utterance
stringlengths 0
13.4k
| label
listlengths 10
10
|
|---|---|
Shr profit eight cts vs loss 23 cts
Net profit 251,000 vs loss 731,000
Revs 29.1 mln vs 25.9 mln
Backlog 18.9 mln vs 12.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 10 cts vs 14 cts
Net 191,465 vs 193,799
Sales 7,160,945 vs 6,576,670
Avg shrs 2,000,565 vs 1,400,000
Year
Oper shr 33 cts vs 50 cts
Oper net 605,725 vs 694,785
Sales 23.3 mln vs 22.1 mln
Avg shrs 1,840,692 vs 1,400,000
NOTE: 1985 year net excludes 30,000 dlr tax credit.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr not given
Oper net profit 405,914 vs loss 145,380
Revs 2,446,901 vs 1,295,187
Year
Shr not given
Oper net profit 1,211,465 vs loss 178,101
Revs 9,085,222 vs 4,995,735
NOTE: Earnings from 1983 on benefit preferred shareholders
until preferred shareholders' equity equals or exceeds
liquidating and mandatory redemption values.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Panama Canal toll charges will not rise
in the year to end-September 1988, despite last October's
landslide which dumped 0.5 mln cubic yards of debris into the
waterway, Canal Commission Administrator Dennis McAuliffe said.
He told a press conference that in confirming the
Commission's earlier announcement of unchanged tolls for 1988,
he was not necessarily implying there would be a rise in 1989.
The canal would probably make a five to six mln dlr loss in
the current financial year but this could be carried over and
met from next year's revenues.
This year's deficit resulted from the landslide which cost
the canal about 15 mln dlrs, McAuliffe said. This included
eight to nine mln dlrs in immediate costs with the rest being
spent on earth-moving operations to prevent any further
landslides.
He said the landslide was not caused by deforestation and
he described as grossly exaggerated reports that there was any
threat to the canal's water supply in the foreseeable future.
Studies concerning the possibility of widening the Gaillard
cut would not be affected by the landslide, he said, adding
that he expected the canal board to determine whether and when
the canal needed widening by January 1988 at the latest.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Richardson Electronics Ltd said it
agreed to buy for undisclosed terms, G.E.B., Giant Electronics
Brand, a Florence, Italy-based distributor of electron tubes
and semiconductors.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
|
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
] |
|
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at six pct when the
Fed began its temporary and indirect supply of reserves to the
banking system.
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
|
Public Service Co of New
Hampshire said its board voted to omit the quarterly dividend
which would have been paid on May 15.
The company said the omission is the thirteenth consecutive
dividend omission.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr loss 76 cts vs profit 50 cts
Net loss 19,186,000 vs profit 12,438,000
Sales 157.9 mln vs 149.2 mln
NOTE: Fiscal 1987 net loss includes a pretax charge of 19.5
mln dlrs from restructuring and an after tax charge of about
seven mln dlrs from debt prepayment premiums.
Fiscal 1986 net profit includes a pretax gain of 7.2 mln
dlrs on the sale of some land, an after tax loss 1.35 mln dlrs
from discontinued operations and an after tax gain of 6.7 mln
dlrs from a change in accounting.
All results restated to exclude five businesses divested as
part of the company's restructuring program.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The EC Commission granted 25,000 tonnes
of free market barley export licences at today's tender and
80,000 tonnes of French maize, grain traders said.
The maximum export rebate for barley was set at 137.25 Ecus
and for maize at 129.75 Ecus per tonne.
All bids for wheat were rejected, they said.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
] |
Carson Pirie Scott and Co said the Tax
Reform Act of 1986, which repealed investment tax credits, had
a negative impact of 22 cts a share on earnings for the year
ended January 31.
Earlier, Carson reported yearly per-share earnings of 1.83
dlrs, down from 1.86 dlrs a year ago. Average shares increased
to 10.2 mln from 9.9 mln a year earlier. Sales gained to 1.41
billion dlrs from 1.30 billion dlrs.
Carson said it was "extremely optimistic about improved
profit performance in 1987."
It said in the first half of 1987 it hopes to reduce
seasonal-type losses sustained in the 1986 first and second
quarters.
The company said that in early April its Oak Brook Hills
Hotel and Conference Center in suburban Chicago will open under
its management. Provisions for startup expenses have been made,
it added.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
<Domtar Inc> said it plans a
two-for-one stock split to take effect May 14.
The company said shareholders will be asked to approve the
split at the annual meeting on April 29.
Domtar said its directors believe the split could favorably
affect marketability of the shares and encourage wider
distribution.
The shares have been trading recently in a range of 45
dlrs. Domtar stock was previously split on a two-for-one basis
in June, 1985.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Financial Performance Corp said it
continued its rapid expansion with a signing of a partnership
agreement with Gold Sierra Financial Advisors, founded by
former Bank of America officers in capital markets.
It said the agreement, under which it owns 50 pct of the
partnership, enables it to move into the mergers and
acquisitions business.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
AmSouth Corp said the Federal
Reserve Board approved the affiliation of First Tuskaloosa Corp
with Amsouth.
The approval was the final regulatory step in the
affiliation process which began in August, Amsouth said.
Under terms of the affiliation, each First Tuskaloosa
shareholder will receive 66 dlrs value of AmSouth stock for
each share held. The total consideration is valued at 105.6 mln
dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Independence Bancorp Inc said
it completed its merger with Scranton, Penn.-based <Third
National Bank and Trust Co>, with assets of 316 mln dlrs.
Independence said its combined assets are now 2.5 billion
dlrs.
The company said that each share of Third National common
will be exchanged for 4.06 shares of its common. Independence
said the merger will be accounted for as a pooling of
interests.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 55 cts vs 93 cts
Net 1.6 mln vs 2.6 mln
Revs 5.3 mln vs 1.2 mln
Year
Shr 73 cts vs 1.36 dlrs
Net 2.0 mln vs 3.0 mln
Revs 9.1 mln vs 11.0 mln
NOTE:1985 net includes 2.7 mln dlrs gain on disposal of
unit. 1986 includes operations of Dependable Insurance Gruop
Inc.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Oper shr loss two cts vs profit three cts
Oper net profit 301,000 dlrs vs profit 130,000
Revs 10.5 mln vs eight mln
NOTE: Dividends on preferred shares 370,000 dlrs vs 51,000
dlrs.
Oper net excludes gains on tax loss carryforward of 247,000
dlrs vs 118,000 dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Carroon and Black Corp said it
completed the acquisition of <Poggi-Harrison Agency Inc> and
<Risk Control Inc>.
Terms of the acquisitions were not disclosed.
Separately, Carroon said it also completed the acquisition
of <Rosskopf, Rapp and Schmidt Insurance Agency>, based in El
Monte, Calif.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtly div nine cts vs eight cts prior
Payable July one
Record June 12
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
<Benetton SpA> of Italy expects to
further diversify into financial services and is weighing
possible acquisitions, a Benetton spokeswoman here said.
