utterance
stringlengths 0
13.4k
| label
listlengths 10
10
|
|---|---|
Treasury secretary James Baker
predicted the U.S. trade deficit would decline 15-20 billion
dlrs this year.
However, he acknowledged signs were still lacking on such a
decline.
"We think we are beginning to see changes," he told the House
Appropriations Committee.
"It has begun to level off (but) we don't see it beginning
to go down yet," he told the panel.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
West German Economics Minister Martin
Bangemann urged a halt to the talking down of the dollar by
both official and private institutions in the U.S., Saying calm
was needed on the foreign exchanges.
Speaking at the opening of the 40th Hanover Industry Fair,
Bangemann said radical changes in foreign exchange parities had
left their mark on exports and investments. He added that
without these external difficulties, West Germany's economy
would have grown by 3.5 pct last year instead of the 2.5 pct
reported.
Bangemann said he could not deny that the economic climate
in West Germany had cooled, but he stressed the country was not
in a downtrend.
The minister also criticised state subsidies, which he said
mainly favoured large companies and created a tax burden for
smaller and medium sized firms.
Bangemann referred specifically to subsidies in the steel
industry, which he said had to be fought with all legal means
when they did not correspond to European Community guidelines
on grants.
He added that in light of the declining demand for steel
capacities had to be adjusted, saying the Bonn government would
not successfully be able to stand in the way of any change in
this industry.
Bangemann also spoke out against protectionism and called
for more competition, citing as an example the Federal Post
Office.
The Post Office enjoys a monopoly in West Germany,
especially as far as deciding who is able to provide
telecommunications equipment.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Investor David LaRoche said he has
extended his cash offer to buy 170,000 shares of NECO
Enterprises Inc at 26 dlrs each until April 14. The tender
offer was to have expired yesterday.
In a filing with the Securities and Exchange Commission,
LaRoche, a North Kingstown, R.I., investor who already holds
nearly one-third of NECO's total outstanding commonstock, also
waived a condition of his offer that a minimum of 170,000
shares actually be tendered.
NECO has 957,000 shares outstanding.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Treasury Secretary James Baker told
the House Appropriations Committee the United States is still
pressing newly industrialized south Asian nations that have
tied their currencies to the dollar to let those currencies
strengthen against the dollar.
"We have seen some strengthening of those currencies (but)
not as much as we would like," he said.
"We have been somewhat disappointed in the results so far,
but we intend to continue these discussions," he said.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Pier 1 Imports Inc said it
amended its record and distribution dates for its previously-
announced three-for two common and 25 cts preferred stock
split.
The split common and 25 cts preferred shares will be
distributed on July 2, 1987, to shareholders of record June 24,
1987.
The stock split requires shareholder approval of an
increase in authorized shares of common stock to 100 mln from
25 mln and an increase of authorized shares of preferred stock
to five mln from one mln, the company said.
The change in the dates was based on the company's desire
to have the additional common and 25 cts preferred shares trade
for the shortest practical period of time on a "when issued"
basis following a favorable shareholder vote at the annual
meeting June 24, it said.
The previously announced record and distribution dates were
May 13, 1987, and June 29, 1987, respectively, the company
said.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 34 cts vs loss 14 cts
Net loss 798,000 vs loss 213,000
Revs 1.5 mln vs 1.5 mln
Year
Shr loss 61 cts vs loss 2.08 dlrs
Net loss 1.4 mln vs 1.0 mln
Revs 6.8 mln vs 6.0 mln
NOTE:1986 net loss includes non-recurring charges of
132,000 dlrs and 270,000 dlrs. Full name is INternational
Biotechnologies Inc.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Treasury Secretary James Baker and
Office of Management and Budget chief James Miller defended an
administration plan to sell the U.S. Naval Petroleum Reserves.
In response to hostile questioning from a member of the
House Appropriations Committee, the officials said the plan was
justified to help bring the fiscal 1988 budget deficit and to
get the government out of the oil business.
Miller acknowleged the estimated sale proceeds at 3.3
billion dlrs would actually bring down the deficit by about 2.2
billion dlrs because of the loss of revenues from the sale of
oil from the reserves.
Miller said the sale price may end up higher.
"We'd sell it to the highest bidder," Miller said.
"If we can get more we'll take it."
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Treasury Secretary James Baker,
asked whether he was concerned about yesterdays precipitous
decline in bond prices, said he was not.
Questioned by reporters as he left a House committee
hearing, Baker said "no," when asked about the bond decline,
adding that it was a reflection of concern about the
possibility of a trade war.
"It is what the markets think would be the adverse
consequences of a trade war."
He said the administration was concerned that protectionism
would lead to international trade problems adding that he
thought the action against the Japanese was still consistent
with this policy.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
The United States and Japan are not
involved in a trade war, despite U.S. sanctions announced last
week against Japanese semiconductors, U.S. Trade Representative
Clayton Yeutter said.
"In my judgement, we're not even close to a trade war,"
Yeutter told a House Agriculture Committee hearing.
Yeutter said if Japan takes action to honor its agreement
with the U.S. on semiconductor trade, "Then the retaliatory
response will last a relatively short period."
Yeutter said Japan must stop dumping chips in third
countries and buy more American computer chips.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
UAL Inc said it completed the
acquisition of Hilton International from Transworld Corp <TWT>,
paying 982.5 mln dlrs in cash and securities.
Hilton International will add 90 hotels to UAL's Westin
hotel unit, which operates 61 hotels. The two chains will have
a total of 151 hotels with 67,000 rooms and 71,000 employees,
it said.
Harry Mullikin, chairman and chief executive of UAL's
Westin Hotel unit, has been elected to the additional post of
chairman and chief executive of Hilton International.
UAL will change its name to Allegis at its annual meeting.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Henkel KGaA of Dusseldorf, West
Germany, said it has completed the acquisition of the Process
Chemicals Division of Occidental Petroleum Corp's <OXY>
Occidental Chemical Corp subsidiary for undisclosed terms.
Process Chemicals, acquired from Diamond Shamrock Corp
<DIA> in September, makes specialty chemicals for a variety of
industrial markets and has annual sales of about 160 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
AMR Corp's American Airlines unit said
it plans to complete the integration of AirCal into its
operations within four to five months.
American's merger with AirCal, announced last November,
received final approval from the Department of Transportation
yesterday.
American said Richard D. Pearson, coordinator of the
airline's merger activities, will become chairman and chief
executive officer of AirCal during the period up to completion
of the merger.
American said Pearson succeeds William Lyon, who has been
elected to AMR's board.
It added that David A. Banmiller will continue as AirCal's
president and chief operating officer.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
Shr 43 cts vs 25 cts
Net 7.6 mln vs 4.4 mln
Revs 72.0 mln vs 66.9 mln
Year
Shr 84 cts vs 72 cts
Net 14.8 mln vs 12.7 mln
Revs 223.1 mln vs 215.2 mln
NOTE: 1986 4th qtr inludes gain of 2.6 mln dlrs on sale of
real estate.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr N.A. vs N.A.
