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The average price of mexico's crude
oil exports in first quarter 1987 will be 15.25 dlrs per
barrel, according to preliminary figures issued in a press
release by the state oil company Petroleos Mexicanos (PEMEX).
It gave no direct comparison with the year-ago figure but
said crude and products sales were expected to rise to 1.99
billion dlrs this quarter, 420 mln dlrs higher than expected
and 22 pct better than the year-ago quarter.
Prospects for the second quarter were relatively favourable
with crude exports seen at 1.320 mln bpd after an expected
1.324 mln this month, 1.323 in February and 1.395 mln in
January.
REUTER
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Texas International Inc said it
has received an unqualified audit opinion from auditor Arthur
Andersen and Co.
The company had received a qualified opinion on 1985
financial statements subject to its ability to resolve
negotiations with its U.S. bank group. Subsequently, it sold
almost all its domestic oil and natural gas properties and
retired all U.S. bank debt in March 1987 with part of the
proceeds.
Reuter
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Tenneco Inc said its Newport
News Shipbuilding subsidiary has completed the purchase of the
Sperry Marine Systems division of Unisys Corp for about 70 mln
dlrs.
Sperry Marine has annual revenues of about 100 mln dlrs.
Reuter
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Biogen NV said as part of a
program to reduce expenses, it is in talks on the sale of its
Geneva, Switzerland operations.
The company gave no details.
Reuter
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Shr 10 cts vs 29 cts
Net 584,000 vs 1,688,000
Sales 19.8 mln vs 16.9 mln
Avg shrs 5,959,000 vs 5,762,000
Year
Shr 68 cts vs 96 cts
Net 4,013,000 vs 5,430,000
Sales 68.1 mln vs 61.3 mln
Avg shrs 5,934,000 vs 5,679,000
Backlog 67.9 mln vs 60.6 mln
Reuter
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Shr 12 cts vs 12 cts
Net 337,000 vs 235,000
Revs 3,350,000 vs 1,642,000
Avg shrs 2,935,734 vs 2,000,000
Year
Shr 69 cts vs 56 cts
Net 1,815,000 vs 1,112,000
Revs 12.1 mln vs 7,709,000
Avg shrs 2,648,257 vs 2,000,000
Reuter
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Oper shr 49 cts vs 22 cts
Oper net 1,018,000 vs 468,000
Sales 95.0 mln vs 98.3 mln
NOTE: Net excludes tax credits of 284,000 dlrs vs 310,000
dlrs.
Reuter
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Shr loss 20 cts vs profit 24 cts
Net loss 173,578 vs profit 211,324
Revs 4,558,244 vs 5,595,644
NOTE: Earnings per share restated retroactively for all
periods to reflect 20 pct stock dividend in April 1984 and 25
pct stock split September 1985.
Revenues include progress receivables on long-term
contracts not billed to customers, and reflect the
proportionate elements of profit as revenues based on stage of
completion of long term contracts.
Reuter
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The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
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Bow Valley Industries Ltd said
it filed a preliminary short form prospectus in Canada and the
United States for a secondary offering of 22.8 pct of
outstanding common stock, or 9,362,197 common shares, being
sold by certain shareholders.
The company said Bowcan Holdings Inc, a holding company
principally owned by the Seaman brothers of Calgary and Charles
Rosner Bronfman Trust of Montreal, is offering to sell all of
its holding of 8,279,665 Bow Valley common shares.
The balance of the offering is owned directly and
indirectly by various trusts of Jean and Charles deGunzberg.
Proceeds and expenses from the secondary offering of Bow
Valley Industries common shares are for the account of the
selling shareholders, the company said.
The shareholders will engage Salomon Brothers Inc for
distribution of the shares in the United States and McLeod
Young Weir Ltd for distribution in Canada.
Reuter
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Shr loss 78 cts vs loss 18 cts
Net loss 1,671,000 vs loss 382,000
Revs 3,261,000 vs 4,427,000
Year
Shr loss 1.35 dlr vs loss 15 cts
Net loss 2,902,000 vs loss 331,000
Revs 13.5 mln vs 16.1 mln
NOTE: 1986 and 1985 4th qtr net includes charges of 867,000
dlrs or 40 cts a share and 222,000 or 10 cts a share,
respectively.
Reuter
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Henley Group said in a 10-K filing
with the Securities and Exchange Commission that it has 7.9 mln
shares or close to five pct of Santa Fe Southern Pacific Corp,
a spokesman said.
In response to questions from Reuters, the Henley spokesman
said the filing was as of December 31, 1986, but that the
company still holds the shares.
"It's an investment and we're very happy with it. Beyond
that, I have no comment," the spokesman said.
Reuter
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The average price of mexico's crude
oil exports in first quarter 1987 will be 15.25 dlrs per
barrel, according to preliminary figures issued in a press
release by the state oil company Petroleos Mexicanos (PEMEX).
It gave no direct comparison with the year-ago figure but
said crude and products sales were expected to rise to 1.99
billion dlrs this quarter, 420 mln dlrs higher than expected
and 22 pct better than the year-ago quarter.
Prospects for the second quarter were relatively favourable
with crude exports seen at 1.320 mln bpd after an expected
1.324 mln this month, 1.323 in February and 1.395 mln in
January.
REUTER
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Combustion Engineering Inc said
it has completed the previously-announced acquisition of
AccuRay Corp in a merger trasaction that closed Friday at 45
dlrs per share.
Reuter
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Intelligent Systems Master
Limited Partnership said its board declared an initial
quarterly dividend of 25 cts per unit, payable April 10 to
holders of record March 31.
The partnership, formed at year-end by the conversion of
Intelligent Systems Corp from corporate form, said its board
has approved in principle quarterly dividend of 15 to 25 cts
per quarter for calendar 1987.
It said as part of its restructuring it may sell some of
its assets this year, with unitholders receiving either cash
from the sale or stock in the acquiring company.
Reuter
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Shr loss six cts vs profit two cts
Net loss 463,473 vs profit 126,835
Revs 3,506,066 vs 3,082,499
Year
Shr loss four cts vs profit three cts
Net loss 323,214 vs profit 187,893
Revs 13.8 mln vs 10.8 mln
Reuter
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Grain traders and analysts expect lower
wheat and soybean exports and higher corn exports than a year
ago in the USDA's export inspection report today.
