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Shr loss 2.03 dlrs vs loss 85 cts
Net loss 10,742,113 vs loss 3,700,712
Revs 8,027,065 vs 8,689,008
Avg shrs 5.3 mln vs 4.4 mln
Year
Shr loss 2.45 dlrs vs loss 1.73 dlrs
Net loss 11,607,104 vs loss 7,442,825
Revs 32.6 mln vs 33.2 mln
Avg shrs 4.7 mln vs 4.3 mln
NOTE: 1986 net loss includes a fourth quarter charge of
10.5 mln dlrs from writeoffs of certain assets.
1985 net loss includes a charge of about 2.3 mln dlrs from
settlement of class action lawsuit.
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Shr loss 76 cts vs loss 21 cts
Net loss 31.9 mln vs loss 3,288,000
Revs 380.2 mln vs 311.5 mln
Avg shrs 47.1 mln vs 41.2 mln
Year
Shr profit 56 cts vs profit 56 cts
Net profit 43,925,000 vs profit 46,433,000
Rev 1.74 billion vs 1.60 billion
Avg shares 43,602,000 vs 41,014,000
NOTE: Fourth quarter includes after tax loss from
discontinued Flexi-Van operations of 33.9 mln dlrs. Primary
earnings per share data calculated after deducting preferred
dividend requirements.
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Shr loss 21 cts vs loss 14 cts
Net loss 838,069 vs loss 433,875
Revs 1,080,068 vs 1,793,398
Avg shrs 4,004,826 vs 3,172,537
12 mths
Shr loss 39 cts vs 11 cts
Net loss 1,387,500 vs loss 334,463
Revs 6,456,882 vs 5,605,680
Avg shrs 3,542,217 vs 3,071,456
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Oper shr loss 22 cts vs loss 13 cts
Oper net loss 1,712,916 vs loss 769,539
Revs 2,292,972 vs 2,157,895
Avg shrs 7,961,602 vs 6,200,293
Year
Oper shr loss 53 cts vs loss 45 cts
Oper net loss 3,562,151 vs 2,543,366
Revs 9,117,311 vs 8,251,136
Avg shrs 7,169,871 vs 6,186,51
NOTE: Current year net both periods excludes charge 430,649
dlrs from cumulative effect of accounting change for patents.
1986 net both periods includes charge of about 458,000 dlrs
from severance obligations.
1986 year net includes charge 156,000 dlrs from writeoff of
seed commitments.
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Shr five cts vs 29 cts
Net 92,641 vs 466,668
Sales 4,448,011 vs 4,122,301
Year
Shr 34 cts vs 1.16 dlrs
Net 553,310 vs 1,864,417
Sales 16.3 mln vs 16.7 mln
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<British Columbia
Resources Investment Corp>, earlier reporting higher full year
operating losses, said it reached agreement in principle with
five lenders providing for a 360 mln dlr credit facility over a
four year term.
The company said the credit facility is extendable under
certain circumstances, with annual principal payments of five
mln dlrs. The agreement is subject to certain lender approvals
and completion of formal documentation.
It earlier reported 1986 losses before extraordinary items
rose to 26.4 mln dlrs from year-ago 7.2 mln dlrs.
B.C. Resources also said dividends on its series 2
preferred shares and exchangeable preferred shares will remain
suspended.
However, payment will be made on account of the quarterly
dividend on the exchangeable preferred shares by the company's
trustee from a deposit account, B.C. Resources said.
Sufficient funds should be available to pay full amount of
the March 31, 1987 dividend to exchangeable preferred
shareholders, with payment expected in early April to
shareholders of record March 31, the company said.
If future dividends are not declared after the April
exchangeable preferred quarterly payout, future payment will
depend on the amount of dividends received from Westcoast
Transmission Co <WTC>, B.C. Resources said.
The company said its increased fourth quarter and full year
operating losses primarily resulted from lower oil prices and a
four month labor shutdown at its Balmer coal mine in British
Columbia.
B.C. Resources also recorded a 99.9 mln dlr extraordinary
loss, which included losses on disposition of North Sea oil and
gas interests by 67 pct owned <Westar Mining Ltd>.
B.C. Resources' 1986 extraordinary charge also included a
writedown of its investment in Westar Petroleum. Gains on the
sales of Westar Timber's Skeena and Celgar pulp mills and
Terrace sawmill partially offset the extraordinary loss, the
company said.
The company said the asset sales have eliminated B.C.
Resources' long term financing commitment in the North Sea and
exposure to the fluctuating pulp market.
It also said it cut long term debt in 1986 to 900 mln dlrs
from 1.3 billion dlrs at year-end 1985, and management changes
and staff cuts have significantly reduced costs.
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The Bank of England said it had provided
the money market with late assistance of around 85 mln stg.
This brings the bank total help so far today to some 87 mln
stg and compares with its latest forecast of a 250 mln stg
shortage in the system today.
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Shr 72 cts vs 58 cts
Net 4,791,000 vs 3,803,000
Sales 83.0 mln vs 72.0 mln
Avg shrs 6,668,309 vs 6,545,722
1st half
Shr 88 cts vs 70 cts
Net 5,872,000 vs 4,614,000
Sales 141.6 mln vs 121.8 mln
Avg shrs 6,669,488 vs 6,525,051
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Shr 30 cts vs 21 cts
Net 3,358,000 vs 2,276,000
Sales 43.3 mln vs 33.5 mln
1st half
Shr 60 cts vs 42 cts
Net 6,654,000 vs 4,638,000
Sales 86.6 mln vs 66.4 mln
NOTE: Share adjusted for three-for-two stock split in May
1986.
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Williams Cos said a fourth quarter charge
of 250 mln dlrs from discontinued operations and writedowns
contributed to a 1986 net loss of 240 mln dlrs or 6.97 dlrs a
share against earnings of 31.6 mln dlrs or 92 cts in 1985.
The loss in the quarter was 232.3 mln dlrs or 6.75 dlrs
against income of 10.7 mln dlrs or 31 cts a year ago. Revenues
in the quarter fell to 521.1 mln dlrs from 716.9 mln and in the
year fell to 1.9 billion dlrs from 2.5 billion in 1985.
Williams also said the previously announced sale of its
Agrico Chemical Co unit to Freeport-Mcmoran Resource Partners
Ltd has cleared antitrust review and should close next week.
The 1987 first quarter will include proceeds from the
Agrico sale, for 250 mln dlrs cash at closing plus deferred
payments, and proceeds of 320 mln dlrs from the sale of a stake
in Peabody Holding Co, completed in January.
In the 1986 first quarter, Williams reported net of 14.2
mln dlrs or 41 cts a share on sales of 796.4 mln dlrs.
Williams said the charges in the current year were related
to an ongoing restructuring. The company said the restructuring
moves had improved its balance sheet and improved the outlook
for future stability and growth in earnings.
Operating profit at the company's Northwest Pipeline Corp
unit fell 4.5 pct to 150 mln dlrs from lower sales. The
Williams Natural Gas unit had operating profit of 50.5 mln dlrs
compared to 90.9 mln dlrs on lower sales volumes.
Profit at Williams Gas Marketing rose to 26 mln dlrs from
about 22 mln and the William Pipe Line Co had operating profit
of 49.4 mln dlrs versus 63.6 mln dlrs a year ago.