Net 46,000 vs 106,000
Revs 19.8 mln vs 19.0 mln
YEar
Shr 26 cts vs 26 cts
NEt 1.3 mln vs 1.3 mln
Revs 82.1 mln vs 105.3 mln
NOTE:1986 net includes 870,000 dlrs charge. 1985 net
includes 788,000 credit. No share amounts provided for 4th qtr
as NPS completed initial offering in August.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly cash distribution 60 cts vs 60 cts prior
Pay May 15
Record April 30
Note: Full name is Freeport-McMoRan Resources Partners LP.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Butler Mfg Co said it signed a
memorandum of intent to acquire Naturalite Inc, a manufacturer
of skylights.
It said Garland, Texas-based Naturalite had sales in 1986
of about 20 mln dlrs.
Terms were not disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 83 cts vs 60 cts
Net 516,063 vs 328,468
Revs 8.3 mln vs 5.7 mln
NOTE:Shrs reflect 3-for-2 stock split.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Oper shr 12 cts vs nine cts
Oper net 4,027,852 vs 3,200,837
Revs 100.2 mln vs 46.0 mln
Note: Oper net excludes tax credits of 517,916 vs 198,000
Current year results include proceeds from termination of a
pension plan.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 94 cts vs 75 cts
Net 27.0 mln vs 18.4 mln
Revs 631.6 mln vs 409.5 mln
Avg shrs 27.1 mln vs 22.6 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Tradestar Corp said it acquired
<Image Video Inc> for an undisclosed sum.
The company said Image Video produces and distributes
videos for the home market.
Image Video is scheduled to release 20 video projects in
1987, it said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
French Prime Minister Jacques Chirac
opened talks with President Ronald Reagan expected to focus on
superpower arms control moves and trade issues.
French officials said a major aim of Chirac's visit was to
present France's concern that the United States might ignore
European security interests in any accord with Moscow on
removing medium-range nuclear missiles from the continent.
But Reagan was expected to assure Chirac that he will not
agree to a deal at the Geneva superpower talks that would give
the Russians superiority in shorter-range systems, diplomats
said.
France has expressed doubts about removing U.S. missiles
from Europe so long as the Soviet Union maintains an edge in
other weaponry, particularly shorter-range rockets,
conventional forces and chemical weapons.
Speaking last night, Chirac set out the French position
saying: "Any agreement on intermediate nuclear forces should
mention how equality can be achieved in short-range missiles."
Reagan and Chirac meanwhile signed an agreement ending a
dispute between two leading research institutes over patent
rights to a blood screening test for the deadly disease AIDS.
In a joint statement, Chirac and Reagan said the Pasteur
Institute in Paris and the National Cancer Institute, of
Bethesda, Maryland, agreed to give part of the royalties from
the test to a new foundation dedicated to the wordwide fight
against AIDS (Acquired Immune Deficiency Syndrome).
"This agreement opens a new era in Franco-American
cooperation, allowing France and the United States to join
their efforts to control this terrible disease in the hopes of
speeding the development of an AIDS vaccine and cure," Reagan
said at the signing ceremony.
He said the two parties would share the patent and give 80
per cent of the royalties received to the new foundation.
The foundation would also raise private funds and would
donate 25 per cent of its money to combat AIDS in less
developed countries.
Both leaders stressed the long ties between France and the
United States during a welcoming ceremony in the White House
East Room, with Reagan describing France as "America's oldest
ally in war and peace."
"I have come to tell you that we are remain motivated by the
same ideals of freedom, by the same will to face the dangers
which we both confront -- terrorism, war, hunger, poverty, new
diseases and drugs," Chirac replied.
But the two countries are likely to have less to agree on
over the issue of trade, where Chirac is worried about a rise
in protectionism in the U.S. Congress.
A senior U.S. official yesterday dismissed a French idea to
sell cut-price grain to poor countries in Africa as a way of
lessening surplus stocks.
Chirac is expected to canvass support for the idea, first
proposed by French Agriculture Minister Francois Guillaume,
during his two-day visit to Washington.
The U.S. official described the idea as a "grain producers'
OPEC" -- a reference to the Organization of Petroleum Exporting
Countries -- and said it went against the Reagan
administration's desire to lessen government intervention in
trade.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
Canada's airline industry, shaken up by
a recent merger that creates a powerful new competitor for
government-owned Air Canada, has begun its first serious drive
for profitability in 50 years, industry analysts said.
"Now we've got a company that can compete with Air Canada,"
said Thomas Bradley of Richardson Greenshields of Canada Ltd.
"Clearly, it can go head-to-head in any market."
The new airline, which arose from the 300-mln-Canadian-dlr
takeover of Canadian Pacific Air Lines Ltd by the small but
cash-rich Pacific Western Airlines Corp, was launched last week
as Canadian Airlines International Ltd.
Canadian Airlines will have 35-40 pct of the
6-billion-Canadian-dlr domestic market, against Air Canada's
50-55 pct. Wardair International Ltd is third with about nine
pct.
Analysts believe Pacific Western's aggressive and
cost-conscious chairman Rhys Eyton will develop the true
potential of the former CP Air, which floundered for four
decades inside the bureaucracy of conglomerate Canadian Pacific
Ltd.
They said CP Air's management style had been not much
different from that of Air Canada, formed 50 years ago, because
neither airline was held accountable to its owners.
"Not that long ago, maybe even just six months ago, these
two airlines were totally fiscally irresponsible. Neither
seemed that concerned about the bottom line," said Bradley.
"But with CP Air being run by Eyton, it will be very
conscious of profitability and shareholder return. And Air
Canada is on the verge of going that way," he said.
CP Air, always fighting for market share rather than
profits, was "a perennial money-loser," analyst Wilfred Hahn of
Bache Securities Inc said in a recent report.
Prior to its takeover in December, it had accumulated
long-term debt of 600 mln Canadian dlrs. From 1981 to 1985, its
losses totaled 87 mln Canadian dlrs.
Air Canada, widely expected to be privatized later this
year in a public share offering, lost 14.8 mln Canadian dlrs on
revenues of 2.72 billion dlrs in 1985. It has a debt of more
than 2 billion dlrs.
Although only a minority interest is likely to be sold to
the public, the prospect of privatization at a time of
increased competition is forcing Air Canada to pay more
attention to finances, analysts said.
It recently disclosed that it expects to report a profit "in
excess of 35 mln to 40 mln dlrs" for 1986. However, this profit
recovery was due less to management skill than the fact that
all Canadian airlines had a good year in 1986, analysts said.
Tourists came to Canada in record numbers last year,
attracted by the relatively weak Canadian dollar and Expo 86 in
Vancouver, which alone had more than 22 mln visitors.
For the next few years, most analysts see three-six pct air
traffic growth, and they expect profits will come from
cost-cutting and careful spending.
Peter Friend of Walywn Stodgell Cochran Murray Ltd said
institutional buyers will be eager to add Air Canada to their
portfolios as a blue-chip investment, but warned that new
competition makes profit growth less certain.
"The airline with something to lose will be Air Canada. At
one time, it had a fixed system which was theirs and nobody
else's," Friend said.