Corn export guesses ranged from 27.0 mln to 32.0 mln
bushels, compared with the 27.6 mln inspected last week and
20.5 mln a year ago.
Soybean export guesses ranged from 14.0 mln to 16.0 mln, up
from the 13.4 mln inspected last week but below the 25.5 mln
reported a year ago.
Wheat estimates ranged from 11.0 mln to 14.0 mln bushels,
compared with 12.0 mln reported last week and 18.3 mln a year
ago.
Reuter
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Oppenheimer, the brokerage and
investment subsidiary of Oppenheimer Group Inc, told the
Securities and Exchange Commission it has acquired 243,400
shares of Cyclops Corp, or 6.0 pct of the total outstanding.
Oppenheimer said it bought the stake in connection with
risk arbitrage and other investment activities in the ordinary
course of its business. It said it has no plans to seek control
of the company.
As of Friday, <Dixons Group PLC> had acquired 2,455,000
Cyclops shares, giving it 83 pct of the total.
Reuter
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Shr profit one ct vs loss two cts
Net profit 27,000 vs loss 69,000
Revs 295,000 vs 264,000
Year
Shr loss eight cts vs loss three cts
Net loss 262,000 vs loss 88,000
Revs 1,004,000 vs 1,248,000
Reuter
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Shr 18 cts vs 17 cts
Net 584,493 vs 540,977
Revs 4,685,930 vs 4,524,315
Reuter
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Allegheny International Inc said it
sold its Wilkinson Sword Consumer Group to the <Swedish Match
Co> of Stockholm for for 230 mln dlrs.
After settlement of intercompany transactions between the
Wilkinson Sword groups and Allegheny, the net payment by
Swedish Match will amount to about 160 mln dlrs.
The Wilkinson Sword Group was transferred to the Swedish
Match Co today except for companies in certain countries where
approval from government authorities is required, the company
said.
Allegheny said it acquired a 44 pct interest in Wilkinson,
then known as Wilkinson Match Ltd, in 1978, and the remaining
share in 1980.
This divestiture is part of Allegheny's overall
restructuring program and strategy to concentrate primarily on
its North American consumer products business, the company
said.
Reuter
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Shr 19 cts vs 13 cts
Net 166,000 vs 118,000
Rev 3.2 mln vs 2.5 mln
Year
Shr 34 cts vs 30 cts
Net 303,000 vs 269,000
Rev 10.8 mln vs 10.2 mln
Reuter
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C.O.M.B. Co said it sold three of
its retail stores in Omaha to Bob Cummins Enterprises Inc, a
retail closeout merchandiser.
It said the sale is consistent with its previously
announced Retail Division restructuring plans.
Reuter
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Centronics Corp said its board
declared a dividend distribution of one preferred share
purchase right on each outstanding common share payable to
holders of record April 9.
The rights, which will expire 10 years later, will entitle
shareholders to buy one-hundredth of a share of a new series of
preferred at an exercise price of 20 dlrs.
The rights will be exercisable only if some one acquires 30
pct or more of Centronic's common or announces an offer which
would result in ownership of 30 pct or more of the stock.
Centronics said its board will be entitled to redeem the
rights at two cts per right at any time before a 30 pct
position has been acquired.
If the rights become exercisable, the company said, those
held by shareholders other than the owner of 30 pct or more of
the stock will entitle the holder to purchase a number of
common shares having a market value twice the right's exercise
price.
Reuter
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McClain Industries Inc
said its board declared a four-for-three stock split, payable
30, record April 15.
The company also said it plans to open within the next 90
days a 114,000 square foot plant in Macon, Ga., that will allow
it to expand production of transfer trailers and other
products.
Reuter
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Heritage Communications Inc
said it expects to hold a special shareholder meeting in May to
consider its proposed acquisition by an investor group
including members of senior management and Tele-communications
Inc <TELE>.
The company said it is seeking to obtain all regulatory
approvals needed to complete the transaction before or shortly
after the special meeting. Heritage said it has filed
preliminary proxy materials with the Securities and Exchange
Commission and has applied for a change of control of its
broadcast licenses with the Federal Communications Commission.
Heritage it and Tele-Communications made required
Hart-Scott-Rodino filings with the Federal Trade Commission and
Justice Department on March 11 and 12, respectively.
Reuter
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Shr 22 cts vs 16 cts
Net 2,460,000 vs 1,730,000
Sales 37.0 mln vs 27.3 mln
NOTE: Share adjusted for two-for-one stock split in
February 1987.
Reuter
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Louisiana Pacific Corp said it
reached a non-binding agreement in principle to buy a gypsum
wallboard plant in Seattle from Norwest Gypsum.
Purchase price and other details of the agreement were not
disclosed.
Reuter
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Nobel Industries Sweden SA <NOBL.ST>
said its arms subsidiary, <AB Bofors>, plans to sell its 40 pct
stake in <Allied Ordnance Co of Singapore Ltd> because of its
part in weapons exports which contravene Swedish law.
"The events we have uncovered are unacceptable and highly
regrettable incidents in our company's history," Nobel chairman
Lars-Erik Thunholm told a news conference.
Nobel managing director Anders Carlberg said an internal
inquiry has revealed an extensive network of international arms
smuggling.
Reuter
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Dravo Corp said it expects a first
quarter loss of about 30 cts per share, compared with a
year-earlier profit of one ct, and said operating earnings for
all of 1987 may not match 1986's earnings of 61 cts per share
from continuing operations.
Dravo saidperformance so far this year in its engineering
and construction segment has not met earlier expectations.
It said the first quarter will be impacted by writedowns
resulting fromn revised estimates of costs required to complete
projects and by delays in starting work on jobs originally
forecasted to contribute to first quarter earnings.
Dravo further said it has given the investor group buying
Dravo's river transportation, stevedoring and pipe frabrication
businesses additional time to structure the necessary
permanenty financing, and closing is now expected in the third
quarter.
Reuter
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The U.S. Congress is making Japan,
with its enormous worldwide trade surplus, the symbol of the
U.S. trade crisis and the focus of its efforts to turn around
America's record trade deficit.
"Japan has come to symbolize what we fear most in trade: the
challenge to our high technology industries, the threat of
government nutured competition, and the multitude of barriers
to our exports," Senate Democratic Leader Robert Byrd said.
"If we can find a way to come to terms with Japan over trade
problems, we can manage our difficulties with other countries,"
the West Virginia Democrat said at a Senate Finance Committee
hearing on the trade bill.
