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Shr 1.37 dlrs vs 1.19 dlrs
Net 101.8 mln vs 92.3 mln
Revs 1.750 billion vs 1.725 billion
Avg shrs 74.2 mln vs 77.8 mln
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Qtly div eight cts vs N.A.
Payable May 11
Record April 24
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Shr primary 73 cts vs 60 cts
Shr diluted 70 cts vs 58 cts
Net 38,528,000 vs 31,680,000
Avg shares 52,087,634 vs 51,294,652
NOTE: Qtr net interest income is 130.7 mln dlrs vs 114.8
mln dlrs. Earnings per share reflects two-for-one common stock
split on March 15.
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<Dominion Textile Inc> considers a
published report that it has bought a stake in Burlington
Industries Inc and is considering making a joint bid for the
company to be a rumor, a company spokesman said.
"As far as I am concerned and the company is concerned, they
are rumors and we're not commenting on rumors," spokesman Michel
Dufour told Reuters in response to a query.
"All the information that has been given out publicly is
that, yes, Dominion Textile is interested in making an
acquisition that big...probably based on that people are
starting all sorts of rumors," he said.
Dufour said yes when asked whether the report was only a
rumor, but said the company was not prepared to comment
further. Dominion Textile president and chairman Thomas Bell
was out of town and unavailable for comment.
Dominion Textile last year made an unsuccesful 104-mln-
U.S.-dlr bid for Avondale Mills and has maintained a 120-mln-
U.S.-dlr line of credit to be used for an American acquisition.
Dufour said the company has been negotiating with "many"
U.S. textile companies but would not say whether Burlington
Industries was one of them.
Burlington's stock rose sharply this morning on the report,
which said Dominion Textile had joined with U.S. investor Asher
Edelman to buy a stake in the company and to consider making a
takeover offer.
Dominion Textile, which reported operating profit of 11.1
mln Canadian dlrs last year on sales of 926.5 mln dlrs, has
repeatedly said it will concentrate on expanding into the U.S.
The company has said it plans to diversify into new product
and market areas in addition to expanding its textile
operations.
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Raytheon said a 10 pct rise in
its first quarter net to 101.8 mln dlrs reflected improved
operations and a lower effective tax rate.
The company said revenue gains in electronics, major
appliances and other lines were offset by decreases in energy
services and aircraft products. Revenues in the quarter rose
1.4 pct to 1.75 billion dlrs, it said.
The company said backlog stood at 7.520 billion dlrs, down
from 7.912 billion dlrs a year earlier. It said a five year
3.55 billion dlr U.S. defense contract was awarded shortly
after the close of the first quarter.
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Ended Feb 28
Shr loss 2.80 dlrs vs profit 17 cts
Net loss 90.5 mln vs profit 5,271,000
Revs 240.9 mln vs 159.4 mln
Year
Shr loss 2.49 dlrs vs loss 2.07 dlrs
Net loss 80.4 mln vs loss 66.5 mln
Revs 787.9 mln vs 612.4 mln
NOTE: Includes loss of 89.6 mln dlrs vs loss 14.5 mln dlrs
in year and loss of 91.6 mln dlrs in current qtr from
discontinued operations.
1986 qtr includes pretax gain of five mln dlrs from
settlement of litigation and tax gain of 5.1 mln dlrs from
change in estimated effective tax rate.
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The Federal Reserve entered the U.S.
Government securities market to arrange overnight System
repurchase agreements, a Fed spokesman said.
Dealers said that Federal funds were trading at 6-3/8 pct
when the Fed began its temporary and direct supply of reserves
to the banking system.
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Honduras will tender April 13 under
Public Law 480 for approximately 52,500 tonnes of various
wheats in bulk, an agent for the country said.
The agent said Honduras is seeking U.S. no. 2 or better
northern spring/DNS, with 14 pct protein minimum and 13 pct
moisture maximum, and U.S. no. 2 or better hard red winter,
with 12 pct protein minimum and 13 pct moisture maximum.
The agent said NS/DNS laydays include July 1-10 for
7,500-9,500 tonnes, Aug 1-10 for 8,000-10,000 tonnes, and Sept
15-25 for 12,500-14,500 tonnes.
HRW laydays include June 20-30 on 5,000-7,000 tonnes, July
15-25 for 6,500-8,500 tonnes, and September 15-25 for
7,000-9,000 tonnes.
Offers are due by 1550 hrs EDT, April 13, and will remain
valid until 1000 hrs EDT, April 14, the agent said.
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J.P. Morgan and Co Inc said its
first-quarter earnings fell by 3.2 pct, largely reflecting its
previously announced decision to place on non-accrual status
its 1.3 billion dlrs of medium- and long-term loans to Brazil.
That decision, spurred by Brazil's suspension of interest
payments on February 20, reduced the quarter's net income by 20
mln dlrs to 226.4 mln dlrs, compared with 233.9 mln in the
first three months of 1986.
Morgan also reported a loss of 1.8 mln dlrs from securities
underwriting and trading, in contrast to a gain of 45.4 mln
dlrs in the year-earlier period.
In the fourth quarter of 1986, Morgan posted other trading
losses of 5.5 mln dlrs because of setbacks in the trading and
underwriting of Euromarket securities.
Conditions in some sectors of the Euromarket remained
difficult last quarter, with floating rate notes suffering
heavy price falls, but a spokeswoman was unable to say whether
Morgan's trading losses were restricted to the Euromarket.
On the positive side, Morgan reduced its provision for loan
losses to 35 mln dlrs from 70 mln a year earlier. Foreign
exchange trading income rose to 82 mln dlrs from 72.6 mln and
trust income increased to 95.9 mln dlrs from 75.9 mln.
Morgan said other operating income, mainly fees and
commissions, rose to 102.2 mln dlrs from 88.4 mln, but net
investment securities gains dropped to 43.1 mln from 58.1 mln.
Net interest earnings were 490.4 mln dlrs in the first
quarter, down from 499.4 mln a year earlier, and net yield fell
to 2.79 pct from 3.20 pct.
If Brazil had not been placed on non-accrual, which means
that interest can be recorded as income only when payments are
actually received, net interest earnings would have been 525.9
mln dlrs and net yield 2.99 pct. If Brazil does not resume
payments, 1987 net would be cut by 72 mln dlrs, Morgan added.
After the provision for loan losses, Morgan's allowance for
credit losses at the end of March totaled 953 mln dlrs compared
with 910 mln at end-1986 and 815 mln a year earlier.
It reported net recoveries of six mln dlrs after
charge-offs of eight mln, compared with net charge-offs of 49
mln dlrs after recoveries of three mln a year earlier.
Excluding Brazil, non-accruing loans at quarter's end were
583 mln dlrs, down from 633 mln at end-1986 and 684 mln a year
earlier. Non-interest expenses rose to 371.1 mln dlrs from
303.5 mln dlrs, with more than half the increase related to
personnel costs, Morgan said.
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Shr loss 17.3 cts vs 21.5 cts
Net loss 14.5 mln vs loss 18.0 mln
Revs 27.3 mln vs 23.7 mln
Year
Shr loss 58 cts vs loss 1.01 dlrs
Net loss 48.3 mln vs loss 84.2 mln
Revs 111.7 mln vs 141.9 mln
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Storage problems with Brazil's record
grain crop are likely to result in losses of about five mln
tonnes, an Agriculture Ministry spokesman said.
Ministry spokesman Leonardo Brito, speaking from Brasilia,
told Reuters he believed that about five mln tonnes of this
year's estimated crop of 65 mln tonnes would be lost.
He said part of this would be the normal loss inevitable in
harvesting, but that most of it would stem from storage
problems.
