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Shr loss 60 cts vs loss 6.50 dlrs
Net loss 2,012,000 vs loss 21.9 mln
Revs 8.6 mln vs 13.5 mln
Year
Shr loss 1.04 dlrs vs loss 5.96 dlrs
Net loss 3.5 mln vs loss 20.2 mln
Revs 36.6 mln vs 52.1 mln
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mexico's proven reserves of liquid
hydrocarbons at end-1986 were 70 billion barrels, slightly down
from 70.9 billion a year ago and 71.75 billion in 1984, the
state oil company petroleos mexicanos (pemex) announced.
Reserves were just 5.77 billion barrels in 1974, rose
sharply to 40.19 billion in 1978 and flattened out at 72
billion in both 1981 and 1982.
In its annual report, pemex said average crude output in
1986 was 2.43 mln barrels per day, 202,000 bpd down on 1985.
Average exports were 1.29 mln bpd, down from 1.44 mln bpd.
The company did not say what percentage of hydrocarbons was
crude oil, but has previouly said it was about 48 pct.
Natural gas output in 1986 was 3.43 billion cubic feet per
day, down from 3.6 billion in 1985.
Due mainly to the fall in oil prices to around 12 dlrs from
25 dlrs in the year, 58 wells, both exploratory and production,
were suspended, 38 of them in less productive areas than the
offshore campeche fields which accounted for 64 pct of
production.
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Qtly div 15 cts vs 10 cts prior qtr
Pay 17 April
Record 3 April
NOTE: Great Lakes Federal Savings and Loan is full name of
company.
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The Murray Ohio Manufacturing
Co said it expects first quarter earnings to be higher than the
4,800,840 dlrs, or 1.25 dlrs per share, it recorded for the
first quarter of last year.
The company, which produces lawn mowers and bicycles, said
earnings are ahead of last year due to increased lawn and
garden shipments in January and February and a record-setting
pace in March.
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Alleghany Corp said its board
declared a stock dividend of one share of its common for every
50 shares outstanding, as the company's dividend on its company
for 1987.
It said the dividend will be distributed on April 30, to
holders of record on March 30.
Alleghany said cash will be paid in lieu of any fractional
shares of its stock.
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A House Banking subcommittee has
approved legislation to limit the interest rates charged by
banks and other credit card issuers.
The Consumer Affairs and Coinage subcommittee bill would
limit credit card interest rates at eight percentage points
above the yield on one-year Treasury securities.
If in effect now, the bill would limit credit card rates to
13.8 pct compared to a nation-wide average of 18 pct, the
subcommittee said.
The bill now goes to the full House Banking committee for
further action.
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Ended Feb 28
Shr 39 cts vs 35 cts
Net 11.5 mln vs 10.4 mln
Revs 111.0 mln vs 104.6 mln
Nine mths
Shr 1.16 dlrs vs 1.04 dlrs
Net 34.3 mln vs 30.8 mln
Revs 335.2 mln vs 320.0 mln
Avg shrs 26.7 mln vs 29.6 mln
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Union Corp said it agreed
in principle to sell its Union Flonetics Corp subsidiary to
Irvin Kaplan, a Houston investor.
The unit makes valves and marine specialty equipment for
the military. Kaplan is also controlling shareholder of <Hunt
Valve Co Inc>.
The amount of the cash transaction, expected to close in
April, was not disclosed.
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Problems in the farmbelt and
oilpatch regions contributed to the first decline in overall
income for U.S. banks in a quarter century, the Federal Deposit
Insurance Corp (FDIC) said.
The nation's 14,181 commercial banks had net income of 17.8
billion dlrs in 1986, down slightly from 1985's record 18.1
billion dlrs.
The total was still the second highest ever reported, but
it was the first time income had not grown since 1961.
The figures reflected a radical split in the health of
banks in the two halves of the country, the FDIC said.
In the East, one in 12 banks had losses last year, while
one in four banks west of the Mississippi River had losses.
Nationwide, one out of five banks reported losses, the FDIC
said in the first of a new series of quarterly banking profiles
it planned to issue.
"I don't remember a time when there was such a clear
distinction by geographic area," FDIC Chairman William Seidman
told reporters.
He said that while the figures were not good, they showed
the problem did not lie with the banking system as a whole but
with regional differences in economic performance.
Some 44 banks have failed so far this year, twice as many
as failed by this time a year ago, but Seidman said he doubted
the pace would continue.
On a positive note, banks increased capital to a record 208
billion dlrs last year, and there has been a slowing in the
number of new problem banks in all regions except the
Southwest, Seidman said.
Banks' provision for losses from bad loans in the fourth
quarter increased to 21.7 billion dlrs, a 23 pct rise from a
year ago.
Large banks -- those with assets of one billion dlrs or
more -- reporting fourth-quarter losses totaled 22, the FDIC
said.
Seidman said it was too early to say what effect Brazil's
moratorium on debt interest payments would have on U.S. banks.
He said bank deregulation had given managers more freedom
to run their banks and that an increase in failures was to be
expected.
But this freedom from regulatory restraints also has meant
other banks that were better managed have gotten stronger,
Seidman said.
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Shr 55 cts vs NA
Net 2,512,000 vs 773,000
Year
Net 7,123,000 vs 3,098,000
Assets 417.7 mln vs 251.1 mln
Deposits 329.4 mln vs 230.1 mln
Loans (net) 366.1 mln vs 205.2 mln
NOTE: Some per shr amounts not available as company
converted to public ownership in July 1986.
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Qtrly div 30.1 cts vs 34.1 cts prior
Pay April 14
Record March 31
NOTE: company said prior qtr includes end of year
additional four cts dividend.
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Qtly div 1.25 dlrs vs 1.25 dlrs
Pay May 1
Record March 31
NOTE: Full name is American Information Technologies Corp
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Qtly div 30 cts vs 30 cts prior
Pay April 20
Record March 31
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Qtly div nine cts vs nine cts prior
Pay April 13
Record March 30
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Auditors for Public Service
Co of Indiana Inc lifted a qualification, in effect for two
years, on its 1986 financial results, according to the
company's annual shareholders' report.
PSI's report was qualified in 1984 and 1985 when its
auditors, Arthur Andersen and Co, questioned the utility's
ability to recover costs of its Marble Hill nuclear power plant
and to extend the maturity of its credit agreement.
The company wrote off 141 mln dlrs of Marble Hill costs in
November, 1986 and repaid its final 20 mln dlrs in debt in
October, 1986, it said.
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Shr 14 cts vs 12 cts
Net 1,017,000 vs 877,000
Sales 68.1 mln vs 61.2 mln
Nine Mths
Shr 40 cts vs 17 cts
Net 2,986,000 vs 1,215,000
Sales 205.3 mln vs 174 mln
Note: Per share figure reflects two-for-one stock split of
July 1986.
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Shr loss 11 cts vs loss 48 cts
Net loss 254,000 vs loss 784,000
NOTE: Includes realized gains of one mln dlrs versus
840,000 dlrs.
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Arkansas Best Corp said its
1987 first quarter earnings will be significantly lower than
fully diluted earnings of 22-1/2 cts per share in last year's
first quarter.
The company said pricing competition and lower traffic
levels in the motor carrier industry hurt its first quarter
results.
However, the company said its furniture and tire operations
are more profitable this year than last year.
Arkansas Best also said that if the industry sustains the
upcoming 2.9 pct motor carrier rate hike it will offset the
Teamster labor increase scheduled for April 1.
It said the labor increase then will be 3.2 pct for ABF
Freight System, its largest unit.