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Shr 13 cts vs 37 cts
Net 1,300,000 vs 3,700,000
Sales 189 mln vs 163 mln
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Shr profit 45 cts vs loss nine cts
Net profit 9.8 mln vs loss two mln
Revs 1.15 billion vs 631.2 mln
Year
Shr profit 3.26 dlrs vs profit 3.18 dlrs
Net profit 76.9 mln vs profit 73.1 mln
Revs 3.59 billion vs 2.66 billion
Reuter
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Qtly div 11 cts vs 11 cts prior
Pay April 14
Record March 17
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Senate Banking Committee chairman
William Proxmire called for curbs of hostile corporate
takeovers and new restrictions on risk arbitrageurs.
"At the very least, it is high time that we require all risk
arbitrageurs to register seperately and specifically with the
Securities and Exchange Commission and that we consider
precluding brokerage firms and their employers from investing
in, or owning any securities issued by, third party risk
arbitrage operations," Proxmire said at the start of a hearing
on corporate takeovers.
"A burning issue must be whether there ought to be a
complete seperation in the future of risk arbitrage and
investment banking," Proxmire said.
He said he was concerned that hostile takeover attempts
were hurting the economy, a view shared by corporate executives
who tesitified at the hearing. "I believe that takeovers have
become so abusive and so tilted in favor of the financial
buccaneers that remedial action is required," USX Corp chairman
David Roderick said. "For Congress to allow the takeover game to
continue unchecked, would be economic suicide," Champion
International Corp chairman Andrew Sigler added.
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Spain unveils a 105 billion peseta plan
this month aimed at boosting exports to reach European
Community levels, director-general of the INFE export
institute, Apolonio Ruiz Ligero, said.
"The target is to raise exports to 20 pct of Gross Domestic
Product over the next four years compared to 15 pct now," he
said.
"This is the minimum prevailing level in the EC and there
is no reason why we should lag behind countries like Italy,
which have a similar productive structure," he said.
The plan calls for providing soft loans, tax cuts and other
fiscal benefits to exporters and raising Spain's presence in
international trade fairs.
Consumer goods such as fashion and wine, as well as
traditional industrial exports will be promoted.
Ruiz Ligero said INFE would double its annual budget to 20
billion pesetas to finance the four-year plan, while the
government's development aid fund (FAD) would provide a special
25 billion peseta grant.
The plan calls for boosting exports by five to six pct in
real terms this year after a 7.4 pct decline last year.
Ruiz Ligero attributed this drop to a lack of demand in
developing countries and a rally in domestic consumer demand,
which rose six pct last year after 1.9 pct in 1985.
He added that 80 pct of Spain's exports went to
Organisation for Economic Cooperation and Development (OECD)
countries.
The EC accounts for 60 pct of the market and exports to the
Community rose seven pct last year. The government plans to
concentrate efforts on Western Europe and the U.S.
"The problem is convincing businessmen that exports are
vital to survival in the context of EC competition," he said.
He said Spanish businessmen traditionally turned to the
domestic market to satisfy rises in consumer demand, while
turning their backs on foreign markets.
"They have to realise their share of the home market is
going to shrink with growing deregulation," he said. "Foreign
companies are taking up positions in the domestic economy and
it is it vital to secure a market share abroad."
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French ski and tennis equipment maker
<Skis Rossignol> said its 97.7-pct owned subsidiary <Skis
Dynastar SA> agreed to buy Canadian ski stick and boot
manufacturer <CFAS> from <Warrington Inc>.
A Rossignol spokesman declined to give financial details
but said turnover of CFAS was about 100 mln French francs,
doubling the Rossignol group's activities in the boot and stick
sectors.
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Qtly div 62 cts vs 58 cts in the prior quarter
Payable April 30
Record March 20
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BRNF Liquidating Trust said
trustees declared a 13th liquidating dividend of 1.10 dlrs per
unit, payable April One to holders of record of its Series A, B
and C certificates on March 18.
The trust had paid a 12th liquidating distribution on
January 15 amounting to 1.750 dlrs on Series A, 1.815 dlrs on
Series B and 1.765 dlrs on Series C certificates.
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Shr 20 cts vs 15 cts
Net 345,970 vs 257,252
Revs 14.0 mln vs 13.4 mln
NOTE: Share adjusted for five pct stock dividend in
December 1986.
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Shr 12 cts vs eight cts
Net 485,866 vs 316,193
Revs 1,741,508 vs 1,440,154
Year
Shr 28 cts vs 20 cts
Net 1,108,314 vs 778,197
Revs 5,073,178 vs 3,687,160
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Qtly div 20 cts vs 20 cts prior
Pay April 10
Record March 20
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Buffton Corp said it completed
the purchase of B and D Industruments Inc for two mln dlrs cash
and 400,000 shares of common stock.
It said B and D is a private company headquartered in
Kansas, and had sales of 4,700,000 dlrs in 1986.
Buffton said the company designs and manufactures aviation
computer display systems and engine instrumentation.
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und Westbank AG <VHBG.F> plans
to streamline its branch network to improve its distribution of
financial services, management board member Eberhard-Rainer
Luckey said.
He told a news conference on 1986 results that branches in
Hamburg and Schleswig-Holstein would be merged or closed, a
branch in Frankfurt opened and that the bank was considering
opening a branch in London.
Luckey said the bank's total operating profits rose nearly
29 pct in 1986. Parent bank net profit rose to 47.7 mln from
42.2 mln and the dividend remained unchanged at 12 marks.
The group balance sheet, including for the first time
VereinWest Overseas Finance (Jersey), rose 9.2 pct to 17.9
billion marks, Luckey said.
The parent bank balance sheet rose 89 mln marks to 13.2
billion, while business volume was almost unchanged at 14.8
billion. Credit volume eased to 9.1 billion from 9.2 billion
while loans to companies rose seven pct.
Foreign business and securities trading turnover also
increased. Higher earnings from trading on the bank's own
account contributed to record operating profits.
Net interest income rose on firmer interest margins by 16.1
mln marks to 381.6 mln. Net commission income rose 6.6 mln to
156.7 mln, Luckey said.
Foreign commercial business was influenced by a fall in
West German foreign trade but earnings were still satisfactory.
The bank's exposure in Latin America was less than two pct
of its total foreign credit and in Africa less than one pct.
The bank continued to sell some of its exposure in 1986,
and will also continue to stock up risk provisions, he said.
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Secretary of Commerce Malcolm
Baldrige expressed concern about the continuing U.S. trade
deficits with South Korea and Taiwan and said that without an
adjustment in exchange rates there is little likelihood of
improvement.
Speaking to the President's Export Council, an industry
advisory group, Baldrige said the trade deficit issue was under
discussion with those countries.
"I feel that unless we see an exchange rate adjustment we
probably won't be able to see much of a change in the large
surplus that Taiwan in particular has with us," he said.
In a wide-ranging discussion on U.S. trade matters,
Baldrige also repeated U.S. concern about an attempted takeover
by Japan's Fujitsu company of Fairchild Computer.
He said that the Japanese were resisting allowing U.S.
companies into the giant computer business while at the same
time attempting to acquire control of a U.S. company that does
major computer business in the U.S. market.
Lastly, Baldrige said that the United States was hopeful
that it could complete a free market agreement with Canada by
the autumn, but said major issues, including acid rain,
remained unresolved.
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Allwaste Inc said it has agreed in
principle to acquire an air-moving and related industrial
services company it did not identify for up to 1,400,000 dlrs
in common stock.