"We are thinking of diversification outside of the retail
line," the spokeswoman said. "We are looking at financial
services and other manfacturing companies."
However, she said the company was not targeting the U.S.
for its planned expansion, but was looking at a number of
different countries.
The company's shares are traded in the U.S. as American
Depository Receipts, which were issued through an offering by
Morgan Stanley Group Inc <MS> earlier this month.
Benetton is now holding talks with Wall Street firms about
the possibility of receiving a quotation of its shares on the
New York Stock Exchange. "There's absolutely no timetable. It
may not even happen," the spokeswoman said.
She also denied reports that the company was considering an
issue of convertible bonds with warrants in the U.S. "We're not
thinking of issuing bonds," she said.
In line with its planned Global expansion efforts, Benetton
is also holding talks with the Soviet Union to explore the
possibility of opening up to 150 stores in the country. But the
spokeswoman pointed out that many companies are holding talks
with the Soviets.
"We are in discussions and are looking forward to some
response," she said. She added the company had no firm
timetable on when a response might be received.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 23 cts vs 28 cts
Net 4.3 mln vs 5.1 mln
Revs 64.5 mln vs 67.1 mln
NOTE:1986 reflects two for one stock split, effective July
31
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Federated Financial Savings
said it declared an initial quarterly dividend of 85 cts a
share April 27, record April 13.
This is the first dividend paid by Federated since its
conversion to a stock company from a mutual on Jan 28, 1987.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Rexnord Inc said it expects to
merge with a wholly-owned subsidiary of Banner Industries Inc
in early May.
Late last month, Banner said it completed a tender offer
for and held 96 pct of Rexnord's common shares.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtrly div three cts vs three cts prior
Pay May 15
Record April 24
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Symbion Inc said <Warburg,
Pincus Capital Co L.P.> began a tender offer to purchase up to
2.5 mln shares, or about 33 pct, of Symbion's shares at 3.50
dlrs per share. Warburg already owns about 26 pct of Symbion.
Symbion has 7,472,000 shares outstanding. The company makes
artificial hearts.
Symbion said its board and management are carefully
reviewing the offer and on or before March 30 will advise its
shareholders on whether it accepts or rejects the offer. If the
tender offer is successful, Warburg wll own about 59 pct of
Symbion.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
|
Parent company net profit 754.45 mln francs vs 674.1 mln.
Dividend 19.50 francs vs same.
NOTE - Company said the dividend would apply to shares
issued under capital increases during 1986. This means a 32 pct
rise in total dividend payments to 528.14 mln francs on 1986
results from 399.62 mln the previous year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Solar Systems by Sundance Inc said it
agreed to buy a 45 pct interest in a company that will sell
condoms produced by INKEY SA of Spain.
It said a spermicide used in INKEY's condoms contains an
ingredient that may help prevent the sexual transmission of
AIDS. The ingredient was cited in an article in the West German
publication, Aids Forschung. But it said the article was
about the ingredient and did not mention the spermicide or the
condoms made by INKEY.
The company also said it is changing its name to
Eurocapital Corp shortly.
Solar Systems said it was buying the 45 pct stake in a
U.S.-based <Europharmaceutical Co>. INKEY and an affiliate own
the remaining shares of the company, which was set up to
distribute condoms and vaginal products that are made, or are
being developed by INKEY.
The agreement calls for a two mln dlr payment to Inkey for
the distributorship. The first 500,000 dlr payment is due 30
days after the products are approved by the Food and Drug
Administration. It said Europharmaceutical plans to soon file
with the FDA to market the condom, but expects the approval
process to be a lengthy one.
The company said the active ingredient in the spermicide is
currently used in the U.S. in antiseptic applications unrelated
to condoms. As far as it knows, the ingredient has not been
tested in a spermicide.
Inkey's condoms will be sold in the U.S. under the brand
name, "Carlton." The exclusive distribution contract for the
products runs for three years and is renewable for one-year
periods, the company said.
It said the condoms are currently sold in Spain but have
not gone on sale in other European countries.
It said Europharmaceutical currently does not have the
resources to make the payments under the distribution agreement
or fund the studies necessary to obtain marketing approval from
the FDA.
The company also said Europharmaceutical is in talks to
acquire either one or more publicly held companies with little
or no assets. In the event an acquisition goes through, Solar
Systems' interest in Europharmaceutical would be diluted below
its current 45 pct.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr loss 12 cts vs profit 37 cts
Net loss 350,738 vs profit 1,095,991
Revs 18.8 mln vs 15.8 mln
Year
Shr profit 28 cts vs profit 1.29 dlrs
Net profit 831,901 vs profit 3,000,716
Revs 60.6 mln vs 48.2 mln
Avg shrs 2,996,903 vs 2,756,596
Note: Per share date adjusted to reflect 10 pct stock
dividend of March 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 4.45 dlrs vs 3.44 dlrs
Shr diluted 4.30 dlrs vs 3.34 dlrs
Net 423.5 mln vs 319.1 mln
Sales 3.34 billion vs 2.97 billion
Avg shrs 95.1 mln vs 92.6 mln
NOTE: U.S. funds.
Net includes equity in earnings of Du Pont Co <DD> of 169.1
mln dlrs vs 75.7 mln dlrs and dividend income from Du Pont
shares of 154.1 mln dlrs vs 150.8 mln dlrs.
Latest year net includes pretax charge 35.0 mln dlrs from
sale of wine operations and reorganization of spirits
operations in U.S. and related reduction in tax expense of 27.7
mln dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 20 cts vs 20 cts prior
Pay May 11
Record April Three
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 30 cts vs 30 cts prior
Pay April 30
Record April Three
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Oper shr one ct vs six cts
Oper net 48,000 vs 556,000
Revs 19.0 mln vs 26.5 mln
Year
Oper shr 19 cts vs 46 cts
Oper net 1,586,000 vs 3,971,000
Revs 90.8 mln vs 103.1 mln
NOTE: Previous oper net excludes 404,000 dlrs of
extraordinary expenses for qtr and 991,000 dlr gain for year.
TIE/communications Inc <TIE> holds 65 pct interest.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 12 cts vs 10 cts prior
Pay April 24
Record April One
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr three cts vs 16 cts
Net 127,000 vs 605,000
Sales 14.4 mln vs 9,726,000
Six Mths
Shr 17 cts vs 30 cts
Net 678,000 vs 1,141,000
Sales 24.6 mln vs 19.2 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 20 cts vs 20 cts previously
Pay June Two
Record May 12
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 10 cts vs 10 cts prior
Pay April 15
Record April One
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 47-1/2 cts vs 47-1/2 cts prior
Pay May 13
Record April Six
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div Class A 27-1/2 cts vs 27-1/2 cts
Qtly div Class B 24-1/2 cts vs 24-1/2 cts
Pay April 10
Record April Three
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The American Petroleum Institute
said that U.S. crude oil production in February declined 9.8
pct from year-ago levels to about 8.3 mln barrels a day.
