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Unit loss one ct
Net loss 186,000
Revs 10.7 mln
11 mths
Unit loss 7.26 dlrs
Net loss 121.4 mln
Revs 46.9 mln
Note: Partnership formed in February 1986.
Net includes writedown of oil and gas assets of 124.8 mln
dlrs for 11 mths to comply with full-cost accounting methods.
Reuter
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Digicon Inc said it has completed the
previously-announced disposition of its computer systems
division to an investment group led by <Rotan Mosle Inc's>
Rotan Mosle Technology Partners Ltd affiliate.
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<Sterling Investment Group>
said it successfully drilled and completed a significant
development well 65 miles southwest of Houston, Texas.
The well has a choke of 11/64 of an inch and is 10,097 feet
deep.
The well initially tested at a maximum daily flow rate of
two mln cubic feet of gas and 304 barrels of condensate.
Participants in the new well, along with Sterling, are
Trafalgar House Ltd of the U.K. and <Texstar NOrth America Inc.>
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Computer Horizons Corp said it
purchased ComputerKnowledge Inc, a software training education
company headquartered in Dallas.
Terms were not disclosed.
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Policy Management Systems Corp
said it has acquired the majority of the assets and business of
Allied Research Inc of Salem, Ore., and Consolidated Insurance
Services Inc, of Springfield, Va., for undisclosed terms.
It said the two companies, which had combined 1986 revenues
of about two mln dlrs, provide underwriting information
services to property and casualty insurers.
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Unicorp Canada Corp told the
Securities and Exchange Commission it cut its stake in
Purolator Courier Corp to 286,500 shares, or 3.7 pct of the
total outstanding, from 962,400 shares, or 12.4 pct.
Unicorp, a management and investment holding company
controlled by its chairman, George Mann, said it sold 675,900
Purolator common shares on March 2 and 3 at 34.782 and 34.750
dlrs a share.
Purolator agreed this past weekend to be acquired by
managers of its U.S. courier business and E.F. Hutton LBO Inc
in a leveraged buyout valued at 265 mln dlrs.
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<Nusource Investments Inc>, a
publicly held shell company, said it acquired American
Nutrition Works Inc through a transaction in which American
Nutrition shareholders received 28 mln shares of Nusource stock
in exchange for their shares.
American Nutrition operates a chain of stores sellings
vitamins and health products.
Nusource said shareholders elected a new board consisting
of Richard A. Trydahl, Samuel Mineo and Charles E. Flink and
voted to change the name of the company to ANW Inc.
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The Canadian Wheat Board has advised
the federal government to sharply cut initial prices paid to
farmers for their wheat, oats, and barley in the crop year
beginning August 1, a board spokesman said.
The spokesman declined to give the size of the recommended
price drops but said it would not be good news for western
Canadian grain growers.
"They're all lower," he said. "This is really getting
pretty serious. We're talking nuts and bolts economic survival
and whether it's worthwhile for farmers to put in a crop."
Farm leaders and economists have estimated the board will
recommend cuts of around 20 pct in the initial prices.
Farmers receive the initial payment when the grain is
delivered to the elevators used by the wheat board.
If the wheat board, which markets most of Canada's grain,
obtains higher than expected prices on world markets, the
farmers receive a final payment at the end of the crop year. If
prices are lower, the federal treasury makes up the difference.
The final decision on the initial prices, usually made in
April, rests with Wheat Board Minister Charles Mayer and the
federal cabinet.
Last year Mayer cut the initial prices between 19 and 27
pct but last fall the government announced a one billion
Canadian dlr aid program to compensate for the price cuts.
But federal agricultural officials have already warned
farmers not to depend on additional government aid this year.
Reuter
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The ruling GATT Council deferred a
decision on whether to set up a dispute panel on the basis of a
European Community complaint against the U.S.- Japanese
agreement on exports of computer semiconductors.
David Woods, spokesman of the General Agreement on Tariffs
and Trade (GATT), told a news briefing that the main parties
would continue bilateral talks. This was in the hope of
resolving the row before the next Council meeting on April 15.
The five-year accord signed in July 1986 aims to protect
the U.S. Market from dumping of low-price Japanese microchips,
officially known as semiconductors.
The E.C. Complained the accord breached GATT trade rules by
allowing Tokyo to monitor prices, allowing it to set minimum
prices for Japanese chips sold in third countries.
The 12-nation Community also charged the agreement gave
U.S. Producers preferential access to the Japanese market.
Woods said many nations -- Hong Kong, Canada, Switzerland,
Singapore, Sweden, Malaysia and Nigeria -- had supported the EC
complaint during the heated Council debate.
Japan's delegate, Minoru Endo, and U.S. Ambassador Michael
Samuels replied in the debate that the E.C. Charges were
unfounded, but they were willing to continue bilateral talks.
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First Southern Federal Savings and
Loan Association said it has agreed in principle to acquire
Horizon Financial Corp and Horizon Funding corp from <Victor
Federal Savings and Loan Association> of Muskogee, Okla., for
undisclosed terms.
The company said the purchase is subject to approval of the
boards of First Southern and Victor and regulatory agencies.
Horizon Financial services mortgage loans and Horizon
Funding is a wholesale loan purchasing operation. Horizon
services 3.2 billion dlrs in mortgage loans.
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Shr 71 cts vs 43 cts
Net 7,274,000 vs 4,447,000
Rev 161.6 mln vs 77.6 mln
Year
Shr 1.51 dlrs vs 1.32 dlrs
Net 15,401,000 vs 13,525,000
Rev 454.0 mln vs 304.9 mln
Reuter
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<Chatsworth Enterprises
Inc>, a publicly held shell corporation, said it signed a
letter of intent to merger with <Lotoquik International Ltd>, a
Nassau, Bahamas-based maker of video lottery machines.
Under terms of the merger agreement, Chatsworth said
Lotoquik shareholders would own a majority of the surviving
company.
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<Asbestec Industries Inc> said
it signed a letter of intent to buy asbestos abatement
contractor <P.W. Stephens> for three mln dlrs in cash, stock
and notes.
The transaction is expected to be completed early in the
third quarter of its fiscal year ending September 30, 1987.
Asbestec also said it expects to sign March six a 900,000
dlr contract to remove asbestos from a major apartment complex
in Washington, D.C. The project is scheduled to begin on March
nine.
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The ruling GATT Council set up a formal
dispute panel to examine a U.S. Complaint that a Canadian law
prohibiting export of unprocessed herring and salmon was
discriminatory.
David Wood, official spokesman of the General Agreement on
Tariffs and Trade (GATT), told a news briefing the decision was
taken after bilateral consultations failed to resolve the row.
U.S. Ambassador Michael Samuels charged during the Council
debate that Canada was trying to preserve domestic jobs by
insisting that herring and salmon be processed at home.
Robert White, Canada's deputy chief of delegation, replied
the law was in line with GATT rules, and was for conservations
reasons. But he agreed to setting up the dispute panel.
Reuter
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General Motors Corp staged an explosive
rally on Wall Street after a share buyback program announced
yesterday, but analysts said GM's future remains clouded by
stiff competition and erosion of market share.
GM shares rose 3-1/2 to 79-1/8 in active trading. Analysts
agreed that investors liked the repurchase program but they
differed sharply over the carmaker's long term prospects.
"I'm very positive on GM," said Jack Kirnan of Kidder
Peabody and Co. "They're clearly committed to enhancing
shareholder value."
However, some analysts worry about how GM will pay for the
buyback and whether new models will enable the carmaker to
recapture lost market share.
After the market had closed yesterday, GM said it would buy
back 20 pct of its common stock by the end of 1990. The
announcement sent investors today scrambling for GM shares,
with more than 3.2 mln shares changing hands by mid-day.
The buyback plan caused several analysts bullish on the
stock to reiterate buy recommendations this morning, and at
least one increased his earnings estimates for GM based on a
good performance expected from new car models.
But David Healy of Drexel Burnham Lambert Inc said the
repurchase program is not a positive.
"The buyback doesn't really change the earnings outlook and
puts more stress on the balance sheet," he said, since GM will
have to borrow money to pay for the stock purchases. The stock
should settle back down to around 76, he added.
Healy projects GM will earn five dlrs a share in 1987 and
5.50 dlrs in 1988, compared to 1986 earnings of 8.21 dlrs.
Healy's numbers are near the low end of Wall Street estimates,
which range from five dlrs to 7.80 dlrs in 1987 and from four
dlrs to 10.80 dlrs in 1988.
