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<Canada Northwest Energy Ltd>
said it reached agreement in principle to sell one mln
preferred shares by way of private placement to raise 32.5 mln
dlrs for oil and gas exploration.
The 5.4 pct cumulative redeemable convertible series D
preferred shares will be flow-through shares entitling holders
to tax deductions not claimed by the company.
The shares will be convertible anytime after issue into
common shares at an equivalent conversion price of 32.50 dlrs a
share. After one year, they will be redeemable at any time by
the company at 25 dlrs a share plus accrued dividends.
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Indian and Australian businessmen
signed a memorandum of understanding to boost two-way trade and
joint industrial ventures in both countries, spokesmen of the
Indo-Australia Business Council told reporters.
The Indian Council said it hoped India's exports to
Australia would improve in the next few months and reduce the
trade balance which is heavily in Australia's favour.
In 1986 Australia sold 428 mln Australian dlrs' worth of
goods, including steel and coking coal, to India and bought
170.5 mln worth of items, including cotton textiles, from India.
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Strong south-easterly winds were
keeping many vessels trapped in the ice off the Finnish and
Swedish coasts in one of the worst icy periods in the Baltic
for many years, the Finnish Board of Navigation said.
In Finland and Sweden up to 50 vessels were reported to be
stuck in the ice, and even the largest of the assisting
icebreakers were having difficulties in breaking through to the
stranded ships, coastguard officials said.
However, icy conditions in the southern Baltic at the
Soviet oil ports of Ventspils and Klaipeda had eased, they said.
Weather officials in neighbouring Sweden said the icy
conditions in the Baltic were the worst for 30 years, with
ships fighting a losing battle to keep moving.
In the coastal stretches of the Gulf of Bothnia, which
divides Finland and Sweden, the ice is up to one metre thick,
with drifts and currents packing it into almost impenetrable
walls three metres high, Swedish coastguard officials said.
Weather forecasts say winds may ease during the weekend but
a further drop in temperature could bring shipping to a
standstill, the officials said.
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The European Community (EC) and
Soviet-led Comecon ended talks here, having made progress on
setting up formal trade relations, but no breakthrough because
of Comecon's refusal to recognise West Berlin as part of the
EC, delegates said.
Negotiators were trying to reach agreement on the draft of
a joint declaration setting up official relations after 30
years of mutual non-recognition. John Maslen, head of the EC
delegation, told Reuters as he emerged from the final session:
"We made some progress, but we have called for another meeting."
Officials, who asked not to be named, said the Comecon team
had refused to accept a clause in the draft declaration which
would recognise West Berlin as part of the 12-nation EC.
Under the 1957 Treaty of Rome all contracts and agreements
signed by the Community must contain this territorial clause
stipulating West Berlin is an integral part of the EC. An EC
negotiator taking part in the three-day talks said: "We wanted
the territorial clause in, but Comecon said no."
A joint statement issued after the talks said progress was
made towards clarifying positions, but another meeting would be
necessary to complete the work.
Any decision in principle to set up relations would require
approval by the Community's Council of Ministers and by the
executive committee of Comecon.
Zdzislaw Kuroski, deputy director of Comecon, who heads the
East bloc delegation, told Reuters ahead of today's session: "We
have narrowed our differences on a range of questions, but not
on all questions."
Asked whether Comecon would accept EC insistence that any
joint declaration stipulate West Berlin as part of the
Community, he replied: "This question is not contained in the
draft which our side presented."
West German diplomats said they would insist on including
the clause on West Berlin in any EC-Comecon agreement.
The talks followed an earlier round between the two trading
blocs here last September and the first-ever direct talks
between the EC and the Soviet Union on establishing diplomatic
relations in January.
The EC trades with individual Comecon member states despite
non-recognition of Comecon. Last year, the EC had a five
billion dlr trade deficit with East European states, about half
the deficit of the previous year, due to a drop in the price of
Soviet oil imported by the EC.
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Ohio Edison Co said it has
completed the sale and leaseback of 30 pct of its 30 pct
interest in Unit One of the Perry Nuclear Power Plant,
receiving 509 mln dlrs for the interest.
The utility said the share of its interest in the 1,205
megawatt generating plant was sold to a group of institutional
investors which leased it back to the company for a period of
about 29 years at a negotiated lease payment rate.
Ohio Edison said the proceeds will be used to finance the
rest of its 1987 construction program and repay bank loans
incurred for the retirement of high-interest long-term debt.
Ohio Edison did not detail the lease payments, but it said
the "payments will reduce the amount of revenue the company
will need to cover our investment in Perry, which translates
into savings for our customers."
The utility said it projects the financing could reduce the
amount of annual revenue needed by about 20 mln dlrs. It plans
on filing a rate application with the Public Utilities
Commission of Ohio to recover the Perry costs later this year.
It said the sale and leaseback was attractive to the
investors because they could take quicker advantage of tax
benefits than the utility could.
Reuter
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Stanley Interiors Corp said
its first quarter shipments and operating income were lower
than expected due to snowstorms in January and February that
forced the closing of some of its manufacturing facilities for
up to six days.
Stanley said, however, that any reduction in first quarter
operating income will be offset by reduced interest expense and
that first quarter net income will be about flat with first
quarter 1986 net income of 14 cts a share, or 286,000 dlrs.
Stanely also said the first quarter's sales losses would be
made up by shipments in the second quarter.
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Trans World Airlines Inc said it
reached an agreement yesterday in federal court with USAir
Group Inc that prevents TWA from buying additional shares of
USAir.
Under the agreement, TWA, which holds about 15 pct of USAir
stock, will not buy more USAir shares before April 23 and will
not do so after that date without giving 14 days notice to
USAir.
TWA also agreed that it would not knowingly and willingly
interfere with the consummation of the merger between USAir and
Piedmont Aviation Inc <PIE>.
TWA said the court agreement confirms previous
announcements by the company, in filings with the Securities
and Exchange Commission, that it does not presently intend to
seek control of USAir or to acquire additional common stock.
As a result of the agreement, the court removed a previous
temporary restraining order against TWA, the company said.
TWA and USAir have also agreed that all litigation between
them in Pittsburgh and Delaware will be stayed until April 23.
TWA said the agreement does not prevent it from commenting to
regulatory agencies on the USAir, Piedmont merger.
In a separate statement, USAir said the agreement also
included a provision that all USAir shares currently owned by
TWA and its chairman, Carl Icahn, will be voted through a
voting trust in proportion to the votes of other shares not
controlled by TWA or Icahn.