In its monthly report on U.S. oil supplies and stocks, API
said that domestic demand for petroleum products, as measured
by products supplied, continued to rise reaching 16.3 mln
barrels a day in the month, up 1.5 pct from February 1986.
API noted the drop in crude oil output coupled with a
drop in natural gas liquids production, which was off 11 pct
from February 1986 levels, represented a decline in U.S.
production of more than one mln barrels a day.
API said the decline in domestic production and the rise in
demand brought petroleum imports to about six mln barrels a day
in February, a 30.3 pct increase from last year's level.
So far this year, API said growth in domestic demand, which
was up 2.9 pct from last year's year-to-date level, has slowed
in comparison to the accelerated growth in the last half of
1986.
It said crude oil production for the first two months of
1987 was off 8.6 pct from the comparable year-ago period while
crude imports were up 30.6 pct.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Prime Medical Services Inc said merger
talks with National HMO Corp <NHMO> have been terminated.
Prime gave no reason for the termination of the talks with
National HMO.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtly div seven cts vs seven cts prior
Payable April 28
Record April three
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr profit 10 cts vs loss one ct
Net profit 647,390 vs loss 75,967
Sales 2,120,027 vs 1,666,908
NOTE: Current year net includes 456,004 dlr gain from debt
extinguishment.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
A group of New York investment
companies told the Securities and Exchange Commission they have
acquired 173,000 shares of Moore-Handley Inc, or 6.9 pct of the
total outstanding common stock.
The firms, Robert H. Barker and Co, J.M.R. Barker
Foundation, Quaker Hill Associates L.P., Upland Associates L.P.
and James M. Barker Trust, said they bought the stock for two
mln dlrs soley for investment purposes.
But the group said it might buy more Moore-Handley shares.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The Association of German Cooperative
Banks said in a financial survey that domestic interest rates
would continue to remain low for the time being.
It said the Bundesbank could hold them down despite strong
foreign influence and it saw no interest-straining factors in
the economy that could affect the long-term capital market.
The inflation rate of one pct also gave no occasion for
higher nominal interest rates. But a probable rise in inflation
late this year could give very slight grounds for a rise in
nominal rates at year's end and next year, it said.
The association said generally low interest rates,
prospects of lower taxes, a stable dollar rate and expected
strong domestic demand led it to believe that the investment
climate would remain friendly and the economy would continue
its slow but very sure growth.
The Bundesbank had managed successfully to keep interest
rates down on the short-term money market although its policies
had exerted little effect on the long-term capital market,
which was so important for investment financing and thus for
the course of the economy, it said.
In view of the limits to the possibilities monetary policy
had in influencing the longer-term capital market, the
association saw little sense in wanting to boost the economy
through a short-term and expansionist monetary policy.
On the other hand it also saw no reason for sticking
dogmatically to the money supply target for the whole of 1987.
The association said time would show to what extent
speculative foreign money and short-term invested domestic
money would distort money supply developments. The Bundesbank
could hold down money market rates with the highly effective
instrument of sale and repurchase transactions, it said.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
Federal Reserve Board Vice Chairman
Manuel Johnson said that the U.S.'s main industrial partners
should expand their domestic growth.
In a speech to a women's group here, Johnson said, "There is
room for stronger domestic growth in those countries ... strong
enough to absorb growth in U.S. export markets."
Johnson also said there was a better alignment of exchange
rates now and the Paris agreement to stabilize currencies has
brought western nations a long way towards establishing that
goal.
Johnson said, "The Fed supports this pattern of exchange
rates ... and we'll see if it leads to a convergence in trade.
Quite possibly it can be achieved."
Johnson said the Paris agreement achieved a better
alignment of exchange rates in exchange for stimulus by the
major surplus countries.
He said this was "a major improvement and a step in the
right direction" and added U.S. allies look very strongly to a
U.S. budget deficit cut. "There will always be a potential risk
of breakdown in international cooperation" without a budget
deficit cut.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
Slower than expected growth in Britain's
narrow M0 money supply measure in February will help spur a
further cut in U.K. Interest rates if a surge in sterling's
value requires such a move, economic analysts said.
M0, the only targeted money supply measure left after
Chancellor of the Exchequer Nigel Lawson scrapped the official
target for the broad sterling M3 measure in his 1987 budget
speech on Tuesday, fell an adjusted 3/4 to one pct in February.
On an annual basis, this put M0 growth at four to 4-1/2
pct, in the middle of the 1987 target of two to six pct.
"The M0 data are much better than we expected," said Robert
Thomas, economist at Greenwell Montagu Securities.
He and other analysts said while the better than expected
M0 figures alone would not be sufficient to trigger a new
interest rate cut, they removed an obstacle to such a move.
Thomas noted the rise in M0 had been kept in check despite
buoyant retail sales in February, advancing an adjusted 2.2 pct
after a fall of the same size in January.
Analysts said the M0 measure, reflecting variations in
consumer demand rather than real inflation prospects, was not
an adequate indicator to determine interest rates.
"The authorities still seem to want to pretend that M0 is
important ... In practice, it is likely to be the exchange rate
and the election which call the tune," Lloyds Merchant bank
chief economist Roger Bootle wrote in a budget comment.
Richard Jeffrey, economist at stockbrokers Hoare Govett,
said in a comment: "It is unlikely that (Lawson) will respond to
signals from M0 alone ... Reinforcement from exchange rate
trends is necessary before action is taken."
"With the Chancellor making clear that policy manoeuvres are
made in response to signals from this narrow money variable,
the City has been forced to take it seriously," he added.
Noting this point, Thomas said market fears at the end of
last year of an M0 overshoot had now disappeared.
This removed a potential obstacle to a further cut in U.K.
Base lending rates if foreign demand for sterling pushed up the
pound above unofficial targets, analysts said.
Such targets are believed to have been secretly agreed
between finance ministers of the Group of Five and Canada at
their Paris meeting last month, they added.
U.K. Base rates have been cut twice by half a point since the
Paris agreement, once on March 11, and again yesterday when
foreign demand for sterling surged in reaction to a sharp cut
in 1987 government borrowing targets contained in the budget.
They stand at 10 pct now, and foreign exchange dealers and
analysts expect them to shed another half-point in the coming
week.
Analysts shrugged off as largely irrelevant a higher than
expected increase in February sterling M3, which pushed the
annual growth rate to almost 19 pct, well above the previous
target of 11 to 15 pct.
Thomas said the February figures seemed to indicate the
improvement in sterling M3 growth witnessed over the past few
months had been reversed, but firm conclusions could only be
drawn after revised data are released on March 31.