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Shr primary 29 cts vs 26 cts
Shr diluted 27 cts vs 23 cts
Net 1,500,000 vs 1,008,000
Revs 30 mln vs 23.1 mln
Avg shrs pimary 5,254,000 vs 3,821,000
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Oper shr loss 1.28 dlrs vs loss 59 cts
Oper net loss 46.0 mln vs loss 21.1 mln
Revs 63.9 mln vs 77.8 mln
12 mths
Oper shr loss 1.65 dlrs vs loss 2.09 dlrs
Oper net loss 59.3 mln vs 75.0 mln
Revs 298.2 mln vs 321.3 mln
NOTE: for the qtr and yr 1986, loss reflects pretax loss of
45.0 mln and 55.5 mln, which included a writedown of inventory
and restructuring charges amounting to 37.1 mln and 37.9 mln,
and a tax gain of 940,000 and 3,094,000.
For the qtr and yr 1985, loss consisted of a pretax loss of
23.9 mln and 102.3 mln which included a writedown of inventory,
restructuring charges and loss on the sale of a division
amounting to 13.0 mln and 61.0 mln, and a tax gain of 3,036,000
and 28.5 mln.
qtr 1985, excludes estimated loss 3,354,000 for disposal of
HCL Leasing Corp sold July 1986, as well as its operating
results prior to this date.
year current and prior excludes loss 1,543,000, and
2,859,000, respectively, for estimated loss on disposal of HCL
Leasing Corp.
qtr and year current excludes foreign tax 312,000, and
1,179,000, respectively, which payment would have been required
in the absence of foreign operating loss carryforwards from
prior years.
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A U.S. House subcommittee voted to
give President Reagan authority to block foreign takeovers of
U.S. companies similar to the takeover of Fairchild
Semiconductor Corp. by Fujitsu Ltd which was withdrawn.
The 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 subcommittee rejected a proposal requiring 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.
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<Siebe Plc> of the U.K. said it
completed the acquisition of Ranco Inc, following approval by
Ranco shareholders.
According to the terms of the deal, Ranco holders will
receive 40 dlrs a share in cash. Ranco will be transferred to
one of Siebe's U.S. subsidiaries, Robertshaw Controls Co.
Ranco produces automatic control devices and power controls
that regulate temperature, pressure, time sequencing, current,
fluid flow and humidity. Its Teccor unit makes a specialized
line of semiconductors.
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Shr 1.06 dlrs vs 1.54 dlrs
Net 9,455,000 vs 13.4 mln
Sales 418.7 mln vs 422.0 mln
Note: 59 pct owned by Hawker Siddeley Group PLC
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ESSO SAF <ESSF.PA>, the French subsidiary
of Exxon Corp <XON>, said it had no immediate plans to shut
down one of its two refineries. Exxon's new president Lee R.
Raymond said earlier that it could decide to close a French
refinery.
An ESSO SAF spokesman said a closure was a hypothesis that
depended on the evolution of the market and refineries' ability
to make money. He said Port Jerome west of Paris and Fos sur
Mer on the Mediterranean had benefitted from new investment
over 1985-86 and had last year broken even after stock losses.
The Port Jerome refinery has an annual production capacity
of seven mln tonnes while Fos sur Mer's is five mln, the
spokesman added.
Industry sources said the easiest plant to dispose of would
be Fos sur Mer because it is a single refinery, while the Port
Jerome refinery is attached to a wider complex comprising a
petrochemical plant and a lubricant production plant.
Raymond was quoted as saying in a published interview that
Exxon was reviewing its worldwide refinery operations and might
decide to close one of its French refineries.
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Qtly distribution 43.5884 cts vs 37.2427 cts in prior qtr
Payable April 10
Record March 31
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Emhart Corp said it plans to increase
worldwide revenues and earnings at an annual compounded growth
rate of 15 pct and about 13 pct, respectively.
It said these objectives were based on several assumptions,
including a four pct average inflation rate through 1989 and a
two pct to three pct GNP real growth.
In 1986, Emhart reported a net loss of 10 mln dlrs or 35
cts a share, after a 90 mln after-tax restructuring charge,
which realigned the company's assets.
Emhart has divested itself of many of its units to focus on
three primary markets--industrial products, consumer products,
and information and electronic systems.
Emhart said industrial products should account for about 62
pct of projected 1987 revenues of 2.3 billion dlrs, while
consumer products should account for about 20 pct of those
revenues and information and electronic systems about 18 pct.
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Shr 27 cts vs 23 cts
Net 1,713,000 vs 1,447,000
Revs 46.9 mln vs 39.3 mln
Year
Shr 97 cts vs 78 cts
Net 6,154,000 vs 4,855,000
Revs 167.9 ln vs 130.4 mln
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Qtly div 10 cts vs 10 cts in prior qtr
Payable April 22
Record April 10
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Qtly div 30 cts vs 30 cts in prior qtr
Payable April 20
Record March 31
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<MONY Financial Services> said it
purchased United Administrators Inc in an effort to secure a
larger market share for its group insurance line.
MONY said this acquisition, coupled with its purchase of
Kelly Associates in 1985, contributes to its goal of expanding
its group business and improving its product lines.
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Shr loss 18 cts vs loss 20 cts
Net loss 629,527 vs loss 697,847
Revs 404,345 vs 1,558,951
Year
Shr loss 56 cts vs loss 1.81 dlrs
Net loss 1,910,063 vs loss 5,744,588
Revs 5,999,377 vs 6,347,702
Avg shrs 3,441,513 vs 3,175,402
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Fortune Financial Group Inc's
Fortune Savings Bank subsidiary said it executed a definitive
agreement to buy <Marine Savings and Loan Association of
Florida> for 10.1 mln dlrs.
It said the agreement has been approved by the directors of
both banks and is subject to approval of Marine shareholders by
a majority vote.
Fortune said that under the agreement it will pay 20.10
dlrs cash for each of Marine's 500,000 shares outstanding,
among other things.
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<Hawker Siddeley Canada Inc> said that,
due to poor market conditions for railway freight car
manufacturing, it plans to sell its Trenton Works division in
Trenton, Nova Scotia.
Hawker Siddeley said it set aside a provision of 7.7 mln
dlrs for the proposed sale.
It also said lower 1986 earnings were due to much lower
earnings in transportation equipment and losses in steel
castings and forgings, which offset gains in the mining sector
and improvements in forestry equipment.
Hawker Siddeley also said demand for new railway equipment
was limited with export sales frequently restrained by
customers' financing difficulties.
Demand for steel castings and wheels for Canadian railways
continued to be very depressed with maintenance requirements at
the lowest level in the past decade.
However, there was demand for industrial casting due to
increased hydro-electric power generation, the company said.
The company said manufacturing of mining machinery and
tunnelling equipment showed greatly improved results in the
U.S. and export markets, mainly China and India.
The Orenda division maintained a high level of activity in
aircraft engine repair and overhaul and in the manufacture of
engine components.
Sawmill equipment and skidder operations were affected by a
strike in British Columbia and the extended debate on U.S.
imports of Canadian lumber, but there were encouraging signs at
yearend, the company said.
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Shr 2.04 dlrs vs 1.83 dlrs
Net 76,172,000 vs 71,101,000
Revs 621.7 mln vs 670.3 mln
NOTE: Central Illinois Public Service Co is full name of
company.
Most recent 12 months net excludes preferred dividends of
6.4 mln dlrs compared with 8.6 mln dlrs last year.
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Yr ends Nov 29, 1986
Shr loss 61 cts vs loss 1.19 dlrs
Net loss 1,017,000 vs loss 1,987,000
Revs 10.4 mln vs 10.3 mln
NOTE: Prior yr ended Nov. 30
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GAMCO Investors Inc, an affiliate of
Gabelli and Co, plans to propose an anti-greenmail provision at
the GenCorp Inc annual meeting March 31, according to GAMCO
Chairman Mario Gabelli.
Greenmail often involves the repurchase of shares at a
premium by a company from an unwanted investor. GenCorp today
received a surprise tender offer from a group that holds 9.8
pct of its stock.
Gabelli also said GAMCO has sent a 13-D filing to the
Securities and Exchange Commission on the 6.5 pct of GenCorp
stock held by GAMCO and its affiliates.