Byrd and House Speaker Jim Wright, a Texas Democrat, have
made trade legislation a priority this year and a wide-ranging
bill is being readied for probable House approval next month.
Japan's bilateral trade surplus jumped from 12 billion dlrs
in 1980 to 62 billion dlrs last year. Its surplus rose to 8.14
billion dlrs in February from 5.7 billion dlrs in January.
Congress points to the record 169 billion dlrs U.S. trade
deficit in 1986 and the slow response in the trade imbalance to
the dollar's decline in world currency markets as a reason to
press Japan to buy more U.S. goods.
They are particularly dismayed by the rapid deterioration
in U.S. exports of sophisticated computer technology.
In response to the growing anger and pressure by the U.S.
semiconductor industry, President Reagan Friday announced he
intended to raise tariffs as much as 300 mln dlrs on Japanese
electronic goods in retaliation for Japan's failure to abide by
a 1986 U.S.-Japanese semiconductor agreement.
Congress also has been been angered by the administration's
lack of success with Japan on a host of other trade issues
including beef, citrus, automobile parts, telecommunications
goods, and financial services.
The bulk of the House trade bill was written last week in
four committees. It is a package of trade sanctions and
measures to force the administration take tough action against
foreign trade barriers and unfair competition.
Although most provisions do not single out Japan, in many
cases their impact would be to restrict imports of Japanese
products or make them more expensive with higher duties.
The cornerstone of the trade legislation passed the House
Ways and Means Committee by a vote of 34 to 2. Its focus is to
force President Reagan to retaliate against unfair foreign
competition and to make it easier for U.S. industries to win
temporary relief from surges in imports.
The most controversial issue, an amendment to restrict
imports if countries such as Japan with large surpluses do not
buy more U.S. goods was left for an April vote by the House.
Rep. Richard Gephardt, a Democratic presidential aspirant
from Missouri, has the support of Wright and other key
Democrats to press for passage of the amendment.
The measure would have the most impact on Japan, West
Germany, Taiwan and South Korea. If Japan, for example, does
not reduce its barriers by mid-1988, the United States would
set import quotas or tariffs to cut Japanese surplus by ten per
cent a year for three years.
"I'm tired of going into companies and having managers say
to me, 'We're not over competing in Japan because we can't
compete in the marketplace.' That argument needs to be taken
away from American business," Gephardt said.
The administration has said it could not support a trade
bill containing such a provision.
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Shr 97 cts vs 81 cts
Net 60.8 mln vs 51.1 mln
Revs 487.4 mln vs 529.7 mln
12 mths
Shr 3.42 dlrs vs 2.18 dlrs
Net 215.0 mln vs 137.2 mln
Revs 2.74 billion vs 2.88 billion
NOTE: 1986 results restated for change in accounting.
Reuter
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Kaufman and Board Inc and its
insurance subsidiaries said they lowered their stake in Quaker
State Oil Refining Corp to 1,795,908 shares, or 6.9 pct of the
total outstanding, from 2,120,908 shares, or 8.1 pct.
In a filing with the Securities and Exchange Commission,
the Kaufman and Board group, which includes Sun Life Group,
said it sold 325,000 Quaker State common shares between Feb 27
and March 23 at prices ranging from 28.00 to 31.00 dlrs each.
Reuter
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Saul Brandman, a California business
executive, told the Securities and Exchange Commission he has
acquired 118,714 shares of Arden Group Inc, or 5.7 pct of the
total outstanding common stock.
Brandman, chairman of Domino of California Inc, a Los
Angeles garment maker, said he bought the stake for 3.1 mln
dlrs for investment purposes.
He said he may buy more Arden Group shares, or he may sell
some or all of his current stake. He also said he has no plans
to seek control of the company.
Reuter
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The Federal Reserve said it will enter
the U.S. Government securities market after the 1300 EST weekly
bill auction to purchase around 900 mln dlrs of Treasury bills
for customers, a spokesman said.
He said the Fed will purchase bills with maturities from
May through September 10.
Dealers said Federal funds were trading at 6-3/8 pct when
the Fed announced the operation.
Reuter
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Shr 25 cts vs 32 cts
Net 2,414,500 vs 3,027,500
Rev 26.2 mln vs 23.5 mln
Nine months
Shr 76 cts vs 82 cts
Net 7,214,900 vs 7,752,800
Rev 69.2 mln vs 64.9 mln
Reuter
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Orange Julius International Inc said
it entered into a definitive agreement to sell Orange Julius of
America and Orange Julius Canada Limited to H.C. Holdings Inc,
owned by Branford Castle Inc, a merchant banker, members of its
management and certain of its shareholders.
Orange said the purchase price will consist of 19 mln dlrs
in cash and 10 pct redeemable preferred, 10 pct of HC's common
equity, and the right for it to prospectively receive 20 pct of
certain royalties under a proposed licensing program.
It said HC also agreed to lend up to 600,000 dlrs to it in
advance of closing and it had already received 300,000 dlrs.
Orange Julius announced the proposed sale of the units when
a letter of intent was signed February 17.
The company said it is reviewing other offers to buy the
units and if it decides to accept another offer it will pay HC
an agreed upon amount and reimburse HC for its expenses.
Reuter
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Oper shr profit nine cts vs loss 26 cts
Oper net profit 313,000 vs loss 860,000
Revs 18.8 mln vs 16.4 mln
Year
Oper shr profit 45 cts vs loss 47 cts
Oper net profit 1,543,000 vs loss 1,582,000
Revs 72.7 mln vs 61.4 mln
Note: Current qtr and year figures exclude losses from
discontinued operations of 179,000 dlrs, or five cts per share
and 901,000 dlrs, or 27 cts per share, respectively.
Prior qtr and year figures exclude losses from discontinued
operations of 600,000 dlrs, or 17 cts per share and 1.1 mln
dlrs, or 33 cts per share, respectively.
Reuter
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Shr 23 cts vs 14 cts
Net 439,100 vs 259,948
Revs 9,918,413 vs 9,683,392
NOTE: Share adjusted for five pct stock dividend.
Reuter
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Computer Microfilm corp said it expects
revenues of over 12.5 mln dlrs and higher earnings in 1987.
The company today reported 1986 earnings of 439,100 dlrs on
revenues of 9,918,413 dlrs, up from earnings of 259,948 dlrs
and revenues of 9,683,392 dlrs a year before.