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The Bank of England said it had given
the money market a further 186 mln stg assistance in the
afternoon session. This brings the Bank's total help so far
today to 945 mln stg and compares with its revised forecast of
a one billion stg deficit.
The central bank bought bank bills outright comprising 51
mln stg in band one at 9-7/8 pct and 135 mln stg in band two at
9-13/16 pct.
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Mthly div 16-1/2 cts vs 16-1/2 cts prior
Pay May 15
Record March 31
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American Motors Corp's board of
directors is meeting this morning in New York to consider
Chrysler Corp's <C> 1.5 billion dlr takeover offer, an American
Motors spokesman said.
The spokesman reiterated statements made earlier in the
week that the regularly scheduled meeting was being held.
The spokesman would not comment on recurring speculation
that the board might receive a higher offer from Chrysler.
Analysts have said the fact that American Motors' stock has
remained above the four dlrs a share Chrysler offer could lead
the larger company to raise its bid.
The American Motors spokesman said he had not seen any
indication that a higher offer would be received from Chrysler,
although he added, "I don't know what the conversation is in
the meeting."
He repeated statements made earlier in the week by the
automaker that today's meeting will probably not result in a
final decision on the Chrysler bid.
"The board first apprised the proposal on the 11th (of
March). I suspect there will be several more (meetings) after
this," the spokesman said.
The meeting is expected to go through early afternoon.
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Australian Treasurer Paul Keating said
he expects the country's 1986/87 current account deficit to be
one billion dlrs lower than the 14.7 billion forecast in the
August budget. Keating told a financiers' dinner that
February's 750 mln dlr deficit, against January's 1.23 billion,
was "in the groove" of the government's expectations.
"We will probably bring the current account this year under
14 billion, I think, which will probably be about a billion
dollars less than we forecast in the budget," Keating said. "I am
sure we will see a lower current account deficit for next year
... And a fall as proportion of GDP."
Australia posted a 13.82 billion dlr current account
deficit in 1985/86 and Keating said the latest monthly figures
showed an encouraging trend.
Keating said the government would maintain responsible
economic management regardless of whether it was drawn into an
election, because it would take time to stabilise Australia's
80 billion dlr foreign debt.
"We have to build the import competing sector back," he said.
"We are now trying to rebuild our capital structure. We are
trying to rebuild the culture of productivity and
manufacturing."
Keating said the foundation for a transition of the economy
had been laid with the floating of the Australian dollar and
continued with wage restraint and deregulation.
The Government would follow with spending cuts in its
economic statement on May 14, he said.
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Treasury Secretary James Baker said
in a newspaper interview that he supports the current course of
Federal Reserve Board monetary policy.
"The course of Fed policy is quite adequate as far as we are
concerned," Baker said in an interview with the New York Times.
In the interview, Baker declined to comment about the
recent Paris accord among the six leading industrialized
democracies when he was asked why the U.S. agreed to stabilize
the dollar at current levels when the trade deficit hit a
record level last year.
Baker said in the newspaper interview that it was "a subject
I prefer not to talk about."
He said that if he explained why the U.S. agreed to help
maintain the dollar at current levels "I would of necessity end
up getting into some of the private agreements that support
such and agreement" on the dollar.
Baker was optimistic about Brazil, which has stopped
interest payments on much of its outstanding debt with foreign
commercial banks.
"They are, after all, paying on time all the debt service
and principal on their official debts, having just rescheduled
with the Paris Club," Baker said in the newspaper interview.
Baker said that Brazilian repreentatives had explained they
intented to pay their commercial bank debts in full but needed
time.
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Universal Resources Corp said it
is holding a special shareholders meeting this morning to vote
on the previously-proposed merger between it and Questar Corp
<STR>.
Universal, whose stock was delayed this morning on the
American Stock Exchange, said it will release a statement later
in the day on the vote.
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Louisiana Pacific Corp has
agreed to pay 3,475,000 dlrs for the bankrupt Harris Pine
Sawmill in Pendleton, Ore., the mill's bankruptcy trustee said.
Louisiana Pacific refused to indicate whether it would
repoen the lumber mill which was closed after the sawmill owned
by the Seventh Day Adventist Church filed a bankruptcy petition
in Portland federal court in December.
The trustee said the company outbid WTD Industries Inc for
the lumber mill, harvested logs and contracts to harvest timber
in the national forest. It outbidhell bankruptcy trustee said.
Reuter
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<International Pagurian Corp Ltd> said
it had net profit of 3.3 mln dlrs or three cts a share for the
period August 15 to December 31, 1986, based on 55.2 mln shares
outstanding.
Revenues for the full year ended December 31, 1986 were 5.5
mln dlrs and net assets at year end were 317.5 mln dlrs.
The company did not disclose earnings for the 1986 period
before August 15 or prior year results. A company spokesman
said prior results were not comparable due to its August 15
issue of 30 mln common shares.
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Shr loss eight cts vs loss 20 cts
Net loss 469,000 vs loss 1,104,000
Revs 3,093,000 vs 3,056,000
Nine mths
Shr loss 19 cts vs loss 29 cts
Net loss 1,098,000 vs 1,646,000
Revs 9,562,000 vs 12.2 mln
Reuter
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First Federal Bank FSB said it has
entered into a letter of intent to merge into BankEast Corp for
60 dlrs per First Federal share in BankEast common stock.
First Federal said, subject to certain adjustments,
including First Federal's earnings prior to the close of the
deal, each share of its common stock shall not be converted
into less than 2.9 shares or more than 3.5 shares of BankEast
common.
First Federal said the proposed move is also subject to
execution of a definitive agreement, regulatory approval and
the approval of First Federal shareholders.
Reuter
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Illinois Tool Works Inc said it
completed the sale of its Drill and End Mill division, Pine
Bluff, Arkansas and Eclipse Counterbore division, Detroit, to
newly-formed Eclipse Industrial Pruducts Inc, based in St.
Louis. Terms were not disclosed.
All employees at both locations will be retained, it added.
Reuter
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Qtly div 2-1/2 cts vs 2-1/2 cts prior
Pay May One
Record April One
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Qtly div 10 cts vs 10 cts prior
Pay April 15
Record March 30
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Gulf Canada Corp said a
discharge of material at its Amauligak drilling site in the
Beaufort Sea caused no danger to the environment.
Yesterday, the federal department of energy charged Gulf
Canada with eight counts of illegal dumping for discharging
powdered cement and drilling mud between September 23 and 30
last year.
The charges carry a maximum 50,000 dlr fine on each count.
Gulf said the government's charges relate to discharging
materials without a permit, not to environmental damage
resulting from the action.
Gulf said it voluntarily informed appropriate government
officials when the material was discharged.