The stock amounts to 1,462,000 shares and most of it was
reported in an earlier 13-G filing. A 13-G is filed by passive
investors to show holdings of more than five pct.
Earlier today, General Partners, owned by Wagner and Brown
and AFG Industries Inc, launched a 100 dlr per share tender
offer for GenCorp. Analysts said the offer was between 10 and
20 dlrs per share too low.
GenCorp has made no comment on the offer.
Gabelli said he also proposes that management consider
spinning off all assets, other than the GenCorp broadcast
properties, to shareholders. The licenses of the broadcast
properties have long been entangled in a series of challenges.
"One thing is going to be clear and that is I'm going to
the meeting and putting up "no greenmail," Gabelli said.
Gabelli said he fears that greenmail might be a motivation
in the offer.
The annual meeting is to be held in Akron, Ohio.
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Oesterreichische Laenderbank AG
[OLBV.VI] expects to maintain its dividend and to record a
moderate rise in profits this year after the 181.5 mln
schilling net profit made in 1986, General Director Gerhard
Wagner said.
Wagner told a news conference that last year's 34.3 pct
rise in net profit from 135.1 mln in 1985 was largely due to
greater domestic business and wider margins on schilling
interest rates.
The bank, Austria's third largest, raised its 1986 dividend
to 12 pct of its 1.5 billion schilling nominal share capital
from 10 pct on capital of 1.35 billion in 1985.
Announcing the 1986 results, Wagner said: "We will endeavour
to maintain the higher dividend in 1987."
Laenderbank's balance sheet total rose five pct to 197.7
billion schillings against 8.1 pct growth in 1985. Foreign
currency business last year accounted for some 37 pct of
balance sheet total compared with about 41 pct in 1985.
Wagner blamed the realtive shrinkage of foreign business
chiefly on the dollar's fall against the schilling, which is
effectively pegged to the mark. The dollar's weakness had wiped
some 8.9 billion schillings off the balance sheet total.
Wagner declined to give an exact figure for profits from
the bank's London branch, which opened in April 1985, but said
that it came close to one mln stg.
On schilling lending, profit on interest had risen 18 pct
to 2.19 billion schillings while commission earnings climbed
8.7 pct to 738.9 mln.
According to the 1987 federal budget, the state is due to
lower its stake 60 pct in Laenderbank, probably to 51 pct.
Wagner said the exact timing of the move depended on the state.
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National Data Communications Inc said it
is no longer obligated to issue its majority shareholder
<Signature Capital Corp> 20 mln common shares under a previous
agreement.
National said it entered into a new agreement with
Signature, which would have owned about 80 pct of National's
common under the prior pact.
Under the new pact, National said it granted Signature a
five-year option to acquire two mln shares of its common for an
option price equal to its current market value. National has
about 15.3 mln shares outstanding.
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<Pilgrim Venture Corp>
said it signed a letter of intent to merge with <Marketing
Technologies Group Inc>, Rockville Center, N.Y.
Under terms of the agreement, Pilgrim, a publicly held
corporation, said it will issue two mln shares of authorized
but unissued restricted common stock to Marketing Technologies
shareholders. The company said it expects to complete the
merger by June 17.
Marketing Technologies is developing a computer-based
advertising system geared toward large advertisers, the company
said.
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GenCorp Inc chairman William
Reynolds said the company's board and its financial and legal
advisors will study the unsolicited tender offer from <General
Partners>.
"Right now, our advice to all our shareholders is to wait
until the board advises them of its position ... which will
happen on or before March 31," Reynolds said.
Earlier today, General Partners, controlled by Wagner and
Brown and AFG Industries Inc, said it started a tender offer
for all of Gencorp's shares and stock purchase rights for 100
dlrs a share.
General Partners said the offer, which is due to expire
April 14, is conditioned on receipt of sufficient financing and
other conditions.
"We are asking our shareholders to postpone any decision on
whether to accept or reject the offer until the board finishes
its evaluation," Reynolds said in a statement.
"The Wagner and Brown-AFG offer does not expire until April
14, so shareholders have time to make their decision," he said.
Reuter
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Qtly div 1-3/4 cts vs 1-3/4 cts prior
Pay April 23
Record April nine
NOTE: Full name Restaurant Management Services Inc
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Qtly div 15 cts vs 12.5 cts prior
Pay May 1
Record April 17
Note: Prior dividend is adjusted for recent six-for-five
stock split.
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Shr seven cts vs 20 cts
Net 184,000 vs 387,000
Revs 9,100,000 vs 6,700,000
Year
Shr 13 cts vs 33 cts
Net 315,000 vs 627,000
Revs 32.4 mln vs 24.6 mln
Reuter
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Oper shr 40 cts vs 30 cts
Oper net 1,364,000 vs 1,025,000
Revs 14.7 mln vs 11.0 mln
Avg shrs 3,372,970 vs 3,425,400
Year
Oper shr 86 cts vs 32 cts
Oper net 2,925,000 vs 1,109,000
Revs 43.0 mln vs 35.7 mln
Avg shrs 3,383,651 vs 3,418,594
NOTE: Year-ago periods exclude extraordinary gain of 1.1
mln dlrs or 31 cts/shr.
Includes gains of 988,000 dlrs vs one mln dlrs in qtr and
2.2 mln dlrs vs 1.1 mln dlrs in year from tax loss
carryforwards.
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Shr primary 36 cts vs 31 cts
Shr diluted 36 cts vs 31 cts
Net 25.1 mln vs 21.7 mln
Revs 1.53 billion vs 1.39 billion
Avg shrs primary 68.8 mln vs 68.9 mln
Avg shrs diluted 70.5 mln vs 71.0 mln
Nine mths
Shr primary 1.32 dlrs vs 1.13 dlrs
Shr diluted 1.30 dlrs vs 1.11 dlrs
Net 90.8 mln vs 77.6 mln
Nine mths
Revs 5.18 billion vs 4.58 billion
Avg shrs primary 68.9 mln vs 68.8 mln
Avg shrs diluted 70.6 mln vs 71.0 mln
Note: Net is before preferred dividend payments.
Current nine mths net includes after-tax provision of five
mln dlrs for consolidation of food plants.
Shr and avg shrs data reflect two-for-one split in December
1986. Results for year-ago nine mths and current first half
restated to reflect acquisition of E.J. Miller Enterprises for
1,040,000 shares in January 1987.
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Canadian Pacific Ltd said it retained
Wood Gundy Inc to seek a buyer for Maple Leaf Mills Ltd of
Toronto.
The company said Maple Leaf had 1986 sales of 819 mln dlrs
and an after tax profit of 16.3 mln dlrs. It is a diversified
agriproducts company which produces and sells industrial and
consumer flour, flour-based products and baked goods.
It also operates a fully integrated poultry business and a
rendering businesses, markets livestock and poultry feed and
distributes grain through a network of country and terminal
elevators.
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Air Canada's 54 mln U.S. dlr
acquisition of Gelco Corp's <GEC> Canadian unit has
dramatically altered Canada's fast growing courier industry,
largely dominated by U.S. companies until this year, company
officials and analysts said.
State-owned Air Canada takes over the country's second
largest overnight courier business just two months after
another Canadian company, <Onex Capital Corp Ltd>, approved the
acquisition of number one ranked Purolator Courier Ltd from New
Jersey-based Purolator Courier Corp <PCC>.
But analysts said the two acquisitions were prompted by
financial restructuring undertaken by the U.S. parent companies
and likely don't represent an industry trend toward buying out
foreign owned courier operations.
"It's a case of whether you can buy from the right people at
the right time," McLeod Young Weir Ltd transportation analyst
Tony Hine commented.
The two acquisitions fit with a larger move by U.S.
companies embroiled in a take-over or restructuring to sell-off
their Canadian units to generate ready cash, said Nesbitt
Thomson Deacon Inc analyst Harold Wolkin.