Like other analysts, Healy sees GM's share of the domestic
car and truck market falling in 1987. "On balance, GM cars are
not selling as well as their competitors," he said.
In late February, GM car sales fell 8.6 pct from the
year-ago period while competitors Ford Motor Co <F> and
Chrysler Corp <C> both posted increases. But GM said February
sales showed improvement over January, adding that it expects
improvement in coming months.
Overall, GM's share of U.S. car and truck sales should fall
to around 38 or 39 pct in 1987 from 41 pct at the end of 1986,
analysts said. The numbers include imports.
Kidder Peabody's Kirnan said cost reductions and product
improvements this year should lead to positive cash flow by the
fourth quarter, which will help GM finance the buyback.
"GM (stock) has been a real laggard and now it's rolling up
its sleeves and getting serious. I think there's a major
earnings surprise in the winds," he said.
Kirnan raised his earnings estimates slightly today, in
part in reaction to the announced buyback, and sees GM earning
5.65 dlrs this year and 9.75 dlrs in 1988. "The company is more
concerned than ever about improving their relative valuation
with respect to Ford and Chrysler," he said.
Another positive for the stock is GM's dividend, currently
five dlrs a share annually, which gives it a higher yield than
its competitors, Kirnan said. And GM will raise the cash
dividend 25 to 50 cts a share next year, he predicted.
But analyst Michael Lucky of Shearson Lehman Brothers Inc
said U.S. car sales will weaken, and GM's new products, if
successful, will only slow but not halt the erosion of its
market share.
"I believe their new cars will be successful, but that will
only curtail losses in market share," which will fall to around
35 pct by 1990, Lucky said.
Philip Fricke of Goldman Sachs and Co falls in the middle
of the bulls and bears. While he is recommending GM stock, he
said results will not improve until 1988.
"I'm not looking for improvement this year. This is a
transition year for GM," he said.
Fricke, who estimates 1987 earnings at 7.80 dlrs and 1988
at 10.80 dlrs, said cost cutting and new car models will not
affect 1987 results. "But the key thing isn't so much what they
earn this year. It's the momentum beyond this year that's
important."
Reuter
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Parsow Partnership Ltd, a Nevada
investment partnership, said it lowered its stake in ERC
International Inc to 343,500 shares or 8.3 pct of the total
outstanding common stock, from 386,300 shares, or 9.3 pct.
In a filing with the Securities and Exchange Commission,
Parsow said it sold 42,800 ERC common shares between Jan 9 and
March 2 at prices ranging from 12.125 to 14.50 dlrs each.
The partnership said its dealings in ERC stock are for
investment purposes and it has no intention of seeking control
of the company.
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Iranian Oil Minister Gholamreza Aqazadeh
is expected here on Friday for talks with his Algerian
counterpart Belkacem Nabi, the official Algerian news agency
APS said today.
Aqazadeh, who will be accompanied by a large delegation,
will have talks on bilateral relations in the field of energy
and exchange views with Algerian officials on the current world
energy situation, it said.
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Net 52.9 mln vs 21.9 mln
NOTE: Company is mutual savings bank.
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Oper shr 18 cts vs 28 cts
Oper net 1,076,000 vs 1,441,000
Sales 22.6 mln vs 21.2 mln
Avg shrs 5,970,000 vs 5,080,000
Year
Oper shr 55 cts vs 49 cts
Oper net 3,007,000 vs 2,521,000
Sales 82.9 mln vs 73.7 mln
Avg shrs 5,429,000 vs 4,484,000
Note: Full company name is Bear Automotive Service
Equipment Co
Oper shr excludes extraordinary profit from utilization of
tax loss carryforward of 231,000 dlrs, or four cts a share and
1.2 mln dlrs, or 22 cts a share, respectively, in 1986 qtr and
year, and of 441,000 dlrs, or nine cts a share and 1.1 mln
dlrs, or 23 cts a share, respectively, in 1985 qtr and year.
1985 year oper net excludes loss from cumulative effect of
change in accounting principle of 67,000 dlrs, or one ct a
share.
Reuter
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The U.K. Offshore oil industry has
suffered from last year's collapse in oil prices but should not
sustain any permament damage, Minister of State for Energy
Alick Buchanan-Smith said.
The drilling, diving and supply vessels sectors had been
most affected, Buchanan Snith told the House of Commons energy
committee. He noted, however, that oil companies were still
spending six mln stg a day to maintain North Sea production.
He added that a report by the manpower services committee
which said 14,000 jobs were lost in the industry in 1986 should
be seen in the context of a total workforce of 300,000.
Prices of North Sea Brent-grade crude dipped to a low of
8.50
dlrs a barrel last July from a peak of over 30 dlrs the
previous November.
They recovered to around 18 dlrs a barrel after last
December's OPEC meeting and Brent traded today around 17.15
dlrs.
Buchanan-Smith said the U.K. Has no intention of adopting
OPEC style quotas, noting that Britian is an oil-consuming as
well as an oil-producing nation.
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<Chase Manhattan Bank N.A.> is considering
expanding its operations in Italy, particularly in the consumer
banking sector, a Chase Manhattan official said.
Robert D. Hunter, Chase Manhattan area executive for
Europe, Africa and the Middle East, said at a news conference
that plans to broaden the bank's activities on the Italian
market have not been finalised, however.
Asked if Chase Manhattan would consider an acquisition in
Italy, Hunter said: "We will look at any opportunity, but the
prices of Italian banks have been quite high." Chase Manhattan
has branches in Milan and Rome.
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International H.R.S. Industries Inc said
it would reduce its stake in Hal Roach Studios Inc to 22 pct
from 52 pct in return for 6.3 mln U.S. dlrs from Qintex Inc's
Qintex America (Media) Ltd unit.
H.R.S. said that under the deal's first stage, closng March
22, it would sell Qintex 900,000 Hal Roach shares at seven U.S.
dlrs a share each for a total of 6.3 mln dlrs and Roach will
repay H.R.S. 3.3 mln U.S. dlrs of advances.
Qintex will also complete the 16.8 mln U.S. dlr buy of 2.4
mln Roach treasury shares at seven dlrs each and provide Roach
with 50 mln U.S. dlrs of financing for expansion, H.R.S. said.
H.R.S. said that the agreement also provided for a second
stage over one year in which it had a put option exercisable
one year from closing to sell Qintex all or part of its two mln
Roach shares for 8.50 U.S. dlrs a share.
It said Qintex had a 30-day call option, exerciseable nine
months from closing, to buy from H.R.S. all or part of one mln
Roach shares at the greater of 8.50 dlrs each or the average
Roach share price for three months before exercise date.
Qintex will also acquire another 2.4 mln Roach treasury
shares at seven dlrs a share 12 months after closng for another
16.8 mln dlrs, H.R.S. said.
Reuter
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French oil group Total Cie Francaise des
Petroles <TPN.PA> is still expecting a 1.5 billion franc
consolidated net loss, including minority interests, for 1986,
after taking account of stock losses of 7.5 billion francs, the
company said in a communique after a board meeting here.
In late January group president Francois-Xavier Ortoli told
journalists that the slump in oil prices and the weak dollar
had caused the stock depreciation, turning a consolidated net
profit, before losses on stocks, of six billion francs into a
consolidated net loss of 1.5 billion francs.
Earlier today Armand Guilbaud, president of Total's
refining and distribution subsidiary Cie de
Raffinage-Distribution (CRD) Total France <RAFF.PA>, told
journalists that 1986 had marked a return to profit for the
subsidiary before stock depreciation.
CRD made a net profit before stock depreciation and
currency factors of 1.95 billion francs last year after a 1.16
billion loss in 1985.
But its net loss last year, taking account of that
depreciation as well as currency fluctuations, was 1.16 billion
francs after a 1.05 billion loss in 1985.
In 1986 CRD's sales fell 5.7 pct to 19.7 mln tonnes from
20.9 mln "due to the growth in imports by independent
distributors following a relaxation of regulations," Guilbaud
said.
The subsidiary is expecting to cut its workforce to 6,000
this year and 5,000 in 1988 from 6,800 last year, under a job
reduction scheme which will eventually save the group 600 mln
francs, he said.
Concerning business in 1987, he said that "January was a
good month, but the situation deteriorated in February."
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Oper shr loss 16 cts vs loss 10 cts
Oper net loss 1,569,000 vs loss 990,000
Sales 50.3 mln vs 50.1 mln
Nine mths
Oper shr loss nine cts vs loss two cts
Oper net loss 849,000 vs loss 199,000
Sales 159.9 mln vs 156.6 mln
NOTE: Current nine mths net includes 1,036,000 dlr pretax
gain on sale of property.
