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Recent purchases of U.S. corn by the
Soviet Union have skewed the domestic cash market by increasing
the price difference between the premium price paid at the Gulf
export point and interior levels, cash grain dealers said.
Many dealers expect the USDA will act soon to reduce the
cash price premium at the Gulf versus the interior -- which a
dealer in Davenport, Iowa, said was roughly 20 pct wider than
normal for this time of year at 25 cents a bushel -- by making
it worthwhile for farmers to move grain.
By lowering ASCS county posted prices for corn, the USDA
could encourage farmers to engage in PIK and roll corn sales,
where PIK certificates are used to redeem corn stored under the
government price support loan program and then marketed.
If the USDA acts soon, as many dealers expect, the movement
would break the Gulf corn basis.
"The USDA has been using the Gulf price to determine county
posted prices," one dealer said. "It should be taking the
average of the Gulf price and the price in Kansas City," which
would more closely reflect the lower prices in the interior
Midwest.
"But we don't know when they might do it," an Ohio dealer
said, which has created uncertainty in the market.
The USDA started the PIK certificate program in an effort
to free up surplus grain that otherwise would be forfeited to
the government and remain off the market and in storage.
Yesterday, USDA issued a report showing that only slightly
more than 50 pct of the 3.85 billion dlrs in PIK certificates
it has issued to farmers (in lieu of cash payments) had to date
been exchanged for grain.
With several billion dlrs worth of additional PIK
certificates scheduled to be issued in the coming months, the
USDA would be well advised to encourage the exchange for grain
by adjusting the ASCS prices, cash grain dealers said.
A byproduct of the Soviet buying has been a sharp rise in
barge freight costs quoted for carrying grain from the Midwest
to the export terminals, cash dealers said.
Freight from upper areas of the Mississippi have risen
nearly 50 pct in the past two weeks to over 150 pct of the
original tariff price. The mild winter and early reopening of
the mid-Mississippi river this spring have also encouraged the
firmer trend in barge freight, dealers noted.
The higher transportation costs have served to depress
interior corn basis levels, squeezing the margins obtained by
the elevators feeding the Gulf export market as well as
discouraging farmer marketings, they said.
"The Gulf market overreacted to the Soviet buying reports,"
which indicate the USSR has booked over two and perhaps as much
as 4.0 mln tonnes of U.S. corn, one Midwest cash grain trader
said.
But dealers anticipate that once the rumors subside,
freight rates will settle back down because of the overall
surplus of barges on the Midwest river system.
Reuter
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HRE Properties said its board cut the
quarterly dividend to 45 cts per share from 57 cts, payable
April 20 to holders of record March 31.
HRE said the board reduced the dividend due to the
continuing impact of overbuilding in its office building
markets and its inability to replace the income from high
yielding investments that have matured.
HRE said in the first quarter ended January 31 it earned 38
cts per share, down from 47 cts a year before.
Reuter
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Shr 1.27 dlrs vs two cts
Net 18.8 mln vs 357,000
Revs 126.0 mln vs 98.5 mln
Avg shrs 14.7 mln vs 12.0 mln
Year
Shr loss 2.17 dlrs vs loss 65 cts
Net loss 28.4 mln vs loss 7,225,000
Revs 405.0 mln vs 356.2 mln
Avg shrs 13.1 mln vs 12.2 mln
NOTE: 1986 net both periods includes 15.0 mln dlr gain from
sale of real estate.
1986 year net includes charge 34.0 mln dlrs from
restructuring of Bojangles' restaurant unit and charge
4,090,000 dlrs from exchange of notes for common stock.
1985 year net includes charge 6,900,000 dlrs related to
foodservice unit and gain 2,400,000 dlrs from sale of
marketable securities.
Reuter
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Shr loss 28 cts vs profit seven cts
Net loss 10.7 mln vs profit 5,188,000
Sales 119.3 mln vs 216.1 mln
Year
Shr loss 5.80 dlrs vs profit 30 cts
Net loss 324.2 mln vs profit 21.5 mln
Sales 549.3 mln vs 859.1 mln
NOTE: Share after preferred dividends.
NOTE: In July 1986, company set a dividend on Series C
preferred, effecting a spin-off of its chemical operations.
They unit has been accounted for as a discontinued operation.
Fourth quarter and full year 1986 reflect non-recurring
charges from change in control at company. Fourth quarter 1986
also reflects writeoff of 20.7 mln dlrs of goodwill.
Full year 1986 includes a charge of 224.6 mln dlrs taken in
the second quarter for asset revaluation and restructuring
costs.
In fourth quarter 1986, reversion of pension plan surplus
assets completed. Fourth quarter and full year 1986 includes
net income of 81.5 mln dlrs or 1.34 dlrs a share.
Company also gained 2.4 mln dlrs or four cts a share in
fourth quarter 1986, and 15.9 mln dlrs or 26 cts a share in
full year 1986, from adoption of accounting rule SFAS 87.
In fourth quarter 1986, company also adjusted carrying
value of non-chemicals discontinued operations assets leading
to charge of 15.6 mln dlrs.
Reuter
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The DIW economic research institute
said West German economic growth in 1987 is unlikely to reach
the 1.5 pct rate it had forecast earlier this year.
The institute, whose forecasts are more pessimistic than
those of the other four leading German institutes, said the
economy had passed its peak in the summer of 1986, and its
prospects had dimmed significantly since the autumn.
The DIW repeated earlier predictions that gross national
product (GNP) in the first quarter of 1987 would contract in
real, seasonally adjusted terms against the weak final quarter
of last year.
The DIW said that even if the economy recovers in the
remaining three quarters, it was unlikely that demand and
production would rise strongly enough to bring GNP growth up to
1.5 pct.
Other institutes and economists have recently revised their
forecasts for German 1987 growth to around two pct.
In a report DIW disputed arguments by other economists that
the economy was showing mixed development, with domestic demand
healthy but foreign demand weak.
DIW said the crucial split was between weak demand for
capital goods, and strong demand for buildings and consumer
goods, not between foreign and domestic demand.
It noted that domestic demand for capital goods had been
hit in recent months by the weakness of exports, which had
caused West German firms to scale back investment plans.
Service industries, unlike manufacturing industry, were
continuing to do well because they relied on consumer demand,
it said.
In a separate report the HWWA economic research institute
in Hamburg said West Germany's real trade surplus would fall
markedly this year.
However, the nominal trade surplus would show little change
from 1986's record 112.2 billion marks because of a further
improvement in the terms of trade on average in 1987 compared
with 1986, it said.
REUTER
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Qtr ends Jan 31
Oper shr loss 24 cts vs loss 19 cts
Oper loss 1,096,332 vs loss 794,711
Revs 803,085 vs 442,420
Six mths
Oper shr loss 53 cts vs loss 43 cts
Oper loss 2,375,844 vs loss 1,741,437
Revs 1,471,257 vs 768,683
NOTE: Prior year excludes losses from discontinued
operations of 13 cts per share in the quarter and 17 cts per
share in the year. (Corrects March 17 item to show losses
instead of profits. Also corrects quarter loss from
discontinued operations.)
Reuter
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Peru registered a 16 mln dlr trade deficit
in 1986, its first trade shortfall in four years, a central
bank statement said.
The figure compared with a surpluses of 1.17 billion dlrs
in 1985, 1.01 billion in 1984 and 293 mln in 1983. The last
trade deficit was a 428 mln shortfall in 1982.
Peru's exports fell to 2.51 billion dlrs last year from
2.98 billion in 1985. Last year's imports were 2.53 billion
dlrs against 1.81 billion dlrs in 1985.
REUTER
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Craftmatic/Contour Industries Inc
said it would report substantial profits for the first quarter
of fiscal 1987 ending March 31.
The company recorded net income of 732,000 dlrs, or 22 cts
per share, on revenues of 10.2 mln dlrs.
Reuter
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The White House said a proposal for
a tax break for the oil industry would undergo review.
Spokesman Marlin Fitzwater said President Reagan had no
position on recommendations submitted by Energy Secretary John
Herrington to encourage investment in the hard hit domestic oil
industry.
But Fitzwater noted that Reagan did have a fundamental
objection to tax rises and special tax breaks.
He said that even though Herrington's recommendation did
not agree with existing policy, "We'll take a look at it."
The review will be undertaken by the president's Domestic
Policy Council.
