 40 cts a share, it said.
Reuter
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Qtr ends Feb 28
Shr six cts vs three cts
Net 189,683 vs 80,499
Revs 2,874,930 vs 2,594,474
NOTE: Full name Hospital Staffing Services Inc.
Prior year includes extraordinary gain of one ct per share.
Reuter
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The dollar is near appropriate levels
against European currencies and the yen, and a further fall
could damage confidence in the currency while endangering world
economic growth, a top Bundesbank official said.
Board member Leonhard Gleske also told a Forex Association
conference current exchange rates of major currencies "can be
viewed as equilibrium levels in a medium-term perspective."
He said the recent Paris agreement on currency
stabilisation and policy coordination between the Group of Five
and Canada may herald "an era of greater exchange rate
stability."
The Paris agreement was not, however, an attempt to set up
permanent target zones for exchange rates, Gleske stressed,
adding such targets would be extremely difficult to agree and
enforce on an international level.
"At present levels the dollar can no longer be considered
grossly overvalued in relation to the European currencies and
the yen," Gleske said.
He said the dollar had fallen much less against currencies
of important trading nations such as Canada, Korea, Taiwan and
Hong Kong, and further falls there may still be necessary.
But "a further dollar depreciation against major European
currencies and the yen may not be the best way to restore the
dollar to a fully competitive position, as measured by its
weighted external value," he said.
In fact, a further marked decline in the dollar rate would
hold two major dangers, Gleske said.
First, in countries with large balance of payments
surpluses such as Japan and West Germany, it threatened to
hamper economic growth and thus slow down the expansion of real
income and domestic expenditure necessary to wipe out
surpluses.
Second, in the United States, it could damage investors'
confidence in the dollar and thus reduce their willingness to
finance huge fiscal and external payments deficits, Gleske
said.
Gleske also was strongly sceptical that an international
system of binding target zones for currencies, fluctuating in
narrow bands against each other, can be established. Such
targets threatened to cause policy conflicts, "both within
countries and between them."
For instance, the U.S. Reliance on foreign capital to fund
its deficits requires interest rates there be set at high
levels, but domestic considerations call for low ones.
If target zones were established, this would put "pressure
on other countries to reduce their interest rates even more,
even though this may be in conflict with their own domestic
situation and priorities," he said.
Gleske added, "targeting the exchange rate even within a
wide margin will meet with serious objections where there is a
clearly perceived potential for conflict between domestic and
external policy priorities."
Commenting on the Paris currency accord, Gleske said its
chances of stabilising exchange rates rested heavily on current
interest rate differentials being maintained.
These chances "seem to me to rest critically on the
expectation that the current configuration of interest rates,
and the monetary policies behind them, will assure smooth
financing of current account imbalances in the months ahead."
Gleske said past experience of currency adjustments had
learned "that markets are inclined to be impatient and will thus
tend to overshoot." He said this "would seem to be unnecessary
and should be avoided if at all possible."
Monetary policies can help achieve this, but only if
markets believe that pledged changes in fiscal policies will
lead to balanced international payments, he said.
REUTER
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Plains Resources Inc said that as
of December 31, its estimated proved oil and gas reserves rose
by 27 pct to 5.43 mln barrels from 4.27 mln barrels and proved
developed reserves rose 16 pct to four mln barrels from 3.45
mln barrels a year ago.
The company said its year end reserves did not include the
oil and gas reserves of Houston Oil Fields Co which recently
agreed to merge with it, pending shareholder approval in
mid-April. If approved, the merger will add another 3.2 mln
barrels to the company's reserve base.
Reuter
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Oshman's Sporting Goods Inc said
earnings for the fourth quarter ended January 31 were affected
by the weak economies of Texas, Oklahoma and Louisiana,
resulting in a drop in net earnings to 5,415,000 dlrs or 92 cts
a share from 7,730,000 dlrs or 1.28 dlrs a share for the
year-ago quarter.
The company also said sales on the West Coast were hurt by
late snows and poor skiing conditions.
Same-store sales declined 3.2 pct for the quarter and 2.2
pct for the year.
For the full year, Oshman's net earnings fell to 2,664,000
dlrs or 45 cts a share, from 8,536,000 dlrs or 1.40 dlrs a
share.
In 1986, the company said it opened nine stores and closed
three.
At year-end, the company said it was operating 188 Oshman's
stores and 27 Abercrombie and Fitch stores.
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Light, scattered showers covered
winter wheat areas in the North China Plain in the week ended
March 14, moistening topsoils for wheat, just breaking dormancy
in most central and northern areas, the Joint Agricultural
Weather Facility of the U.S. Agriculture and Commerce
Departments said.
In its International Weather and Crop summary, the agency
said southern winter wheat areas are in the early vegetative
stage. Above-normal February temperatures over the North China
Plain caused winter grains to break dormancy early in the
south.
Moderate to heavy rains in southern Jiangsu, Anhui,
eastern Hebei, Hunan , Jiangxi, Fujian, and Zheziang, reversed
February's below normal precipitation pattern.
The agency said the wet weather in these areas provided
ample moisture for rice planting and lessened the need for
irrigation.
Mostly dry weather in early-rice areas of Guanxi and
Guandong resulted in irrigation for continued rice planting, it
said.
Reuter
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Qtr ended Feb 28
Shr 24 cts vs 24 cts
Net 10.0 mln vs 10.1 mln
Revs 202.8 mln vs 184.6 mln
Nine mths
Shr 66 cts vs 67 cts
Net 27.3 mln vs 27.6 mln
Revs 588.2 mln vs 539.2 mln
Note: 1986 shr data adjusted for 3-for-2 stock split paid
October 1986.
Reuter
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A White House-ordered report said
that growing U.S. reliance on foreign oil into the year 2000
could have potentially damaging implications for national
security.
The Energy Department study discusses several options to
curb reliance on foreign oil, but makes no recommendations.
President Reagan and most Congressmen have previously ruled
out a tax on foreign oil as a way to curb imports and to help
the depressed domestic oil industry.
Energy Secretary John Herrington said in a statement that
"although we have made gains in energy security in the last six
years, this report shows that there is justification for
national concern both over declining competitiveness of our
domestic oil and gas industry and over rising oil imports."
The report said imports last year were 33 pct of U.S.
consumption and by the mid-1990s could rise to 50 pct.
Among the report's options to ease U.S. reliance on foreign
oil are several already advocated by the Reagan Administration.
President Reagan ordered the study last September, citing a
determination that the country never again become captive to a
foreign oil cartel, referring to the OPEC-led oil shortages and
sharp prices increases of the 1970s.
The report said an import fee would raise prices and help
make it economical for U.S. oil firms to find and produce new
oil, as well as to cut imports, but on the whole the tax would
depress the nation's economy.
reuter
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VTX Electronics Corp said its
board declared a five-for-four stock split, payable April Nine
to holders of record March 27.