Many analysts recommend that investors buy and hold airline
shares for at least a year.
Analysts said Air Canada's immediate concern ahead of a
public stock offering will be unloading unprofitable air routes
without setting off a political storm.
It also will be faced with an expensive but necessary
updating of its aging fleet of 111 aircraft.
Wardair, preferring strong medicine now instead of later,
already has embarked on a one-billion-Canadian-dlr purchase of
a dozen aircraft from Europe's Airbus Industrie.
Canadian Airlines, which has 81 aircraft, last week ordered
six commuter planes from British Aerospace and said it would
soon buy as many as six wide-bodied aircraft from Airbus or the
Boeing Co.
Analysts said Canadian Airlines, with its newer fleet,
needs to make fewer replacements and can afford these without
hurting profits.
Steven Garmaise of Wood Gundy Inc expects Canadian
Airlines' profit in 1988 will more than double last year's 29.8
mln Canadian dlrs by Pacific Western.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Tonight's American Petroleum Institute
weekly inventory report is expected to show moderate drawdowns
in distillates and gasoline stocks for the week ended March 27,
analysts and traders said.
They said they expect gasoline stocks to fall three mln
barrels or less and heating oil inventories to drop between 1.3
and four mln barrels.
Some analysts see crude stocks falling by as much as six
mln barrels, while others think they could go up as much as 3.5
mln barrels. Crude oil runs are expected to be unchanged from
the previous week or slightly higher or lower.
For the week ended March 20, the API said gasoline stocks
fell 2.7 mln barrels. Mosts analysts expect a modest draw for
the week ended March 27. They said stocks could fall between
700,000 and three mln barrels. Some said there is also a chance
gasoline stocks will be unchanged.
API said distillate stocks dropped four mln barrels for the
week ended March 20. Analysts and traders generally predict a
similar or smaller depletion for last week. They said stock
levels could drop 1.3 to four mln barrels.
The analysts attribute product stockdraws to seasonal
factors but they said crude direction is harder to call.
Crude inventories rose 8.5 mln barrels in the week ended
March 20, API said. Analysts are looking for build of between
3.5 mln barrels to a six mln barrel draw for the week ended
March 27.
API reported the amount of refinery capacity utilized up
three pct for the week ended March 20. Analysts said
utilization could have remained unchanged, or rose or fell by
less than one pct for the week ended March 27.
Moderate product stockdraws would strengthen the market
slightly, analysts said. But bullish expectations are already
partially reflected in today's gains, they added.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
A. William Reynolds, chairman and
chief executive of GenCorp Inc, told shareholders he expects to
announce a company alternative to a 100-dlr-per-share hostile
tender within a week.
Last night the company urged shareholders to reject the
tender. Reynolds urged shareholders to be patient, saying the
group sponsoring the tender offer had months to evaluate
GenCorp while "we have had only 10 days to respond."
Reynolds also disclosed the company has resolved legal
challenges to its planned sale of WOR TV, serving the New York
City market, and expects to complete the sale by Friday.
Reynolds said the company expects to book an after tax gain
of 250 mln dlrs from the sale of WOR TV. The company plans to
sell the station to MCA Inc <MCA> for 387 mln dlrs.
Reynolds did not specify whether the legal challenges were
dropped or dismissed. The Federal Communications Commission has
already approved the station's sale.
Money from the sale of the station will play a role in
helping develop an alternative to the tender offer co-sponsored
by AFG Industries Inc <AFG> and Wagner and Brown, Reynolds
said. He provided no other details.
Randall Hubbard, chairman of AFG, and Joel Reed, chief
financial officer of Wagner and Brown, attended the meeting,
which was shifted from a tire plant to a downtown hotel. About
300 people were present despite an overnight snowstorm.
Hubbard and Reed chatted briefly with Reynolds after the
meeting but declined to discuss their proposal with reporters.
Reynolds told the shareholders friends and family members
have been telling him "Bill, just don't pay greenmail" to end
the takeover threat. Greenmail describes a buyout of a minority
shareholder at a price not available to other holders. Reynolds
said he considers it a "repugnant device."
Shareholders elected management's slate of 11 directors.
Mario Gabelli, head of a New York investment firm which owns a
large block of stock, proposed one nominee for the board.
Gabelli said the unsuccessful attempt was designed to "stiffen
the backbone of the board to discourage greenmail."
Hubbard and Reed reiterated previous statements that they
are open to negotiations with GenCorp.
Asked about severance contracts for key executives in the
event of a shift in control of the company, Reynolds asserted
"we're developing alternatives that would not result in a
change in control."
Asked whether the company's plan would be superior to any
proposal of AFG and Wagner and Brown, Reynolds commented, "We
know the company, we know the values and we know the
opportunities better than any outside group."
In response to a question about whether any units are up
for sale, he said only that GenCorp is evaluating alternatives.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 65 cts vs 67 cts
Net 49,517,000 vs 47,732,000
Revs 229.2 mln vs 245.7 mln
Avg shrs 65,994,142 vs 63,293,867
NOTE: Per-share results reflect payment of preferred
dividend requirements
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
|
Avery Inc said the company will not
show a profit in the next quarter and will probably not show a
profit in 1987.
Speaking at the annual shareholders meeting, chairman
Nelson Peltz declined to estimate when the company would become
profitable.
Peltz said Uniroyal Chemical Co, acquired last year, would
increase Avery's operating earnings but that associated
acquisition costs would prevent Avery from posting net profits
for some time.
At the meeting, stockholders approved an increase in the
authorized number of common shares to 200 mln from 15 mln.
In the fiscal year ended May 30, 1986, Avery reported a
loss of 489,000 dlrs. The company has changed its fiscal year
to end Sept 30.
The increase in common shares would cover, among other
things, the exercise of Triangle Industries Inc's <TRI> and
Drexel Burnham Lambert Inc's warrants issued in relation to
Avery's 710 mln dlr acquisition of Uniroyal Chemical late last
year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The threatened trade war between the
United States and Japan is just the kind of shock that
economists say could send world stock markets into a tailspin.
But they are not so sure if that would be a brief
corrective dip, or whether this week's falling share prices
mark the start of a "bear" market.
"It's the billion dollar question," said Richard O'Brien,
economist at American Express International Bank in London.
Japan's trade surplus -- 92.7 billion dlrs last year -- has
poured into share and bond markets around the world, and funded
a good chunk of the huge U.S. Budget deficit. Around a third of
any new sale of U.S. Treasury bonds has been bought by the
Japanese. However, Japanese investors have lost money as the
dollar falls and will lose more if the United States lets it
fall further to cut the trade deficit. The counterpart of
improving the trade deficit either through a lower dollar or
because the U.S. Increases duties on Japanese electronic goods,
may be to hit the capital inflow which has financed the budget
deficit.
And if the U.S. Trade deficit does fall, the Japanese will
have less money to invest. To entice U.S. Investors to fill the
gap that would be left if the Japanese stopped buying U.S.
Bonds, interest rates would have to soar, O'Brien said. The
subsequent shift from shares to bonds could cause major falls
on the world stock markets.
