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Periods ended December 31
Shr loss 10 cts vs loss seven cts
Net loss 316,289 vs loss 189,140
Revs 61,762 vs 8,934
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House Ways and Means Committee
Chairman Dan Rostenkowski said he would be reluctant to back
the tax increase if it did not have President Reagan's support.
He told a National Press Club luncheon there would be a
number of tax proposals that could be debated if Reagan sought
a tax increase to help balance the budget.
However, he said he would prefer to leave the tax rates
enacted in last year's tax reform bill unchanged.
There have been calls in Congress to hold the rates at the
1987 level rather than allow them to fall next year.
Reagan proposed 22 billion dlrs in revenue as part of his
1988 budget proposal, but it did not include general tax
increases.
On trade issues, Rostenkowski said he did not expect the
major trade bill this year would single out any U.S. industry
for special protection.
"To go after individual items in a trade bill is suicide,"
he said.
This apparently ruled out congressional approval of another
textile trade bill to limit quotas on textile imports, as was
proposed again this year.
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Magellan Corp said it has entered into a
letter of intent to acquire Balzac Investments Inc in a
transaction that will result in former Balzac shareholders
owning about 83 pct of the combined company.
The company said on completion of the merger, the combined
company wopuld be known as Power-Cell Inc and be engaged in the
development of Balzac technology related to its Quick Charge
product for charging auto batteries.
The transaction is subject to approval by shareholders of
both companies.
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Shr 68 cts vs 78 cts
Net 2,432,179 vs 2,236,471
Revs 50.8 mln vs 35.1 mln
Avg shrs 3,600,000 vs 2,850,000
Year
Shr 2.82 dlrs vs 3.35 dlrs
Net 10.0 mln vs 9,554,658
Revs 177.5 mln vs 138.1 mln
Avg shrs 3,567,123 vs 2,850,000
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Qtly div 70 cts vs 70 cts prior
Pay May One
Record April Three
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<American Aircraft Corp> said it
has acquired a 51 pct interest in privately-held <Hunter
Helicopter of Nevada, Inc>.
The purchase was made for an undisclosed amount of American
Aircraft stock, the company said.
It said the acquisition will increase shareholder equity in
American Aircraft to 45 cts per share from 18 cts per share.
Hunter Helicopter builds two-passenger helicopters that
retail for about 50,000 dlrs.
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Qtly div nine cts vs eight cts in prior qtr
Payable March 31
Record March 13
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International Technology Corp
said it has purchased <Western Emergency Services Inc> in a
pooling-of-interests transaction.
International Technology, a hazardous materials management
company, said it purchased Western Emergency, an environmental
services firm, to offer a broader range of environmental
services to the Gulf Coast area.
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Semi-annual 30 cts vs 25 cts prior
Pay June 30
Record June 15
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Oper shr 25 cts vs 25 cts
Oper net 6,322,000 vs 4,660,000
Revs 189.1 mln vs 174.7 mln
Avg shrs 23.5 mn vs 17.1 mln
Year
Oper shr 1.04 dlrs vs 14 cts
Oper net 21,929,000 vs 3,629,000
Revs 760.2 mln vs 674.8 mln
Avg shrs 20.5 mln vs 17.1 mln
Note: Qtr shr and net exclude tax gain of 4,573,000 dlrs or
17 cts share, versus gain of 17,259,000 dlrs or 1.02 dlrs share
Year shr and net exclude tax gain of 15,992,000 dlrs or 78
cts share, versus gain of 18,042,000 dlrs or 1.06 dlrs share
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Oper shr 42 cts vs 41 cts
Oper net 2,322,000 vs 1,785,000
Sales 72.3 mln vs 59.8 mln
Avg shrs 5,527,000 vs 4,355,000
Year
Oper shr 1.48 dlrs vs 1.40 dlrs
Oper net 7,637,000 vs 5,973,000
Sales 261.7 mln vs 224.7 mln
Avg shrs 5,165,000 vs 4,277,000
NOTE: 1985 operating net excludes gains of 1,523,000 dlrs,
or 35 cts a share, in quarter and 5,090,000 dlrs, or 1.19 dlrs
a share, in year from tax carryforwards
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One of General Electric Co's biggest
businesses, aircraft engines, will ride a wave of increasing
profits into 1991 because of a new contract worth 650 mln dlrs,
Wall Street analysts said.
Previously, it was expected the business would peak and
decline at some point in the next five years. The improved
outlook results from AMR Corp's <AMR> decision to order 40 new
planes powered by CF6-80C2 GE engines.
"Creative financial footwork helped GE get the order," said
Nicholas Heymann, analyst at Drexel Burnham Lambert Inc.
AMR declined to go into detail on financing arrangements
for its order of 15 Boeing Co <BA> and 25 <Airbus Industrie>
twinjet long distance aircraft.
But AMR said it was using "rent-a-plane leases" that allow
it to operate the aircraft without adding to its debt
structure. AMR also has the right to decline delivery of the
planes or return them on short notice. The arrangement protects
AMR in the case of an unexpected development such as a severe
downturn in the economy.
From GE's point of view the package looks like a good deal
for several reasons, Heymann said.
GE will be able to record revenue as a sale at the time of
delivery, Heymann noted.
And if for some reason AMR decides not to take the planes
GE's financial arm, General Electric Financial Services Inc,
would have little trouble rounding up another airline that
wanted the fuel efficient planes. On the whole, the deal
appears to pose little risk for GE, Heymann said.
GE's stock declined 1/4 to 103-1/2 on 625,000 shares by
midafternoon. H.P. Smith, analyst at Smith Barney, Harris Upham
and Co said for a 40 billion dlr (revenue) company "no one
order will have much of an effect on the stock."
Russell Leavitt, analyst at Salomon Brothers Inc, said the
order "will help to maintain a good level of production and
profitability in the aircraft engine business" for GE.
Heymann sees operating profits from GE's jet engine
business rising from 870 mln dlrs last year to 1.3 billion dlrs
by 1991.
Revenue from jet engines was close to six billion dlrs last
year, with well over half of the business in the military
sector, according to analysts' estimates.
The rosy outlook for GE's jet engine business coincides
with an upbeat performance in other segments.
Heymann expects GE to earn 1.39 dlrs per share in the first
quarter of 1987. Saying many will be suprised by the results,
he believes GE has shown through its acquisition of RCA Corp
that it has a "unique ability" to buy a major business and
reshape it, pruning some parts and recombining parts with other
elements of its 14 business areas.
Smith sees GE earning 1.35 dlrs per share in the current
quarter. He credits good results at RCA, in turn aided by the
NBC broadcasting operation, and lower interest rates.
Leavitt sees 1.40 dlrs for the current quarter, in part
crediting "significant benefits from the RCA acquisition."
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French exporters estimated that around
600,000 tonnes of French soft wheat has been sold to China for
delivery in the 1986/87 (July/June) year.
Around 300,000 tonnes were exported to China between July
1986 and February this year.
Another 100,000 to 150,000 tonnes will be shipped during
this month and around the same amount in April, they said.