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Coastal Corp said it expected earnings
for 1987 "to be significantly above" profits of 71.6 mln dlrs
last year.
In a letter to shareholders appearing in the company's
newly-issued 1986 annual report, Coastal chairman Oscar Wyatt
did not elaborate on how much earnings were expected to
increase.
The 1986 profits of Coastal, a natural gas production and
pipeline company, were halved from 1985 levels due to slumping
energy prices. The company's sales totaled 6.7 billion dlrs
last year.
Coastal also said it sold its natural gas for an average
price of 2.17 dlrs per mcf in 1986, a drop of 18 pct from the
previous year. Oil and natural gas liquids sold for an average
14.20 dlrs a barrel in 1986, a reduction of 37 pct.
The Houston-based company, which produced a daily average
of 120 mln cubic feet of gas and 11,149 barrels of oil, said it
had proved reserves at yearend 1986 of 28.6 mln barrels of oil
and 954 billion cubic feet of natural gas. Average reserve
replacement costs were 8.28 dlrs per barrel of oil equivalent
during the past three-year period, representing a little more
than half of the industry average, the company said.
Coastal's more than 800 gasoline retail outlets were
operated profitably during 1986 "and are expected to continue
to do so," the company said.
Reuter
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Shr profit 26 cts vs loss nine cts
Net profit 10.3 mln vs loss 1.0 mln
Revs 208.2 mln vs 123.3 mln
Year
Shr profit 38 cts vs profit nine cts
Net profit 13.0 mln vs profit 2.8 mln
Revs 635.5 mln vs 429.3 mln
Note: 1986 full year results include extraordinary loss of
one mln dlrs or three cts per share.
Reuter
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Norstar Bancorp said it has agreed
in principle to acquire United National Bank of Callicoon,
N.Y., by exchanging three Norstar common shares for each of the
201,660 United shares outstanding.
Based on the recent price of Norstar's stock, it said, the
proposed tax-free exchange would have a market value of about
20 mln dlrs.
Norstar said the acquisition is subject to approval by
United's holders and state and federal regulators. United has
assets of 90 mln dlrs.
Reuter
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an eventual oil import fee in the
united states will make no difference to champlin petroleum
corp's joint venture agreement signed today with petroleos de
venezuela (pdvsa), champlin chairman william adams said.
"this was an aspect which was discussed at length during the
negotiations, but we can say our contract covers all
eventualities in this regard," he told reuters during the
signing ceremony here.
Venezuela's energy and mines minister arturo hernandez
grisanti earlier described the agreement, under which pdvsa
buys 50 pct of champlin's corpus christi refinery, as "one more
step in the maturation and presence of our oil industry in
world markets."
union pacific chairman william cook said the agreement will
be beneficial to both sides, combining a secure source of
supply with a modern refinery and access to markets.
"we are looking to a long-term relationship, and at a time
of protectionist tendencies in the U.S. Congress there are
clear benefits to both sides," he said.
Adams said pdvsa crude would remain competitive even with
an oil import fee because champlin had invested heavily over
the years in adapingthe texas refinery to process venezuelan
heavy crudes with coking and hydro-treating facilities and
obtain a competitive product yield.
"therefore while the danger of an oil import fee has been a
consideration in the negotiations, and it remains to be seen
what such a fee would represent, we do not foresee any impact
on today's agreement," adams said.
He said the refinery could run crude as heavy as
venezuela's bolivar coastal field (bcf) 17 api without any
difficultiesand would probably move over time to a heavier diet
to take advantage of bigger margins.
The refinery has a capacity to process up to 110,000 bpd of
venezuelan high sulphur content heavy crude, with an 80-85 pct
yield of white products.
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Secretary of Agriculture Richard
Lyng will meet with representatives from major grain exporting
companies today, and the subject of subsidized wheat to the
Soviet Union will likely be discussed, an aide to Lyng said.
Today's meeting, set to begin at 1500 EST (2000 gmt), was
scheduled at the request of the exporters, the aide said.
"The EEP (export enhancement program) is pretty obviously
one of the things they (the exporters) want to talk about, but
they haven't any agenda as far as I know," Lyng's aide said.
Private industry export officials have met periodically
with Lyng to discuss farm policies and the export situation.
Whether this meeting will prompt any U.S. action on the issue
of whether Moscow will be offered export bonus wheat is
uncertain, the aide said.
"I don't know what they'll tell us that we don't already
knwo, but we'll hear what they have to say," Lyng's aide said.
The USDA official said that as far as he knows there has
been no further action on offering the Soviet Union wheat under
the EEP.
Reuter
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Shr 10 cts vs 11 cts
Net 255,000 vs 242,000
Sales 7,166,000 vs 6,486,000
Avg shrs 2,438,000 vs 2,118,000
Year
Shr 50 cts vs 40 cts
Net 990,000 vs 849,000
Sales 29.0 mln vs 22.8 mln
Avg shrs 1,972,000 vs 2,118,000
NOTE: Share adjusted for five-for-four stock split declared
today.
Reuter
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Shr 36 cts vs 37 cts
Net 2,751,000 vs 2,179,000
Qtly div 40 cts vs 40 cts prior
Avg shrs 7,699,241 vs 5,943,341
NOTE: Dividend payable April 10 to shareholders of record
March 30.
Reuter
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Shr 31 cts vs 27 cts
Net 11.4 mln vs 9,905,528
Revs 194.3 mln vs 171.7 mln
Avg shrs 36.6 mln vs 36.4 mln
NOTE: Sixteen-week periods.
Reuter
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<Fortune Savings Bank> said it
agreed to buy the deposits and assume the leasehold of a
Financial Security Savings and Loan Association <FSSL> branch
here.
Terms of the agreement were not disclosed.
Fortune said the agreement is subject to regulatory
approval. It also said that if the transaction is approved,
Financial would generate a profit on the sale.
Reuter
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Finance and economy ministers of the
Gulf Cooperation Council (GCC) opened a two- day meeting to
discuss further economic integration, officials said.
They said issues to be discussed by the ministers from
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab
Emirates (UAE) would include a recommendation by central bank
governors on a common currency exchange rate.
The governors agreed in January on a denominator on which
to base currencies of the six states. Any decision will be
forwarded for final approval to a GCC summit meeting due in
Saudi Arabia late this year.
The six states have different currency systems. Saudi
Arabia, Bahrain, Qatar and the UAE are linked in theory to the
International Monetary Fund's basket of currencies -- the
special drawing right (SDR) -- but in practice to the dollar.
Oman links its currency formally to the dollar, while
Kuwait pegs its dinar to a trade-weighted basket devised by
itself.
