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The Taiwan Flour Mills Association will
import 81,000 tonnes of wheat from Canada in calendar 1987,
unchanged from the 1986 level, an association spokesman told
Reuters.
He said the total will be delivered in three shipments. The
first will be shipped to Taiwan between March 20 and April 20
and the other two will be made later this year, he said.
The total wheat import target this year has been set at
700,000 tonnes, down from actual imports of 758,770 last year.
Most of Taiwan's wheat imports come from the U.S., The
spokesman said.
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Japan's customs-cleared trade surplus
fell to 1.89 billion dlrs in the first 10 days of March from a
1.91 billion surplus a year earlier, the Ministry of Finance
said.
The March interim surplus compared with a 1.70 billion dlr
surplus in the same February period.
FOB exports in the first 10 days of March rose 5.8 pct
from a year earlier to 5.50 billion dlrs and CIF imports rose
9.7 pct to 3.61 billion.
The average yen/dollar rate used for the statistics was
153.67 yen against 181.23 a year earlier.
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A Mitsui and Co <MITS.T> spokesman said
its subsidiary <Mitsui and Co USA Inc> bought two mln dlrs of
newly-issued shares in <Imatron Inc>, an unlisted
California-based medical equipment manufacturer.
Mitsui and Co USA is now Imatron's fifth-largest
shareholder with 3.1 pct of the firm's outstanding shares.
Imatron is capitalised at 32.76 mln dlrs, the spokesman said.
Mitsui and Co intends to import Imatron's computerised
diagnostic equipment into Japan, he said.
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Indonesia cannot spend its way out of
recession and has very limited economic options due to lower
world oil prices, Central Bank governor Arifin Siregar was
quoted as saying by the official Antara news agency.
"If Indonesia spurs its economic growth too much, such as
through expansionary monetary and budgetary policies, it might
create negative effects not only on price increases, but also
on the balance of payments," he told bankers and businessmen in
the North Sumatran city of Medan.
Antara quoted him as saying Indonesia is relying on its
export drive to help narrow its trade deficit.
Antara reported that Siregar said the government wanted to
help boost exports from the rubber and palm oil industries,
which are centered in Sumatra.
"I see Sumatra has great potential, as in the plantation
sector in which family units are employed in great number," he
said, according to the agency.
Indonesia relied on oil and gas exports for 70 pct of its
export revenue until last year's fall in crude prices.
It has projected its current account deficit will widen to
over four billion dlrs in the current financial year ending
March 31 from 1.8 billion in 1985/86.
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The strong contribution of exports to
the growth in Australia's gross domestic product (GDP) in the
fourth quarter of 1986 was a significant and welcome feature of
the data, private economists polled by Reuters said.
Real GDP rose 1.1 pct in the fourth quarter of 1986, after
rising 0.2 pct in the third quarter and falling 1.1 pct a year
earlier.
Equally significant was the decline in both private and
government spending, they said.
Exports of goods and services rose 13 pct in the fourth
quarter, while imports rose only 2.9 pct, Statistics Bureau
figures show. Consumer spending declined 0.6 pct and government
spending by 0.2.
Bob Edgar of the Australia and New Zealand Banking Group
Ltd said the government's aim of reducing the current account
deficit by boosting exports and lowering consumption to cut
imports appeared to be working.
However, he cautioned that care must be taken to keep
growth restrained because if it accelerated too fast imports
would increase and worsen the balance of payments.
Andre Morony of Bankers Trust Australia Ltd added the
result was positive because growth was export-driven.
But he said the GDP rise came as no surprise given the
growth in exports disclosed in other statistics.
The economists' comments were echoed by Treasurer Paul
Keating in a statement issued in Canberra.
Keating said the figures showed encouraging trends for a
reduction in the current account deficit, notably the decline
in domestic demand and the strong increase in exports.
A further 3.5 pct fall in the terms of trade in the quarter
underscored the need to continue restraint in wages, prices and
public sector spending and borrowing to improve Australia's
competitiveness, he said.
"It is clear that through the continued application of that
strategy Australia will make the necessary adjustments in its
external accounts and return to a more sustainable growth
pattern," he added.
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The Australian Wheat Board (AWB)
expects to sell about 900,000 tonnes of wheat to the Japanese
Food Agency this year after renewing its annual supply
agreement, AWB general manager Ron Paice said.
Under the agreement, the AWB makes the wheat available and
sells into the Food Agency's regular tenders, he said in a
statement.
He noted that the Board has sold more than three mln tonnes
to Japan in the past three years.
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Sanwa Bank Ltd <ANWA.T> has agreed to buy
a two pct stake in Oporto-based <Banco Portugues de Investmento
Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
said.
Sanwa will purchase the shares from International Finance
Corp, a BPI shareholder and sister organisation of the World
Bank, for 351 mln yen, he said.
The acquisition will be completed this month as both the
Japanese and Portuguse governments are expected to give
permission soon. This is the first time a Japanese bank has
bought a stake in a Portuguese bank.
Sanwa plans to increase its stake in BPI to four pct, the
ceiling for foreign shareholders, the official said.
The bank has also agreed with <Banco Portugues do
Atlantico>, a state-owned merchant bank in Oporto, to exchange
information on customers and help accelerate Japanese
investment and technological transfers to Portugal, he said.
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India's trade deficit is
provisionally estimated at 58.34 billion rupees in the first 10
months of fiscal 1986/87 ending March, compared with 70.62
billion in the year ago period, the Commerce Ministry said.
Exports rose in the latest period to 100.75 billion rupees
from the a year earlier 86.09 billion and imports to 159.09
billion from 156.71 billion in the period, the figures show.
The trade deficit for all of 1986/87 is provisionally
estimated at around 70 billion rupees from an estimated record
87.47 billion in 1985/86 and actual 53.18 billion in 1984/85,
Commerce Minister P. Shiv Shanker told reporters last month .
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Net 64.5 mln Swiss francs vs 68.5 mln
Div 33 francs per share vs 38
Turnover 4.03 billion vs 4.35 billion.
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The value of trade between China and
Taiwan via Hong Kong fell 13 pct to 7.45 billion H.K. Dlrs in
1986 from 8.59 billion dlrs in 1985, Hong Kong's Census and
Statistics Department said.
Taiwan's exports to China through Hong Kong fell to 6.33
billion dlrs last year from 7.69 billion in 1985, while China's
exports rose to 1.12 billion dlrs from 904 mln dlrs.
Economists in Hong Kong told Reuters that China's controls
on scarce foreign currency hurt its imports of Taiwanese
consumer goods, such as electric fans and television sets.
Herbal medicine and textiles were among China's chief
exports to Taiwan.
Taiwan does not allow direct trade with China and indirect
trade is routed mainly through Hong Kong.
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The Bank of England said it forecast a
shortage of around 450 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 650 mln stg while a rise in note circulation will take out
around 30 mln stg.
Partly offsetting these outflows, bankers' balances above
target and exchequer transactions will add some 200 mln stg and
35 mln stg to the system respectively.
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Higher world oil prices, coupled with a
new realism ushered in by austerity, could lift Saudi Arabia's
economy after five years of falling revenue and growing budget
deficits, bankers and diplomats said.
The months ahead will prove critical as the government
attempts a balancing act between defending higher oil prices
and fostering recovery through a bigger role for the private
sector.
Economists said oil earnings could recover this year to
about 20 billion dlrs and nominal gross domestic product could
grow by about three pct, the first rise since 1982.
But the economists said this will be possible only if the
Organisation of Petroleum Exporting Countries (OPEC) succeeds
in defending world oil prices and if Saudi Arabia is not forced
to curtail output for too long.
Saudi Arabia is now keeping production down to defend
OPEC's newly-established 18 dlr a barrel benchmark price.
Oil Minister Hisham Nazer told Reuters output is running at
about three mln barrels per day (bpd), well down on Saudi
Arabia's OPEC quota of 4.13 mln set for the first half of 1987.
King Fahd has stamped his personal authority on OPEC's
new-found determination to defend prices in a move Western
diplomats believe underlines the kingdom's need to secure a
stable source of income for its economy.
Saudi Arabia, still the world's largest oil exporter, is a
hugely wealthy country. But the past five years of declining
revenue have taken their toll. Economists estimate gross
domestic product fell 10 pct last year and 8.6 pct in 1985.