Brazil has a storage capacity of 66 mln tonnes,
theoretically sufficient for the crop.
But Brito said that the storage capacity was badly
distributed. The states of Sao Paulo, Parana and Rio Grande do
Sul had between them 70 pct of the nation's capacity, but were
responsible for only 50 to 60 pct of production.
The biggest problems are concentrated in the Centre-West
growing regions, where rising production has outpaced storage
capacity.
Brito said the Centre-West, whose crops include soya and
maize, had between 30 and 40 pct of the nation's grains
production but only 20 pct of its storage space.
In addition to the poor distribution of storage units,
there is the problem that too much of the capacity is geared to
storing grain in sacks, while not enough is suitable for
storing loose grain, Brito said.
Finally, there is a shortage of lorries to transport the
crops.
The sheer scale of the task in transporting the record crop
has been evident from television reports, which have shown
enormous queues of lorries waiting outside granaries.
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Fleet Financial Group said its
shareholders approved an increase in shares of the company's
authorized common stock to 100,000,000 shares from 75,000,000
shares currently.
The company said shareholders approved the move at the
annual meeting in Providence today when the company reported
that its first quarter earnings rose to 38.5 mln dlrs, or 73
cts a share, from 31.7 mln dlrs, or 60 cts a share, in the
first quarter 1986.
J. Terence Murray, chairman and president of Fleet
Financial, said, "Fleet's mortgage banking activities in
particular continued to produce signficant income increases (in
the first quarter)."
Murray said Fleet's mortgage servicing portfolio reached
22.1 billion dlrs by March 31, including 1.8 billion dlrs
purchased in March.
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Shr 42 cts vs 35 cts
Net 854,000 vs 839,000
Revs 23.2 mln vs 21.9 mln
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Exchanges and telecommunications
authorities should abolish their restrictions on full and free
dissemination of information to the investment and banking
communities, Reuters Holdings Plc <RTRS.L> chairman Sir
Christopher Hogg said.
In the 1986 annual repoprt, he said lengthy negotiations
had brought agreement with the Tokyo and London Stock Exchanges
for fuller, but still not complete, access to market data
through Reuter services.
"Many other markets maintain restrictions," he added.
Hogg said members of some markets appear to believe that
information restrictions protected their interests.
In other cases, exchanges seem to be limiting the
distribution of data in order to provide competitive advantage
to their own commercial information businesses.
He also noted that despite increasing liberalisation in the
telecommunications field, some countries continue to protect
their state monopolies at the expense of other economic
sectors.
"Reuter dealing services remain excluded from such
countries. As a result, banking communities serving entire
economies are put at a competitive disadvantage," he added.
Reuters increased its 1986 pre-tax profit by 39 pct from
the previous year to 130.1 mln stg on a 43 pct rise in revenues
to 620.9 mln stg.
Earnings per ordinary share were up 47 pct to 19.4p. The
annual shareholder meeting will be held in London on April 29.
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<CCL Industries Inc> said it purchased a
majority interest in Monobloc U.S.A. from Envases Metalurgicos
de Alava of Spain.
Terms were not disclosed.
CCL also said it agreed to exchange present and future
technology with Envases.
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Qtly div nine cts vs nine cts prior
Pay July 15
Record June 15
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<Madeira Inc> said it
signed a letter of intent to be acquired by Tradevest Inc
through a stock-for-stock exchange.
After completion of the transaction, Tradevest would own 90
pct of the issued outstanding stock of Madeira.
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Celltronics Inc said its directors
declared a one-for-10 reverse stock split of its common stock.
It said the split will be payable April 17 to shareholders
of record April 16.
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<Montedison SPA> of Italy said net
consolidated profit for its Agrimont Group, formed in June
1986, totalled 1.5 billion lire in 1986.
Agrimont SPA, the holding company for Montedison's
Agro-Industrial businesses, had sales of 810 billion lire and a
net profit of about 1.1 billion lire, after amortization costs
of 35 billion lire and a 13 billion lire reduction in the value
of inventory due to falling market prices, Montedison said.
Agrimont, still wholly owned by Montedison, is taking steps
to be traded on the Milan exchange, the company said.
The company said that 1986 was characterized by an unstable
fertlizer market due to the weak dollar and the decline of
international prices for products sold in Europe and the U.S
where Agrimont operates through its Conserv division.
In pesticides and in animal health care products Agrimont
maintained its previous level of revenues and market share in
1986, Montedison said.
Montedison said it named Ettore dell'Isola to the newly
created position of president of Agrimont.
Montedison also said it named Renato Picco, managing
director of <Eridania SPA> and Gianfranco Ceroni, managing
director of <Italiana Olii e Sifi>, both of whom are members
of the the Ferruzzi Group's management board, to Argimont's
board of directors. Ferruzzi owns about 40 pct of Montedison,
the company said.
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Datron Corp said it agreed to
merge with GGFH Inc, a Florida-based company formed by the four
top officers of the company.
According to terms of the proposed transaction, each share
of Datron common stock, excluding those shares owned by the
four officers, will be bought for six dlrs a share, it said.
Datron's officers hold about 73 pct of the total 896,000
Datron common shares outstanding.
Upon completion of the proposed transaction, the officers
of Datron would own 100 pct of the company. The merger is
subject to GGHF's receiving financing for the plan, Datron
said.
Shareholders of Datron will be asked to approve the plan at
their annual meeting to be held in June or July, and the merger
is expected to be completed by July 31, it said.
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Shr 26 cts vs 52 cts
Net 1,386,000 vs 2,773,000
Revs 47.7 mln vs 38.5 mln
Nine mths
Shr 52 cts vs 97 cts
Net 2,765,000 vs 5,419,000
Revs 116.9 mln vs 97 mln
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Donald Trump and Interstate Properties
said they were holding preliminary discussions regarding a
possible joint acquisition of Alexanders Inc at 47 dlrs per
share.
The possible acquisition is subject to any applicable real
estate gains and transfer taxes, the joint statement said.
Trump and Interstate, which presently own about 40 pct of
Alexander's common stock, said they intend to keep the company
as a retailer if they succed in their acquisition.
There can be no assurances that the parties will reach any
agreement regarding an acquisition or what price might be
offered, the statement said.
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Shr profit 12 cts vs loss 14 cts
Net profit 183,000 vs loss 234,000
Revs 2.4 mln vs 1.5 mln
Six months
Shr profit 22 cts vs loss 22 cts
Net profit 345,000 vs loss 358,000
Revs 5.2 mln vs 2.9 mln
NOTE:1987 2nd qtr and six months include gains of 78,000
dlrs and 154,000 dlrs for tax loss carryforward.
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Tunisia is expected to tender April 14 for
100,000 tonnes of French soft wheat for delivery between May
and August and which would be covered by the French export
credit agency, COFACE, export credits, traders said here.
No official tender has been announced yet by Tunisia, they
said.
France has sold a total of 200,000 tonnes of soft wheat to
Tunisia since the begining of the current campaign which was
covered by COFACE export credits. Of this amount, a total of
150,000 tonnes was exported by March 1, they said.
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Shr 28 cts vs 16 cts
Net 9,387,000 vs 25,617,000
Revs 410.1 mln vs 393.5 mln
Avg shrs 35.4 mln vs 164.7 mln
NOTE: 1987 net reflects interest expense on debt incurred
to finance recapitalization in Oct. 1986. Prior year earnings
restated to reflect recapitalization plan.
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Yankee Cos Inc said its Eskey
Inc <ESK> subsidiary has decided not to sell its Yale E. Key
unit.
Further details were not disclosed.