France sold around 250,000 tonnes of soft wheat to China in
1985/86, according to customs figures.
However, certain exporters fear China may renounce part of
its contract with France after being offered one mln tonnes of
U.S. soft wheat under the Export Enhancement Program in January
and making some purchases under the initiative.
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Oper shr loss 1.24 dlrs vs profit 19 cts
Oper net loss 1,965,000 vs profit 646,000
Revs 10.5 mln vs 11.6 mln
Avg shrs 1,741,000 vs 3,581,000
12 mths
Oper shr loss 1.55 dlrs vs profit 42 cts
Oper net loss vs profit 2,051,000 vs 1,492,000
Revs 42.9 mln vs 45.5 mln
Avg shrs 1,816,000 vs 3,581,000
NOTE: prior qtr excludes loss 229,000, or seven cts per
share, for discontinued operations.
1986 qtr excludes 159,000 extraodinary loss.
Excludes loss 293,000, or 16 cts per share, for 1986 and
gain 651,000, or 18 cts per share, for 1985 for discontinued
operations.
Excludes loss 256,000 for 1986 net for extraordinary item.
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Buckhorn Inc said itd nine
million dlr backlog for orders and a less expensive operating
environment should yield significant levels of operating
profits for 1987.
Buckhorn, a manufacturer of reusable plastic shipping and
storage containers, recorded 2,051,000, or 1.55 dlrs per share,
operating net loss for 1986.
Buckhorn said the year's results included a 4,250,000
non-recurring expense incurred to complete major restructuring
efforts and to defend against the hostile tender offer from
Ropak Corporation.
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Shr 2-1/5 cts vs nil
Net 156,726 vs 11,989
Sales 1,157,883 vs 890,138
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Shr eight cts vs 16 cts
Net 188,000 vs 354,000
Revs 538,000 vs 594,000
Year
Shr 31 cts vs 28 cts
Net 692,000 vs 617,000
Revs 2,640,000 vs 906,000
(Del E. Webb Investment Properties Inc)
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The specialty retailing area continues
to pay off for F.W. Woolworth Co, once known only as a five and
dime store chain, which said its 1986 income rose 21 pct.
It was the fourth consecutive year of profit increases for
the New York-based retailer which was founded over 100 years
ago.
Woolworth's 1986 income rose to 214 mln dlrs or 3.25 dlrs
per share compared with 1985's profit of 177 mln or 2.75 dlrs
per share. Revenues for the year rose to 6.50 billion compared
with the prior year's 5.96 billion.
For the fourth quarter, the company reported profits rose
10 pct to 117 mln dlrs or 1.78 dlrs per share compared with
1985 fourth quarter results of 106 mln or 1.64 dlrs per share.
Revenues rose to 2.02 billion from 1.85 billion dlrs.
Roy Garofalo, Woolworth vice president, told Reuters that
income generated by the company's specialty store operations
accounted for 52 pct of the parent company's 1986 profits.
He said the company now has 4,700 specialty stores
operating under 30 different names. Woolworth plans to open 650
more specialty stores in 1987. At this time last year, it
operated 4,100 specialty stores, Garofalo said.
Garofalo said the largest specialty chain operated by
Woolworth is Kinney Shoe Stores, followed by the Richman
apparel unit. Among other units are Little Folk Shop, a chain
of discount children's apparel stores; The Rx Place, a discount
drug, health and beauty aid operation; and Face Fantasies,
which sells cosmetics. There are currently about 1,700
Woolworth general merchandise stores operating worldwide, of
which 1,200 are in the United States.
Harold Sells, chairman and chief executive of Woolworth,
said in a statement, "These results are especially gratifying as
they are an improvement over last year's record earnings."
Sells that it was the fourth successive year earnings in
each quarter improved over the corresponding year-earlier
period.
Woolworth's variety store operations were hard hit in the
1970's and early 1980's by the quickly growing discount store
industry. In an attempt to compete in the 1970's, Woolworth
opened a discount general store chain, Woolco, and J. Brannam,
a discount apparel chain. Both were failures in the United
States, although Woolco still operates in Canada.
In 1985, however, Woolworth changed its strategy and
announced that it would operate specialty stores. At that time,
the company said it would create 14 new groups of such stores.
Specialty stores generally have higher sales per square foot
than general merchandise stores.
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Shr loss 72 cts vs loss 1.48 dlrs
Net loss 4,466,006 vs loss 9,091,688
Revs 608,181 vs 1,280,727
Six Mths
Shr loss 77 cts vs loss 1.51 dlrs
Net loss 4,752,455 vs loss 9,265,457
Revs 1,444,149 vs 2,791,188
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The U.S. Agriculture Department said
private U.S. exporters reported sales of 104,000 tonnes of corn
to unknown destinations for shipment in the 1986/87 marketing
year.
The marketing year for corn began September 1, it said.
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<American Aircraft Corp> said it
has acquired a 51 pct interest in privately-owned <Hunter
Helicopter of Nevada Inc> for an undisclosed amount of stock.
An American Aircraft official said the company has an
option to acquire the remaining 49 pct.
Hunter Helicopter is in the business of building a two
passenger helicopter retailing for about 50,000 dlrs each which
is certified by the Federal Aviation Administration. The
helicopters will be manufactured in American Aircraft's Uvalde,
Texas, plant, it added.
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Qtly div 11 cts vs 11 cts in prior qtr
Payable April 10
Record March 23
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International Technology Corp
said it has purchased privately-held Western Emergency Service
Inc in a stock transaction.
Western Emergency, an environmental services firm, has
annual sales of between one and two mln dlrs, compared to
International Technology's roughly 240-mln-dlr annual sales, a
spokesman for International Technology said.
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Shr 20 cts vs 21 cts
Net 783,564 vs 806,278
Year
Shr 89 cts vs 86 cts
Net 3,443,392 vs 3,242,588
Note:Full company name is Continental General Insurance Co
Net includes profit from sale of securities of 155,410
dlrs, or four cts a share, and 192,896 dlrs, or five cts a
share, respectively, in 1986 qtr and year, and of 12,879 dlrs,
or nil per share, in 1985 qtr. Net for 1985 year includes loss
from sale of securities of 315,763 dlrs, or eight cts a share.
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Shr loss 1.60 dlrs vs loss 45 cts
Net loss 9,883,000 vs loss 2,744,000
Revs 1,309,000 vs 3,289,000
Nine mths
Shr loss 2.29 dlrs vs loss 98 cts
Net loss 14.1 mln vs loss 6,008,000
Revs 4,577,000 vs 11.9 mln
NOTE: Current periods include loss of 7.5 mln dlrs from
discontinued operations.
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Oper shr profit 21 cts vs loss 2.13 dlrs
Oper net profit 456,000 vs loss 2,454,000
Revs 16.3 mln vs 13.1 mln
Year
Oper shr 1.39 dlrs vs loss 2.41 dlrs
Oper net profit 1,815,000 vs loss 2,779,000
Revs 58.0 mln vs 43.8 mln
NOTE: 1986 4th qtr and yr oper net exclude realized
investment gains of 279,000 dlrs and 1,013,000 dlrs,
respectively, which includes provision for income taxes of
238,000 dlrs and 863,000 dlrs for the periods, respectively.