The denominator chosen by central bank governors has not
been disclosed, but some bankers expect the currencies to be
linked to the SDR or a trade-weighted basket.
Opening the meeting, Ahmed al-Tayer, the UAE's Minister of
State for Finance and Industry, said implementation of joint
economic agreements "is increasingly linking the interests of
GCC citizens together."
The general assembly of the Gulf Investment Corporation met
in Abu Dhabi earlier under the chairmanship of Bahrain's
Finance and National Economy Minister, Ibrahim Abdul-Karim
The corporation was formed to contribute to joint economic
and investment projects in the GCC.
Officials said the corporation's assets rose to 1.31
billion dollars last year from 1.04 billion at the end of 1985.
REUTER
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Oper shr loss six cts vs profit four cts
Oper net loss 165,000 vs profit 83,000
Sales 2,413,000 vs 921,000
Avg shrs 2,908,770 vs 2,203,462
Year
Ope shr profit five cts vs profit five cts
Oper net profit 124,000 vs profit 106,000
Sales 5,652,000 vs 1,623,000
Avg shrs 2,369,949 vs 2,061,102
NOTE: Net excludes losses from discontinued operations of
548,000 dlrs vs 14,000 dlrs in quarter and 696,000 dlrs vs
21,000 dlrs in year.
1985 year net excludes 35,000 dlr tax credit.
1985 year includes only six months of operations due to
change in fiscal year.
Reuter
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Dry weather pushed further into
South Africa's Orange Free State's Maize Triangle in the week
ended March 14, the Joint Agricultural Weather Facility of the
U.S. Agriculture and Commerce Departments said.
In a summary of its Weather and Crop Bulletin, the agency
said scattered showers continued throughout Transvaal, but dry
pockets persisted in the northeast and south.
Temperatures average one to four degrees C above normal
throughout all grain areas, stressing grain-filling corn in
areas receiving lightest rainfall, it said.
The agency said rainfall during February was near to above
normal in most areas, but earlier periods of hot, dry weather
reduced yield prospects in parts of the northern Transvaal and
southern Orange Free State.
Reuter
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Shr 56 cts vs 46 cts
Net 2,005,000 vs 1,685,000
Sales 189.8 mln vs 156.0 mln
Avg shrs 3,603,000 vs 3,614,000
Year
Shr 1.88 dlrs vs 1.77 dlrs
Net 6,774,000 vs 6,587,000
Sales 692.1 mln vs 596.8 mln
Avg shrs 3,604,000 vs 3,713,000
NOTE: Net includes tax credits of 250,000 dlrs vs 162,000
dlrs in quarter and 610,000 dlrs vs 1,288,000 dlrs in year.
Thirteen vs 12 and 53 vs 52-week periods.
Latest year net includes gain 418,000 dlrs for first nine
months from change in pension accounting, for which results of
first three periods restated.
Reuter
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Shr 38 cts vs 47 cts
Net 2,253,664 vs 2,806,820
Gross income 5,173,318 vs 5,873,904
NOTE: Net includes gains on sale of real estate of 126,117
dlrs vs 29,812 dlrs.
Reuter
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Shr loss 25 cts vs profit three cts
Net loss 713,000 vs profit 69,000
Revs 2.4 mln vs 921,000
Six months
Shr loss 24 cts vs profit six cts
Net loss 572,000 vs profit 120,000
Revs 5.7 mln vs 1.6 mln
NOTE:To effect change from fiscal to calendar year, company
reported results for six months period ended December 31, 1985.
1985 six months includes one time gain of 35,000 dlrs.
Reuter
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Dry weather covered most European
crop areas in the week ended March 14, except for those in
southwestern France, southern Italy, and Greece, the Joint
Agricultural Weather Facility of the U.S. Agriculture and
Commerce Departments said.
In its International Weather and Crop sumary, the agency
said mixed rain and snow covered Greece.
Winter grains in England, France, and northern Italy
remained dormant. Grains usuaually break dormancy in March.
Winter grains in Eastern Europe usually break dormancy in
early April, it said.
Showers improved irrigation supplies in winter wheat areas
of northern Pakistan and northern India, it said.
Normally, wheat harvesting is well underwaty in central
India and just beginnning to the north, ending in most areas by
late April.
Showers improved irrigation supplies in southern India,
reversing February's below-normal trend.
Summer rice is usually in or nearing reproduction in most
southern areas, it said.
In the Philippines, most rainfall was restricted to the
central islands, continuing February's drying trend in Luzon
and southern Mindanao.
Locally heavy showers dotted Indonesia and Malaysia as
rainfall generally decreased eastward through the islands.
In February locally heavy showers may have caused flooding
in Java, it said.
The second cnsecutive week of dry weather stressed Moroccan
winter grains, approaching teh heading stage, the agency said.
Light to moderate rain spread from northern Thailand to
Northern Vietnam as dry weather prevailed elsewhere in
Southeast Asia.
Dry weather covered winter grain areas in western and
central Algeria, but soil moisture was likely adequate to meet
crop demands, it said.
Light showers in eastern Algeria and Tunisia maintained
adequate moisture for crop growth, it said.
Timely rains will be needed in the next several weeks as
winter grains advance through the critical reproductive phase,
the agency said.
Reuter
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Qtly div 17-1/4 cts vs 17-1/4 cts prior
Pay April 15
Record March 31
Reuter
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Qtly div four cts vs four cts prior
Pay April 22
Record April Three
Reuter
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Chancellor of the Exchequer Nigel
Lawson's Budget speech was described as sound and well balanced
by analysts, if slightly lacking in excitement.
A cut in bank base lending rates is now widely expected
tomorrow, with most forecasts predicting a half-point fall. A
follow-up half-point cut is anticipated next week.
"Worthy but boring would probably sum it up," Peter Fellner,
U.K. Economist at stockbrokers James Capel and Co, said. "It was
a very, very prudent fiscal budget."
Richard Jeffrey of brokers Hoare Govett said it was a
well-balanced budget within the confines of the government's
philosophy of keeping expenditure levels flat.
Most analysts said the Budget was very sound on the fiscal
side, but offered nothing new on monetary policy.
As was widely expected, Lawson split his "fiscal adjustment"
between trimming the 1987/88 PSBR target to 4.0 billion stg
from 7.1 billion and cutting basic rate income tax from 29 to
27 pct.
The target for the narrow measure of money supply, M0, was
kept unchangd at two to six pct, while the target for the broad
Sterling M3 aggregate was dropped.
Both Jeffrey and Fellner said the budget clears the way for
a half-point fall in U.K. Base rates tomorrow, but the
authorities are unlikely to sanction a larger cut immediately.
Many analysts and currency dealers have forecast a full
one-point cut tomorrow.