Oil revenue last year, when prices briefly dipped below 10
dlrs per barrel, probably totalled no more than 17.5 billion
dlrs, compared to a peak 101.8 billion in 1981.
"Austerity is still the watchword, but Saudi Arabia will not
be allowed to dip further into recession ... The Saudis can
afford to draw down reserves temporarily to offset the worst
effects," a diplomat said.
In the short-term, the kingdom can lessen the impact of
lower oil revenues and a gaping budget deficit by drawing on
foreign reserves, still put at around 100 billion dlrs.
But such a policy cannot be pursued indefinitely. Bankers
and diplomats said it would amount to fiscal recklessness in
the longer term.
It also increases the dominance of the public sector at a
time when the government is publicly urging private enterprise
to take over the lead role in the economy.
Bankers and diplomats said the government is well aware of
the risks attached to this policy but is determined to "tough it
out" on the oil front even if that means a short-term depletion
of reserves.
The 1987 budget deficit is targetted at a huge 52.7 billion
riyals or 31 pct of total outlay. The budget explicitly
recognises the need to draw down reserves while foreign
borrowing has been ruled out.
Commerce Minister Suleiman Abdulaziz al-Salim told Saudi
businessmen this week the government had carefully considered
the need to stimulate the economy when drawing up its budget
plans late last year.
"It therefore took the bold step of withdrawing more than 50
billion riyals from its reserves and pumping it into the
economy," he said.
Reserves were built up during the late 1970's and early
1980's when Saudi Arabia's breakneck pace of construction and
tales of high spending became legendary.
The shrinking economy has wrought huge changes in the
fabric of the Kingdom's private sector where poor management
had gone unpunished in the easy days of the oil boom.
Modern techniques of cost control have been introduced,
markets expanded and outsized labour forces and inventories cut
back. The expatriate workforce has fallen sharply.
The number of new bankruptcies appears to be declining but
Saudi banks, hit hard by non-performing loans to the corporate
sector, have become highly selective in extending new credit.
Government moves to encourage lending and investigate
company complaints about late public sector contract payments
could boost confidence but recession has slowed the nation's
industrialisation program and discouraged foreign investment.
Private wealth is still very high and banks report more and
more cash being placed on deposit.
As Saudi Arabia attempts to shift the weight of economic
development from the public to the private sector, one of the
biggest tasks will be to convince businessmen to channel
personal savings into industrial projects within the kingdom
and refrain from the temptation to invest abroad.
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26 weeks ended Dec 28
Net shr 25.9 cents vs 28.2
Int div 5.5 cents vs 5.0
Pre-tax 48.30 mln dlrs vs 44.29 mln
Net 25.94 mln vs 25.35 mln
Turnover 453.28 mln vs 407.35 mln
Other income 4.48 mln vs 3.18 mln
Shrs 100 mln vs 90 mln.
NOTE - Div pay May 8. Reg April 14.
Net is after tax 22.09 mln dlrs vs 18.60 mln, interest
11.60 mln vs 13.92 mln, depreciation 8.52 mln vs 7.06 mln and
minorities 267,000 vs 346,000 but before net extraordinary
profit 89.32 rpt 89.32 mln dlrs vs nil.
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Media group John Fairfax Ltd <FFXA.S>
said that its flat first half net profit partly reflected the
impact of changes in the Australian tax system.
Fairfax earlier reported net earnings edged up 2.3 pct to
25.94 mln dlrs in the 26 weeks ended December 28 from 25.35 mln
a year earlier although pre-tax profit rose 9.1 pct to 48.30
mln from 44.29 mln.
Net would have risen 10.1 pct but for the increase in
company tax to 49 pct from 46 and the imposition of the tax on
fringe benefits, paid by employers and not the recipients, the
company said in a statement.
Fairfax also pointed to the cyclical downturn in revenue
growth in the television industry as another reason for the
flat first half earnings.
It said it considered the result satisfactory in view of
these factors.
Fairfax said its flagship dailies, The Sydney Morning
Herald and the Melbourne Age, boosted advertising volume, as
did the Australian Financial Review, and posted extremely
satisfactory performances. Magazines also performed strongly.
But an 8.9 pct rise in television costs outweighed a 4.0
pct rise in revenue, it said.
Fairfax said a fall in net interest also contributed to net
earnings because group borrowings were reduced following the
receipt of a 96.11 mln dlr capital dividend from <Australian
Associated Press Pty Ltd> (AAP) after the sale of AAP's "B"
shares in Reuters Holdings Plc <RTRS.L>.
This accounted for the 89.32 mln dlr extraordinary profit.
Fairfax said it is too early to predict results for the
full year. Increased borrowings after the recent 320 mln dlr
acquisition of the HSV-Seven television station in Melbourne
will hit earnings but networking with the Channel Sevens in
Sydney and Brisbane will produce some offsetting cost savings.
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Shr 6.56p vs 50.31p
Final div 6p, making 8p vs 13p.
Pre-tax profit 134 mln stg vs 759 mln.
Net profit 33 mln vs 253 mln.
Turnover 978 mln stg vs 1.80 billion.
Extraordinary debit 50 mln vs nil.
Operating profit 149 mln stg vs 756 mln.
Exceptional debit on rationalisation programme 12 mln vs
nil
Petroleum Revenue Taxes 77 mln vs 319 mln,
U.K. Corporation tax and overseas tax 24 mln vs 187 mln,
Note - The net effect of accounting changes in 1986 was to
reduce after tax profits by 47 mln stg. Retained earnings for
prior years were increased by 209 mln.
Extraordinary debit of 50 mln stg related to the decision
to seek a buyer for the company's U.S. Assets.
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Shr 14.58p vs 7.86p
Div 6.5p making 9.75p, an increase of 19.4 pct
Pretax profit 83.2 mln stg vs 31.5 mln
Net after tax 68.6 mln stg vs 37.7 mln
Pretax profit 83.2 mln stg vs 31.5
mln, consists of -
Long term business 45.9 mln stg vs 43.8 mln
U.S. Long term business 6.2 mln vs 8.9 mln
Fund management 4.7 mln vs 6.5 mln
Short term business 4.7 mln vs loss 29.0 mln
Associate companies 0.9 mln vs 0.8 mln
Shareholders other income and outgoings 0.4 mln debit vs
0.5 mln credit
Exceptional long-term business profit 21.4 mln vs nil
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The Ministry of International Trade and
Industry will ask Japanese computer microchip makers to further
slash output in the second quarter in an effort to save its
semiconductor pact with the United States, MITI officials said.
The United States has accused Japan of reneging on the
semiconductor pact by failing to stop the flow of cut-price
Japanese chips to Asian markets. Washington has threatened to
take retaliatory action after April 1.
The pact, agreed last year, calls on Japan to stop selling
cut-price chips in world markets and to increase its imports of
American chips to reduce some of its huge trade surplus.
MITI, anxious to salvage the bilateral agreement, has been
pressing chip makers to limit production in the hope that will
boost domestic chip prices and reduce the incentive to export.
Last month, the ministry asked Japanese chip makers to
reduce first quarter output by 10 pct. To meet that request,
they had to slash production by 20 pct over the final six weeks
of the first quarter.
If that reduced production level were maintained through to
the end of June, second quarter output would come in 10 pct
below that of the first three months of the year.
MITI officials, who declined to be identified, said the
ministry has not yet decided on the extent of the second
quarter cutback.
One said that Japanese chip makers are losing ground in
Asia to South Korean and U.S. Competition just as markets there
are picking up.
MITI has been criticized privately by some Japanese
semiconductor makers for what they see as heavy-handed attempts
to ensure the success of the Japan/U.S. Chip pact.
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The Bank of England said it revised down
its estimate of the deficit in the system today to 400 mln stg
from 450 mln.
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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.
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The Bank of England said it provided the
money market with 181 mln stg in assistance this morning.
This compares with the Bank's revised shortage forecast of
around 400 mln stg.
The central bank purchased bank bills outright at the new
dealing rates established yesterday.
These comprised 65 mln stg in band one at 9-7/8 pct, 114
mln stg in band two at 9-13/16 pct and two mln stg in band
three at 9-3/4 pct.
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Sanwa Bank Ltd <ANWA.T> has agreed to buy
a two pct stake in Oporto-based <Banco Portugues de Investmento
Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
said.
Sanwa will purchase the shares from International Finance
Corp, a BPI shareholder and sister organisation of the World
Bank, for 351 mln yen, he said.