Herrington's proposal was reported by the Washington Post
to have been made in a letter to Reagan submitting a study that
found the United States would be importing half of its oil by
the 1990s, threatening U.S. national security.
Reuter
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Shr loss 48 cts vs profit 77 cts
Net loss 3,923,000 vs profit 11,551,000
Year
Shr profit 1.80 dlrs vs profit 2.32 dlrs
Net profit 30,171,000 vs profit 36,667,000
Loans 3.38 billion vs 3.17 billion
Deposits 3.81 billion vs 3.28 billion
Assets 5.55 billion vs 4.78 billion
Note: Full name Western Savings and Loan Association.
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Air Canada, the state-owned airline,
said it signed a letter of intent to acquire 65 pct of EMS
Corp, a Calgary-based messenger service which operates in
Western Canada and the U.S..
Gelco Corp (GEL) earlier said Air Canada agreed to buy its
Canadian Gelco Express Ltd unit for 54 mln U.S. dlrs.
Air Canada said the acquisitions will complement its main
cargo business. It said it expects the courier market to grow
by about 25 to 30 pct a year.
Reuter
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Energy Secretary John Herrington
said he will propose tax incentives to increase domestic oil
and natural gas exploration and production to the Reagan
Administration for consideration.
"These options boost production, while avoiding the huge
costs associated with proposals like an oil import fee,"
Herrington told a House Energy subcommittee hearing. "It is my
intention to submit these proposals to the domestic policy
council and the cabinet for consideration and review."
He said proposals, including an increase in the oil
depletion allowance and repeal of the windfall profits tax,
should be revenue neutral and promote domestic production at
the least cost to the economy and the taxpayers.
"The goal of the Administration policies is to increase
domestic production. I would like to shoot for one mln barrels
a year."
The proposals were based on a DOE study released yesterday
warning the United States was threatened by a growing
dependence on oil imports.
"We project free world dependence on Persian Gulf oil at 65
pct by 1995," Herrington said.
He said it was too soon to say what the Administration
policy on oil tax incentives would be and indicated there would
be opposition to tax changes.
"Of course, to move forward with these kinds of options
would require reopening tax issues settled last year (in the
tax reform bill) -- an approach which has not, in general, been
favored by the administration. I think what we need is to
debate this within the Administration," he said.
He said the proposals might raise gasoline prices.
Herrington did not specifically confirm a report in today's
Washington Post that he had written to President Reagan urging
an increase in the oil depletion allowance.
Asked about the report by subcommittee members, Herrington
said various proposals were under consideration and would be
debated within the Administration to determine which would have
the most benefits at the least cost.
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Ended March 1
Shr 34 cts vs 27 cts
Net 2,405,000 vs 1,908,000
Revs 33.5 mln vs 32.6 mln
Avg shrs 7,114,000 vs 7,075,000
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First American Bank and
Trust Co said its 88 pct owned Associated Mortgage Investors
<AMIMS> subsidiary has sold its New England operations for
about 2,100,000 dlrs in cash and 1,300,000 dlrs in stock,
resulting in a first quarter gain for First American of about
1,200,000 dlrs after tax.
The company said the sale will complete Associated's
withdrawal from the general contracting business.
Reuter
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Financial Security Savings
and Loan Association said it has agreed to sell its Sunrise,
Fla., branch to Fortune Financial Group Inc <FORF> of
Clearwater, Fla., for a "substantial profit," subject to
regulatory approval.
Terms were not disclosed.
Reuter
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Shr 15 cts vs nine cts
Net 2,002,261 vs 1,168,638
Revs 29.2 mln vs 29.3 mln
Nine mths
Shr 49 cts vs 36 cts
Net 6,404,536 vs 4,623,295
Revs 92.2 mln vs 88.2 mln
Reuter
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Morrison Knudsen Corp said its
earnings for 1987 are likely to be lower than those for 1986
due to lower than expected growth in engineering and
construction and a previously-predicted decline in earnings of
its National Steel and Shipbuilding unit.
The company earned 39.4 mln dlrs in 1986, including pretax
gains of 11.5 mln dlrs from pension income and 7,400,000 dlrs
from the settlement of vested pension obligations, down from
41.5 mln dlrs in 1985.
It said "Lower than expected levels of new work booked in
the last quarter of 1986 and the first two-plus months of this
year have delayed the expected growth in the engineering and
construction area." The company said it will remain profitable
in 1987 and results should strengthen as the year progresses.
It attributed the decline in new work to more stringent bidding
standards and a competitive market.
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The Commodity Credit Corporation
(CCC) accepted a bid for an export bonus to cover the sale of
30,000 long tons of barley to Israel, the U.S. Agriculture
Department said.
The department said the barley is for delivery April 15/May
15 and the bonus awarded was 41.24 dlrs per ton.
The bonus was made to Cargill, Inc and will be paid in the
form of commodities from CCC stocks.
An additional 133,800 tons of U.S. barley are still
available to Israel under the Export Enhancement Program
announced June 17, 1986, it said.
Reuter
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Qtly div 28-1/2 cts vs 26 cts previously
Pay June 15
Record June One
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GenCorp Inc plans to use First Boston
Corp and Kidder, Peabody and Co as financial advisers on a
tender offer for the company by General Partners, a GenCorp
spokesman said.
The spokesman, in response to questions from Reuters, said
the company does not yet have a comment on the 100 dlr per
share tender offer, launched by the partners today.
First Boston and Kidder have been advisers to GenCorp in
the past, he said.
General Partners is comprised of investors Wagner and Brown
and AFG Industries Inc, a glass manufacturer.
Reuter
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Discount Corp of New York said its
board of directors increased its quarterly cash dividend to 20
cts a share from 15 cts a share.
DCNY said the dividend is payable April 15, 1987 to
shareholders of record April 1 , 1987.
Since the last two-for-one stock split in May 1985, the
corpoartion has customarily declared 15-cnt-per-share dividends
for the first three quarters and a final fourth quarter
dividend based on its total earnings for the year.
As previously announced, DCNY said its board has also
recommended a two-for-one common stock split to shareholders.
If the split is approved at the May 13 annual meeting, the
quarterly dividend rate will be adjusted to 10 cts a share,
DCNY said.
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St. Joseph Light and Power Corp
said its board declared a three-for-two stock split and raised
the quarterly dividend on presplit shares to 49 cts per share
from 47 cts.
The company said the dividend is payable May 18 to holders
of record May 4 and the split is subject to approval by
shareholders at the May 20 annual meeting.
Reuter
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Peru registered a 16 mln dlr trade deficit
in 1986, its first trade shortfall in four years, a central
bank statement said.
The figure compared with a surpluses of 1.17 billion dlrs
in 1985, 1.01 billion in 1984 and 293 mln in 1983. The last
trade deficit was a 428 mln shortfall in 1982.
Peru's exports fell to 2.51 billion dlrs last year from
2.98 billion in 1985. Last year's imports were 2.53 billion
dlrs against 1.81 billion dlrs in 1985.
Reuter
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<Bevis Industries Inc> said it
retained Tucker Anthony and R.L. Day Inc to seek purchasers of
the company or its units.
It issued no further details.
The company, which makes stainless steel tubing for the
chemical, petrochemical, and oil industries, earned 1,045,000
dlrs or 51 cts a share in the nine months ending September 30,
1986. It had sales of 17.1 mln dlrs in the period.
Reuter
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A House subcommittee voted to give
President Reagan authority to block foreign takeovers of U.S.
companies similar to the takeover of Schlumberger Ltd's <SLB>
Fairchild Semiconductor Corp by Fujitsu Ltd which was
withdrawn.
The House Energy and Commerce Subcommittee on Commerce
approved as an amendment to the overall House trade bill a
provision giving Reagan the power to block sales to foreign
companies if the sale was not in the national or economic
interest.
The takeover provision was sent to the full Energy and
Commerce Committee for consideration as part of the overall
trade bill which is being written by several House committees.
The subcommittee's bill would bar imports of digital audio
recording equipment that is not made with anti-copying chips.
This provision is designed to protect U.S. companies from the
unauthorized use of U.S. designs in foreign products.
The bill calls for an investigation of whether U.S.
engineering and construction firms are given adequate
opportunity to bid on Japan's civil works procurement practices
including the construction of the Kansai airport.
