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The Bank of Japan actively bought dollars
here in early afternoon trade at around 142.20 yen, dealers
said.
The central bank had placed buy orders at that level and
prevented the dollar from falling when it came under heavy
selling pressure from investment trusts and trading houses,
they said.
However, the intervention failed to boost the U.S. Currency
significantly from the 142.20 yen level, they added.
The dollar was trading around its midday rate of 142.30
yen. It had opened here at 141.85 yen.
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Japanese trade figures are seriously
challenging the entrenched view of policy makers of the Group
of Seven industrialised nations that relative currency rates
are the key to smoothing world trade problems.
Senior Japanese, U.S. And European officials in Tokyo say
they are at a loss to fully explain the data, for if currencies
are the key they ask, why then are are U.S. Exports to Japan
shrinking?
What if manipulating currencies and driving the dollar down
made world trade problems worse rather than solving them,
fulfilling Federal Reserve chairman Paul Volcker's forecast of
world trade recession?
U.S.-Japan trade has declined even after a 40 pct dollar
fall against the yen since the September 1985 Group of Five
pact in New York.
The lower dollar ought to have made U.S. Exports 40 pct
more competitive in Japan. The officials, most of them
economists, can offer no objective reason why they are not.
Worse, how are European Community sales to Japan rising
rapidly when the European Currency Unit has until now declined
only 11 pct against the yen.?
Last week's G-7 meeting in Washington has been widely
interpreted as a sign from the policy makers that the dollar
must go lower. So worst of all, what if Volcker is correct?
At a loss to give an objective explanation, officials can
only offer explanations which tend to be highly subjective.
"I don't know and I don't think anyone knows," said Hugh
Richardson, acting head of the EC delegation in Tokyo.
"What I do know is that Community exporters are making a
hell of an effort in this market. If you make an effort, there
is money to be made in Japan," he added.
But U.S. Officials and businessmen are convinced low U.S.
Exports to Japan are Japan's fault. They cite restrictive trade
practices, protected Japanese trade sectors, such as
agriculture, and non-tariff barriers, such as unreasonable
checking and customs procedures for car imports.
Publicly, Japanese officials remain conciliatory in the
face of what they see as U.S. Aggression. In private, they
blame U.S. Industry for being uncompetitive.
"We see it that way, but we don't like to seem arrogant,"
said a senior official, who declined to be named. "We like to
refrain from accusing them of not making enough effort."
Industrialists such as Eishiro Saito, chairman of the
Keidanren business group, and Sony Corp chairman Akio Morita
repeatedly accuse foreign firms of not making enough effort to
understand Japan's markets, and some foreigners agree. "The real
issue is the inability of major sectors of American and
European industry to compete not only internationally but even
in their home markets," Peter Huggler, President of Interallianz
Bank Zurich, told a recent conference in Switzerland.
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Shr 1.11 dlrs vs 1.10 dlrs
Shr diluted 1.03 dlrs vs 1.02 dlrs
Net 8,186,000 vs 8,114,000
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Computer Associates International Inc
said it has started its previously-announced 1.92 dlr per share
tender offer for all shares of BPI Systems Inc.
In a newspaper advertisement, the company said the offer,
which has been approved by the BPI board and is to be followed
by a merger at the same price, is conditioned on receipt of at
least 1,813,742 shares. The offer and withdrawal rights expire
May 15 unless extended.
In addition to shares sought in the tender, shareholders of
BPI owning 1,951,720 shares or 34.6 pct have agreed to sell
their shares to Computer Associates for the tender price.
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Shr 21 cts vs eight cts
Net 6,597,000 vs 2,602,000
Revs 56.4 mln vs 23.2 mln
1st half
Shr 57 cts vs 32 cts
Net 17.6 mln vs 9,810,000
Revs 137.7 mln vs 76.0 mln
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Year to end-December Shr 76.7p vs 67.7p
Div 17p making 23p vs 21p
Pretax profit 127.0 mln stg vs 116.9 mln
Turnover 1.10 billion vs 947.2 mln
Tax 25.0 mln vs 26.3 mln
Note - company full name is Blue Circle Industries Plc
<BCIL.L>. Company said it proposes one-for-one capitalisation
issue
Gross profit 390.9 mln vs 321.6 mln
Distribution costs 215.6 mln vs 177.6 mln
Administrative expenses 65.1 mln vs 58.9 mln
Other operating income 5.3 mln vs 11.0 mln
Share of profits of related companies 50.0 mln vs 58.1 mln
Operating profit 165.5 mln vs 154.2 mln
Net interest payable 33.6 mln vs 32.2 mln
Exceptional items 4.9 mln debit vs 5.1 mln debit
Minorities 3.4 mln vs 6.9 mln
Extraordinary items after tax 39.5 mln vs 4.2 mln
Pretax profit includes -
U.K. 37.7 mln vs 20.5 mln
U.S. 27.5 mln vs 22.8 mln
Mexico 15.0 mln vs 20.7 mln
Australasia 15.7 mln vs 13.2 mln
Africa 12.0 mln vs 12.6 mln
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Crazy Eddie Inc said it is
negotiating for the possible acquisition of Benel Distributors
Ltd, which operates Crazy Eddie Record and Tape Asylums in all
Crazy Eddie stores.