The acquisition will be completed this month as both the
Japanese and Portuguse governments are expected to give
permission soon. This is the first time a Japanese bank has
bought a stake in a Portuguese bank.
Sanwa plans to increase its stake in BPI to four pct, the
ceiling for foreign shareholders, the official said.
The bank has also agreed with <Banco Portugues do
Atlantico>, a state-owned merchant bank in Oporto, to exchange
information on customers and help accelerate Japanese
investment and technological transfers to Portugal, he said.
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The Bundesbank left credit policies
unchanged after today's regular meeting of its council, a
spokesman said in answer to enquiries.
The West German discount rate remains at 3.0 pct, and the
Lombard emergency financing rate at 5.0 pct.
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Brisk increases in personal income and
consumption are to appear in February data released today, but
the bond market's recent sluggishness suggests there will be no
major price reaction unless the rises are much larger than
expected, economists said.
Personal income is forecast to rise by 0.6 to 0.8 pct,
compared with no change in January, while consumption
expenditures are projected to increase 1.4 to 1.6 pct,
reversing most of the two pct drop recorded in January.
M-1 money supply data for the March 9 week will also be
released. An increase of some 2.3 billion dlrs is expected.
Peter Greenbaum of Smith Barney, Harris Upham and Co Inc
expects a one pct rise in income, led by a strong gain in wage
and salary disbursements in February.
Nonfarm payrolls expanded by 337,000 jobs in February, the
average workweek lengthened by 0.6 pct and hourly wages rose by
four cts, he noted in a report. Vigorous spending on durable
goods last month, especially cars, foreshadow a rise of at
least 1.5 pct in consumption, he added.
The prospect of bearish data did not trouble the bond
market much yesterday, with the 30-year Treasury bond slipping
just 7/32 to 99-28/32 for a yield of 7.51 pct.
Analysts said the market is still trapped in a narrow
range, desperately seeking direction.
"Seasonally adjusted, it's already December in the bond
market," quipped Robert Brusca of Nikko Securities Co
International Inc.
Paul Boltz of T. Rowe Price Associates Inc said the
steadiness of long bond yields around 7.5 pct, despite some
signs of a stronger economy, probably reflects expectations
that inflation will remain subdued.
But he warned that this assumption might not be justified.
"It took the bond market a long while to see that inflation
was not returning to double digits, and now that it has learned
that lesson, it may be a little slow to see that a four to five
pct inflation is a real possibility ahead," Boltz said in a
report.
After trading late yesterday at 5-15/16 pct, Fed funds were
indicated by brokers to open comfortably at 5-15/16, six pct.
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American Express Co said it and its
Shearson Lehman Brothers Inc subsidiary have been holding talks
on the possible equity investment in Shearson Lehman by <Nippon
Life Insurance Co> of Japan.
The company said, "The discussions have led to a general
understanding by which Nippon Life would purchase a 13 pct
equity investment in Shearson Lehman for approximately 530 mln
dlrs and American Express, Shearson Lehman and Nippon Life
would explore mutually advantageous, nonexclusive business and
investment opportunities."
The company said a definitive agreement on the matter is
subject to a number of conditions, including approval of the
American Express board and the Japanese Ministry of Finance.
The company said its board is scheduled to meet March 27
for its regular monthly sessions.
American Express said it is continuing to evaluate various
courses of action of strategic importance to Shearson Lehman in
addition to the possible investment by Nippon Life.
It said the options range from expanding Shearson's
capacity to meet international competition, to broadening
further its access to capital.
The company also said, "All the courses of action under
study reflect the continuing integral role of Shearson Lehman
in American Express' worldwide financial services strategy."
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The financial rand, widely viewed
as a direct reflection of foreign investor confidence in South
Africa, appears headed above 30 U.S. Cents, dealers and bank
economists said.
The currency has risen about 25 pct in the past three
months to its current rate of 29.50 cents, due partly to signs
of a possible power shift with the appearance of a number of
independent candidates in the whites-only election on May 6,
they added.
It has risen about two cents this week alone.
"Another factor is that banks in London, where the main
market is based, are going long in the currency because of a
general feeling that it will rise in the future," one economist
said.
Dealers described 30 cents as a psychological barrier that
was expected to be broken soon after a brief consolidation
phase from recent gains.
After reaching 30 cents, "There is a chance of appreciation
to 32 cents in the next several weeks," one dealer said.
There was a widespread feeling that both the commercial
rand, holding stable at 48 cents, and the financial rand were
staying firm, banking sources said.
A Barclays National Bank executive who asked not to be
identified said: "The rise of the independents appears to be
indicative of a potential shift of power in the National Party
and has created a favourable sentiment overseas."
One dealer said growing business and investor interest from
West Germany and Switzerland were behind the financial rand's
rise.
Economists said foreigners also were being attracted by
South Africa's long-term government bonds and "semi-gilts" or
securities in partly government-owned firms, many with yields
as high as 30 pct. They could be purchased with financial rands
with interest paid in commercial rands.
"This has had a definite influence on the financial form of
the rand," a dealer said, adding that at present demand is
slightly in excess of supply.
The financial rand was reintroduced in September 1985 to
help end capital flight from South Africa during a period of
severe political unrest in the country.
REUTER
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Fi-Tek Corp said it has signed a letter
of intent to acquire <Voice Systems and Services Inc> for an
undisclosed amount of stock.
It said on completion of the acquisition it would change
its name to Voice Systems and Services Inc. It said VBoice
Systems has received a 3,600,000 dlr contract to provide FLP
Communications of Dallas with voicemail systems through service
bureaus located throughout the U.S. and has also contracted to
provide voicemail systems and administration to M and S
Communications.
Reuter
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First Wisconsin Corp said it has
agreed to acquire North Shore Bancorp Inc of Northbrook, Ill.,
for 6,160,000 dlrs in cash, or slightly more than twice book
value, subject to approval by North Shore shareholders and
regulatory authorities.
The company said completion is expected in the third
quarter.
Reuter
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Oper shr loss 21 cts vs loss 95 cts
Oper net loss 666,000 vs loss 2,184,000
Avg shrs 3,181,805 vs 2,310,200
Year
Oper shr loss 30 cts vs loss 23 cts
Oper net loss 823,000 vs loss 606,000
Avg shrs 2,757,040 vs 2,614,225
NOTE: Net excludes realized investment gains of 666,000
dlrs vs 289,000 dlrs in quarter and 2,274,000 dlrs vs 1,468,000
dlrs in year.
Reuter
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|
Transamerica Corp said it expects
to realize a gain of about 75 mln dlrs on the
previously-announced sale of the group life and health
operations of its Transamerican Occidental Life Insurance Co
subsidiary to Provident Life and Accident Co <PACC>.
But it said its Transamerica Life Cos unit plans to change
to a more conservative method of amortizing deferred policy
acquisition costs, resulting in a one-time charge that will
offset most of the gain from the sale.
Transamerica said it has now signed a definitive agreement
for the sale, which will be structured as a reinsurance
transaction involving about 400 mln dlrs of reserve
liabilities.
It said the 75 mln dlr gain from the sale and about 125 mln
dlrs of statutory surplus that previously supported operations
of the group being sold will be used to support Transamerica
Life Cos' efforts to accelerate the growth of its remaining
businesses. It said closing is expected by May One, subject to
regulatory approvals.
Reuter
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AmeriTrust Corp said its board
declared a two-for-one stock split, and management intends to
recommend to directors an increase in the quarterly dividend to
at least 50 cts per share presplit from the current 44 cts.
The company said shareholders at the May 14 annual meeting
will be asked to approve an increase in authorized common
shares to 100 mln from 25 mln, as well as a limitation of
directors' liability and the establishment of a classified
board.
The split is subject to approval of the increase in
authorized common shares, it said.
Reuter
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ended Jan 31
Shr loss 1.58 dlrs vs profit 58 cts
Net loss 24.2 mln vs profit 18.9 mln
Sales 1.34 billion vs 1.32 billion
Avg shrs 20.0 mln vs 19.8 mln
Year
Shr loss 1.27 dlrs vs profit 92 cts
Net profit 4.2 mln vs profit 48.0 mln
Sales 4.09 billion vs 3.98 billion
Avg shrs 20.2 mln vs 19.6 mln
NOTES: Share results after provision for preferred
dividends
Per share profits from operations were 1.46 dlrs vs 71 cts
in the quarter and 2.44 dlrs vs 1.05 dlrs in year. On a fully
diluted basis this was 1.11 dlrs vs 67 cts and 2.42 dlrs vs
1.58 dlrs, respectively, based on 33.0 mln vs 32.3 mln shares
outstanding in quarter and 32.8 mln vs 32.1 mln in year
1986 results in both periods include pre-tax losses pf 2.2
mln dlr on sale of John Wanamaker and 25.0 mln dlrs related to
recapitalization, for a combined primary per share charge of
1.58 dlrs in quarter and 1.57 dlrs in year.