"The Bank of England will be loathe to take any action which
it will have to reverse later," Jeffrey said, though he added a
further half-point cut was quite possible in the near future.
The main worry from today's speech is the outlook for
inflation, given the signs of relaxed monetary policy contained
in it, Scrimgeour Vickers economist Richard Holt said.
Holt noted the "rather loose" inflation forecast of 4.0 pct
at end-1987, and said the lower interest rates likely to result
from the tough fiscal stance could cause longer term concern.
"A higher PSBR target could be preferable in the long term,"
he said, although lower mortgage interest rates on the back of
falling base rates would have an offsetting impact on
inflation.
The Budget will inspire a lot of short-term confidence but
it was "not a good budget for inflation," he said
Jeffrey said he would have liked Lawson to say more about
the dangers of excessive liquidity build-up but overall was not
too concerned about a revival of inflation.
Fellner noted that the exchange rate was to remain the
"leading edge" of monetary policy, but said the authorities were
likely to be extremely cautious on this front.
He said they were unlikely to hesitate in holding interest
rates steady or even raising them again if sterling showed any
signs of excessive weakness.
Most analysts agreed Lawson had bolstered the credibility
of the Budget by adopting realistic forecasts.
Raising the forecast for the current account deficit from
1.5 to 2.5 billion stg for 1987 would not unsettle the markets,
which are already discounting that amount, Jeffrey said.
that the 4.0 billion stg PSBR target was given credibility by
the favourable outturn for 1986/87, which is now also forecast
to be 4.0 billion stg.
But analysts said the Budget speech did not give any
clear-cut indication about the timing of the general election,
which has to be held before June, 1988.
Some believe it signals a poll this June, noting that the
benefits, such as income tax cuts and the decision not to raise
duties on alcohol and tobacco, become available immediately.
But others said it kept several options open and it was not
possible to deduce too much from it.
James Capel's Fellner noted that by being fiscally prudent,
Lawson had kept open the possibility of an autumn election in
that there would be no "chickens coming home to roost."
Richard Jeffrey, who favours the likelihood of a June
election, said it was important the Chancellor had not gone for
a Budget aimed overtly at buying an election victory.
Nevertheless, he said, it was likely to result in a boost
to the Conservative Party's pre-election popularity.
REUTER
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Taft Broadcasting Co stock rose almost
three points today as its vice chairman and an investment group
proposed to sweeten a takeover offer for the company.
However, several arbitragers said they would shy away from
the stock at its current price levels since it is unclear how
high bidding for the company would go and whether the company
would agree to a takeover.
"There are too many uncertainties," said one arbitrager.
Taft stock rose 2-7/8 to 155-3/4.
Dudley Taft, Taft vice chairman, and Narragansett Capital
Inc said they sent a letter to the Taft board, stating they
were committed to pursuing acquisition of the broadcast company
and were prepared to negotiate a transaction in excess of 150
dlrs per share.
The company responded that the proposal would be submitted
to the board of directors, but that no decisions have yet been
made on a sale of the company.
"Someone's betting this company will go for 170 (dlrs per
share)," said one arbitrager.
Arbitragers said the stock is a risky buy at current
levels, unless an offer was accepted in the 170 dlr per share
range. They said to make an arbitrage investment at this level
would be chancy since it will take a long time for any
transaction to be completed because of regulatory approvals
necessary for the broadcast properites.
Taft earlier rejected a 145 dlr per share or 1.35 billion
dlr bid from the investment group. The company said it rejected
the bid as inadequate based on advice of Goldman, Sachs and Co,
its financial adviser. It said it would consider alternatives
such as restructuring.
Arbitragers speculated a bidding war may erupt for Taft,
which has two large shareholders in an investment group led by
Robert Bass and Carl Lindner, chairman of American Financial
Corp. The Bass group holds 25 pct of Taft and Lindner holds
16.2 pct. The Taft family, which founded the company almost 50
years ago, has about 12 pct.
Lindner last week told the Securities and Exchange
Commission he may be interested in making a bid for Taft.
"I could see if things got really crazy that it might go
for 175 (dlrs per share)," said one arbitrager, but he
speculated it probably would not even be taken over for more
than a price in the 160s.
Another speculated that Lindner might bid, but he
speculated the investor would not really be interested in
running the company. Lindner was unavailable for comment.
Dennis McAlpine, an analyst with Oppenheimer and Co, said
he had speculated the company might be considering a leveraged
buyout.
"Ideally, you'd have to break this thing up to satisfy all
the interests involved," he said, adding the two largest
shareholders might be interested in pieces of Taft.
He said the highest takeover price he calculated for the
company has been about 140 dlrs per share, but that the highest
estimates on Wall Street have been about 160. He said the
latter would be based on more optimistic expectations for the
broadcast industry.
Reuter
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Energy Secretary John Herrington
said he may recommend to the White House that the domestic oil
industry be given tax benefits to help it produce more oil and
head off increasing U.S. dependence on foreign oil.
He said also at a news conference that he would recommend
to the White House that the fill rate of the Strategic
Petroleum Reserve be increased from its planned 35,000 barrels
per day.
The oil reserve fill rate capacity is 100,000 barrels a
day.
Herrington said he had always advocated a greater fill rate
for the petroleum reserve, but the rate had been kept down
because of budgetary constraints.
Herrington did not disclose what tax incentives he might
advocate, but U.S. officials have shown interest in tax
benefits for oil and gas exploration and for research and
development into new ways to extract oil which is now
considered uneconomical to produce.
He made the remarks in conjunction with the release of the
Energy Department's study on oil's impact on national security.
Herrington said that before he disclosed what
recommendations for tax benefits for the oil and gas industry
he might make, he would raise the matter with the White House
Economic Policy Committee to see if the proposals to increase
oil production made good tax policy.
He said he would like to increase U.S. production by one
mln barrels a day.
The report said that by the end of the century the United
States may be relying on foreign sources for 50 pct of its oil
consumption, posing a serious economic and national security
threat.
Reuter
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Shr 17 cts vs 13 cts
Net 7,602,000 vs 4,879,000
Sales 141.5 mln vs 71.3 mln
Avg shrs 45.0 mln vs 42.2 mln
Year
Shr 45 cts vs 32 cts
Net 19.5 mln vs 12.0 mln
Sales 397.2 mln vs 181.1 mln
Avg shrs 43.4 mln vs 38.2 mln
NOTE: Prior year net includes 2,600,000 dlr tax credit.
Share adjusted for two-for-one stock split in June 1986.
Reuter
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Wainco Oil Corp said it has completed a
wildcat well on its GrandMarais prspect in Jefferson Davis
Parish, La., which is currently producing at a rate of 1.1 mln
cubic feet of gas and 40 barrels of condensate daily.