The Energy and Commerce subcommitte rejected a plan offered
by Rep. William Dannemeyer, a California Republican, to require
the U.S. to pay investors one pct for the right to hold their
gold investments in government storage.
His amendment called for the government to sell gold coins
and gold-backed bonds with maturities of 30 to 50 years to
investors to reduce the federal debt.
Reuter
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Oper shr 35 cts vs 29 cts
Oper net 1,185,267 vs 1,001,315
Sales 16.8 mln vs 12.4 mln
Six mths
Oper shr 42 cts vs 32 cts
Oper net 1,420,815 vs 1,105,555
Note: oper data does not include year ago qtr and six mths
loss from discontinued operations of 87,449 dlrs, or two cts
per shr.
Reuter
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Shr two cts vs eight cts
Net 118,933 vs 296,272
Revs 2,742,731 vs 1,840,129
Six mths
Shr two cts vs 12 cts
Net 92,372 vs 444,975
Revs 4,977,105 vs 3,296,110
Reuter
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Qtly div 25 cts vs 22 cts prior
Payable April 15
Record April 1
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Iraq said its warplanes had hit a
vessel in the Gulf off the Iranian coast today, the third in
the past 24 hours.
A military spokesman told the Iraqi news agency INA the
latest attack was at 1250 GMT. It earlier reported strikes at
0650 GMT and at 1930 GMT last night. The planes "dealt accurate
and effective blows" to the targets and returned safely to base.
There was no immediate confirmation of the attacks from
Gulf shipping sources. The last confirmed Iraqi attack was on
on March 8, when an Iranian tanker was hit by a missile south
of Iran's Kharg island oil export terminal.
Reuter
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Shr 1.38 dlrs vs 1.24 dlrs
Net 213,000,000 vs 195,000,000
Revs 3.37 billion vs 3.12 billion
Avg shrs 153,000,000 vs 156,000,000
Year
Shr 2.44 dlrs vs 2.20 dlrs
Net 381,000,000 vs 347,000,000
Revs 10.38 billion vs 9.54 billion
Avg shrs 154,800,000 vs 156,000,000
NOTE: 1985 period ended Feb 1, 1986
Share data restated for common stock split of July 21, 1986
1986 and 1985 earnings reflect a charge of one ct a share
resulting from use of the LFIO method of inventory valuation
4th Qtr 1986 earnings include pretax capital gain of 71.2
mln dlrs, or 30 cts a share from sale of Joseph Horne Co
Division in Pittsburgh
NOTE: 4th Qtr 1986 earnings include a 62 mln dlr, or 20 cts
a share, pretax charge for costs associated with combining May
D and F and the Denver operating divisions
4th Qtr 1986 earnings include a pretax charge of 26 mln
dlrs, or nine cts a share, for costs associated with several
debt repurchase transactions including retirement of 10 mln
dlrs of 11-7/8 pct debentures
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First Union Corp said the
buyout of Commerce National Bank by its First Union National
Bank of Florida unit was approved by Commerce shareholders.
According to the terms of the deal, First Union will pay
8.5 mln dlrs for the outstanding shares of Commerce National, a
bank with 43.2 mln dlrs in assets.
Reuter
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The drastic cutbacks in U.S. drilling
last year are rapidly deflating the United State's natural gas
bubble, which could bring spot shortages in gas supplies next
winter and a modest recovery in the oilpatch, industry analysts
said.
Faltering deliverability of natural gas, a commodity that
is difficult and costly to import in large quantities, could
more than double the current U.S. rig count to near 2,000 by
1990, some analysts said.
The need to lock in future supplies of gas for utilities
and big industrial customers may also bring a resurgence of
activity in the Gulf of Mexico's offshore waters where some of
the nation's largest gas reserves are located.
"We think an upturn in U.S. drilling is imminent," said
James Crandall, an analyst with Salomon Brothers Inc. "Many
companies appear to be switching from oil to gas drilling
because they're betting that the gas market will be back in
balance in a year or two."
The prospect of diminishing gas supplies is welcome news
for drilling and oilfield service companies that barely
survived last year's plunge in oil prices from about 30 dlrs a
barrel to less than half that. Today's relatively stable oil
prices of about 18 dlrs a barrel are not enough to spur a
return to the heady days of 1981 when the U.S. drilling rig
count soared to a record high of more than 4,500 and oilfield
roustabouts commanded premium wages.
The latest weekly Hughes Tool Co <HT> rig count, a
barometer of the oil industry's health, showed 761 U.S. rigs
active in what is traditionally the slowest time of the year.
In 1986, the Hughes rig count began the year at 1,915 but
dived to a post-World War II low of 663 in July as world oil
prices experienced the sharpest decline in recent times.
Ike Kerridge, a Hughes economist, said "In 1986, the United
States replaced only about 40 pct of the gas it used and that
replacement rate won't be any better this year."
He added, "We don't have the options we do with oil.
Imports of gas from Canada are limited by pipeline capacity and
importing liquefied natural gas on ships will not be feasible
in the next 10 years because of the cost."
Only about 6 trillion cubic feet of additional gas reserves
were discovered last year while U.S. consumption approached 16
trillion cubic feet, according to industry estimates.
George Gaspar, an oil analyst with Robert W. Baird and Co
agreed that the need for gas supplies would set the stage for a
new cycle of gradual increases in U.S. drilling.
"We anticipate that natural gas pipelines will need to
dedicate to their systems new gas reserves for 1989 and 1990
supplies. That means new drilling programs must begin no later
than mid-1988," Gaspar said.
Gasper said he sees a new drilling cycle emerging that
could last until 1992 and that he expects the average rig count
to peak near 2,000 in December of 1989.
Much of the search for new gas reserves is likely to be
conducted in the offshore waters of the Gulf of Mexico, where
federal leases on unexplored areas will revert back to the
government unless drilling begins in the next two or three
years. Some of the industry's biggest companies, such as Exxon
Corp <XON>, Mobil Corp MOB, and Union Texas Petroleum have
already indicated plans to increase spending for drilling later
this year in the Gulf of Mexico, Crandall said.
For example, Conoco Inc, a Dupont <DD> subsidiary, will
spend 400 mln dlrs to build the Gulf of Mexico's deepest
production platform, which will produce 50 mln cubic feet of
gas per day.
But T. Boone Pickens, who has acquired huge Texas and
Kansas gas reserves for his Mesa Limited Partnership <MLP> in
recent months, is not convinced that the drilling industry is
on the verge of a recovery.
Pickens predicts the U.S. rig count will soon drop below
600 and will not increase significantly until oil prices do.
"The rigs won't go back to work until the price of oil gets
above 30 dlrs a barrel," said Pickens, 58, adding he did not
expect to see the rig count top 2,000 again in his lifetime.
Tenneco Inc <TGT>, one of the largest U.S. gas producers,
is skeptical that a need for additional gas drilling exists.
Tenneco vice president Joe Foster said he did not expect
significant increases in drilling for gas until the early 1990s
when the U.S. gas reserves life will have declined to about
seven years' supply. Current spot market prices of about 1.50
dlrs per thousand cubic feet will need to rise to about three
dlrs to spur reserve replacement, he said.
Reuter
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Norstar Bancorp said that its
board and the board of Fleet Financial Group have approved a
definitive agreement to merge.
A Norstar spokesman said that a press release containing
further details on the merger would be issued shortly.
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Eldorado Bancorp said its board
declared a 10 pct stock dividend, Payable April 17 to
shareholders of record April three.
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The surprise 2.2 billion-dlr tender
offer for Ohio-based conglomerate GenCorp Inc will not be
enough to buy the company, analysts said.
Analysts estimated the 100 dlr-per-share offer from General
Partners is 10 to 20 dlrs per share below the breakup value of
GenCorp. However, market sources and analysts said uncertainty
surrounds any transaction because of the legal challenges to
Gencorp broadcasting licenses.
Gencorp's stock rose 15-3/4 to 106-1/4 in heavy trading.
"The expectation is either there will be someone else or
the bidder will sweeten the offer hoping to get management's
cooperation," said Larry Baker, an analyst with E.F. Hutton
group.
Analysts said there is concern about challenges to
Gencorp's broadcast licenses for two television and 12 radio
stations. Some of the disputes, dating back about 20 years,
were brought by groups that alleged improper foreign payments
and political contributions.
"I think it kind of muddies an already muddy situation,"
said Baker of the offer.