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Castle and Cooke Inc said it would
take a fourth quarter after-tax loss of 33.9 mln dlrs from the
previously reported sale of its Flexi-Van container leasing
business to Itel Corp <ITEL> for about 215 mln dlrs.
Earlier, the company reported a loss for the fourth quarter
ended January 3 of 31.9 mln dlrs, or 76 cts a share, compared
with a loss of 3.3 mln dlrs, or 21 cts per share, in 1985's
fourth quarter.
For the year, however, the diversified holding company
reported a net profit of 43.9 mln dlrs, or 56 cts a share,
versus 46.4 mln dlrs, or 56 cts a share, in 1985.
David Murdock, chairman and chief executive officer, said,
"Both our food business and our real estate operations
increased their earnings during the year (1986)."
But, he added that Flexi-Van's 1986 results were hit by
depressed daily rental rates for leased equipment caused by
oversupplies.
The company also reported that George Elkas, formerly
executive vice president, has been named president and chief
operating officer of Flexi-Van Corp, while William Burns has
been named executive vice president of Flexi-Van.
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The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves, economists said.
They expect it to supply the reserves indirectly by
arranging around 1.5 of customer repurchase agreements.
Federal funds, which averaged 6.22 pct yesterday, opened at
six pct and remained there in early trading.
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Convenient Food Mart Inc said it
has tentatively agreed to buy all the outstanding stock of
Plaid Pantries Inc and two associated businesses in Oregon and
Washington for undisclosed terms.
Plaid Pantries owns and operates 161 convenience stores in
the Portland and Seattle areas. The other business are two
companies involved in the wholesale distribution of groceries
and health and beauty aids, it said.
Closing is expected by May 15.
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Marine Midland Banks Inc said it has
acquired the customer account base of New York discount
brokerage firm Ovest Financial Services Inc for undisclosed
terms to expand its discount brokerage operations in the
Northeastern U.S.
It said it will combine Ovest's activities with those of
its Marine Midland Brokerage Service unit.
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Shr 14 cts vs nine cts
Net 1,180,000 vs 640,000
Revs 25.6 mln vs 20.1 mln
Six mths
Shr 26 cts vs 12 cts
Net 2,103,000 vs 853,000
Revs 44.8 mln vs 33.0 mln
Reuter
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Shr 13 cts vs 41 cts
Net 1,079,100 vs 3,535,205
Revs 13.6 mln vs 16.2 mln
Note: Current results for 16 months after change in fiscal
year end to December 31 from August 31
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<Toronto Sun Publishing Corp> said it
planned a two-for-one split of its common shares, subject to
regulatory approval and approval by shareholders at the April
21 annual meeting.
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Shr 43 cts vs 41 cts
Net 316,000 vs 298,000
Sales 4,857,000 vs 4,543,000
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Shr loss 1.77 dlrs vs profit 15 cts
Net loss 8,036,000 vs profit 576,000
Sales 16.2 mln vs 17.2 mln
Avg shrs 4,539,437 vs 3,816,580
1st half
Shr loss 1.96 dlrs vs profit 26 cts
Net loss 8,231,000 vs profit 996,000
Sales 30.9 mln vs 32.2 mln
Avg shrs 4,205,707 vs 3,814,141
NOTE: Current half net includes 68,000 dlr tax credit.
Current year net both periods includes 6,700,000 dlr
writedown of inventory of clinical chemistry products.
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Shr 65 cts vs 47 cts
Net 184.3 mln vs 133.1 mln
Sales 3.85 billion vs 2.77 billion
Year
Shr 1.59 dlrs vs 1.16 dlrs
Net 450.1 mln vs 327.5 mln
Sales 11.91 billion vs 8.45 billion
Reuter
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Shr two cts vs two cts
Net 407,396 vs 376,243
Revs 5,341,353 vs 4,292,819
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Thomas Berger, Deputy Assistant
Secretary of the Treasury, said that a further drop in the
exchange value of the dollar could cause prices to go up and
trigger inflation.
He told a meeting of the President's Export Council that
the Japanese and the Germans have cut their profit margins to
reflect recent drops in the dollar, so prices have remained
much the same.
But he added that if the dollar dropped further there could
be inflation in the United States.
Berger also said that a further devalued dollar may cause
economic depressions in some U.S. trading partners, and that
would not be in America's interest because it would close those
markets to U.S. goods.
Reuter
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Shr 36 cts vs 66 cts
Net 4,775,000 vs 9,342,000
Revs 105.5 mln vs 130.0 mln
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Shr loss 13 cts vs profit 10 cts
Net loss 1,804,062 vs profit 1,370,063
Revs 33.5 mln vs 40.4 mln
12 mths
Shr loss 51 cts vs profit cts
Net loss 7,030,235 vs profit 9,163,141
Revs 149.4 mln vs 167.9 mln
NOTE: income before taxes for the 12 mths ended Jan 1987
includes gains 895,000 for fire insurance settlement, and
unusual charges of 7,900,000 for provisions for estimated cost
of severance pay for terminated workers and a one-time
writedown of inventory and equipment.
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Shr five cts vs 20 cts
Qtly div two cts vs two cts prior
Net 223,000 vs 1,418,000
Sales 15.3 mln vs 17.1 mln
Year
Shr 61 cts vs 81 cts
Net 3,106,000 vs 5,940,000
Sales 63.0 mln vs 59.5 mln
NOTE: 1986 net includes tax credits of 63,000 dlrs in
quarter and 1,365,000 dlrs in year.
1986 net both periods includes 500,000 dlr pretax inventory
writedown.
Dividend pay March 27, record March 5.
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Qtly div 23 cts vs 21 cts prior
Pay April 1
Record March 16
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Qtly div three cts vs three cts prior
Pay April 2
Record March 16
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The Federal Reserve Board voted
unanimously to propose a formula for calculating the risk of
interest rate and currency swaps as part of its ongoing effort
to come up with a new capital standard for U.S. banks that
takes into account the riskiness of a bank's loans and other
assets.
Fed officials said an identical proposal was being issues
today by the Bank of England.
The Fed set a 60-day period for public comment on the plan.
The proposal adopted today addresses only the credit risks
associated with interest rate swaps, forward foreign exchange
contracts and similar financial instruments.
Previously, the Fed Jan. 8 proposed a series of guidelines
for calculating the risk of other off-balance-sheet activities
that banks would be required to take into account in
calculating the minimum financial cushion they would need to
maintain.
Both guidelines set five broad categories of risk for loans
and other bank assets and assigned to each a level of risk that
would establish a bank's minimum capital needs.
The additional guidelines proposed today would determine
the amount of capital support required for a bank's current
exposure for a given asset and the potential future exposure.
The current exposure would be measured by the
mark-to-market value of the asset, which would reflect the
replacement cost.
Potential future increases in the replacement cost would be
calculated using credit conversion factors based on statistical
analyses by the staffs of the Bank of England and U.S. banking
regulators. Future exposure would rise over the life of the
asset.
The Fed staff said the risk gauge attempted to balance
conflicting needs for precision and simplicity.
They ignore, for example, the relative volatility of the
particular currencies involved in exchange rate contracts.
Board officials said the new gauge could increase the
capital required of the largest money center banks, which are
the principal participants in these types of activities.
They cautioned the Fed board to take account of the
potential impact of the plan on the ability of U.S. banks to
compete in world financial markets.
However, the staff concluded, "The credit risks inherent in
such contracts now constitute a significant element of the risk
profiles of some banking organizations."