The company also said none of the material was discharged
within 12 miles of the closest shoreline. It added that one of
the materials cited, barite, is a naturally occurring mineral
routinely discharged into the sea during drilling operations.
Reuter
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Year to September 30, 1986
Domestic group net profit 69.9 mln marks vs 61.4 mln.
Parent net profit 53.6 mln vs 43.8 mln.
Dividend six marks vs same.
Parent payment to disclosed reserves 20 mln vs 15 mln.
REUTER
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Pubco Corp said its board declared a
dividend distribution of one common stock purchase right on
each outstanding share of Pubco's common stock.
It said each right will entitle shareholders to buy one
share of common stock at an exercise price of three dlrs.
The rights will be exercisable only if a person or group
acquires 20 pct or more of Pubco's common stock or announces a
tender which would result in ownership by a person or group of
20 pct or more of the common stock, the company said.
Pubco said it will be entitled to redeem the rights at 0.1
cts per right at any time before a 20 pct position has been
acquired and afterward in certain circumstances. It said the
exercise price will be substantially reduced in the event of an
acquisition of 25 pct or more of common stock.
If Pubco is acquired in a merger or other transaction, each
right will entitle its holder to purchase, at the right's
then-current exercise price, a number of the acquiring
company's common shares having a market value at that time of
twice the right's exercise price, the company said.
The dividend distribution will be made March 31, 1987,
payable to shareholders of record on that date. The rights will
expire ten years later on March 31, 1987, the company said.
Pubco said the rights are not being distributed in response
to any specific effort to change control of Pubco, and the
board is not aware of any such effort.
Reuter
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Tech Data Corp said its board
declared a three-for-two stock split, payable April 30 to
holders of record April 1.
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Vertex Industries Inc and
<Computer Transceiver Systems Inc> jointly announced an
agreement for Vertex to acquire a 60 pct interest in Computer
after it completes a proposed reorganization.
Computer has been in reorganization proceedings under
chapter 11 since September 1986.
The companies said the agreement would allow Computer's
unsecured creditors and debenture holders to receive new stock
in exchange for exsiting debt, and for shareholders to receive
one new share of Computer's stock for each four shares
previously held.
The companies said the United States Bankruptcy court for
the Southern District of New York has given preliminary
approval for the proposal, which is subject to formal approval
by Computer's creditors and the court.
Under the agreement, Vertex also said it would supply
Computer with 250,000 dlrs of operating funds, and arrange
renegotiation of its secured bank debt, among other things.
Reuter
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Rent-A-Center Inc said its
directors approved a three-for-two stock split payable April
20, record April 3.
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USACafes LP said its board declared a
quarterly dividend of 20 cts per unit -- its first since
converting to a limited partnership.
The company, as USACafes Inc, had paid a quarterly dividend
of nine cts per share.
It said the restructuring as a partnership has
substantially increased the cash available for distribution to
unitholders, as it had predicted.
Reuter
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<Cooper Canada Ltd> said it has
received takeover offers from "a number of companies."
The company also said that "discussions are continuing, but
no definitive arrangements have been made."
It gave no further details.
Reuter
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Grain analysts surveyed by the American
Soybean Association, ASA, projected acreage this year at 59.1
mln acres of soybeans and 64.7 mln acres of corn.
In 1986, farmers planted 61.5 mln acres of soybeans and
76.7 mln acres of corn, according to the February 9 USDA
supply/demand report. The USDA is to release its 1987 planting
intentions report March 31.
The survey included 15 soybean estimates and 13 corn
estimates and was released in the March 16 Soybean Update
newsletter sent to members.
Estimates ranged from 56.0 mln to 63.0 mln acres of
soybeans and 59.5 mln to 68.0 mln acres of corn.
An ASA spokesman said the association plans no survey of
farmers' planting intentions this year.
Reuter
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Mthly div 14.248 cts vs 4.912 cts prior
Pay April 10
Record March 31
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Illinois Regional Bancorp said
it is evaluating whether to affiliate with a larger bank
holding company or continue to remain independent.
The 500 mln dlr-asset bank holding company said that in
view of recent investor interest in suburban Chicago banks, it
retained Merrill Lynch Capital markets to advise it on its
alternatives.
Last year, Illinois Regional had discussions with
Milwaukee-based Marine Corp <MCRP> but no agreement was
reached, a company spokesman said.
Reuter
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Sheldahl Inc said its
directors approved a three-for-two stock split, payable April
24, record April 3.
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Qtly div 19 cts vs 19 cts prior
Pay April 15
Record April One
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The Bank of Finland said it has
started dealings in banks' certificates of deposits (CDs) with
immediate effect and that it was prepared to issue its own
paper to stimulate operations on the domestic money market.
Bank of Finland Governor Rolf Kullberg told a news
conference the Bank will also limit credits on the call money
market from March 30, 1987, by introducing a maximum credit
amount and a penalty rate if banks exceed this ceiling.
"The recent introduction of three-month money and these new
regulations are decreasing the role of the call money market
and the discount rate as monetary instruments," Kullberg said.
Bankers welcomed the central bank measures saying these
were needed to accelerate the domestic money market. The Bank
of Finland had never before been allowed to issue its own CDs,
they said.
"The central bank for the first time has an instrument with
which it really can influence the price of money in this
country," one banker said.
Under the new rules banks are limited to call money credits
to a maximum of 7.5 pct of the total of their equity capital
and cash reserves. A penalty rate of interest of 19 pct is now
introduced if the limit is exceeded.
Director Sixten Korkman at the Bank of Finland's monetary
department said he expected the bank to pursue an active policy
on the interbank market as an issuer of own-CDs.
"We are free to do it, so maybe on Monday we will issue the
first, just to see how the system functions. Overall I think we
will issue at least a few times a week," Korkman told Reuters.
He said the bank was likely to aim at CDs with a
three-month maturity at first as the market was best developed
for paper of that maturity.
The Bank of Finland introduced last December three-month
credits and deposits at rates determined by the central bank
and the commercial banks as a shift away from the traditional
overnight call money market.
Liquidity on the call credit market has fallen from around
nine billion markka in early December to 167 mln last week,
while three-month credits have risen to three to four billion.
On the interbank market there has been an increasing trade
in banks' CDs, estimated to be some eight billion markka. In
addition, commercial paper accounts for around five billion
markka and Treasury Bills two billion.
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Carteret Savings Bank said it
has completed the previously announced sale of six Virginia
branches to Charter Federal Savings and Loan Association
<CHFD>.
Carteret said it has opened a retail banking office in
Vienna, Va., as the next step in its move to build a strong
presence in the Washington, D.C., Baltimore, Md., area.