"A year ago, we could be pretty confident about the markets,"
said O'Brien. "Now, it is much less certain."
Buoyant share prices are supposed to reflect a booming
economy. But the world economy, with sluggish growth at best in
the industrial nations, a massive load of Third World debt and
huge trade imbalances is not in good shape, said O'Brien.
Nevertheless, New York analyst William Raferty, of Smith
Barney Harris Upham said "We're still in a bull market," adding
that corrections are a normal part of a rising market and "The
bear usually strikes slowly."
Economist Evelyn Brody, at Morgan Grenfell and Co in
London, said the huge sums of money going through the world
financial system will keep a floor under share and bond prices.
Although interest by the Japanese in putting their money in
non-dollar denominated bonds and stocks has increased it's very
difficult to see where else they can put their money than in
U.S. Dollars and especially the U.S. Treasury (bond) market,
according to David Butcher, a senior executive at Yamaichi
Securities Co Ltd's bond operation in London.
He said the Japanese are paying much closer attention now
to the French franc and West German mark.
In the longer run, he worries about what trade tensions and
the dollar's slide will mean for securities markets.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Shr 46 cts vs 31 cts
Net 3,608,000 vs 2,448,000
Revs 223.5 mln vs 218.2 mln
Six mths
Shr 87 cts vs 64 cts
Net 6,788,000 vs 4,992,000
Revs 441.5 mln vs 439.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 30 cts vs 51 cts
Net 966,000 vs 1,470,000
Revs 39.8 mln vs 41.3 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Shr seven cts vs two cts
Net 5,500,000 vs 4,300,000
Revs 69.1 mln vs 115.3 mln
Note: Shr after preferred divs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Borg-Warner Corp will vigorously
resist GAF Corp's 46-dlr-per-share takeover offer, but the
Midwest conglomerate may fall prey to another offer,
either from GAF or its own management, analysts believe.
Analysts also said Borg-Warner may attempt to escape GAF
through a restructuring. The speculation pushed Borg-Warner's
stock up 1-3/8 to 48-1/2 in heavy trading.
Analysts predicted feisty GAF Chairman Samuel Heyman will
stage a tough campaign to gain control of Borg-Warner so he can
add its profitable plastics and chemical business to GAF.
"It seems from at least their dealing with (raider Irwin)
Jacobs that they don't want to be taken over. The question is
now do they acquiesce to GAF. I think instinctively, they want
to remain independent," said Dudley Heer of Duff and Phelps.
Borg-Warner has been under siege by takeover speculation
for almost a year. Last week, Jacobs' investment vehicle,
Minstar Inc, and an investor group sold its 10.1 mln
Borg-Warner shares. The same day, GAF Corp raised its stake by
9.1 mln shares to 19.9 pct of the outstanding.
Jacobs was interested in buying the company, but took no
steps toward a transaction.
"Their (Borg-Warner) policy has been to stonewall them for
the last nine months. It's been one of the dullest corporate
battles I've seen," said one analyst.
The battle, however, has heated up, and the range of
breakup values on Wall Street span from the current market
price to almost 60 dlrs per share. Most analysts said they
think a price in the low 50s would be appropriate.
Arbitragers speculate that GAF will not give up easily on
its 3.16 billion dlr offer to buy the balance of Borg-Warner.
Analysts who know GAF predict Heyman will either end up
with Borg-Warner or enrich his chemicals and building materials
company in some other way. Heyman two years ago attempted an
unsuccessful takeover of Union Carbide Corp, but GAF benefited
from that company's restructuring.
"Borg Warner can't quibble that it's not a legitimate
offer. It seems to me the short of it is Borg Warner is kind of
between a rock and a hard place. They either have to accept a
46 dlr proposal or perhaps work a deal where it's sweetened. I
personally think the company is (worth) around 55 dlrs per
share," said Pershing analyst Richard Henderson.
Henderson also speculated the company might attempt a
restructuring such as the one carried out by Goodyear Tire and
Rubber Co last year when it was being courted by Sir James
Goldsmith. The company bought back the financier's stock and
carried out a wider share repurchase.
Arbitragers, however, said they do not believe Heyman is
seeking "greenmail," or the repurchase of his stock by the
company at a premium.
Analysts noted that Heyman seems to have no problems with
financing the transaction.
Previously associated with "junk bond" experts, Drexel
Burnham Lambert Inc, GAf said it would finance its Borg-Warner
takeover with bank financing. GAF said it would make a tender
offer following a merger agreement approved by the Borg-WArner
board and conditioned on the board's recommendation of the
tender offer and merger.
Heyman said in a letter to Borg-Warner that he expects a
merger would provide job security for Borg-Warner employees
since the two companies businesses overlap. Analysts, however,
believe Heyman would sell off assets he did not want to repay
debt from the transaction.
GAF's stock rose 1-5/8 today, to 48-5/8.
"I believe, obviously, if GAF takes over Borg-Warner at the
level it is proposing it would enhance GAF share values
substantially," said Oppenheimer analyst Charles Rose.
He said at 46 dlrs per share, Heyman's average cost for the
company's stock would be 44 dlrs per share based on GAF's
current holdings.
Rose said the Borg-Warner plastics and chemical business,
which makes thermo-plastics is the asset attracting Heyman.
Analysts said it accounts for a third of Borg's earnings.
The plastics are used in telephone equipment, office
equipment and appliances. "Borg has half the market in the U.S.
and is the leading technical player and the leading innovator,"
Rose said. Its competitors are Dow Chemical Co <DOW> and
Monsanto Corp <MTC>, he said.
Borg-Warner also has an automotive parts business, and a
protective systems business, which includes Wells Fargo
security guards. It also has an information services business,
and is trying to sell its financial services business.
Borg-Warner earned 206.1 mln dlrs or 2.35 dlrs per share on
revenues of 3.62 billion dlrs in 1986. Smaller GAF, in 1986,
earned on an operating basis 80.7 mln dlrs or 2.22 dlrs per
share on sales of 753.8 mln dlrs.
GAF's net earnings included an after tax gain of 201.4 mln
from its participation in a Union Carbide exchange offer, a
special union carbide dividend, and the sale of its Union
Carbide shares.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Manhattan National Corp said its
shareholders overwhelmingly approved a proprosal through which
<Union Central Life Insurance Co> took control of the company
by acquiring about 3.6 mln shares of newly issued Manhattan
National common stock for 43.2 mln dlrs.
The company said the transaction gives Union Central, a
Cincinnati-based mutual insurance company, a total of 8,804,397
shares of Manhattan National stock, or 52.2 pct of the total
outstanding.
Manhattan National said about three mln dlrs of the
invested funds will be used to repay short-term debt and two
mln dlrs has been earmarked for other short-term needs.
The remainder will be available for the company's insurance
units, or for other business purposes, it said.
Charles C. Hinkley, president and chief executive officer
of Union Central, is expected to be named chairman, president
and chief executive of Manhattan National, the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Pennzoil Co Chairman J. Hugh Liedtke
told a meeting of analysts that the company expects its first
quarter net to be down considerably, before an unusual item,
from the loss of 49 cts a share reported a year ago.