Prior year net both periods includes pretax gain 1,095,000
dlrs on pension plan termination.
Current quarter net includes 580,000 dlr tax credit.
Prior year net includes losses from discontinued operations
of 200,000 dlrs in quarter and 573,000 dlrs in nine mths.
Results restated for discontinued operations.
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Qtly div 12-1/2 cts vs 12-1/2 cts prior
Pay April One
Record March 13
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Resource Exploration Inc said it has
agreed to let <Langasco Energy Corp> drill 50 oil and
natural gas wells on its Clinton Sandstone formation within its
Tuscarawas and Harrison County, Ohio area of operation.
Resource said it would receive a cash payment and an
overriding royalty interest on oil and gas production from
wells drilled on the property.
Resource said gas produced from the property will be
transported through its existing pipeline. Also, Resource said
it will provide service work to complete the wells and it will
operate the wells after they are completed.
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Texas Railroad Commissioner James
Nugent, saying that the ailing oilpatch cannot wait for
Congress to act, today urged Texas state lawmakers to adopt
incentives to find new oil reserves and to exempt severance
taxes on oil produced from stripper wells.
Nugent said in a speech to the Texas house of
representatives that the state must take the initiative in
molding U.S. energy policy and finding new ways to assist
troubled oil producers.
His proposal to revitalize Texas' oil industry would exempt
stripper wells that produce 10 barrels of oil or less each day
from the state's 4.6 pct severance tax. He said that the
majority of Texas' oil wells fall within the stripper well
category and a price swing of two to three dlrs a barrel can be
crucial in determining if the well remains in production.
Nugent also called for state lawmakers to exempt new
wildcat wells from the state severance tax for up to five years
as a financial incentive to explore for new oil reserves.
Secondary and tertiary oil production, expensive methods of
production that inject water or gas into the ground to recover
oil, should also be exempted from the severance tax, Nugent
said. His plan would exempt existing secondary and tertiary
wells that produce at a rate of less than three barrels a day
for three years, or until the price of oil reaches $25 a
barrel.
"We've been sitting back and waiting on two federal
administrations to develop a coherent energy policy for the
nation to follow. I say we have waited long enough," Nugent
said. "In other words, let's tell Washington to either lead,
follow, or get out of the way."
Nugent said that the financial losses to the state treasury
by exempting marginal oil production from state severance taxes
would be more than made up by stimulating new business for the
oil supply and service industry.
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Qtly div 15 cts vs 15 cts prior
Pay March 31
Record March 13
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Qtly div 12.5 cts vs 12.5 cts in prior qtr
Payable March 13
Record February 27
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Pacific Telesis Group chairman Donald
Guinn told a meeting of security analysts that the company sees
continued earnings growth in 1987 above the 1.08 billion dlrs,
or 5.02 dlrs per share, earned in 1986.
Guinn also said that capital spending stood at about 1.8
billion dlrs in 1986, and the company expected the figure to
remain flat each year through 1989. He noted that all captial
spending will be internally financed.
Guinn also told analysts that the company faced some
regulatory uncertainties in ongoing rate cases at its Pacific
Bell operating company.
In rates hearings before, the California Public Utility
Commission, Guinn said the company faced a potential 76 mln dlr
revenue reduction, and due to ongoing discussions with the
commission, he said the figure might even be greater.
The company also faces some opposition to a 225 mln dlr
rate hike requested for 1986. Guinn said the commission found
180 mln dlrs of the hike was based on questionable calculations
and assumptions, while 45 mln dlrs might represented unneeded
modernization costs.
Guinn also said that the company is still studying whether
to join an international consortium that plans to lay a
transpacific telephone cable between the U.S. and Japan.
"We have not agreed to anything," Guinn said, but added he
would soon recieve a feasibility study on the venture and the
company would make a decision soon on participating.
Asked by an analyst about the recent recommendation by the
U.S. Department of Justice which would allow the Bell operating
companies to offer limited long distance services, Guinn said
the company would likely shy away from that type of expansion.
"(Long distance services) is a very competitive business.
It's a commodity business and becoming more so," he said. "I'm
not so sure we would be interested in getting back into that
business."
However, Guinn generally applauded the U.S.
recommendations, saying they would give more latitude for the
Bell operating companies to expand into non-regulated
businesses and provide more flexibility to form strategic
alliances with other companies.
He added that while the company welcomes the expansion into
new areas, it is not currently involved in any acqusition
talks. "We do not have anything actively under consideration,"
he said.
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Shr 13 cts vs 70 cts
Net 1,279,000 vs 7,979,000
Revs 16.4 mln vs 19.6 mln
Year
Shr 89 cts vs 2.43 dlrs
Net 10.3 mln vs 29.8 mln
Revs 56.2 mln vs 83.8 mln
Avg shrs 12.1 mln vs 13.1 mlnm
NOTE: 1986 year net includes gain 12.9 mln dlrs from sale
of eight real estate properties.
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Kenya has signed an agreement with
British and German interests to establish a shipping line that
will handle 40 pct of the country's external trade, sources
close to the deal said.
The state-owned Kenya Ports Authority, KPA, signed an
agreement with the Hamburg-based shipping line Unimar
Seetransport to establish the Kenya National Shipping line,
with an initial capital of 100 mln shillings, sources said. KPA
will hold 70 pct of the shares in the new company.
The line will initially charter vessels to operate services
between Mombasa and the main ports of industrial Europe, but
may eventually build or buy its own ships. The sources said it
would aim to carry a large part of Kenya's coffee and tea
exports and oil and fertiliser imports.
Reuter
| [
0,
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0,
0,
0,
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1,
0,
0
] |
U.S. and U.K. bank regulators are asking
banks to set aside more reserves than is necessary to cushion
them against the risks posed by the interest rate and currency
swap transactions they carry, swap dealers said.
After viewing proposed guidelines released jointly today by
the Bank of England and the Federal Reserve Board, dealers said
that in effect, regulators are asking them to set aside
reserves twice for the same risk.
Market participants will have 60 days to respond to the
proposals.
Adoption of stiffer capital requirements is especially
significant in the eurobond markets, which saw new issue volume
of about 183 billion dlrs in 1986 according to figures compiled
by Euromoney magazine. While no firm figures exist, dealers in
eurobonds estimate that 80 pct of all new issues are involved
in some swap arrangement. Separately, the ISDA estimates that
about 300 billion dlrs worth of swap transactions are
outstanding. Kenneth McCormick, co-chairman of the
International Swap Dealers Association (ISDA) and President of
Kleinwort Benson Cross Financing Inc, said that the Association
has no comment and will study the proposals.
"What they are proposing is really double counting," Patrick
de Saint-Aignan, managing director of swaps for Morgan Stanley
and Co, said. Instead, he argues, banks should either be
required to hold a percentage of the face value -- say one pct
per year to maturity -- or to hold a percentage of the cost of
replacing the contract in the event of a counterparty default.
"The potential risk factors are very large relative to what
we had expected," said a director at one U.K. merchant bank.
"What they are really doing is asking you to capitalize now --
to borrow money now -- to cushion you against risk you might
have 10 years from now," he added.(Adds title first paragraph).
Dealers also said they believe that banks not covered by
the agreement, such as those based in Japan, will have a
competitive advantage because they will not have to pass the
costs on to customers.
Indeed, regulators are apparently also concerned about the
exclusion of other countries from the new requirements. Federal
Reserve Board Governor Martha Seger, following approval of the
proposed guidelines by the Fed, said she is concerned that
Japan was not involved in the U.K.-U.S. effort to draft new
capital rules.
Dealers said they were somewhat relieved to see that bank
regulators recognized the concept of netting, that is,
offsetting the amounts receiveable from and payable to a single
counterparty against each other.
The paper said that regulatory authorities "recognize that
such arrangements (netting) may in certain circumstances reduce
credit risk." Furthermore, the paper said, if a netting
agreement could be reached that would withstand legal tests, it
might be willing to reduce capital requirements accordingly.
But dealers said they fear regulators may insist on an
airtight netting agreement that is impossible to design.
"One problem is that there has never been a major default
in the swaps market. So we don't know if any of the swap
arrangements will really stand up in court," said one bank
official.
Reuter
| [
0,
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0,
0,
0,
1,
1,
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0,
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] |
Shr 1.23 dlrs vs 1.33 dlrs
Semi-annual div six cts vs six cts prior payment
Net 16.2 mln vs 14.8 mln
Sales 1.09 billion vs 909.4 mln
NOTE: Dividend is payable April one to holders of record
March nine
Reuter
| [
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0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Dynamics Corp of America said
it has reached an agreement with CTS Corp resolving all
differences between the two companies.