Some arbitragers said they were concerned the ongoing issue
might be a stumbling block or result in a long period of time
for any transaction.
A source close to General Partners, however, said General
Partners would apply to the Federal Communications Commission
for special temporary authority to hold the broadcast stations.
The source said if approved, the authority would allow a
transaction to be carried out.
If it received the "short-form" approval, General Partners
would set up a trust which would hold the broadcasting
properties until the licensing situation is resolved.
General Partners is equally owned by investors Wagner and
Brown and glass-maker AFG Industries Inc.
Some market sources speculated an outside buyer, such as
General Partners, might even be be a catalyst to resolution of
the challenges since it would carry out GenCorp's plan to sell
the stations.
GenCorp earlier this month reached an agreement with Walt
Disney Co to sell its Los Angeles television station, WHJ-TV.
Disney would pay 217 mln dlrs to GenCorp and 103 mln dlrs to a
group that challenged the station's license.
GenCorp also has a pending agreement to sell WOR-TV in
Secaucus, N.J. to MCA Inc for 387 mln dlrs.
General Partners said it intends to keep the company's
plastics and industrial products businesses and its tires and
related products segment.
Charles Rose, an analyst with Oppenheimer and Co, said
that, on a breakup valuation, the company might be worth as
much as 125 dlrs per share. Rose estimated the aerospace
business could bring 30 to 40 dlrs per share or one billion
dlrs, as would DiversiTech, the plastics unit. Broadcasting,
including assets pending sale, might be 30 to 40 dlrs per
share, he said.
The company, formerly known as General Tire
and Rubber Co, also has a tire business Rose estimated would be
worth five to 10 dlrs per share. He estimated the bottling
business might also be worth several dollars per share, he
said.
Analysts said GenCorp chairman A. William Reynolds, who
became chairman last year, has been emphasizing the company's
Aerojet General and DiversiTech General businesses. GenCorp,
founded in 1915, became an unfocused conglomerate over the
years and analysts believe reynolds has helped it to improve.
"The management's doing a very fine job in trying to deal
with the non-strategic assets of the company," Rose said.
Analysts expect GenCorp to resist the tender offer, but
they declined to predict what steps the company might take.
They said it would be possible the company might consider a
leveraged buyout or restructuring to fend off the offer.
General Partners holds 9.8 pct of GenCorp stock, and there
was some concern about "greenmail." Greenmail is the payment at
a premium for an unwanted shareholders' stock.
"I would doubt they would greenmail them, but nothing
surprises me anymore," said Rose.
GenCorp has not commented on the offer. It has retained
First Boston Corp and Kidder, Peabody and Co as advisers.
Reuter
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|
Shr loss 1.51 dlrs vs profit eight cts
Net loss 7,377,000 vs profit 384,000
Sales 1,593,000 vs 4,366,000
Nine Mths
Shr loss 2.24 dlrs vs profit 16 cts
Net loss 11,083,000 vs profit 628,000
Sales 6,517,000 vs 12.6 mln
Avg shrs 4,941,000 vs 3,926,000
Reuter
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Shr 19 cts vs 17 cts
Net 767,000 vs 676,000
Revs 9,476,000 vs 9,091,000
Six mths
Shr 47 cts vs 44 cts
Net 1,897,000 vs 1,719,000
Revs 19.5 mln vs 19 mln
NOTE: Full name Paco Pharmaceutical Services Inc.
Reuter
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Shr loss five cts vs loss 15 cts
Net loss 619,000 vs loss 1,730,000
Sales 3,138,000 vs 5,667,000
Avg shrs 12.5 mln vs 11.5 mln
Year
Shr loss four cts vs loss 40 cts
Net loss 343,000 vs loss 3,963,000
Sales 13.4 mln vs 35.3 mln
Avg shrs 12.5 mln vs 10.3 mln
NOTE: 1986 year net includes gain 1,678,000 dlrs from
settlement of litigation with Belcher Oil Co, 375,000 dlr
provision connected with resignation of former president, legal
settlements and costs of 1,074,000 dlrs and 552,000 dlrs in
expenses from closing of contract packaging division.
Reuter
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2nd qtr Jan 31 end
Shr loss three cts vs loss nine cts
Net loss 112,400 vs loss 275,400
Sales 318,100 vs 23,600
Avg shrs 4,294,300 vs 3,028,326
1st half
Shr profit four cts vs loss 14 cts
Net profit 165,600 vs loss 409,100
Sales 546,600 vs 44,400
Avg shrs 4,189,700 vs 3,028,326
NOTE: Current year net includes gains on sale of assets of
25,000 dlrs in quarter and 396,000 dlrs in half.
Net includes extraordinary loss 10,000 dlrs vs nil in
quarter and loss 10,000 dlrs vs profit 106,300 dlrs in half.
Reuter
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Qtly div eight cts vs eight cts prior
Pay May 18
Record May One
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Bionomic Sciences International Inc
said it expects to start operating profitably by the fourth
quarter.
The company today reported a profit of 165,600 dlrs for the
first half ended January 31 -- after a 396,000 dlr gain on the
sale of assets and a 10,000 dlr extraordinary loss. A year
before it lost 409,100 dlrs after a 106,300 dlr extraordinary
gain.
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Shr loss 22 cts vs profit 10 cts
Net loss 1,056,000 vs profit 427,000
Sales 5,440,000 vs 4,982,000
Avg shrs 5,229,542 vs 4,435,691
Year
Shr profit one ct vs profit 26 cts
Net profit 29,000 vs profit 993,000
Sasles 19.1 mln vs 16.6 mln
Avg shrs 4,947,632 vs 3,780,543
Reuter
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Shr loss 11 cts vs loss 48 cts
Net loss 254,000 vs loss 784,000
Revs 94.1 mln vs 47.3 mln
Avg shrs 2,317,000 vs 1,642,000
NOTE: Share adjusted for stock dividend and reverse split.
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Oper shr loss three cts vs loss three cts
Oper net loss 388,000 vs loss 452,000
Revs 1,425,000 vs 1,126,000
Year
Oper shr loss 26 cts vs loss 15 cts
Oper net loss 3,604,000 vs loss 2,108,000
Res 5,712,000 vs 6,604,000
NOTE: 1986 net both periods excludes 413,000 dlr gain from
settlement of old obligations.
Reuter
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Butler Manufacturing Co said
it completed sale of its Livestock Systems division and part of
its Control division in separate transactions to two unrelated
parties.
Butler's livestock systems division was sold to an investor
group including the president of the operations and certain
Control division assets were sold to Minneapolis-based Enercon
Data Corp.
Terms of the transactions were not disclosed.
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Qtly div 69 cts vs 69 cts prior
Payable May one
Record APril 10
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Qtly div 6-1/4 cts vs 6-1/4 cts prior
Pay June 19
Record June 5
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Qtly div 55 cts vs 55 cts prior
Pay April 25
Record March 31
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Qtly div eight cts vs eight cts prior
Pay April 30
Record April 16
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Valley Resources Inc said its
board declared a three-for-two stock split and raised the
quarterly dividend to 42 cts per share presplit from 38 cts,
both payable April 15, record March 31.
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Fleet Financial Group said
that its board and the board of Norstar Bancorp have agreed to
merge the two bank holding companies in a transaction which
would create a 23 billion dlr asset bank holding company.
Under terms of the transaction, each Norstar shareholder
will receive 1.2 shares of Fleet common stock based on the
number of Fleet shares after giving effect to a previously
announced April one Fleet stock split.
The two-for-one stock split will increase Fleet's
currently 25.7 mln outstanding shares to 51.5 shares. There are
about 34.9 mln Norstar shares outstanding.
Fleet said the deal is expected to be completed by July one
1988, the date on which the nationalization of Rhode Island's
interstate banking law takes effect.
For the full year ended december 31, Fleet, a Rhode Island
based bank holding company, reported net income of 136.7 mln
dlrs and assets of 11.7 billion dlrs. Norstar, an Albany N.y.
holding company, reported net income of 104.8 mln dlrs and
assets of 11.1 billion dlrs.
Fleet comptroller Irv Goss said it is estimated that the
transaction will result in minimal dilution in Fleet/Norstar
earnings per share. It is the intention of both companies that
cash quarterly dividends following the combination not decline
for either company's stock holders, the company said.