1986 4th qtr and yr oper net exclude 606,000 dlrs or 38 cts
per share and 2,323,000 dlrs or 1.86 dlrs per share, for net
operating loss carryovers.
1985 4th qtr and yr oper net exclude realized investment
gains of 439,000 dlrs and 666,000 dlrs respectively.
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Continental General Insurance Co
said its board of directors declared a 10 pct stock dividend on
common shares, payable April one to shareholders of record
March 16.
The company yesterday paid a quarterly cash dividend of
2-1/2 cts a share, unchanged from the previous quarter, to
shareholders of record February 20.
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Shr loss 1.60 dlrs vs loss 45 cts
Net loss 9,883,000 vs loss 2,744,000
Revs 1,309,000 vs 3,289,000
Nine mths
Shr loss 2.29 dlrs vs loss 98 cts
Net loss 14.1 mln vs loss 6,008,000
Revs 4,577,000 vs 11.9 mln
Note: 1986 net losses inlcude 7,507,000-dlr charge from
discontinued operations of building management system sold to
Cetek System Inc on Jan 30, 1987.
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Harris Associates L.P., a Chicago
investment advisory limited partnership, said it lowered its
stake in Bell Industries Inc to 1,015,800 shares, or 18.7 pct
of the total outstanding, from 1,083,800 shares, or 20.0 pct.
In a filing with the Securities and Exchange Commission,
Harris said it sold 68,000 Bell common shares between Dec 18
and Feb 20 at prices ranging from 20.25 to 25.24 dlrs each.
Harris said its dealings in Bell stock are on behalf of its
advisory clients.
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The chairman of Goodyear Tire and Rubber
Co, a concern that survived a recent hostile takeover bid,
charged that "terrorists in three-piece suits" are undermining
the nation's industrial base.
In a speech to a meeting of south Florida business executives,
Goodyear Chairman Robert Mercer lashed out at corporate raiders
and takeover specialists, accusing them of causing serious harm
to the companies they target.
"Their interest is not in preserving and strengthening
America's industrial and providing jobs," he said. "Their
product is simply deals, and that is not a product which a
country ... can base a future on."
Last year, Mercer fought off a takeover attempt by British
industrialist Sir James Goldsmith.
But Goodyear's independence was preserved at a high price,
Mercer said.
The company bought back Goldsmith's stock for 620 mln dlrs,
giving him a 93 mln dlr profit. Goodyear also paid him 37 mln
dlrs for expenses and bought about 41 mln other shares for over
two billion dlrs.
In an effort to trim its new debt, Goodyear closed down
three plants Mercer believes otherwise could have been saved,
sold its motor wheel and aerospace units and reduced its
payroll by 10 pct, he said.
Mercer, who plans to testify tomorrow at a Senate hearing
on a proposed bill to control corporate raiders, said hostile
takeovers have also hurt workers.
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Shr six cts vs five cts
Net 459,131 vs 289,433
Revs 1,808,832 vs 1,680,240
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The Commodity Credit Corporation has
approved an additional 45.0 mln dlrs under its interemdiate
export credit guarantee program, GSM-103, for sales of U.S.
wheat to Morocco, the U.S. Agriculture Department said.
The action increases Morocco's cumulative fiscal year 1987
program for wheat under GSM-103 to 75.0 mln dlrs.
The credit terms extended for exports under the program
must be in excess of three years but no more than seven years
to eligible for credit coverage. All sales under this line must
be registered and exported by September 30, 1987.
The department also said the guarantee line for sales of
U.S. wheat under the Export Credit Guarantee Program, GSM-102,
has been decreased 45.0 mln dlrs to 60.0 mln.
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Qtrly div 17 cts vs 17 cts prior
Pay April 13
Record March 25
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Soviet winter grains could be off to
a faulty start this spring after enduring an usually dry fall
and cold winter, weather and crop analysts said.
Prospects for another near-record grain harvest in the
Soviet Union appear dim at this point, but it is premature to
forecast any major crop problems, analysts said.
But the situation bears careful watching over the next six
weeks and will ultimately impact the Soviet grain supply and
future buying plans, analysts of the Soviet Union said.
"From a weather standpoint, you can say with certainty that
the Soviets are not getting off to a good start and will have a
lower crop (than last year)," Gail Martell, chief meteorologist
for E.F. Hutton said.
The next six weeks in the USSR's grain growing areas will
be the crucial period that will determine the final outcome of
the winter crops, Martell and other analysts said.
"Where the crop is really made or broken is still ahead of
us," an Agriculture Department authority on the USSR said.
The Soviet Union recently reported that nine mln hectares
of winter grain will have to be reseeded due to winterkill.
This would be equal to about 25 pct of the total winter crop
and would be the second highest winterkill in ten years, the
USDA analyst said.
With a timely spring, Soviet farmers would probably be able
to reseed the damaged acreage with spring crops, but analysts
noted that spring crops normally yield lower than winter crops
-- sometimes as much as 30-35 pct lower.
Normally winterkill is caused by inadequate snowcover
combined with cold temperatures. This winter, however,
snowcover in Soviet grain areas has generally been excellent,
so the bulk of winterkill, analysts speculate, likely has been
due to a very dry fall and subsequent poor crop germination.
"Fall dryness may be a problem. There's a good correlation
between mediocre crops and fall dryness," Martell said.
Precipitation last fall was as little as 25 pct of normal
in southern and northern Ukraine, and below normal over the
entire winter crop area, she said.
Recent cold temperatures in grain areas in which the
snowcover has been gradually melting could also have caused
problems of ice-crusting and winterkill, Jim Candor, senior
forecaster for Accu Weather, said.
Livestock feed needs have probably increased because of the
fall and winter, analysts said. The dry fall damaged pastures,
the cold winter raised feed demands and a late spring would
require longer off-pasture feeding, they said.
"The Soviets are not in a desperate situation ... they
don't have to buy (grains) now," a USDA official said.
But if the Soviets are worried about their winter crops and
if they feel that last year's huge crop of 210 mln tonnes was a
one-time fluke brought on by perfect conditions, more Soviet
buying might occur to insure crop supplies, he said.
Bad weather during the next six weeks could push the
Soviets back into the market, weather analysts said.
"A lot of winterkill could occur during the next month and
a half," Martell said.
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Shr loss 72 cts vs loss 1.48 dlrs
Net loss 4,466,006 vs loss 9,091,688
Revs 608,181 vs 1,280,727
Avg shrs 6,194,000 vs 6,155,461
First half
Shr loss 77 cts vs loss 1.51 dlrs
Net loss 4,752,455 vs loss 9,265,457
Revs 1,444,149 vs 2,791,188
Avg shrs 6,174,731 vs 6,155,461
NOTE: Losses include charges of 4.0 mln dlrs in both 1986
periods vs 14.4 mln dlrs in both 1985 periods for write-down of
oil and gas properties
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Hanson Trust PLC said Kaiser Cement
shareholders today approved the previously announced merger
agreement making Kaiser Cement an indirect wholly owned unit of
Hanson Trust.