Some analysts said foreign investors had long ceased to
watch the sterling M3 target, and Lawson's move to scrap it
altogether earlier this week removed whatever was left of its
credibility as a key factor in monetary policy.
REUTER
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
Greyhound Corp said it has
signed a definitive agreement to buy General Motors Corp's U.S.
Transit Bus and Parts business for an undisclosed sum.
The agreement, tentatively set in January, includes
production tooling, design and equipment for urban transit
buses, inventories and trademark identification.
The agreement also incudes the right to buy GM's Canadian
Transit Bus and Parts business, contingent on a satisfactory
labor agreement.
Greyhound said it will relocate the production facilities,
currently in Pontiac, Michigan, to an undetermined location.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Excel Bancorp Inc said its board
declared an initial dividend of 10 cts per share, payable April
20 to holders of record on April Six.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Mark IV Industries Inc <IV>, which
has said it is mulling a bid to seek control of Baird Corp,
said it has no present plans to acquire more than 25 pct of the
company's total outstanding common stock.
In a filing with the Securities and Exchange Commission,
Mark IV said its top officials told Baird executives at a March
17 meeting that while Mark IV may buy more Baird common stock,
it presently intends to hold it to the 25 pct limit.
Mark IV, which first disclosed its stake and interest in
Baird on March 10, has reported it holds 391,800 Baird common
shares, or 17.6 pct of the total outstanding.
Mark IV said it also agreed at the meeting that if it
decides to seek control of Baird, it would be through a
negotiated merger or business combination or through a tender
offer in which Baird would have at least 24 hours notice.
Baird, in turn, agreed not to take any defensive measures
without giving Mark IV at least 24 hours notice, it said.
Baird also confirmed that a takeover defense plan it
already has which is triggered by the accumulation of more than
25 pct of its stock, would not be triggered by a tender offer,
Mark IV said. Both parties also agreed to adjourn pending
litigation they have against one another, it added.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtly div 24 cts vs 24 cts prior
Pay May Eight
Record April 17
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
|
Dresser Industries Inc said it expects
the joint ventures it has entered into and a gradual
improvement in the energy market to allow it to regain
profitability before the end of the current year.
Dresser earned 9,600,000 dlrs for the year ended October 31
-- after a 95.0 mln dlr gain from a change in accounting and
pension plan curtailment and a 25.3 mln dlr writedown of
oilfield assets.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
A statement yesterday by Secretary
of State George Shultz after he met with wheat growers that
U.S. agricultural products must be competitively priced was
significant in that he recognized the importance of the Soviet
market and the need for U.S. prices to be at world market
levels, U.S. grain trade industry officials said.
They said that Shultz's comments, while not explicitly
endorsing subsidized wheat sales to the USSR, were noteworthy
because they were not negative towards such action.
In response to a query on what the State Department's
position is on selling subsidized wheat to Moscow, Shultz told
the leaders of the National Association of Wheat Growers that
prices must be competitive if the U.S. is going to trade.
The Soviet Union, the world's largest grain importer, has
bought no U.S. wheat for more than a year, complaining the
price was far above world market levels. A U.S. offer last fall
to sell the Soviets lower-priced wheat through the export
enhancement program, EEP, was also rebuffed due to the price.
Shultz was said to be adamantly against the U.S. wheat
offer last year and has been reported to be one of the major
obstacles in making another subsidy overture to the Soviet
Union, grain industry sources said.
Intense speculation the U.S. might make a fresh EEP wheat
offer to the Soviets has boosted grain prices significantly in
recent trading sessions. Kansas City hard wheat futures rose
another 2-1/4 cents by midday at 2.88-1/4 dlrs per bushel,
while CBT March wheat was up 1-1/2 cents at 2.92-1/2 dlrs.
"I'm not sure this is an about-face, but it's clearly a
recognition that unless we're competitive, we won't sell to the
Soviet Union," said a lobbyst for a major commodity group.
"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," Shultz told the farm
leaders. "That is our approach in negotiations with the
Soviets," he said.
If those comments do signal that the State Department is no
longer opposed to the U.S. selling wheat to the USSR under EEP,
it certainly improves the chances for an EEP wheat offer to
Moscow, an industry lobbyst said.
National Wheat Grower's officials were taking a cautious
attitude towards the secretary's comments.
"His comments were not discouraging, but they didn't in our
judgment promise any immediate action on EEP," an official with
the wheat group said.
The Wheat Growers official noted, however, that "there is
significance in that fact that we haven't seen any significant
negative commentary on the idea of EEP wheat to the Soviets."
In a meeting with exporters this week, Secretary of
Agriculture Richard Lyng refused to comment on their request
that the administration offer subsidized wheat to Moscow, the
officials said.
An aide to USDA undersecretary Daniel Amstutz, who is
reported to be strongly opposed to EEP wheat to the Soviets,
said that the Shultz comments "are consistent with what he
(Shultz) has taught for years as an economist," but said they
don't necessarily relate to the Soviet Union.
Amstutz could not be reached for comment, and an aide to
Lyng said Lyng would not comment on Shultz's statements.
But trade sources were hopeful that the Shultz comments may
indicate some movement towards EEP wheat to Moscow.
"If he didn't say no, then there's a chance. This is
potentially a positive development," a commodity source said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
|
Shr profit five cts vs loss 40 cts
Net profit 669,000 vs loss 4,256,000
Revs 46.1 mln vs 43.8 mln
Avg shrs 13.9 mln vs 10.5 mln
Nine mths
Shr profit 42 cts vs loss 23 cts
Net profit 5,529,000 vs loss 2,219,000
Revs 152.2 mln vs 139.6 mln
Avg shrs 13.3 mln vs 9,489,000
NOTE: Current year net both periods includes 1,800,000 dlr
gain from sale of property.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtr ended Jan 31
Shr 48 cts vs 38 cts
Net 1,171,000 vs 794,000
Revs 15.6 mln vs 14.0 mln
Year
Shr 85 cts vs eight cts
Net 1,831,000 vs 266,000
Revs 50.4 mln vs 46.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Quaker State Oil Refining Corp
said it signed a 100 mln dlr revolving credit and term loan
agreement with a group of six banks, for which Mellon Bank N.A.
is agent.
The four-year arrangement has an additional four-year term
loan amortization agreement, Quaker said.
Quaker said the credit line will be used to finance
expansion plans. Quaker's total capital spending program for
1987 is expected to exceed 125 mln dlrs, it said. In 1986, the
company's capital spending totaled 71.0 mln dlrs.
Quaker also said costs of new store openings and new
product introductions will depress earnings in the first half.
For the first half of 1986, Quaker reported net income of 26.0
mln dlrs on sales of 473.5 mln dlrs.
In the first two months, Quaker opened about 25 new stores.