1986 results also include an after-tax charge 29.3 mln
dlrs, equal to 1.46 dlrs a share in quarter and 1.44 dlrs in
year, for premium on early retirement of debt
1985 net in both periods includes pre-tax loss of 2.4 mln
dlrs, equal to 13 cts a share, on sale of Holt Renfrew
Results include LIFO charge 1.7 mln dlrs vs credit 4.4 mln
dlrs in quarter and credit 1.9 mln dlrs vs credit 6.4 mln dlrs
in year
Reuter
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The results of a controversial study
of farm subsidies conducted by the Paris-based Organisation for
Economic Cooperation and Development, OECD, show Japan has the
highest agriculture subsidies in the world, and that dairy
farmers benefit more than any other commodity producers from
subsidies.
Results of the study, which has not been released by OECD
because of objections from some countries, were provided to
Reuters by officials of several countries on condition they not
be identified.
The OECD study calculates the level of farm subsidies for
the years 1979-81 using a new measure called the producer
subsidy equivalent, PSE.
The study shows that on dairy products Japan's PSE, or the
amount of aid to farmers expressed as a percentage, averaged
83.3 pct over 1979-81, with the European Community at 68.8 pct
and the United States 48.2 pct.
For wheat Japan's PSE averaged 95.8 pct, the EC 28.1 and
the U.S. 17.2. Japan's rice PSE was 68.8 pct compared to the EC
13.6 and the U.S. 5.4 pct, the OECD calculations show.
In coarse grains, Japan's subsidies reached 107.1 pct
compared with 27.9 pct for the EC and 13.1 pct for the U.S.
Japan's beef subsidy was 54.9 pct versus 52.7 pct for the EC
and 9.5 pct for the U.S., OECD concluded.
For sugar, Japan's PSE was 48.4 pct versus 27.9 pct in the
EC and 13.1 pct for the U.S., the study shows.
The OECD calculated farm subsidies for other industrial
countries such as Canada, Australia and New Zealand but in most
cases the results were much lower than for the U.S., EC and
Japan, the sources said.
Subsidies in Argentina and Brazil, two major developing
country producers of commodities, were not included in the OECD
work.
Officials said they hope to persuade reluctant countries to
release the study soon, perhaps coinciding with the OECD
ministerial meeting in Paris during May.
Some officials hope the OECD results will be used as a
basis for negotiations during the Uruguay round of global trade
talks now underway in Geneva.
British Agriculture Minister Michael Jopling during a visit
to Washington this week endorsed the OECD work as a starting
point for the Uruguay round negotiations on agriculture.
He said the PSE calculations provide a tool to negotiate
down domestic farm support levels, which are a major cause of
the present crisis in world agriculture.
However, the OECD study results are controversial because
they highlight the levels of assistance to farmers, officials
familiar with the study said.
The U.S. Agriculture Department's Economic Research Service
recently published a study of farm subsidies in an attempt to
verify the OECD results and update them to 1982-84.
In some cases the results were substantially different than
the OECD's, in part because farm policies in both the U.S. and
elsewhere had changed markedly by 1982-84 from the OECD base
period of 1979-81, U.S. officials said.
For example, the USDA study found the United States
subsidies to corn producers were higher in 1982-84, at 25 to 49
pct, than in the EC, at zero to nine pct.
French Maize Producers Association president Marcel Cazale,
citing the result of the USDA calculation for corn, told
reporters last week that the United States subsidizes its
farmers more than the EC.
However, the sources said EC corn subsidies are probably
higher than the U.S. now because of increases since 1984.
Officials of several countries have been asked to
contribute data to OECD so that the study can be updated to
1985 subsidy levels, a much more relevant measure of the
current world farm situation.
The updated calculations, which may take several months to
complete, are expected to show substantial increases in U.S.
subsidy levels for sugar because the U.S. imposed restrictive
import quotas in 1982 as aid to the domestic industry.
U.S. subsidy levels also are increased by the 1985 farm
bill, which sharply boosted government deficiency payments to
grain farmers and applied a marketing loan for rice, officials
added.
Reuter
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First American Financial Corp
said its board declared a special dividend of 20 cts per share
and the regular 25 ct quarterly dividend, both payable April 15
to holders of record March 31.
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<Caribou Energy Inc> said shareholders
have approved a one-for-100 reverse split that will take effect
by tomorrow and the company has changed its name to <Texas
Petroleum Corp>.
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National Capital Real Estate
Trust said it has entered into a definitive agreement to sell
its Irvine Commercial Center in Irvine, Calif., to Shuwa Corp
of California for 10.85 mln dlrs.
It said the buyer has pl;aced 250,000 dlrs into an escrow
account as a nonrefundable deposit.
The trust said existing debt secured by the property of
about 6,700,000 dlrs in due on completion of the transaction,
which is expected in early April.
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Swissair <SWSZ.Z> reported a 5.8 pct
drop in 1986 net profit to 64.5 mln Swiss francs and said that,
in line with its new, flexible dividend policy, it would cut
its payout to 33 francs per share from 38.
President Robert Staubli told a news conference that the
first two months of this year gave hope that 1987 profit would
at least equal last year's figure, but said much depended on
outside factors such as fuel prices and the exchange rate.
The fall was largely due to a 60 mln franc loss on
Swissair's core flying business last year, against a profit of
27 mln francs the previous year, he said.
The net profit figure was reached after receipt of some 68
mln francs from plane sales, compared with a mere 17 mln francs
in 1985. Finance Head Martin Juenger said he expected around 20
mln francs from sales this year, although said much depended on
the speed with which it decided to sell its DC-10s.
Gross profit for 1986 reached 340.5 mln francs, with 276
mln francs subtracted for ordinary depreciation.
Gross profits for the previous year had been 382.5 mln
francs, with 314 mln subtracted for depreciation, including 45
mln francs supplementary depreciation.
Staubli said the 1986 result, well below predictions made
this time last year, suffered considerably due to exchange rate
fluctuations, in particular the strength of the Swiss franc.
While the negative effects on revenue of the sharp drop in
the dollar were partially compensated for by cheaper fuel
prices, there was no such offset for the strength of the franc
against other European currencies.
"Income and profit generated by services to these countries
shrank by a very substantial margin," he said. "Exchange rate
trends therefore hit us much more severely than most other
airlines."
Reuter
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<Canadian Roxy Petroleum Ltd>
said a new oil discovery in the Peerless Lake area of
north-central Alberta is capable of flowing at over 1,000
barrels of oil a day from a lower zone and more than 1,500
barrels a day from a separate upper zone.
Canadian Roxy has a 35 pct interest in the five-year
royalty free well, known as the Canadian Roxy et Al Trout
A14-8-89-3 W5M. Texaco Canada Inc holds 25 pct, MLC Oil and Gas
Ltd 15 pct, Northstar Energy Corp 13.5 pct and Tricentrol Oils
Ltd 11.5 pct.
Canadian Roxy said drilling has started on a follow-up
exploratory well about one mile northwest of the discovery
well.
The company said it holds a net 6,500 acres in the vicinity
of the discovery and a seismic program is underway to evaluate
further drilling opportunities.
Reuter
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Waste Management Inc said it
sent a letter to the ChemLawn Corp board, saying it is prepared
to increase its bid for ChemLawn to 33 dlrs a share,
from 27 dlrs, if ChemLawn promptly negotiates and executes a
simple two-step merger agreement containing only essential
covenants and conditions.
Upon such an agreement, Waste Management said, it would
amend its 27 dlrs a share cash tender offer.
Reuter
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Ended Jan 31
Shr one ct vs 31 cts
Net 29,000 vs 1,350,000
Revs 43.7 mln vs 32.4 mln
Year
Shr 29 cts vs 62 cts
Net 1,251,000 vs 2,520,000
Revs 129.9 mln vs 96.1 mln
NOTE: Full name Stuarts Department Stores Inc.