Liedtke did not say how large the unusual item would be.
"We're still closing our books on the first quarter, so I don't
have final numbers for you," he said.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Computer Network Technology Corp
(CNT) said that <Quantum Venture Partners LP>, a private
investment limited partnership, has acquired an additional
600,000 shares of CNT common stock, raising its stake in CNT to
15.3 pct from 9.6 pct of the currently outstanding shares.
CNT said Quantum bought the shares by exercising 1.5 mln
dlrs in warrants, bringing its total investment in CNT to 2.5
mln dlrs.
CNT also said <Sand Technology Systems Inc> of Canada
bought two of its CHANNELink networking units for a data
processing service for major health care facilities in Canada.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Elcor Corp said it raised its
quarterly common stock dividend to 11 cts a share from nine cts
and declared a two-for-one common stock split.
The company said the increased dividend will be paid on May
13 to shareholders of record April 16.
The stock split, Elcor said, will paid in the form of a 100
pct stock dividend on May 28 to shareholders of record may 14.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Quest Biotechnology Inc said its Quest
Blood Substitute Inc subsidiary executed an agreement with Alza
Corp <AZA> which will make Alza a preferred shareholder of its
subsidiary.
Quest said the agreement also offers Alza the right to
acquire up to 25 pct of the unit's equity in exchange for the
acquisition of patent rights to Alza technology in an area
where Quest has an interest.
Quest also said its signed a merger agreement with <Hunt
Research Corp> and its affiliate <ICAS Corp>. Quest said it
expects to complete the merger within the next several weeks.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Chubb Corp said it completed the
previously announced acquisition of Sovereign Corp.
Under terms of the acquisition, Sovereign shareholders will
receive, in a tax-free exchange, 0.1365 share of Chubb common
for each Sovereign share held.
Chubb said the transaction was valued at 9.11 dlrs a share
based on the closing price of its stock on March 30.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
<Inverness Petroleum Ltd> said
it acquired the oil and gas assets of its controlling
shareholder <Silverton Resources Ltd> for 26.4 mln dlrs,
effective March 3, 1987.
Inverness said it issued 2,640,000 class A convertible
retractable redeemable preferred shares in exchange for the
assets, which include all Silverton's oil and gas properties,
undeveloped acreage and its shares of Australian subsidiary
S.R.L. Exploration Pty Ltd.
The preferred shares were immediately retracted for cash,
the company said.
The transaction resulted in a discharge of Silverton's bank
debt of 21.0 mln dlrs and a three mln dlr loan to Inverness
from Silverton, Inverness said.
As a result of the acquisition, Inverness has bank debt of
18.0 mln dlrs, it said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
<Americus Shareowner Service Corp>
said the Americus Trust for Bristol-Myers will continue to
accept tendered Bristol-Meyers Co <BMY> shares until December
one, extending the original expiration date of April one for
eight months.
If the common stock price exceeds the trust's termination
price of 110 dlrs, Americus Shareowner Service said, the trust
will be temporarily closed until the price of the underlying
stock falls below the termination price.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Quest Biotechnology Inc said its new
subsidiary, Quest Blood Substitute Inc, signed the agreement
and plan of merger with Hunt Research Corp and its affiliate,
ICAS Corp.
It said Quest Blood expects to complete the merger within
the next several weeks. Terms were not disclosed.
In a related transaction, Quest Blood said it executed an
agreement with Alza Corp, which will make Alza a preferred
shareholder of Quest Blood and offer Alza the right to acquire
a total equity position of up to 25 pct of Quest Blood in
exchange for acquisition of patent rights to Alza technology.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Lincoln Foodservice Products
Inc said it completed purchasing certain assets of Redco
product line of food slicers, cutters and wedgers from the
Dean/Alco Food Prep division of <Alco Foodservice Equipment
Co.>
Terms were not disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 94 cts vs 77 cts
Net 2.1 mln vs 1.7 mln
Revs 7.8 mln vs 8.8 mln
NOTE:Per share data reflects elimination of 500,000 shares
owned by 50 pct owned subsidiary and reflect one-for-three
reverse stock split effective march 5, 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Net profit 510,000 vs loss 5,700,000
Revs 875,000 vs 4,100,000
Year
Net profit 871,000 vs loss 4,100,000
Revs 4,700,000 vs 14.1 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Moderate to heavy rain continued
over early double-crop rice areas in eastern Guangxi,
Guanghdong, eastern Hunan, Jiangxi, Fujian, and Zhejiang in the
week ended March 28, the Joint Agricultural Weather Facility of
the U.S. Agriculture and Commerce Departments said.
In its International Weather and Crop summary, the agency
said The moisture lessened the need for irrigation. Moisture
for early rice planting is adequate to abundant in most areas,
and inundative rain in Guangdong and southern Jiangxi may have
washed out some rice fields requiring replanting.
Light showers in southern Sichuan increased topsoil
moisture for corn planting, which likely is off to a slow start
due to earlier dryness, it said.
In the North China Plain, dry weather covered winter wheat
in the vegetative stage, and rain is needed to meet increasing
crop moisture requirements, it said.
Weekly temperatures in the North China Plain were near
normal, the agency noted.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Wilson Brothers said it completed
the sale of most of the assets of its Enro Shirt Co Inc,
Enro-At-Ease Inc and Foxcroft Shirt Ltd subsidiaries to Enro
Acquisition Corp for about 24.2 mln dlrs, half in cash and half
in subordinated promissory notes.
Enro Acquisition is a newly formed corporation and owns
Ramar Intercapital Corp and Wilson's chief operating officer,
V. Jerome Kaplan, and other managers.
Enro Acquisition also assumed most of the units'
liabilities including a 6.2 mln dlrs term loan.
Completion of the sale and recent sales of substantially
all the assets of the company's 50 pct owned affiliate GMW
Industries INc, are expected to result in a net gain of about
nine mln dlrs in the first quarter of 1987.
For the year ago first quarter, Wilson reported net income
of 28,000 dlrs, including a 103,000 dlrs credit, on sales of
15.8 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr loss 4.05 dlrs vs loss 2.47 dlrs
Net loss 39,598,000 vs loss 24,152,000
Revs 96.0 mln vs 87.9 mln
Note: Current year figures include 7.2 mln dlr provision
for anticipated loss on note receivable, 25.4 mln dlr writedown
on asset carrying value and 8.5 mln dlr provision for future
operating losses at Elsinore Shore Associates.
Prior year figures include 10.5 mln dlr provision for
future losses at Elsinore Shore Associates.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr primary 33 cts vs 33 cts
Shr diluted 27 cts vs 32 cts
Net 3,669,000 vs 3,556,000
Revs 58.2 mln vs 56.6 mln
Avg shrs primary 11.2 mln vs 11.1 mln
Avg shrs diluted 15.1 mln vs 11.1 mln
Six mths
Shr primary 43 cts vs 46 cts
Shr diluted 37 cts vs 45 cts
Net 4,711,000 vs 4,879,000
Revs 101.9 mln vs 95.7 mln
Avg shrs primary 11.2 mln vs 10.9 mln
Avg shrs diluted 15.1 mln vs 10.9 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
President Reagan has reaffirmed his
opposition to protectionism and his chief spokesman said trade
sanctions imposed on Japan were unlikely to start a trade war.