It said it expects to add 150 Minit-Lube fast lubrication
service centers in 1987 at a cost of 75 mln dlrs.
The company said it is optimistic it will recover in the
second half and report higher earnings for full year fiscal
1987. The company reported net income of 50.3 mln dlrs on sales
of 899.1 mln dlrs for 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The European Community Commission has
decided to abolish a special tax of eight Ecus per tonne
imposed on exports of Spanish maize, Commission sources said.
They said the tax, which applies to Spanish sales to EC and
non-EC countries alike, would no longer be required on exports
from Spanish ports south of Valencia.
The decision was taken at a meeting of the authority's
cereals management committee today.
The tax had been introduced last September at the same time
as a subsidy of eight Ecus per tonne was brought in for exports
of maize to Spain from other EC member countries.
The aim of the tax was to prevent the maize imported into
Spain from the other EC states with the help of subsidies from
being reexported back to them.
The sources added that Spain had received no answer from
the committee to its request that tenders be opened for the
sale to third countries of 450,000 tonnes of maize.
The request will be considered at the committee's next
meeting, the commission sources said.
Madrid estimates that it needs to import 1.7 mln tonnes of
maize this year, while an EC-U.S. accord guarantees non-EC
producer sales to Spain of two mln tonnes of maize and 300,000
tonnes of sorghum annually for the next four years.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
Great American Management and
Investment Inc said its 80 pct-owned subsidiary agreed to buy
certain assets of two subsidiaries of Standard Oil Co, for 40
mln dlrs and the assumption of certain liabilities.
Great American Industrial Group Inc agreed to acquire all
the U.S. and United Kingdom assets of Pfaudler Co and the stock
of certain Brazilian, Mexican, and West German subsidiaries of
Kennecott Mining Corp, it said. Pfaudler and Kennecott are
subsidiaries of Standard Oil.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Oper shr three cts vs three cts
Oper net 511,000 vs 550,000
Revs 19.7 mln vs 17.7 mln
Avg shrs 15,777,000 vs 16,074,000
NOTE: Earnings exclude gains from utilization of tax loss
caryforwards of 398,000 dlrs, or three cts a share vs 455,000
dlrs, or three cts a share
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
|
To-Fitness Inc said it
has been named exclusive Florida distributor for the hardpack
version of the frozen dessert Tofutti by Tofutti Brands Inc
<TOF>, replacing Pillsbury Co's <PSY> Haagen Dazs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
First Financial Management corp said it
has offered to acquire Comdata Network Inc for 18 dlrs per
share in cash and stock, or a total of about 342.7 mln dlrs.
The company said for each Comdata share it would exchange
half a First Data share and enough cash to bring the total
value up to 18 dlrs per share, provided that the market price
of First Financial stock were not less than 28 dlrs per share.
It said the cash payment would be based on the average
market price of First Financial during a period shortly before
closing.
First Financial said it would not pursue the offer if
Comdata's board rejected it. Comdata has already agreed to be
acquired by a partnership for either 15 dlrs a share in cash or
at least 10 dlrs in cash and uniuts of securities.
The partnership that made the first offer for Comdata was
Welsh, Carson, Anderson and Stowe. Comdata had previously
entered into an agreement, which collapsed, for a repurchase of
six mln shares at 14.50 dlrs each and for the sale of one mln
shares by a director to <Mason Best Co>. Mason Best already
owns 1,800,000 Comdata shares.
A group led by <Rosewood Financial Inc> has also disclosed
ownership of 6.2 pct of Comdata's 19.0 mln shares outstanding
and said it might seek to increase its interest to over 15 pct.
The company said Comdata shareholder approval would also be
required for its proposal.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
POP Radio Corp said it has signed a
seven-year agreement to provide Rite Aid Corp with in-store
customized disc jocky-hosted radio programs, resulting in an
increase of more than 50 pct in the total number of stores POP
now has under contract.
Value was not disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtly div 22 cts vs 22 cts previously
Pay April 15
Record March 31
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Nynex Corp said it is raising its
quarterly dividend to 95 cts from 87 cts payable May 1, 1987,
to shareholders of record March 31.
The company said this was the third consecutive year it has
raised its quarterly cash dividend. It added it had a
two-for-one stock split in May 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Vulcan Corp said it was
discontinuing its efforts to negotiate a purchase of the common
stock of Jones and Vining Inc.
On February 6, Vulcan, a Cincinnati maker of shoe lasts and
other products, offered five dlrs a share for all of Jones and
Vining common, subject to certain conditions.
Vulcan said it is dropping the proposal because it believes
subsequent actions by Jones and Vining are hostile and Vulcan
is only interested in a friendly transaction.
Jones and Vining makes shoe lasts and shoe components. It
has about 3.7 mln shares outstanding.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Tempo Enterprises Inc said it
signed a letter of intent to sell seven cable television
systems, representing about 5,000 subscribers, to <Eagle
Cable>.
Terms of the acquisition were not disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Erbamont N.V. said its major
shareholder <Montedison SpA>, which owns 85 pct of its common,
and Farmitalia Carlo Erba, its 75 pct owned subsidiary, have
acquired <Antibioticos S.A.> and related subsidiaries.
Terms of the acquisition were not disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The "cross field allowance" relief on
Petroleum Revenue Tax (PRT) announced by U.K. Chancellor of the
Exchequer Nigel Lawson this week will favour smaller non-PRT
paying fields, according to stockbrokers Wood Mackenzie and Co.
The cross field allowance offsets up to 10 pct of
qualifying spending on a new oil field against PRT liability of
other fields. It is restricted to new offshore developments
outside the southern basin and yet to gain Annex B approval.
A report by the stockbrokers said that on a new field not
paying PRT due to its small size, the relief would directly
benefit in PRT saving on an existing field.
"The cross field allowance will mainly benefit participators
in those fields which have no PRT liability," the report said,
adding that the timing of development of such fields may be
advanced.
The government would in effect be subsidising these
developments at 7.5 pct of capital expenditure before
corporation tax, the report said.
On fields likely to pay PRT in the future, the benefit is
of timing. Although liabilities on other existing fields will
be reduced immediately, liabilities on larger new fields will
rise in the future due to the loss of offsets, it said.
In a study on probable fields, the report said that when
the rates of return are examined, the rise for a PRT-paying
field such as Miller, the largest undeveloped oil field in the
U.K. North Sea, is from 18.7 to 19 pct, while the rise for a
small non-PRT paying field such as Kittiwake is 15.9 to 17.9
pct.
The report added that in fields which pay PRT, there will
be a cost in being able to have this early relief. Not only
will these costs be unavailable for offset against the field's
future profits, but uplift of some 35 pct on these costs will
be lost.
Thus, a saving of PRT of 100 when field development starts
will have to be matched by a rise in PRT of 135 at a later
time.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Alden Electronics Inc said
its board declared an annual dividend of 15 cts per share on
Class A and B common stock, down from 25 cts last year due to
an expected drop in earnings for the year ended March 28.