For 1986, Norstar issued 1.31 dlrs annually in cash
dividends on its common stock. Fleet's current annual
distibution on a pre-split basis would be equivalent to 1.68
dlrs a share.
In addition, Fleet and Norstar have each granted the other
an option to purchase such number of authorized buy unissued
shares of common stock, that will constitute 24.99 pct of the
fully diluted shares outstanding.
The transaction is subject to both regulatory and
shareholder approval.
The companies said that after the proposed merger, the
combined banking holding wil be among the 25 largest in the
country.
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<Trilogy Resource Corp> said
<Teck Corp> agreed to purchase 4.5 mln Trilogy common shares at
one dlr per share in a private placement, which would increase
its stake in Trilogy to 37 pct from 29 pct.
Trilogy also said its board approved a private placement of
3.5 mln common shares at a price of 90 cts per share to a group
of investors.
The placement will be made through McNeil Mantha Inc.
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Rabbit Software Corp said it has
agreed in principle to acquire privately-held communications
hardware maker Micro Plus II Corp for about two mln common
shares, with closing expected by May.
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Shr six cts vs eight cts
Net 643,000 vs 889,000
Revs 3,934,000 vs 4,373,000
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Amour Inc said it has entered into
a letter of intent to acquire <Bard International Associates
Inc> for 70 mln common shares in a transaction that would give
former Bard shareholders control of the combined company.
Bard makes tennis and squash racquets and accessories.
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May Department Stores Co, reporting
record results for the fourth quarter ended January 31, said it
is encouraged about the new fiscal year by a strong start in
February and March.
The company said its merger last year with Associated Dry
Goods, which was accounted for as a pooling of interests, is
"going very well." May said "We are acting more like one
company every day. Our expansion schedule is on track."
May said it plans to invest more than 600 mln dlrs this
year to open 11 department stores, eight discount stores and
more than 240 specialty outlets.
The company reported fourth quarter earnings of 213 mln
dlrs, or 1.38 dlrs a share, up from 195 mln dlrs, or 1.24 dlrs
a share a year earlier. Revenues advanced to 3.37 billion dlrs
from 3.12 billion dlrs.
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Shr loss eight cts vs loss 1.39 dlrs
Net loss 94,000 vs loss 1,569,000
Sales 6,951,000 vs 5,518,000
Year
Shr profit four cts vs loss 2.95 dlrs
Net profit 41,000 vs loss 3,333,000
Sales 25.3 mln vs 22.9 mln
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American Travellers Corp said
it has entered into an agreement to purchase ISL Life Insurance
Co of Dallas, a corporate shell with active licenses to operate
in 12 states, for about 400,000 dlrs.
The company said closing is expected by late spring and
will result in American Travellers being licensed in seven new
states.
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Qtly div six cts vs six cts prior
Pay May Eight
Record April 10
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American Express Co climbed 2-1/2 to
80-1/8 on rumors the company was about to announce an agreement
to sell 10 pct of its Shearson Lehman Brothers unit to Nippon
bLife Insurance of Japan, traders said.
Speculation about an impending deal, rumored to be worth
600 mln dlrs, also sent shares of other U.S. brokerages up
sharply. PaineWebber Group Inc <PWJ> gained 1-5/8 to 37-1/8 and
Merrill Lynch and Co Inc <MER> rose 1-3/8 to 42-7/8.
American Express officials declined comment but cited a
statement it released more than two weeks ago in which it said
it was studying matters of strategic importance.
American Express officials also pointed out the earlier
statement, issued March one, said it is company policy not to
comment on rumors or speculation. The earlier announcement also
said American Express and Shearson were studying options
including expansion of capacity to meet international
competition and broadening access to capital.
The latest rumors originated in Tokyo, traders said.
If the rumors are true "it gives them a nice infusion of
capital for an attractive price," said Lawrence Eckenfelder,
analyst at Prudential-Bache Securities.
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Continental Illinois Corp's <CIL>
Chairman John Swearingen said he sees negotiations to
reschedule Brazil's debt payments taking at least three to six
months.
Brazil declared last month a moratorium on payment of
interest on its medium- and long-term debts. The moratorium is
expected to persist the entire time that debt scheduling talks
are under way.
"I believe it will take three to six months, maybe longer,
for an arrangement to be worked out to reschedule Brazil's
debt," Swearingen told reporters at a press briefing.
"I think Brazil will pay its debts in the long run. Just
how long the run is is anybody's guess," Swearingen said.
Earlier the bank holding company said Brazil's moritorium
may force it to increase non-performing loans by 380 mln dlrs
and reduce pretax and net income by 10 mln dlrs in the first
quarter and 35 mln dlrs for the full year.
The bank will decide March 31 whether to characterize these
loans as non-performing, William Ogden, chairman of the
Continental Illinois National Bank and Trust Co of Chicago,
Continental's largest subsidiary, said in response to an
inquiry.
Ogden said the moratoriums will affect both pretax and net
income equally because the banking firm has tax credits to use.
Swearingen predicted an increase in operating profits for
1987 because he sees higher income and reduced expenses.
Continental will reduce expenses through job cuts and reducing
office rental costs. In 1986 it cut about 850 positions.
In 1986 it had net profits of 165.2 mln dlrs or 60 cts a
share, up from 150.5 mln dlrs or 53 cts a share.
The bank transferred 459 mln dlrs of poor-quality loans and
other assets to the Federal Deposit Insurance Corp, FDIC,
during 1986. It can transfer bad loans under the terms of the
1984 restructuring agreement with the government.
The bank will transfer the remaining 460 mln dlrs that it
is entitled to transfer to FDIC by September 26, 1987,
Swearingen said. It will choose loans based on ultimate loss
rather than their immediate effect on non-performing loans.
In 1986 the bank's loans to the Midwest's middle market
rose 20 pct at a time of overall weak loan demand in the U.S.
Concerning banking acquisitions, Swearingen said the bank
would like to buy additional suburban Chicago banks. In 1986 it
bought three small suburban banks.
Swearingen said he is concerned that Continental will be
taken over because no bank in the Midwest region is large
enough to buy it, and New York money center banks are
prohibited by law from buying Illinois banks.
He said, however, that the FDIC still has control over who
will eventually own the firm because it still holds the
equivalent of 148 mln common shares out of a total 215 mln.
The FDIC sold 52 mln shares to the public last year and has
said it intends to sell the rest as quickly as possible. The
agency received the shares as part of its 4.5 billion dlrs 1984
bailout of the bank.
Swearingen, who came out of retirement in 1984 to head the
struggling banking firm after a career as an oil industry
executive, said he will retire when the three-year period he
agreed to be Continental chairman ends in August. He would not
comment on a successor.
The bank will expand its First Options of Chicago options
clearning unit into Tokyo, Swearingen said, but said its
doubtful lending to Japan will occur because that country
doesn't need external sources of cash.
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Qtly div Class A 27.5 cts vs 26.4 cts prior
Qtly div Class B 2.5 cts vs 2.4 cts prior
Pay June One
Record May One
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Cross and Trecker Corp said its
Warner and Swasey subsidiary will seek to sell its Grinding
Division to focus on other areas of its business.
The company said the Grinding Division had sales last year
of about 18 mln dlrs. It makes grinding machines.
Reuter
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Shr loss eight cts vs loss eight cts
Net loss 220,724 vs loss 210,120
Revs 4,194,466 vs 4,224,633
Year
Shr profit eight cts vs profit four cts
Net profit 207,514 vs profit 98,050
Revs 17.8 mln vs 16.1 mln
NOTE: Quarter net includes tax credits of 162,600 dlrs vs
236,100 dlrs.
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CORRECTION - FEDERAL PAPER <FBT> RAISES PAYOUT
In item appearing March 17 please read headline "FEDERAL
PAPER BOARD CO <FBT> RAISES PAYOUT."
Also please read ... Qtly div 17-1/2 cts vs 17-1/4 cts.
Corrects headline and dividend figure to show payout was
raised.

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Shell Canada Ltd said its Shell Canada
Products Ltd unit will sell three tankers, effective April one,
1987, to <Socanav Inc>.
Terms were not disclosed.
Shell also said it will contract exclusively from Socanav
normal marine distribution requirements for domestic markets,
with some exceptions, for an initial 10-year period.
Shell also said its Shell Canadian Tankers Ltd unit will
lay off 13 employees and that Socanav will offer jobs to 41
employees.