Hanson said that promptly following the filing of the
certificate of merger Kaiser Cement common shares will be
delisted from the New York Stock Exchange.
Hanson also said, in accordance with the merger agreement
Kasier Cement also has redeemed all outstanding shares of its
1.375 dlr convertible preferance stocks and its outstanding 9
pct convertible debentures due 2005.
The acquisitions total purchase price (including cost of
financing the above-mentioned redemptions) will be about 250
mln dlrs, Hanson said.
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Crude oil prices rallied today, moving
over 17.00 dlrs a barrel because of Saudi Arabia's determined
effort to support prices, analysts said.
"The Saudis and other OPEC nations are jawboning the market,
hoping to restore confidence and prices and to do this without
another meeting," said Sanford Margoshes, oil analyst with
Shearson Lehman Brothers Inc.
"But OPEC is not out of the woods yet by a longshot due to
seasonal declines in demand and some cheating," he added.
Oil industry analysts said Saudi Arabia has led the attempt
to get other OPEC members to resist pressures to discount from
the official prices agreed to last december.
The analysts said that to get others to hold the line,
Saudi Arabia pushed hard at the meeting of deputy oil ministers
of the Gulf Cooperation Council last weekend and at the
Cooperation Council oil ministers' meeting the previous week.
The Saudis have also offered to support members having
difficulty in selling their oil, analysts said.
"They are trying to make sure that no one discounts, and to
prevent that, it appears that Saudi Arabia or some other OPEC
member will allocate some of their oil sales to help members
that lose sales," Margoshes said.
He added that the allocations would probably be in the form
of loans to be repaid when these nations resume sales.
Analysts said this would be useful in keeping in line
nations like Qatar, which has had trouble selling oil. But it
is also likely that such assistance would be provided to
Nigeria which is under pressure to extend discounts.
Analysts said that Saudi Arabia, with assistance from OPEC
president Rilwanu Lukman, was trying to avoid an emergency OPEC
meeting for fear that it would give the appearance that the
December pact is falling apart.
Daniel McKinley, oil analyst with Smith Barney, Upham
Harris and Co said, "both physical and futures markets have been
oversold and it only took a small spark to bring on a short
covering rally."
He believes an Iranian trade mission to Tokyo, which
refused discounts to Japanese buyers, brought Japanese refiners
into the market to cover their short positions.
Oil traders said one japanese refiner came into the market
to but 10 cargoes of May Dubai, which sent prices up on Mideast
sours, with Dubai trading up to 16.50 dlrs after trading
yeterray as low as 15.63 dlrs and then spilled over into the
North sea crude oil market.
Traders said that there have been persistent rumors today
that Japanese buyers are looking to pick up cargoes of Brent
for Japan and European trade sources indidate rumors of vessels
being fixed to make such shipments.
North sea brent today rose over 17.00 dlrs with trades
reported as high as 17.05 dlrs, up one dlr.
OPEC members' denials that they are producing over their
quotas sparked moves to cover short postitions.
Indonesian oil minister Subroto said today that OPEC
production was below the 15.8 mln bpd quota agreed to last
december but he gave no details on OPEC production against
claims it was more at least one mln bpd above that level.
"The production probably is about their quota level and
largely because Saudi Arabia will not discount and canot sell
its oil as a result," Margoshes said.
Analysts have mixed opinions about the extent of the
current rally. Some believe prices can continue to rise if
Saudi Arabia and OPEC hold steady in a refusal to discount.
But others said that despite the rally today there were
still several fundamental factors, including demand, which
could cut the rally short.
Marion Stewart, an indepedent petroleum economist, said
slow growth in the economies of the U.S. and OECD would keep
demand for oil slack and he now estimates that demand to rise
about 1.4 pct over 1986.
Reuter
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Shr profit three cts vs loss seven cts
Net profit 161,000 vs loss 367,000
Revs 24.3 mln vs 26.5 mln
Reuter
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Seaman Furniture Co Inc said
its board declared a two-for-one split of the company's
outstanding stock.
It said holders of its common will receive one additional
share for each share held as of March 20. It said certificates
representing additional shares will be distributed as soon as
possible after April 10.
Reuter
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Oper shr eight cts vs eight cts
Oper net 5,219,000 vs 4,377,000
Revs 214.9 mln vs 182.5 mln
NINE MTHS
Oper shr 51 cts vs 51 cts
Oper net 29.6 mln vs 27.9 mln
Revs 634.5 mln vs 569.3 mln
1986 net excludes extraordinary gain of 8,031,000 dlrs or
15 cts shr.
1987 net reflects three-for-one stock split in 2nd qtr and
issue of 1.5 mln subordinate voting shares in 1st qtr.
Reuter
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Telxon Corp reported it expects
revenues for the quarter ending March 31 to be between 26 to 28
mln dlrs.
The company said earnings per share for the period should
be between 23 cts to 26 cts.
"The company is making an announcement at this time in
response to analysts fourth quarter revenues and earnings per
share estimates of 29 mln to 32 mln and 24 cts to 30 cts,
respecivtely," said Raymond Meyo, president and chief executive
officer.
Telxon recorded revenues of 24.2 mln dlrs for the quarter
last year, and earnings per share of 22 cts, adjusted for a
three-for-two stock split in May 1986.
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Royal Resources Corp said its board set
an April 21 a shareholders' meeting to vote on the sale of its
oil and gas properties for 3,650,000 dlrs, an increase in
authorized common to 20 mln shares from 15 mln and the change
of the company's name to Royal Gold Inc.
The company has agreed to sell its oil and gas properties
to <Victoria Exploration N.L.> of Perth, Western Australia.
Royal Resources also said the sale of its interest in two
gold properties -- the Colosseum Mine in San Bernardino County,
Calif., and the Camp Bird mine near Ouray, Colo. -- was closed
on February 27. The company said it received 4.4 mln dlrs and
cancellation of the remaining balance due on the acquisition of
the interest, adding this represents 2.5 mln dlrs more than it
paid for the interest.
Reuter
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Shr 57 cts vs 27 cts
Net 1,002,000 vs 470,000
Sales 15.9 mln vs 12.0 mln
Note: 4th qtr figures not given.
Reuter
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Shr 12 cts vs 19 cts
Net 369,000 vs 358,000
Revs 7,076,000 vs 6,712,000
Avg shrs 3,050,000 vs 1,850,000
Nine mths
Shr 53 cts vs 63 cts
Net 1,523,000 vs 1,158,000
Revs 22.6 mln vs 20.7 mln
Avg shrs 2,852,198 vs 1,850,000
Reuter
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Qtly div 28 cts vs 28 cts prior
Pay April one
Record March 13
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|
Qtly div six cts vs six cts prior
Pay April one
Record March 23
Reuter
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0,
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0,
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Qtr ended Jan 31
Shr 12 cts vs 19 cts
Net 369,000 vs 358,000
Revs 7,076,000 vs 6,712,000
Avg shrs 3,050,000 vs 1,850,000
Nine mths
Shr 53 cts vs 63 cts
Net 1,523,000 vs 1,158,000
Revs 22.6 mln vs 20.7 mln
Avg shrs 2,852,198 vs 1,850,000
Reuter
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Net loss 705,496 vs loss 182,766
Sales 642,590 vs 1,126,315
Reuter
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<PanCanadian Petroleum Ltd>
said it agreed to sell its working interest in its North Sea
properties and its British unit, Canadian Pacific Oil and Gas
of Canada Ltd, to Whitehall Petroleum Ltd, a private British
company.