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Shr 59 cts vs 46 cts
Net 2.4 mln vs 1.9 mln
Revs 122.5 mln vs 105.9 mln
Six months
Shr 1.13 dlrs vs 84 cts
Net 4.5 mln vs 3.4 mln
Revs 242.5 mln vs 210.1 mln
NOTE: 1986 share adjusted for 2-for-1 stock split.
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Shr 33 cts vs 31 cts
Net 9,219,017 vs 8,515,539
Revs 112.0 mln vs 95.4 mln
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Shr loss 24 cts vs profit seven cts
Net loss 5,952,000 vs profit 2,078,000
Revs 55.9 mln vs 50.6 mln
Avg shrs 25.2 mln vs 24.7 mln
Nine mths
Shr loss 11 cts vs profit 24 cts
Net loss 2,673,000 vs profit 6,800,000
Revs 162.6 mln vs 143.9 mln
Avg shrs 25.0 mln vs 24.4 mln
NOTE: Current year net both periods includes pretax charge
seven mln dlrs from increase in reserve for investments in
broadcast television entities and tax credits of 1,002,000 dlrs
in quarter and 520,000 dlrs in nine mths.
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Investment Canada said it has allowed the
indirect takeover of Holt, Rinehart and Winston Canada Ltd.,
W.B. Saunders Co of Canada Ltd and Les Editions HRW Ltd by
Harcourt Brace Jovanovich Canada Inc.
The government agency said, however, Harcourt Canada has
agreed to sell control of the firms to Canadian interests
within two years.
Harcourt Canada's U.S. parent, Harcourt Brace Jovanovich
Inc <HBJ>, indirectly acquired the Canadian book publishing
companies when it purchased Holt Rinehart and Winston from CBS
Inc <CBS> last October.
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The largest U.S. textile maker focused
on its own business as its competitors found merger partners,
but now Burlington Industries Inc may have restructured itself
into an attractive takeover candidate, analysts said.
The takeover spotlight fell today on Burlington, which rose
4-7/8 to 52-7/8 on speculation that investor Asher Edelman and
Dominion Textiles Inc of Canada bought an almost five pct
stake.
A published report said Edelman and Dominion jointly
acquired a stake in Burlington and were weighing a takeover
offer. Edelman would not comment, and a spokesman for
Montreal-based Dominion called the report just "rumors."
Burlington said it did not know if the report was true.
Wall Street professionals said they were not convinced of
the story or that Edelman and Dominion would be the victors if
Burlington actually came into play.
Arbitragers said past comments from Dominion, however,
added credence to the speculation. Dominion has said that it
was looking for a takeover in the U.S.
Last year, Dominion unsuccessfully bid for Avondale Mills
and has maintained a 120 mln dlr line of credit to be used for
a U.S. acquisition.
A Dominion spokesman said Canada's largest textile producer
has been negotiating with "many" U.S. textile companies, but
would not say whether Burlington was among them.
"There have been acquisitions in this area. It's not
unusual that someone could be looking at Burlington after the
housecleaning they've done," said Eileen Gormley of Thomson
McKinnon.
Burlington sold its domestic operations, which made sheets
and other linens, to J.P. Stevens and Co Inc for 110 mln dlrs
last year. It also has reorganized management, and focused its
operations on businesses that would be less affected by foreign
competition, Gormley said.
"They've pulled back so as not to be a commodity marketer,"
said Gormley. She said in moving more heavily into industrial
fabrics, Burlington bought C.H. Masland, which supplies carpets
and other fabric to the auto industry.
"In the past, they just spent and never realized the return
on the outlays they did make," she said.
"You look at their record over the year, and I think
they're poised to be more profitable than they had been in the
past," Gormley said.
She estimated 1987 earnings of 2.50 dlrs per share, up
from 2.01 dlrs per share.
Some analysts today recommended clients not buy Burlington
at its current levels.
Edward Johnson of Johnson Redbook said he recommends
selling. He said he believes the stock is worth only about 50
dlrs on a takeover basis and about 46 dlrs on an earnings
basis.
Some arbitragers, however, said takeover values have been
placed on the company of 60 to 65 dlrs per share.
"After Asher's (Edelman) recent history, a lot of people
don't find him very credible anymore," said one arbitrager.
Another, however, said Edelman succeeds in forcing
managements to take steps to enhance shareholder values even if
he doesn't win the target company.
Edelman was unsuccessful last year in offers for Lucky
Stores Inc and Fruehauf Corp. He did succeed in buying
Ponderosa Inc.
The stocks of other textile makers rose along with
Burlington.
J.P. Stevens <STN> climbed 5/8 to 44-7/8, and Fieldcrest
Cannon Inc <FLD>, the result of a merger of Fieldcrest and
Cannon, rose 1-1/8 to 39-3/4. West Point-Pepperell Inc <WPM>
rose 1-7/8 to 67-1/8.
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Shr profit 10 cts vs loss 17 cts
Net profit 206,000 vs loss 281,000
Revs 1,022,00 vs 344,000
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Shr loss 48 cts vs loss 19 cts
Net loss 746,000 vs loss 342,000
Revs 3,213,000 vs 2,925,000
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Senior Japanese officials tomorrow
open talks with American trade negotiators in a last-ditch
effort to avert new high U.S. tariffs to be imposed on a wide
variety of Japanese electronic exports.
Makoto Kuroda, vice minister of Japan's Ministry of
International Trade and Industry (MITI), is to hold two days of
meetings with the Deputy U.S. Trade Representative, Michael
Smith, and the Under Secretary of Commerce, Bruce Smart.
The new tariffs, to go into effect on April 17, are in
retaliation for Japan's failure to adhere to an agreement to
end dumping semiconductors in world markets at below cost and
to open its home market to U.S. semiconductor shipments.
They are to be imposed on goods which use semiconductors,
including television and audio equipment and computers.
Both U.S. and Japanese officials have said there was little
likelihood the talks would do anything to avert the 100 pct
duties on 300 mln dlrs worth of Japanese shipments.
President Reagan announced the planned tariffs on March 27
after he said that close monitoring of the July 1986
U.S.-Japanese semiconductor pact convinced U.S. officials that
Japan was not honoring the agreement.
In making the annoucement, Reagan said "I am committed to
the full enforcement of our trade agreements designed to
provide American industry with free and fair trade."
Trade analysts said his move was aimed as much at Japan's
semiconductor trade practices, which are said to have injured
the U.S. semiconductor industry, as Congress, which has
complained about presidential timidity on trade issues.
Congressional Democrats have pledged to enact aggressive
trade laws to counter what they contend has been Reagan's
inaction to redress the growing U.S. trade deficit, which last
year reached 169.8 billion dlrs.
About one-third of the deficit was with Japan.
Reagan said there were recent signs Japan was beginning to
adhere to the pact and that was why he was not terminating it.
Kuroda said on leaving Tokyo today he had no new proposals
but did have an explanation of the semiconductor situation.
He told the daily newspaper Ashai Shimbun that Reagan's
decision was based on inaccurate data and an exaggerated sense
of MITI's power to control Japanese traders.
"The United States has excessive expectations.," he said. To
stabilize supply-demand relations which have been disrupted by
excess inventories since 1985 will take some time."
He also said that U.S. firms had not been aggressive enough
in trying to sell in the Japanese market.
Reuter
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<Hoechst Celanese Corp> said it
sent propsective customers a confidential report describing its
polyester textile fiber facilities in North Carolina and South
Carolina.
The company did not disclose any prices.
The report describes the facilities in Darlington County,
S.C., and Fayetteville, N.C., the company said. The report also
decribes related manufacturing, marketing, administrative and
technical resources that could be made avialable to a buyer.