It said the acquisition would probably also include
affiliate Disc-o-Mat Inc, which operates a number of record and
tape stores in the New York metropolitan area.
Other details were not disclosed.
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Crazy Eddie Inc said its board has
adopted a defensive shareholder rights plan and said it has
received "friendly inquiries" on its acquisition.
It said under the plan, shareholdrs of record as of April
21 will receive a right to purchase under certain circumstances
at a price of 42 dlrs 0.01 preferred share for each common
share held. The rights will expire April Nine.
The company said the rights would be exercisable 20
business days after a party were to acquire 20 pct or more of
Crazy Eddie common stock or announce a tender or exchange offer
that would result in ownership of 30 pct or more.
Crazy Eddie said if a party owning 20 pct or more of its
stock were to merge into it or if a party were to acquire 40
pct or more of Crazy Eddie stock, right holders other than the
acquiring party would be entitled to acquire common shares or
other securities or assets with a market value equal to twice
the rights' exercise price.
If after a party acquired 20 pct or more of its stock Crazy
Eddie were acquired or 50 pct of its earnings power or assets
sold, rightholders other than the acquirer would be entitled to
buy shares of the acquirer's common stock worth twice the
rights' exercise price, the company said.
Crazy Eddie said if a party were to acquire 30 pct or more
of its common stock and then fail to acquire Crazy Eddie within
180 days thereafter, rightholders would be entitled to exchange
their Crazy Eddie common stock for subordinated notes of Crazy
Eddie maturing either one year or, above a certain dollar limt,
five years after issuance.
Crazy Eddie said adoption of the plan is not in response to
any known effort to acquire control of it. But the company
said it has become aware of some "possible accumulations" of
its stock has has received some "friendly inquiries."
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The Zambian kwacha fell at this week's
foreign exchange auction to 18.75 kwacha to the dollar from
last week's 16.95, the Bank of Zambia said.
The rate was the lowest since the auctions resumed two
weeks ago under a new two-tier exchange rate system worked out
with the World Bank and International Monetary Fund.
The Bank of Zambia said it received 370 bids, ranging from
13.00 to 20.75 kwacha, for the six mln dlrs on offer. One
hundred and thirty-five bids were successful.
A British High Commission spokesman said Britain would put
eight mln stg into the auction at a rate of one mln a week as
soon as Zambia reached a full agreement with the IMF.
The money could be spent only on goods produced and
supplied by British firms, excluding luxuries and defence
equipment, the spokesman added.
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Senate Finance Committee Chairman
Lloyd Bentsen (D-Tex.) called on major industrial countries to
make a pledge at the coming economic summit in Venice to cut
interest rates.
"I think at the summit meeting in Venice what we ought to be
trying to do is to get the other major industrial nations that
are involved to bring interest rates down, say, one pct,"
Bentsen told NBC Television's "Meet the Press."
Bentsen said coordinated rate cuts could take "billions off
the debt service of the Latin countries" and help ease
protectionist pressures in the industrial countries.
Bentsen also South Korea and Taiwan should be pressured to
revalue their currencies in relation to the U.S. dollar.
"You take the Taiwanese, with an enormous capital surplus,
enormous trade surplus, and we've had very little cooperation
there," he said.
Departing Deputy Treasury Secretary Richard Darman told the
same television network he agreed that the U.S. dollar had not
fallen enough against the currencies of some countries.
"I think that more does have to be done there in
negotiations with the countries involved, the so-called NICs
(newly industrialized countries)," he said.
Darman said such negotiations with newly industrialized
countries were underway privately.
Bentsen predicted Congress and the White House would agree
on a fiscal 1988 budget that would raise between 18 and 22
billion dlrs in new revenues.
The Texas senator said a series of excise taxes would be
considered by Congress, including an extension of the telephone
tax and new levies on liquor and cigarettes.
Bentsen said he supported an oil import fee, but that it
would not happen without President Reagan's support.
Darman called for a "top level negotiation" between the White
House and Congress on a budget compromise that would include
asset sales, some excise taxes, cuts in middle-class
entitlement programs, "a reasonable, steady rate of growth in
defense" and reform of the budget process.
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A 3.22 billion dlr offer for Dome
Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
may short-circuit Dome's restructuring plan and open the door
for more takeover bids, oil analysts said.