The company said it has a 20 pct working interest in the
well which is flowing from Lower Frion Tweedel Sand
perforations between 10,104 and 10,110 feet. Additional
untested but possibly productive zones exist behind the pipe,
it added. It said the remaining owners are privately held
petroleum companies.
Reuter
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A White House-ordered report said
that growing U.S. reliance on foreign oil into the year 2000
could have potentially damaging implications for national
security.
The Energy Department study discusses several options to
curb reliance on foreign oil, but makes no recommendations.
President Reagan and most Congressmen have previously ruled
out a tax on foreign oil as a way to curb imports and to help
the depressed domestic oil industry.
Energy Secretary John Herrington said in a statement that
"although we have made gains in energy security in the last six
years, this report shows that there is justification for
national concern both over declining competitiveness of our
domestic oil and gas industry and over rising oil imports."
The report said imports last year were 33 pct of U.S.
consumption and by the mid-1990s could rise to 50 pct.
Among the report's options to ease U.S. reliance on foreign
oil are several already advocated by the Reagan Administration.
President Reagan ordered the study last September, citing a
determination that the country never again become captive to a
foreign oil cartel, referring to the OPEC-led oil shortages and
sharp prices increases of the 1970s.
The report said an import fee would raise prices and help
make it economical for U.S. oil firms to find and produce new
oil, as well as to cut imports, but on the whole the tax would
depress the nation's economy.
The study was outlined in a New York Times report today.
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Feb 28
Oper shr six cts vs two cts
Oper net 189,683 vs 47,499
Revs 2,874,930 vs 2,594,574
NOTE: Prior year net excludes 33,000 dlr tax credit.
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Shr 1.53 dlrs vs 18 cts
Net 841,893 vs 95,477
Revs 50.3 mln vs 35.1 mln
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Shr nine cts vs eight cts
Net 373,000 vs 269,000
Sales 3,501,000 vs 2,507,000
Avg shrs 4,036,000 vs 3,326,000
NOTE: Periods end January 31, 1987 and 1986, respectively.
Reuter
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OPEC believes world oil prices should
be set around a fixed average price of 18 dlrs a barrel, OAPEC
Assistant General Secretary Abdelaziz Al-Wattari said today.
In a speech to a European Community (EC)/OAPEC/OPEC seminar
in Luxembourg released here, Al-Wattari said: "OPEC believes
...The world energy trade should be kept without restrictions
and should be built around a fixed average price of 18 dlrs."
But he warned that defense of the 18 dlr a barrel level had
caused hardship for OPEC countries, who had been forced to
curtail production, and he warned that such cutbacks by OPEC
states could not be sustained in some cases.
"For OPEC to stabilize the world oil price at what is now
considered the optimal level of 18 dlrs a barrel, its member
countries have had to undergo severe hardship in curtailing
production," Al-Wattari said.
"Such cutbacks ... Cannot, in certain cases, be sustained,"
Al-Wattari said. As well as financial and marketing pressures,
some states depended on associated gas output for domestic use
and oil cutbacks had left insufficient gas supplies, he added.
Al-Wattari noted that total OPEC output was below the
organization's agreed ceiling for all member countries in
February, although this had meant sacrifices.
The effect of these sacrifices meant that market stability,
though restored to a good level, was still under pressure,
Al-Wattari said. "A lasting stability in the world market
requires a wider scope of international cooperation," he added.
He said some non-OPEC oil producing countries had shown a
political willingness after 1986 to cooperate with OPEC.
But although cutbacks announced by these states were
politically significant and welcomed by OPEC, they were
insufficient in terms of volume, he added. "The overall majority
of non-OPEC producers have not responded sufficiently to OPEC's
calls for supply regulation," he said.
Al-Wattari said an 18 dlr a barrel price was optimal as it
allowed investment in the oil industry outside OPEC to
continue, while not generating excessive cash flow for
otherwise unviable high-cost areas outside OPEC. Such a price
would no longer encourage protectionist measures, he added.
Fadhil Al-Chalabi, OPEC Deputy Secretary General, also
addressing the seminar, added that discipline was still needed
to prevent violent fluctuations in the oil market.
Cooperation between Arab states and Europe was advantageous
for both sides, Al-Chalabi said, adding he hoped cooperation
would ultimately lead to full-fledged Euro-Arab dialogue.
Reuter
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The Office of Finance, Federal Home
Loan Banks, said it set rates on today's debt offering of 6.70
pct on its 1.11 billion dlr issue, 7.10 pct on a 1.065 billion
dlr issue and 7.65 pct on a 375 mln dlr issue.
It said the issues, which are for settlement March 25,
mature March 26, 1990, March 25, 1992 and March 25, 1997,
respectively.
The office said telephone confirmation of allotments must
be received by 1500 hrs EST today and that secondary trading
will begin at 0930 hrs EST tomorrow.
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Oper shr 45 cts vs 63 cts
Oper net 3,805,000 vs 5,155,000
Revs 12.0 mln vs 10.6 mln
Year
Oper shr 1.58 dlrs vs 2.07 dlrs
Oper net 12,991,000 vs 15,692,000
Revs 69.8 mln vs 71.7 mln
Avg shrs 8,265,541 vs 7,598,522
Note: Current qtr and year figures exclude losses from
discontinued operations of 761,000 dlrs and 875,000 dlrs,
respectively and disposition gain of 6.1 mln dlrs in both
periods.
Prior qtr and year figures exclude gain from discontinued
operation of 31,000 dlrs and loss of 2,000 dlrs, respectively.
Reuter
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Midway Airlines Inc, which has
frequently been mentioned as an acquisition target, said it
declared a shareholder rights plan.
Holders will get a dividend of one preferred share purchase
right on each outstanding share of common stock.
Each right, when exercisable, will entitle the holder to
purchase one one-hundredth share of Series C Junior
Participating preferred stock for 50 dlrs.
The rights are intended to assure that all holders receive
fair treatment in the event of a takeover. The company said
this is not in response to a known effort to acquire control.
The rights will be exercisable 10 days after a person or
group buys 20 pct of the company's common, or announces or
commences a tender offer that would result in acquisition of 30
pct or more of its common.
Midway can redeem the rights at two cts each at any time
prior to expieration of 10 days after the acquisition by any
person of 20 pct or more of the companyt's common, it said.
If Midway is acquired, each right will entitle its hodler
to purchase a number of the acquiring company's common shares
having a market value at that time of twice the right's
exercise price.
The dividend will be payable to holders of record April
six, and expire 10 years later on April 6, 1997.
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Oper shr 19 cts vs 18 cts
Oper net 951,902 vs 987,860
Revs 19.0 mln vs 17.1 mln
Six mths
Oper shr 26 cts vs 35 cts
Oper net 1,332,273 vs 2,502,868
Revs 33.6 mln vs 29.2 mln
Note: Oper net excludes tax credits of 897,925 dlrs vs
841,511,dlrs for qtr and 1,306,860 dlrs vs 2,132,073 dlrs for
six mths.