The Fed proposal would exempt all but the 20-25 largest
participants in this market, on grounds the benefits of
including the smaller banks would be outweighed by costs.
Also excluded would be interest rate and foreign exchange
contracts traded on organized exchanges.
Governor Martha Seger said she was concerned that Japan was
not involved in the U.K.-U.S. effort to draft new capital
rules.
Reuter
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Oper shr 10 cts vs eight cts
Oper net 325,000 vs 228,000
Sales 7,070,000 vs 6,483,000
Avg shrs 3,313,000 vs three mln
Year
Oper shr 69 cts vs 51 cts
Oper net 2,124,000 vs 1,536,000
Sales 31.2 mln vs 22.7 mln
Avg shrs 3,071,000 vs three mln
NOTE: 1986 net both periods includes 72,000 dlr tax credit.
Reuter
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Qtly div 16 cts vs 16 cts prior
Pay April One
Rcord March 20
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Worldwide spot crude oil movements fell
to 30.07 mln long dwt in February from 37.25 mln tons in
January and 41.44 mln in December, London shipbroker Howard
Houlder said.
The decline mainly reflected a sharp drop in movements out
of the Mideast Gulf, which totalled 7.4 mln tons last month
against 11.65 mln in January. These included shipments to
western options at 2.05 mln tons against 3.59 mln previously.
Liftings from the Gulf to eastern options fell to 4.15 mln
tons from 5.94 mln and those from the Gulf to other areas
dropped to 1.2 mln tons from 2.13 mln, Howard Houlder said.
U.K./Continent coastal movements declined sharply to 2.91
mln tons from 4.77 mln but those from the U.K./Continent to the
U.S. rose to 1.99 mln from 1.69 mln.
Reuter
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The 350 mln Ecu three-year package of
social and structural measures agreed early today by European
Community farm ministers features a plan to compensate farmers
for reducing output of certain surplus products, EC Commission
sources said.
The ministers agreed that under this "extensification"
scheme, farmers would qualify for compensation if they cut
output of specific products by at least 20 pct.
The plan would initially apply to cereals, beef, veal and
wine, they added.
Cereals farmers would have to achieve their output cuts by
reducing acreage, while cattle farmers would reduce their
number of head and vinegrowers would cut yield. In each case,
farmers would have to undertake not to step up their capacity
for output of other products which are in surplus in the EC.
The sources said payment levels have not yet been fixed but
will be designed to compensate farmers for loss of profit on
the production they forego.
The sources said the package also contains provisions for
payments to farmers who embark on a program aimed at protecting
or improving the environment.
It would also mean compensatory allowances in less favoured
farming areas would be extended to crops. At present such
allowances are available only for livestock.
The package would provide 20 mln Ecus for research into
alternative farming techniques, the sources added.
At a news conference EC Farm Commissioner Frans Andriessen
said the Commission is also working on proposals to enable the
EC and member states to provide direct income supports for
relatively poor farmers.
Andriessen did not give full details, but said member state
aid would be subject to "strict criteria to avoid distortion of
competition."
EC payments would aim to help farmers to survive a
difficult period while the EC tackles the problems of surplus
production.
The Commission withdrew from the package agreed last night
proposals to pay "early retirement" pensions to farmers aged 55
or over who gave up production. Those who took their land
completely out of farm production, rather than passing it on to
their heirs, would have received more generous payments.
Andriessen said the Commission plans to present revised
proposals along these lines in an effort to get a scheme
agreed.
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The Bank of England and the U.S. Federal
Reserve Board have agreed new proposals for joint standards to
measure the risk of an array of credit exposures that do not
show up in bank balance sheets, the Bank of England said.
The plan, covering swaps, forward contracts and options
involving interest or exchange rates, complements proposals
agreed in January between the two central banks to make
commercial banks in the U.S. And Britain subject to similar
standards for measuring capital adequacy, the proposal said.
It said no final decisions had been reached yet and banks
have until April 16 to comment on the trunk proposals.
The Bank of England and Fed said they had faced a dilemma.
"On the one hand (we) are determined to require adequate
capital support for potential future exposure -- on the other
hand (we) are concerned that overly stringent capital
requirements might unnecessarily affect the ability of U.S. And
U.K. Banking organisations to price...Contracts competitively."
At the basis of the new proposals lies the concept of the
so-called credit equivalent amount - the current value of a
currency or interest rate contract and an estimate of its
potential change in value due to currency or interest rate
fluctuations until the contract matures.
In treatment similar to that agreed in January for balance
sheet assets, the credit equivalent will be assigned one of
five risk weights between zero and 100 pct, depending on the
quality of the counterparty, the remaining maturity of the
contract and on collaterals or guarantees to the contract, the
plans showed.
The proposal showed that collaterals and guarantees would
not be recognised in calculating credit equivalent amounts.
They would, however, be reflected in the assignment of risk
weights. The only guarantees recognised are those given by U.S.
And U.K. Governments or, in the U.S., By domestic national
government agencies, the proposals showed.
The paper said the proposed rules would not cover spot
foreign exchange contracts and securities traded in futures and
options exchanges.
It said U.S. Regulatory authorities and the Bank of England
were keen to encourage banks to "net" contracts -- consolidate
multiple contracts with the same counterparty into one single
agreement to create one single payments stream.
It recognised that "such arrangements may in certain
circumstances reduce credit risk and wish to encourage their
further development and implementation," and said some of the
current proposals may be changed to take this into account.
The paper said the proposed rules would not cover spot
foreign exchange contracts and securities traded in futures and
options exchanges.
It said U.S. Regulatory authorities and the Bank of England
were keen to encourage banks to "net" contracts -- consolidate
multiple contracts with the same counterparty into one single
agreement to create one single payments stream.
It recognised that "such arrangements may in certain
circumstances reduce credit risk and wish to encourage their
further development and implementation," and said some of the
current proposals may be changed to take this into account.
Reuter
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Piedmont Avaition Inc's board of
directors will conduct a special meeting beginning at 1400 est
today, a Piedmont spokesman said.
The spokesman would not say what was on the agenda.
In mid-February, Piedmont said its board would meet to
discuss all proposals to acquire the company. Its board also
withdrew a recommendation to accept a 65 dlrs a share cash
offer from Norfolk Southern Corp <NSC> in light of a competing
revised bid from U.S. Air Group Inc <U>. U.S. Air offer to buy
50 pct of the company's stock for 71 dlrs a share cash, and the
remaining for 73 dlrs a share of its stock.
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First Union Real Estate Investments
said its board left the quarterly dividend unchanged at 37-1/2
cts per share, payable April 30, record March 31.
The trust, which has raised its quarterly dividend
frequently in the past two years and in the first quarter in
both years, said the Tax Reform Act of 1986 has limited its
flexibility on dividends, and trustees will now consider the
appropriateness of any dividend increases only during the later
quarters of the year.
Reuter
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Shr 21 cts vs 28 cts
Net 1,456,000 vs 1,925,000
Sales 258.7 mln vs 290.2 mln
Nine Mths
Shr 77 cts vs 1.10 dlrs
Net 5,384,000 vs 7,658,000
Sales 804.3 mln vs 760.1 mln
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Periods end January 31, 1987 and 1986
Shr 12 cts vs nine cts
Net 507,000 vs 362,000
Revs 5,010,000 vs 3,558,000
NOTE: System Software Associates Inc is full name of
company.