"We don't want to go down that road," Reagan was quoted as
telling Prime Minister Jacques Chirac after the visiting French
official expressed concern about the rising tide of
protectionist sentiment in the United States.
Later, White House spokesman Marlin Fitzwater defended the
new sanctions against Japan and said administration officials
"do not believe this will result in a trade war."
"It is the first time that the United States has taken an
action of this type and it is significant but it is nothing to
be alarmed about," the presidential spokesman added.
"We do not want protectionism ... We do not want a trade
war," he said.
Fitzwater said the president was forced to act in the
Japanese microchip case because Tokyo had failed to fulfill "an
agreement to make some corrections."
Noting that there are "enormous pressures in the Congress
and the land" for the United States to take a tough stand, he
said, "This was a case where we felt we simply had to act."
Fitzwater said the decision to impose sanctions was "well
considered by this administration and not taken lightly."
While the White House official held open the possibility
that Washington and Tokyo will settle their trade dispute, he
indicated a settlement probably would not come in time to head
off the sanctions.
"We are always open to negotations ... Whether it (a
settlement) could occur in time to prevent this (the sanctions)
from going into effect is questionable at this point," the
spokesman said.
The sanctions take effect in mid-April.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Oper shr 13 cts vs six cts
Oper net 2,124,013 vs 909,158
Revs 168.6 mln vs 157.6 mln
NOTE: 1986 and 1985 years exclude loss discontinued
operations 6,974,554 dlrs, and 268,000 dlrs, respectively.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Standex International Corp said it
acquired <Alan Duffy Engineering Ltd> of Blackburn, Lancashire,
England, for an undisclosed amount of cash.
The newly-acquired company will operate as part of
Standex's Perkins division, the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Treasury Secretary James Baker told
the House Appropriations Committee the United States is still
pressing newly industrialized south Asian nations that have
tied their currencies to the dollar to let those currencies
strengthen against the U.S. currency.
"We have seen some strengthening of those currencies (but)
not as much as we would like," he said.
"We have been somewhat disappointed in the results so far,
but we intend to continue these discussions," he said.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Sterling Drug Inc said it sold the
assets of its subsidiary Greene Dental Products Inc to Rinn
Corp, of Elgin, Ill.
The cash purchase price was not disclosed.
Greene produces and sells dental X-ray tabs, mount products
and record systems.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
|
Commerce Secretary Malcolm Baldrige
said the United States would go ahead with planned 300 mln dlr
sanctions against Japanese semiconductor exports, despite any
U.S. Japanese talks to avert the trade curbs.
He said in a speech to an export-import group that he was
sure the United States and Japan could work out their dispute
over unfair Japanese trade practices in semiconductor trade,
but "I am sure the sanctions will go in before we work it out."
Sanctions are to be imposed on April 17.
He also said he did not think there would be a trade war
with Japan, because Japan had too much value in exports to the
United States to risk such a war.
"Those fears are unfounded," he said.
He told reporters later that the sharp drop in the
securities market was not due to fears of a trade war, but fear
of inflation and that the Federal Reserve may act on that fact.
Market reaction was also due, he said, to the drop in the
value of the dollar, although trade issues did have some
effect.
Baldrige said that observers who were attributing the drop
in the market to trade sanctions were "barking up the wrong
tree."
He said the market observers will realize this shortly.
Baldrige said his remarks did not mean to suggest anything
about the market or the exchange rate of the dollar.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Undersecretary of State Michael
Armacost will visit Tokyo next week for meetings with
high-level officials that will include discussions of a growing
trade row over Japanese semiconductor electronics products.
He is the first high-level U.S. official to visit Japan
since President Reagan announced last week plans to impose
tariffs worth up to 30 mln dls on Japanese electronic goods on
April 17 in retaliation for Tokyo's alleged failure to live up
to a pact on microchip trade signed last September.
The trip is set for April 6-8, the state department said.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Union Pacific Corp said it has closed
the previously announced 50-50 partnership with Petroleos de
Venezuela SA, Venezuela's national oil company, to own a
160,000 barrel per day refinery in Corpus Christi, Texas.
Union Pacific said the partnership, called Champlin
Refining Co, will acquire the refining and distribution system
owned and operated by Union Pacific's Champlin Petroleum Co
subsidiary. The Venezuelan company also signed a 25-year
feedstock agreement with the partnership to supply at least
140,000 barrels a day of Venezuelan crude oil and naphtha at
market related prices.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
<Scan-Graphics Inc> said it has
completed a merger with <Captive Venture Capital Inc> in which
former shareholders of Scan-Graphics have beome majority
shareholders of the merged company and the Scan-Graphics board
has been named the board of the merged company.
It said the merged company is now known as Scan-Graphics
Inc and expects to be listed on the NASDAQ system soon.
It said Captive Venture issued 1,600,000 restricted
preferred shares convertible into 16 mln common shares for
Scan-Graphics. Captive had 2,649,500 common shares outstanding
before the merger.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 16 cts vs 23 cts
Net 385,747 vs 549,928
Revs 10.5 mln vs 9,037,596
Year
Shr 40 cts vs 58 cts
Net 946,024 vs 1,352,709
Revs 36.2 mln vs 30.6 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss four cts vs loss six cts
Net loss 92,917 vs loss 104,038
Revs 21.9 mln vs 5,091,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Oper shr profit 41 cts vs loss 1.13 dlrs
Oper net profit 3,093,000 vs loss 7,000,000
Revs 35.9 mln vs 31.1 mln
Avg shrs 7,508,096 vs 6,207,723
NOTE: Current year excludes gain of about 2.5 mln dlrs or
33 cts/shr from benefit of tax loss carryforward and includes
pretax gain of about 1.2 mln dlrs from sale of export quota
rights.
Year-ago includes charge of five mln dlrs from discontinued
operations.
1985 is for eight mths ended Dec 31, 1985. In that year,
company changed to calendar year from previous fiscal year
ended April 27, 1985.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Dec 31 end
Shr loss 1.26 dlrs vs loss six cts
Net loss 11.4 mln vs loss 400,000
Revs 12.5 mln vs 4,049,000
NOTEL Company changed fiscal year to December 31 end.
Prior year net includes gain 4,454,031 dlrs from sale of
minority interests in Connecticut partnerships.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 30 cts vs loss 31 cts
Net loss 1.0 mln vs loss 1.0 mln
Revs 2.3 mln vs 1.7 mln
Year
Shr profit 0 10 cts vs loss 45 cts
Net profit 508,000 vs loss 1.5 mln
Revs 5.8 mln vs 6.7 mln
NOTE:1986 year and qtr net includes loss of 37,000 dlrs and
538,000 dlrs, respectively from from discontinued operations.