The three Shell vessels are Lakeshell, Eastern Shell and
Northern Shell, which range in size from 6,000 to 10,000
tonnes, Shell said.
Shell Canada is 72 pct owned by Royal Dutch/Shell Group
<RD>.
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The European Community (EC) has
warned the U.S. House of Representatives that tough trade
legislation it is considering could prompt retaliation by U.S.
trading partners.
The warning was sent in a letter from Sir Roy Denman, head
of the EC delegation in Washington, to Dan Rostenkowski,
chairman of the House Ways and Means Committee.
A copy of the letter was made available to Reuters.
Denman told Rostenkowski, an Illinois Democrat, he backed
aspects of the bill, such as one backing new talks under the
GATT and one excluding protection for the textile industry.
But Denman disagreed with other provisions which would
require President Reagan to take retaliatory trade action
against nations with large trade surpluses with the U.S. and
would set new standards for judging unfair foreign trade
practices.
Denman told Rostenkowski that GATT regulations prohibit
member nations from taking unilateral retaliatory action in
trade disputes unless the action is GATT-approved.
He said "If the Congress makes retaliatory action mandatory,
then the United States would be in violation of its
international legal obligations and on a collision course with
its major trading partners."
Denman added that a president should have flexibility in
enforcing trade laws, saying "in the last resort, any
administration must take its decision in light of the overall
national interest."
Otherwise, he said, "the risk would be counter-reaction by
trading partners of the United States, i.e., retaliation or
enactment of mirror image legislation to be employed against
imports from the United States."
Denman also said Congress could prompt retaliation if it
reduced the threshhold of unfair trade by making it easier for
firms to file unfair trade practice claims.
Retaliation could also be prompted by relaxing standards
for findings that imports were injuring U.S. firms.
"Changes in these standards must be agreed upon
multilaterally. They cannot be imposed by the United States
alone on the world trading system," he said.
House leaders have rejected a plan by textile-state
legislators to add to the trade bill a provision to curb
imports of cloth and clothing, similar to a measure passed two
years ago but vetoed by President Reagan.
There was concern by the leaders that Reagan would veto the
entire trade bill because of the textile amendment.
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Fairchild Semiconductor Corp
president Donald Brooks said he intends to take a management
buyout proposal to the company's parent at some point in the
future and substantial funding is available for such a
purchase.
Fairchild is owned by Schlumberger Ltd <SLB>.
Brooks also told a press conference that if management is
successful, it may later attempt to take the company public.
"I am sure that if such a management buyout is to occur,
and I am hopeful that it does, the public market is one of the
avenues we will ultimately have to use to raise capital,"
Brooks said.
Brooks also said the company would continue to attempt an
exchange of technology and manufacturing agreement with Fujitsu
Ltd if successful in its buyout bid.
Futjitsu withdrew an offer to acquire some 80 pct of
Fairchild, a semiconductor maker, after U.S. government
officials expressed opposition to the transaction.
Brooks told the news conference that any purchase would be
in the form of a management buyout and not a leveraged buyout.
He also said the transaction could be financed through a
debt issue or conventional financing from investors.
Brooks said management is pleased by a number of investment
proposals bought to them, but he added, "the investors must be
willing to invest in the future growth of the company and not
just selling off assets."
Brooks also said he was not aware of any direct
intervention by the U.S. in an attempt to block the merger.
"I am not aware of any direct contact between Washington
and Fujitsu, but that doesn't mean it doesn't exist," Brooks
said.
He also said Fujitsu executives remain enthusiastic about a
link with Fairchild.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The 1988 agriculture budget will
have to be cut by an additional one to two billion dlrs, the
chairman of a key house agriculture subcommittee said.
Implementation of a 0/92 program, a tightening up of the
use of commodity certificates, and reconstitution of farms are
possibilities that will be studied to reduce farm spending,
said Dan Glickman, D-Kans., chairman of the House agriculture
subcommittee on wheat, soybeans and feedgrains.
Speaking at the annual meeting of the National Grain and
Feed Association, Glickman said he learned this week from the
House budget committee that the agriculture committee will have
to reduce the fiscal year 1988 farm budget by up to two billion
dlrs from the 30 billion dlrs level already approved.
Decisions on how to cut the farm budget will have to be
made very quickly in order to make any impact on the FY 1988
budget, Glickman added.
Glickman also said his committee will not approve USDA's
proposal to cut target prices by ten pct per year.
"The administration's target price proposals are dead in
the water," he said.
To cut the budget, Glickman said, "everthing is on the
table," except those moves that would reduce farmers' income.
Glickman offered a list of possibilities that his committee
will study in order to cut farm spending.
Implementation of a 0/92 program for 1987 winter wheat and
1988 feedgrains crops has been introduced by Glickman, which he
said would result in a 150-200 mln dlr savings for one year.
Tightening up on the use of generic (in-kind, or "pik')
certificates will also be another option his committee will
study, Glickman said.
While not committing himself for or against such action, he
said lawmakers have to examine recent government findings which
indicate certificates cost more than cash payments.
Glickman said rules for the reconstitution of farms and
tightening up of the person definition for annual payment
limitations is another option and could save 100-200 mln dlrs.
He also said increasing acreage set-aside requirements by
five pct for wheat and feedgrains at program sign-up was a move
that could save about one billion dlrs, but added that he would
not be in favor of such a change.
Glickman also said that the Export Enhancement Program's,
EEP, spending authority of 1.5 billion dlrs is quickly being
used up, and Congress will have to decide whether to expand
this program while making cuts in other areas.
Cuts in the EEP program are unlikely, he said.
"I don't see right now that the EEP will be on the chopping
block," Glickman said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
CPC International Inc said it expects
1987 earnings per share to increase over 1986 levels.
"We are confident that 1987 will top 1986 in earnings per
share and are optimistic about our longer-term future as well,"
the company said in its 1986 annual report.
In 1986, CPC earned 219.2 mln dlrs, or 2.30 dlrs a share,
on revenues of 4.55 billion dlrs compared with income of 142
mln dlrs or 1.46 dlrs on sales of 4.21 billion dlrs in 1985.
The share figures are adjusted for a 2-for-1 split paid in
January.
A share buyback program started last year reduced the
number of shares outstanding to 82.6 mln at year-end 1986 from
97.2 mln dlrs the end of 1985, adjusted for the split.
The food and grocery products company also said it was the
subject of five stockholder lawsuits and one class action suit,
filed last November and December in Delaware, New York and New
Jersey.
The suits are related to the company's purchase of its
shares from Salomon Brothers Inc after Salomon bought a block
of the stock from Ronald Perelman, who had acquired nearly 3.7
mln CPC shares, or 7.6 pct of the company, last year.
The suits allege the company bought the shares back at an
artificially inflated price, violating securities laws,
breaching directors' fiduciary duties and wasting corporate
assets.
CPC said the defendants, which include the company, its
directors, Salomon and Perelman, deny all the allegations of
improper conduct and are defending the suits.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The U.S. oil and gas industry is in
better health than it was a year ago, according to testimony
given to the Texas Railroad Commission at its annual state of
the industry hearing today.
The Commission, which regulates the state's oil and gas
industry, heard testimony from a number of high-level company
executives reflecting a belief that the recent industry
downturn had bottomed out.
"The attitude expressed here today so far is a great deal
more optimistic (than last year)," Commissioner James E. (Jim)
Nugent told Reuters.
"It reflects their (the executives) belief that they are
seeing the bottom of the economic cycle," he added, "and with
just a few reasonable breaks this industry can begin to move
again."
The energy industry was hard hit by the sharp drop in oil
prices, which fell from around 30 dlrs a barrel in late 1985 to
as low as 10 dlrs in mid-1986. Prices have since steadied to
around 18 dlrs a barrel.
At the same time, a number of company executives testified
that the nation's domestic exploration and production segment
was still hurting and in need of government help.
Production costs are considerably higher in the United
States than in such areas as the Middle East and as prices fell
many domestic producers were forced to shut down their
operations. Currently, there are only about 760 oil rigs
operating in the United States compared with an average of
nearly 2,000 in 1985.
Citing a study released yesterday by the Department of
Energy, many said the falling production of domestic oil
coupled with increasing U.S. demand, was leading to a growing
dependency on imports, particularly from the politically
volatile Middle East.