"There is a very good correlation between the U.S. parent
selling Canadian subsidiaries and the U.S. parent either being
under siege or taking someone else over," he said.
Gelco Corp, of Minnesota, decided to sell Gelco Express Ltd
as part of its previously announced program to sell off four
operating units to buy back shares and pay down debt, Gelco
Express marketing vice president James O'Neil told Reuters.
The sale is the first under Gelco's divestiture program,
and proceeds will be used to help pay down 350 mln U.S. dlrs of
debt by year-end, the company said.
While company officials declined to disclose earnings and
revenue figures, O'Neil said Gelco Express holds a dominant
position in the industry, handling more than 50,000 packages a
day and generating revenues of more than 100 mln Canadian dlrs
a year.
The earlier move by Purolator to sell its Canadian unit
formed an important part of a company restructuring program,
adopted after another Canadian Company, <Unicorp Canada Corp>,
acquired a 12.6 pct stake in Purolator and said it would
consider acquiring the whole company.
Last month, Purolator agreed to be acquired by a company
formed by E.F. Hutton LBO Inc and certain managers of
Purolator's U.S. courier business.
For Air Canada, its acquisition of Gelco's Canadian courier
business represents an "excellent financial investment" in a
market it sees growing by 25 to 30 pct annually, spokesman
Esther Szynkarsky said.
The airline also announced it acquired a 65 pct stake in
EMS Corp, of Calgary, an in-city messenger service.
It did not disclose financial terms, but Szynkarsky said
the two acquisitions totalled about 90 mln Canadian dlrs, and
the two business have combined yearly revenues of 170 mln dlrs.
She said the acquisition fit with Air Canada's strategy of
seeking attractive investments that compliment its main airline
business.
Gelco will continue to operate with current management,
independently of Air Canada, although Air Canada already
operates its own air cargo business that includes a small
door-to-door courier operation.
"They're well run, they're a good investment, they're doing
well in a growing market, and that's the way we want to keep
it," Szynkarsky said.
Analyst Hine said the Gelco and Purolator Canadian units
will likely retain operating links with their U.S. delivery
network, generating traffic for the former parent companies
without them having to tie up capital in Canada.
"The nature of the business is that incremental traffic is
incremental revenue," Hine said.
"It's sort of a sausage maker business where you put in
place the sausage grinder, and the more sausage you can stuff
through, the more money you make," he added.
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Oper shr 64 cts vs 52 cts
Oper net 872,272 vs 706,836
Revs 9,271,541 vs 7,744,466
Year
Oper shr 2.03 dlrs vs 1.96 dlrs
Oper net 2,782,7801 vs 2,684,089
Revs 31.2 mln vs 29.1 mln
NOTE: Full name is North-West Telecommunications Inc
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A shareholder group led by Far
Hills, N.J., investor Natalie Koether said it is reconsidering
its plan to seek control of Computer Memories Inc and now plans
to sell its entire stake in the company.
In a filing with the Securities and Exchange Commission,
the group, which includes Sun Equities Corp, said it sold a net
365,375 Computer Memories common shares between March 5 and 17
at prices ranging from 3-3/4 to four dlrs a share, lowering its
stake to 687,000 shares, or 6.2 pct of the total outstanding.
The group said it reconsidered its takeover plans after the
company announced it agreed to a stock swap.
On March 12, the Chatsworth, Calif., computer disk drive
concern said it agreed in a letter of intent to exchange 80 pct
of its stock, all of which would be newly issued, for the
assets of privately held Hemdale Film Corp, with Hemdale as the
surviving entity.
"In light of these disclosures, Sun found it necessary to
re-evaluate the feasibility of seeking control of the company
and has sold a portion of its shares and currently intends to
sell the balance thereof from time to time," the group said.
The group, which disclosed plans on Dec 29 to seek control
of the company, reserved the right to change its mind again.
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Shr profit eight cts vs loss 16 cts
Net profit 153,000 vs loss 310,000
Sales 3,937,000 vs 2,364,000
Nine Mths
Shr profit five cts vs loss 53 cts
Net profit 97,000 vs loss 1,042,000
Sales 10.2 mln vs 7,564,000
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Americus Trust for American Telephone
and Telegraph Shares Series Two said it will distribute an
initial dividend of 28.75 cts on May 12 to shareholders of
record March 31.
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XTRA Corp said it agreed to acquire all
the stock of RentCo Trailer Corp, a wholly owned subsidiary of
Fruehauf Corp for about 70 mln dlrs.
RentCo had revenues of about 70 mln dlrs.
The transaction is expected to be completed in April and is
subject to regulatory approval.
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Wickes Companies Inc said
it completed the sale of its Sequoia Supply division to a new
company created by the management of that division.
Paul Hylbert, president of Sequoia, has been named
president and chief executive officer of the new company.
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LDBrinkman Corp Chairman L.D.
Brinkman and members of his family said they cut their stake in
Cenergy Corp to 3,647 shares, or 0.4 pct of the total
outstanding, from 912,147 shares, or 9.4 pct.
In a filing with the Securities and Exchange Commission,
the group said it sold 302,833 Cenergy common shares to Snyder
Oil Partners L.P. <SOI> on March 14 for 2,725,500 dlrs and gave
Snyder another 605,667 shares, in exchange for 524,135 units of
limited partnership interests in Snyder.
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Shr three cts vs one ct
Net 235,000 vs 66,000
Revs 10 mln vs 8,202,000
Avg shrs 7,972,000 vs 8,545,000
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Shr loss 83 cts
Net loss 2,115,000
Revs 139.6 mln
Avg shrs 3.6 mln
NOTE: Company went public February 1986.
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Shr seven cts vs seven cts prior qtr
Pay April 30
Record April 15
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Metro Mobile CTS Inc said it declared
a 10 pct stock dividend.
The dividend will be distributed on April 13 to holders of
record March 30.
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<Laurentian Group Corp> said it
expects 1987 earnings per share will show about the same
proportionate increase as in 1986.
Last year, the company had 25.7 mln dlrs operating profit,
or 76 cts per share, up from 11.1 mln dlrs, or 59 cts per
share, in 1985. Shares outstanding increased to 39 mln from
27.8 mln.
The American holding company, Laurentian Capital Corp, will
show a substantial improvement this year, chairman Claude
Castonguay said before the annual meeting.
Laurentian Capital Corp, which recently acquired two small
U.S. life insurance companies, had 1986 profit of 1.1 mln U.S.
dlrs, or eight cts per share, compared to seven mln U.S. dlrs,
or 68 cts per share.
Castonguay said Laurentian Group Corp, the parent firm,
plans to fill out its national financial services distribution
system and make further acquisitions if the right opportunity
occurs.
The company also may expand this year in continental
Europe, in conjunction with La Victoire, a French insurance
company, he said.
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Metro Mobile CTS Inc said it declared
a 10 pct stock dividend.
The dividend will be distributed on April 13 to holders of
record March 30.
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Shr 1.05 dlrs vs 51 cts
Net 8,500,000 vs 4,100,000
Revs 183.2 mln vs 136.6 mln
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Peru's short-term foreign trade credit
lines, regarded as vital to ensure smooth foreign commercial
transactions, have more than doubled to 430 mln dollars under
the 20-month government of president Alan Garcia.
Central bank general manager Hector Neyra told reporters
many of the credits were 90-day.
Trade credits were 210 mln dlrs when Garcia took office in
1985 announcing a tough stance limiting foreign debt repayments
to 10 pct of export earnings.
Neyra told Reuters Peru was current on interest payments on
short-term debt, including trade credit lines and on about 750
mln dlrs in so-called "working capital" credits.
Trade credit lines were 880 mln dlrs in 1982, but fell in
1984 when Peru stopped some payments to private foreign banks.
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The British Conservative government said
it would sell off its remaining 31.7 pct shareholding in
British Petroleum Co Plc <BP.L> during the next financial year
which starts on April 1.