It said as a result of the settlement, CTS's special board
committee has stopped soliciting orders to purchase some or all
of CTS.
Dynamics, which now owns 27.5 pct of CTS' outstanding
stock, said it agreed to limit its shareholdings to not more
than 35 pct of the outstanding shares for a year following the
company's 1987 annual meeting.
Dynamics said the CTS board will recommend CTS shareholders
vote at the 1987 annual meeting in favor of the company paying
Dynamics 2,178,000 dlrs as a reimbursement for its CTS releated
costs and granting Dynamics an option to buy enough CTS common
at 29.625 dlrs a share to give it ownership of 35 pct of the
outstanding stock.
Dynamics said the price of stock under the option,
exercisable for one year, is based on the average closing price
for the stock for the five days ending March two.
Dynamics said CTS Chairman George F. Sommer will assume the
additional title of President. Former President Robert D.
Hostetler is resigning as a director, as is Chief Financial
Officer Gary B. Erekson, Ted Ross and Donald J. Kacek.
Dynamics said the CTS board will be reduced to seven
members for eight with the remaining four members of the
current board and three representatives of Dynamics as new
directors.
Reuter
| [
1,
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0,
0,
0,
0,
0,
0,
0,
0
] |
Prospects for renewal of the
five-year U.S./USSR grains agreement are uncertain at this
point, a Soviet trade official told Reuters.
The current trade imbalance between the United States and
the Soviet Union, high U.S. commodity prices, and increased
world grain production make a renewal of the supply agreement
next year less certain, Albert Melnikov, deputy trade
representative of the Soviet Union, said in an interview.
The current agreement expires on Sept 30, 1988.
Melnikov said that world grain markets are different than
when the first agreement was signed in 1975.
Statements from both U.S. and Soviet officials have
indicate that a long term grains agreement might not be as
attractive for both sides as it once was.
"We have had one agreement. We have had a second agreement,
but with the second agreement we've had difficulties with
prices," Melnikov said.
"I cannot give you any forecasts in response to the future
about the agreement.... I do not want to speculate on what will
happen after Sept 30, 1988," he said.
Melnikov noted that he has seen no indications from Soviet
government officials that they would be pushing for a renewal
of the agreement.
"The situation is different in comparison to three, five or
ten years ago ... We can produce more," he said.
Reuter
| [
0,
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0,
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1,
0,
0,
0,
0,
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] |
Danaher Corp said it expects higher
earnings in 1987 versus 1986.
"We expect significant increases in earnings and revenues
in 1987," Steven Rales, Danaher chairman and chief executive
officer, said.
Earlier, the company reported 1986 net earnings of 15.4 mln
dlrs, or 1.51 dlrs a share, versus 13.5 mln dlrs, or 1.32 dlrs
a share, in 1985.
It also reported fourth quarter net of 7.3 mln dlrs, or 71
cts a share, up from 4.4 mln dlrs, or 43 cts a share, in the
previous year's fourth quarter.
Reuter
| [
0,
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0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 71 cts vs 43 cts
Net 7,274,000 vs 4,447,000
Rev 161.6 mln vs 77.6 mln
Year
Shr 1.51 dlrs vs 1.32 dlrs
Net 15,401,000 vs 13,525,000
Rev 454.0 mln vs 304.9 mln
NOTE: Fourth qtr net includes extraordinary gain of 3.8 mln
dlrs, or 37 cts per share, versus 2.9 mln dlrs, or 28 cts a
share, in 1985's fourth qtr, and an extraordinary charge of
642,000 dlrs, or six cts a share. 1986 net includes
extraordinary gain of 7.4 mln dlrs, or 72 cts a share, versus
8.0 mln dlrs, or 78 cts a share, in 1985.
Reuter
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] |
Trans World Airlines said it has
proposed a cash merger of USAir Group with TWA in which the
holders of USAir common would receive 52 dlrs in cash in
exchange for their stock.
TWA said the offer was made in a letter to Edmin Colodny,
chairman and president of USAir.
TWA said, however, that if the negotiated deal is not
acceptable it may make an offer directly to USAir's
shareholders for up to 51 pct of USAir's outstanding stock, to
be purchased in a voting trust at a price lower than today's
offer.
TWA said it is filing an application with the Department of
Transportation seeking approval of the merger as well as an
application for approval, on an expedited basis, of its
purchase of up to 51 pct of USAir common and the deposit of the
stock in a voting trust, pending DOT approval.
TWA said that in respect to USAir's recent offer for
Piedmont Aviation <PIE> it believes that USAir's shareholders
would prefer a cash merger proposal for USAir over its proposed
acquisition of Piedmont.
TWA said, however, it also would be interested in
discussing a three way deal among USAir, Piedmont and TWA.
TWA said the merger is subject to the USAir board redeeming
the preferred stock purchase rights (the poison pill) issued to
shareholders last year and taking action so that the vote of a
majority of the outstanding common stock is required to approve
its proposed move.
Additionally, TWA said it would need a satisfactory due
diligence review of USAir.
TWA said it has not yet had an opportunity to obtain the
necessary financing for the deal, but added it is confident
that it will get it.
Reuter
| [
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] |
CTS Corp and Dynamics Corp of
America reached an agreement resolving all outstanding
differences between them, according to a joint statment.
As a result of the settlement, a special committee of the
board of directors of CTS stopped soliciting offers to buy all
or part of the company, it said.
CTS and DCA also agreed to dismiss all pending litigation
between the two companies except for one appeal pending before
the U.S. Supreme Court relating to the Indiana Control Share
Chapter, it said.
Under the agreement, the CTS board will immediately be
reduced to seven from eight with four current directors and
three representatives of DCA being elected to the board, it
said. This board will be presented as the slate for CTS' 1987
annual shareholders meeting, it added.
CTS' directors will recommend to shareholders that they
approve reimbursement to DCA of about 2.2 mln dlrs in expenses
relating to CTS, and grant DCA an option to buy up to 35 pct of
CTS' shares, it said.
In addition, DCA said it agreed to limit its ownership in
CTS for the year following the 1987 annual meeting to not more
than 35 pct of the outstanding stock. DCA currently holds 27.5
pct of the outstanding shares of CTS.
Both companies said they support the agreement and believe
it to be fair to both sides.
Reuter
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] |
Measurex Corp said it
completed the sale of its Measurex (South Africa Pty)
subsidiary to a group of employees who manage the operation.
Measurex, a maker of computer integrated manufacturing
systems, said the subsidiary represented less than one pct of
worldwide revenues and the sale will have no impact on this
year's earnings.
Reuter
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] |
Jefferies and Co said it is making a
market in the stock of USAir Group Inc at 48-1/2 to 50.
USAir received an offer from Trans world airlines to buy
the airline at 52 dlrs cash per share.
USAir was halted on the New York Stock EXcahnge for
dissemination of the news. It was indicated at 47 to 54.
Reuter
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Trans-Lux Corp said its board
declared a five pct stock dividend payable April nine to
holders of record March 20.
The company said directors also declared regular quarterly
dividends on presently outstanding shares of both classes of
common, payable April nine to holders of record March 16.
It said an unchanged dividend of two cts will be paid on
the common and 1.8 cts on the Class B stock.
Reuter
| [
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] |
Shr loss one cent
Net loss 186,000
Revs 10.7 mln
11 mths
Shr loss 7.26 dlrs
Net loss 121.4 mln
Revs 46.9 mln
NOTE: In February 1986, Kaneb Services Inc contributed all
of its domestic oil and gas operations to Kaneb Partners, which
was newly formed, and exchanged approximately 3,200,000
depositary units respresenting limited partnership interests in
KEP for approximately 6,400,000 million shares of the
outstanding common stock of Kaneb Servies Inc. Kaneb now owns
approximately 82 pct of KEP.
During the 11 mths of operation, the partnership wrote down
the carrying value of its oil and gas properties by 124.8 mln
dlrs. The write downs reduced income by 7.46 dlrs per limited
partnership unit.
Reuter
| [
0,
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0,
1,
0,
0,
0,
0,
0,
0
] |
Shr profit three cts vs loss two cts
net profit 157,500 vs loss 60,200
Revs 1.1 mln vs 1.0 mln
Nine months
Shr profit five cts vs profit six cts
Net profit 223,400 vs profit 260,800
Revs 3.2 mln vs 3.1 mln
Reuter
| [
0,
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] |

(CORRECTION) - SHAW'S SUPERMARKETS EARNINGS
In item headlined "SHAW'S SUPERMARKETS INC <SHAW> YEAR JAN
3" please read per share earnings 1.33 drs vs 1.23 dlrs,
correcting order of results.