Dome is trying to get approval for a plan to refinance debt
of more than 4.5 billion dlrs by July 1, 1987, when an interim
debt plan that allowed the Canadian oil and gas firm to defer
substantial payments to creditors will expire.
Analysts said TransCanada's bid signals Dome's debtholders
that an alternative exists to Dome's debt plan.
Dome announced its plan to 56 major creditors as well as
public noteholders in March after several months of delicate
negotiations.
TransCanada's proposal "amounts to a quasi debt
restructuring," oil analyst Doug Gowland of Brown Baldwin Nisker
Ltd said from Toronto.
Calgary-based Dome's restructuring plan would allow
creditors to convert debt to common shares under a formula yet
to be negotiated. Payments on remaining debt would be linked to
cash flow generated by assets pledged against the debt.
"The weakness of the whole debt-refinancing proposal is that
even with approval of creditors, there is no assurance that
Dome will in fact be able to repay all of its debt obligations,"
said Wilf Gobert, an oil analyst for Peters and Co Ltd in
Calgary.
TransCanada's announcement came as a surprise since Dome
was waiting for responses from creditors on its proposed
refinancing packages, Gobert said.
The TransCanada proposal could open the bidding for Dome
since other potential buyers were probably waiting for lenders
to agree to a restructuring, he added.
"I would think that the debtholders would want to entertain
any and all offers (for Dome)," Gobert said.
Dome spokesman David Annesley said in New York that
TransCanada's announcement could be seen as an attempt to fix
the bidding price for Dome and an effort to preclude other
possible buyers from making an offer. "By drawing attention to
us in our discussions, it means that others may be a little
reluctant to come forward," he said.
Dome does not consider TransCanada's proposal a formal
offer because the pipeline utility's announcement breached a
confidential agreement between the two companies, he said.
Dome responded to the statement by suspending discussions
with TransCanada in order to pursue talks with other
unidentified parties. However, Dome said its management and
financial advisers would evaluate all proposals, including
TransCanada's.
Gowland said TransCanada's offer is probably a fair price
for the company's 36.1 mln acres of oil and gas land holdings.
However, he said not enough financial details are known
about Dome's debt restructuring to compare the value of
TransCanada's proposed offer.
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Investor Martin T. Sosnoff said he has
raised his offer for Caesars World Inc shares to 32 dlrs each
from 28 dlrs and has reduced the number of shares he is seeking
to 29.1 mln from all those not already owned.
In a newspaper advertisement, Sosnoff said the bid by his
MTS Acquisition Corp, withdrawal rights and the proration
period will now expire June 19 unless extended. The offer had
been scheduled to expire May 15. In late March, Sosnoff said he
had received a "negligible" number of shares in response to the
offer, which had been rejected by Caesars as inadequate.
Sosnoff already owns about four mln of Caesars' 30 mln
common shares now outstanding, or a 13.3 pct interest on a
primary basis.
Last week, Caesars' board approved a recapitalization plan
as an alternative to the Sosnoff offer under which shareholders
would receive a special dividend of 25 dlrs per share, subject
to approval by shareholders at a special meeting to be held in
June.
The company planned to borrow 200 mln dlrs and sell 800 mln
dlrs in debt to finance the payout.
Sosnoff said in the newspaper advertisement that the
amended offer is conditioned on receipt of enough shares to
give him a majority interest on a fully diluted basis and on
the arrangement of financing, as well as to approvals by New
Jersey and Nevada gaming authorities.
He said the tender would be the first step in acquiring all
of Caesars' shares and if successful would be followed by a
merger transaction.
Sosnoff said later in a statement that the 29.1 mln shares
he is now seeking, together with the 4,217,675 shares he owns,
would give him a 92.4 pct interest on a fully diluted basis.
He said he still has received only a "negligible" number of
shares in response to his tender.
In a letter to Caesars' chairman Henry Gluck included in
the statement, Sosnoff said Gluck had again refused, on April
8, to meet with him, even though he had said he was willing to
increase the price of his offer.
Sosnoff said the financing for the offer is almost fully in
place.
Sosnoff said PaineWebber Group Inc <PWJ> has now delivered
to him commitments to purchase up to 475 mln dlrs of increasing
dividend cumulative exchangeable preferred stock of MTS Holding
Corp, an indirect parent corporation of MTS Acquisition.
He said Marine Midland Banks Inc <MM>, which leads a
syndicate that has provided commitments for a 500 mln dlr
margin facility, believes it will be able to arrange for
further commitments under the margin facility to advance up to
an additional 25 mln dlrs that may be needed to permit the
purchase of shares under the offer.
Sosnoff said under the merger that would follow his tender,
each of the 2,750,000 Caesars shares not covered by the offer,
or 7.6 pct on a fully diluted basis, would be converted into
Series A preferred stock valued at 32 dlrs per shareby an
independent investment baking firm.