PanCanadian, 87 pct-owned by Canadian Pacific Ltd <CP>,
said it would receive 1.7 mln British pounds cash (3.5 mln
Canadian dlrs) at closing, expected in two to three months.
It said the deal is subject to approval by regulators and
its partners in the properties, which consist of exploration
wells. It will also retain a royalty interest in the
properties.
Reuter
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Telxon Corp said it expects
per-share earnings for its fourth quarter ending March 31 to be
about 23 cts to 26 cts on revenues of 26 mln dlrs to 28 mln
dlrs.
For the year-ago quarter, the company earned 22 cts a
share, adjusted for a three-for-two stock split, on revenues of
24.2 mln dlrs.
The company said it made the earnings estimate in response
to analysts' forecasts, which it said called for per-share
earnings of 24 cts to 30 cts and revenues of 29 mln dlrs to 32
mln dlrs.
Reuter
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Reid-Ashman Inc said it has
decided to divest its test products division, located in Santa
Clara.
The company said it will entertain offers through March 30.
It also said Steven Reid, a company founder and president of
the test division, has made an offer to purchase the unit.
The company's test division accounted for about ten pct of
total revenues in the year ended Sept 30, 1986 and is currently
running a revenue rate of under two mln dlrs per year, it said.
Reuter
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Qtly div 87 cts vs 87 cts
Pay Feb 17
Record Jan 20
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Qtly div five cts vs five cts
Pay May 22
Record May 8
Reuter
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Distillate fuel stocks held in
primary storage fell by 4.4 mln barrels in the week ended Feb
27 to 127.10 mln barrels from 131.50 mln the previous week, the
American Petroleum Institute (API) said.
In its weekly statistical bulletin, the oil industry trade
group said gasoline stocks fell 30,000 barrels to 252.92 mln
barrels from a revised 252.95 mln, while crude oil stocks rose
700,000 barrels to 329.38 mln from a revised 328.68 mln.
It said residual fuel stocks fell 380,000 barrels to 38.04
mln from 38.42 mln barrels.
API said refinery runs in the week fell to 12.17 mln
barrels per day from a revised 12.42 mln and refinery use of
operating capacity was 78.1 pct, off from a revised 79.7 pct.
Crude oil imports in the week fell to 3.98 mln bpd from a
revised 4.22 mln, API added.
Reuter
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Shr six cts vs five cts
Net 199,037 vs 135,587
Sales 1,594,895 vs 1,368,959
Avg shrs 3.1 mln vs 2.5 mln
Year
Shr 25 cts vs 19 cts
Net 695,398 vs 446,426
Sales 5,785,365 vs 4,520,781
Avg shrs 2.8 mln vs 2.4 mln
Reuter
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Qtly div 12-1/2 cts vs 12-1/2 cts
Pay March 31
Record Feb 27
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Exports of American wine rose 14.9
per cent last year to a total of 7.2 million gallons, the Wine
Institute said.
The San Francisco-based promotional group said 95 per cent
of the exported wine was from California and the top three
markets were Canada, Japan and Britain.
Japan, which edged out Britain as the leading importer of
American wines in 1985, continued in second place.
Canadian imports rose 3.2 per cent to 2.6 million gallons;
Japan, 9.9 per cent to 1.2 million gallons, and Britain, 20.2
per cent to 962,360 gallons.
A spokesman for the institute said the declining value of
the dollar and strong promotional efforts on the part of the
California wine industry contributed significantly to the
increased shipments.
The 1986 wine exports were valued at 34.7 mln dlrs, up from
27.6 mln dlrs the previous year.
Reuter
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Shr nine cts vs six cts
Net 3,500,000 vs 2,500,000
Revs 294.0 mln vs 351.5 mln
Note: 1986 year includes tax gain of 1,700,000 dlrs
Reuter
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Oppenheimer and Co, a New York
brokerage firm, said it raised its stake in Viacom
International Inc to the equivalent of 2,709,600 shares, or 7.7
pct of the total, from 2,232,400 shares, or 6.3 pct.
In a filing with the Securities and Exchange Commission,
Oppenheimer said it bought a net 477,200 Viacom common shares
between Jan 19 and March 3 at prices ranging from 40.50 to an
average of 49.31 dlrs each. Part of its stake is in options.
It said it bought the shares as part of its arbitrage and
investment business. Movie theater magnate Sumner Redstone and
a Viacom management group are in a bidding war for Viacom.
Reuter
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Shr loss 25 cts vs profit 11 cts
Net loss 446,005 vs profit 185,325
Sales 2.4 mln vs 2.5 mln
12 mths
Shr loss 16 cts vs profit 41 cts
Net loss 282,305 vs profit 709,787
Sales 10.1 mln vs nine mln
Reuter
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The U.S. Senate Agriculture Committee
may take up a bill tomorrow that would strengthen the
activities of U.S. agricultural trade teams in selected
developing countries, committee staff said.
The measure, sponsored by committee Chairman Patrick Leahy
(D-Vt.) and Sen. John Melcher (D-Mont.), would establish trade
teams of between six and nine persons drawn from federal
agencies and private voluntary organizations, staff said.
The trade missions would seek to generate interest in the
U.S. government's food donation and commercial programs --
PL480, Section 416, export credit and export enhancement -- and
upon return be required to advocate extension of concessional
or commercial benefits to interested countries.
The trade teams would be made up of representatives of the
U.S. Agriculture Department, State Department, the Agency for
International Development and private voluntary organizations
such as U.S. Wheat Associates.
The bill would require teams within six months to visit
seven countries: Mexico, Philippines, Indonesia, India,
Bangladesh, Senegal and Nigeria.
Within one year after passage of the measure, another eight
countries would have to be visited: Peru, Kenya, the Dominican
Republic, Costa Rica, Malaysia, Venezuela, Tunisia and Morocco.
Other countries could be added to the list.
Senate staff members said the bill, still in the drafting
stages, had broad support and was expected to be approved by
the committee tomorrow.
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Florida Public Utilities Co
said its board declared a three-for-two stock split on its
common stock.
It said holders of record April 15 will receive one
additional share May one for each two shares held.
The company also said it raised the dividend on its common
stock by two cts to 33 cts a share on a pre-split basis.
The dividend is payable April one to holders of record
March 18.
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City Investing Co Liquidating Trust
said it declared a cash distribution of 25 cts a unit, payable
April 10 to unit-holders of record April one.