Hoechst Celanese was formed Feb 27 by the merger of
Celanese Corp and American Hoechst Corp. The merger took place
after an agreement was reached with the Federal Trade
Commission that certain domestic polyester textile fiber assets
of the combined companies would be divested, it said.
Hoechst Celanese said it has the option of divesting either
the South Carolina facilities of the former American Hoechst or
a package of polyester textile fiber facilities of the former
Celanese.
Reuter
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Qtly div 25 cts vs 25 cts prior
Payable May 6
Record April 24
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General Electric Co Plc <GECL.L> (GEC)
declined comment on rumours on the London stock market that it
is planning another purchase in the U.S. Medical equipment
field, in addition to its existing U.S. Subsidiary <Picker
International Inc>.
A GEC spokesman said that it is company policy not to
comment on acquisition rumours.
Stock Exchange traders said the rumour helped GEC's share
price to rise 5p, to a final 206p from yesterday's closing
price of 201p.
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Preston corp said it expects to
report a loss of about 300,000 dlrs or five cts per share for
the first quarter, compared with a profit of 1,081,000 dlrs or
19 cts per share a year before.
The trucking company attributed the loss to the continued
rate of discounted in its primary markets, flat revenues and
increased costs, including uninsured claims expense resulting
from adverse weather conditions during the last three months.
It said results outside the Northeast were strong, and it
expects to show improved results for the rest of the year.
Reuter
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Presidential spokesman Marlin
Fitzwater said U.S. trade sanctions against Japan were likely
take effect on April 17 in spite of a "full court press" by
Japanese officials to avoid them.
"All indications are they will take effect," he said.
"I would say Japan is applying the full court press ... They
certainly are putting both feet forward in terms of explaining
their position," Fitzwater told reporters.
He noted high level meetings on the trade dispute are
underway here but said, "I don't think there's anything I can
report and I don't believe there's been any official movement."
REUTER
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|
Shr 30 cts vs 28 cts
Net 5,000,000 vs 4,600,000
Revs 125.2 mln vs 123.9 mln
Note: 52 pct-owned by Dana Corp <DCN>.
Reuter
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Shr 20 cts vs 32 cts
Net 1,358,000 vs 2,476,000
Revs 27.1 mln vs 26.2 mln
Nine Mths
Shr 68 cts vs 1.05 dlrs
Net 4,957,000 vs 8,129,000
Revs 82.6 mln vs 78.8 mln
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|
Shr loss two cts vs profit nine cts
Net loss 74,000 vs profit 418,000
Sales 18.2 mln vs 17.5 mln
Year
Shr profit nine cts vs profit 26 cts
Net profit 426,000 vs profit 1,170,000
Sales 58.7 mln vs 56.7 mln
Reuter
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Shr profit 2.26 dlrs vs loss 81 cts
Net profit 9,785,000 vs loss 3,422,000
Revs 26.0 mln vs 18.9 mln
Avg shrs 4,316,000 vs 4,207,000
1st half
Shr profit 2.75 dlrs vs loss 1.07 dlrs
Net profit 11.9 mln vs loss 4,486,000
Revs 39.0 mln vs 37.2 mln
Avg shrs 4,318,000 vs 4,181,000
NOTE: Current year net both periods includes gain 9,500,000
dlrs from sale of Orange-Co of Florida subsidiary to American
Agrnomics Corp <AGR>.
Net includes pretax real estate disposition loss 920,000
dlrs vs gain 52,000 dlrs in quarter and loss 863,000 dlrs vs
gain 117,000 dlrs in half.
Prior year net includes tax credits of 2,132,000 dlrs in
quarter and 3,039,000 dlres in half.
Current half net includes 2,051,000 dlr pretax gain
2,051,000 dlrs from change in accounting.
Reuter
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Shr 69 cts vs 64 cts
Net 66,719,000 vs 61,773,000
Rev 285.6 mln vs 259.7 mln
NOTE: Earnings include after-tax gain of 29.4 mln dlrs, or
30 cts a share, versus after-tax gain of 31.4 mln dlrs, or 32
cts a share, for 1986 first quarter. Earnings per share
reflects a 50 pct stock dividend in the form of a class B
common stock distribution on June 30, 1986.
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LORD ABBETT BOND DEBENTURE FUND
Qtly div 28 cts vs 29 cts prior
Pay May 5
Record April 9
---
LORD ABBETT U.S. GOVERNMENT SECURITIES FUND
Daily div 2.9 cts vs 2.9 cts prior
Pay May 15
Record May 15
LORD ABBETT TAX FREE INCOME FUND NATIONAL SERIES
Daily div 6.7 cts vs 6.7 cts prior
Pay May 15
Record May 15
---
LORD ABBETT TAX FREE INCOME NEW YORK SERIES
Daily div 6.7 cts vs 6.7 cts prior
Pay May 15
Record May 15
LORD ABBETT TAX FREE INCOME TEXAS SERIES
Daily div 5.9 cts vs 5.9 cts prior
Pay May 15
Record May 15
---
LORD ABBETT CALIFORNIA TAX FREE INCOME
Daily div of 6.2 cts vs 6.2 cts prior
Pay May 15
Record May 15
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Dutch brewer Heineken NV said it hoped
to maintain for a number of years a similar earnings growth to
the 7.5 pct increase in net profit achieved in 1986, despite
continuing investments in a reorganization program and efforts
to extend world penetration.
Heineken last month reported a 1986 net profit of 285 mln
guilders, after 265 mln in 1985.
Chairman Freddie Heineken said the company, Europe's
leading beer producer with six pct of market share in 1986,
said sales increased by 6.3 pct to 42.1 mln hectoliters.
The volume increase was due mainly to a rise in the U.S.,
Where the brand Amstel Lite saw great demand, and in Europe,
where sales accounted for 25.5 pct of the total.
Turnover, despite losses in guilder terms due to weaker
foreign currencies, rose by 4.4 pct, to 6.7 billion guilders.
Further consolidation of foreign companies, including the
increase of its stake in leading Spanish brewery <El Aguila
S.A.> to 51.2 pct, new ventures and modernization, particularly
in French and Spanish interests, eroded profit margins. The
company still planned to invest 700 mln guilders this year in
restructuring and marketing, Heineken said.
Heineken's Spanish activities should start yielding profit
next year, Heineken said, adding that its French operations had
already turned to profit after vast rationalization last year.
Vice Chairman Gerard van Schaik said the decision by the
European Court of Justice in Luxembourg to allow foreign beer
into the closed West German market -- Europe's biggest beer
market -- offered interesting possibilities for Heineken. "We
have the beer, but distribution and sales is the important
point," van Schaik said, adding that since the ruling Heineken
had been inundated by German traders seeking joint ventures.
"The question is not if we want to penetrate the German
market, but how we are to do it," van Schaik said, adding that
while the widely traveled Germans seemed to be developing a
taste for foreign beer, the internal structure was very
regionalized.
Heineken board member Hans Coebergh, responsible for
African operations, said he saw Africa as one of the most
important beer growth markets in the long term.
He said the company, present in Africa since 1932 and with
majority stakes in six breweries and interests in 25, was
hampered by the lack of hard currencies there.
Africa, where beer consumption averages only nine liters
per head per year and sales are limited by import restrictions
and currency risks, nonetheless accounted for 6.5 pct of total
1986 sales.
On-site production is rendered expensive by the high price
of imports of essential ingredients. But Heineken scientists
have been looking at other possibilities.
To balance the costs of imported malt, Heinken launched on
the Nigerian market a new beer made of 50 pct sorghum, which
had sold successfully, Coebergh said.