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Qtrly div 34 cts vs 27 cts prior
Pay March 31
Record March 16
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Qtly div 19 cts vs 19 cts prior
Pay March 31
Record March 12
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Shr 31 cts vs 20 cts
Net 3,541,000 vs 2,071,000
Sales 29.9 mln vs 14.5 mln
Avg shrs 11.6 mln vs 10.4 mln
NOTE Fourteen vs 13-week periods.
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Poland's winter wheat is likely to
survive recent frosts but the impact of the cold will not be
known until late April, the Polish meteorology institute said.
Some varieties of winter wheat sown in Poland can survive
ground temperatures as low as minus 20 degrees C, Spokesman
Teresa Tomaszewska told Reuters.
Even though an earlier thin protective layer of snow mainly
melted in February, air temperatures down to minus 30 C should
not be harmful, she said, but added that wheat can still be
damaged by cold spells in March and April, when young shoots
may be exposed to night frosts.
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Brown-Forman Inc said at the
suggestion of the American Stock Exchange it has changed the
record date for the 28 ct per share quarterly dividend on its
Class A and Class B common stock that is payable April One to
March 20 from March 13, to coincide with the record date for a
three-for-two stock split declared February 26.
It said the record date for the dividend on its four pct
cumulative preferred stock has also been changed to March 20
from March 13.
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Goodyear Tire and Rubber Co said its
1986 results include a tax refund of 75.7 mln dlrs from the
costs of restructuring the company in a successful defense
against a takeover attempt by James Goldsmith.
Chairman Robert Mercer said, "Heavy restructuring costs
related to the takeover attempt combined with government tax
incentives for investments ... resulted in this federal tax
refund."
The refund was included but not broken out in its initial
1986 results, a spokesman said. It reported 1986 net income of
124.1 mln dlrs against 412.4 mln dlrs a year earlier.
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The Great Northern Nekoosa Corp
said it will recommend to shareholders a two-for-one common
stock split.
The company said it will make the proposal to shareowners
at its annual mmeting May 6 in Dothan, Ala., near the company's
Great Southern Paper division operations.
In conjunction with the stock split proposal, the
shareowners will be asked to approve an increase in the
authorized common stock from 60 mln to 150 mln shares, the
company said.
The company said it will propose an increase in its
dividend rate if the split is approved effective with the June
payment.
The company said the present rate on GNN common is 43 cts
per share. The company said it would recommend a quarterly rate
of 23 cts a share on the split stock. This would be equal to a
dividend of 46 cts a share on the present common, seven pct
higher than the current rate.
The company said it had increased the dividend by 13 pct
last December. Great Northern Nekoosa's last common stock
split, a three-for-two, was in December 1983, it said.
As of Dec 31, 1986, there were 26,661,770 shares of GNN
common stock outstanding, according to the company.
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Harris Associates L.P., a Chicago
investment advisor, said it raised its stake in Builders
Transport Inc to the equivalent of 466,754 shares, or 9.1 pct
of the total outstanding, from 335,800 shares, or 6.7 pct.
In a filing with the Securities and Exchange Commission,
Harris said it bought 36,700 Builders Transport common shares
on Feb 10 at 17 dlrs a share. It also said it bought debentures
on Feb 23 that could be converted into 94,254 shares.
Harris said its dealings in Builders Transport were on
behalf of its advisory clients. It has also said it has no
intention of seeking control of the company.
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Mark Hammer, a private investor from
Melville, N.Y., and members of his family told the Securities
and Exchange Commission they have acquired a total of 375,200
shares of Exovir Inc, or 12.9 pct of the total outstanding.
Hammer said his group has been accumulating Exovir stock
since Oct 28, 1985 for investment purposes and may buy more
shares or sell all or part of his current stake.
While he said he has no intention of seeking control of the
company, Hammer said that because of his "extensive business
experience" and his interest in Exovir stock, he may be
"invited" to become a member of the company's board.
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Torrential rains throughout
Argentina's grain-producing areas virtually paralysed coarse
grain harvesting in the week to yesterday, trade sources said.
Sunflower, maize and sorghum harvests were particularly
affected, they said. But the rains proved to be a great aid to
soybean crops as their harvesting will not begin until April or
May.
The rains did no damage to maize, sunflower and sorghum
crops though fresh rains in similar volume could reduce yields
and cut the total volume of this year's harvest.
Rainfall measured between 15 and 270 mm in Buenos Aires,
with the heaviest rains in the province's western sectors,
between 15 and 100 mm in Cordoba, 15 and 120 mm in La Pampa, 10
and 75 mm in Santa Fe, 10 and 60 mm in Entre Rios, five and 40
mm in Misiones, and five and 50 mm in San Luis.
No rain was recorded in Corrientes, Chaco and Formosa.
Growers did not revise their estimates for total volume of
the coarse grain harvest over last week's estimates.
Maize harvesting continued moving forward in central Santa
Fe, though slowly. Growers had harvested seven to nine pct of
total planted area, compared to five to seven pct last week.
Total maize area planted for the 1986/87 harvest was
estimated at between 3.58 and 3.78 mln hectares, or two to
seven pct less than the 3.85 mln hectares planted in the
1985/86 harvest.
Maize production is expected to total between 10.4 and 11
mln tonnes, or a drop of 17.5 to 19.4 pct over the 12.4 to 12.6
mln tonnes harvested last year according to private estimates,
or 18.9 to 21.9 pct lower than last year's volume, according to
official figures.
The sunflower harvest advanced to between seven and nine
pct of total planted area.
Two to 2.2 mln hectares have been planted with sunflowers
for this harvest, down 29.9 to 36.3 pct from last year's figure
of 3.14 mln hectares.
Sunflower production is expected to total between 2.4 mln
and 2.7 mln tonnes, which would mean a drop of between 34.1 and
41.5 pct against the record 4.1 mln tonnes harvested in the
1985/86 harvest.
Grain sorghum harvesting inched forward to between two and
four pct of total planted area, which this harvest is 1.23 to
1.30 mln hectares or 10.3 to 15.2 pct less than the 1.45 mln
hectares planted in the 1985/86 harvest.
Sorghum production is expected to total between 3.2 mln and
3.5 mln tonnes, or 16.7 to 22 pct less than the 4.1 to 4.2
million tonnes harvested in 1985/86.
Soybean production, by contrast, is expected to hit a
record 8.0 to 8.4 mln tonnes, which would mean an increase of
11.1 to 15.1 pct over last year's record figure of 7.2 to 7.3
mln tonnes, according to private estimates. Official figures
put last year's soybean harvest at 7.1 mln tonnes.
Soybean crops were reported to be in generally very good
condition, helped by abundant rains and high temperatures.
Total soybean-planted area for the 1986/87 harvest is
expected to be a record 3.7 to 3.8 mln hectares, up 10.8 to
13.8 pct from last year's harvest figure of 3.34 mln hectares.
Reuter
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Lotus Development Corp said it
has signed a letter of intent to acquire substantially all of
the assets of Computer Access Corp for undisclosed terms.
Computer Asscess makes BlueFish full-text search and
retrieval software for International Business Machines Corp
<IBM> and compatible personal computers.
The company said the acquisition is subject to approval by
both boards.
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Oper shr 78 cts vs 51 cts
Oper net 7,030,000 vs 4,944,000
Revs 126.6 mln vs 120.9 mln
Year
Oper shr 1.59 dlrs vs 89 cts
Oper net 14.7 mln vs 9,864,000
Revs 425.1 mln vs 416.9 mln
NOTE: Net excludes realized gains on investment of 73,000
dlrs vs 4,224,000 dlrs in quarter and 6,253,000 vs 14.5 mln
dlrs in year.