Carteret said the new bank has two offices outside
Baltimore, which were acquired last June when Carteret merged
with Admiral Builders Savings and Loan Association.
The company said it plans to open a retail banking office
in downtown Washington this summer, plus several more offices
in Baltimore County and others in Fairfax County, Va. Carteret
said it may open more loan offices in Virginia and Maryland.
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The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves indirectly via 1.5-2.0 billion dlrs of customer
repurchase agreements, economists said.
Federal funds, which averaged 6.06 pct yesterday, opened at
6-1/16 pct and remained there in early trading.
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The stock of McDonald's Corp rose
sharply this morning after analyst Daniel Lee of Drexel Burnham
Lambert Inc reiterated his recommendation of the stock, traders
said.
McDonald's, an operator of fast food restaurants, rose
1-5/8 to 77-3/8.
"Comparable store sales are up 5.6 pct in 1986 vs 1985,"
Lee said, "and the stock is trading below the market multiple."
He said "not many companies have a consistent 15 pct annual
earnings growth rate, return on equity above 20 pct, but trade
at less than the market multiple."
Analyst Lee said "the introduction of a new line of salads
this spring, at about the time we are all trying to squeeze
into bathing suits, should boost sales."
He also noted that "the average McDonald's does about 1.369
mln dlrs in revenues a year. That compares with 1.1 mln dlrs a
year for the average Burger King and 800,000 dlrs a year for
the average Wendy's." Since it cost about the same to build a
single store for any one of these chains, he said, "McDonald's
can well justify their expansion."
Lee expects McDonald's to earn 4.40 dlrs a share in 1986
and 5.15 dlrs in 1988. Last year it earned 3.72 dlrs a share.
Reuter
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0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Oper shr 14 cts vs four cts
Oper net 2,959,000 vs 1,103,000
Sales 22.5 mln vs 25.2 mln
Note: oper data does not include extraordinary gains of
3,686,000 dlrs, or 17 cts per shr, in current quarter and
975,000 dlrs, or eight cts per shr, in year ago quarter from
sales of certain marketable securities.
Reuter
| [
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American Federal Savings and Loan
Association of Colorado said its board cut the quarterly
dividend to 7-1/2 cts per share from 15 cts.
The dividend is payable April 14 to holders of record March
31.
The company said earnings will continue under pressure this
year due to the weakness of the Colorado economy and a high
level of nonearning assets.
Reuter
| [
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] |
Shr 4.50 dlrs vs 4.30 dlrs
Net 637.4 mln vs 588.5 mln
Revs 3.95 billion vs 4.10 billion
Avg shrs 141.7 mln vs 136.9 mln
Reuter
| [
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Shr 15 cts vs nine cts
Net 528,000 vs 374,000
Revs not given
Year
Shr 1.25 dlrs vs 42 cts
Net 2,853,000 vs 1,579,000
Revs 55.3 mln vs 46.8 mln
Note: shr after preferred dividends
Reuter
| [
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Enviropact Inc said it has signed a
letter of intent to acquire Willms Trucking Co Inc for about
12.5 mln dlrs, with completion expected in 45 days.
In the year ended September 30, Willms had revenues of
about 15 mln dlrs. It transports hazardous waste, sand and
gravel.
Reuter
| [
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0
] |
Oper shr loss 23 cts vs profit 16 cts
Oper loss 1,868,000 vs profit 1,293,000
Revs 183,000 vs 3,400,000
Note: Oper data does not include year ago extraordinary
gain of 750,000 dlrs, or nine cts per shr.
Reuter
| [
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Qtly div 20 cts vs 20 cts prior
Pay May 20
Record May Four
Reuter
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Companies will henceforth be able to own
stakes in banks, but these should not constitute a "dominant"
holding, an Italian government committee ruled.
The Interministerial Committee on Credit and Savings,
headed by Treasury Minister Giovanni Goria, said its decision
reflected the "need to safeguard the principle of separation
between banks and non-financial concerns."
It did not quantify what might constitute a "dominant"
holding.
The committee also set conditions for the allocation of
credits by banks to companies or individuals holding stakes in
them, and stipulates conditions under which the Bank of Italy
could exercise its powers of control in the case of stakes held
by banks in companies or other banks.
Under the ruling, credits given by banks or their
subsidiaries to groups or individuals holding five pct or more
of the bank's capital must not exceed defined limits.
The value of credits given cannot exceed either one-fifth
of the combined capital and reserves of the bank itself or
two-fifths of the value of the stake owned in the bank by the
group or individual concerned.
Exceptions to these conditions include credits to concerns
in which the bank itself has a stake and to branches of foreign
banks. Credits made by foreign companies or banks to
subsidiaries which have their legal base in Italy will also be
excluded from the conditions.
The Bank of Italy will request banks to insert rules in
their statutes to ensure that companies or individuals holding
five pct or more of the bank's capital are not given privileged
treatment with regard to credit allocation and terms.
With regard to bank holdings in companies, the Bank of
Italy can exercise supervisory controls when information on a
bank's consolidated activities show single shareholdings in a
company or another bank of 25 pct or more, owned directly or
indirectly.
Such controls can also be exercised even if the stake held
is below 25 pct if it can be considered a controlling interest.
The controls will not be exercised in cases where the value
of the bank's stake in a concern is below the lesser of two
predefined limits.
These limits are set at 15 billion lire or two pct of the
total assets of the parent company of the shareholding bank.
REUTER
| [
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Shr 58 cts vs 57 cts
Net 4,313,000 vs 3,824,000
Sales 72.8 mln vs 61.5 mln
Avg shrs 7,492,000 vs 6,740,000
Year
Shr 1.33 dlrs vs 1.23 dlrs
Net 9,592,000 vs 8,257,000
Sales 226.4 mln vs 184.4 mln
Avg shrs 7,228,000 vs 6,740,000
Reuter
| [
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Qtr ended Feb 28
Oper shr 31 cts vs 14 cts
Oper net 3,203,000 vs 1,357,000
Revs 13.0 mln vs 15.6 mln
Note: Oper data does not include year ago extraordinary
gain of 821,000 dlrs, or eight cts per shr.
Reuter
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<Guardian Trustco Inc>, earlier
reporting a 198 pct increase in full year earnings per share,
said the outlook for 1987 is more modest.
The company said it has started a number of long-term
growth projects which have a payback period exceeding one year.
Guardian Trustco did not give a specific earnings forecast.
The company earlier reported 1986 net profit rose to
2,853,000 dlrs or 1.25 dlrs a share, from year-earlier
1,579,000 dlrs or 42 cts a share.