He said "To the extent that fewer than 29,100,000 sdhares
are purchased in the offer, the stockholders would receive a
combination of cash and Series A preferred stock having a value
of 32 dlrs per share of Caesars."
Sosnoff said he believes terms of his offer are superior to
Caesars' recapitalization.
Sosnoff said he will be meeting this week with gaming
officials in Nevada in an effort to expedite the investigatory
process required for regulatory approval, a process that it
already underway in New Jersey.
He said his offer has been extended based on the likely
duration of the regulatory process.
He said he intends to further extend the offer if the
approval process is not completed by the expiration date.
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Shr loss 67 cts vs loss two cts
Net loss 3,721,000 vs loss 107,000
Revs 155.7 mln vs 24.2 mln
NOTE: Results for 12 months ended Dec 31, 1986, and eight
months ended Dec 31 1985. Because of the acquisition of Brooks
Drug in September 1986 and the company's change of fiscal year,
prior-year results are not comparable, Compact Video explained.
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Oper shr 45 cts vs 26 cts
Oper net 2,258,000 vs 1,166,000
NOTE: 1986 net excludes 842,000 dlr tax credit.
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Shr primary one dlr vs 85 cts
Shr diluted 97 cts vs 81 cts
Net 108.6 mln vs 86.8 mln
Rev 2.70 billion vs 2.17 billion
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International Corona Resources Ltd said
its board of directors believes that terms of Royex Gold Mining
Corp's previously announced offer are fair and reasonable, but
it decided it will make no recommendation on the offer to its
shareholders.
Royex on March 31 offered to buy four mln Corona shares.
For each Corona share it offered four dlrs cash, one series B
share of Royex, one series C share of Royex and one share
purchase warrant. It also bid for all Corona warrants expiring
Aug 31, 1987.
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South Atlantic Financial Corp
said it has agreed in principle to merge with Independence
Holding Co into a new company to be called SAFCO International
Ltd.
It said each South Atlantic share would be exchanged for
one SAFCO share and each Independence share for 2.822 SAFCO
shares.
Independence now owns about 40 pct of South Atlantic's 9.8
mln primary common shares.
South Atlantic said said its chairman and chief executive
officer Sheldon S. Gordon would have the same posts with SAFCO
and Independence president Ronald G. Strackbein would be
president of SAFCO.
The company said the transaction is subject to execution of
definitive agreements, the receipt of fairness opinions from
investment banks and approval by boards and shareholders of
both companies. It said proxy materials are expected to be
maioled this quarter. Both South Atlantic and Independence
are insurance companies.
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Shr 47 cts vs not given
Net 2,100,000 vs 1,277,000
NOTE: Company went public in fourth quarter of 1986.
Home Federal Savings and Loan Association of Upper East
Tennessee.
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Shr profit one ct vs nil
Net profit 74,000 vs profit 10,000
Revs 925,000 vs 112,000
Avg shrs 10 mln vs nine mln
Six mths
Shr loss nil vs loss one ct
Net loss 16,000 vs loss 90,000
Revs 1,855,000 vs 333,000
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1st qtr
Shr 1.30 dlrs vs 1.65 dlrs
Net 785 mln vs 1.02 billion
Gross income 10.68 billion vs 10.13 billion
Avg shrs 604.6 mln vs 615.6 mln
NOTE: Pretax net 1.34 billion vs 1.83 billion.
Sales 6.50 billion vs 6.10 billion, maintenance gross
income 1.95 billion vs 1.77 billion, program products gross
income 1.40 billion vs 1.15 billion and rentals and other
services 825 mln vs 1.10 billion.
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USAir Group Inc said, in announcing
the final proration factor for its tender offer for Piedmont
Aviation Inc <PIE>, that 17.0 mln shares, or 90 pct of the
shares were validly tendered.
USAir said it has purchased and will pay for 9.3 mln
shares, representing about 55 pct of those tendered.
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The Bank of England said it provided the
market with a further 68 mln stg assistance this afternoon,
bringing its total assistance on the day to 143 mln stg.
Shortly before, the Bank said it had revised its estimate
of the shortage up to 450 mln stg from the earlier forecast of
400 mln.
During the afternoon, the bank bought 22 mln stg of band
two bank bills at 9-13/16 pct and two mln stg of local
authority bills plus 44 mln stg of bank bills in band four at
9-11/16 pct. These rates were in all cases unchanged from
previous intervention levels.
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Goodyear Tire and Rubber Co said it
expects to report earnings from continuing operations of over
one dlr per share on 71.3 mln average shares outstanding.
In last year's first quarter the company lost 60.0 mln dlrs
or 55 cts per share on 108.4 mln shares outstanding, after a
110.8 mln dlr writedown of oil reserves of its Celeron Corp
unit.