Net excludes discontinued Massachusetts Casualty operations
loss 5,180,000 dlrs vs gain 778,000 dlrs in quarter and gain
9,214,000 dlrs vs gain 3,504,000 dlrs in year.
Reuter
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Qtly div 21 cts vs 16-1/4 cts prior
Pay April One
Record March 17
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The European Community Commission today
appointed its chief spokesman, Hugo Paemen, as its top official
in charge of multilateral trade negotiations, a Commission
spokesman said.
Paemen, a Belgian official who had previously been chief
aide to former External Affairs Commissioner Etienne Davignon,
has been in his post since January 1985.
The spokesman said Paemen will continue as chief spokesman
until the retirement on May 1 of Paul Luyten, who is now in
charge of EC departments handling negotiations in the world
trade body GATT, the OECD and other forums.
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Sen. Rudy Boschwitz, R-Minn., said he
intended to offer legislation that would allow 1987 producers
of wheat, feedgrains, cotton and rice to receive at least 92
pct of their deficiency payments, regardless of how much they
planted.
Boschwitz told the Senate Agriculture Committee that
applying the so-called 0/92 provision to 1987 crops was
supported by the Reagan administration and would save
approximately 500 mln dlrs, including 266 mln dlrs in corn
payments, 90 mln dlrs in wheat and 30 mln dlrs in cotton.
The Minnesota senator said he might offer the bill on the
Senate floor or in a conference committee with the House of
Representatives in the event a similar bill before the House
Agriculture Committee is approved by that body.
Boschwitz told Reuters that neither he nor the U.S.
Agriculture Department had decided whether or how deficiency
payments should be guaranteed to farmers who might choose not
to plant under the decoupling scheme.
If payments are not set in advance under decoupling, market
prices conceivably could rise, thereby leading to diminished
deficiency payments.
Senate Agriculture Committee Chairman Patrick Leahy, D-Vt.,
said he wanted to go to conference with the House as soon as
possible on the issue, but would have to study the matter
further before deciding how he would vote on it.
Reuter
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Hayes-Albion Corp said it has
delayed the special meeting at which shareholders will vote on
its merger into Harvard Industries Inc <HAVA> until March 24
from March 17 due to a delay in Securities and Exchange
Commission clearance of proxy materials.
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Oper shr loss nine cts vs profit 12 cts
Oper net loss 1,791,000 vs profit 2,336,000
Sales 242.9 mln vs 225.8 mln
Year
Oper shr profit 15 cts vs loss 17 cts
Oper net profit 2,925,000 vs loss 3,324,000
Sales 1.01 billion vs 875.6 mln
NOTE: Net includes discontinued operations gain 2,437,000
dlrs vs loss 190.0 mln dlrs in quarter and losses 75.6 mln dlrs
vs 227.7 mln dlrs in year.
Net includes loss 294,000 dlrs vs nil in quarter and gain
224.8 mln dlrs vs loss 1,750,000 dlrs in year from settlement
of liabilities under plan of reorganization from Chapter 11
bankruptcy.
1986 quarter net includes 2,300,000 dlr provision for loss
on future store closings offset by reduction in pension
liabilities.
Reuter
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Comdata Network Inc said it is
in active talks with other parties on a possible acquisition or
recapitalization of Comdata in an effort to maximize
shareholder values.
Comdata said <Rosewood Financial Inc> together with
<Cypress Partners LP> and <Driftwood Ltd> have acquired over
five pct of Comdata stock and Rosewood intends to acquire over
15 pct of Comdata.
Comdata said it has not yet reached a definitive agreement
with <Mason Best Co> for the previously-announced
recapitalization and self-tender offer.
Reuter
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Shr loss 51 cts vs loss 44 cts
Net loss 1.8 mln vs loss 1.5 mln
Revs 3.1 vs 5.4 mln
Nine months
Shr loss 1.16 dlrs vs loss 1.33 dlrs
Net loss 4.0 mln vs loss 4.6 mln
Revs 9.9 mln vs 12.3 mln
Reuter
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Shr 12 cts vs 10 cts
Net 613,986 vs 534,093
Revs 9,494,570 vs 7,591,564
Year
Shr 41 cts vs 59 cts
Net 2,151,130 vs 3,111,317
Revs 35.9 mln vs 33.7 mln
NOTE: 1986 net includes gains from discontinued operations
equal to three cts compared with nine cts in 1985.
Reuter
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Turkey expects a 1986 balance of payments
deficit of 1.5 billion dlrs, well over target, but is taking
steps to improve its performance in this and other fields, Ali
Tigrel, director of economic planning at the State Planning
Organisation said.
He told Reuters the shortfall was a direct consequence of
economic growth of nearly eight pct, up from 5.1 pct in 1985,
which he said resulted mostly from a surge in domestic demand.
Tigrel acknowledged a need to cut inflation further after a
drop of more than 12 points to 24.6 pct in the Treasury
wholesale index last year.
This year's target of 20 pct "might be attainable but the
economic management will have to be careful," he said.
Tigrel, whose department produces the annual programme
which is central to the government's economic planning, said
Turkey's creditworthiness was at risk over the current account
shortfall, originally targeted at 695 mln dlrs.
"We must alleviate the current account substantially to
sustain the creditworthiness that we have managed to secure
over the last five years," he added.
His comment echoed last October's Organisation for Economic
Cooperation and Development report on Turkey, which said
Ankara's case for more medium-term financing on better terms
would look better if inflation were lower and the current
account deficit cut or turned into a surplus.
"In 1987 we must reduce the rate of growth in public sector
investments, we must reduce the public sector deficit as a
percentage of GNP and we must achieve a very visible
improvement in the current account deficit," he said.
Tigrel said a surge in public sector spending last year was
also to blame for the high deficits.
Appropriations to government departments had been cut by
eight pct since the budget was passed in December and foreign
borrowing by municipalities had been restrained.
"We are trying make sure that public bodies stick to the
investment programme and do not exceed their appropriations," he
said. It was hoped to bring the public sector borrowing
requirement down to five pct of GNP in 1987 from an estimated
5.6 pct in 1986.
More modest GNP growth of five pct for 1987 was also
targeted, Tigrel said. Measures were being taken to encourage
exports, and production incentives were being considered.
"We must try to make sure that more capacity is injected
into the Turkish economy in the coming years. The promotion
policy is geared to make sure that both foreign investment and
local private capital come more into play as far as
manufacturing capacity is concerned," Tigrel said.
He said the process of structural adjustment of the Turkish
economy to free market policies, begun in 1980, was still under
way. Trade had been liberalised and a freer exchange rate
policy applied, but he acknowledged there was more to be done
in a country where the state still dominates industry and the
currency is only partially convertible.
REUTER
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Drilling for oil in California is
likely to continue at last year's sharply reduced levels
despite recent gains in crude oil prices, industry analysts
said.
Because much of the crude oil in California fields is
thick, heavy and expensive to extract, oil prices would have to
increase to near 1985's levels before any significant recovery
is seen in drilling, they said.
"Companies will probably only drill their best prospects,"
said John Curti, an analyst with Birr Wilson Securities Inc.
Few new wells now are being drilled.
Only 33 rigs, about one-quarter of the total available,
were drilling for oil onshore in California last week, compared
to about 70 last year, said Bill Bolster of Munger Oil
Information Services, which tracks California drilling
activity.