Reuter
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<Cogeco Inc> said it agreed to acquire
100 pct of Quebec City radio station CJMF-FM and will issue
subordinated voting shares of the company to cover a portion of
the purchase price.
It said the purchase price and other terms of the
transaction have not been disclosed. The transaction is subject
to approval of the Canadian Radio-Television and
Telecommunications Commission.
Reuter
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|
Shr loss 50 cts vs profit one ct
Net loss 4,419,000 vs profit 276,000
Sales 126.8 mln vs 151.3 mln
Nine mths
Shr loss 42 cts vs profit 1.27 dlrs
Net loss 3,160,000 vs profit 11.2 mln
Sales 429.9 mln vs 477.5 mln
NOTE: Current year net includes tax credits of 2,164,000
dlrs in quarter and 328,000 dlrs in nine mths.
Reuter
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First City Bancorporation's sale of 54
mln dlrs in oil loans to Prudential-Bache should significantly
reduce its energy problems, but the bank's losses are still
virtually guaranteed to continue, analysts said.
The package of energy loans was sold at book value, so
First City did not to show a gain or loss, said bank spokesman
James Day. He added it was possible First City would sell more
of the bank's remaining 1.4 billion dlrs in oil-related loans
to raise cash.
The loans had been made by First City to oil producers and
to oilfield service and supply companies. Day said some had
already been classified as nonperforming, or charged off as a
loss, but he could not identify how many were included in those
categories.
The loans were purchased by Prudential Bache's Energy
Growth Fund, a limited partnership created last month with 90
mln dlrs in funding to invest in oil and gas properties.
First City, the big Texas bank hit hardest by the downturn
in oil prices, lost a record 402 mln dlrs in fiscal year 1986
and has said it is seeking a merger partner or some other
capital assistance. The Houston-based bank's nonperforming
assets totaled 897.1 mln dlrs at yearend, up from 563.1 mln
dlrs at the end of 1985
Analysts have said no buyer is likely to be interested in
the troubled bank unless government assistance is available.
"Their problems are not just limited to energy. They have a
substantial portfolio in real estate. This sale in and of
itself won't make the company look better to a potential
buyer," said Ray Archibold, a banking analyst with McCarthy,
Crisanti and Maffei Inc.
"It does reduce the bank's exposure in energy loans and 54
mln dlrs is a substantial amount," Archibold said, "but the
deal represents only about four pct of their energy loans."
Of First City's total loan portfolio of 9.9 mln dlrs, about
14 pct or 1.4 billion dlrs were made to energy producers or
suppliers, analysts said. Its record losses have been caused by
its past status as one of the nation's top lenders to oil and
gas producers and suppliers during the boom days of the late
1970s and early 1980s.
First City said about half of the loans sold to Prudential
came from its Energy Finance Co., an entity formed in 1982 to
loan money to "more venturesome" oil borrowers that promised a
higher potential return. The other half of the loans were from
First City's lead bank in Houston.
Chris Kotowski, an analyst with Oppenheimer and Co., said
the sale of the package of energy loans was the first
encouraging news from First City in months.
"It's not going to solve all of First City's problems but
it's a good transaction for them. It may be possible for them
to sell additional loans," Kotowski said. "Prudential can fund
these things more cheaply than First City and there's an
incentive to invest in troubled energy companies right now as
values are depressed"
In a statement, First City chairman J.A. Elkins said the
bank's strategy was to reduce the proportion of energy loans to
total loans. "This move, which we believe is the first
transaction of its kind, helps us further, and we were able to
make it without suffering a loss."
Reuter
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Qtly div 15 cts vs 15 cts prior qtr
Pay 6 May
Record 8 April
Reuter
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Audio/Video Affiliates Inc said it
has filed suit against <Dixons Group PLC>, Cyclops Corp,
Alleghany Corp <Y> and others in connection with Dixons'
recently completed tender offer in which it raised its
ownership of Cyclops to 56 pct.
The company said the suit, filed in U.S. District Court for
the Southern District of Ohio, seeks a temporary restraining
order and preliminary injunction requiring Dixons, for 10
business days, to permit any Cyclops shareholder who previously
tendered and now wishes to withdraw to do so.
The company said the order and injunction would also
prohibit Dixons from exercising a "lockup" option granted it by
Cyclops and prohibit Dixons for 10 business days from
attempting to exercise any control over Cyclops.
Audio/Video said the suit also requests the court to order
Cyclops to immediately provide to all potential bidders for
Cyclops all information given to Dixons.
Audio/Video and Citicorp <CCI> have been tendering for all
Cyclops shares in a competing offer at 80.00 dlrs per share but
said it could raise its bid to 92.50 dlrs under certain
circumstances. Dixons offered 90.25 dlrs in its tender.
In February Alleghany agreed to buy Cyclops' steel and
nonresidential construction business for 111.6 mln dlrs in cash
and the assumption of liabilities.
Reuter
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<Dixons Group PLC> said the
Securities and Exchange Commission has authorized, but not
commenced, the filing of an action against it concerning its
waiver of a condition in its tender offer for Cyclops Corp.
Dixons has offered to buy about 80 pct of Cyclops shares.
The SEC action deals with a waiver by Dixons of a condition in
the tender offer which was made without an appropriate
extension of the offer, Dixons said.
Dixons also said it is currently discussing the matter with
the SEC. The SEC has a standing policy of never confirming
or denying investigations or upcoming legal action.
Reuter
| [
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Shr loss 64 cts vs loss 57 cts
Net loss 34.9 mln vs loss 22.1 mln
Revs 31.5 mln vs 60.2 mln
Avg shrs 60.1 mln vs 45.2 mln
Year
Shr loss 2.27 dlrs vs loss 1.66 dlrs
Net loss 103.2 mln vs loss 57.6 mln
Revs 129.8 mln vs 169.5 mln
Avg shrs 51.2 mln vs 38.1 mln
NOTE: Per share results after preferred dividend
requirements of 3.3 mln dlrs vs 3.5 mln dlrs in quarter and
12.9 mln dlrs vs 5.7 mln dlrs in year
1986 4th qtr loss includes accruals, writedowns and
non-recurring charges aggregating 13.9 mln dlrs including costs
anticipated in 1987 for the reopening of the Sunshine Mine and
a writedown of the capitalized costs at the Sixteen-to-One Mine
by 4.2 mln dlrs
1986 year loss includes charges totaling 100 mln dlrs
Reuter
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Shr loss not given
Net loss 1,300,000
Sales 3,300,000
NOTE: Company incorporated in June 1985.
Fourth quarter loss 895,000 dlrs.