Goodyear said it will report first quarter results April 27.
Goodyear chairman Robert E. Mercer also told the annual
meeting that unless there is a major downturn in the economy,
it expects to work its debt down to normal levels in three
years through its restructuring and cash flow from improved
margins.
The company set up its restructuring program to fend off a
hostile takeover attempt by Sir James Goldsmith. As part of
the restructuring, Goodyear executed a major stock buyback
program that resulted in an increase in its debt.
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Member states of the European
Community are starting to run out of patience with Japan which
they believe has repeatedly promised major initiatives to open
its market to imports, but as often made only minor moves.
Diplomatic sources here said several recent actions by EC
countries bear witness to a new disillusionment with the
willingness, or at least the ability, of the Japanese
government to reduce its massive trade surplus with the EC.
However, they said an all-out trade war may be far off, as
EC states know they would suffer almost as much as Japan.
Senior EC diplomats gave a generally favourable reaction to
an EC executive commission proposal under which the EC could
raise tariffs on a range of Japanese products if the U.S.
Carries out a threat to make a similar move on April 17.
The EC tariffs, which would involve renouncing obligations
entered into with the world trade body GATT, would be designed
to stop a diversion of exports to the EC market from that of
the U.S.
The diplomats were meeting as Tokyo announced that the EC's
trade deficit with Japan reached a record 2.13 billion dlrs in
March, up from 1.94 billion in February.
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The European Community (EC) has
effectively given Japan six weeks to take moves to open its
market to imports before it decides on possible tough
retaliatory trade measures, EC diplomats said.
They said EC foreign ministers will meet on May 25 and 26
to review the state of trade relations between the two sides.
The EC executive commission was asked by representatives of
member states on Friday to propose a renunciation of some EC
pledges to the world trade body, GATT, unless there are
"adequate and early measures to open the Japanese market."
Such a renunciation would be the first step to imposing
stiff increases in duties, or quantitative limits, on Japanese
exports.
The diplomats said it was unlikely that the issue would be
discussed in detail at the next meeting of EC foreign ministers
on April 27 and 28 in Luxembourg as time was needed to prepare
proposals for possible retaliatory action.
They said the commission has powers to take some limited
action before getting ministerial approval to prevent Japanese
exports of electrical, photographic and other goods being
diverted to Europe following of possible U.S. Tariff moves.
In May, the ministers are also likely to discuss how to
prevent Japan from getting an extra trading advantage as a
result of Spain and Portugal joining the bloc, which obliges
them gradually to reduce tariffs on many industrial goods.
Japan's trade surplus with the Community has grown
steadily, registering a record 2.13 billion dlrs in March.
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P.H. Glatfelter Co said it
has reached an agreement to acquire all the capital stock of
<Ecusta Corp> for 149,177,857 dlrs in cash.
Glatfelter, a printing and writing paper maker, said Ecusta
operates an uncoded three sheet and light-weight specialty
paper mill in Pisgah Forest, N.C. The mill produces and
converts paper products used by the doemstic and foreign
tobacco industry.
Glatfelter said it expects to close the deal by May 31.
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First Marathon Inc said it planned a
two-for-one stock split, to be effective on shareholders'
approval at the June 4 annual meeting.
The financial services company said it also completed the
previously reported 29.6 mln dlr private placement of 1.5 mln
non-voting preferred shares convertible one-for-one into
non-voting class A shares.
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0,
0,
0,
0
]
|
Shr 66 cts vs 57 cts
Net 20.0 mln vs 17.1 mln
Avg shrs 30.3 mln vs 30.0 mln
Reuter
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|
International Business Machines
Corp said shipments and revenues were higher in the first
quarter, but net earnings fell 22.8 pct in part due to higher
expenses.
IBM said net income fell to 785 mln dlrs or 1.30 dlrs a
share from 1.02 billion dlrs or 1.65 dlrs on about 1.8 pct
fewer shares outstanding.
While total sales and income rose 5.5 pct to 10.68 billion
dlrs from 10.13 billion dlrs, costs and expenses rose 12.1 pct
to 9.61 billion dlrs from 8.57 billion in the quarter, the
computer maker said.
The company said it continues to take actions to make it
more competitive, including cost and expense reduction
measures.
"Although the worldwide economic situation remains
unsettled, there are some encouraging signs in our business,"
IBM said in a statement.
"In addition to the increase in first quarter shipments, we
have announced new offerings in our large processor and
personal computing product lines," it said.
"We have yet to fully benefit from our recent product
announcements, retirement incentives and other resource
balancing measures, and we expect these actions will have a
more significant impact as 1987 progresses," the company added.
It said it expects more than 12,000 U.S. employees to take
advantage of the retirement incentives announced last year.