Reuter
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Iomega Corp announced it expected
revenues for the first quarter of 1987 to be significantly
lower than planned and that it anticipated a loss for the
quarter.
In its annual report to be mailed to stockholders tomorrow,
the company will announce its first quarter loss will be in
excess of 10 mln dlrs primarily as a result of lower than
anticipated revenues.
The company said it recored net income of 4,572,000 dlrs,
or 30 cts per share, for its first quarter fiscal 1986, on
revenues of 35.0 mln.
The company said it lowered its revenue plan for the
balance of 1987 and also expects to record a loss for the
entire 1987 year.
Iomega said the first quarter loss will place the company
in default under certain covenants in its bank line of credit
unless these covenants are modified.
The company is currently exploring alternatives for raising
additional funds through a debt for equity financing.
Reuter
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Shr 22 cts vs 13 cts
Net 3,166,000 vs 1,780,000
Sales 30.4 mln vs 16.9 mln
Avg shrs 14.6 mln vs 14.0 mln
Nine mths
Shr 56 cts vs 33 cts
Net 7,961,000 vs 4,562,000
Sales 78.8 mln vs 44.7 mln
Avg shrs 14.3 mln vs 13.9 mln
Reuter
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Dr. Ing. H.C.F. Porsche AG <PSHG.F>
said earnings in first half year 1986/87 were "satisfactory"
despite burdens caused by the dollar's weakness against the
mark and stagnating domestic demand.
In its semi-annual shareholders' report, Porsche said first
half turnover fell six pct to 1.71 billion marks from 1.83
billion in the same period of 1985/86.
However, earnings were satisfactory, it said, without
giving absolute figures.
Domestic turnover fell 26 pct to 283 mln marks from 380
mln.
Foreign turnover dipped to 1.43 billion marks from 1.45
billion in the first half of last year, although the export
quota rose to 83 pct from 79 pct.
The car sector accounted for 1.51 billion marks of
turnover, against 1.63 billion the year earlier, it said.
Production dropped five pct to 25,876 cars from 27,381.
Manufacture of the 911 and 928 models rose six pct to 11,122
from 10,533 units but production of 924 and 944 models was cut
by 12 pct to 14,754 units from 16,848 and would be cut further,
the report said.
Car sales fell four pct to 25.269 units from 26,414 in the
comparable half year, the report said. U.S. Demand continued
for all models but demand fell in other markets.
Domestic sales were 39 pct down at 3,267 units from 5,397,
while sales abroad rose five pct to 22,002 from 21,017. Share
of exports in sales rose to 87 pct from 80 pct.
Investments were reduced to 108 mln marks from 125 mln.
Earnings were hit by lower sales and by the lower value of
the dollar and currencies in other important markets.
Nevertheless, sales and turnover would finish the July 11
year at a "high level," Porsche said.
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Qtly div seven cts vs seven cts in prior qtr
Payable April 15
Record March 31
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Qtly div two cts vs two cts prior
Pay April 24
Record April Three
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Period ended Dec 28
Shr 42 cts vs 35 cts
Net 941,000 vs 786,000
Revs 12,798,000 vs 2,269,000
Year
Shr 97 cts vs 83 cts
Net 2,211,000 vs 1,841,000
Revs 19,027,000 vs 6,474,000
NOTE: 1985 period ended December 29
Share results adjusted for five-for-four stock split on
April 28, 1986 and 10 pct stock dividend issued Dec 10, 1986
Reuter
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Shr 21 cts vs 21 cts
Net 542,119 vs 520,668
Sales 2,035,759 vs 1,804,350
1st half
Shr 38 cts vs 42 cts
Net 956,228 vs 1,038,300
Sales 3,748,357 vs 3,482,066
Reuter
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The Bank of England said it gave the
money market a further 191 mln stg assistance in the afternoon
session. This takes the Bank's total help so far today to 372
mln stg and compares with its upwards revised estimate of the
shortage in the system of around 400 mln stg.
The central bank bought bank bills outright comprising 15
mln stg in band one at 9-7/8 pct and 176 mln stg in band two at
9-13/16 pct.
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Shr 1.64 dlrs vs 90 cts
Net 64.9 mln vs 28.8 mln
Revs 73 mln vs 35 mln
NOTE: Shares outstanding 39.5 mln vs 32.1 mln. Avg shrs not
given.
Company recently raised equity and voting interests in
<Hees International Corp> to 13.4 pct and 16.1 pct,
respectively.
Reuter
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Unilever Plc <UN.AS> said a reduction in
U.K. Advance Corporation Tax, (ACT) has prompted the company to
adjust its 1986 final dividend to 36.17p per share from the
originally declared 35.18p.
Unilever's 1985 final dividend amounted 27.05p
The adjustment stemmed from the dividend equalisation
agreement between the British company and its Dutch partner
Unilever NV. ACT in respect of any dividend paid by Unilever
Plc has to be treated as part of the dividend.
Unilever NV final dividend remains 10.67 guilders as
declared with the 1986 results on March 3.
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Jordan and Sudan signed a barter trade
agreement under which they will exchange 100 mln dlrs' worth of
goods a year, Sudanese officials said.
They said Sudan will export corn, sesame, peanuts, spices
and cow hides, while Jordan will export cement, tomato puree,
chemicals and pharmaceuticals.
Reuter
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<Metro Funding Corp> said its
shareholders approved its merger into <Maxcom Corp> and its
change of incorporation from Nevada to Delaware.
Metro Funding also said its subsidiary, Comet Corp, will be
renamed Maxcom USA.
The company also reported shareholders approved the
authorization of 500,000 shares of common stock to be set aside
for an incentive stock option plan.
Reuter
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Oper shr loss 1.25 dlrs vs loss 44 cts
Oper net loss 2,915,000 vs loss 951,000
Revs 8,131,000 vs 119,000
NOTE: 1985 net excludes 625,000 dlr gain from discontinued
operations.
Net includes tax credits of 860,000 dlrs vs 285,000 dlrs.
Reuter
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Telecom Plus International Inc
said the closing of the sale of its 65 pct interest in Tel Plus
Communications Inc to <Siemens AG> has been delayed.
The company said it will be continuing its talks with
Siemens and based on current circumstances believes the
transaction could close next week.
Closing had been scheduled for March 16.
Reuter
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Shr 27 cts vs 10 cts
Net 7,684,000 vs 2,587,000
Revs 273.9 mln vs 203.7 mln
Year
Shr 90 cts vs 33 cts
Net 23.9 mln vs 8,219,000
Revs 1.01 billion vs 700.7 mln
Reuter
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Energy Secretary John Herrington
said his proposed option to raise the oil depletion allowance
to 27.5 pct was probably the most economically promising way to
spur domestic production.
The White House has said it would consider the option
although it was generally opposed to any revisions in the new
tax code.
Herrington told a meeting of the Mid-Continent Oil and Gas
Association that the higher depletion allowance on new oil and
enhanced oil recovery would cost taxpayers about 200 mln dlrs a
year.
The option was one of many contained in a report on oil and
the national security the Energy Department sent to the White
House on Tuesday.
Herrington said of the increased depletion allowance
option: "that is one that could significantly increase
production at a very low cost to the American taxpayer."
He again rejected an oil import fee as far too costly to
the overall U.S. economy.
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The bank of England said it provided the
money market with late assistance of around 40 mln stg. This
brings the Bank's total help today to some 412 mln stg and
compares with its forecast of a shortage in the sytem of around
400 mln stg.
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Deutsche Babcock AG
<DBCG.F> expects profits to rise in the current financial year
ending September 9 although the earnings level is still
unsatisfactory, managing board chairman Helmut Wiehn said.
He told a news conference that business during the year had
weakened somewhat but was still generally positive.
Sales during the first five months to February was 1.26
billion marks, 46.7 pct down from the same 1985/86 period.
However, he expected turnover for the year to be approximately
unchanged from the previous year's 5.14 billion marks when
current orders from major projects are booked.
Wiehn said incoming orders in the first five months to end-
February totalled 2.50 billion marks compared with 2.04 billion
for the same period in 1985/86. They included a 45.8 pct
increase in domestic orders to 1.57 billion marks.
Orders in hand for the five months were 16.7 pct higher at
8.64 billion marks.