Treasury Financial Secretary Norman Lamont made the
announcement to Parliament. He said, "The government's policy is
to sell its minority holdings in companies as and when
circumstances permit.
"As part of this policy I am now able to announce that,
subject to market conditions, the government will sell its
remaining shares in BP during the 1987/88 financial year."
The last sale of British government shares in BP was in
September 1983. The government currently holds some 578.5 mln
ordinary shares in the company.
Lamont said the Treasury would appoint financial advisers
for the sale. Merchant banks and stockbrokers interested in
being considered for this would be interviewed in early April.
In September 1983, the U.K. Government sold 150 mln shares
in an underwritten offer for sale by tender. The striking price
then was 435 pence - 7.5 pct above the minimum tender price, a
Treasury spokesman said.
He said the sale of BP shares would not cut across the
government's plans to privatise Rolls-Royce, in either April or
May, or the sale of BAA Plc, the British airports authority
which is slated for privatisation in either June or July.
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Snyder Oil Partners LP said
it acquired 1.2 mln shares, or 12 pct, of Cenergy Corp.
It said it is continuing to review its investment and has
made no determination of its future course of action.
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Progressive Savings and Loan
Association <PRSL> said it has agreed in principle to be
purchased by Far West Financial Corp's Far West Savings and
Loan Association.
The acquisition would be a cash merger, with Progressive
shareholders receiving up to three dlrs per share, the company
said.
Progressive Savings has assets of about 500 mln dlrs and
operates ten offices in Los Angeles and Orange counties.
The agreement is subject to federal and shareholder
approval.
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Qtly div six cts vs six cts prior
Pay April 17
Record April 3.
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The U.S. Congress and the oil industry
are deeply divided on ways the government should assist the
industry, hurt by the sharp fall in oil prices, and the
subsequent growth in oil imports, industry analysts said.
"The industry is deeply divided between those who support an
oil tariff and those who believe tax incentives are better,"
said Daniel Yergin, director of Cambridge Energy Research
Associates, which recently completed a survey of the U.S.
Congress on energy issues.
Yergin said he saw mounting support within Congress for tax
incentives rather than an oil tariff or import fee.
Today U.S. Energy Secretary John Herington said he will
propose tax incentives to increase edomestic oil and natural
gas exploration and production to the Reagan Administration for
consideration. White House spokesman Marlin Fitzwater said the
proposal would be reviewed.
Herrington said, "I would like to shoot for one mln barrels
a day (addition) to U.S. production." U.S. oil output was off to
8.4 mln bpd in the week of March 13, down six pct from last
year, the American Petroleum Institute said.
Oil industry analysts have forecast oil prices to average
about 18 dlrs a barrel for the year and many believe that a
move above that level will be unlikey for the near term.
Paul Mlotok, oil analyst for Salomon Brothers Inc said that
"even with the rise in prices for the last week or two we've
only altered our average price scenerio to about 17.50 dlrs for
the year."
Analysts said that at that price renewed drilling and
exploration to reverse the decline in U.S. crude oil output
will not take place as the companies are waiting for stable
prices over 20 dlrs to renew exploration.
John Lichtblau, president of the Petroleum Industry
Research Foundation Inc in New york in recent testimony to
Congress said "The continuing decline in U.S. oil production is
virtually inevitable under any realistic price scenario. But
the future rate of decline is very much a function of world oil
prices and U.S. government policy."
Lichtbalu said that tax breaks could be used to raise oil
production but would only work over time.
"Lowering the producing industry's tax burden would probably
be a slower stimulant (to output) than a price increase but
would not raise energy costs." Lichtblau said.
But the small independent oil companies who do much of the
drilling in the U.S. are looking for the more immediate relief
which could be brought on by an oil import fee.
Ronald Tappmeyer, president of the International
Association of Drilling Contractors, said, "The members of our
trade asssociation are convinced that only a variable oil
import fee that sets a minimum price trigger can protect our
nation." The association represents some 1,300 drilling and oil
service companies.
The CERA survey of Congress shows that the oil import fee
will face a stiff uphill battle.
Yergin said that the poll which was conducted in January by
a former Congressman, Orval Hansen, showed support for the oil
import fee from 22 pct of the Congressmen surveyed largely as a
means of protecting the domestic petroleum industry.
At the same time 48 pct of the Congressmen surveyed
opposed the fee with the respondents saying the tariff would
hurt consumers and some regional interests.
But 80 pct of the sample said support for a fee could grow
if production continued to fall and imports to rise.
Yergin said that imports above 50 pct of U.S. requirements
"is a critical, symbolic level. If they (imports) move above
that level, a fee may not be legislated but there will
certainly be pressure for some form of action."
But Lichtblau, in a telephone interview, said, "a 50 pct
rate of import dependency is not likely to happen before 1990.
In 1986 U.S. oil imports rose to 33 pct of u.s. energy
requirements and shopuld be about 34 pct in 1987, he added.
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Texstyrene Corp said it has
suspended quarterly cash dividend payments on its 9.5 pct
convertible exchangeable preferred stock.
The suspension effects the March 15 payment, and it said it
does not expect to pay preferred dividends in the forseeable
future.
It said the payments were suspended because of certain
covenants contained in its loan agreements. A spokesman said
the company's loss of 2,115,000 dlrs for the first 11 months as
a public company did not meet an income condition on the loans,
leading to the suspension.
The maker of foam cups, food containers and other products
said it had 733,332 outstanding preferred shares, which had
been privately placed.
The dividend payments on the shares amounted to 1,045,000
dlrs per year, the spokesman said.
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Shr loss 2.22 dlrs vs profit 16 cts
Net loss 10.2 mln vs profit 760,443
Revs 1.1 mln vs 3.7 mln
Year
Shr loss 3.68 dlrs vs profit 64 cts
Net loss 16.9 mln vs profit 2.7 mln
Revs 3.6 mln vs 15.2 mln
NOTE:1986 4th qtr includes 6.7 mln dlr restructuring charge
and writedowns of 280,000 dlrs. year includes writedown of 3.6
mln dlrs.
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Qtly div 18 cts vs 18 cts prior
Pay April 30
Record March 26.
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Asked what the U.S. State
Department's policy is on offering subsidized wheat to Moscow,
Secretary of State George Shultz told a group of farm leaders
that U.S. products must be competitive in the world market.
"If we are going to sell our products, whatever they may
be, wheat or anything else, then we have to meet the market,"
Shultz told the board of directors for the National Association
of Wheat Growers.
"We have to be competitive. It's ridiculous to say that
somebody is going to buy your product if they can get the same
thing at a lower price somewhere else. They just aren't," he
said.
"That is our approach in the negotiations with the Soviets,
and it must be our approach as we look at the American farm
program and try to figure out what we should do to make it
better," Shultz told the Wheat Growers.
Schultz said that while he does not favor a situation that
would allow the Soviet housewife to buy food cheaper than the
American housewife, he realizes the importance of American
agricultural products being competitively priced.
Speculation has been in the market for some time that the
United States is considering offering wheat to the Soviet Union
at subsidized prices.
Soviet officials have said they would buy U.S. wheat if it
were competitively priced. Agriculture Department officials
have declined to take any official position on the issue.
Reuter
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Canadian Pacific Ltd said it retained
Wood Gundy Inc to seek a buyer for Maple Leaf Mills Ltd of
Toronto.
The company said Maple Leaf had 1986 sales of 819 mln
Canadian dlrs and an after tax profit of 16.3 mln Canadian
dlrs. It is a diversified agriproducts company which produces
and sells industrial and consumer flour, flour-based products
and baked goods.
It also operates a fully integrated poultry business and a
rendering business, markets livestock and poultry feed and
distributes grain through a network of country and terminal
elevators.
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Greyhound corp said it completed
the sale of its Greyhound Lines unit to Dallas-based GLI
Holdings Inc for 350 mln dlrs in cash, securities, royalties
and other considerations.