The trust last paid a stock distribution of General
Development Corp <GDB> shares in July.
Reuter
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Qtly div 14 cts vs 19 cts prior
Pay March 31
Record March 16
Note: Quarterly dividend for prior quarter included special
payout of five cts a share.
Reuter
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Oper shr 33 cts vs 33 cts
Oper net 3,330,000 vs 2,969,000
Revs 95.9 mln vs 92.0 mln
Avg shrs 8,610,068 vs 7,603,219
Note: 1986 net excludes extraordinary gain of 577,000 dlrs
or seven cts shr vs yr-ago gain of 71,000 dlrs or one ct shr.
Reuter
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Shr profit 31 cts vs loss 20 cts
Net profit 1,044,424 vs loss 515,425
Avg shrs 3,406,841 vs 2,544,531
Year
Shr profit 2.83 dlrs vs profit 42 cts
Net profit 8,811,142 vs profit 1,058,503
Avg shrs 3,111,464 vs 2,544,531
Note: Full company name is United Fire and Casualty Co
Net includes realized gains of 93,551 dlrs and 764,177
dlrs, respectively, in 1986 qtr and year, and of 92,075 dlrs
and 972,935 dlrs, respectively, in 1985 qtr and year.
1985 results restated for three-for-two stock split. Net
income for 1985 has been restated due to a change in the method
used in computing deferred acquisition costs.
1986 results include the effect of a stock offering
resulting in the issuance of an additional 862,500 shares of
common stock.
Reuter
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Oper shr 30 cts vs 24 cts
Oper net 38,686,000 vs 28,384,000
Revs 42.3 mln vs 31.2 mln
Year
Oper shr 1.05 dlrs vs 94 cts
Oper net 136,594,000 vs 110,831,000
Revs 153.3 mln vs 125.1 mln
Note: Fourth quarter results exclude extraordinary and
other items which raised final 1986 net to 62,485,000 dlrs or
49 cts a share and lowered final 1985 net to 18,941,000 dlrs or
16 cts a share in 1985.
Full-year results exclude extraordinary and other items
which raised final 1986 net to 237,961,000 dlrs or 1.87 dlrs
per share and 1985 net to 152,049,000 or 1.29 dlrs per share.
1985 results restated to reflect June, 1986 two-for-one
stock split.
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Eligible producers of 1986 crop U.S.
corn and sorghum will receive an estimated 600 mln dlrs in
deficiency payments -- 50 pct in generic commodity certificates
and 50 pct in cash, the U.S. Agriculture Department said.
It said corn producers will receive about 515 mln dlrs and
sorghum producers about 85 mln dlrs.
Only the cash portion of the payments will be subject to
the 4.3 pct reduction in compliance with the Gramm-Rudman
budget deficit control act of 1985, it said.
Corn and sorghum producers who requested advance deficiency
payments have already received about 2.8 billion dlrs and 225
mln dlrs, respectively, USDA said.
The Department said deficiency payment rates of 51.5 cents
per bushel for corn and 49 cents per bushel for sorghum were
received by producers requesting advance payments.
Deficiency payments are calculated as the difference
between an established target price and the higher of the basic
loan rate, or the national average price received by farmers
during the first five months of the marketing year --
September-January.
National weighted average market prices for the first five
months of the season were 1.46 dlrs per bushel for corn and
1.33 dlrs per bushel for sorghum. Eligible corn producers will
be paid 63 cts per bushel, based on the difference between the
3.03 target price and the 2.40 dlr per bushel basic loan rate.
Sorghum producers' deficiency payment rate will be 60 cents
per bushel, based on the difference between the 2.88 dlrs per
bushel target price and the 2.28 dlrs per bushel basic loan
rate.
The deficiency payment rates for both commodities are the
maximum permitted by law, the department said.
Eligible corn and sorghum producers will receive another
1986 crop deficiency payment in October if the national average
market prices received by farmers during the entire marketing
year for both commodities are below the basic loan rates, the
department said.
The payments will be issued through local Agricultural
Stabilization and Conservation Service offices, it said.
Reuter
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Shr loss 1.48 dlrs vs loss 36 cts
Net loss 4,036,000 vs loss 983,000
Sales 16.6 mln vs 17 mln
12 mths
Shr loss 1.88 dlrs vs profit 71 cts
Net loss 5,113,000 vs profit 1,904,000
Sales 85.4 mln vs 88.5 mln
Note: Prior year net includes extraordinary loss of 298,000
dlrs in qtr and extraordinary profit of 718,000 dlrs in year.
Reuter
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The Australian Government will likely
reimburse the Australian Wheat Board, AWB, about 132 mln (U.S.)
dlrs to pay wheat farmers for their 1986/87 crop, the U.S.
Agriculture Department said.
In its report on Export Markets for U.S. Grains, the
department said the sharp fall in world wheat prices has
reduced the export sales revenue of the AWB to levels
insufficient to cover its breakeven export price estimated at
around 98 dlrs per tonne.
For example the recent large sales of wheat to China (1.5
mln tonnes) and Egypt (2.0 mln tonnes) were well below the
breakeven export price, it said.
Australian wheat farmers normally receive an advance
payment known as the Guaranteed Minimum Price, GMP, calculated
at 90 pct of the average of estimated returns in the current
year and the two lowest of the previous three years, the
department said.
In addition, deductions for taxes, freight, handling and
storage are deducted from the GMP the farmer receives.
But the department said the Australian Bureau of
Agricultural Economics, BAE, predicts wheat production will
drop sharply from 17.8 mln tonnes in 1986/87 to 13.5 mln in
1989/90.
The decline will result from low world grain prices leading
to shifts to livestock and other crops which could benefit U.S.
wheat exports, the department said.
Reuter
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Qtly div seven cts vs six cts prior
Pay April 17
Record April three
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Kaneb Energy Partners Ltd said it may be
forced to omit or lower future quarterly cash distributions
because of a contract dispute with two major customers and the
continued slump in oil and gas prices.
The partnership said, however, that it will pay a regular
quarterly distribution of 60 cts a unit on April 15 to holders
of record March 31.
Reuter
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Shr 50 cts vs 46 cts
Net 43.0 mln vs 34.8 mln
YEAR
Shr 1.55 dlrs vs 1.38 dlrs
Net 136.8 mln vs 112.9 mln
Note: Holding company.
Reuter
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Qtly div 14 cts vs 14 cts prior
Payable March 31
Record March 16
Reuter
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Shr 16 cts vs 35 cts
Net 476,000 vs 929,000
Revs 3,000,000 vs 3,600,000
Reuter
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Japanese traders have apparently
sharply reduced commitments to buy Chinese corn over the next
six months due to high prices, the U.S. Agriculture Department
said.
In its World Production and Trade Report, the department
said traders indicated China may lack supplies or be unwilling
to sell at current low world prices.
If the reports are confirmed, China's major export
destinations such as USSR, Japan, and South Korea, could
increase purchases of U.S. corn, it said.
China is currently forecast to export 5.5 mln tonnes of
corn during 1986/87 (Oct-Sept), it said.