Reuter
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Shr profit nil vs profit five cts
Net profit 9,879 vs profit 118,852
Revs 1,581,894 vs 1,878,052
Avg shrs 2,627,952 vs 2,617,090
Nine mths
Shr loss two cts vs profit 24 cts
Net loss 51,001 vs profit 619,860
Revs 4,006,024 vs 6,646,587
Avg shrs 2,532,959 vs 2,621,397
NOTE: Nine mth orders 4,601,463 dlrs, up 39 pct, and
backlog at end of period 4,906,670 dlrs, up 83 pct from a year
before.
Reuter
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Shr 62 cts vs 19 cts
Net 961,826 vs 226,429
Sales 22.8 mln vs 16.1 mln
Avg shrs 1,543,230 vs 1,172,039
Reuter
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Shr loss 77 cts vs loss 1.49 dlrs
Qtly div two cts vs two cts prior
Net loss 3,860,000 vs loss 7,541,000
Sales 2,538,000 vs 3,648,000
Year
Shr loss 78 cts vs loss 1.58 dlrs
Net loss 3,935,000 vs loss 7,999,000
Sales 10.5 mln vs 16.3 mln
NOTE: Dividend pay April 24, record April 10.
1986 net both periods includes pretax charge 2,944,000 dlrs
from writedown of assets and provision 726,000 dlrs for
obsolete and nonproductive inventory and other items.
Reuter
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Shr 1.05 dlrs vs 27 cts
Net 4,193,000 vs 1,070,000
Revs 9,377,000 vs 9,444,000
NOTE: 1986 net includes gain two mln dlrs from reduction of
loss allowance on undeveloped land.
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A group of firms and funds
controlled by New York investor Mario Gabelli said it has
acquired the equivalent of 882,507 shares of Allegheny
International, or 8.0 pct of the total outstanding.
In a filing with the Securities and Exchange Commission,
the Gabelli group said it bought the stake as part of its
business and not in an effort to seek control of the company.
It said it may by more shares or sell some or all of its
current stake. The stake includes 782,000 common shares and
cumulative convertible preferred stock which could be converted
into 100,507 common shares.
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Privately-held Clayton and Dubilier
Inc said it has sold W. Atlee Burpee Co to a new company formed
by Wicks Capital Corp, Bankers Trust New York Corp <BT> aND
Burpee management for undisclosed terms.
The garden supply company was acquired from ITT Corp <ITT>
in December along with O.M. Scott and Sons Co.
Reuter
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Shr loss 1.77 dlrs vs loss 10.47 dlrs
Net loss 24.9 mln vs loss 123.1 mln
Revs 123.1 mln vs 156.5 mln
NOTE:1985 loss includes loss of 51.2 mln dlrs from
discontinued operations. 1986 loss includes gain of 6.8 mln
dlrs from discontinued operations.
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Dow Chemical Co believes strong margins
for chemical products could result in record earnings this
year, Chairman Paul Oreffice said.
"I'm hoping we will have the best year in our history
profit-wise," he told reporters following a speech at The
American Institute of Chemical Engineers meeting.
"I believe the entire chemical industry is headed for a
record year, or close to it," Oreffice said.
In 1986, Dow earned 741 mln dlrs an increase from 1985's 58
mln dlrs brought about by falling oil prices and resulting
cheaper feedstock costs.
Oreffice also said Dow's profit margins on chemical
products would improve this year over last year.
He said reduced capacity in the chemical industry and the
weakened U.S. dollar would also contribute to the company's
improved performance.
Dow will spending about 650 mln dlrs on research and
development in 1987 with an emphasis on new specialty
chemicals, Oreffice said.
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Shr 22 cts vs 16 cts
Net 2,460,000 vs 1,730,000
Sales 37.0 mln vs 27.3 mln
Per share figures adjusted for two-for-one stock split of
February 1987.
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Crude oil netback values in complex
refineries rose slightly in the U.S. and the Mediterranean
last Friday from the previous week but were lower elsewhere,
according to calculations by Reuters Pipeline.
The soft tone to refining margins reflects large worldwide
stocks of petroleum products and thin trading activity, traders
said.
In the U.S. Gulf, sweet crudes rose in value by as much as
26 cts a barrel for West Texas Intermediate, an increase of 1.4
pct from the previous Friday, while sour crudes, such as
Alaska North Slope, were up one pct.
In the Mediterranean, netback values were up 17 cts to 22
cts a barrel, with Arab Light up 17 cts a barrel to 18.62 dlrs,
a 0.9 pct increase from the previous Friday and Urals were up
22 cts a barrel to 19.16 dlrs, a 1.2 pct increase.
But netbacks for crude oil refined in Northern Europe was
generally lower with Brent valued at 18.89 dlrs, off 30 cts
from the previous friday, and Bonny Light was off 17 cts to
19.58 dlrs a barrel.
Refinery netbacks in Singapore were also lower, with
heavier and sour crudes weakest. Arab Heavy dropped 10 cts to
16.63 dlrs a barrel and Dubai was off 12 cts to 18.09 dlrs.
On the U.S. West Coast, however, netback values for ANS CIF
L.A. were weaker with weak gasoline prices sending the yield at
cracking plants down 68 cts to 18.42 dlrs from the previous
Friday, as shown below in dlrs a barrel.
TOPPING.........15.63......16.10......14.30
CRACKING........18.42......19.10......16.86
The Mediterranean region also showed netback values rising
last Friday over the previous week with the largest gains shown
by Es Sider and the heavier Urals crude oil, which were each up
22 cts a barrel last Friday to 19.40 dlrs and 19.16 dlrs a
barrel, respectively.
Netback values for the mediterranean region are shown below
in dlrs a barrel.
GRADE...........MAR 27.....MAR 20.....FEB 27
ES SIDER........19.40......19.18......16.44
ARAB LIGHT......18.61......18.44......15.52
IRAN LT.........19.25......19.08......16.16
KUWAIT..........18.51......18.33......15.42
URALS cif.......19.16......18.94......16.07
Netbacks in Northern Europe's refinery region were lower
last friday from the previous week with Brent falling 1.6 pct
to 18.89 dlrs a barrel.
Netbacks for other grades of oil refined in Northern
Europe are shown below in dlrs a barrel.