Heineken is urging farmers to grow the traditional raw
materials, but Coebergh noted that banana and palm beer were
popular in Rwanda . "This is a possibility, but we could not
possibly achieve the Heineken flavor," Coebergh said.
Chairman Heineken said the company's seven year efforts to
penetrate the Soviet market had finally resulted this week in a
contract that relaxed some of the restrictions they faced.
But again, a lack of hard currencies limited Heineken's
market potential. Heineken now has seven bars in Moscow that
are enjoying good sales, but the bars only accept western
money.
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Qtly div 13-1/2 cts vs 12-1/2 cts prior qtr
Pay 12 June
Record 21 May
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Turkey said today its disputes with
Greece, including rights on the continental shelf in the Aegean
Sea, should be solved through negotiations.
A Foreign Ministry statement said the latest crisis between
the two NATO members stemmed from the continental shelf dispute
and an agreement on this issue would effect the security,
economy and other rights of both countries.
"As the issue is basicly political, a solution can only be
found by bilateral negotiations," the statement said. Greece has
repeatedly said the issue was legal and could be solved at the
International Court of Justice.
The two countries approached armed confrontation last month
after Greece announced it planned oil exploration work in the
Aegean and Turkey said it would also search for oil.
A face-off was averted when Turkey confined its research to
territorrial waters. "The latest crises created an historic
opportunity to solve the disputes between the two countries,"
the Foreign Ministry statement said.
Turkey's ambassador in Athens, Nazmi Akiman, was due to
meet Prime Minister Andreas Papandreou today for the Greek
reply to a message sent last week by Turkish Prime Minister
Turgut Ozal. The contents of the message were not disclosed.
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Frontier Insurance Group Inc
said it is currently negotiating to acquire the business of
Medical Quadrangle Inc, formerly its largest medical
malpractice insurance producer, and the business of its other
malpractice producer, Medical Professional Liability Agency
Inc.
It gave no details.
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Oper shr 25 cts vs six cts
Oper net 840,000 vs 139,000
Revs 8,290,000 vs 4,743,000
Avg shrs 3,335,029 vs 2,400,000
Year
Oper shr 97 cts vs 53 cts
Oper net 2,546,000 vs 1,275,000
Revs 28.8 mln vs 18.5 mln
Avg shrs 2,635,665 vs 2,400,000
NOTE: Net excludes investment gain four cts shr vs loss six
cts in quarter and gain five cts vs loss six cts in year.
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Shr 39 cts vs not given
Net 707,000 vs 505,000
NOTE: Company went public in July 1986.
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Qtly div 12-1/2 cts vs 12-1/2 cts prior qtr
Pay 20 May
Record 20 April
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Datron Corp said it agreed to
merge with GGHF Inc, a Florida-based company formed by the four
top officers of the company.
According to terms of the proposed transaction, each share
of Datron common stock, excluding those shares owned by the
four officers, will be converted into six dlrs a share, it
said.
Datron's officers hold about 73 pct of the total 896,000
Datron common shares outstanding, it said.
(corrects company name, GGHF, in first paragraph)
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Shr 62 cts vs 58 cts
Qtly div 13-1/2 cts vs 13-1/2 cts prior
Net 38.8 mln vs 35.7 mln
Revs 1.18 billion vs one billion
Six mths
Shr 84 cts vs 86 cts
Net 52 mln vs 52.9 mln
Revs 2.14 billion vs 1.82 billion
NOTE: Results include charge of four cts shr for latest six
mths vs credit of five cts shr for prior six mths from
investment tax credit
Dividend payable June 12, record May 21
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The relatively high level of real U.S.
interest rates suggests that there is scope for further
declines in money market rates, but the Federal Reserve is
unlikely to promote such a drop as long as the dollar remains
volatile, said J.P. Morgan and Co Inc chairman Lewis Preston.
He said in response to a reporter's question after the
bank's annual meeting that money market rates could decline
further but, "I don't think the Fed is going to encourage that
as long as the exchange markets are as volatile as they are."
On the other hand, he said that, barring a collapse of the
dollar, he did not see rates going much higher.
He said that Morgan's recent rise in its prime lending rate
was "purely a reflection of an increase in a whole spectrum of
rates."
Preston reiterated earlier company forecasts that the U.S.
economy should show roughly 2.5 to three pct real growth this
year.
He also said that as a consequence of the dollar's decline
and oil price rises, inflation would rise "moderately" to a 3.5
to four pct rate in 1987.
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Medtronic Inc said it sees 15 pct
growth in sales and earnings for the year ending April 30,
1988.
At an analysts meeting here the company said that for the
year ending April 30, 1987 it will earn about 73 mln dlrs, or
about 5.15-5.35 dlrs a share on sales of about 500 mln dlrs.
In the year ago period, the company earned 53.4 mln dlrs,
or 3.65 dlrs a share, on sales of 402.8 mln dlrs.
Winston Wallin, Medtronic chairman, said the company will
improve market share in fiscal 1988 in cardiac pacemakers and
expand its cardiovascular therapeutic product line.
Wallin cautioned analysts not to quickly change their per
share estimates for the company as he said Medtronic will have
heavy sales and marketing expenses in fiscal 1988.
He said the company intends to reinvest its earnings in its
businesses and not in its dividends. "Shareholders are better
off if we grow the business rather than reinvest in dividends
or share repurchases," he said.
Wallin said he sees Medtronic's share of the total
worldwide pacemaker market increasing to 42 pct in fiscal 1988,
from 40 pct in fiscal 1987.
He said the worldwide market for cardiovascualr therapeutic
products, which includes pacemakers, valves, catheters and
lasers, will be valued at about 2.5 billion dlrs 1990 and will
double that by 1995.
Wallin said, "Our objective is to get a hold of new
products and start building market share if we have to beg,
borrow or steal to get into new markets."
In the past, Medtronic's pacemakers have been plagued with
a number of problems leading to product recalls. Regulators
also have criticized the industry, citing quality problems and
a needless overprescription of pacemakers.
"We have no knowledge of any major problems in our
pacemakers or leads," Wallin said. "We intend to re-establish
our company as the quality leader in the industry."
Glen Nelson, executive vice president for Medtronics, said
the company intends to diversify internally and through
acquisitions of companies in areas of Medtronic's expertise,
such as drug delivery systems.
Wallin said the 15 pct earnings growth for fiscal 1988 does
not include dilutions from acquisitions. "We hope to have some
safety provisions so that we won't have any major dilutions
from an acquisition."
Wallin also said the company will have virtual exclusivity
in rate responsive pacemakers for all of fiscal 1988.
The company markets Activitrax, the first single chamber
pacemaker that varies heartrate in response to physical
activity.
Siemens AG, a West German company, is also developing a
rate responsive pacemaker.
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Construction group <Spie Batignolles> is
negotiating to increase its holding in U.S. Engineering and
electrical installations firm <Comstock>.
Spie Batignolles, a subsidiary of Schneider SA <SCHN.PA>,
said in a statement it was negotiating to invest 20 mln dlrs in
Comstock in the form of bonds convertible into shares.
Spie Batignolles has held a 20 pct stake in Comstock since
February 1986. A spokesman said if Spie Batignolles converted
all the new bonds, it could open the way for the French company
to take control of Comstock but he gave no other details.
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Shr 54 cts vs 24 cts
Net 633,300 vs 300,859
Sales 15.2 mln vs 13.0 mln
Avg shrs 1,165,047 vs 1,224,982
Year
Shr two dlrs vs 1.64 dlrs
Net 2,379,400 vs 2,011,924
Sales 58.6 mln vs 54.0 mln
Avg shrs 1,187,828 vs 1,223,511
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The White House said high U.S.