Note: Year-ago results restated to reflect change in
accounting principle effective August one, 1985.
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Venezuela has still to work out final
details of its plan to supply Ecuador with 50,000 barrels per
day of crude oil to compensate that country for lost exports
caused by earthquake damage, a senior Petroleos de Venezuela
(PDVSA) official said.
"We have yet to finalize details on how the compensation
will be carried out and how OPEC production quotas will be
affected," he said during the signing of a joint venture deal
with Union Pacific Corp today.
He said an agreement was initialled on a visit last week by
Ecuador's deputy energy minister Fernando Santos Alvite.
He pointed out that there are some contractual points to be
considered. Venezuela, possibly unique among oil exporters,
requires its clients to sign final destination clauses to
ensure its oil is not resold on the spot market.
Ecuador's oil minister Javier Espinosa was quoted today as
saying Venezuela will export the oil on Ecuador's account and
remit the revenues to Quito. Ecuador would pay back the oil at
a rate of 35,000 bpd.
He said Venezuela's oil would be traded through Ecuadorean
state oil company Cepe, but the PDVSA official said the company
never allows third parties to trade its oil.
Reuter
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Shr 31 cts vs 21 cts
Net 182,839 vs 132,804
Revs 25.0 mln vs 19.4 mln
Reuter
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Shr 1.93 dlrs vs 2.21 dlrs
Net 8,371,000 vs 9,576,000
Revs 18.3 mln vs 15.7 mln
Reuter
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Period end Jan 31
Shr loss 17 cts vs loss 26 cts
Net loss 765,808 vs loss 1,216,501
Revs 15.8 mln vs 18.7 mln
Six mths
Shr nil vs profit 54 cts
Net loss 12.5 mln vs profit 2,538,030
Revs 32.5 mln vs 42.6 mln
Avg shrs 4,310,068 vs 4,712,315
NOTE: Prior yr results restated to reflect change in value
of aircraft, resulting in increase of 232,000 or five cts shr
for six mths
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Temco Service Industries Inc said its
proposed buyout by chairman Herman J. Hellman and president
Harvey Newwman has been terminated by mutual consent, and Temco
has no present intention of being acquired by any other party.
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Surprisingly strong U.S. housing
statistics for February cannot be taken as an indication that
the economy is generating any momentum and are not sufficient
cause to start lifting forecasts for first quarter growth,
economists said.
Building was boosted by two factors last month, unusually
mild weather and low mortgage rates. But economists said that
seasonal factors make it hard to assess what spur to the
economy, if any, will come from housing in coming months. And
after a steady retreat, mortgage rates seem to be near bottom.
U.S. housing starts rose 2.6 pct in February to a
seasonally adjusted annual rate of 1.851 mln units from 1.804
mln in January. It was the highest pace for starts since April
1986.
The rate at which permits were issued for future building
climbed 4.4 pct to a seasonally adjusted annual rate of 1.764
mln units after dropping 11.52 pct to 1.690 mln in January.
"February's weather is usually more adverse for home
building. Because of seasonal factors it's difficult to
determine what this means for the economy down the road," said
Allan Leslie of Discount Corp.
The housing report is seasonally-weighted to compensate for
weather-related setbacks. As a result, milder temperatures
inflate the statistics.
Economists said that low mortgage rates also were a spur to
building last month. But several believe that rates will now
consolidate before edging up in late spring/early summer.
"Builders are looking at current mortgage rates and saying
'Let's do it now'," said Mark Obrinsky of the U.S. League of
Savings Institutions in Washington, whose members supply much
of the financing for home building.
But Obrinsky doubts that there is much more downward
potential for rates because he foresees higher inflation and
some overall improvement in the U.S. economy.
He expects rates to gain 50 to 100 basis points in early
summer from the 9.50 pct fixed rate effective in February. Last
November, fixed rate mortgages were about 10.30 pct.
As expected, the strength in housing was concentrated in
the single-family sector. The multi-family area -- which
typically represents rental units -- remained weak due to high
vacancy rates and increased capital costs of such units
following tax law changes effective January 1.
Single-family starts rose at a 5.6 pct annual pace to 1.317
mln units. Multi-family fell 4.1 pct to a 534,000 rate.
"Strength in the single-family sector indicates that low
mortgage rates are doing their job. But we're probably not
looking at a great deal of growth potential," said Ward
McCarthy of Merrill Lynch Capital Markets.
McCarthy noted that the housing report, together with
larger than expected gains in U.S. employment, industrial
output and retail sales in February, may cause some observers
to start waving "four pct GNP banners" for the first quarter.
Gross national product grew 1.3 pct in the fourth quarter.
But McCarthy, who still expects first quarter real GNP to
come in at an annual rate of 2.5 pct or slightly above, is not
convinced that growth will pick up in future.
"The big story is the inventory re-building that's going on
now, not all of which is intentional," he said. For example,
U.S. automakers, who are already saddled with high stocks,
produced at an annual rate of 8.3 mln units in February
compared with domestic car sales of 7.3 mln.
Thus while inventories could contribute to GNP in the first
quarter, they may result in scaled-back production and weaker
growth in the second, he said.
"If most of the first quarter growth is inventory building
and we cannot identify any improvement in export demand, then
there is the potential for softness in the second quarter,"
agreed Allan Leslie of Discount Corp. He is still evaluating
first quarter GNP prospects.
Federal Reserve chairman Paul Volcker said last week that
current data do not show the worsening in trade has reversed.
"At the same time that we are pumping up inventories in the
first quarter, we could foresee production slowing in the
second," cautioned Joe Plocek of McCarthy, Crisanti and Maffei
Inc, who expects first quarter growth of about three pct.
Reuter
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Periods ended February 28
Shr 89 cts vs 87 cts
Net 119.5 mln vs 114.6 mln
Revs 872.3 mln vs 917.4 mln
Avg shrs 134.9 mln vs 131.7 mln
12 mths
Shr 2.87 dlrs vs 3.32 dlrs
Net 383.4 mln vs 413.5 mln
Revs 4.5 billion vs 4.4 billion
Avg shrs 133.7 mln vs 124.7 mln
NOTES: Year ago results restated to reflect application of
new accounting for disallowances
Full name is Public Service Enterprise Group Inc
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Pentron Corp said its
Rotational Molding Inc unit has purchased privately held Ice
Creations Unlimited for an undisclosed amount of cash and other
considerations.
The company said Ice Creations had sales of 1.2 mln dlrs in
the year ended May 31, 1986.
Ice creations is a molder of plastics.