Reuter

| [
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0,
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] |
Shr profit 13 cts vs loss one ct
Net profit 853,000 vs loss 22,000
Sales 41.1 mln vs 20.3 mln
Avg shrs 6,349,753 vs 4,403,852
Nine Mths
Shr profit 57 cts vs profit 28 cts
Net profit 2,869,000 vs profit 1,252,000
Sales 119.0 mln vs 67.6 mln
Avg shrs 5,054,844 vs 4,403,852
Reuter
| [
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] |
Healthvest, a Maryland real estate
investment trust, said it began selling five mln shares of
common stock at 21 dlrs a share.
The company said it is also selling 543,237 shares to
Healthcare International Inc <HII>, giving the company a 9.8
pct stake in Healthvest.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
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] |
Qtrly div 12.5 cts vs 12.5 cts prior
Pay April 1
Record March 13
Reuter
| [
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0,
0,
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] |
Shr 70 cts vs 4.91 dlrs
Net 3.7 mln vs 26.3 mln
Year
Shr 1.99 dlrs vs 3.35 dlrs
Net 10.7 mln vs 18.0 mln
NOTE:1986 year, 4th qtr include capital gains of 3.5 mln
dlrs and 1.1 mln dlrs, respectively and extraordinary gain of
3.4 mln dlrs and 1.2 mln dlrs respectively. 1985 year and 4th
qtr include capital gains of 24.0 mln dlrs and 23.3 mln dlrs
respectively and extraordinary gain of 3.9 mln dlrs.
Reuter
| [
0,
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0,
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0,
0,
0,
0,
0,
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] |
Shr 1.52 dlrs vs 17 cts
Net 1,306,000 vs 144,000
Rev 758,000 vs 670,000
Year
Shr 2.68 dlrs vs 2.63 dlrs
Net 2,313,000 vs 2,285,000
Rev 2.8 mln vs 2.7 mln
NOTE: Fourth qtr and 1986 had gains on real estate
investments of 933,000 dlrs, or 1.08 a share, and 970,000 dlrs,
or 1.12 a share, respectively.
This compares with a loss of 137,000 dlrs, or 15 cts a
share, and again of 1.3 mln dlrs, or 1.45 a share, for the
fourth qtr and year respectively in 1985.
Reuter
| [
0,
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0,
0,
0,
0,
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] |
Qtrly div five cts vs five cts qtr
Pay April One
Record March 16
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr profit 13 cts vs loss one ct
Net profit 853,000 vs loss 22,000
Revs 41.1 mln vs 20.3 mln
Avg shrs 6,349,753 vs 4,403,852
Nine mths
Shr profit 57 cts vs profit 28 cts
Net profit 2,869,000 vs profit 1,252,000
Revs 119.0 mln vs 67.6 mln
Avg shrs 5,054,844 vs 4,403,000
Note: Company went public in October 1986.
Reuter
| [
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Shr four cts vs four cts prior qtr
Pay May five
Record April 15
Reuter
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USAir Group Inc said it had no comment
on an offer it received from Trans World Airlines to buy USAir
for 52 dlrs cash per share.
USAir spokesman David Shipley also declined comment on
Piedmont Aviation Inc <PIE>. USAir has offered 71 dlrs cash per
share for half of Piedmont's stock, and 73 dlrs in its own
stock for the balance.
Piedmont also received an offer from Norfolk Southern Corp
<NSC> of 65 dlrs cash per share. Piedmont's board was meeting
today, but the company declined to say what was on the agenda.
A spokesman said he could not comment on the twa action.
A Norfolk Southern Corp <NSC> spokesman said the company
had no comment on TWA's offer for USAir or on its proposal to
negotiate a three-way merger between TWA, USAir and Piedmont.
"We don't have all the details," a Norfolk Southern
spokesman said. The company's 65 dlr-a-share cash offer for
Piedmont stands, he said.
In its offer, TWA said as an alternative to a merger with
USAir, it would be interested in discussing a three-way
combination among USAir, Piedmont and TWA. It said the
three-way merger would serve the best interests of the
shareholders of all three companies, employees and consumers.
Reuter
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Congressmen from beef producing
states and representatives of the U.S. livestock industry
urged the Reagan administration to press Japan and South Korea
to open up their markets to imports of beef.
Testifying at a House subcommittee hearing on livestock
issues, Rep. Hal Daub (R-Nebr.), said the administration should
push hard for greater beef imports by Japan and South Korea.
Daub was joined by several other lawmakers.
U.S. assistant trade representative Suzanne Earley, replied
"we're not going to let Japan off the hook, or Korea." She
noted trade representative Clayton Yeutter met with a senior
Korean official last week on the beef issue, and that Yeutter
and Agriculture Secretary Richard Lyng will visit Tokyo in
April for discussions on farm trade issues.
Japan maintains a quota on beef imports, set at 58,400
tonnes high quality beef in fiscal 1987. South Korea has banned
beef imports but there are indications Seoul may bow to U.S.
pressure and allow some imports soon, industry officials said.
In testimony today, Tom Cook, director of industry affairs
for the National Cattlemens Association said "the Congress,
administration and the industry must take a strong, tough and
united stand to impress the Japanese that we mean business and
that we expect them to open their markets."
Reuter
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Whether the Soviet Union will fulfill
its buying obligations under the U.S./USSR grains agreement
depends entirely on the United States, a Soviet trade official
told Reuters.
"How can I tell that we are ready to fulfill the agreement
if the United States does not want to offer us grain at
competitive prices?" said Albert Melnikov, deputy trade
representative of the Soviet Union to the United States.
"We are in the market for grains, but it is up to the
United States to be the seller ... to offer Soviets competitive
prices," he said in an interview.
Melnikov said that the United States has not lived up the
agreement by failing to make available to Moscow U.S. grain at
prevailing market prices.
"We are being accused of not implementing this agreement.
We do not consider we are at fault," Melnikov said.
Article I in the agreement states that "purchases/sales of
commodities under this Agreement will be made at the market
price prevailing for these products at the time of
purchase/sale and in accordance with normal commercial terms."
"The United States should supply to the Soviet Union
definite quantities of grain at competitive prices ... Is the
United States ready to supply this?" he said.
The Soviet official said that near-term corn demand has
been met by the recent Soviet purchases of U.S. corn, which he
confirmed at 1.5 mln tonnes, but said that if U.S. corn prices
remain competitive, the Soviets will buy more if they need it.
Wheat buying, however, is a different story, Melnikov said.
"If the United States is interested in selling its wheat,
then they must offer competitive prices, and it's up to the
United States to decide how these competitive prices will be
offered," he said.
Last year's U.S. offer of subsidized wheat to the Soviets
was rejected because of an insufficient subsidy, Melnikov said.
He said that at the time of the 13 dlr per tonne subsidy offer,
U.S. wheat prices were 26 dlrs over world levels.
Reuter
| [
0,
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1,
0,
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Qtly div 37.5 cts vs 37.5 cts prior
Pay April eight
Record March 16
Reuter
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Itel Corp said it obtained commitments
from a syndicate of banks for a six-year secured loan of about
325 mln dlrs and had separately filed registration statements
for two public offerings for a total of 150 mln dlrs to fund
its December 1986 acquisition of <Anixter Bros Inc>.
It said one of the offerings will be a new 75 mln dlrs
issue of convertible exchangeable series C preferred and the
other will be a 75 mln dlr issue of seven-year senior
subordinated notes. Both offerings will be through Merrill
Lynch Capital Markets.
It said a portion of the proceeds from the offerings,
together with the proceeds form the new bank loan, wll be used
to repay the 395 mln dlr bridge loan Merrill Lynch and Co Inc
<MER> provided for Itel to buy Anixter.
Itel said the banks it obtained commitments from include
Manufacturers Hanover Trust Co <MHC>, <Chemical Bank of New
<York>, and the <First National Bank of Chicago>.
Reuter
| [
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] |
Great American First Savings Bank said
the bank recorded gains exceeding 80 mln dlrs on sales of loans
and mortgage securities valued at 1.1 billion dlrs.
The San Diego-based bank said in a prepared release of its
report to analysts here that the gains included 6.6 mln dlrs in
arbitrage profits from the premium paid for the separation of
interest and principal components of new Federal National
Mortgage Association strip securities.