Reuter
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Div 145 Swiss francs per share and 29 francs per
participation certificate (unchanged)
Net 1.79 billion vs 1.75 billion
Shr 526 vs 515
Turnover 38.05 billion vs 42.23 billion
Addition to reserves 170 mln vs 95 mln.
Reuter
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Qtly div 22 cts vs 22 cts prior
Pay April 10
Record March 30
Reuter
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Shr loss one ct vs profit five cts
Net loss 34,496 vs profit 207,165
Rev 102,691 vs 297,813
Nine months
Shr profit one ct vs profit five cts
Net profit 69,018 vs profit 230,188
Rev 641,823 vs 666,319
NOTE: The company was delisted from the NASDAQ in November
1985. Third qtr 1986 net includes extraordinary credit of
76,400 dlrs, or four cts a share.
Reuter
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Analyst Thomas McCrann of Merrill
Lynch said he reiterated a "buy" recommendation of Wang
Laboratories Inc, noting that a successful cost cutting
campaign could reduce the earnings loss expected for the third
quarter ending in March.
Wang was the most actively traded stock on the American
Stock Exchange, rising 3/4 to 16-5/8.
McCrann said that "Wang is a little bit ahead of where they
were expected to be in their cost reductions, and as a result,
the odds have increased that the loss for the quarter will be
less than had been expected."
McCrann said he expects Wang to report break even earnings
per share or only a small loss per share for the third quarter.
He said for the year, however, the company should report a
loss of about 50 cts a share compared with earnings of about 35
cts a share a year ago.
Reuter
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Cable and Wireless Plc <CAWL.L> is
resisting attempts to merge two Japan-based telecommunications
firms in the hope that overseas political pressure will force a
change in those plans, a company executive said.
Cable and Wireless, which holds a 20 pct stake in one of
the two Japanese firms, is opposed to plans to reduce its share
to three pct in the merged firm, director of corporate strategy
Jonathan Solomon told reporters.
That plan, put forward by a senior member of the powerful
business organization Keidanren with the tacit backing of the
Post and Telecommunications Ministry, has caused a storm of
protest from abroad that Japan is seeking to exclude foreign
firms from a meaningful position in the market.
Pacific Telesis Group <PAC.N> of the United States also
holds a 20 pct stake in one of the newly formed consortia,
<International Digital Communications Inc> (IDC).
Solomon said that both British Prime Minister Margaret
Thatcher and U.S. Secretary of State George Schultz have
written to the Japanese government about the planned merger.
A key U.S. Senate committee, Commerce Secretary Malcolm
Baldrige and Trade Representative Clayton Yeutter have also
expressed opposition to the merger, he said.
The Post and Telecomunications Ministry reiterated again
that it sees no need for two competitors to <Kokusai Denshin
Denwa Co Ltd>, which holds a monopoly on international calls
from Japan. The ministry has also suggested that foreign
shareholders not hold managerial positions in the new firm.
In an attempt to hammer out an agreement, Solomon today met
Fumio Watanabe, the senior Keidanren officer trying to arrange
the merger. But the two sides remained deadlocked.
At stake is C and W's 400 mln dlr project to lay fibre
optic cables between Japan and Alaska, to form part of its
global network.
"C and W wants to start right away on the project, such as
application and other procedures," said Watanabe, who is also
chairman of <Tokio Marine and Fire Insurance Inc>. The Japanese
side is saying that the decision on such a plan should be left
with the new firm, after the merger.
"These decisions (on the merger) were made in consideration
of Japan's economic conditions and legal systems. I told him we
are not a colony or something," said Watanabe.
Reuter
| [
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Qtly div 35 cts vs 35 cts prior
Pay April 15
Record March 31
NOTE: Winthrop Insured Mortgage Investors II.
Reuter
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Qtly div 15 cts vs 15 cts prior
Pay May 29
Record March 31
Reuter
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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 6-1/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
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The European Community Commission has
charged the United States with breaking international trade
rules by excluding Dutch-made fibres from the U.S. Market and
said it would take the issue to the world trade body GATT.
In the latest of a series of trade disputes with
Washington, the executive authority alleged that a section of
the U.S. Tariff Act was incompatible with the GATT (General
Agreement on Tariffs and Trade) because it discriminated
against imported products in favour of domestically-produced
goods.
The Commission said it would ask Geneva-based GATT to rule
on whether the section in question, which officials said had
proved a barrier to many EC exporters, conformed to its rules.
Commission officials did not rule out retaliatory measures
if, after a GATT decision against it, Washington failed to
bring the disputed section into line with international rules.
The executive's decision to go to GATT follows a complaint
to it by the Dutch company Akzo <AKZO.AS>, whose "aramid"
synthetic fibres have been banned from the U.S. Market because
of charges by the U.S. Firm <Dupont> that the fibres violate
the American company's patents.
Akzo alleged that the ban, imposed by the U.S.
International Trade Commission (ITC), was discriminatory and
incompatible with GATT provisions.
The dispute centres on the fact that section 337 of the
U.S. Tariff Act gives the ITC jurisdiction over imported
products. The EC Commission charged that EC producers did not
have the same possibilities for defending themselves before the
ITC as they would have in a normal U.S. Court.
"Consequently the procedure followed...Is less favourable
than that which takes places in normal courts of law for goods
produced in the United States," it said in a statement.
Reuter
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|
Shr loss six cts vs loss 88 cts
Net loss 128,141 vs loss 1,298,377
Sales 1,332,218 vs 385,146
Year
Shr profit six cts vs loss 1.47 dlrs
Net profit 120,571 vs loss 2,171,011
Sales 4,617,034 vs 2,959,141
Reuter
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Qtly div 30 cts vs 30 cts prior qtr
Pay 15 April
Record 1 April
Reuter
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Qtly div four cts vs four cts prior
Pay April 15
Record March 31
.
Reuter
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|
Waste Management Inc said it
amended its offer to buy the outstanding shares of ChemLawn
Corp to 35 dlrs a share.
On Thursday the company said it was prepared to bid 33 dlrs
a share, up from its original 27 dlrs a share offer.
As a result of the price increase, made through Waste
Management's wholly owned subsidiary, WMX Acquisition Corp, the
offer has been extended and the withdrawal rights will not
expire at midnight EDT April Two, unless further extended.
Waste Management also said it amended its offer to provide
that the tender offer price will not be reduced by ChemLawn's
10 cts a share dividend payable to holders of record April 1,
1987.