Reuter
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The U.K. Government forecasts that oil
revenues will fall to four billion stg in the fiscal year
1987/88, from 4.75 billion in 1986/87 and 11.5 billion in
1985/86.
The forecast came in the Treasury's Financial Statement and
Budget Report issued after the Chancellor of the Exchequer
Nigel Lawson's annual budget statement to parliament.
The government is assuming the price of oil will average 15
dlrs a barrel, in line with its earlier forecasts, and its oil
revenue calculation is based on an exchange rate remaining
close to current levels, the Treasury document said.
The Treasury said the 1987/88 oil revenue shortfall will
reflect the oil price fall of 1986, as North Sea corporation
tax is paid after a time lag.
The statement calculated that a one dlr a barrel difference
in oil prices this year will change revenue by about 350 mln
stg for the current fiscal year, and 400 mln stg in a full
year.
Oil production is forecast to fall slightly in 1987,
according to the statement. A change in one mln tonnes in
production would alter revenue by about 45 mln stg in 1987/88
and 50 mln stg in a full year, it added.
Total general government receipts for 1986/87 are now
estimated to be 159.2 billion stg, 2.75 billion more than the
1986 Budget forecasts and above the Autumn Statement forecasts,
despite a shortfall of 1.25 billlion in oil receipts.
Additional non-North Sea corporation tax of 1.75 billion
stg and VAT of 750 mln stg account for the bulk of the
overshoot.
Total general government receipts were forecast to rise to
168.8 billion stg in fiscal 1987/88, and among the main items,
besides diminishing oil revenues, were projected income tax of
40 billion stg, up from 38.4 billion in the current year.
Non-North Sea corporation tax is forecast to bring in 13.5
billion stg in 1987/88, after the revised 11.2 billion in
1986/87, and VAT revenue should amount to 23.3 billion,
compared with upwardly revised estimated 21.5 billion this
fiscal year.
The general government expenditure for the coming fiscal
year is expected to total 173.5 billion stg, up from a revised
164.9 billion in the current year.
A repayment of 800 mln on public corporations' market and
overseas borrowings is forecast to bring the total Public
Sector Borrowing Requirement down to 3.9 billion stg in
1987/88, from this year's revised 4.1 billion, the Treasury
said.
REUTER
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Shares of Reynolds Metals Co rose
sharply after Wall Street firm Furman Selz Mager Dietz and
Birney issued a report focusing on the strong earnings
potential from the company's Australian gold holding, traders
familiar with the report said.
Traders said the report notes that earnings from Australian
gold holdings could be worth about 35 cts to 55 cts a share
this year and 1.40 dlrs to two dlrs a share in 1988.
Reynolds Metals rose three points to 59-5/8 on volume of
729,500 shares.
Reynolds owns stakes in the Mount Gibson gold project and
the Boddington gold project, both located in Australia. An
analyst familiar with the two mines said "the properties,
together, have a potential value of 20 dlrs to 40 dlrs a share
for Reynolds."
The analyst, who asked not to be identified, said the rise
in the stock today was likely the result of "U.S. investors
that were not completely cognizant of the size or the
importance of the (Reynolds') holdings in Australia."
Traders said the Furman Selz report indicates that gold was
discovered mixed with bauxite in the Boddington mine.
Boddington is principally a bauxite mine.
The traders said the report goes on to say that the profits
from the Boddington gold with substantially reduce the
production costs of the other metals mined at Boddington.
Traders said Furman Selz also boosted its earnings
estimates, expecting Reynolds Metals to earn 4.10 dlr a share
in 1987 and eight dlrs a share in 1988.
Last year, Reynolds reported net earnings of 8.18 dlrs a
share, which included 3.09 dlrs a share for adoption of new
accounting rules, 1.01 dlrs a share for tax loss carryforwards
and other extraordinary items.
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CORRECTION - SIMMONS AIRLINES INC <SIMM> LOSS
In CHICAGO item headlined Simmons Airlines Inc <SIMM> 2nd
qtr loss, please reverse qtrs for which figures are reported.
Reuter

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Qtly div 15 cts vs 12-1/2 cts prior
Pay April 15
Record March 31
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OPEC believes world oil prices should
be set around a fixed average price of 18 dlrs a barrel, OAPEC
Assistant General Secretary Abdelaziz Al-Wattari said.
In a speech to a European Community/OAPEC/OPEC seminar in
Luxembourg released here, Al-Wattari said, "OPEC believes ...the
world energy trade should be kept without restrictions and
should be built around a fixed average price of 18 dlrs."
Al-Wattari noted that total OPEC output was below the
organization's agreed ceiling for all member countries in
February, although this had meant sacrifices. The effect of
these sacrifices meant that market stability, though restored
to a good level, was still under pressure, Al-Wattari said.
"A lasting stability in the world market requires a wider
scope of international cooperation," he said.
Reuter
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The House of Representatives
approved a bill to enable 1987 winter wheat and feedgrains
farmers hit by midwestern flooding last year to receive at
least 92 pct of their federal income support payments even if
they did not plant.
The one-time pilot 0/92 program, designed to assist farmers
in Kansas, Oklahoma, Michigan and parts of Missouri, was passed
by a 304-100 vote and sent to the Senate.
Although the bill includes a narrow version of the 0/92
provision endorsed by the Reagan administration, the U.S.
Agriculture Department withheld its support from the measure.
USDA said the bill would discourage farmers from buying
crop insurance and fall short of the administration's proposed
broad-scale revision of farm programs.
The bill would permit winter wheat producers prevented from
planting their 1987 crop last fall to receive 92 pct of the
deficiency payments they would have received.
To be eligible, winter wheat farmers could not plant a
different crop on that land this spring, although they could
use the land for grazing or to plant hay.
USDA estimated this provision would save 30 mln dlrs,
largely because of reduced crop forfeitures.
The bill also would aid about 200 feedgrains producers
along the Missouri and Mississippi Rivers who were prevented
from planting crops this year because of residual damage from
last fall's flooding.
In addition, the measure would require USDA to make full
payment to farmers eligible for emergency assistance approved
by Congress last fall.
Currently, because claims have outstripped the 400 mln dlrs
in appropriated funds, USDA plans to offer farmers in the
region 74 cents for every dollar in disaster losses.
The administration said it opposed the bill because, by
expanding the 400 mln dlrs in disaster relief, it would thwart
efforts to encourage farmers to buy crop insurance as an
alternative to federal disaster assistance.
USDA also said the 0/92 provisions in the bill were
narrower than the administration's proposal to offer the option
to all major commodities and would produce insignificant
savings.
USDA said the 0/92 option for 1987 winter wheat farmers
would produce a net savings of about 30 mln dlrs, while the
requirement to compensate fully disaster-struck farmers would
cost about 135 mln dlrs, which must be appropriated by
Congress. The feedgrains provision would cost about five mln
dlrs.