The dividend is payable April 15 to holders of record on
April 3.
Alden earned 1,357,000 dlrs last year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr loss two cts vs profit 14 cts
Net loss 2,515,000 vs profit 28,569,000
Sales 1.41 billion vs 885.2 mln
Avg shrs 239.2 mln vs 104.4 mln
Year
Shr profit 33 cts vs profit 47 cts
Net profit 83,750,000 vs profit 76,130,000
Sales 4.77 billion vs 2.81 billion
Avg shrs 198.8 mln vs 98.3 mln
Note: Current qtr and year figures include gains on
securities sales of 3.9 mln dlrs and 38 mln dlrs, respectively.
Prior qtr and year figures include gain on securities sales
of 3.9 mln dlrs.
Current qtr and year figures include extraordinary loss of
6.9 mn dlrs and gain of 9.9 mln dlrs, respectively.
Prior qtr and year figures include operating loss
carryforward gains of 7.6 mln dlrs and 35.5 mln dlrs,
respectively.
Prior qtr and year figures include gains from discontinued
operations of 6.6 mln dlrs and 12.6 mln dlrs, respectively.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
<Azure Ventures Ltd> said it
signed a letter of intent to acquire John Paul Richards and
Associates Inc.
The company said if the merger is approved by shareholders
of both companies, the shareholders of John Paul Richards would
become majority shareholders, owning 60 pct of the common
stock, of the new public company.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Scott and Stringfellow Financial
Inc said it declared its first quarterly dividend of three
cents per share payable April 15 to shareholders of record
April one.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Texas Commerce Bancshares Inc said that
relatively stable oil prices and the bank's planned merger with
Chemical New York Corp <CHL> would help 1987 earnings increase
from last year's profits of 20 mln dlrs.
Texas Commerce chairman Ben Love, in an interview with
Reuters, did not elaborate on how much the bank expected
earnings to increase.
"We would anticipate that this year would be an improvement
over last because we are stronger," Love said, referring to
Texas Commerce's pending 1.19 billion dlr merger with Chemical.
The merger, which may be finalized as early as May 1, will
lower Texas Commerce's cost of funding by an estimated 10 to 15
basis points, Love said.
The Texas Commerce-Chemical merger is the only acquisition
by a major out-of-state bank since Texas lawmakers approved
interstate banking effective January 1.
Hard-hit by loan losses in energy and real estate in Texas'
struggling economy, the only major Texas banks able to report
profits in 1986 were Texas Commerce and RepublicBank which
earned 54.0 mln dlrs. Allied Bancshares Inc <ALBN> lost 17.6
mln dlrs, MCorp <M> lost 82.1 mln dlrs, InterFirst lost 326.5
mln dlrs and First City Bancorporation <FBT>, which is actively
seeking a merger or other form of new capital, lost 402.0 mln
dlrs.
Love said Texas Commerce had turned the corner on its
energy loan portfolio problems, but added that the bank's
nonperforming real estate loans may increase during 1987.
"I think the tidal wave in energy has passed over us," he
said. "The fact that the real estate market is still moving
away suggests there could be some continuing growth of
nonperforming loans."
In 1986, about 42 pct of Texas Commerce's net loan losses
related to real estate lending and 13 pct was due to energy
loan losses. That compares to 1985 when only 17 pct of the
bank's losses were in real estate and energy accounted for 43
pct.
More than half of Texas Commerce's nonperforming loans,
which totaled 968 mln dlrs at yearend 1986, up from 840 mln
dlrs the year before, were in real estate.
Love said he believed the real estate loan problems for
Texas Commerce and other major state banks would peak by the
third or fourth quarter of 1987. Absorption of empty office
buildings in Houston, which has a current vacancy rate of about
30 pct, will be a gradual process that could take up to four
years, he said.
"I think we may be beginning to stabilize this economy. Oil
at 18 dlrs a barrel brings much more confidence than 10 dlrs a
barrel," he said.
Texas Commerce will retain its name as a separate
subsidiary of Chemical and plans to aggressively expand its
holdings throughout Texas, offering additional products to
build up its consumer banking business, Love said. "We are
resuming what we did best for years -- an offensive position,"
he said.
In January, Texas Commerce acquired a failed bank in
Montgomery County, adjacent to the Houston metropolitan area,
and earlier this month opened a new bank in San Antonio. Texas
Commerce plans to add more banks in San Antonio and in the
Dallas-Fort Worth area where it currently has only 16 member
banks, he said.
One day after the Texas Commerce acquisition was announced
in December, InterFirst Corp <IFC> and RepublicBank Corp <RPT>,
both headquartered in Dallas, agreed to merge in a deal valued
at 570 mln dlrs.
The combination of former archrivals RepublicBank and
InterFirst, giving the two banks a virtual lock on the Dallas
banking market, has not changed Texas Commerce's expansion
plans for the state's second-largest city, Love said. "We think
we can try to get a little part of their roost," he said.
The Chemical partnership will also give Texas Commerce an
edge in developing new consumer products, he said.
"We have always been a wholesale bank but we have more than
one million customers all over the state. Chemical will show us
how to take advantage of enhancing our consumer products," he
said, referring to expansion of such existing products as
credit cards and investment banking.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Odyssey Filmpartners Ltd
said is terminated discussions to acquire <United Color Labs>,
pursuant to a Jan 27 letter of intent for it to buy the company
for stock and cash.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Beryl Sprinkel, chairman of
the president's council of economic advisors, said stronger
domestic demand growth in Japan and Western Europe is needed to
help stimulate U.S. exports without having to rely on futher
dollar declines.
"Stronger domestic demand growth in the major foreign
industrial countries is needed to engender the much needed
expansion of U.S. export markets without having to rely on
further dollar depreciation," he told the Futures Industry
Association.
Sprinkel said the recent recovery of domestic demand in
Japan and Europe has been one of the weakest in the post-war
period.
"Stronger domestic demand growth in the major industrial
countries would help give balance to the current world
recovery," he said.
Asked if Japan was not living up to commitments made last
month to trading partners, he said recent figures showed
Japan's economy grew by about 0.5 pct in the fourth quarter of
1986, "Not enough to sustain employment growth."
However, Sprinkel said Japan had not reneged on its pledges
and was moving toward more stimulative policies, including tax
reform. "I suspect there will be further moves," he said.
Sprinkel repeated his call for further cuts in U.S.
government spending and for resistance to tax increases.
"Reducing the federal government budget deficit by
expenditure restraint is needed to preserve the low marginal
tax rates achieved by tax reform," he said, adding that "a vote
to increase to government expenditures is a vote against tax
reform."
Sprinkel said the fall of the dollar had substantially
restored U.S. cost competitiveness and that the deterioration
of the U.S. trade balance appeared to have abated.