The bank said it reported a profit of more than 20 mln dlrs
on the transaction, involving 390 mln dlrs of FNMA securities,
including the arbitrage gain.
Great American recently announced plans to acquire <Capital
Savings Bank>, Olympia, Wash., and last year acquired <Home
Federal Savings and Loan Association>, Tucson, Ariz., and <Los
Angeles Federal Savings Bank>, which resulted in 66 new offices
and three billion dlrs in assets.
The bank also said it plans to expand into other major
western banking markets and is considering an acquisition in
Colorado.
Reuter
| [
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] |
Tandy Brands Inc said it sold
its Grate Home and Fireplace division to an investor group that
includes some members of Grate's management for 1,600,000 dlrs
in cash and secured notes.
The company said the sale will not materially offset the
9,848,000 dlr non-recurring charge it took against the sale of
the division.
Reuter
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The directors of the American Farm
Bureau, the nation's largest farm organization, voted Tuesday
to urge Congress to leave the 1985 farm bill in place without
alterations.
"We are solidly opposed to opening up the 1985 farm bill,"
said Dean Kleckner, president. "The current farm bill has been
in place for just a little over a year and in our judgment
there is more to be gained at the present time from maintaining
the legislation.
"Several independent studies ... indicate the 1985 farm
bill is better on balance than any of the alternatives being
advanced," Kleckner said.
The Farm Bureau also urged Agriculture Secretary Richard
Lyng to adjust the loan rate for 1987 crop soybeans as much as
he deems possible under the farm bill to keep soybeans
competitive in the world market.
A Farm Bureau proposal suggests that producers should be
eligible for supplemental payments in the form of PIK
certificates for the difference between 5.02 dlrs a bushel and
the new loan rate.
The organization also urged Lyng to authorize deficiency
payments to farmers who were unable to plant 1987 winter wheat
because of adverse weather.
Reuter
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Browning-Ferris Industires Inc said its
board declared a two-for-one stock split payable April 24 to
holders of record March 31.
Reuter
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Qtly div 55 cts vs 55 cts prior
Payable May one
Record April three
Reuter
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0,
0,
0,
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] |
Banner Industries Inc said it completed
the purchase of all Rexnord Inc <REX> common shares for its
26.25 dlrs per share cash tender offer that ended Feb
27, 1987.
The purchase follows Banner receiving earlier today 310 mln
dlrs under a credit agreement with Citicorp Industries Credit
Inc and the Bank of Nova Scotia, and an additional 260 mln dlrs
from offerings made for Banner and its subsidiary through
Drexel Burnham and Lambert.
As a result of the tender offer, Banner said it will own
approximately 96 pct of the outstanding shares of Rexnord. The
company said a merger of Rexnord and a subsidiary of Banner
will be completed before mid-May.
Reuter
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[
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|
<Phoenix Steel Corp> said a group
of investors offered to buy its Clayton steel plate mill for
eight mln dlrs and the assumption of a bond obligation.
Phoenix did not disclose the indentity of the investors.
Phoenix was forced to close the Clayton mill last month.
The company said the offer represents a major step in
restructuring the company.
Reuter
| [
1,
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0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 17 cts vs 15 cts
Net 229,000 vs 201,000
revs 10.5 mln vs 9.9 mln
Year
Shr 21 cts vs 55 cts
Net 283,000 vs 766,000
Revs 40.4 mn vs 39.7 mln
NOTE:1985 shares adjusted to reflect the distribution of
one share of Class B common stock for every two shares of
common stock held of record as of July 1, 1986.
Reuter
| [
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] |
Sumner Redstone, president of National
Amusements, Inc, predicted he can win regulatory approvals to
wrap up the 3.4 billion dlr acquisition of Viacom International
Inc in 60 to 90 days.
Redstone, 63, catapulted himself into the big leagues of
entertainment early today when a group of Viacom managers and
their financial backers decided not to top National's bid.
"We've had counsel working for some time in every region
where Viacom has cable televison systems" Redstone told Reuters
in a telephone interview.
Redstone also said "Viacom is committed to working very
closely with us to obtain approvals." Viacom has been seeking
approvals for transfer of its broadcast licenses and cable
systems since September when its management group first
advanced a buyout plan.
But Redstone turned the situation into a spirited bidding
contest which was capped by the announcement this morning that
Viacom's independent directors on behalf of Viacom entered into
a defintive merger agreement with National.
National is a family business which operates a chain of
movie theaters. It is dwarfed by Viacom.
Redstone said he was weary after talks dragged on through
the night but also excited at the prospect of running a leading
electronic media company. He noted that the number of motion
picture admissions in the U.S. has shown no growth in 15 years.
Of nine satellite television channels operated by Viacom,
four are motion-picture oriented pay channels. Redstone said
exclusive contracts with pay television networks are the
emerging trend. "Up until recently you could see any motion
picture on any pay channel," Redstone said.
He noted Viacom has exclusive agreements with two studios
and plans to sign a deal with a third company next month.
Redstone said the management group's investment bankers
will be paid what is due for termination of its merger
agreement. Such fees could total about 30 mln dlrs. "That will
be a company expense," Redstone said.
He said BankAmerica <BAC> Corp has had numerous inquiries
from lenders who want to participate in a 2.25 billion dlr
financing for the deal. BankAmerica will provide 592 mln dlrs.
After the merger, Viacom will be a subsidiary of National
but 17 pct of the company will be in public hands.
Reuter
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A senior British official said that
protectionist bills being considered by Congress could trigger
retaliation by the European Community (EEC) and threaten the
global trading system.
Paul Channon, secretary for trade and industry, said if
Congress passed legislation to curb textile imports, which
would hit EC shipments as well as shipments from major Asian
textile producers, "the community would have to retaliate."
His comments echoed those made yesterday by Belgian Trade
Minister Herman De Croo, who said if the bill passed, the
community would retaliate by imposing taxes on U.S. exports.
Channon made his remarks at a news conference after two
days of talks with Reagan Administration officials and members
of Congress.
De Croo was also in Washington for trade talks.
Channon said there was a greater protectionism sentiment in
Congress since his visit here last year as Congress and the
Administration tried to find ways to reduce the U.S. trade
deficit, which last year hit a record 169.8 billion dlrs.
Channon also called for greater EC-U.S. cooperation to
force Japan to open its markets to foreign goods.
Channon said Japan's trade surplus is causing everyone
problems - its surplus with the United States last year was
51.5 billion dlrs and with EC nations, 16.7 billion dlrs.
"The more united pressure there could be, the better," he
said.
Channon also called for increased U.S.-EC cooperation to
avoid trade disputes.
He said the two sides narrowly avoided a confrontation
earlier this year over lost grains sales when Spain and
Portugal joined the community and its liberal imports
regulations were tightened to conform to EC standards.
"But if both sides drew back from the brink that time," he
said, ""it does not mean that they would do so on another
occasion."
Channon added that "There is increasing reesentment in
Europe over the U.S. tactic of negotiating under the pressure
of unilaterally imposed deadlines."
He said other potential conflicts are already in sight -
alleged European government subsidies of Airbus aircraft and
taxes on fats and oils - and "the commuity and the United States
must therefore learn to manage their relations better."
He said another bill to let the United States retaliate
against a nation if that nation's market was not open to U.S.
goods would bypass the trade pact GATT (General Agreeeement on
Tariffs and Trade) as an arbiter of trade practices.
He said foreign trade law should be judged by GATT and not
by the United States, adding "if the (trade) law is to be
interpreted by the United States and not by the GATT, what is
to happen to the rest of us?"
reuter
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U.S. Trade Representative Clayton
Yeutter said he hoped the U.S. dollar would continue to decline
in relation to the currencies of Taiwan and South Korea as a
way to improve the U.S. trade picture.
Testifying before the House Appropriations subcommittee
which must approve his agency's 1988 budget, he said, "In my
judgment economic factors justify a continued decline."
Asked by a committee member if he expected a further
decline, and how much, Yeutter said the Taiwan and South Korean
currencies should be adjusted to reflect "positive factors" in
their economies.
Reuter
| [
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0,
0,
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0,
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] |
Qtly div five cts vs five cts prior
Pay March 31
Record March 16
Reuter
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] |
General Host Corp said it will
report a loss from continuing operations and a sharp decline in
net income for the year ended January 25, 1987, due to
substantial operating losses in its Frank's Nursery and Crafts
unit. For the year ended January 25, 1986, General reported net
income of 29.7 mln dlrs.