Tariffs on Japanese electronic goods would likely be imposed as
scheduled on April 17, despite an all-out effort by Japan to
avoid them.
Presidential spokesman Marlin Fitzwater made the remark one
day before U.S. And Japanese officials are to meet under the
emergency provisions of a July 1986 semiconductor pact to
discuss trade and the punitive tariffs.
Fitzwater said: "I would say Japan is applying the
full-court press...They certainly are putting both feet forward
in terms of explaining their position." But he added that "all
indications are they (the tariffs) will take effect."
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Showboat Inc will take a
charge of 19 to 20 mln dlrs pretax against results for the
third quarter ended March 31, director and assistant to the
president J. Kell Houssels III told Reuters.
He said the charge results from pre-operating expenses of
its recently-opened Atlantic City, N.J., Showboat Hotel, Casino
and Bowling Center and will cause a loss for the third quarter
and probably for all of fiscal 1987 as well.
But Houssels said Showboat's earnings for fiscal 1988
should show a sharp increase from fiscal 1986 levels due to the
contribution of the new Atlantic City facility.
Showboat earned 1,753,000 dlrs in last year's third
quarter. For all of fiscal 1986 it earned 5,769,000 dlrs.
Houssels said Showboat since the opening of the Atlantic
City hotel/casino, Showboat has had to start charging interest
expenses connected with debt it sold to finance the facility
directly against income rather than capitalizing the interest
as it had been able to do previously.
Showboat opened the hotel during its third quarter and
gaming began last Thursday on a regular basis after test gaming
was completed earlier in the week.
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Security Pacific Corp said it is
placing medium and long-term loans to Brazil and Ecuador on a
non-accrual basis as of March 31, a move that will reduce first
quarter earnings by 7.2 mln dlrs, or nine cts per share, after
taxes.
Despite the anticipated reduction to quarterly earnings,
Security Pacific said it still expects to report first quarter
earnings higher than the 88 mln dlrs, or 1.11 dlrs per share
reported for the first quarter of 1986.
The bank holding company said the action affects 401 mln
dlrs of loans to Brazil and 73 mln of loans to Ecuador.
Brazil suspended interest payments on its 68 billion dlrs
of medium- and long-term debt on February 20.
Ecuador, which has foreign debt of roughly eight billion
dlrs, has not paid any interest to foreign banks since
February.
In March Ecuador said it would suspend interest payments
for the rest of the year because of an earthquake which halted
the export of oil, which accounts for about 75 pct the
country's export revenues.
In its announcement, Security Pacific said it will record
interest income only as it is received in cash.
The company also said it believes that Brazil will reach an
agreement with its banks and that interest payments will resume
later in 1987.
The Brazilian negotiations resume on Friday in New York
when Central Bank Governor Francisco Gros is expected to ask
banks for a 90-day roll-over of some 9.5 billion dlrs of term
debt that matures on April 15.
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Iraq said today its troops were pushing
Iranian forces out of positions they had initially occupied
when they launched a new offensive near the southern port of
Basra early yesterday.
A High Command communique said Iraqi troops had won a
significant victory and were continuing to advance.
Iraq said it had foiled a three-pronged thrust some 10 km
(six miles) from Basra, but admitted the Iranians had occupied
ground held by the Mohammed al-Qassem unit, one of three
divisions attacked.
The communique said Iranian Revolutionary Guards were under
assault from warplanes, helicopter gunships, heavy artillery
and tanks.
"Our forces are continuing their advance until they purge
the last foothold" occupied by the Iranians, it said.
(Iran said its troops had killed or wounded more than 4,000
Iraqis and were stabilising their new positions.)
The Baghdad communique said Iraqi planes also destroyed oil
installations at Iran's southwestern Ahvaz field during a raid
today. It denied an Iranian report that an Iraqi jet was shot
down.
Iraq also reported a naval battle at the northern tip of
the Gulf. Iraqi naval units and forces defending an offshore
terminal sank six Iranian out of 28 Iranian boats attempting to
attack an offshore terminal, the communique said.
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Shr 15 cts vs nine cts
Qtly div six cts vs six cts in prior qtr
Net 2,002,261 vs 1,168,638
Revs 29.2 mln vs 29.3 mln
Avg shrs 13.1 mln vs 13.0 mln
Nine mths
Shr 49 cts vs 36 cts
Net 6,404,536 vs 4,623,295
Revs 92.2 mln vs 88.2 mln
Avg shrs 13.1 mln vs 13.0 mln
NOTE: Dividend is payable April 30 to holders of record
April 20
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A meeting of finance ministers and
central bankers of the Group of Five ended after nearly three
and a half hours.
West German Finance Minister Gerhard Stoltenberg and
British Chancellor of the Exchequer Nigel Lawson declined to
comment on the meeting as they emerged from the U.S. Treasury.
A European monetary official said the ministers of the
Group of Seven countries would gather at about three p.m. local
(1900 GMT) at the Treasury.
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Union Texas Petroleum said its worldwide
proved reserves fell to 511 mln barrels of oil equivalent at
the end of 1986 from 555 mln barrels reported in 1985.
In its newly released annual report, Union Texas said it
replaced about 71 pct of its production of 56 mln barrels of
oil equivalent last year after taking into account the sale of
27 mln barrels of U.S. reserves.
Union Texas, the nation's largest independent oil and gas
producer based on revenues, is a privately-held company owned
by Kohlberg Kravis Roberts and Co and Allied-Signal Inc <ALD>.
The Houston-based company said it lost 57.5 mln dlrs on
1.26 billion dlrs in sales last year, compared to profits of
165 mln dlrs on 2.04 billion dlrs in sales in 1985.
Union Texas said it received an average of 13.35 dlrs per
barrel for its international oil production and 2.99 dlrs per
mcf for its foreign natural gas sales. The majority of the
company's total energy production is in the United Kingdom,
Indonesia and Pakistan.
In the United States, Union Texas said it completed
evaluation work on its oil find in Alaska's Colville Delta
area.
"Although significant oil reserves were confirmed,
development of this discovery will not be economical without
substantially higher prices," the company said.
Union Texas said it planned to spend about 42 mln dlrs over
the next two years to develop its Eugene Island Block 371 in
the Gulf of Mexico.
In 1987, the company said it budgeted 178 mln dlrs for
capital spending, less than half of the amount spent in 1985
and down from 199 mln dlrs budgeted last year. Union Texas also
said it would seek acquisitions of oil and gas properties as
well as petrochemical-related businesses.
Reuter
| [
0,
0,
1,
1,
0,
0,
0,
0,
0,
0
]
|
UAL Inc may have a response this
afternoon to the pilots union proposal to buy its United
Airlines unit, a UAL spokesman said.
"Obviously, we have a lot of movement in our stock, and we
need to get a clarification out," the spokesman said, adding
that there was a "50-50" chance a statement would be released
today.
The pilots earlier this week offered to buy the airline for
2.3 billion dlrs, and assume 2.2 billion dlrs of existing debt.
Takeover speculation has driven UAL's stock for several
weeks. UAL last month said New York Real estate developer
Donald Trump held a position in its stock, and that he also
held discussions with its chairman.
The developer indicated in those talks that he took the
position as an investment, but he revealed no other plans.
Today, rumors circulated that Coniston Partners were buying
UAL stock. UAL jumped five to 70-3/4 on volume of more than 3.2
mln shares.
"United has got to consider this proposal. I think the
pilot's proposal is realistic. I don't exptect them to take it,
but it could put some interesting options in front of UAL
management," said Timothy Pettee, Bear Stearns and co analyst.