However, he said that "sole reliance on dollar depreciation
to reduce our trade deficit is not desirable," as it risks
inflation in the United States and recession abroad.
"I am confident that further improvements in our trade
performance will contribute significantly to growth in 1987," he
said. Improvements in the U.S. trade balance, he said, will
come about largely from a swing in manufactures trade and
present "serious adjustment problems for U.S. trading partners."
Western Europe, where manufactures output and employment
have been weak, promises to be especially hard hit by the
improvement in the U.S. trade balance, Sprinkel said.
He defended flexible exchange rates saying wide swings in
rates were not a fault of the system but of the undesirable
policies that produced them.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
1,
0
] |
Brown Transport Co said it expects to
report record 1987 results with revenues increasing to 214 mln
dlrs and earnings per share between 1.25 dlrs and 1.30 dlrs.
Brown reported 1986 net income of 1.05 dlrs per share, or
5.45 mln dlrs, on revenues of 191.7 mln dlrs.
Last week the company declared an initial quarterly
dividend of four cts.
the company said it will begin paying a regular quarterly
dividend in the second quarter but the board has not yet
determined the exact amount.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Bombay Palace Restaurants Inc, with its
emphasis on location and low food costs, expects its 1987 sales
to increase 150 pct to about 22 mln dlrs from about 8.5 mln
dlrs in 1986, according to President Sant S. Chatwal.
Chatwal told members of the Dallas financial community at
a lunchtime briefing, "we go for prime locations everywhere and
make sure our leases are very favorable."
As previously announced, the company expects to report
1986 earnings of about 700,000 dlrs, or 31 to 33 cts a share,
on revenues of 8.5 mln dlrs. Chatwal said the final figures
would be released in about two days.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
AmeriTrust Corp said its board
proposed a two-for-one split of its common, subject to
stockholder approval at its May 14 annumal meeting.
The company also said it intends to recommend an increase
in its annual regular dividend to at least two dlrs per share
before the split, beginning with the May dividend. The current
annual payout is 1.76 dlr per share.
AmeriTrust currently has about 20.9 mln shares outstanding
with 25 mln authorized shares. It said shareholders will be
asked to approve an increase in authorized common to 100 mln
shares.
Ameritrust also said it will submit for shareholder
approval an amendment to the company's charter regarding
liability and indemnification of directors and a recommendation
to create a classified board.
AmeriTrust's total year-end assets were over 11.1 billion
dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 12 cts vs 10 cts previously
Pay May 11
Record April 10
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
United Jersey Banks said it
plans to merge two of its southern New Jersey member banks into
one 704 mln dlr organization.
It said United Jersey Bank/Fidelity Bank, based in
Pennsauken, will be merged into United Jersey Bank/South in
order to improve customer service and maximize efficiency
throughout the southern New Jersey markets.
Raymond Silverstein, currently chairman of the board of
United Jersey Bank/Fidelity, will be chairman of the merged
bank, the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
|
Qtr ends Jan 31
Shr loss 38 cts vs loss 60 cts
Net loss 1,388,000 vs 2,181,000
Revs 8,199,000 vs 6,668,000
NOTE: 1987 qtr includes tax gain 964,000 for insurance
claims.
1987 qtr also includes non-recurring expense 150,000 for
discontinued operations and consolidation of four distribution
service centers.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
|
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
|
American Express Co's plan to sell a
stake in its Shearson Lehman Brothers is believed to be a
prelude to a public offering of shares in the brokerage unit,
analysts said.
American Express earlier said it has a general
understanding with Nippon Life Insurance Co of Japan to sell a
13 pct interest in Shearson for 530 mln dlrs.
The statement triggered a rise in other brokerage stocks,
as investors speculated on the possibility of more investment
in the U.S. brokerage industry by Japanese concerns.
The stocks of brokerage firms also climbed in response to
the relatively high value Nippon put on its stake in the U.S.
firm. Analysts said the 530 mln dlrs for 13 pct represents a
price of 2.7 times book value.
Perrin Long of Lipper analytical said the brokerage stocks,
depressed somewhat by the dark cloud of the U.S. insider
trading scandal, closed out February at a market value of 1.8
times book value.
American Express was trading today at 78-1/4, off 3/8. For
the last several weeks, the stock has been strong on rumors of
a spinoff of part of Shearson.
Analysts said American Express and its Shearson unit will
benefit from the doors Nippon Life can open to the increasingly
important Tokyo financial markets.
"I think this, in all honesty, is a preliminary step," said
Long.
"What you will see probably in the future is American
Express selling an additional 17 pct in the public market and
have a public vehicle for Shearson," Long said.
"Normally, investors do not make a major capital commitment
into an illiquid situation," he said of Nippon.
Some analysts previously speculated a 20 pct stake in
Shearson might be sold to the public. They said the firm, like
other investment banks, needs capital to expand globally.
American express has said the total employees of shearson
will expand by 20 pct in 1987 internationally. However, that
number is substantially lower than growth last year, a company
spokesman said.
American Express officials would not comment beyond a
statement made this morning. That statement, however, did not
close off the possibility of a public offering or other option
for Shearson.
David Anthony, a Smith Barney analyst, said it is possible
Shearson would be partially sold to the public. But he believes
the firm will digest the Nippon investment first.
"I think they'll figure out what they're going to do with
the money they have," he said.
Joan Goodman, an analyst with Pershing and Co, also said
American Express could determine to sell shares to the public.
In its statement, the financial services giant said it is
continuing to study various plans for Shearson in addition to
the investment by Nippon.
American Express said options under study range from
expanding Shearson's capacity to meet international competition
to broadening its access to capital.
American Express also said the options reflect the
continuing integral role of Shearson in American Express'
worldwide financial services strategy.
Shearson follows Goldman, Sachs and Co in finding a
Japanese partner. Goldman last year sold a 12.5 pct stake to
Sumitomo Bank in exchange for a 500 mln dlr capital infusion.
Analysts speculated there will be more such matches.
"Those (U.S. brokers) companies have the expertise. They
don't have the money. There's just not enough internal capital
growth," said Wertheim analyst James Hanbury, who follows other
U.S. brokerage companies.
Hanbury said some Japanese companies, flush with cash, are
interested in the expertise of American brokers. "Those
(Japanese) companies have the capital and our companies have
the capital needs and the growth opportunities to use the
money. That's a nice marriage," he said.
Morgan Stanley and Co <MS> rose 4-1/4 to 74-7/8. First
Boston Corp <FBC> was up one to 51-1/4. E.F. Hutton Group <EFH>
rose 1-1/4 to 41-1/8, and PaineWebber Group <PWJ> climbed 7/8
to 37-3/4. Merrill Lynch and Co, recommended today by a
PaineWebber analyst, rose 2-5/8 to 45-3/8.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Liberalization of Italy's foreign exchange
controls should be "gradual" but also "reasonably rapid," a report
issued by a study committee nominated by the Italian Treasury
Ministry said.