The company said it discovered problems in its unit's
computerized accounts payable system. It said results of its
other nursery and craft unit, Flower Time Inc, are not
affected. It said its accountants are investigating the
problem, which will delay release of its full-year results.
Reuter
| [
0,
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0,
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0,
0,
0,
0,
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] |
Qtly dividend 22 cts vs 22 cts
Pay April 30
Record April 10
Reuter
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Qtly dividend 65 cts vs 65 cts
Pay April 15
Record March 31
Reuter
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] |
New York investor Julian Robertson
and several investment partnerships he controls said they
raised their stake in Capital Wire and Cable Corp to 481,800
shares, or 12.2 pct of the total, from 430,200, or 10.9 pct.
In a filing with the Securities and Exchange Commission
Robertson and his Tiger, Jaguar, Puma and Tiger Management Co
entities said they bought 51,600 Capital Wire common shares
between Feb 3 and 17 at 13.25 dlrs a share.
Robertson said his group has spent a total of 5.9 mln dlrs
on its investment in the company so far.
Reuter
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] |
Trans World Airlines Inc complicated
the bidding for Piedmont Aviation Inc by offering either to buy
Piedmont suitor USAir Group or, alternatively, to merge with
Piedmont and USAir.
Piedmont's board was meeting today, and Wall Street
speculated the board was discussing opposing bids from Norfolk
Southern Corp and USAir. The TWA offer was announced shortly
after the Piedmont board meeting was scheduled to begin.
TWA offered to buy USAir for 52 dlrs cash per share. It
also said it was the largest shareholder of USAir and
threatened to go directly to USAir shareholders with an offer
for 51 pct of the stock at a lower price.
TWA also said it believed its offer was a better deal for
USAir shareholders than an acquisition of Piedmont, but it said
it alternatively would discuss a three-way combination of the
airlines.
Market sources and analysts speculated that TWA chairman
Carl Icahn made the offer in order to put his own airline into
the takeover arena.
"We're just wondering if he's not just trying to get TWA
into play. There's speculation on the street he just wants to
move onto somthing else," said one arbitrager. "We think TWA
might just be putting up a trial balloon."
Analysts said the offer must be taken seriously by USAir,
but that the airline will probably reject it because the price
is relatively low compared to other airline deals.
They also said Icahn must prove his offer credible by
revealing financing arrangements. "They need to show their
commitment and their ability to finance. I think it's a
credible offer," said Timothy Pettee, a Bear Stearns analyst.
"I think it's certainly on the low end of relative values
of airline deals," said Pettee. Pettee estimated 58 dlrs would
be in a more reasonable range based on other airline mergers.
USAir stock soared after TWA made public its offer. A
spokesman for USAir declined comment, and said USAir had not
changed its offer for Piedmont. USAir offered of buy 50 pct of
that airline's stock for 71 dlrs cash per share and the balance
for 73 dlrs per share in USAir stock.
USAir closed up 5-3/8 at 49-1/8 on volume of 1.9 mln
shares.
Piedmont, which slipped 1/2 to close at 69-5/8, also
remained silent on the TWA action. Piedmont has an outstanding
65 dlr cash per share offer from Norfolk Southern Corp.
Norfolk Southern declined comment, but said it stuck with
its offer for Piedmont. Norfolk owns about 20 pct of Piedmont
and opened the bidding when it said it would propose a takeover
of Piedmont.
Some analysts said Icahn may be trying to acquire USAir to
make his own airline a more attractive takeover target.
"Icahn I think had wanted to sell his airline and there
were no takers. I think the strategy might have called for
making his investment more attractive. One way to accomplish
that specific objective is to go out and acquire other
airlines," said Andrew Kim of Eberstadt Fleming.
"I don't know whose going to buy them, but at least this
way it becomes a much more viable package," said Kim.
But Icahn's financing ability for such a transaction
remains in doubt, in part because of TWA's heavy debt load.
Wall street sources said TWA has some cash with which to do
the offer.
The sources said Icahn has not lined up outside financial
advisers and plans to make his own arrangements.
Icahn earlier this year abandoned plans to buy USX Corp <X>
and still retains 11 pct of that company's stock.
Some Wall street sources said the financier's USX plan was
impacted by the cloud hanging over his adviser, Drexel Burnham
Lambert Inc, because of Wall Street's insider trading scandal.
Industry sources also predicted USAir might reject the TWA
offer on price and financing concerns. "It's littered with
contingencies and it doesn't even have a financing
arrangement," said one executive at another major airline.
But the executive conceded a merged TWA-USAir would be a
strong contender with USAir's east coast route system and
planned west coast presence from PSA. USAir could feed the
intenrational flights of TWA, which has a midwest presence in
its St. Louis hub. Adding Piedmont, dominant in the southeast,
to the mix would develop an even stronger force.
The combined entity would also have TWA's pars reservation
system.
Such a merger would be complex and analysts said it would
result in an airline iwth an 18 pct market share.
Reuter
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Shr loss 29 cts vs profit eight cts
Net loss 2.0 mln vs profit 568,000
year
Shr loss 1.37 dlrs vs profit 88 cts
Net loss 9.3 mln vs profit 6.0 mln
Reuter
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U.S. Trade Representative Clayton
Yeutter said he plans a July trip to China to discuss trade
issues including China's admission to the General Agreements on
Tariffs and Trade.
Yeutter told a congressional hearing it was possible China
could be a member of GATT before the end of the year.
"They are making major moves to becoming a full scale member
of the world economy," he told the House Appropriations
subcommittee which oversees his agency's budget.
Depending on how the negotiations go on the terms of
China's GATT membership, Yeutter said he could put the final
touches on the U.S. part of the agreement during his trip.
The admission of China to GATT, which is the multinational
group of nations which negotiates international rules on trade,
would offer both potential export markets and potential
competition for U.S. industries, he said.
"That has a lot of potential as well as risks for U.S.
business," Yeutter said.
"I think China will develop into a fine market for us," he
added.
Reuter
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Israel will tender overnight for
33,000 long tons of U.S. sorghum and/or 22,000 long tons of
U.S. corn for April shipment, private export sources said.
Reuter
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The Reagan administration's
cabinet-level Economic Policy Council is scheduled to meet
Friday to discuss, among other issues, the status of
agricultural legislation, administration officials said.
The officials said discussion of a U.S. Agriculture
Department wheat export subsidy to the Soviet Union was not on
the agenda. Matters not on the agenda, however, can be brought
before the council, the officials said.
Grain trade officials have speculated that USDA would make
a wheat export enhancement offer to Moscow, but USDA officials
have said the matter is not under active consideration.
USDA today transmitted to Congress a package of legislative
proposals, including bills that would cut target prices and
speed up loan rate reductions.
Reuter
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Shr 13 cts vs 70 cts
Net 1,538,000 vs 8,614,000
Revs 16.4 mln vs 19.6 mln
12 mths
Shr 89 cts vs 2.43 dlrs
Net 10.3 mln vs 29.8 mln
Revs 56.2 mln vs 83.8 mln
Note: 1986 net is before preferred dividend payments and
includes after-tax gain from sale of real estate properties of
12.9 mln dlrs.
Reuter
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Banner Industries Inc said it completed
the previously announced purchase of Rexnord Inc <REX>. It said
it owns 96 pct of Rexnord's outstanding following the purchase
of all Rexnord's common validly tendered pursuant to its 26.25
dlr per share cash tender offer ended February 27.
Banner also said it received 310 mln dlrs pursuant to a
credit agreement with <Citicorp Industrial Credit Inc> and the
<Bank of Nova Scotia> and 260 mln dlrs from an offering made
through Drexel Burnham Lambert Inc.
The merger of Rexnord with a subsidiary of Banner will be
copmleted before mid-May, the company said.
Reuter
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Shr 15 cts vs 18 cts
Net 4,500,000 vs 5,300,000
Revs 156.7 mln vs 152.0 mln
YEAR
Shr 72 cts vs 1.11 dlrs
Net 21.7 mln vs 33.0 mln
Revs 695.4 mln vs 653.5 mln
Note: Shr profit relates to class B non-voting shares.
Reuter
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|
Shr 11 cts vs nine cts
Net 2.1 mln vs 1.6 mln
Revs 60.8 mln vs 32.9 mln
Avg shrs 19.7 mln vs 17.2 mln
Note: period ended January 31.
REUTER
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|
Distillate fuel stocks held in
primary storage fell by 3.4 mln barrels in the week ended Feb
27 to 128.4 mln barrels, the Energy Information Administration
(EIA) said.