Analysts have said UAL made itself vulnerable to attack
when it diversified away from its core airline. It added Hertz
rental cars, Westin and Hilton International hotels in a
strategy to become a travel service company.
The strategy left its stock in a slump and its pilots union
concerned that the company was not focussing enough attention
on its airline.
UAL has stood firm on its strategy. It is emphasizing its
new focus by changing its name to Allegis, as of May one.
But takeover speculation has escalated, and Wall Street has
been busy calculating break up values well in excess of 100
dlrs per share. Traders today described the buying in UAL as
widespread, indicative to them that big institutions believe
the stock is in play.
Market sources have said that although Trump attracted
attention to the stock, the pilots proposal acted as a
catalyst, kicking off a new round of speculation and perhaps
throwing the company into the hands of another buyer.
"The first domino is you have an investor with a
considerable stake. the second domino is the union. That type
of attitude has been a precursor to airline deals in the past,"
said Pettee.
"What's interesting is the values are there. There's
something for everybody," he said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Hartmarx Corp, following a year of
restructuring, continues to target record earnings for fiscal
1987, Chairman John Meinert told the annual meeting.
Meinert reiterated an earlier comment that earnings for the
remainder of the year must double the 1986 level to meet that
goal. In fiscal 1986, ended November 30, 1986, Hartmarx
reported earnings of 24.8 mln dlrs, or 1.20 dlrs a share, down
from the prior year's 42.7 mln dlrs, or 2.25 dlrs a share.
The 110-year-old apparel manufacturer recently posted
first-quarter earnings of 54 cts a share, up from 40 cts a year
ago.
Meinert told shareholders Hartmarx has no plans to sell any
of its divisions. He added, "We have the financial capacity to
take advantage of acquisitions."
In 1987, Meinert said the company will open five new and 10
redesigned Kuppenheimer direct-to-consumer stores in Atlanta,
Detroit, St. Louis, Washington, D.C. and San Francisco.
He said the company's women's apparel continues to grow,
and Hartmarx has on the drawing board a Briar concept store
which will feature ties, shirts and some tailored clothing.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
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0,
0
]
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[
0,
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1,
0,
0,
0,
0,
0,
0
]
|
|
Ghana will import 15,000 tonnes of crude
oil annually from Iran under an agreement reached in Tehran
today, the Iranian news agency IRNA reported.
The agency, received in London, said the accord was reached
between Iranian Oil Minister Gholamreza Aqazadeh and a visiting
Ghanaian delegation headed by Foreign Minister Obed Asamoah.
IRNA said that under the agreement, Iran will also provide
technical and scientific assistance in manpower training and
oil exploitation, production and refining.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 1.37 dlrs vs 1.18 dlrs
Net 624 mln vs 537 mln
Sales 8.32 billion vs 5.88 billion
NOTE: Prior year does not include results of RCA Corp.
Reuter
| [
0,
0,
0,
1,
0,
0,
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0,
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]
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Energy Development Partners Ltd said
it had an operating loss for the year ended December 31 of 2.4
mln dlrs, or 40 cts per share.
But it said a 41.5 mln dlr non-cash writeoff of oil and gas
properties taken in the first quarter resulted in a net loss of
43.9 mln dlrs, or 7.21 dlrs per share.
Energy Development Partners, is a limited partnership which
began operating in September 1985.
Full year revenues totaled 23.7 mln dlrs, the company also
said.
It said proved reserves at December 31 totaled 4.8 mln
barrels of oil and 88 mln cubic feet of natural gas.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
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]
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Financial ministers and central
bankers of leading industrial nations reconvened here this
afternoon.
Canadian Finance Minister Michael Wilson said on entering
the meeting the ministers would review the Paris agreement.
Asked if he was satisfied with West German and Japanese
stimulus, Wilson replied, "They could do a little more."
French Finance Minister Edouard Balladur, meanwhile,
confirmed there would be a communique at the end of the
meeting.
Finance ministers and central bankers of Britain, FRance,
Canada and West Germany were seen by Reuter correspondents
returning to a Treasury building.
Japanese officials and Bundesbank President Karl Otto Poehl
did not appear to have left the building at the end of earlier
Group of Five talks which broke up around 2 p.m. local time
(1800 gmt).
There was no sign, however, of the Italian delegation whose
position was thrown into question this morning by the
resignation of the Christian Democratic wing of Italy's
Socialist-led government.
European monetary officials said later that the Italian
delegation was inside the building.
This meant that a full blown meeting of the Group of Seven
was in progress.
Reuter
| [
0,
0,
0,
0,
0,
0,
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0,
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]
|
Chrysler Corp and Regie Natiionale des
Usines Renault said they agreed to extend by up to two weeks
the period for reaching definitive agreement on Chrysler's
proposed 1.5 billion dlr takeover of American Motors Corp.
The letter of intent signed by Chrysler and Renault on
March nine set April nine as the target date for completing
negotiations.
However, the letter also allowed room for an extension of
that date to April 23 if an agreement could not be reached.
The two companies said they "now plan to complete work by
April 23."
Chrysler and Renault said, "Given the complex nature of the
deal, the need for additional time was to be expected."
The March letter of intent between the two companies says
that Chrysler could ask Renault to extend the agreement date
"in the event that prior to April 9, 1987, Chrysler discovers
an unforeseen problem in the course of its 'due diligence'
investigation of the company," referring to American Motors.
A Chrysler spokeswoman would not say whether some problem
had cropped up in the talks. She stuck by the company's
statement that more time was needed because the talks are
complex. "That is our definition of the delay," she said.
Under the previous agreement between Chrysler and Renault,
their letter of intent would be terminated on April nine or
when an agreement was reached. But the letter could be amendend
by a written agreement by both companies.
The Chrysler spokeswoman said, "We are still working toward
a definitive agreement." Said another Chrysler official who is
not part of the talks but who would be told if the deal were in
trouble: "There are no glitches."
Analysts also downplayed the significance of the delay. "I
can't visualize where they wouldn't want it to be done," said
Donaldson Lufkin Jenrette analyst Richard Henderson.
Reuter
| [
1,
0,
0,
0,
0,
0,
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Qtly div 16-1/2 cts vs 16-1/2 cts
Pay April 27
Record April 20
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss five cts vs loss six cts
Net loss 696,777 vs loss 598,095
Sales 472,812 vs 41,454
Nine mths
Shr loss 15 cts vs loss 17 cts
Net loss 2,194,482 vs loss 1,751,884
Sales 800,336 vs 151,884
Reuter
| [
0,
0,
0,
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0,
0,
0,
0,
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0
]
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[
0,
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]
|
|
General Electric Corp said its
first quarter results were significantly higher due to the
strong results of RCA, which was acquired last year.
General Electric also attibuted continued strong
performances in plastics, major appliances and the Employers
Reinsurance Corp for its strong quarter.
GE recorded net earnings for the first quarter 1987 of 624
mln dlrs, or 1.37 dls per shr, up 16 pct from 537 mln dlrs, or
1.18 dlrs per share for the same quarter a year ago.
General Electric chairman John Welch Jr reiterated the
company's outlook for 1987 in which it expects double-digit GE
earnings growth for the year. He said the first quarter results
are in line with those expectations.
General Electric cited the strong results in TV network and
station operations of the National Broadcasting Co, which was
not part of GE in the first quarter of 1986, as one reason for
its strong earnings.
It also noted that aircraft engine operating profit was
much higher than a year ago, caused by a increase in shipments
than the 1986 quarter, which was impacted by a strike.