Wiehn added that Babcock was still aiming for a three pct
yield on turnover. In the year to September 1986 group profits
totalled 39 mln marks on sales of 5.14 billion against the
previous year's 32 mln on 5.11 billion marks.
Parent company turnover was unchanged at 25.6 mln marks.
Wiehn said Babcock's liquidity had clearly improved in the
current business year, with financial reserves in the first
five months rising by 237 mln marks to 831 mln after increasing
by 408 mln marks to 594 mln in 1985/86.
He said pre-tax earnings per share for 1985/86, according
to the DVFA method, were 26.95 marks from 21.40 marks and
earnings after tax rose to 10 marks from 8.10.
The company earlier said dividend will be unchanged at
three marks for ordinary shares and 3.50 marks for preference
shares.
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Current interest by Soviet charterers in
taking Panamax vessels on timecharter, mainly from the U.S. To
carry grain, is seen as the chief factor behind the recent
surge in values on the Baltic International Freight Futures
Exchange (BIFFEX), dealers said.
Futures soared through the 1,000 points barrier today for
the first time in the spot position since the market opened in
May 1985. However, the market tends to be nervous, with values
some 100 points above the Baltic Freight Index, which is
calculated on spot physical rates.
No specific figure has been put for Soviet bookings but
they have been sufficient to drain Panamax tonnage (about
50,000 to 65,000 tonnes dw) from the U.S. Gulf which would
normally operate on the trip to Japan, dealers said.
"It appears that the Chernobyl disaster had a worse effect
on its (the Soviet) grain harvest than reported," one said.
Freight rates on the Gulf/Japan grain route have
subsequently been the main beneficiary of current chartering
conditions, with very few, if any, Panamax sized ships left for
the remainder of this month in the Gulf. Rates have risen
steadily for vessels loading next month.
Dealers said there is even talk that owners are considering
taking older vessels out of lay-up to meet current demand.
Sentiment has also been aided by suggestions that Chinese
operators may be in the market for similar timecharter business
later in the year, they said.
They anticipate this would appear around June and it has
prompted keen demand in the July BIFFEX contract, despite it
normally being a slack time in the shipping year.
Market sentiment has fluctuated in recent weeks. Rates
turned down as an earlier rise in bunker prices, which had
supported the market at the start of the year, faltered but
then recovered on the reported Soviet interest.
Reuter
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Control Resource
Industries Inc said the company estimates 1986 earnings to be
between 800,000 and 900,000 dlrs, or 22 to 25 cts per share,
compared with 852,000 dlrs, or 33 cts per share, during 1985.
The company said preliminary estimates of 1986 revenues is
24.5 mln dlrs, compared with 7,900,000 for 1985.
The estimated 1986 results are based on 3,207,000 shares
outstanding, compared to 2,566,000 shares outstanding for 1985.
R. Steven Lutterbach, chairman, said net income for 1986
was adversely affected primarily due to lower operating margins
at the company's Western Environmental subsidiary, and to an
increase in bad debt reserves.
Western Environmental was acquired in March 1986.
Lutterbach explained the company has taken steps to improve
financial and accounting controls, primarily at Western, which
were not adequate at the time of acquisition.
He noted the final results for the fourth quarter will
depend on the allocation of increased costs between the second
and fourth quarters.
Lutterbach said it is possible second quarter results will
be restated, though final net income for the year will remain
in the estimated range.
He added preliminary indications for first quarter 1987
revenues were favorable.
Reuter
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MEDIQ Inc said its MEDIQ
Diagnostic Imaging Partners - I LP has signed a letter of
intent to acquire substantially all the assets of American
Medical International Inc's AMI Diagnostic Services Inc
subsidiary for undisclosed terms.
The company said AMI Diagnostic operates seven magnetic
resonance and mutli-modality diagnostic imaging centers. MEDIQ
Diagnostic is a limited partnership of which MEDIQ is general
partner.
Reuter
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Cyclops Corp said its board has
been restructured under the terms of the company's merger
agreement with <Dixons Group plc> following the British
company's acquisition of 54 pct of Cyclops' stock.
The company said its board is now composed of three Cyclops
executives -- Chairman W.H. Knoell, President James F. Will and
Senior Vice President WIlliam D. Dickey -- and three Dixons
executives -- Vice-Chairman and Financial Director Egon von
Greyerz, Corporate Finance Director Gerald M.N. Corbett, and
Secretary Jeoffrey Budd.
Reuter
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Blockbuster Entertainment Corp said it
will sell its investment in Amtech Corp to the company
chairman, David Cook, and president, Kenneth Anderson.
The company said the sale is taking place because Amtech is
not compatible with Blockbuster's main line of business, will
require substaintial additional funding to develop and market
its product, and is expected to sustain operating losses for
the forseeable future.
The company said Cook and Anderson will form a new company
with the sale called Amtech Holdings Inc.
Reuter
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Shr 24 cts vs 21 cts
Net 9,700,000 vs 8,286,000
Revs 120.6 mln vs 115.7 mln
Avg shrs 40.0 mln vs 39.9 mln
Year
Shr 69 cts vs 68 cts
Net 27.8 mln vs 27.1 mln
Revs 374.9 mln vs 358.8 mln
Avg shrs 40.0 mln vs 39.9 mln
NOTE: 1986 year net includes charge of 2,396,000 dlrs, or
six cts a share, for debt redemption
Reuter
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Oper shr 11 cts vs 11 cts
Oper net 164,000 vs 161,000
Revs 2,598,000 vs 2,241,000
Nine mths
Oper shr 28 cts vs 18 cts
Oper net 419,000 vs 276,000
Revs 6,983,000 vs 5,019,000
NOTE: Net excludes tax loss carryforwards 11,876 dlrs vs
83,045 dlrs in quarter and 36,684 dlrs vs 144,590 dlrs
Reuter
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An accord is in sight in Brazil's
20-day-old national seamen's strike, which has seriously
delayed exports, a union official said.
The official, speaking from strike headquarters in Rio de
Janeiro, said up to 30,000 of Brazil's 40,000 seamen were still
on strike.
He said the others had returned to work over the last week,
accepting pay offers of 120 pct from four private companies and
from the Frota Nacional de Petroleiros (Fronape), part of the
state-owned oil company Petrobras.
The association grouping private shipowners, Syndarma, has
also offered 120 pct but talks have so far been deadlocked over
payment for overtime.
The union official said he believed this issue would be
resolved shortly.
Reuter
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Shr 56 cts vs 63 cts
Net 48,500,000 vs 55,400,000
Sales 1.53 billion vs 1.46 billion
Avg shrs 86.6 mln vs 87.3 mln
Nine mths
Shr 1.73 dlrs vs 1.79 dlrs
Net 150,300,000 vs 156,200,000
Sales 4.60 billion vs 4.30 billion
Avg shrs 86.7 mln vs 87.3 mln
NOTE: 1987 results include gain of 9.7 mln dlrs, or 11 cts
a share from sale of assets
1986 results include gain of 161 mln dlrs, or 18 cts a
share, from sale of assets, offset partly by a restructuring
provision
Fiscal 1987 results restated to give effect to adoption of
financial accounting standards relating to pension costs.
Segment data for Foods restated to include results of commodity
marketing, previously reported separately. Earnings restated
for two-for-one stock split, effective Nov 30, 1986
Reuter
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Shr 86 cts vs 62 cts
Shr diluted 86 cts vs 59 cts
Net 28.0 mln vs 18.3 mln
Revs 513.5 mln vs 517.0 mln
First half
Shr 2.03 dlrs vs 1.78 dlrs
Shr diluted 2.03 dlrs vs 1.61 dlrs
Net 65.9 mln vs 50.0 mln
Revs 1.11 billion vs 1.08 billion
Avg shrs 32.4 mln vs 28.1 mln
Avg shrs diluted 32.4 mln vs 32.4 mln
NOTE: 1987 net includes gains of 645,000 dlrs, or two cts a
share, in quarter and 12,290,000 dlrs, or four cts a share,
from reduced pension expense under new accounting procedures
Net in both 1987 periods also includes gain of 4.0 mln
dlrs, or 12 cts a share, from sale of land in Alabama.
Reuter
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Scan-Graphics Inc said it will be
acquired by Captive Venture Capital Inc, a public company,
in a stock transaction approved by shareholders of both
companies.
As a result of the merger, the former shareholders of
Scan-Graphics will become the majority shareholders of Captive
Venture Capital. The name of the corporation will be changed to
Scan-Graphics Inc and its borad of directors will be composed
of individuals now on the Scan-Graphics board.