Pretax earnings fell 27 pct to 1.34 billion dlrs from 1.83
billion, IBM said. Pretax margins slipped to 12.5 pct in 1987
from 18.1 pct in 1986, it said.
Reuter
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|
Graan Elevator Mij, GEM, said its
balance in port of grains, oilseeds and derivatives rose to
146,000 tonnes on April 11 from 111,000 a week earlier after
arrivals of 404,000 tonnes and discharges of 369,000 tonnes
last week.
The balance comprised 21,000 tonnes of grains plus oilseeds
and 125,000 tonnes of derivatives.
This week's estimated arrivals total 274,000 tonnes, of
which 71,000 are grains/oilseeds and 203,000 derivatives.
The figures cover around 95 pct of Rotterdam traffic in the
products concerned.
Reuter
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0,
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]
|
Shr 15 cts vs 15 cts
Net 689,561 vs 784,088
Sales 19.2 mln vs 19.8 mln
Avg shrs 4.7 mln vs 5.3 mln
NOTE: 1986 net includes a gain of 108,000 dlrs or two cts a
share from proceeds from the sale of property.
Reuter
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0,
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|
Shr 65 cts vs 51 cts
Net 61.5 mln vs 50.2 mln
Revs 1.12 billion vs 960.8 mln
Avg shrs 95.3 mln vs 99.4 mln
Reuter
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|
The U.S. Agriculture Department has
lowered its ASCS terminal prices for low protein hard red
winter and hard red spring wheat at a number of locations, a
senior USDA official said.
USDA reduced the price of hard red winter wheat at Kansas
City and Texas by six cents, at Minneapolis and Duluth by 32
cents and at St Louis by nine cents, Ralph Klopfenstein, deputy
administrator of commodity operations at the Agricultural
Stabilization and Conservation Service, said.
The department also lowered the terminal price of hard red
spring wheat at Minneapolis and Duluth by 32 cents, he said.
In addition, USDA cut the Pacific Northwest price of hard
red spring wheat by 31 cents, USDA officials who asked not to
be identified said.
The officials said hard red spring wheat prices at Chicago,
Denver and Toledo were adjusted by about the same amount as at
Pacific Northwest, Duluth and Minneapolis.
The price changes should lead to a pickup of PIK and roll
activity, Klopfenstein said. The price change was decided upon
last week and will be effective today, he said.
Klopfenstein also said the department raised the premiums
on high protein wheat to offset the drop in low protein wheat
prices, meaning the net price on any wheat commanding a protein
premium would remain unchanged.
Reuter
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|
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
30-140 days 5.00 pct 5.00 pct 30-179 days
141-160 days 6.13 pct 6.08 pct 180-200 days
161-182 days 5.00 pct 5.00 pct 201-274 days
183-200 days 6.17 pct 6.18 pct 275-290 days
201-360 days 5.00 pct 5.00 pct 291-360 days
Reuter
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Shr 51 cts vs 40 cts
Net 1.4 mln vs 851,000
Revs 9.8 mln vs 6.5 mln
Six months
Shr 74 cts vs 50 cts
Net 2.0 mln vs 1.1 mln
Revs 17.7 mln vs 11.3 mln
Avg shrs 2.7 mln vs 2.1 mln
NOTE:Quarter ended March 31. 1987 six months includes
charge of 115,000 dlrs due to reversal of investment tax
credits.
Reuter
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|
Boston Five Cents Savings Bank said it
and Neworld Bank for Savings have agreed to merge, forming a
new holding company, Boston Five Bancorp.
Boston Five said the proposal calls for its holders to
receive 1.163 shares of the new company's stock for each share
now held and for Neworld Bank holders to recieve one share for
each share held in a tax free exchange.
Boston Five said the planned merger with Newworld Bank for
Savings Will create the largest savings bank in Massachusetts
and the third largest in New England with combined assets of
3.1 billion dlrs.
Boston Five chairman Robert J. Spiller said "There is a
natural fit between both banks. We consider this to be a merger
of equals."
Spiller will become Chairman of Boston Five Bancorp and
Neworld president James M. Oates will be president and chief
executive officer.
Boston Five said its President, Peter J. Blampied, will
become vice chairman and chief operating officer of the holding
company. The board of the holding company will have an equal
number of directors from each institution.
"Unlike many recent combinations, this merger has no
acquisition premium associated with it," Blampied said.
Boston Five has assetsof 1.9 billion dlrs and 35 officers.
Neworld has assets of 1.2 billion dlrs and 24 officers in
Massachusetts. It also has a loan center in New Hampshire.
Reuter
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Coopervision Inc said it is
preparing a recapitalization plan, which includes a common
stock repurchase program and an exchange of debt securities for
common stock.