"It's in the dregs right now," said Bolster of the state's
drilling activity.
Current prices are not enough to justify increased
drilling, said Ed Malmgreen of the California Independent
Producers Association.
While an Organization of Petroleum Exporting Countries pact
to curb production boosted oil prices early this year, prices
eventually fell.
Prices for California's marker grade, Line 63 blend, have
slumped about 20 pct in the last month to 14 dlrs from a high
of about 17 dlrs.
More than half of California's oil comes from stripper
wells, those producing less than 10 barrels a day, and that
much of that oil costs between 18 and 25 dlrs a barrel to
extract, Malmgreen said.
"It's not unusual for a stripper well to cost 18 dlrs,"
Malmgreen said.
Many stripper wells along the southern California coast
produce eight times as much water as crude oil, and inland
wells frequently require the use of steam injection to spur
extraction of the thick, heavy oil, he said.
The outlook for future production in California is clouded
by a lack of exploratory drilling now, analysts said.
In the heart of California's oil patch, Kern County, which
produces about two-thirds of the state's oil, exploratory
drilling has slowed to a crawl.
Only 55 exploratory wells were drilled in Kern County in
1986, compared to 137 in 1985, according to David Mitchell of
the state energy commission. So far this year only five
exploratory wells have been drilled.
"I don't think they'll even get to what they did last
year," Mitchell said.
No pickup in exploratory drilling is likely for the rest of
the decade, Mitchell said.
Along with the fall in drilling has come a decrease in the
number of producing wells and overall production.
Between February and October of 1986, the number of
producing oil wells in California fell 14 pct to 43,521 from
more than 50,000, said Bill Guerard of the California Energy
Commission.
In line with that decrease, California's crude oil output
fell about 10 pct last year due to low oil prices and is
expected to remain at that lower level, analysts said.
Between February and October 1986, California's crude oil
production slipped from an all-time high of 1.185 mln barrels
per day to 1.066 mln bpd, Guerard said.
Total estimated crude oil production in California for 1986
was 408 mln bbls, compared with 424 mln bbls in 1985 and 405
mln bbl in 1983, according to the California Department of
Conservation.
"Production in 1987 will probably hold around 1986 levels,"
Guerard said.
Reuter
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Webcor Electronics Inc said it
remains in technical and payment default under its revolving
credit agreement and in technical default under certain other
obligations to its lender.
Although its lender has not enforced its right to demand
payment of the debt in full, it continues to reserve its right
to do so at any time, it said.
Earlier, Webcor reported a third quarter net loss of 1.8
mln dlrs and nine months net loss of 4.0 mln dlrs.
Reuter
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First Savings Bank of
Florida said it expects a special shareholder meeting to be
held around May 21 to consider the proposed merger into
Gibraltar Financial Corp <GFC>.
It said the annual meeting will be held April 30 to elect
two directors and ratify the appointment of auditors.
Reuter
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The government daily Izvestia said a
considerable amount of Soviet winter crops need to be reseeded
and the state 1987 grain harvest target of 232 mln tonnes will
not be easy to fulfil.
Without giving figures, the newspaper said: "A considerable
part of the winter crops must be reseeded, but that creates
extra effort in the fields in spring."
The Soviet Union has previously said nine mln hectares of
winter grain will have to be reseeded because of winterkill.
A U.S. Department of Agriculture analyst in Washington has
said the figure of nine mln hectares would equal about 25 pct
of the total winter crop and would be the second highest
winterkill in 10 years.
"The planned task of bringing in no less than 232 mln tonnes
of grain is not simple," Izvestia said.
This week's sudden fall in temperatures has affected large
parts of the country and has caused fieldwork to stop in the
Ukraine, it said, adding that temperatures fell to as low as
minus 30 centigrade in Byelorussia.
Reuter
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Safeway Stores Inc said it
agreed to sell the assets and operations of its Salt Lake City
Division to Borman's Inc under undisclosed terms.
The division includes 60 operating supermarkets in five
states, most of which are in Utah, Idaho and Wyoming, together
with distribution and manufacturing facilities, Safeway said.
It said sales for the division for the year ended January
three were about 350 mln dlrs.
Safeway also said the transaction is subject to Borman's
ability to obtain financing and to successfully negotiate new
labor agreements with the various unions involved.
Reuter
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Fisher Foods Inc said
<American Financial Corp> has sold its 1,500,000 Fishers
shares, a 44 pct interest, to a group consisting of <American
Seaway Foods Inc>, <Rini Supermarkets Inc> and <Rego
Supermarkets Inc>.
The company said in connection with the transaction, all
five American Financial representatives have resigned from its
board.
Reuter
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The U.S. Senate Agriculture Committee
approved a measure that would exempt farmers who planted
alfalfa or other multiyear grasses and legumes between 1981 and
1985 from a federal conservation requirement.
Sen. Edward Zorinsky, D-Neb., said his bill would restore
equity under federal sodbuster rules, which currently deny farm
program benefits to farmers who, between 1981 and 1985, planted
alfalfa and other multiyear grasses and legumes without
interrupting the plantings with a row crop.
An official from a leading conservation group, who asked
not to be identified, said the panel's move was "an unfortunate
first action" because it could lead to the exemption of
potentially millions of acres from the sod buster regulations,
established under the 1985 farm bill.
Reuter
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Shr profit three cts vs loss nine cts
Net profit 103,664 vs loss 326,675
Revs 7.6 mln vs 6.9 mln
Six months
Shr loss two cts vs loss 15 cts
Net loss 78,246 vs loss 522,868
Revs 14.7 mln vs 12.9 mln
NOTE:1986 net includes gain of 43,185 or one cts in 2nd qtr
and six months for discount on early long-term debt repayment.
Reuter
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Wall Street traders said the stock of
Outboard Marine Corp was rising on a rumor over a cable
television program that Outboard is a likely takeover target of
Sun Chemical Corp <SNL>.
Outboard was up 3-1/8 to 34-5/8. On Tuesday it rose 1-3/8
to 31-1/2 Tuesday.
A report on Cable News Network today said Sun Chemical has
4.9 pct of Outboard and is conducting a study on whether to go
for control of the whole company.
An Outboard Marine spokesman would not comment on the
rumor.
The cable program said a buyout of Outboard would be for up
to 40 dlrs a share, or for a total of 680 mln dlrs.
A spokesman for Sun Chemical was not immediately available.
Outboard Marine last June adopted a shareholder rights plan
that will be triggered when a person or group acquires
beneficial ownership of 20 pct or more of its common or begins
a tender offer that would result in 30 pct ownership.
Wayne Jones, vice president at Outboard for strategic
planning, said management wants to stay independent. "We are
not trying to sell the company. We are proceeding with our
strategic plans," he said.
That plan includes integrating five boat companies that
Outboard Marine has bought since the middle of December. Jones
said all five will cost between 100 mln dlrs to 120 mln dlrs.
An analyst who wanted anonymity said 40 dlrs a share is a
"decent" price for outboard. "A bdding war to 50 or 60 dlrs a
share is stretching it. Maybe 45 dlrs a share tops," he said.
Outboard, which has 17 mln shares outstanding, is in
registration for a two mln common share offering with Morgan
Stanley Inc. It makes sense, the analyst said, for Sun Chemical
to strike before the offering is underway.