1986 net includes 1.7 mln dlr credit. 1985 year and qtr
includes gain of 1.0 mln dlrs and loss of 190,000, respectively
from discontinued operations.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Oper shr 26 cts vs 16 cts
Oper net 948,000 vs 480,000
Revs 25.4 mln vs 19.9 mln
NOTE: Excludes loss of 6.7 mln dlrs or 1.82 dlrs/shr vs
gain of 453,000 dlrs or 15 cts from discontinued operations.
1985 also excludes extraordinary gain equal to 34 cts/shr.
1986 ended Dec 31 and 1985 ended Nov 30. In 1986, company
changed fiscal year end to Dec 31.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 94 cts vs loss 1.25 dlrs
Net loss 12.1 mln vs loss 15.9 mln
Revs 3,307,000 vs 16.2 mln
NOTE: Current year includes writedown of 8.5 mln dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div 15 cts vs 15 cts prior
Pay April 30
Record April 14
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div two cts vs two cts prior
Pay May 26
Record April 21
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Republican members of the House
Agriculture Committee said they will propose amendments
tomorrow to a pending trade bill increasing funding for the
export enhancement program, EEP, and significantly expanding
the scope of the program.
At a press conference, Republican lawmakers said they would
propose expanding EEP to include all countries "willing to
purchase additional commodities at reasonable prices."
In addition, the Congressmen said they would propose
extending the life of EEP to five years from the current three
years and increasing the EEP funding ceiling to 2.5 billion
dlrs from 1.5 billion at present.
The Agriculture committee tomorrow will begin drafting
amendments to an omnibus trade bill now before the House.
Responding to the Republican plan, Agriculture Secretary
Richard Lyng and Trade Representative Clayton Yeutter said they
favor a flexible, targeted use of EEP instead of an
across-the-board program which they termed too costly.
The Republican Congressmen also said they will offer an
amendment to the trade bill instructing the U.S. Agriculture
Department to value the bonus commodities used for EEP at the
market value, rather than the cost of acquisition.
But Lyng said USDA already plans to change to market value
accounting rather than acquisition value, in order to avoid
hitting a funding ceiling for eep of 1.5 billion dlrs.
Lyng said under market value accounting only about 700 mln
dlrs of EEP commodities have been used to date. Using
acquisition value, USDA officials said the value is higher.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Ames Department Stores Inc fell 1-7/8
to 23 in what analysts said was a reaction to a surprise
announcement earlier today by the company that earnings in the
fiscal year ended January 31 will decline sharply.
Ames said it expects to report earnings of between 72 and
77 cts per share compared with 1.19 dlrs per share in the
previous year.
"We were looking for 1.15 dlrs," said an analyst at a major
Wall Street firm who declined to be identified. Ames said most
of the decline resulted from an inventory shortage at its
Secaucus, N.J. distribution center.
"The obvious suspicion is that there has been some kind of
fraud or theft," said Ralph Shulansky, senior vice president of
Ames. "We do not have hard evidence we are still putting things
together."
He said it would take several weeks for the company to
complete an investigation. He said there are no law enforcement
officials involved at this time.
He declined to quantify the inventory shortage but said it
was the major reason for the decline in earnings. A decline in
gross margin percentage and an increase in the effective tax
rate also contributed to the downturn, Ames said.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss eight cts vs profit nil
Net loss 488,759 vs profit 14,289
Sales 6,067,676 vs 5,047,383
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Tribune Co said it exchanged cash and
the assets of eight of its Sunbelt Publishing Co community
publications circulated in the Naples and Fort Myers, Fla.,
area for assets of nine community papers in suburban Tampa and
St. Petersburg published by Gulf Coast Newspapers Inc.
Gulf Coast is a subsidiary of the E.W. Scripps Co (doing
business as Scripps Howard).
No additional financial details were disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Undersecretary of State Michael
Armacost will visit Tokyo next week for meetings with
high-level officials that will include talks on the growing
trade row over Japanese semiconductor electronics products.
He is the first high-level U.S. official to visit Japan
since President Reagan announced last week plans to impose
tariffs worth up to 30 mln dlrs on Japanese electronic goods on
April 17 in retaliation for Tokyo's alleged failure to live up
to a pact on microchip trade signed last September.
Deputy State Department spokeswoman Phyllis Oakley said the
trip is set for April 6 to 8.
U.S.-Japanese talks of this kind are regularly held each
year at this time, she told reporters.
The Armacost discussions with Deputy Foreign Minister
Ryohei Murata and other senior Japanese officials will focus on
U.S.-Japanese foreign aid programs and political security
issues of mutual concern, she added.
"Although an exchange of views on bilateral relations is
expected, the talks are not directly related to U.S.-Japanese
trade relations," she insisted.
But, in response to questions, Oakley acknowledged that
trade will be discussed.
Japan's 58.6 billion dlrs trade surplus with the United
States last year has come under fire in Congress, which is
concerned about the loss of jobs to foreign competition and
with the record 169 billion dlrs U.S. Trade deficit in 1986.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
The U.S. Agriculture Department said
it will begin charging interest tomorrow on the over 12 mln
dlrs the Department of Transportation, DOT, owes USDA to pay
for its share of the cost of shipping food aid on U.S. vessels.
USDA General Sales Manager Melvin Sims told the Senate
Appropriations Agriculture Subcommittee his department had
billed DOT 12 mln dlrs, and that interest on that amount and an
additional charge would begin accruing April 1.
USDA's Foreign Agricultural Service Administrator Thomas
Kay told Reuters DOT could owe USDA as much as 20 mln dlrs.
The two departments are trying to hammer out an accord on
how to fund the increasing share of food aid required to be
shipped on U.S. flag vessels under a 1985 farm bill provision
on cargo preference.
Sims said the agencies were near to reaching a memorandum
of understanding governing how DOT would pay for its share of
the cargo preference costs.
Under the 1985 bill, the percentage of food aid shipments
carried on U.S. vessels was to increase gradually over three
years to 75 pct in 1988 from 50 pct.
Although the increased cost was to be funded by DOT, Sims
said that department to date has contributed no money.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
Shr loss 92 cts vs profit one ct
Net loss 2,487,439 vs profit 48,709
Revs 1,788,141 vs 4,167,070
Year
Shr loss 1.50 dlrs vs profit 48 cts
Net loss 4,073,724 vs profit 1,309,412
Revs 8,193,455 vs 15.7 mln
NOTE: 1986 year net includes 3,095,305 dlr writedown of oil
properties and reserves.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Gould Inc's systems protection
division said it selected Merrill Lynch Interfunding INc to
provide financing for the purchase of the division from the
parent company.
Terms were not disclosed. The agreement was announced in
February and Gould expects the transaction to be completed by
the end of April.
The agreement assures the retention of more than 600 jobs
at a northeast Philadelphia plant which had been in jeapardy
when Gould had accepted a tentative offer from Westinghouse INc
which was later terminated.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Welbilt Corp said it
completed the previously announced acquisitions of the assets
of L and M Manufacturing Co and Food Machinery Engineering Co,
two manufacturers of automated bakery production equipment
headquartered in Toronto.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Charles Schwab announced the
completion of the 280-mln-dlr purchase from BankAmerica Co of
Charles Schwab and Co Inc and its holding company Charles
Schwab Corp.