Reuter
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Unit loss 4.36 dlrs vs loss 4.27 dlrs
Net loss 37.4 mln vs 32.9 mln
Revs 19.3 mln vs 30.3 mln
Avg units 8,413,000 vs 7,557,000
Note: Net includes writedown of oil and gas properties of
21.0 ln dlrs vs 16.5 mln dlrs and writedown of geothermal
property of 10.4 mln dlrs vs 10.5 mln dlrs.
Reuter
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The Department of Transportation
said it will allow USAIR Group to acquire up to 51 pct of
Piedmont Aviation <PIE> voting stocks pending final approval of
the proposed merger of the two airlines.
The agency said the stock would have to be held in a voting
trust controlled by an independent trustee.
An agency spokesman said that if USAIR, which has proposed
to buy all of Piedmont shares, controls more than 51 pct of the
firm's outstanding stock, it will have one week to sell those
excess shares.
USAIR asked the Department of Transporation earlier this
month to approve a voting trust.
An agency spokesman said this is a device that airlines use
to get majority control of a company it is trying to acquire
while their application before the government is pending
approval.
The spokesman said the firm had asked the transporation
agency permission to buy all of Piedmont's voting stock, the
but agency decided to give approval for 51 pct of shares.
The spokesman said agency action on the proposed merger
application could take as long as six months.
Reuter
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The Agriculture Department is not
considering any major changes in its pricing system for posted
county prices, an Agriculture Department offical said.
"We do not have current plans to make any major adjustments
or changes in our pricing," said Bob Sindt, USDA assistant
deputy administrator for commodity operations.
U.S. grain traders and merchandisers said earlier this week
USDA might act soon to reduce the cash corn price premium at
the Gulf versus interior price levels by dropping ASCS posted
prices to encourage interior PIK and roll movement.
But Sindt denied USDA is planning any such changes.
"If people are suggesting that we are going to make
wholesale changes in pricing, we are not considering this," he
said.
Sindt, however, did not rule out the possiblity of
implementing more minor changes in its pricing system.
"We are continually monitoring the whole nationwide
structure to maintain its accuracy," he said. "If we become
convinced that we need to make a change, then appropriate
adjustments will be made."
Sindt acknowledged that concern has been voiced that USDA's
price differentials between the New Orleans Gulf and interior
markets are not accurate because of higher than normal barge
freight rates.
He said commodity operations deputy administrator Ralph
Klopfenstein is currently in the midwest on a speaking tour and
will meet with ASCS oficials in Kansas City next week.
Sindt said a number of issues will be discussed at that
meeting, including the current concern over the gulf corn
premiums.
He defended the USDA differentials, saying that these price
margins reflect an average of prices throughout the year and
that seasonal factors will normally cause prices to increase or
decrease.
The USDA official also said that only those counties that
use the Gulf to price grain are being currently affected by the
high barge freight tariffs and increased gulf prices.
When asked if the USDA emergency storage program which
allows grain to be stored in barges was taking up barge space
and accounting for the higher freight rates, Sindt discounted
the idea.
He said USDA has grain left in only about 250 barges and
that, under provisions of the program, these all have to be
emptied by the end of March.
Reuter
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|
American Motors Corp said its directors
reviewed a Chrysler Corp merger proposal but took no action on
it.
The company said its directors met in New York today at a
regularly scheduled meeting. The board's review is continuing
with the company's independent legal and financial advisers,
American Motors said in a statement issued from New York.
American Motors' board voted to postpone its annual
shareholders meeting scheduled for April 29 in Southfield,
Michigan.
The next regularly scheduled meeting of American Motors
board will be April 29, although it is expected that directors
will meet again prior to that date, according to the statement.
Early last week, Chrysler said it agreed to buy the 46.1
pct interest owned by Regie Nationale des Usines Renault in
American Motors and acquire the balance of American Motors in a
transaction valued at 1.11 billion dlrs.
Later that week, AMC said it had retained financial and
legal advisers and expected to meet periodiocally over the next
several weeks to consider the proposal.
Reuter
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Nestle SA <NESZ.Z> said it
would seek shareholder approval to issue participation
certificates up to 20 pct of share capital, instead of the
current limit of 10 pct.
It said it wanted this authorisation in view of future
certificate issues. Nestle's nominal capital amounts to 330 mln
Swiss francs.
Nestle reported net profits of 1.79 billion francs for
1986, up 2.2 pct from 1985, while turnover fell 9.9 pct to
38.05 billion as the Swiss franc strengthened against other
currencies.
The parent company's net profit rose to 666.6 mln francs
from 592.9 mln in 1985, and the company planned an unchanged
dividend of 145 francs per share and 29 francs per certificate
after placing 170 mln francs in reserves, against 95 mln last
year.
The payout represented 27.6 pct of group net profit,
against 28.2 pct last year.
Nestle said it had also invited Fritz Leutwiler, former
president of the Swiss National Bank and currently chairman of
BBC AG Brown Boveri und Cie <BBCZ.Z>, to join the Nestle board.
Reuter
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The U.S. Will pursue its complaint that
European governments unfairly subsidise the Airbus Industrie
aircraft consortium in proceedings at the GATT civil aircraft
committee, a GATT spokesman said today.
The U.S. Presented its case for the first time to the
aircraft committee of the General Agreement on Tariffs and
Trade (GATT) during a special two-day session ending today.
GATT rules cover some 80 pct of world commerce.
The 20-member committee agreed to open debate on the U.S.
Complaint, starting with informal consultations and then
holding a special session in July, trade officials said.
"The tension has eased," the permanent trade ambassador of
the 12-member European Community Tran Van Thinh told reporters.
"The U.S. Has decided to go through proper channels."
U.S. Trade officials again made clear their anger over what
they call unfair government support for Airbus, voiced during a
visit to European capitals in February.
In a letter calling for the special committee meeting,
Washington charged France, West Germany, the U.K., Spain and
the EC Commission with unfair practices on behalf of Airbus.
The U.S. Charges that the Europeans are violating rules
laid down in the 1979 Agreement on Trade in Civil Aircraft.
Washington presented its reading of rules on inducement to
purchase aircraft and support for development of airlines
during the special session and asked the committee to confirm
its view.
Official sources in the delegations said the U.S. Views
would be considered during the informal consultations but the
Europeans would also be free to bring up any complaints against
American civil aircraft practices.
Some delegates said the U.S. Position appeared to give such
broad interpretation to the rules as to suggest that the civil
aircraft accord needed re-negotiating. All these matters would
be considered during the informal meetings.
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A panel of four leading economists
told a congressional hearing today that foreign economies will
need to expand to avoid recession as the U.S. trade deficit
declines.
C. Fred Bergsten, a former senior Treasury Department
official, and Robert Solomon of the Brookings Institution told
the Senate Foreign Relations Committee, the major exporting
countries risk recession if they do not expand because U.S.
demand for imports is expected to fall.