USDA estimated the overall cost of the bill to be 111 mln
dlrs.
In January the Senate approved a bill that would make 1987
winter wheat farmers eligible for disaster assistance payments.
But the Senate bill would not offer the 0/92 option to
wheat and feedgrains producers or raise the 400-mln dlr ceiling
on the disaster assistance program.
Reuter
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Shr profit one cts vs profit four cts
Net profit 27,490 vs 89,687
Sales 2,899,189 vs 2,785,931
Nine mths
Shr loss four cts vs profit nine cts
Net loss 78,038 vs profit 184,062
Sales 8,785,918 vs 8,273,913
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Oper shr nine cts vs 128 cts
Qtly div 18 cts vs 22 cts prior
Oper net 951,000 vs 1,817,000
Total income 5,010,000 vs 5,575,000
Nine mths
Oper shr 39 cts vs 59 cts
Oper net 4,014,000 vs 5,936,000
Total income 15.2 mln vs 16.7 mln
NOTE: Current year net both periods includes 750,000 dslr
provision for possible losses.
Net excludes gains from sale of investment of 1,461,000
dlrs vs 346,000 dlrs in quarter and in nine mths.
Dividend pay April 15, record March 31.
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Hilton Hotels Corp expects earnings
per share for first quarter fiscal 1987 to March 31 to be about
90 cts compared with 70 cts a year earlier, Hilton Hotels
division president Carl Mottek said.
He told a news conference the company expected costs for
its first 10 all-suite hotels, announced today, to be about 150
mln dlrs. Initial financing would come from the company's cash
flow. Later, Hilton plans to use borrowings from traditional
sources, he added.
Hilton, which hopes to build 50 all-suite hotels within
five years, may take in partners in the new venture, he added.
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H.J. Heinz Co is "within sight of our
22nd consecutive year of new records in financial growth" for
the fiscal year ending April 30, Chairman and Chief Executive
Officer Anthony O'Reilly told investment analysts.
O'Reilly, who declined to make a specific projection, said
the food company is "stronger than at any time in its 118-year
history."
Last week Heinz reported third-quarter earnings rose to 55
cts a share from 46 cts a share. Sales rose to 1.08 billion
dlrs from 1.01 billion dlrs a year earlier.
O'Reilly said Heinz will concentrate on backing its big
brands, new products and services, new geography, internal
growth and acquisitions.
He said Heinz Ketchup has its highest market share in
history, 55 pct. But in response to a question, the executive
said a volume falloff in the overall product category "is a
concern to us."
O'Reilly said Weight Watchers continues to perform well and
will generate revenue in fiscal 1987 of approximately 940 mln
dlrs.
O'Reilly told analysts Heinz is in active negotiations to
build a second plant in China, where it entered a joint venture
with the government in 1984, forming Heinz-UFE Ltd, which
produces dry baby food cereal.
He said Heinz-Japan is "making a profit and generating its
first substantial dividends," and implementation of a new
partnership, Seoul-Heinz Ltd, is moving ahead with a new
manufacturing plant targeted for completion by June in Seoul,
South Korea.
To increase its competitiveness, O'Reilly said Heinz
implemented a "lowest cost imaginable" program targeted at
manufacturing, sales and marketing and procurement.
He said a modernization program is in effect at the
company's United Kingdom operations, where the labor force,
trimmed to 4,000 from 10,000, is expected to be further reduced
to 2,500 in 1988.
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Allegheny Beverage Corp said it
has been approached by a group interested in acquiring its
foodservice unit, Service America Corp.
The group includes senior management of Service America but
no officers of Allegheny Beverage, the company said.
The company has agreed to permit the group and its
potential lenders to perform a due diligence review of Service
America, it said.
Allegheny noted it had previously cancelled plans to spin
off the foodservice subsidiary.
The company said the group's review is preliminary and
there is no assurance that an acquisition proposal will be made
or, if made, accepted.
Service America had fiscal 1986 revenues of about 934 mln
dlrs, or about 83 pct of Allegheny Beverage's total revenues of
1.13 billion dlrs for the year ended March 29, 1986, a
spokesman for Allegheny Beverage said.
He declined to identify the Service America officials in
the acquisition group.
On Feb 18, 1987, Allegheny said it was cancelling the spin
off of Service America, but gave no reason for doing so. It
said it would place major emphasis on managing Service America
to improve operations and increase earnings at the unit.
Service America, which Allegheny acquired in May 1985,
operates cafeterias and food and beverage vending machines.
Through other subsidiaries, Allegheny provides coin-operated
laundry services, building maintenance services and retail
office and furniture operations.
In fiscal 1986, Allegheny reported earnings from continuing
operations of 8.2 mln dlrs or 1.09 dlrs a fully diluted share,
excluding income of 59.7 mln dlrs from discontinued operations
and an extraordinary loss of 8.1 mln dlrs. In May 1985,
Allegheny sold its Pepsi-Cola Bottling Co unit to Pepsico Inc
<PEP> for 160 mln dlrs.
Including discontinued operations and the special item, net
income was 59.8 mln dlrs or 6.21 dlrs a share fully diluted.
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MarCor Development Co Inc said
it expects to post a profit for its fiscal year ended February
28 of about two mln dlrs, compared to a year earlier loss of
3.2 mln dlrs.
During the prior year the company operated as F and M
Importing, a publicly-held wholesale food distributor.
During March last year privately-held Marcor acquired a
controlling interest in F and M Importing, divested the food
business, renamed the company and began operating as a real
estate investment and service company.
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Honduras has been authorized to buy
about 75,000 tonnes of U.S. wheat, about 15,000 tonnes of U.S.
corn, and about 6,000 tonnes of U.S. tallow under an existing
PL 480 agreement, the U.S. Agriculture Department said.
The department said it may buy the wheat, valued at 8.5 mln
dlrs, the corn, valued at 1.5 mln, and the tallow, valued at
2.0 mln dlrs, between March 24 and August 31, 1987, and ship it
from U.S. ports and/or Canadian transshipment points by this
September 30.
The purchase authorizations cover the entire quantity
provided under the agreement, signed March 11.
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Valley Resources Inc said its
board declared a three-for-two stock split and raised the
quarterly cash dividend on the pre-split shares to 42 cts from
38 cts.
The company said both the split and the dividend are
payable April 15 to holders of record March 31.
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A shareholder group led by New York
investor Theodore Cross said in a Securities and Exchange
Commission filing that it boosted its stake in Frost and
Sullivan Inc common stock to 208,800 shares or 13.7 pct of the
total outstanding.
The group said Cross bought 17,000 shares in the open
market between Feb. 17 and March 10.
The group had said previously that its Frost and Sullivan
share purchases were for investment.
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