Reuter
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Oper shr 36 cts vs 39 cts
Oper net 1,391,000 vs 1,485,000
Revs 61.6 mln vs 58.5 mln
YEAR
Oper shr 70 cts vs 1.16 dlrs
Oper net 2,677,000 vs 4,410,000
Revs 207.6 mln vs 200.2 mln
Note: 1986 net excludes extraordinary loss of 297,000 dlrs
or eight cts shr vs yr-ago gain of 514,000 dlrs or 13 cts shr.
Reuter
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Oper shr profit four cts vs loss four cts
Oper net profit 151,448 vs loss 170,709
Sales 11.5 mln vs 9,581,406
NOTE: Prior year net includes 123,650 dlr tax credit but
excludes 52,409 dlr gain on early debt retirement.
Reuter
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French soft wheat exports to other
European Community countries fell 18 pct to 4.13 mln tonnes in
the first seven months of the 1986/87 season to January
compared with 5.04 mln in the same 1985/86 period, the French
Cereals Intervention Office (ONIC) said.
According to latest ONIC statistics, the main buyers were
Italy with 1.89 mln against 1.63 mln in the same 1985/86
period, West Germany 480,450 tonnes against 717,689, the
Netherlands 462,048 (532,299) and Belgium 417,887 tonnes
(919,337).
British and Greek imports of French soft wheat during this
period were below year-ago levels. Between July 1 last year and
January 31, Britain bought 274,665 tonnes against 642,800
tonnes, ONIC figures showed.
But Spanish purchases were up sharply at 258,507 tonnes
against 2,751 tonnes in the same 1985/86 period and Portugal
bought 37,599 tonnes compared with zero.
ONIC said the drop in French exports to other Community
countries was due to British competition.
Reuter
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Shr 61 cts vs 18 cts
Net 670,000 vs 194,000
Revs 10.7 mln vs 10.4 mln
Six months
Shr 73 cts vs 35 cts
Net 798,000 vs 377,000
Revs 19.5 mln vs 19.8 mln
NOTE:1987 net includes gain of 362,000 dlrs in 2nd qtr and
431,000 dlrs in six months from tax loss carryforward.
Reuter
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Oper shr loss five cts vs loss 24 cts
Oper net loss 165,000 vs loss 802,000
Revs 4,988,000 vs 3,101,000
Year
Oper shr loss 13 cts vs loss 1.33 dlrs
Oper net loss 454,000 vs loss 4,407,000
Revs 23.1 mln vs 8,937,000
NOTE: Results restated for discontinued operations.
1986 net both periods excludes 143,000 dlr tax credit.
Net excludes gains from discontinued pipelines and
terminals operations of 216,000 dlrs vs 99,000 dlrs in quarter
and 527,000 dlrs vs 296,000 dlrs in year.
Reuter
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Shr 55 cts vs 80 cts
Net 2,517,443 vs 3,633,217
Revs 79.1 mln vs 76.3 mln
12 mths
Shr 2.57 dlrs vs 3.41 dlrs
Net 11.7 mln vs 15.4 mln
Revs 305.1 mln vs 314.3 mln
Reuter
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Qtly div 17 cts vs 17 cts prior
Pay March 31
Record March 17
Reuter
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Varian Associates Inc said it
acquired all the outstanding stock of closely-held Analytichem
International Inc for an undisclosed amount of cash.
Analytichem, based in Harbor City, Calif., is a supplier of
bonded phase preparation products used to prepare chemical
samples for analysis, Varian said.
Reuter
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Oper shr loss 1.05 dlrs vs profit nine cts
Oper net loss 30.5 mln vs profit 3,930,000
Revs 23.9 mln vs 45.6 mln
12 mths
Oper shr loss 5.30 dlrs vs profit 34 cts
Oper net loss 155.8 mln vs profit 16.0 mln
Revs 113.7 mln vs 178.8 mln
Note: Oper excludes loss from discontinued operations of
9,127,000 dlrs vs 12.4 mln dlrs for qtr and 28.4 mln dlrs vs
960,000 dlrs for 12 mths.
Note: Oper includes writedown of offshore drilling
equipment of 5,070,000 dlrs for qtr and 27.9 mln dlrs for 12
mths.
Also includes writedowns of oil and gas assets and tubular
goods inventory of 82.2 mln dlrs and 4,246,000 dlrs,
respectively, for 12 mths.
Reuter
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Shr 33 cts vs 60 cts
Net 1.1 mln vs 1.7 mln
Revs 11.7 mln vs 10.6 mln
NOTE:Full name is Suspensions and Parts Industries Ltd.
Reuter
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The size of French 1986/87 carryover
barley stocks, estimated at 1.72 mln tonnes compared with
700,000 tonnes in 1985/86 is worrying, French Cereals
Intervention Office (ONIC) Director Bernard Vieux said.
He told journalists these estimates were unchanged at the
end of February from the previous month while export forecasts
were lowered to 4.5 mln tonnes from 5.76 mln in 1985/86.
Vieux called on the EC Commission to help by awarding a
larger volume of export certificates and said if no outlets are
opened for French barley a large amount could be put into
intervention.
A small amount of French barley has already been put into
intervention, Vieux said without detailing the amount.
The outlook for French maize is better with 1986/87 exports
to non-EC countries now put at 700,000 tonnes against 200,000
tonnes at the end of January and against 155,000 tonnes in
1985/86.
The higher estimate is due to the EC Commission's decision
to hold special export tenders for French maize, he said.
Reuter
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Qtly div six cts vs six cts prior
Pay April Two
Record March 18
Reuter
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Shr profit 12 cts vs loss two cts
Net profit 182,173 vs loss 28,977
Revs 4,483,047 vs 3,994,808
1st half
Shr profit 14 cts vs loss eight cts
Net profit 221,376 vs loss 120,435
Revs 8,270,947 vs 7,150,265
Reuter
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South Korea's record 7.1 billion dlrs
trade surplus with the U.S. is bound to diminish as the
country switches purchases from Japan in favor of U.S.
companies, Trade Minister Woong-Bae Rha said.
He rejected suggestions the Korean Won is undervalued, and
denied any plans for a "drastic and sudden" revaluation.
Rha is heading a trade mission to 37 U.S. cities. Last year
South Korea ran a 4.3 billion dlr trade surplus, including a
record 7.1 billion surplus with the U.S. and a 5.5 billion dlr
deficit with Japan.
Rha told Reuters in an interview the current trade mission
is looking for 2.0 billion dlrs in purchases from U.S.
companies, about a quarter of which represents "transferred
purchases from Japanese sources."
Rha said the items being sought by the current mission are
"mainly chemicals, machinery and parts."
He said South Korea is the fourth largest importer of U.S.
agricultural products. The current mission is not involved in
that area but there are plans to buy "substantial amounts of
cotton" from the U.S.
He noted his country "is clearly not as open as the American
market. Nor is it reasonable to expect that it should be,"
considering South Korea has a 40 billion dlr foreign debt and
spends six pct of its gross national product on defense.
Reuter
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CRI Insured Mortgage Investments
Inc said its advisor will recommend a special distribution of
50 cts per share due to the sale of a federally insured first
mortgage on Park Meadows I in Madison, Wis., for 4,267,871
dlrs.
It said it received a 3,695,465 dlr return of capital and
572,406 dlrs in income on the sale, and the 50 ct distribution
would represent a 43.294 ct return of principal and a 6.706 ct
capital gain and would be payable June 30 to holders of record
May 31.
Reuter
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