Under the terms of the deal, Capitive Venture Capital will
issue 1.6 mln shares of restricted convertible preferred stock,
convertible into 16 mln shares of common stock, in exchange for
all outstanding stock of Scan-Graphics.
Upon completing the deal, there will be 2,649,500 common
shares of Capitive Venture Capital issued and outstanding, of
which 149,500 shares will be held by the public.
In addition, there are 95,050 tradeable class A warrants
and 100,000 B warrants, each of which entitles the holder to
buy 10 shares of common stock at 1.25 dlrs and 1.50 dlrs,
respectively, a share.
Scan-Graphics makes systems that allow users to convert
graphic documents, such as charts, maps and engineering
drawings, into computer data that can be displayed, edited and
stored by computer.
Currently, Captive Venture Capital stock is traded over the
counter and will soon trade under the Scan-Graphics name.
Application for Nasdaq listing is expected as soon as
requirements are met.
Reuter
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Qtly div 76 cts vs 76 cts prior qtr
Pay 15 May
Record 30 April
Reuter
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Shr 19 cts vs 18 cts
Net 835,000 vs 794,000
Sales 23.9 mln vs 20.5 mln
Nine mths
Shr 47 cts vs 91 cts
Net 2,104,000 vs 3,489,000
Sales 74.5 mln vs 65.2 mln
Avg shrs 4,450,675 vs 3,822,894
Reuter
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The U.S. trade deficit with Taiwan and
Korea is expected to widen this year, despite some economic and
currency adjustments by the two newly industrialized countries,
economists said.
"The surpluses that Taiwan and Korea ran with the U.S. in
1986 will get bigger. This time next year, the U.S. will be
screaming at those countries about their exports," said Steve
Cerier of Manufacturers Hanover Trust Co.
Taiwan is currently the third biggest exporter to the U.S.
after Japan and Canada, while Korea is the seventh largest.
Faced with heightened protectionist sentiment in Congress,
the Reagan administration has been stepping up the rhetoric
against Taiwan and Korea, urging those countries to allow their
currencies to appreciate and lift impediments to free trade.
The thrust has shifted to those newly industrialized
countries (NICs) amid signs the dollar's steep drop against the
currencies of Japan and most EC nations -- previously the main
focus of the U.S. drive to cut its trade gap -- is beginning to
close the competiveness gap for American goods.
U.S. Treasury secretary James Baker said recently that he
expects a reduction in Japan's trade surplus this year.
But U.S. manufacturers still are losing markets on their
own doorstep to Taiwan and Korea, whose currencies have not
risen as much as the yen and the mark. As major beneficiaries
of soft oil prices and with low labor costs, Taiwanese and
Korean exporters are well-placed to take up the slack.
"In 1986, the fashionable comment in Washington was
Japan-bashing. Now it's NIC-bashing," said Robert Chandross, of
Lloyds Bank PLC.
Asia's four main NICs -- Hong Kong, South Korea, Singapore
and Taiwan -- accounted for almost one-fifth of the overall 170
billion dlr U.S. merchandise trade deficit for 1986.
The U.S. trade gap with Taiwan rose to 15.7 billion dlrs in
1986 from 13.1 billion in 1985, while the bilateral trade
deficit with South Korea grew to 7.1 billion from 4.8 billion.
And preliminary U.S. data show that the growth trend is
continuing. The U.S. trade shortfall with Taiwan was 1.6
billion dlrs in January, up 24.4 pct from a year earlier. The
gap with Korea was 700 mln dlrs, up 24.8 pct from a year ago.
Lately both nations have said they will take steps to
defuse incipient trade tensions. Korea said it is choosing many
of the 122 items on which the U.S. wants it to cut import
tariffs in order to deflect pressure for currency revaluation.
Still, South Korean trade minister Rha Woong Bae said last
week that Korea would maintain a trade surplus for three to
five years as a way to cut its 44.5 billion dlr foreign debt.
For its part, Taiwan said in January that it will cut
tariffs on 1,700 goods sometime in the second half of 1987 and
try to diversify exports. But vice economic minister Wang
Chien-Shien said last month that he still does not expect
Taiwan's trade surplus with the U.S. will fall in 1987.
The NICs have made deep inroads into markets for textiles
and electronic goods. But Korea is raising its profile in the
area of "big-ticket" manufactured goods, notably cars.
Korea expects its auto exports -- mostly for North America
-- to balloon to 675,000 units in 1987 from zero in 1985.
"The NICs' exports are almost all manufactured goods. When
their exports rise it hits the heart of the U.S. manufacturing
base. It cuts directly to us and to our customers," said Bob
Wendt, manager for economic studies at Bethlehem Steel Corp.
The U.S. takes 90 pct of Korea's computer products exports,
72 pct of its electrical appliances and 65 pct of its
telecommunications equipment.
A recent study by Morgan Guaranty Trust Co says Taiwan and
South Korea are the most pressing trade issue for the U.S.
While Hong Kong and Singapore run trade surpluses with the
U.S., these are offset by their deficits with other countries.
But Taiwan and, to a lesser extent, South Korea, stand in
marked contrast. Both of these nations have moved rapidly into
large bilateral surplus with the U.S. and major overrall trade
and current account surpluses, the Morgan study says.
Morgan expects Taiwan's overall trade surplus to grow to
18.5 billion dlrs in 1987 from 15.2 billion last year, and
Korea's to increase to 6.5 billion dlrs from 3.5 billion.
Concern about the NICs is not confined to the U.S.
"A lot of Korea and Taiwan's exports to the U.S. have been
at Japan's expense," said Richard Koss at General Motors Corp.
February's Paris meeting of six major industrial powers
exorted NICs to lower trade barriers and revalue currencies.
But this two-pronged approach has drawn little response
from the two nations so far and, in any case, will only work
with a sizeable lag, economists say.
The U.S. has not said how much it thinks the Taiwan's and
Korea's currencies should climb. The Taiwan dollar, which is
pegged to the U.S. dollar, has risen about 15 pct since
September 1985 while the Korean won has risen about five pct.
But in real terms the Taiwan dollar has been flat against
the U.S. unit and the won has lost seven pct, economists say.
"We've not seen any lessening of competition from those
countries that we can attribute to currency changes," said
Bethlehem Steel's Wendt.
And so far, U.S. pleas for Taiwan and Korea to use their
hefty export earnings to import more have had little effect.
Moreover, it is uncertain how far U.S. protectionism will
get given the administration's free-trade stance. "It's hard to
see that anything will be passed much before year-end. And then
the question is, will it have teeth?" one economist said.
Reuter
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Xerox Corp's U.K. unit, Rank Xerox
Ltd, said it agreed in principle to sell its South African
company, Rank Xerox South Africa Pty Ltd, to <Altron Group's>
Fintech unit.
Terms of the deal were not disclosed.
Altron said the acquisition was key to making Fintech an
office systems company.
The South African Rank Xerox unit sells copiers and
duplicators throughout South Africa and in Namibia (South West
Africa). It has over 800 employees, all of whom will be
retained by Fintech when the deal closes, Rank Xerox said.
Reuter
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Feb 28 end
Shr 44 cts vs 16 cts
Shr diluted 37 cts vs 16 cts
Net 5,378,000 vs 1,987,000
Revs 26.8 mln vs 14.6 mln
Avg shrs 12.4 mln vs 12.1 mln
Shr 1.26 dlrs vs 45 cts
Shr diluted 1.10 dlrs vs 45 cts
Net 15.5 mln vs 5,401,000
Revs 80.3 mln vs 46.4 mln
NOTE: Share adjusted for stock dividends declared through
today.
Reuter
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Countrywide Credit Industries
Inc said its board declared an eight ct per share quarterly
dividend, up from seven cts last quarter, and a two pct stock
dividend.
The cash dividend is payable April 14 to holders of record
March 30 and the stock dividend is payable April 17 to holders
of record March 31.
Reuter
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Qtly div nine cts vs eight cts prior qtr
Pay 20 April
Record 3 April
Reuter
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Qtly div 25 cts vs 25 cts prior qtr
Payable 10 June
Record 15 May
Reuter
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Amcast Industrial Corp said it
completed the sale of its Newman Division to Newman
Manufacturing Inc, a new company formed by Newman's employees.
The sale price was not disclosed.