Greyhound said GLI is authorized to continue using the
familiar running dog logo on a red, white and blue shield,
while Greyhound Corp will continue to use the running dog alone
as its symbol.
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InterCare Inc said it
terminated plans to acquire Universal Care, a California health
mainenance organization, following First Jersey Securities'
decision to withdraw as underwriter for InterCare's proposed
public debt and equity securities offering.
The acquisition was contingent on its ability to obtain
financing to fund the 1.9 mln dlr cash portion of the purchase
price, InterCare said.
It also said the offering was aimed at raising 7.5 mln dlrs
for working capital and 1.7 mln to repay debt incurred in
connection with its recent acquisition of U.S. Medical
Enterprises Inc.
The company further stated that it has a 1.7 mln dlr
working capital deficit and it will therefore reduce operating
expenses by decreasing operating hours, workforce reductions
and the sale of certain assets.
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Providence Energy Corp said it
completed the purchase of North Attleboro Gas co.
Terms were not disclosed.
North Attleboro serves 2,273 residential customers, 288
commercial customers, and 40 industrial customers.
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Argentine grain growers reduced
their estimates for maize and soybean production in the current
harvest in the week to yesterday, trade sources said.
Soybean production for 1986/87 is now estimated to reach
between 7.7 and eight mln tonnes, versus 7.8 to 8.2 mln tonnes
estimated a week ago and eight to 8.4 mln tonnes estimated in
mid-February.
But even the lowest of those estimates would be 8.5 to 12.7
pct greater than last year's total of 7.1 mln tonnes, according
to official figures, and would be a new record.
The total area planted with soybeans for this harvest was a
record 3.7 to 3.8 mln hectares and increased 10.8 to 13.8 pct
compared to the 3.3 mln hectares planted last year.
The change in yield estimates is due to very high
temperatures and inadequate rainfall since early in the year in
the soybean-producing belt of southern Cordoba and Santa Fe and
northern Buenos Aires province.
The heat and lack of rain combined to leave many soybean
pods empty, especially in Cordoba.
Intense rains in recent weeks did not affect crops, since
rainfall was slight in most main soybean-producing areas.
Rains in the week to yesterday were isolated and weak in
Buenos Aires province, totalling between one and 10 mm. There
was no recorded rain in other grain-producing provinces.
With clear skies and seasonable temperatures, fields were
able to dry in areas that had received heavy rains in recent
weeks, allowing growers to accelerate the pace of maize,
sunflower and sorghum harvesting.
Crops were considered in generally good condition, though
it is still too early to judge whether the intense rains of
recent weeks caused any long-term damage.
The maize harvest advanced to between 20 and 22 pct of the
total area planted, compared to 13 to 15 pct a week ago.
Total area planted with maize for this harvest stood at
3.58 to 3.78 mln hectares, down two to seven pct from the 3.85
mln hectares planted in the previous harvest.
Total production for the current maize harvest is expected
to reach between 9.9 and 10.1 mln tonnes, versus 10 to 10.2 mln
tonnes estimated a week ago. The new figure is 21.1 to 22.7 pct
lower than the 12.8 mln tonnes produced in the last harvest,
according to official figures.
The sunflower harvest advanced to between 20 and 23 pct of
total planted area, versus 15 to 18 pct a week ago.
Total area planted with sunflower for this harvest was two
to 2.2 mln hectares, or 29.9 to 36.3 pct lower than the record
3.14 mln hectares planted in the 1985/86 harvest.
The current harvest's volume was again expected to be
between 2.3 and 2.6 mln tonnes, or 34.1 to 41.5 pct lower than
last harvest's record 4.1 mln tonnes.
Yields varied widely from area to area, and growers feared
that heavy rains in recent weeks may have taken their toll on
crops and, consequently, on total production volume.
The sorghum harvest reached between nine and 11 pct of
total planted area, compared to four to six pct a week ago.
Total area planted with sorghum stood at between 1.2 and
1.3 mln hectares, or 10.3 to 15.2 pct lower than the 1.4 mln
hectares planted in the previous harvest.
Estimates for total sorghum production this harvest
remained at 3.2 to 3.5 mln tonnes again this week, or 16.7 to
22 pct lower than last harvest's total volume of 4.1 to 4.2 mln
tonnes.
Reuter
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U.S. oil demand as measured by
products supplied rose 2.3 pct in the four weeks ended March 13
to 16.49 mln barrels per day (bpd) from 16.11 mln in the same
period a year ago, the Energy Information Administration (EIA)
said.
In its weekly petroleum status report, the Energy
Department agency said distillate demand was up 2.9 pct in the
period to 3.43 mln bpd from 3.33 mln a year earlier.
Gasoline demand averaged 6.93 mln bpd, up 4.0 pct from 6.67
mln last year, while residual fuel demand was 1.31 mln bpd, off
7.9 pct from 1.42 mln, the EIA said.
Domestic crude oil production was estimated at 8.36 mln
bpd, down 8.1 pct from 9.10 mln a year ago, and gross daily
crude imports (excluding those for the SPR) averaged 3.70 mln
bpd, up 24.8 pct from 2.96 mln, the EIA said.
Refinery crude runs in the four weeks were 11.92 mln bpd,
up 1.0 pct from 11.80 mln a year earlier, it said.
Year-to-date figures will not become available until March
26 when EIA's Petroleum Supply Monthly data for January 1987
becomes available, the agency said.
Reuter
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Mesa Royalty Trust <MRT> said unit
holders of record March 31 will receive a distribution
amounting to 55,192 dlrs or 2.96 cts per unit, payable April
30.
Reuter
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Taiwan overnight bought 450,000
tonnes of U.S. number two corn, 14.5 pct moisture, for Gulf and
West Coast shipment in 11 cargoes between May and October,
private export sources said.
Gulf shipment ranged in prices from 75.17 to 78.45 dlrs per
tonne stowed and trimmed, FOB euqivalent, and West Coast
shipments ranged from 79.41 to 81.02 dlrs per tonne, stowed and
trimmed, FOB equivalent, they said.
Reuter
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Results were awaited on Egypt's
tender today for 200,000 tonnes of U.S. soft or white wheat for
April shipment under PL 480, private export sources said.
Reuter
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U.S. Agriculture Undersecretary
Daniel Amstutz indicated the world wheat supply/demand
situation has become more bullish recently because of
developments in the world market and increased consumption.
Speaking to a House Agriculture Appropriations
subcommittee, Amstutz cited three factors which have improved
the wheat outlook.
He said world consumption of wheat is increasing by about
20 mln tonnes this year, primarily for feed use. There are also
reports from Australia, Canada and Argentina that plantings
have been reduced, he said. Furthermore, he cited reports of
greater than normal winterkill in the Soviet Union.
"It seems reasonable to expect production and consumption
to be in far better balance than a year ago," Amstutz said.
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Argentina's total oil and gas
production fell 9.4 pct in February to 2.78 mln cubic metres
from January's total of 3.11 mln cubic metres, the state oil
company Yacimientos Petroliferos Fiscales (YPF) reported.
A YPF statement blamed the drop on momentary problems owing
to the summer season but gave no further details.
February's production figure fell slightly short of YPF's
target figure of 2.90 mln cubic metres.
Oil production totalled 1.76 mln cubic metres last month
and natural gas production 1.02 mln cubic metres, down from
1.95 and 1.15 mln cubic metres in January, respectively.
Reuter
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<Mitek Systems Inc> said it
expects to report a loss in the current quarter ending March
31, due primarily to the government buying cycle.
The company did not quantify the size of the expected loss.
It said it expects sales and profits for fiscal 1987, however,
to exceed those of 1986. In 1986 Mitek reported sales of five
mln dlrs and a net profit of 14,000 dlrs.
Mitek als said it has introduced a line of 15 page per
minute desk top laser printers.
Limited shipments will begin next quarter, with full
production planned for the following quarter, it said.