The plan, along with a proposal to change its name to
Cooper Cos Inc, will be submitted for shareholders' approval at
the company's annual meeting on June 22.
The meeting had been postponed from its original date of
May 14 in order to let management review recapitalization
options, it said.
In addition, Coopervision said operating income in its
current fiscal quarter ending April 30 is expected to show an
improvement over its prior fiscal quarter's 82.5 mln dlrs and
its year ago quarter.
Income from continuing operations was not immediately
availalbe for the prior year's second quarter in which it
reported a net loss of 14.9 mln dlrs.
At a Drexel Burnham Lambert Investor Conference,
Coopervision chairman Parker Montgomery said, as previously
announced, he will listen to any bid that makes sense for
shareholders.
He also said Coopervision's stock fell in 1986 due to its
second quarter loss, rumors of a liquidation at 30 dlrs and 35
dlrs a share, and Ivan Boesky's subsequent sale of his
position.
"The stock dropped six dlrs in three days after Boesky sold
his position and has never recovered," Montgomery said. The
company's stock is currently trading at 19-1/4.
Montgomery further told the conference, "Don't be an
investor in the stock on the basis of any short term recovery
in operating or net income in 1987 and 1988."
"Our concentration is on maintaining or increasing market
share in our core businesses this year and next, regardless of
the impact to the bottom line," he said.
Reuter
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Shr 72 cts vs 52 cts
Net 38.6 mln vs 25 mln
Revs 281.8 mln vs 174.5 mln
Avg shrs 53.5 mln vs 48.2 mln
NOTE: 1987 1st quarter amounts do not includes sales of
AVIA Group International Inc, acquired at the end of the first
quarter. 1987 1st quarter revenues include Rockport revenues of
31 mln dlrs. 1986 1st quarter amounts do not include Rockport,
as Reebok acuqired that company in October 1986.
Reuter
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Oper shr 16 cts vs three cts
Oper net 1,930,000 vs 391,000
Revs 313.9 mln vs 308.9 mln
Avg shrs 11.9 mln vs 12.0 mln
Year
Oper shr 60 cts vs 27 cts
Oper net 7,215,000 vs 3,340,000
Revs 1.23 billion vs 1.16 billion
Avg shrs 11.9 mln vs 12.0 mln
NOTE: Prior year net excludes gains 4,896,000 dlrs in
quarter and 8,873,000 dlrs in year from termination of
overfunded pension plans.
Backlog 1.0 billion dlrs vs 942 mln dlrs.
Reuter
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The Bank of England said it gave the
market late assistance of around 210 mln stg, bringing its
total help on the day to some 353 mln stg.
This compares with the Bank's estimate of the liquidity
shortage of around 450 mln stg, raised from its early forecast
of 400 mln stg.
REUTER
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Blue Arrow PLC said it signed an
agreement to acquire Richards Consultants Ltd for 29 mln dlrs
in cash and securities.
Richards is a privately-owned New York-based executive
recruitment firm.
As part of the agreement, Blue Arrow said the four
principal shareholders who manage Richards will enter into
long-term service contracts with it. The agreement is subject
to approval of Blue Arrow shareholders.
Reuter
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Merry-Go-Round Enterprises Inc said
its board declared a three-for-two stock split, payable May One
to holders of record April 17.
Reuter
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|
|
Shr 1.51 dlr vs 1.62 dlr
Net 28.6 mln vs 30.4 mln
Assets 23.8 billion vs 20.9 billion
Deposits 15.5 billion vs 14 billion
Loans 13.8 billion vs 12 billion
Reuter
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|
Shr 28 cts vs 32 cts
Net 2,823,000 vs 3,216,000
Rev 47.9 mln vs 42.9 mln
NOTE: The 1986 earnings per share adjusted for a four for
three stock distribution paid May 1986.
Reuter
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|
|
Shr 15 cts vs 14 cts
Net 2,028,000 vs 1,879,000
Revs 32.1 mln vs 29.5 mln
Reuter
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|
NVHomes LP said April 30 will be
the distribution date for new units as a result of its
previously-announced two-for-one split to unitholders of record
April 20.
Reuter
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BERKEY INC <BKY> 4TH QTR NET
GREENWICH, Conn., April 13
Oper shr profit one cent vs loss 32 cts
Oper net profit 64,000 vs loss 1,496,000
Revs 47.1 mln vs 60.4 mln
12 mths
Oper shr loss 2.87 dlrs vs loss 70 cts
Oper Net loss 13.5 mln vs loss 3,267,000
Revs 166.6 mln vs 159.8 mln
NOTE: qtr 1985 excludes profit 663,000 dlrs, or 14 cts per
share, from discontinued operations; and excludes loss 900,000
dlrs, or 19 cts per share, for net operating loss carryforward.