................MAR 27.....MAR 20.....FEB 27
BRENT...........18.89......19.19......16.77
BONNY LIGHT.....19.58......19.75......17.15
ARAB LIGHT......18.49......18.52......16.07
URALS CIF.......19.02......18.98......16.54
Refinery netbacks in Singapore were also lower with heavier
and sour crudes weakest.
Arab Heavy dropped 10 cts to 16.63 dlrs a barrel and Dubai
was off 12 cts to 18.09 dlrs.
Netbacks for other grades of oil refined in Singapore are
shown below in dlrs a barrel.
GRADE...........MAR 27.....MAR 20.....FEB 27
ATTAKA..........19.23......19.24......16.72
ARAB LIGHT......18.00......18.10......15.55
OMAN............18.21......18.25......16.31
DUBAI...........18.09......18.21......15.86
ARAB HEAVY......16.63......16.73......14.24
Reuter
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An investor group controlled by New
York Investor David Rocker told the Securities and Exchange
Commission it has acquired 291,400 shares of Circle Express
Inc, or 6.1 pct of the total outstanding common stock.
The group, Rocker Partners Ltd and Compass Investments Ltd,
said it bought the stake for investment purposes and not as
part of an effort to seek control of the company.
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Exports of French soft wheat for the
period July 1, 1986, to March 1, 1987, fell 27.6 pct to 8.21
mln tonnes from 11.34 mln tonnes in the same 1985/86 period,
the national cereals office ONIC said quoting customs figures.
Of this total, exports to non-EC countries totalled 3.76
mln tonnes, 34 pct down on 5.70 mln, and exports to EC nations
4.45 mln tonnes, 21.1 pct down on a previous 5.64 mln.
Main EC destinations were Italy with two mln tonnes versus
1.9 mln, Belgium 500,000 tonnes (one mln), Netherlands 500,000
(600,000), West Germany 500,000 (800,000), Spain 300,000
(zero), Britain 300,000 (700,000), Greece 200,000 (300,000),
and Ireland 100,000 (200,000).
In flour, exports totalled 980,000 tonnes, up 6.5 pct on a
previous 920,000 tonnes.
Exports of maize totalled 4.11 mln tonnes, 37.4 pct up on a
previous 2.99 mln. Exports to non-EC countries were 190,000
tonnes against 140,000 and to EC countries 3.92 mln tonnes
against 2.84 mln.
Main EC desinations were Netherlands 900,000 (600,000),
Belgium 800,000 (one mln), Britain 700,000 (500,000), West
Germany 400,000 (same), Italy 300,000 (200,000) and Greece
300,000 (zero).
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Vista Management Inc said it has
agreed to acquire General Energy Development Inc for over
2,200,000 dlrs in cash, with financing to come from mortgage
loans on the National Auto Service Centers General Energy
operates.
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golden Poultry Co Inc said it has
signed a letter of intent to purchase privately-held food
distributor Don Lowe Foods Inc of Pompano Beach, Fla., for
undisclosed terms, subject to approval by both boards.
It said Tampa operations of Lowe are not involved in the
sale.
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Willcox and Gibbs Inc said it has
agreed to acquire Atlantia electric parts distributor B and W
Electric Supply Co for an undisclosed amount of cash.
B and W had sales of about eight mln dlrs in its most
recent year.
Willcox said it plans further expansion in the Atlanta area.
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Shr loss 67 cts vs profit 60 cts
Net loss 1,398,000 vs profit 1,250,000
Revs 8,834,000 vs 20.9 mln
Year
Shr loss 2.81 dlrs vs loss 15 cts
Net loss 5,864,000 vs loss 310,000
Revs 52.1 mln vs 82.7 mln
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Shr profit 32 cts vs profit eight cts
Net profit 936,000 vs profit 249,000
Revs 348,000 vs 1,150,000
Year
Shr loss 2.15 dlrs vs loss 19 cts
Net loss 6,095,000 vs loss 469,000
Revs 1,554,000 vs 4,254,000
NOTE: Results include credits of 556,000 and 1,141,000 for
the latest qtr and yr vs 112,000 and 656,000 for prior periods
from tax loss carryforwards.
Results include after-tax gains of 567,000 for both 1986
periods vs loss of 45,000 for prior periods on disposal of
discontinued operations.
Prior periods restated to reflect sale of discontinued
operations.
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Shr profit 20 cts vs loss 33 cts
Net profit 376,470 vs loss 1,555,469
Revs 3,615,550 vs 2,896,000
Year
Shr profit 14 cts vs loss 66 cts
Net profit 382,014 vs loss 1,128,160
Revs 11.2 mln vs 11.0 mln
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City Resources Ltd said it has agreed
in principle to sell a 50 pct interest in a group of mineral
properties in the southwest Pacific to a buyer it did not name
for 30 mln Canadian dlrs.
The company said a preliminary estimate of the geological
resources of one of the properties to a depth of 200 meters
indicates a potential of 1.2 mln ounces of gold, and by the
middle of 1987 it expects to establish proven ore reserves
containing at least 500,000 ounces of gold. It said mining
could start in 1988, subject to a satisfactory prefeasibility
study.
The company said completion of the transaction is subject
to regulatory and shareholder approvals.
City Resources is controlled by City Resources Ltd of
Australia.
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Hughes Supply Inc said it has
signed a letter of intent to acquire most of the assets of Tri
State Supply Inc, a wholesale distributor of electrinical
fixtures and supplies with sales for the year ending tomorrow
of about 13 mln dlrs.
Terms were not disclosed.
It said clopsing is expected around April 30, subject to
approval by Tri State's board and shareholders.
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Shr 31 cts vs 41 cts
Net 436,981 vs 583,715
Six months
Shr 63 cts vs 82 cts
Net 901,648 vs 1,160,178
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Oper shr loss two cts vs profit eight cts
Oper net loss 77,000 vs profit 285,000
Revs 3,781,000 vs 4,721,000
Year
Oper shr profit 23 cts vs profit 26 cts
Oper net profit 904,00 vs profit 952,000
Revs 19.0 mln vs 15.1 mln
Note: Current qtr and year figures exclude losses from
discontinued operations of 303,000 dlrs, or seven cts per share
and 354,000 dlrs, or nine cts per share, respectively.
Net earnings for first three months of 1986 restated to
reflect reduction of 148,000 dlrs resulting from increase in
effvective income tax rate.