Reuter
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Champion Parts Rebuilders Inc
said Echlin Inc has bought a 20 pct stake in it by acquiring
600,000 newly issued shares and warrants to buy another 300,000
shares at 9.20 dlrs each, for a total investment of 5,400,000
dlrs.
The newly issued shares raises Champion's outstanding
shares to 3,113,074.
There are no voting restrictions on the new shares.
Champion's board will be expanded to include two or three
independent persons suggested by Echlin, it said.
Champion will use the proceeds to pay down long-term debt,
it said.
Echlin has agreed to limits on buying additional Champion
shares and its ability to seek control of Champion during the
next seven years, Champion said.
Echlin will also receive protection against the decline in
price of Champion's stock for seven years. Echlin could receive
a one-time payment, at its option in cash or stock, ranging
from up to one dlrs a share in 1989 to four dlrs a share in
1992 to 1994, to the extent the market price of Champion shares
is less than nine dlrs a share at those times.
Reuter
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Brazil rejected all offers at
tonight's wheat tender, a Brazilian Wheat Board spokesman said.
He said no date had been set for the next tender.
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<Canterra Energy Ltd> said it
will drill an exploratory well on the Scotian shelf, about 280
kilometers east-southeast of Halifax, Nova Scotia.
Drilling will begin in late April 1987 in 61 meters of
water and will be drilled to a total depth of 3,500 meters,
Canterra said.
Canterra will operate the well and has a 39 pct interest in
it. <Petro-Canada Inc> has 26 pct, <Trillium Exploration Corp>
has 20 pct and <Nova Scotia Resources (Ventures) Ltd> has 15
pct.
Reuter
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Fleet Financial Group hopes its
proposed merger with Norstar Bancorp <NOR>, ranked as the
largest U.S. banking merger, can be completed by the beginning
of 1988, according to an executive of Fleet.
Robert Lougee, director of corporate communications for
Rhode Island-based Fleet, told Reuters the company is exploring
the possiblity of seeking a change in the national trigger date
for the state's reciprocal bank law to Jan 1, 1988 from July
one. The decision is up to the Rhode Island legislature.
The merger plan was announced in a midday news release that
said the deal, worth about 1.3 billion dlrs, would be
consummated July one when Rhode Island barriers to interstate
banking outside of New England come down. "If we can consummate
the deal earlier that would be better for all concerned,"
Lougee said. He said to the best of his knowledge a change in
the Rhode Island law would not be a hardship for any other
banking institution in the state.
He said Fleet is optimstic Connecticut law, which only
permits interstate banking mergers within New England, can be
amended. Fleet owns First Connecticut Bancorp.
If the Connecticut law is not amended in time, Lougee said,
an option would be to spin off that unit with repurchase
provisions.
The New England reciprocal banking laws have excluded New
York as a means of protecting regional banks from being gobbled
up by the money center giants.
Wall Street analysts said the merger accord between Fleet
and Albany, N.Y.-based Norstar demonstrates the rapid pace of
interstate banking mergers since state legislatures begain
permitting regional mergers on a reciprocal basis. The U.S.
Supreme Court decided in mid-1985 to permit the mergers.
Fleet and Norstar in a joint statement billed the proposed
merger as "a partnership of two companies." Both will continue
to operate existing headquarters after the merger.
Norstar holders will receive 1.2 Fleet shares for each one
of theirs following Fleet's previously announced two-for-one
split. Fleet shares closed today at 59-1/2, up 1/8, giving the
deal an indicated value of 1.3 billion dlrs.
That topped the proposed merger of Los Angeles-based
Security Pacific Corp <SPC> and Seattle's Rainier Bancorpartion
<RBAN>. The West Coast deal, announced about four weeks ago, is
worth an estimated 1.2 billion dlrs.
Chemical New York Corp's <CHL> acquisition of Texas
Commerce Bancshares last year was valued at about 1.2 billion
dlrs, making it similar in size to the Security Pacific-Rainer
deal. The California combination of Wells Fargo and Co <WFC>
and Crocker National Corp last year was worth 1.1 billion dlrs
and there have been several bank mergers in the southeast
valued in the 700-800 mln dlr range.
"It's a merger of equals," said analyst John Rooney of
Moseley Securities Corp. He said Norstar had a book value at
the end of 1986 of 19.63 dlrs per share, while Fleet's book
value was 28.02 dlrs.
Rooney noted that Norstar chairman Peter Kiernan is in his
60's while Fleet's Terrence Murray is in his late 40's. He said
Kiernan would probably head the combined company until his
retirement then Murray could assume the top post.
Analyst Thaddeus Paluszek of Merrill Lynch and Co said
Fleet's earnings would have been diluted about two pct in 1986
on the basis of the merger terms announced today.
He noted that Fleet has a "teriffic reputation" after
having diversified in a number of financial areas. Fleet has
established consumer banks in the southeast and is known as an
innovator in securitization of mortgages.
The merged banks would have assets in excess of 25 billion
dlrs and be one of the 25 largest banks in the U.S. Norstar
operates in most of New York state but not in New York City.
Lougee said at some point in the future banking operations
that both Norstar and Fleet operate in the state of Maine would
be combined.
The agreement between Norstar and Fleet includes a
"lock-up" option designed to deter other acquirers. Each
granted the other an option to purchase authorized but unissued
shares amounting to 24.99 pct of the fully diluted shares
outstanding.
Reuter
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Qtly div five cts
Pay April 1
Record March 27
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Financial analysts see little chance
that U.S. interest rate futures will break out of their narrow
ranges and low volatility during the remainder of the week.
"We got a little volatility Wednesday," said Staley
Commodities International analyst Jerome Lacey. "But for the
moment we're still in a trading range."
Even unexpected developments concerning the growth of the
U.S. economy may not be enough to spur the market out of its
sluggish state, the analysts said.
"It (the bond market) has not yet demonstrated that it can
break out of its very low volatility," said Carroll McEntee and
McGinley analyst Denis Karnosky. "It needs something, but it's
not going to be news about the economy," he said.
Karnosky said that the bond market will possibly break out
of the doldrums if participants perceive that the dollar has
stabilized and the Federal Reserve has more room to conduct
monetary policy.
But even Wednesday, when fed funds were below six pct, the
dollar strong and oil on the soft side, bond futures attracted
eager sellers when contracts approached recent highs, he said.
In addition to a changing perception about the dollar and
monetary policy, Golden Gate Futures president Norman Quinn
said the beginning of April could bring foreign investors back
into the marketplace.
"The market is beginning to feel there may be demand at the
beginning of the fiscal year in Japan on April 1," Quinn said.
Quinn echoed the sentiment of many analysts that there are
large amounts of cash waiting to be invested. If Japanese
investment in U.S. securities does materialize at the start of
Japan's fiscal year, domestic funds may also flow into the bond
market, he said.
"We could get a stiff rally, possibly enough to bring
yields on long bonds down to seven to 7-1/8 pct," compared to
the current yield of about 7.5 pct, Quinn said.
In the meantime, even the prospect of new supply is not
likely to move futures.
The Treasury's announcement of a 15 billion dlr refunding
operation did little to move cash government securities prices
late Wednesday after the close of futures.
"I'd be surprised if supply pushed us out of it (the
trading range)," Lacey said.
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A key House panel voted to greatly
ease government controls on exports as several House committees
moved rapidly toward approval of major changes in trade laws
they hope will help solve U.S. trade woes.
The House Foreign Affairs Subcommittee on International
Economic Policy voted to direct the administration to cut the
list of controlled exports by 40 per cent by removing items no
longer considered important to U.S. military security.
Industries had complained they were losing sales to foreign
competitors who were allowed to export freely products U.S.
companies could not sell abroad.
The issue has been the subject of administration debate.
The Commerce Department had held that unnecessary restrictions
impeded U.S. exports while the Defense Department said current
controls should be retained but better administered.