In its weekly petroleum status report, the Department of
Energy agency said gasoline stocks were off 100,000 barrels in
the week to 251.5 mln barrels and refinery crude oil stocks
were up 3.2 mln barrels to 333.0 mln.
The EIA said residual fuel stocks fell 2.2 mln barrels to
37.9 mln barrels and crude oil stocks in the Strategic
Petroleum Reserve (SPR) were up 700,000 barrels to 516.5 mln.
The total of all crude, refined product and SPR stocks were
unchanged at 1,575.1 mln barrels, it said.
Reuter
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Allis-Chalmers Corp said it asked
lenders and other groups to approve a restructuring plan that
would cause a dilution of the company's existing common stock.
The company said it would sell all of its businesses other
than the American Air Filter business, make a public financing
of more than 100 mln dlrs and pay part of the currently
outstanding debt with the proceeds.
Under the plan, which was presented to institutional
lenders, the company's unions and the Pension Benefit Guaranty
Corp, "substantial amounts" of institutional debt would be
converted to common stock of the restructured company.
Allis-Chalmers said it will exchange existing preferred
stock for common. The exchange of the institutional debt and
preferred stock for common equity will cause a "resulting
dilution of the existing common stock," Allis-Chalmers said in
a statement.
Under the plan, holders of existing common would hold about
15 pct of the restructured common stock. Holders of existing
preferred would hold about 35 pct of the new common.
Allis-Chalmers said its only alternative to the plan is
bankruptcy. The restructuring must be approved by creditors,
common and preferred holders,and present and former employees.
Allis-Chalmers said a bankruptcy filing "appears to
represent the company's only alternative if agreement upon the
terms of the plan cannot be reached."
The spokesman said in response to an inquiry that he was
not aware of any extraordinary charge against earnings that
would result from the restructuring.
"It is too early to talk about a charge" because the plan
must still be approved by the lenders and unions, he said.
Also under the plan, payments to Allis-Chalmers' private
lenders would be deferred. Trade payables and obligations
incurred in the ordinary course of business will be met.
Payment of health benefits for active and retired employees
would be made "at substantially reduced levels."
Allis-Chalmers, once one of the leading farm equipment
companies, sold all of its farm equipment operations to Deutz
of West Germany for 107 mln dlrs, leaving the company with
businesses in lift trucks, air conditioning, fluids handling
and solid materials processing.
Last year, Allis-Chalmers sold the lift truck business to
AC Material Handling Co of Columbus, Ohio.
Under the restructuring plan, Allis-Chalmers will sell its
solid materials processing and fluids handling businesses.
Solid materials processing, which makes equipment to crush
stones for highway construction, accounted for 288 mln dlrs of
Allis-Chalmers's total 1985 revenues of 886 mln dlrs.
The company will also sell its fluids handling operations,
which makes pumps and valves. That business accounted for 196
mln dlrs of the company's 1985 revenues.
Allis-Chalmers in 1986 reported a net loss of 8.6 mln dlrs,
or 1.09 dlrs a share. In 1985, the company lost 168.4 mln dlrs,
or 12.27 dlrs a share.
The company's last profit was in 1980, when it earned 52.4
mln dlrs on sales of 2.1 billion dlrs.
Reuter
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Oper shr profit 11 cts vs loss 27 cts
Oper net profit 662,625 vs loss 774,002
Revs 43.9 mln vs 18.4 mln
Year
Oper shr profit 37 cts vs loss 37 cts
Oper net profit 1,487,796 vs loss 1,119,626
Revs 150.1 mln vs 51.7 mln
NOTE: 1986 4th qtr and yr oper net excludes 6,134 dlrs and
720,500 dlrs or 20 cts per share, respectively, for realized
investment gains.
1986 qtr and yr oper net also excludes 102,300 dlrs and
257,300 dlrs, respectively, for tax loss carryforwards.
1985 4th qtr and yr oper net excludes realized investment
gains of 449,920 dlrs or 15 cts per share and 897,949 dlrs or
30 cts per share, respectively.
1985 4th qtr oper net also excludes a loss of 42,820 dlrs
for carryforward.
Reuter
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Piedmont Aviation Inc said
its board meeting recessed today without taking action on
proposals to combine Piedmont with other corporations.
Piedmont has received opposing bids from Norfolk Southern
Corp and US Air Corp.
Earlier today, Trans World Airlines Inc offered to either
buy Piedmont suitor US Air or, alternatively, to merge with
Piedmont and U.S. Air.
IN a prepared statement, Piedmont said there would be no
further announcements concerning this situation today.
The company declined to say when the board would meet
again.
Reuter
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U.S. Trade Representative Clayton
Yeutter said he expects imports to fall soon but he was
concerned about the lack of improvement in U.S. exports given
the dollar's decline in the last 18 months.
"I'm convinced we're about to see an improvement on the
import side. I'm more concerned about the export side," he told
a House Appropriations subcommittee.
Part of the blame goes on other countries which have not
generated the economic growth to increase demand for U.S. goods
and part to some U.S. companies which are not generating
competitive exports, he said.
Reuter
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The House Ways and Means trade
subcommittee postponed until next week its opening session to
start drafting major changes to U.S. trade laws, a committee
aide said.
The subcommittee had not yet completed the preparatory work
to start writing the legislation, the aide said.
Reuter
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Oper shr loss 20 cts vs profit 66 cts
Oper net loss 1,995,000 vs profit 5,820,000
Revs 65.2 mln vs 53.0 mln
Avg shrs 9,891,000 vs 8,811,000
Note: 1986 loss excludes extraordinary loss of 2,413,000
dlrs or 25 cts shr including corporate reorganization,
discontinuing of U.S. operations and inventory writedown of
U.S. subsidiaries vs yr-ago loss of 3,140,000 dlrs or 36 cts
shr.
Reuter
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Qtly div three cts vs three cts
Pay March 27
Record March 16
Reuter
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Southland Corp's Citgo Petrleum Corp
said it raised the contract price it will pay for all grades of
crude oil by one dlr a barrel, effective today.
The increase brings Citgo's posted price for West Texas
Intermediate to 17.00 dlrs a bbl. West Texas Sour is also now
priced at 17.00 dlrs/bbl, and Light Louisiana South is posted
at 17.35 dlrs/bbl.
On February 25 Citgo lowered its crude postings 50 cts to
1.50 dlrs per bbl, and cut WTI one dlr to 16.00.
Reuter
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Shr profit ten cts vs loss six cts
Net profit 43,000 vs loss 26,000
Year
Shr profit 46 cts vs profit 12 cts
Net profit 193,294 vs profit 51,029
Assets 44.4 mln vs 25.3 mln
Deposits 40.0 mln vs 21.4 mln
Loans 25.3 mln vs 15.2 mln
Reuter
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U.S. oil demand as measured by
products supplied rose 2.1 pct in the four weeks ended February
27 to 16.39 mln barrels per day (bpd) from 16.05 mln in the
same period a year ago, the Energy Information Administration
(EIA) said.
In its weekly petroleum status report, the Energy
Department agency said distillate demand was down 2.1 pct in
the period to 3.37 mln bpd from 3.44 mln a year earlier.
Gasoline demand averaged 6.60 mln bpd, up 2.4 pct from 6.44
mln last year, while residual fuel demand was 1.47 mln bpd, up
1.9 pct from 1.44 mln, the EIA said.
Domestic crude oil production was estimated at 8.38 mln
bpd, down 8.7 pct from 9.18 mln a year ago, and gross daily
crude imports (excluding those for the SPR) averaged 4.11 mln
bpd, up 36.9 pct from three mln, the EIA said.
Refinery crude runs in the four weeks were 12.21 mln bpd,
up 2.2 pct from 12 mln a year earlier, it said.
Year-to-date figures will not become available until March
26 when EIA's Petroleum Supply Monthly data for January 1987
becomes available, the agency said.
Reuter
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The package of proposed farm policy
changes that the Reagan administration sent to Congress today
includes a provision that would eliminate minimum price support
levels for upland cotton, rice and soybeans.
The package, obtained by Reuters, also includes a
provision, outlined in advance by USDA officials, that would
increase the annual permissible cut in the basic price support
levels for all major crops to 10 pct from five pct.
Under current law, the basic support prices for upland
cotton, rice and soybeans between 1987 and 1990 cannot be cut
below 50 cents per lb, 6.50 dlrs per hundredweight and 4.50
dlrs per bushel, respectively.
USDA's intention to propose scrapping price floors for
cotton, rice and soybeans had not been disclosed previously.
Reuter
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1,
0,
0,
0,
0,
0
] |
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