Reuter
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Saudi Arabia will succeed in pressuring
other members of the Organization of Petroleum Exporting
Countries to stay within their production quotas, said Morgan
Stanley Group managing director John Wellemeyer.
Wellemeyer, speaking to reporters at an offshore oil
engineering conference, also said he expected OPEC nations to
attempt to hold prices under 20 dlrs a barrel for several years
to keep industrial demand for residual fuel oil strong.
"Over the next few weeks I think you'll see a concerted
effort by the Saudis to get production down," Wellemeyer said.
"The Saudis are committed to that price level (of 18 dlrs a
barrel) and are willing to make it happen again," he said.
In recent weeks, oil prices fell to the 16 to 17 dlrs a
barrel level on market reports of some OPE members producing
above their quota, pushing total OPEC production to 15.8 mln
barrels per day. But prices rebounded today, with April U.S.
crude prices up about one dlr to over 17 dlrs a barrel on a
belief Saudi Arabia is attempting to curb OPEC output.
Wellemeyer said that sharp declines in U.S. oil production
could push demand for OPEC oil above 20 mln barrels per day as
early as 1989 and up to 24 mln barrels per day by 1993.
Although the projected increases in demand for OPEC oil
should strengthen world prices, Wellemeyer said he believed the
organization would hold its official price below 20 dlrs a
barrel for some time to prevent residual fuel users from
switching to natural gas supplies. The interfuel swing market
accounts for about eight mln barrels a day, or 18 pct of the
world demand for oil.
Reuter
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The European Community, EC, sold
75,000 tonnes of soft wheat at a subsidized price of between 85
and 89 dlrs per tonne FOB for March delivery in a continuing
bid to establish itself in the Brazilian wheat market, the U.S.
Agriculture Department said.
The sale sharply undercut the U.S. offer of 112 dlrs per
tonne FOB for 33,000 tonnes of wheat, it said in its latest
report on Export Markets for U.S grains.
EC sales to Brazil total about 225,000 tonnes during
1986/87 (July-June) in stark contrast to only 50,000 tonnes in
the 1985/86 season, it said.
The increasing presence of EC wheat in Brazil comes at a
time when the Brazilian Wheat Board, BWB, expects the wheat
import market will expand to 3.4 mln tonnes from the current
forecast of 3.0 mln in the 1986/87 year.
The BWB cites record consumption and an eventual decline in
domestic production, and says government plans to lower the
guaranteed price of wheat from 242 dlrs per tonne to 180 dlrs
will contribute to greater import demand, the USDA said.
It said the BWB expects the U.S. to be major supplier of
the additional 400,000 tonnes, but commitments for purchase of
U.S. wheat through two-thirds of 1986/87 year total only
600,000 tonnes versus 700,000 a year ago.
Reuter
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Zenith Laboratories Inc said the
company will report a fourth quarter loss, and the amount will
be determined on completion of its year end audit. The company
did not elaborate further.
For the third quarter ended Sept 30, 1986, Zenith reported
a loss of 3,451,000 dlrs or 16 cts per share, adjusted for a
May 1986 2-for-1 stock split.
The company also said it received Food and Drug
Administration approval to market Cefadroxil, a generic version
of an antibiotic with domestic sales exceeding 50 mln dlrs in
1986.
Zenith said it will not market the drug until "questions
relating to the applicability of certain patents have been
resolved."
Reuter
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Taiwan passed on its tender overnight
for 25,000 tonnes of U.S. corn and 49,000 tonnes U.S. sorghum,
private export sources said.
Taiwan will retender for the corn, for May 15-30 shipment
if via the Gulf, or June 1-15 via Pacific northwest, on March
6, but has not rescheduled a tender for sorghum, they said.
Reuter
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Bangladesh passed on its weekend tender
for 100,000 tonnes of optional origin soft wheat, private
export sources said.
Reuter
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Despite earlier optimistic
indications, the South African corn crop is at a critical stage
in its development and recent reports of heat stress could
reduce production and therefore exportable supplies, the U.S.
Agriculture Department said.
In its report on Export Markets for U.S. Grains, the
department said South Africa's corn exports in the 1986/87
(Oct-Sept) season are estimated at 2.5 mln tonnes, up 40 pct
from the previous year.
The re-emergence of South Africa as a competitor follows a
period of severe droughts, which at one point required South
Africa to import 2.7 mln tones of U.S. corn in 1983/84, it
said.
Since those imports in 1983/84, the U.S. has been facing
increased competition from South Africa in Taiwan and Japan.
But if South Africa is perceived as lacking available
supplies, purchases of U.S. corn may be further stimulated, the
department said.
Reuter
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Shr four cts vs three cts
Net 4,505,000 vs 4,493,000
Revs 23.3 mln vs 21.4 mln
Reuter
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Chicago Board of trade grain traders and
analysts voiced a lot of interest in how farmers planned to
handle their upcoming spring plantings, prompting sales of new
crop months of corn and oats and purchases in new crop soybeans
in the futures markets.
Professionals in the grains trade think that farmers will
be more willing to stick with corn acres than soybeans because
corn is protected by the acreage reduction program. That gives
deficiency payments to farmers if corn prices stay low.
Farmers can place soybeans under the loan program if they
sign-up for reduced acreage, but they have no price guarantees.
With the price outlook for both commodities so dismal,
traders believe farmers will want to stick with a sure thing
rather than gamble on soybeans, even though the new crop
soybean/corn ratio of 2.9/1 would make planting soybeans more
attractive under normal circumstances.
An announcement late Friday that the USDA will lift the
limited cross-compliance requirement for the 1987 oats crop,
means farmers will be able plant an estimated two to three mln
more oat acres this year than last without being penalized,
traders said.
Here too, acres some farmers may have been thinking of
shifting to soybeans will now be planted with oats, due to the
more attractive deal from the government, they added.
Cotton prices are almost twice what they were just six
months ago, which should prompt many farmers in the South to
put soybean land back into cotton.
One of the reasons for the steady increase in soybean
production in recent years has been a general shift of acres in
traditional cotton producing regions of the South to soybeans,
which are easier to grow, one commercial trader said.
Reuter
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The Senate Agriculture Committee is
expected to take up a bill tomorrow that would exempt from
government conservation regulations those farmers who have
rotated alfalfa and other multiyear grasses and legumes with
row crops, committee staff said.
Under current so-called "sodbuster" law, farmers who planted
alfalfa and other multiyear grasses and legumes on highly
erodible land in the years 1981 through 1985 lose federal farm
program benefits if they produce a row crop on that land in
later years.
Sen. Edward Zorinsky (D-Neb.), sponsor of the measure, said
recently that those crop rotating practices resulted in less
erosion than the practices of many farmers who produced
strictly row crops.
Reuter
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GTX Corp said Nippon Steel Co of Japan,
in a move to diversify into high technology, invested eight mln
dlrs in GTX.
Nippon's move was the result of current exchange rates and
the revaluation of the yen, which "have made the U.S.
electronics industry an attractive investment opportunity for
Japanese corporations," according to a GTX statement.