"In the U.S., 1986 petroleum production responded to lower
prices, increasing about 2.5 pct, or 400,000 barrels per day
(bpd)," said J.S. Simon, General Manager of the Supply
Department at Exxon Corp <XON>, the nation's largest oil
company.
At the same time, Simon said "U.S. oil production declined
by 300,000 bpd, the first decline in several years," and "net
petroleum imports were up 25 pct to 5.3 mln bpd."
Noting that while oil prices were expected to remain
between 13 and 20 dlrs a barrel, depending on OPEC's ability to
control production, Simon said demand is expected to remain at
1986 levels, leading to "a significant amount of spare
worldwide production capacity, in excess of 10 mln bpd."
He said the surplus capacity would lead to continued
volatility and called for "governmental and regulatory policies
in support of the domestic petroleum industry."
Citing the costs recently imposed by the federal
government through the 1986 tax code changes and "Superfund"
legislation, Simon called for the repeal of the windfall
profits tax, total decontrol of natural gas and improved access
to federal lands for oil and gas exploration.
Simon did not mention an oil import fee, which many in the
industry have called for as a way of building up the nation's
domestic operations before imports reach such a level that
national security might be compromised.
In yesterday's report, the Energy Department said imports
could make up 50 pct of U.S. demand by 1995, adding that
Persian Gulf producers will provide as much as 65 pct of the
free world's total oil consumption by that date.
Arguing that "oil is a political tool in every nation on
earth," Frank Pitts, chairman of <Pitts Oil Co>, today called
for a variable oil import fee, among other measures, "before
the treacherous foothold of the Middle East is irreversible and
our national security is compromised."
Royce Wisenbaker, Chairman of Wisenbaker Production Co,
agreed, saying that like many federal government programs that
were set up with good intentions, it would probably turn into a
"shambles."
Wisenbaker added that he was optimistic for the future.
"For those of us who have managed to hold on, the worst is
over," he said.
Roger Hemminghaus, President of Diamond Shamrock Refining
and Marketing Co, said he was "enthusiastic about the future,"
adding that he expected "an increase in profitability by
midyear."
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Novar Electronics corp said it
expects improved earnings this year due to a rapid expansion of
its Logic One computerized buolding management system customer
base and expectations of good crime deterrent business.
The company today reported earnings for the year ended
January Three of 207,514 dlrs, up from 98,050 dlrs a year
before.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Mitsui and Co Ltd said it has
signed a letter of intent with Security Pacific Corp to buy 50
pct of Japan Security Pacific Finance Co Ltd, for an
undisclosed sum, to form a joint venture.
Japan Security Pacific has assets of 200 mln dlrs.
The joint venture will introduce various financial products
to the customer base of Mitsui and its group of companies, the
company said.
Security Pacific will provide expertise in consumer and
commercial lending, as well as data processing support.
Japan Security Pacific Finance is a wholly-owned subsidiary
of Security Pacific International Finance Inc, which is owned
by Security Pacific Corp.
Security Pacific said in addition to originating consumer
and commercial loans and leases, the joint venture will market
related financial products and services.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Carolina Power and Light Co said
its board has decided to cancel coal-fired Mayo Unit Two, the
second unit planned for its Mayo Plant in Person County, N.C.
The company said the 690,000 kilowatt unit was only about
one pct complete and was scheduled for commercial service in
1992.
Carolina Power said the status of the unit had been under
review because of a decision by the North Carolina
Environmental Management Commission that would have required
the unit to be equipped with expensive sulphur dioxide-removing
scrubbers.
Carolina Power said Unit One, which has been in operation
since 1983, meets all air quality regulations without scrubbers
through the use of low-sulphur coal, and "The addition of
scrubbers to Mayo Unit Two would have produced only marginal
air quality improvements."
The company said it will be able to purchase lower-cost
power from Duke Power Co <DUK> for intermediate and peaking
purposes than the projected cost of power from Mayo Two with
scrubbers. It said it will retain the Mayo Two site for later
development of a generating unit.
Carolina Power said Mayo Two was projected to cost about
877 mln dlrs, including 200 mln dlrs for scrubbers. "The
higher construction costs, plus higher operating costs, would
increase the cost of power produced by Mayo Unit Two with
scrubbers by about 90 mln dlrs per year."
A company spokesman said the company has already spent
about 23 mln dlrs on Mayo Two. He said no estimate has yet been
made of the cost of canceling the plant, but the company does
not expect to take a charge against earnings. He said Carolina
Power intends to include the cancellation costs in rate filings
it will make late this year or early next year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtr ends Jan 31
Shr seven cts vs 20
Net 1,84,000 vs 387,000
revs 9.1 mln vs 6.7 mln
Avg shrs 2,804,752 vs 1,875,000
12 mths
shr 13 cts vs 33 cts
Net 315,000 vs 627,000
revs 32.4 mln vs 24.6 mln
Avg shrs 2,475,943 vs 1,875,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 69 cts vs 69 cts prior
Pay May One
Record April 10
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Puritan-Bennedtt Corp said
it has acquired a majority interest in Medicom Inc, which makes
a heart monitor for use in diagnosing heart disorders, for
undisclosed terms.
The company said the device will be sold under the name
Companion Heart Monitor.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Murray Ohio Manufacturing Co
said it expects first quarter earnings to be higher than the
year-ago 4,800,840 dlrs or 1.25 dlrs per share due to excellent
lawn and garden shipments.
The company said bicycle sales were soft early in the
period, but recent orders and shipments have been running well
ahead of last year.
It said it expects to meet analysts' projections of
earnings for the full year of 1.50 dlrs per share and it could
possibly exceed the estimate if orders continue strong.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Mthly div 14-1/2 cts vs 14-1/2 cts prior
Pay July One
Record June 17
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Enron Corp said it will pay accrued
second quarter dividends on the three series of preferred stock
it will redeem on May 1.
The company said it will pay second quarter accrued
dividends to the redemption date of 53 cts per share on the
6.40 pct stock, 56 cts on 6.84 pct and 70 cts on 8.48 pct.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The Soviet Union's recent corn
purchases from the United States could total as much as 3.5 mln
tonnes, U.S. Agriculture Undersecretary Daniel Amstutz said.
"We are not sure how much (Soviets have bought) but we think
it could be as high as 3.5 mln tonnes," Amstutz told a House
Agriculture Appropriations Subcommittee.
He added that China also will need to import more corn this
year than earlier anticipated, but he gave no figures.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
Allison's Place Inc president
Marvin Schenker said company-owned stores sales for February
increased 82 pct over the same period last year.
He said comparable store sales in February increased 36
pct.
The company, which owns and franchises a total of 237
clothing outlets where all articles cost six dlrs, will
increase that figure to seven dlrs starting March 1, Schenker
said.
He said the impact of that boost will start to be felt in
the early part of the company's second quarter and continue
throughout the year.
Schenker said costs of the company's merchandise will not
increase.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 1.10 dlrs vs 1.33 dlrs
Net 3,065,000 vs 3,730,000
Sales 273.9 mln vs 241.0 mln
Year
Shr 3.27 dlrs vs 2.62 dlrs
Net 9,168,000 vs 7,338,000
Sales 1.07 billion vs 987.2 mln
NOTE: Fiscal 1987 net includes tax credits of 10 cts for
the fourth quarter and 1.04 dlrs for the year compared with 43
cts and 85 cts in the respective periods of fiscal 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 41-1/2 cts vs 41-1/2 cts prior
Pay April 25
Record March 31
NOTE: Full name Bankers Trust New York Corp.
(Company corrects pay date, April 25, not April 28 in story
that ran yesterday.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
New England Electric System's auditors
have again qualified the utility's annual report because of
uncertainty about whether its oil and gas subsidiary can
recover its investments.
The qualification was noted in the annual report which New
England Electric released at a security analysts meeting today.
The auditors also qualified the company's 1985 report for the
same reason, noting the sharp drop in oil and gas prices in
early 1986.
President Samuel Huntington told analysts the utility will
have to take a write-down of about 235 mln dlrs if Federal
regulators do not allow the company to pass on the losses cited
by the accountants to its rate payers.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 17-1/2 cts vs 17-1/4 cts
Pay April 15
Record March 31
NOTE: Full name Federal Paper Board Co.
(Corrects headline and dividend figure in item appearing
March 17 to show dividend was raised.)