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Oper shr seven cts vs four cts
Oper net 159,000 vs 94,000
Sales 4,528,000 vs 3,683,000
Avg shrs 2,376,000 vs 2,189,000
Year
Oper shr 19 cts vs 15 cts
Oper net 435,000 vs 339,000
Sales 15.7 mln vs 14.4 mln
NOTE: Net excludes tax credits of 17,000 dlrs vs 39,000
dlrs in quarter and 268,000 dlrs vs 294,000 dlrs in year.
Reuter
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Ohio Mattress Co said itr has
executed a definitive agreement to acquire Sealy Mattress Co of
Michigan Inc, the Detroit licensee of Ohio Mattress's 82 pct
owned Sealy Inc subsidiary in a transaction that also involves
a settlement between Sealy and Michigan Sealy.
The company said on completion of the acquisition, the
Sealy stock owned by Michigan Sealy will be redeemed, raising
Ohio Mattress' interest in Sealy to 93 pct. Michigan Sealy has
been in litigation against Sealy, alleging violations of
antitrust laws, and Sealy was recently found liable for 45 mln
dlrs in damages to Michigan Sealy.
Under the acquisition agreement, the company said Sealy
will enter into a cash settlement of its litigation with
Michigan Sealy.
The company said shareholders of Michigan Sealy will
receive a total of 48.6 mln dlrs, subject to adjustment, from
the acquisition and the settlement, both of which are subject
to regulatory approvals.
Michigan Sealy had sales of about 12.5 mln dlrs in 1986.
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Oper shr 49 cts vs 47 cts
Oper net 1,475,000 vs 1,474,000
Revs 85.8 mln vs 90.6 mln
Note: Current shr and net exclude extraordinary loss of
3,413,000 dlrs or 1.13 dlrs shares, versus extraordinary loss
of 63,000 dlrs or two cts share in prior year
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Shr loss 11 cts vs profit six cts
Net loss 515,000 vs profit 294,000
Sales 62.8 mln vs 65.4 mln
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York International Corp said it has
agreed to acquire Frick Co and Frigid Coil/Frick Inc for
undisclosed terms.
The company said Frick makes refrigeration equipment and
compressors and Frigid Coil also makes refrigeration equipment.
Together the two had revenues of about 50 mln dlrs in 1986.
The company said it hopes to complete the acquisition in
May, subject to its review of Frick and Frigid and regulatory
approvals.
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Nuclear Support Services Inc
said it agreed in principle to buy the business and assets of
ITT Henze Service from ITT Corp for an undisclosed amount.
Henze, which is engaged in performing nuclear plant repair
work, had revenues of 12.7 mln dlrs for the year ended December
31, 1986.
For 1986, Nuclear Support, a supplier of support personnel
and services to the nuclear power industry, had net income of
2.4 mln dlrs on sales of 30.6 mln dlrs.
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Colonial BancGroup said it
acquired Farmers and Merchants Bank, a Baldwin County bank with
assets of 103 mln dlrs, through an exchange of stock valued at
about 12 mln dlrs.
Colonial said it also signed letters of intent to acquire
First Federal Bank in Opelika, Athens-Limestone Bank in Athens,
Jackson County Bank in Scottsboro and Commercial National Bank
in Demopolis, with aggregate assets totaling 130 mln dlrs.
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Rochester Telephone Corp said
it completed its acquisition of the Enterprise Telephone Co,
based in New Holland, Pa., in exchange for stock valued at 26.3
mln dlrs.
Enterprises serves about 16,000 access lines in Lancaster
County. Enterprise becomes the third operating telephone
subsidiary of Rochester Telephone in Pennsylvania and its sixth
largest overall, the company said.
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City Resources Ltd said it has agreed
in principle to sell a 50 pct interest in a group of mineral
properties in the southwest Pacific to a buyer it did not name
for 30 mln Canadian dlrs.
The company said a preliminary estimate of the geological
resources of one of the properties to a depth of 200 meters
indicates a potential of 1.2 mln ounces of gold, and by the
middle of 1987 it expects to establish proven ore reserves
containing at least 500,000 ounces of gold. Mining could start
in 1988, subject to a satisfactory feasibility study.
The company said completion of the transaction is subject
to regulatory and shareholder approvals.
City Resources is controlled by City Resources Ltd of
Australia.
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Home Shopping NEtwork Inc said
its Silver King Broadcasting Co INc unit entered a definitive
contract to buy the broadcasting assets of TV station KWVT,
Channel 22 in the Portland/Salem, Ore. area for undisclosed
terms.
Additionally, the company said KWVT, which serves 785,000
homes, began broadcasting Home Shopping Network full time this
morning under an affiliation agreement.
Home Shopping also said it entered a definitive contract to
buy TV Station KPST, Channel 66 in San Francisco and KLTJ,
Channel 49 in Dallas.
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Oper shr profit eight cts vs loss 20 cts
Oper net profit 1,115,000 vs loss 2,729,000
Revs 83.0 mln vs 37.9 mln
Note: Current year figures exclude operating loss
carryforward gain of 888,000 dlrs and loss from discontinued
operations of 73,000 dlrs.
Prior year figures exclude loss from discontinued
operations of 3.9 mln dlrs.
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U.K. Chancellor of the Exchequer Nigel
Lawson said the meeting of six major industrial nations in
Paris last month agreed not to publish any bands in connection
with their pact to stabilise currencies.
Questioned by a parliamentary select committee about why
the participating countries had not announced any bands, Lawson
replied, "we all agreed it would be much more sensible not to."
When asked whether that meant an informal joint currency float
with set ranges was arranged in Paris, Lawson said "I do not
want to reveal the precise nature of the agreement, so as not
to make it easy for" speculation against the accord.
Lawson said the Paris accord presumed that individual
countries would take corrective action if their currency began
reacting significantly to domestic macroeconomic factors.
But if such movements were due to extraneous factors,
Lawson said the other pact countries would come to its aid
through concerted intervention on the foreign exchanges.
"It is clear that both Germany and Japan are having
difficulty adjusting to their very large exchange rate
appreciations and making their economies more domestically
oriented, just as it is taking time for the United States to
make its own economy more export oriented," Lawson said.
In his oral evidence to Parliament's Select Treasury
Committee, Lawson repeated that he was happy with the pound's
current level, adding that "It is an objective ... To try to
keep it around that level."