GTX noted that Nippon is expecting sales of 27 billion dlrs
by 1995. Of that amount, six billion dlrs is targeted for
electronics. GTX, located in Phoenix, makes computerized
systems that read drawings and transfer them into data bases.
Reuter
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C.T.C. Dealer Holdings Ltd said it
extended its previously announced offer for 49 pct of <Canadian
Tire Corp Ltd> to midnight on March 26.
CTC, a group of Canadian Tire dealers, which already owns
17 pct of Canadian Tire, is currently appealing in an Ontario
court against a previously announced Ontario Securities
Commission ruling blocking CTC's 272 mln dlr bid.
The blocked bid did not include non-voting shareholders,
who hold 96 pct of Canadian Tire equity.
Reuter
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Rockwell International Corp
continues to expect significant improvement in 1987 results,
despite the somewhate disappointing performance of one of its
business segments, President Donald Beall told Reuters.
Rockwell reported net earnings in its first quarter ended
December 31 of 149.4 mln dlrs, or 1.05 dlrs per share, compared
to 125.8 mln dlrs, or 84 cts per share a year ago.
Operating earnings, however, were off about four pct, and
analysts have attributed the decline to Rockwell's
Allen-Bradley unit, which has suffered from weakness in the
industrial automation market.
"It is in a soft market now, but we are not concerned. It
is moving forward with market development and is enhancing
market share," Beall said of Allen-Bradley unit.
Beall, who was in Los Angeles to address a Technology
management conference, said first quarter sales for the
Allen-Bradley unit were flat as compared to a year earlier. He
said the company does not break out operating earnings by unit
on a quarterly basis.
Beall said the recent trend toward cost sharing in the
research and development phase of government contracts should
not have a major impact on Rockwell's near-term performance.
He noted, however, the increasing focus on cost sharing
could limit technological innovation.
"I worry that we are heading into a period of misuse of
contracting approaches too early in the development stages of
important military contracts," Beall said, adding, "long-term,
we have a very serious problem."
In addition, Beall told the conference the greatest
competitive threat to defense contractors is in defense
electronics, due to the government's attempt to take advantage
of competitively priced products made outside the U.S.
Reuter
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Qtly div 1-1/2 cts vs 1-1/2 cts prior
Pay March 31
Record March 13
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The International Swap Dealers
Association has developed the first standard form contract for
use by arrangers of currency and interest rate swap
transactions, said Thomas Jasper, the Association's
co-chairman.
The contract, unveiled at a press conference , is expected
to make the 300 billion dlr a year swap market more efficient,
he said. "The contracts wil accelerate the process and reduce
the expense of swap documentation," Japsper said.
Privately, eurobond traders estimate that about 80 pct of
all new issues eventually become part of either an interest
rate or currency swap.
An interest rate swap occurs when two issuers, usually
acting through a bank middleman, agree to accept each other's
interest payments on debt securities. Usually, the issuer of a
floating rate debt security swaps into fixed-rate debt and vice
versa. But the obligation for repayment of the debt remains
with the original borrower.
Bank regulators have become concerned about the use of
swaps because the middleman, usually a bank, takes on some
portion of the risk but is not required to show it on the
balance sheet as a liability and may not have sufficient
capital to cushion it.
Kenneth McCormick, a co-chairman of the ISDA and president
of Kleinwort Benson Cross Financing Inc, said the Bank of
England and the U.S. Federal Reserve Board were expected later
today to announce joint proposals for setting minimum capital
standards for counterparties in swaps.
The standards are part of the recently announced
convergence agreement between the two countries in which
regulators have attempted to set similar capital requirements
for institutions.
McCormick told reporters the ISDA was concerned that a
"level playing field" be maintained in the swaps market.
He said if U.K. And U.S. Banks were required to hold more
primary capital against swap transactions than is the current
practice, the additional costs would have to be passed on to
issuers.
The issuers might then choose to do business with
lower-cost banks which are not subject to U.S. Or U.K. Banking
rules.
He said the ISDA had been working on a code of conduct for
swap dealers as part of its self-regulatory effort.
That code should be completed within the next few weeks, he
said.
REUTER
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Metropolitan Federal Savings
and Loan Association said it has signed a letter of intent to
acquire American Trust of Hendersonville, Tenn., for an
undisclosed amount of cash.
American Trust had year-end assets of over 40 mln dlrs.
Reuter
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General Motors Corp said its
Pontiac Division has established an interest rate support
incentive program, effective immediately, as an alternative to
its current option bonus program.
The company said qualified buyers of Pontiacs may now
select special finance rates of 3.9 pct on 24-month contracts,
7.9 pct on 36-month contracts, 8.9 pct on 48-mopnth contracts
or 9.9 pct on 60-month contracts. The program is scheduled to
expire April 30.
Under the option bonus program, which is also scheduled to
expire April 30, buyers receive cash bonuses on the purchase of
Pontiacs equipped with option group packages, with the amount
depending on the option level on each vehicle.
The company said the special interst rate program applies
to ann new 1986 and 1987 Pontiacs sold from dealer stock and
delivered to customers during the program period. A customer
may choose only one program, it said.
Reuter
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Shr not given
Oper loss 5,900,000 vs profit 9,300,000
Revs 105.3 mln vs 131.2 mln
Year
Shr not given
Oper loss 21.7 mln vs profit 34.7 mln
Revs 370.7 mln vs 515.1 mln
Note: 67 pct owned by <British Columbia Resources
Investment Corp>
Note continued: 1986 qtr excludes extraordinary loss of 3.6
mln dlrs versus loss of 294.0 mln dlrs in prior year
1986 year excludes extraordinary loss of 79.1 mln dlrs
versus loss 221.5 mln dlrs in prior year
Reuter
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Dow Chemical Co said it has
agreed in principle to sell its industrial chemicals and
plastics business interests in South Africa and related assets
to a group of South African investors for undisclosed terms,
completing the sale of the company's South African assets
Dow said it will continue to support its educational and
health programs for South African blacks.
Reuter
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Shr loss 6.97 dlrs vs profit 92 cts
Net loss 240 mln vs profit 31.6 mln
Revs 1.9 billion vs 2.5 billion
NOTE: 1986 includes loss of 250 mln dlrs or 7.27 dlrs a
share from discontinued operations and writedowns of holdings
in Texasgulf Inc. 1985 restated.
Reuter
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Geonex Corp <GEOX> said
BellSouth Corp <BLS> unit Southern Bell Telephone and Telegraph
Co's decision to postpone the start up of new conversion
assignments at Geonex's Chicago Aerial Survey unit could
negatively affect its fiscal 1987 revenues.
The company said it had expected higher revenues from the
records conversion work, but it now foresees revenues from
Southern Bell work at about eight mln dlrs, the same level as
last fiscal year.
Geonex said Southern Bell will let CAS continue work in
progress and it expects to perform mechanized posting and
records conversion for Southern Bell through 1989.
But, it added that the Southern Bell decision has forced it
to pursue opportunities with other telephone companies and
municipalities to replace the Southern Bell work.
Reuter
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