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
New England Electric System <NES>
expects its cash construction spending to reach 205 mln dlrs
this year, up from 188 mln dlrs in 1986, the utility said in
material distributed at an analysts meeting.
It said spending is expected to advance to 215 mln dlrs in
1988 and 220 mln dlrs in 1989.
The utility said these totals exclude spending on New
England Hydro-Transmission being built to import electricity
from Quebec Hydro. New England Electric is the operator of this
venture as well as owning 51 pct of the project.
The venture expects to spend 65 mln dlr this year, 105 mln
dlrs next year and 125 mln dlrs in 1989 to build transmission
lines from northern Quebec into New England, the utility said.
New England Electric said internally generated funds will
cover all of its power plant construction costs this year and
65 pct of the 108 mln dlrs its retail distribution units plan
to spend in 1987.
The company said it also expects to spend 60 mln dlrs on
its oil and gas activities this year, adding internally
generated funds are expected to provide 85 pct of this total.
New England Electric said it plans to issue 30 mln dlrs
worth of pollution control bonds in 1987 and retire additional
higher cost preferred stock. Its Granite State Electric unit
plans to issue five mln dlrs of long term notes early this year
as well.
The company said it does not plan to offer common shares
this year or in the foreseeable future, but expects to raise
about 40 mln dlrs in equity through the sale of stock under its
dividend reinvestment plan and employee share plans.
President Samuel Huntington told the analysts the
construction spending projection is based on the expectation
that demand for electricity in the New England electric system
will grow about two pct a year for the next 15 years.
However, the utility cannot ignore the potential for
sharper growth, he said, pointing out that demand was up 5.2
pct in 1986 and 4.7 pct per year in the past four years.
He attributed this growth to declining electricity prices
and a strong New England economy.
Huntington said New England Elecetric has "all but rejected
new coal fired plants" to supply additional power.
He said the most attractive new power supplies are those
with short lead times which can be built in modules.
Later, vice president Glenn Schleede said the utility is
looking at gas-fired, combined cycle generating units to supply
most of its new power needs, but has not rejected coal-fired
fluidized bed units.
He explained that fluidized bed technology is available in
modular units, adding that Huntington was referring to the
traditional coal-fired plant which burns pulverized coal.
Reuter
| [
0,
0,
1,
1,
0,
0,
0,
0,
0,
0
] |
Ended December 31
Shr three cts vs nine cts
Net 220,000 vs 721,000
Revs 4,920,000 vs 4,184,000
Avg shrs 6,425,925 vs 6,599,000
NOTE: Full name Rada Electronic Industries Ltd.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The National Association of Wheat
Growers, NAWG, board of directors is scheduled to meet
Secretary of State George Schultz and Undersecretary of State
Allen Wallis to discuss the Department's current role in farm
trade policy, the association said.
NAWG President Jim Miller said in a statement that the
organization wanted to convey to Secretary Schultz the
importance that exports hold for U.S. agriculture and the
degree to which farmers are dependent upon favorable State
Department trade policies to remain profitable.
"Foreign policy decisions of the U.S. State Department have
in the past severely hampered our efforts to move our product
to overseas markets," he said.
Miller noted Secretary Schultz is scheduled to meet next
month with representatives of the Soviet Union, and the NAWG
"wanted to be certain the secretary was aware of our concerns
regarding the reopening of wheat trade with the Soviet Union."
The annual spring NAWG board of directors meeting is held
in Washington to allow grower-leaders from around the country
to meet with their state congressional delegations and members
of the executive branch.
The purpose is to discuss the current situation for
producing and marketing wheat and help set the legislative and
regulatory agenda for the coming year, the NAWG statement said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
Energy Secretary John Herrington
said he will propose tax incentives to increase domestic oil
and natural gas exploration and production to the Reagan
Administration for consideration.
"These options boost production, while avoiding the huge
costs associated with proposals like an oil import fee,"
Herrington told a House Energy subcommittee hearing. "It is my
intention to submit these proposals to the domestic policy
council and the cabinet for consideration and review."
"The goal of the Administration policies is to increase
domestic production. I would like to shoot for one mln barrels
a day," he said.
The proposals were based on a DOE study released yesterday
warning the United States was threatened by a growing
dependence on oil imports.
"We project free world dependence on Persian Gulf oil at 65
pct by 1995," Herrington said.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Shr loss 18 cts vs profit six cts
Net loss 509,471 vs profit 163,840
Revs 2,623,974 vs 1,835,580
12 mths
Shr loss 18 cts vs profit 10 cts
Net loss 494,352 vs profit 173,948
Revs 10.1 mln vs 3,551,429
NOTE: 4th qtr loss reflects 290,000 dlrs of non-recurring
expenses related to senior management changes.
Full name of company is Children's Discovery Centers of
America Inc.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
CPI Corp said it expects to post
higher sales and earnings for its fiscal year ended February 7
when it officially reports results in three weeks.
It said preliminary figures show total sales of 258 mln
dlrs, up 30 pct from 198 mln dlrs in its 1985 fiscal year. Net
earnings from continuing operations rose to 18 mln dlrs, up
almost 31 pct from 13.9 mln dlrs, while per share earnings from
continuing operations were 2.22 dlrs, up 23 pct from 1.80 dlrs.
There were 552,500 additional shares outstanding.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Jamaica has been authorized to
purchase about 56,000 tonnes of U.S. wheat under an existing PL
480 agreement, the U.S. Agriculture Department said.
It may buy the wheat, valued at 7.0 mln dlrs, between March
25 and August 341 and ship it from U.S. ports and/or Canadian
transshipment points by September 30, 1987.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
Laidlaw Transportation Ltd said
earnings per share for the current fiscal year should increase
by "substantially more" than the 30 pct average annual growth
experienced in the last four years.
Revenues for the year ended August 31 will be about 1.2
billion dlrs, including GSX Corp, the U.S. waste services unit
acquired from Imasco Ltd last year for 358 mln dlrs, Laidlaw
president Michael de Groote told analysts.
Last year, Laidlaw had operating earnings of 66.2 mln dlrs,
or 63 cts per share, on revenues of 717.8 mln dlrs.
De Groote also said the company expects "excellent results"
in the second quarter ended February 28, but would not be more
specific.
He said his revenue estimate for fiscal 1987 does not
include possible further acquisitions and said that the
addition of GSX will produce increasing benefits in fiscal 1988
through fiscal 1990.
De Groote said the increased earnings in the previous four
quarters was due partly to internal growth of about 15 pct. The
rest came from acquisitions, he said.
Laidlaw expects to sell a small rubber recycling operation,
a subsidiary of GSX, within the next few weeks, but this will
not make any material contribution to earnings, de Groote said.
He also said he is "not very optimistic" about the ongoing
negotiations to buy 50 pct of Tricil Ltd, a Toronto-based
chemical and solid waste services company with Canadian and
U.S. operations, from <Trimac Ltd> of Calgary.
De Groote said that, regardless of the outcome of the
proposed Tricil acquisition, Laidlaw will decide within the
next 30 days whether to stay in the North American chemical
waste business through GSX Corp.
"We feel it is a profitable business with good growth
potential and we now want to stay in it if we can get the right
management," de Groote said.
Laidlaw financed the acquisition of GSX by its U.S.
subsidiary, Laidlaw Transportation Inc, with the proceeds of a
200 mln Canadian dlr preferred stock issue and borrowing.
De Groote said the company will gain about 138 mln dlrs in
cash by August 31 from the exercise of warrants.
De Groote also said waste services in fiscal 1987 will
represent about 49 pct of revenues, school buses will
contribute 49 pct and trucking about two pct.
The trucking subsidiary in western Canada is performing
well and there are no plans to sell it, he said.
He would not estimate the contribution of each segment to
earnings per share for the year. He also said that further
acquisitions of school bus operations in the U.S. are likely
within the next few months.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
peru's short-term foreign trade credit
lines have more than doubled to 430 mln dlrs under president
alan garcia's 20-month administration.
Central bank general manager hector neyra told reporters
that many of the credits were for 90-day terms and could be
used several times a year.
The trade credits stood at 210 million dollars when garcia
took office on july 28, 1985, and announced foreign debt
payments would be limited to 10 pct of export earnngs.
Neyra told reuters that peru was current on interest
payments on short-term debt, including the trade credit lines
and on about 750 million dollars in so-called "working capital"
credits.
Neyra did not specify the source of the trade credit lines.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
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