He said the perception of sterling on foreign exchanges had
changed since the steep drop in oil prices, largely because the
pound had weathered that period so successfully. "There has been
a reassessment of sterling's fundamentals," Lawson said. He
disagreed with what he termed "the grossly exaggerated claim"
that real U.K. Interest rates were much higher than those of
other major industrialsed countries.
Using as a reference the key three-month sterling interbank
rate as quoted in London, Lawson said Britain now had a real
interest rate level of 5.75 pct - the same as Japan did and
only a 0.75 percentaage point above the Group of Five average.
Lawson confirmed that "over the medium and longer term, the
government's objective is zero inflation."
He said the government's intention of its PSBR constant at
1.0 pct of GDP "is the modern equivalent of the balanced budget
doctrine." He added that "to allow the debt/GDP ratio to remain
constant on anything other than zero inflation basis is simply
a recipe for accelerating inflation."
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U.S. refiners will have to
reduce operations if they want to be profitable this year, said
industry officials attending the National Petroleum Refiners
Association meeting here.
"If the refining sector can discipline itself to refine
about 12 mln barrels of crude oil a day, we have a chance to
pull down inventories to acceptable levels by the second
quarter, said Archie Dunham, executive vice president of
petroluem products at Conoco Inc
"If not, the industry will have a tough 1987," he added.
Last week's American Petroleum Institute report said that
U.S. refining capacity rose three pct to 78.7 pct of capacity,
with crude oil runs at 12.2 mln barrels per day for the week
ended March 20.
The API said that with the higher crude oil runs,
distillate and gasoline inventories were sharply above year-ago
levels. Gasoline stocks were at 245.6 mln barrels, some 17.2
mln barrels above year-ago levels. Distillate stocks, at 108.7
mln barrels, are 10.9 mln barrels above last year's level, the
API said.
Henry Rosenberg, chairman of Crown Central Petroleum Corp
<CNP> told Reuters that unless refining and marketing return to
profitability, oil companies will have to rely on downstream
operations to produce an acceptable level of earnings.
"The jump in refining capacity is a concern if it
continues," said Kenneth Buckler, executive vice president of
refining and marketing at <Total Petroleum Co>, a U.S.
subsidiary of Cie Francaise Des Petroles of France.
Refineries should operate near 75 pct of capacity given
the current level of demand but the operating level should
increase as gasoline demand picks up in the next quarter,
Buckler said.
Dunham said the potential operable capacity of U.S.
refineries should also be cut about 500,000 barrels of crude
per day. "I expect to see the shutdown of more small refineries
over the next five years," he said, adding that these
facilities refine between 10,000 and 30,000 barrels of crude
oil per day. The API said U.S. operations have the capacity to
refine 15.6 mln bpd of crude.
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Newmont Mining Corp's board has
proposed a two-for-one stock split subject to shareholder
approval of an increase to 120 mln from 60 mln in authorized
common shares, the proxy for the company's annual meeting said.
If holdings voting at the May six meeting in Wilmington,
Del., approve the increase in authorized shares the split will
be paid in the form of a stock dividend on June 10 to holders
of record May 20, the proxy said.
Newmont said it will also ask shareholders to approve
amendments to its certificate of incorporation limiting certain
liabilities of its directors.
Reuter
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Shr loss one ct vs loss one ct
Net loss 483,518 vs loss 220,582
Sales 381,841 vs 400,518
NOTE: 1985 net includes 196,868 dlr gain from forgiveness o
accrued interest due to affiliates.
Reuter
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Shr loss six cts vs profit 22 cts
Net loss 133,119 vs profit 496,391
Revs 136,918 vs 737,917
Nine mths
Shr loss 21 cts vs profit 15 cts
Net loss 478,991 vs profit 340,210
Revs 324,011 vs 841,908
Reuter
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Venezuela's state oil
company Petroleos de Venezuela S.A. wants to raise its
worldwide refining capacity by 150,000 barrels of per day, a
company official attending the National Petroleum Refiners
Association meeting here said.
He declined to be identified but said PdVSA has the
capacity to refine about 650,000 bpd of crude oil from refining
centers
in Venezuela, Sweden, West Germany, Belgium, and the United
States. The company recently purchased a 50 pct stake in the
Corpus Christi, Texas refinery of Champlin Petroleum Co, a
subsidiary of Union Pacific Corp <UNP>.
Earlier it bought a similar stake in the Lake Charles, La
refinery owned by Citgo Petroleum Corp, a unit of Southland
Corp <SLC>.
According to the official, Venezuela is searching
worldwide for the additional refining capacity but he did not
mention where the company was looking.
Refineries abroad, he said, guarantee a refining outlet for
Venezuelan crude oil while ensuring stability of supply to
refiners.
He said Venezuela currently produces about 1.4 mln bpd of
crude oil, which is in line with its 1.495 bpd OPEC ceiling.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
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PrimeBank Federal Savings
Bank said its board declared a 10 pct stock dividend to be
distributed about April 15 to holders or record March 31.
Reuter
| [
0,
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0,
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Shr profit 23 cts vs loss six cts
Net profit 319,564 vs loss 84,203
Sales 6,419,230 vs 5,583,560
Year
Shr profit 1.11 dlrs vs profit 43 cts
Net profit 1,582,125 vs profit 654,083
Sales 26.2 mln vs 22.6 mln
NOTE: Full year 1985 includes gains of two cts per share
from discontinued operations and four cts per share from
disposal of assets.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
A group led by members of the
wealthy Bass family of Fort Worth, Texas, which holds a 24.9
pct stake in Taft Broadcasting Co, said it has had talks about
taking part in a move to take control of the company.
In a filing with the Securities and Exchange Commission,
the group said it has had discussions with other Taft
stockholders and some company managers and directors
"concerning participation in a group to acquire control" of the
company.
The Bass group, which did not identify any of the other
people with whom it said it has had talks, said it plans to
continue evaluating Taft and "will be involved in further
discussions relating to the future control and direction" of
the company.
The group, which holds 2,291,210 Taft common shares, said
its members may buy more shares of Taft common stock, or may
decide to sell some or all of its stake.
On Friday Taft said it would negotiate with a group led by
its vice chairman, Dudley Taft, and a Rhode Island investment
firm, which had offered 150 dlrs a share for the company.
The Dudley Taft group, Theta Corp, which also includes
Narragansett Capital Corp, a Providence, R.I., investment firm,
is seeking to take the company private in a leveraged buyout
valued at 1.38 billion dlrs.