The report, looking at the country's financial development
prospects, said Italy's large public sector deficit and growing
public debt were among the considerations that made a gradual
liberalization preferable.
The report also favoured retention of the lira's six pct
oscillation band with the European Monetary System (EMS) during
the liberalization process in order to lessen short-term
domestic interest rate fluctuations which could result from
portfolio adjustments.
The lira's fluctuation margin is currently significantly
higher than that allowed for other EMS currencies.
Italy has over recent months announced a series of
deregulation moves in response to a European Community
directive aimed at creating a genuine common market in goods,
services and finance by 1992.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
The U.S. Agriculture Department said
private U.S. exporters reported new sales of 900,000 tonnes of
corn to the Soviet Union and 350,000 tonnes of corn switched
from previously announced unknown destinations to the USSR.
The corn is for delivery during the 1986/87 marketing year
and under the fourth year of the U.S.-USSR Long Term Grain
Supply Agreement, the USDA said.
The department said exporters also reported corn sales of
143,000 tonnes for delivery to Taiwan, with 56,000 tonnes for
shipment in the 1986/87 season and the balance for shipment in
the 1987/88 year.
The marketing year for corn began September 1.
Sales of corn to the USSR for delivery during the fourth
year of the agreement, which ends this September 30, now total
2.25 mln tonnes.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
Shr profit two cts vs profit two cts
Net profit 216,000 vs profit 265,000
Revs 1,661,000 vs 1,376,000
12 mths
Shr profit four cts vs loss two cts
Net profit 528,000 vs loss 290,000
Revs 5,881,000 vs 5,541,000
NOTE: full name of company is pension insurance group of
america inc.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr loss 4.95 dlrs vs loss 75 cts
Net loss 48.2 mln vs loss 4,644,000
Revs 133.4 mln vs 135.6 mln
12 mths
Shr loss 6.28 dlrs vs profit 2.48 dlrs
Net loss 67.6 mln vs profit 25.7 mln
Revs 638.9 mln vs 573.1 mln
Avg shrs 10,771,260 vs 10,355,728
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Ambassador Financial Group Inc
said its Ambassador Real Estate Equities Corp, agreed to buy
Heritage Quality Construction Co Inc.
Ambassador said its unit would purchase 100 pct of
Heritage's stock for an initial payment of approximately
500,000 dlrs and subsequent payments in cash over a five-year
period equal to 50 pct of the net after-tax profit of Heritage.
If the acquisition is consummated, Ambassador said it
agreed to contribute 250,000 dlrs to the existing capital of
Heritage.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
ended January 31
Shr profit two cts vs loss one ct
Net profit 130,000 vs loss 46,000
Sales 5,042,000 vs nil
Note: 1987 includes gain of 112,000 dlrs from sale.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtrly div 30 cts vs 30 cts prior
Pay April 30
Record April 3
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Amoco Corp's petroleum liquids reserves
total 2.42 billion barrels at the end of 1986, down from 2.77
billion a year earlier, but its natural gas reserves increased
to 15.37 trillion cubic feet from 15.14 trillion, the company's
annual report said.
It said the drop in crude oil and natural gas liquid
reserves reflected downward revisions of previous estimates
caused by the sharp drop in oil prices last year. This
accounted for 178 mln barrels of a worldwide downward revision
of 188 mln barrels, with 158 mln barrels of the total revision
occurring in the United States, the report said.
Amoco said there were upward revisions in the size of its
worldwide gas reserves totalling 404 billion cubic feet last
year, while it discovered 568 billion cubic feet and purchased
298 billion cubic feet of reserves.
Production of one trillion cubic feet offset much of these
gains, the report said.
All of the gas reserve purchases, as well as all of the 14
mln barrels of oil reserves bought in 1986, were in the United
States, Amoco said, noting it has spent 1.1 billion dlrs to
acquire U.S. producing properties over the past three years.
Commenting on 1987, Amoco said acquisitions "will be an
integral part of our strategy, should reserves become available
at attractive prices."
The company said it expects "the marketing climate for
natural gas to improve in 1987, which should provide the
opportunity for Amoco to expand sales. As prices and demand
improve, we are poised to accelerate capital spending on our
inventory of attractive opportunities."
Amoco previously announced a 1987 capital spending budget
of 3.2 billion dlrs. Such spending totaled 3.18 billion dlrs
last year, down from 5.31 billion in 1985.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Caisse de depot et placement du
Quebec, the government agency which manages the province's
pension funds, said its investment portfolio earned a net
profit of almost three billion Canadian dlrs in 1986, an
increase of 300 mln dlrs over 1985.
The agency said in its annual statement that it had assets
with a total book value of 25 billion dlrs, or a market value
of 28 billion dlrs, at the end of 1986.
These holdings had a rate of return of 13.5 pct in the
year, which was below the Caisse's average return of 16 pct in
the past four years and 14.2 pct in the past eight years.
The Caisse said foreign equity investments represented 3.6
pct of total assets, while U.S. government securities accounted
for another 5.2 pct of the overall portfolio.
The agency's holding of U.S. government securities yielded
a return of 20.7 pct for the year, significantly more than
either the 14.1 pct earned on the total bond portfolio or the
13.5 pct for all funds under management.
"These high liquidity securities, which are held on a
temporary basis and for purposes of strategy and the protection
of the overall bond portfolio, have been efficient," the agency
said of the U.S. securities.
The agency said it has 7.9 billion dlrs invested in
Canadian private sector businesses after channeling 965 mln
dlrs of new funds into this area in 1986.
The Caisse said it acquired 825 mln of new Government of
Quebec bonds and 342 mln dlrs of new securities from other
Quebec government issuers during the year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Asea Group, the diversified industrial
concern based in Vasteras, Sweden, said it expects 1987
earnings, after financial income and expense, to be flat
compared with 1986, when it earned 2.53 billion Swedish crowns,
or 371.1 mln dlrs.
A company spokesman said 1986 results were boosted
significantly by the booking of two large orders for nuclear
power plants.
This gain, he said, will be balanced in 1987 by a return to
profitability by Asea's power transmission segment, which had a
loss of 183 mln crowns, or 26.9 mln dlrs, last year.
Currency conversions were made at 6.81 crowns to the dlr.
The spokesman said the company has built up a strong
backlog of orders that will contribute to earnings in 1988 and
beyond.
At yearend 1986, Asea's order backlog stood at 32.7 billion
crowns, or 4.8 billion dlrs, up from 30.9 billion, or 4.5
billion dlrs, at the end of 1985.
Asea has operations in power generation and transmission,
transportation equipment, pollution control and robotics.
Total sales in 1986 were 46 billion crowns, or 6.8 billion
dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.