"They need to beef up domestic demand as their trade
surplus falls," or unemployment will keep growing, Bergsten
said.
Bergsten predicted the U.S. trade deficit, which hit 169
billion dlrs last year, will fall 30-40 billion dlrs a year for
the next two years as a result of the dollar's 35-40 pct
decline since September 1985.
The government should intervene to push the dollar down
further if the previous declines do not lead to an improvement
in the trade picture, if the U.S. budget deficit is not reduced
and if foreign expansion does not occur, he added.
Solomon said the dollar must fall further to compensate for
the huge interest payments required on U.S. foreign debt. The
Paris agreement between the major industrialized countries
provided only for a pause in its decline, he said.
Rimmer de Vries, senior vice president of Morgan Guaranty
Trust Co., said the U.S. trade deficit problem is a problem of
lagging growth in industrial economies, prolonged currency
misalignment, debt problems of the developing countries, and
unbalanced growth in the Asian industrializing countries.
John Makin of the American Enterprise Institute, suggested
foreign tax cuts to increase demand and pick up the slack from
the U.S. trade deficit fall.
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Affiliated Publications Inc said it
agreed to acquire all the outstanding stock of <Billboard
Publications Inc> for 100 mln dlrs in cash from a shareholder
group led by <Boston Ventures Limited Partnership.>
Affiliated, which owns the company that publishes the
Boston Globe, said the acquisition will give it a strong
position in the growing market for specialty magazines.
Under a separate agreement, Affiliated said that certain
members of Billboard's management plan to buy up to 10 pct of
the equity in Billboard following Affiliated's acquisition of
the company.
Billboard publishes eight specialty magazines, including
Billboard magazine, and 15 annual directories. It also
publishes and distributes speciality books under four imprints
and operates two book clubs.
Affiliated is the parent company of Globe Newspaper Co,
publisher of the Boston Globe. It also has interests in
cellular telephone and paging services providers.
Reuter
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Spear, Leeds and Kellogg, a New York
brokerage partnership, said it has acquired 136,300 shares of
Allegheny International Inc's 11.25 dlr convertible preferred
stock, or 7.1 pct of the total outstanding.
In a filing with the Securities and Exchange Commission,
Spear Leeds said it bought the stake for 11.7 mln dlrs as part
of its normal trading activities.
Reuter
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WTD Industries Inc said its
offer to buy the bankrupt Harris Pine sawmill in Pendleton,
Oregon was rejected by the bankruptcy court trustee.
The company said the bid was rjected in favor of a higher
offer.
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Celina Financial Corp said
shareholders at a special meeting approved a transaction in
which the company transferred its interest in three insurance
companies to a wholly owned subsidiary which then sold the
three companies to an affiliated subsidiary.
It said the company's interests in West Virginia Fire and
Casualty Co, Congregation Insurance co and National Term Life
Insurance Co had been transferred to First National Indemnity
Co, which sold the three to Celina Mutual for cash, an office
building and related real estate.
Reuter
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Two affiliated New York investment
firms and an investment advisor told the Securities and
Exchange Commission they have acquired 555,057 shares of
Unicorp American Corp, or 5.1 pct of the total outstanding.
The group, which includes Mutual Shares Corp, said it
bought the stake for 5.3 mln dlrs for investment purposes and
has no intention of seeking control of Unicorp American.
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Revlon Group Inc said it bought
Germaine Monteil's cosmetics business in the U.S. from the
Beecham Group PLC.
Terms of the sale were not disclosed.
The sale includes the rights to Germaine Monteil in North
and South America and in the Far East, as well as the worldwide
rights to the Diane von Furstenberg cosmetics and fragrances
lines and the U.S. distribution rights to Lancaster beauty
products.
Meanwhile in London a statement from Beecham said the
business was sold to Revlon for 2.5 mln dlrs in cash and a
royalty payment.
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Qtr ended Feb 28
Shr 1.03 dlrs vs 1.34 dlrs
Net 4,385,000 vs 5,792,000
Revs 474.4 mln vs 381.4 mln
Six mths
Shr 2.46 dlrs vs 2.71 dlrs
Net 10.5 mln vs 11.7 mln
Revs 906.0 mln vs 757.6 mln
Reuter
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Mark IV Industries Inc <IV>, which
has said it may consider a bid to seek control of Baird Corp,
said Baird has not agreed to hold off on any defensive measures
without giving Mark IV at least 24 hours notice.
In a filing with the Securities and Exchange Commission,
Mark IV corrected a statement it made yesterday in another SEC
filing in which it listed several agreements reached with
Baird, including that Baird would not take any anti-takeover
steps without providing at least 24 hours notice.
Mark IV said it was later told by Baird that Baird had
given no such assurance.
Reuter
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Generale de Banque SA <GENB.BR> and
<Heller Overseas Corp> of Chicago have each taken 50 pct stakes
in factoring company SA Belgo-Factors, Generale de Banque said
in a statement.
It gave no financial details of the transaction. SA
Belgo-Factors' turnover in 1986 was 17.5 billion Belgian
francs.
Reuter
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Shr 52 cts vs 51 cts
Net 16.5 mln vs 16.2 mln
Revs 870.2 mln vs 800.7 mln
Year
Shr 1.48 dlrs vs 1.29 dlrs
Net 47.3 mln vs 41.0 mln
Revs 3.53 billion vs 3.10 billion
Avg shrs 31,867,658 vs 31,831,050
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Qtr ended Jan 31
Shr 67 cts vs 69 cts
Net 1,525,000 vs 1,570,000
Revs 41.2 mln vs 40.2 mln
Year
Shr 1.75 dlrs vs 1.54 dlrs
Net 4,001,000 vs 3,522,000
Revs 172.3 mln vs 168.7 mln
Note: figures include losses from discontinued operations
in qtr of 309,000 dlrs, vs 253,000 dlrs a year earlier and for
the year of 309,000 dlrs vs 1,559,000 dlrs a year ago.
Reuter
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Cooper Industries Inc asked the
Federal Trade Commission to vacate a 1979 order that requires
the company to get FTC approval before making certain
acquisitions, the FTC said.
The order was issued as part of a settlement of FTC charges
that Cooper's merger with Gardner-Denver Co would lessen
competion and increase concentration in the gas compressor and
industrial air tool industries, the FTC said.
The order requires that, until 1989, Cooper must get FTC
approval before acquiring companies in the natural gas
compressor or hand-held industrial pneumatic tool businesses.
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Qtly div 10 cts vs 10 cts prior
Pay April 15
Record March 30
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