Aerospace revenues were sharply higher in this year's first
quarter from a year ago, mainly because of the inclusion of
RCA's aerospace and defense business, the company said.
In addition, consumer products revenues were up from last
year, mainly because of including sales of RCA video products.
General Electric said restructuring provisions of 308 mln
dlrs before taxes to implement various strategic moves were
charged against operations in the first quarter of 1987. It
added that there was a one-time gain of 281 mlns dlrs after
taxes from an inventory accounting change.
And technical products revenues and operating profit were
ahead of last year, led by a strong increases in medical
systems volume and the inclusion this year of RCA's
communications and related services.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 1.08 dlrs vs 1.00 dlr
Net 6,215,538 vs 5,757,013
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Xebec Corp said it expects to
report a loss for its second quarter ended April three, due
principally to a decline in sales to International Business
Machines Corp <IBM>, the company's largest customer.
Xebec also said it expects revenues to total about 23 mln
dlrs.
The company reported a second quarter loss last year of 1.9
mln dlrs, or 14 cts per share, on 23.9 mln in revenues.
Xebec said IBM has historically accounted for about 50 pct
of the company's revenues, but that total fell to 20 pct during
the quarter just ended.
IBM had used Xebec's hard disk drive controller products in
the IBM PC/XT, a product which IBM is phasing out.
Xebec said it intends to continue streamlining its
operations in light of the loss of business.
The company also said it has already consolidated two of
its plants in Nevada and it now plans to sell unused and
surplus assets to provide additional liquidity.
Reuter
| [
0,
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0,
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The Commodity Credit Corporation has
accepted a bid for an export bonus to cover a sale of 12,500
tonnes of wheat flour to Iraq, the U.S. AGriculture Department
said.
The bonus awarded was 113.0 dlrs per tonne and will be paid
to Peavey Company in the form of commodities from CCC stocks.
The wheat flour is for delivery May 15-June 15, 1987, the
department said.
An additional 162,500 tonnes of wheat flour are still
available to Iraq under the Export Enhancement Program
initiative announced January 7, 1987, USDA said.
Reuter
| [
0,
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0,
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0,
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0,
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Egypt has been authorized to purchase
about 200,000 tonnes of U.S. wheat under an existing PL-480
agreement, the U.S. Agriculture Department said.
It may buy the wheat, valued at 22.0 mln dlrs, between
April 15 and August 31, 1987, and ship it from U.S. ports by
September 30, the department said.
Reuter
| [
0,
0,
0,
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0,
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]
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Caterpillar Inc, in remarks
delivered at its annual meeting in San Francisco, reiterated
its expectation of a loss in the first quarter.
It said results would be hurt by a 25 mln dlr one-time
charge by Caterpillar Mitsubishi, a 50-pct owned affiliate. The
company said it expected profit from operations for the full
year to improve over 1986.
In remarks prepared for delivery to shareholders, President
Peter Donis said Caterpillar's targeted five pct cost reduction
in 1987 "will be difficult to achieve because the weaker dollar
has limited opportunities to obtain lower material costs."
Reuter
| [
0,
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An investor group headed by
Minneapolis, Minn., broker Jeffrey Wendel said it raised its
stake in Zondervan Corp to 292,900 shares, or 7.1 pct of the
total outstanding, from 238,900 shares, or 5.8 pct.
In a filing with the Securities and Exchange Commission,
the Wendel group said it bought 54,000 Zondervan common shares
between March 24 and April 3 at prices ranging from 27.87 to
29.96 dlrs a share.
The Wendel group has acted in cooperation with another
shareholder group headed by London investor Christopher Moran,
who sought unsuccessfully last year to take over Zondervan.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
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<Kiena Gold Mines Ltd> said shareholders
approved a previously reported proposed two-for-one common
stock split.
Record date of the split will be April 21, Kiena said.
Reuter
| [
0,
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Hanover Insurance Co said its
board declared a quarterly dividend of nine cts per share
payable May 15 to holders of record April 17.
The dividend comes after a two-for-one stock split,
effective April 10, which was approved by shareholders today.
The company paid a dividend of 14 cts per share on a
pre-split basis.
Reuter
| [
0,
0,
0,
1,
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0,
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Day International Corp said it has
entered into a letter of intent to sell its Allen Industries
Inc unit to a group including the unit's current management.
Day said the sale could enable Day to accelerate its
earnings for its current fiscal year ending October 31, 1987.
"Net earnings for the full year (ending October 31)
should be in the ball park of some analysts' estimates of 16
mln dlrs to 19 mln dlrs," Richard Jacob, Day chairman and chief
executive officer said.
Day reported earnings of 3.1 mln dlrs, or 39 cts a share,
in fiscal 1986.
Day said the agreement is subject to the preparation and
negotiation of a definitive agreement and the ability of the
group to obtain financing.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Qtly div 16.5 cts vs 16.5 cts
Pay April 27
Record April 20
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
South Korea's purchase of about 2.4
mln tonnes of U.S. corn in the past six months -- close to
double last year's total -- indicates that imports from the
United States, as well as total imports are set for a dramatic
jump, the U.S. Agriculture Department said.
In its World Production and Trade Report, the department
said total South Korea corn imports for the 1986/87 season
(Oct-Sept) are estimated at 4.3 mln tonnes, with about 3.4 mln
tonnes from the United States.
During the 1985/86 season, imports totaled only 1.3 mln
tonnes of U.S. corn out of a total of 3.6 mln tonnes.
Ite appears the Koreans are shifting back to U.S. corn in
light of competitive U.S. prices and uncertain supplies from
China, Argentina and South Africa, it said.
Reuter
| [
0,
1,
0,
0,
1,
0,
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0,
0,
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]
|
Vulcan Corp's first quarter operating
results will show a loss, Chairman Lloyd I. Miller told told
the annual meeting.
The company reported a profit of 365,883 dlrs, 23 cts a
share, for the first quarter last year with one cent a share
coming from non-operating factors, a spokesman said.
Miller attributed the expected loss to completion of the
purchase transfer and consolidation of operating assets of the
O'Sullivan Rubber Division, saying this was proving more costly
and taking more time than originally anticipated.
Vulcan is working to resolve the problems, Miller told
shareholders, adding it appears it will take most of 1987 to
find solutions.
Reuter
| [
0,
0,
0,
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0,
0,
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0,
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UAL Inc, citing company policy, told
the New York Stock Exchange it would not comment on the unusual
rise in its stock.
UAL, parent of United Airlines, closed up 6-1/4 at 72 on
volume of 3.9 mln shares.
Wall Street traders said UAL's stock soared in response to
the the proposed 4.6 billion dlr buyout offer by United Air's
pilots union and on a general rise in air fares throughout the
industry.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr loss 1.11 dlrs vs loss 1.53 dlrs
Net loss 7.1 mln vs loss 8.8 mln
Revs 3.1 mln vs eight mln
Reuter
| [
0,
0,
0,
1,
0,
0,
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|
Strata Corp said its 1986
earnings report contained a qualified opinion from its
independent auditors.
Strata said it owed 1.4 mln dlrs in overdue interest to its
lender at the end of 1986, and the entire 10.9 mln dlr
principle has been classified as a liability.
The company, which has an agreement to merge with <Lomak
Petroleum Inc>, lost 7.1 mln dlrs in 1986 against a loss of 8.8
mln dlrs a year earlier.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div 23 cts vs 23 cts prior qtr
Pay 10 June
Record 20 May
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div 20 cts vs 20 cts in prior qtr
Payable June 10
Record May 22
Reuter
| [
0,
0,
0,
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0,
0,
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[
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0,
0,
0,
0,
0,
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]
|
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