Four congressional panels met today to consider portions of
a wideranging trade bill that intends to help U.S. companies
sell more products abroad and to fight unfair foreign trade
practices.
Their separate proposals, some of them conflicting, will be
woven by House Democratic leaders into a final trade bill for a
vote by the full House in late April.
Sparked by the proposal of Fujitsu Ltd. to take controlling
interest in Schlumberger Ltd's Fairchild Semiconductor Corp.,
the House Energy and Commerce subcommittee on Commerce voted to
expand Reagan's authority to block foreign takeovers of U.S.
companies.
Reagan would be able to block any takeover found to be
damaging to U.S. economic or national security interests.
"We are losing our semiconductors which are at the heart of
our national security," subcommittee chairman James Florio, a
New Jersey Democrat said.
The subcommittee also called for the administration to
consider retaliation against Japan for its restrictive
government procurement practices.
The retaliation could be triggered by a requirement that
the administration investigate whether U.S. companies were
treated unfairly and whether they have been barred from bids on
lucrative public works projects such as the eight billion dlr
Kansai airport construction. U.S. firms have complained they
were not allowed to bid on its construction.
At the urging of the U.S. recording industry, the
subcommittee agreed to bar imports of a new Japanese
product--digital audio recorders.
Meeting in closed session, the House Ways and Means
Committee agreed to allow President Reagan to retaliate against
foreign countries that refuse to open their markets to U.S.
telecommunications products.
Congressional aides said the committee also agreed U.S.
companies would be allowed to press for relief from imports of
counterfeit products made in violation of U.S. copyright and
patent laws.
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<General Partners>, controlled by
privately-held Wagner and Brown and by AFG Industries Inc, said
plans to sell GenCorp Inc's aerospace and soft drink bottling
divisions if it succeeds in acquiring the company.
In a filing with the Securities and Exchange Commission,
General Partners said proceeds from the sale of GenCorp's
aerospace division would help it repay some of the debt it
would incur in the 100 dlr a share cash tender offer.
General Partners, which launched the surprise tender offer
today, said it already 2,180,608 shares of GenCorp, or 9.4 pct
of the total outstanding common stock.
General Partners, which estimated the total cost of the
takeover at 2.5 billion dlrs, also said it plans to continue
GenCorp's policy of trying to settle Federal Communications
Commission charges against two of its television and 12 radio
station licenses.
It said it would also continue GenCorp's policy of trying
to sell its New York-area television station WOR to MCA Inc
<MCA> for 387 mln dlrs and its Los Angeles station KHJ to Walt
Disney Co <DIS> for 217 mln dlrs.
But General Partners said it plans to keep GenCorp's
headquarter in Akron, Ohio.
General Partners also said it would maintain GenCorp's
plastics and industrial products division as well as tires and
related products.
But it left open that it might make other changes in
GenCorp's operations after it completes the merger.
Besides using 250 mln dlrs of its own equity for the tender
offer, General Partners said it would seek one billion dlrs
under a secured margin facility from Wells Fargo Bank N.A.
and other banks. It also said it would seek 1.25 billion dlrs
from the sale to Shearson Lehman Brothers Holdings Inc or its
affiliates of senior subordinated promissory notes.
In a March 18 letter to GenCorp Chairman William Reynolds,
which was included in the SEC filing, General Partners
officials said they were "confident of our ability to promptly
obtain the remaining funding as described in our offer
materials."
"For this reason, we do not forsee any obstacles to a
prompt consummation of the transaction," General Partners said.
Shearson is dealer manager of the General Partners offer
for GenCorp.
Reuter
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Mondanto Co said it has paid off
two-thirds of the debt from its 2.8 billion-dlr acquisition of
G.D. Searle and Co by the end of 1986.
This lowered the company's debt-to-capitalization ratio
from 45 pct at the end of 1985 to 35 pct, it said.
The company also said that chemical sales accounted for 52
pct of its sales in 1986, down from 70 pct in 1981. This
underscores its strategy of shifting away from low profit
commodity chemicals in mature markets into higher value
chemical businesses in high growth areas, it said.
Reuter
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Lifestyle Restaurants Inc said it
reduced the number of Bombay Palace Restaurants inc common
shares to be received in its previously announced merger
agreement.
Under the amended deal, Lifestyle shareholders will get one
Bombay share for each six instead of five Lifestyle shares.
Under the amended offer, Bombay will issue about 900,000
shares, currently 7.2 mln dlrs.
The amendment also increases the cash consideration to be
offered on Lifestyle's 13 pct convertible subordinated
debentures from 55 pct of the principal amount to 57.5 pct.
Reuter
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Qtly div 12-1/2 cts vs 12-1/2 cts
Pay April 23
Record April 2
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The U.S. Departments of Agriculture
and Transportation are close to agreement on how to fund the
increasing share of food aid to be shipped on U.S. flag vessels
under a 1985 farm bill provision on cargo preference.
Melvin Sims, USDA's general sales manager told a House
Agriculture Appropriations subcommittee hearing that the two
departments are negotiating a "memorandum of understanding" on
cargo preference.
Under a 1985 farm bill provision, the percentage of food
aid shipments carried on U.S. flag vessels was to gradually
increase over three years to 75 pct in 1988. The increased cost
of using U.S. vessels was to be funded by the Transportation
Department instead of USDA. However, USDA officials said
Transportation has so far contributed no money.
The agreement between USDA and Transportation is expected
to resolve the matter, USDA officials said.
Tom Kay, administrator of the USDA's Foreign Agricultural
Service said yesterday the requirement that more food aid
shipments be carried on U.S. vessels has been difficult to
meet.
"As the tonnage (required under cargo preference) goes up,
its going to be harder and harder to meet," Kay said.
Two farm state Congressmen, Pat Roberts (R-Kan.) and Glenn
English (D-Okla.) said cargo preference makes U.S. farm export
programs more costly and the program should be eliminated.
In the past, farm interests opposed to cargo preference
have been defeated in Congress by the maritime interests who
view cargo preference as vital to the U.S. shipping fleet.
Reuter
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<Nippon Life Insurance Co> is pursing a
possible link with an American securities house to expand its
overseas investment portfolio, a company spokesman said.
But he declined to comment on rumours the company would
take a 10 pct stake in <Shearson Lehman Brothers>, an
investment banking unit of American Express Co <AXP>.
He said the firm started to sound out several U.S.
Investment banks on capital participation about 18 months ago
and was narrowing the number of prospects, but he did not say
if it had set its sights on one firm.
Nippon Life, Japan's largest life insurer, also plans to
set up a wholly owned investment unit, <Nissei International
America>, in New York next month and subsidiaries in Canada,
Singapore, the Cayman Islands and Jersey this year, he said.
These moves are in line with its long-term strategy to put
more emphasis on overseas investment management as
opportunities at home are declining while the company's assets
are growing.
The company is especially attracted by the scale and depth
of U.S. Money and credit markets and wants to establish a firm
foothold there, the spokesman added.
REUTER
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Former Prime Minister Robert
Muldoon, an outspoken advocate of a managed float for the N.Z.
Dollar, said the currency is at least 10 pct overvalued.
Muldoon said in a speech last night the exchange rate
should be around 48 U.S. Cents instead of the current 57 cents.
"A reasonable value for the New Zealand dollar would be
between 10 and 15 pct less and nearer 15 than 10. Perhaps
around about 48 cents," he said.
The Labour Party government removed exchange controls and
floated the dollar two years ago when it was worth 44 cents.
Muldoon has no rank in the opposition National Party, and
party leaders, with an eye to general elections to be held by
September, have rejected his calls for a managed float.
He said the dollar was high because of "grossly excessive"
interest rates for government stock.
"I know of no other country which is implementing such a
free floating policy," he added. "There is widespread agreement
internationally that we have no alternative to floating
currencies in the short to medium term. But we need more
effective methods of managing them so as to limit the
volatility which has caused so much concern and damage."
REUTER
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