The leveraged buyout is being financed by a syndicate of
seven banks led by the Security Pacific National Bank unit of
Security Pacific Corp <SPC>, the announcement said.
Charles Schwab and Co is the nation's largest discount
brokerage firm.
The Schwab announcement said BankAmerica received 175 mln
dlrs in cash, 50 mln of 10 pct senior subordinated debentures,
55 mln dlrs of nine pct junior subordinated debentures and the
right to receive 15 pct of the appreciated value of the common
equity of the new company over a maximum period of eight years.
Security Pacific also acquired a stock appreciation right,
equal to 1.8 pct of the value of the new company's fully
diluted common stock, Schwab said.
The right is exchangeable into warrants upon transfer to a
Security Pacific non-affiliate, Schwab said.
BankAmerica originally acquired Schwab in 1983 for 57 mln
dlrs worth of BankAmerica common stock.
The sale of the profitable discount brokerage firm back to
Charles Schwab was aimed at raising capital and was seen by
banking analysts as a means of heading off a hostile takeover
attempt by First Interstate Bancorp <I>.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
<Royex Gold Mining Corp> said it is
making an offer for <International Corona Resources Ltd> of 50
dlrs per share and 40 dlrs per warrant.
The offer covers four mln Corona common shares and all
outstanding 9.50 dlr Corona share purchase warrants expiring
August 31, 1987, Royex said.
Royex said that if it gains four mln Corona common shares,
its interest in Corona will increase to 50 pct from 38 pct. It
also said that if more than four mln shares are tendered, it
will pay for them on a pro rata basis.
Royex said the purchase price for each Corona share
consists of one Royex convertible retractable zero coupon
Series B first preference share at 20 dlrs nominal value, one
Royex convertible 6-1/2 pct Series C first preference share at
20 dlrs nominal value, one five-year 7.50 dlr Royex share
purchase warrant and four dlrs in cash.
The price for each Corona warrant consists of 1.75
convertible retractable zero coupon Series B first preference
share at 35 dlrs nominal value and one five-year 7.50 Royex
share purchase warrant.
Royex said both series of preference shares will be
convertible into Royex common shares, initially on a basis of
3.33 common shares for each preference share converted.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
|
[
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
|
[
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
|
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
|
Shr loss 9.31 dlrs vs loss 1.62 dlrs
Net loss 16.2 mln vs loss 2,770,243
Revs 99.4 mln vs 96.2 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
A.H. Robins Co said it filed its
consolidated net earnings report for February, which amounted
to 6,720,000 dlrs, compared to 4,646,000 for the comparable
month the year prior.
Consolidated net earnings for the two months ended Feb 28,
1987, amounted to 23.9 mln dlrs, compared to 15.4 mln dlrs for
the comparable period a year earlier, it said.
A.H. Robbins, which is in Chapter 11, said it filed the
report with the U.S. trustee overseeing its case.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Butler Manufacturing Co said it
signed a letter of intent to purchase <Naturalite Inc>, a
designer of skylights.
Terms were not disclosed.
Naturalite had sales of about 20 mln dlrs in 1986. The
transaction is expected to be completed in May and subject to
both boards' approvals.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr three cts vs 80 cts
Net 46,000 vs 1,220,000
Revs 11.5 mln vs 13.0 mln
Avg shrs 1,608,000 vs 1,530,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 14 cts vs profit 23 cts
Net loss 835,000 vs profit 950,000
Revs 8,617,000 vs 11.8 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Safety-Kleen Corp said it has
completed the acquisition of McKesson Envirosystems Co, a unit
of McKesson Corp <MCK> for an undisclosed amount.
Safety-Kleen, an industrial, automotive parts cleaning
service, said McKesson Envirosystems has solvent recycling
plants in Illinois, Kentucky and Puerto Rico.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Qtly div 11 cts vs 10 cts prior
Pay May 14
Record April 17
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 62 cts vs 38 cts
Net 1,110,484 vs 677,192
Revs 36.6 mln vs 31.1 mln
Six mths
Shr 92 cts vs 68 cts
Net 1,649,453 vs 1,211,597
Revs 68.2 mln vs 58.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Oper shr profit 92 cts vs loss six cts
Oper net profit 1,351,000 vs loss 112,000
Revs 22.8 mln vs 28.7 mln
Avg shrs 1,465,926 vs 1,968,601
Year
Oper shr profit 1.81 dlrs vs profit three cts
Oper net profit 2,837,000 vs profit 59,000
Revs 84.8 mln vs 69.9 mln
Avg shrs 1,569,287 vs 1,980,432
Note: Current qtr figures exclude gain from discontinued
operations of 533,000 dlrs, or 37 cts per share vs loss of
480,000 dlrs, or 24 cts per share.
Current year figures exclude gain from discontinued
operations of 752,000 dlrs, or 48 cts per share vs loss of
452,000 dlrs, or 23 cts per share.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Devon Resource Investors said as
of January one, its estimated proven reserves increased
by 443,000 net equivalent barrels to 32.4 billion cubic feet of
natural gas and 660,000 barrels of oil, compared with 29.5 bcf
of gas and 700,500 barrels of oil as of Jan one, 1986.
Devon said that its estimated future net revenues
attributable to reserves is about 58 mln dlrs with a present
value, discounted at 10 pct, of 38 mln dlrs.
It also said that it expects to have sufficient cash flow
to cover its annual payout of 60 ct per unit and expand its
drilling budget in 1987.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Feb One end
Oper shr 89 cts vs 1.31 dlrs
Oper net 3,348,000 vs 4,885,000
Sales 126.8 mln vs 120.1 mln
Year
Oper shr 1.67 dlrs vs 2.15 dlrs
Oper net 6,302,000 vs 8,013,000
Sales 380.9 mln vs 352.1 mln
NOTE: Prior year net both periods excludes gain 1,998,000
dlrs from reversion of overfunded pension plans.
Corrects current year operating net.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|

CORRECTION - SENIOR U.S. OFFICIAL
In WASHINGTON story headlined "SENIOR U.S. OFFICIAL TO VISIT
JAPAN AS TRADE ROW GROWS" please read in 2nd graf ... tariffs
worth up to 300 mln dlrs ... correcting amount
Reuter

| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Shr 1.54 dlrs vs 1.09 dlrs
Qtly div four cts vs four cts prior
Net 17.1 mln vs 11.5 mln
Revs 953.2 mln vs 1.33 billion
Avg shrs 11.1 mln vs 10.5 mln
NOTE: Cash dividend payable April 21 to holders of record
April 10. Shr figures adjusted for five pct stock dividend
declared March 31.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Getty Petroleum Corp said its
board declared a five pct stock dividend payable on April 21 to
shareholders of record April 10.
The company also declared a regular cash dividend of four
cts a share and reported 1986 net income rose to 17.1 mln dlrs
from 11.5 mln dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.