Amcast said Newman's Kendallville, Indiana plant is one of
the country's largest producers of gray iron castings for the
automotive and commercial air conditioning and refrigeration
industries. It said the plant employs 300 people.
Amcast said it decided to sell the division to move out of
the gray iron castings business.
Reuter
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Energy Secretary John Herrington
said he would rule out a tax on gasoline as one option to help
avert what his departmet has called the threat of increased
reliance on foreign oil in the coming years.
He said at a news conference that any recommendation he
would make would have to increase domestic production, not
cause widespread economic hardship and have a minimal cost to
the U.S. taxpayer.
On the grounds of increasing production, he said, "I would
rule out a gasoline tax."
Herrington also repeated he would rule out an oil import
fee because of the widespread dislocation it would cause -- the
loss of about 400,000 jobs nationwide due to higher oil prices
and a drop in the gross national product by about 32 billion
dlrs.
He said an increased depletion allowance, to 27.5 pct, on
new and enhanced production of oil and natural gas would be a
cheap way to spur domestic production.
He estimated this cost at about 200 mln dlrs a year.
Herrington proposed the increased depletion allowance to
the White House Tuesday but the White House reaction was cool.
The White House said it would study the proposal, but was
generally oppposed to altering the national tax code, just
passed last year.
Herrington, asked his reaction to the White House reaction,
said, "If I were the White House, I would be cool, too."
Reuter
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|
The U.S. Agriculture Department is
proposing tighter federal standards setting allowable limits on
insect infestations in grain shipments.
The changes in the standards would include the following:
-- Establishing equal tolerances for the number of live
insects in shipments of food grains, feed grains and oilseeds.
-- Revising the definition of "infested" to give equal value
to all insects injurious to grain.
-- Establishing lower levels of infestations. In 1988, the
infested level would be set at three or more live insects per
representative sample (about 100 grams), in 1990 two or more
insects, and in 1992 the final infestattion level would be set
at one or more live insects per representative sample.
-- Revising the definition of sample grade by adding a
limit of 10 live or dead insects per sample.
-- Revising the definition of sample grade for wheat by
adding a limit of 32 insect-damaged kernels per 100 grams of
wheat.
The department asked for public comments on the proposals
by April 17.
Reuter
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Pillsbury Corp, reporting lower
earnings for the third quarter ended February 28, said a strong
performance by its Foods Group was offset by Restaurants Group
declines.
Excluding unusual items, it said restaurants operating
profit was down in the quarter 12 pct from a year ago as sales
rose four pct.
It said Burger King USA and Bennigan's reported higher
operating profit, but profits fell sharply at Steak and Ale,
which introduced a new menu.
Pillsbury also reported lower profits at Distron, Burger
King's distribution arm, and said increased investment spending
on developing concepts - QuikWok, Bay Street and Key West Grill
- hurt results.
It said Foods operating profit, excluding unusual items,
rose 10 pct with international operations and domestic breads
and baking products major contributors to improvement in the
quarter.
A turnaround in grain merchandising was a major factor in
profit improvement for the nine months, Pillsbury said.
Pillsbury said corporate expense showed a 4.3 mln dlr
profit in the quarter reflecting a 10.5 mln dlr gain on the
sale of a joint interest in an Australian food company and
lower corporate expenses, largely as a result of an early
retirement program initiated a year ago.
Earlier, Pillsbury reported fourth quarter earnings of 48.5
mln dlrs, or 56 cts a share, down from 55.4 mln dlrs, or 63 cts
a share a year ago. Sales advanced to 1.53 billion dlrs from
1.46 billion dlrs.
Pillsbury said loss of investment tax credits under the
1986 Federal Tax Reform Act reduced per-share earnings by nine
cts in the quarter and 19 cts in the nine months.
As a result of the act, it said its effective income tax
rate rose eight points to 48.1 pct in the quarter and 5.5
percentage points to 49.7 pct for the nine months.
Reuter
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Shr 26 cts vs 21 cts
Net 5,553,000 vs 4,307,000
Revs 45.1 mln vs 34.2 mln
Year
Shr 86 cts vs 67 cts
Net 18.2 mln vs 14.0 mln
Revs 161.1 mln vs 118.3 mln
NOTE: Share adjusted for stock dividends.
Reuter
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Agency Rent-A-Car Inc said its board
declared a five pct stock dividend, payable May 22 to holders
of record on May 8.
The company also said it plans to increase the size of its
rental fleet in the year ending January 31 by 20 to 25 pct and
expand its rental office network.
Reuter
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The Federal Reserve is expected to
refrain from reserve-management intervention in the U.S.
Government securities market, economists said.
If the Fed does act, however, they said it would be likely
to add temporary reserves indirectly by arranging around 1.5
billion dlrs of customer repurchase agreements.
Federal funds, which averaged 5.97 pct yesterday, opened at
six pct and remained there in early trading.
Reuter
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The Agricultural Stabilization and
Conservation Service (ASCS) is seeking offers to process rough
rice owned by the Commodity Credit Corporation (CCC) and
deliver about 27.0 mln pounds of milled rice for export
shipment May 6-20 and May 21-June 5, an ASCS spokesman said.
Offers must be received by 1300 CDT April 7, and successful
offerors will be notified April 10.
Reuter
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Qtly div 17.5 cts vs 17.5 cts in prior qtr
Payable April 15
Record March 31
(Company corrects amount of previous payment in MARCH 18
item to show there was no change)
Reuter
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Aluminum Co of America said it has
signed a letter of intent to sell its American Powdered Metals
Co subsidiary to R.W. Technology Inc for undisclosed terms,
with completion expected in early May.
American Powdered makes metal parts for various industries.
Reuter
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Britoil Plc's <BTOL.L> exploration
expenditure for the U.K. In 1987 was likely to be only about a
third of the level in 1986, though overseas expenditure would
remain approximately the same, Chief executive David Walker
said.
He told reporters following the release of the company's
1986 figures that project expenditure would also remain at 1986
levels.
U.K. Project expenditure in 1986 rose to 208 mln stg from
184 mln while exploration expenditure dropped to 87 mln from
156 mln. Overseas exploration fell to 28 mln from 58 mln in
1985.
Earlier, Britoil posted a drop in pretax profit for 1986 to
134 mln stg from 759 mln in 1985, before an extraordinary
charge of 50 mln stg on the company's U.S. Assets. The results
were slightly better than analysts forecast and the share
firmed to 231p from 222p at last night's close. Chairman Sir
Philip Shelbourne said the collapse in the oil price in 1986
had made the period extremely difficult but the company had
come through remarkably well.
Provided the recovery in oil prices was maintained, the
conditions would be right for a substantially improved
performance this year.
He added that the firmness of oil prices in March, when
they were normally weaker, made him "a bit encouraged" about the
prospects for future levels.
Walker added that Britoil would feel confident if the price
stayed within a band of 15 dlrs to 20 dlrs a barrel.
Britoil had received some 100 responses to its announcement
of a desire to sell the assets and was asking for bids by the
latter part of April.
End-year reserves rose to 603 mln barrels of oil compared
with 503 mln previously. However, Walker noted that this
included a revised definition of reserves.
If 1985 figures were restated along the same lines, the
reserve figure would show a drop from 720 mln barrels
previously.
Gas reserves also eased to 3,568 billion cubic feet from a
restated 3,660 billion.
| [
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ended January 31
Shr nil vs nil
Net profit 351,000 vs loss 243,000
Sales 7,050,000 vs 7,012,000
Avg shrs 106,780,000 vs 93,666,000
Six mths
Shr loss one ct vs loss one ct
Net loss 999,000 vs loss 563,000
Sales 10.6 mln vs 13.0 mln
Avg shrs 106,641,000 vs 92,986,000
Reuter
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Ryan's Family Steak Houses Inc
said its board declared a three-for-one stock split, payable
May 20 to holders of record May 6.
The company said the split is subject to shareholder
approval of an increase in authorized shares to 100 mln from 20
mln at the April 22 annual meeting.
Reuter
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0,
0,
0,
0,
0
] |
Inertia Dynamics Corp said it
declared a 50 pct stock dividend, payable May 1 to shareholders
of record April 3.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr one ct vs 21 cts
Net 24,000 vs 612,000
Sales 2,061,000 vs 3,914,000
1st half
Shr eight cts vs 43 cts
Net 223,000 vs 1,220,000
Sales 4,584,000 vs 7,912,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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