Besides the Bass group, another major Taft shareholder,
Cincinnati, Ohio, financier Carl Lindner, has also said he has
had talks about increasing his stake in the company, taking
part in a takeover effort, or launching one himself.
Lindner controls 1,489,298 shares of Taft common stock, or
16.2 pct of the total.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
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]
|
Oper shr loss 12 cts vs loss 10 cts
Oper net loss 474,270 vs loss 369,848
Revs 202,500 vs 111,210
Avg shrs 3,904,373 vs 3,495,579
Year
Oper shr loss 28 cts vs loss 46 cts
Oper net loss 1,069,550 vs loss 893,612
Revs 408,031 vs 438,933
Avg shrs 3,785,607 vs 1,944,627
NOTE: Full name is North American Group Ltd
Earnings exclude losses on reorganization expenses of
33,453 dlrs, or one ct a share vs 59,520 dlrs, or two cts a sh
are in the quarter and losses of 237,859 dlrs, or six cts a
share vs 413,444 dlrs, or 21 cts a share for the year
Earnings exclude gains on discontinued operations of
147,671, or four cts a share in the 1985 quarter and gains of
760,603 dlrs, or 20 cts a share vs 520,200 dlrs, or 27 cts a
share for the year
Reuter
| [
0,
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1,
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0,
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Oper shr loss 6.68 dlrs vs loss 9.95 dlrs
Oper net loss 53.9 mln vs loss 69.8 mln
Revs 16.5 mln vs 33.2 mln
Avg shrs 8,329,492 vs 7,271,668
NOTE: 1986 excludes loss 12.9 mln for discontinued
compressor operations vs loss 14.9 mln year prior.
1986 excludes gain of 98.7 mln for extinguishment of debt
from company's chapter 11 filing and subsequent reorganization.
Reuter
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<Teeco Properties L.P.> said the
partnership recorded income from operations for 1986 of 140,000
dlrs, or two cts a unit.
The partnerhsip said this compared to 1985 figures of
660,000 dlrs, or 10 cts a unit.
Results of operations between both years is not comparable
since the partnership's principle objective is to sell or
dispose of its assets and distribute proceeds to unit holders,
according to the partnership.
It said the number of units outstanding for both years is
6,479,516.
Reuter
| [
0,
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0,
1,
0,
0,
0,
0,
0,
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Shr loss nine cts vs profit 20 cts
Net loss 257,157 vs profit 414,890
Year
Shr profit 54 cts vs profit 1.05 dlrs
Net profit 1,295,104 vs profit 2,140,673
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The U.S. Agriculture Department said
it will update its estimate of winter wheat seeded acreage in
the prospective planting report, scheduled for release at 1500
est (2100 gmt) tomorrow, March 31.
The original estimate of seedings of winter wheat was
published in January.
It said the new survey is possible because of the new
integrated nationwide survey program that uses probability
sampling procedures that combine information from farmers
operating in selected areas and farmers identified on special
lists.
Reuter
| [
0,
0,
0,
0,
1,
0,
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0,
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1
]
|
Santa Fe Southern Pacific Corp said it
has discussed with Henley Group that company's almost five pct
stake and was told the holdings are for investment purposes.
"We have confirmed with the Henley Group that they own
approximately 7.9 mln shares of Santa Fe Southern Pacific
common stock. They have informed me that they like our company
and purchased the stock last year for investment purposes,"
Santa Fe chairman John Schmidt said in a statement.
Henley late Friday filed a 10-K report with the Securities
and Exchange Commission concerning the Santa Fe stake.
Earlier Santa Fe's stock was up 4-7/8 to 41 before slipping
to be up 1-7/8 at 38.
Reuter
| [
1,
0,
0,
0,
0,
0,
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]
|
Shr profit four cts vs loss six cts
Net profit 967,000 vs loss 1,219,000
Revs 10.1 mln vs 4.5 mln
Year
Shr profit three cts vs loss five cts
Net profit 688,000 vs 982,000
Revs 24.6 mln vs 16.3 mln
NOTE: 1986 includes results of Louisiana Energy and
Development Corp acquired in November 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
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]
|
Shr 66 cts vs 33 cts
Net 2,955,000 vs 1,563,000
Revs 26.1 mln vs 23.9 mln
12 mths
Shr 74 cts vs 1.01 dlrs
Net 3,321,000 vs 4,739,000
Revs 108.4 mln vs 104.9 mln
NOTE: year 1987 includes charge of 818,000 dlrs, or 18 cts
per share, for sale of Elisra Electronic Systems Ltd.
Reuter
| [
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Amoskeag Bank Shares Inc said
the New Hampshire Supreme Court overturned its proposed
acquisition of Portsmouth Savings Bank in a three-two vote.
The acquisition had been opposed by some depositors, who
filed an action to block the takeover.
"We will respond to this news as soon as we have had an
opportunity to analyze the decision, and any and all options
available to us," chairman William Bushnell said in a
statement.
Reuter
| [
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Metromail Corp said it expects
flat operating profits for its 1987 fiscal year ending May 31
with last fiscal year's earnings from operations of 9,943,000
dlrs, or 1.05 dlrs a share.
The company said the flat results will be due to higher
than normal expenditures during the fourth quarter for
expansion of its data processing capabilities.
Earlier, Metromail reported fiscal 1987 third quarter
earnings of 2.4 mln dlrs, or 25 cts a share, versus three mln
dlrs, or 32 cts a share, the prior third quarter, and nine
months net of 7.2 mln dlrs, or 76 cts a share, versus 7.8 mln
dlrs, or 82 cts a share the prior nine months.
Reuter
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Ball Corp said it was unable to
complete negotiations to acquire the plastic container business
of Monsanto Co.
It said the two companies had entered into exclusive
negotiations last October.
Neither company provided details on why the talks were
terminated.
Reuter
| [
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Reef Energy Corp said its
board entered into agreements with Penteco Corp, a private
Tulsa-based company, to buy a 12-pct interest in the general
partnership of Penteco East Central Pipeline and a 10-pct
interest in Lincoln Gas and Marketing Corp.
Penteco East is a gas gathering and transmission system in
southern Kansas and northern Oklahoma.
It said Penteco in turn has purchased one mln shares of
Reef common and taken options for the purchase of another two
mln shares over the next 36 months.
Reuter
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Shr 24 cts vs 24 cts prior qtr
Pay May 15
Record April 24
Reuter
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