12 mths 1986 excludes discontinued operations loss 129,000
dlrs, or three cts per share.
12 mths 1985 excludes discontinued operations gain
9,837,000 dlrs, or 2.12 dlrs per share; and excludes gain
813,000 dlrs, or 17 cts per share, for net operating loss
carryforward.
Reuter

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|
Bankers Trust Co said it is raising
its broker loan rate to 7-1/2 pct from 7-1/4 pct, effective
immediately.
U.S. Trust Co, the only other bank to publicize its broker
rate, was already posting 7-1/2 pct.
Reuter
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Pentland Industries PLC said it report
a substantial capital gain from the sale of part of its
holdings in Reebok International Limited, which will cut its
stake in Reebok to 32.2 pct from 36.7 pct.
It said Reebok filed a registration statement with the
Securities and Exchange Commission for the offering of six mln
shares of Reebok common. Reebok will sell three mln shares and
Pentland will sell 1,404,866 shares, reducing its stake in
Reebok to 18.1 mln from 19.5 mln shares.
After the offering, Reebok will have 56.1 mln shares shares
outstanding.
Pentland said the amount of the capital gain from the sale
depends on the offering price for the Reebok shares to be
negotiated between it, Reebok, and the other selling
stockholders who will offer about 1.6 mln shares of Reebok
common, and the underwriters.
Pentland said proceeds from the offering will be used by
Reebok to retire bank debt incurred in its acquisition of AVIA
Group for about 180 mln dlrs. Is said that afterwards, Reebok
will have bank credit lines available for general corporate
purposes, including possible acquisitions.
Reebok's stock was selling at 45-1/2, up 1/8. At that
price, the 1.4 mln Reebok shares Pentland will sell are worth
about 64 mln dlrs and the three mln shares Reebok will sell are
worth about 136.5 mln dlrs.
Pentland said it will use proceeds to fund growth and
possible acquisitions.
Pentland said 4,500,000 shares of Rebbok will be offered in
the U.S. by a syndicate led by Kidder, Peabody and Co Inc and
1,500,000 shares will be offered outside the U.S. by an
international syndicate led by Kidder.
It said the U.S. underwriters have been granted an option
to buy from certain selling stockholders up to an additional
900,000 shares to cover overallotments. Pentland said it has
not chosen to participate in this over allotment.
Pentland said that as soon as the date and price of the
offering have been determined it will release further details.
It said it expects the offering to close in May.
Reuter
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Net 17.7 mln vs 15.3 mln
NOTE: <National Westminster Bank PLC> subsidiary.
Loan loss provision 13.8 mln vs 13.0 mln
Investment securitiesd gaons 2,003,000 dlrs vs 169,000
dlrs.
Figures in dollars.
Reuter
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Irving Bank Corp said the decline in
its first quarter earnings to 28.6 mln dlrs from 30.4 mln dlrs
in the year-ago period were due to the placement on a
non-accrual basis of 215 mln dlrs and 33 mln dlrs of medium and
long-term loans to borrowers in Brazil and Equador.
Excluding the impact of the non-accrual loans, Irving said
its first quarter net income would have rose 8.4 pct to 32.9
mln and per share amounts would have risen eight pct to 1.75
dlr. In the first quarter the bank reported earnings per share
of 1.51 dlr compared to 1.62 dlr in the same period last year.
Reuter
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shr 1.58 dlrs vs 1.93 dlrs
net 86,220,000 vs 102,629,000
avg shrs 50,831,512 vs 49,156,828
assets 61.04 billion vs 57.95 billion
loans 38.76 billion vs 39.68 billion
deposits 38.20 billion vs 33.14 billion
return on assets 0.57 pct vs 0.71 pct
return on common equity 11.47 pct vs 15.19 pct
NOTE: 1987 qtr net reduced by 12 mln dlrs because 1.04
billion dlrs of Brazil loans were placed on non-accrual
Reuter
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Shr primary 54 cts vs 41 cts
Shr diluted 51 cts vs 38 cts
Net 9,098,000 vs 5.924,000
Revs 111.7 mln vs 85.0 mln
Avg shrs primary 16,889,254 vs 14,500,737
Reuter
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Shr 62 cts vs 26 cts
Net 2,312,000 vs 944,000
NOTE: 1987 includes five ct shr charge from loan loss
provision.
Reuter
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Commonwealth Aluminum
(Comalco) said it put its Goldendale, Wash., smelter back on
the market after would-be buyer, Columbia Aluminum Corp, of
Hermiston, Ore., failed to pull together financing by an April
one deadline.
The plant, which has an asking price of 18.7 mln dlrs plus
several mln more dlrs for inventory, it said. Commonwealth said
it is continuing talks with Columbia, but has also opened talks
with other interested parties.
Commonwealth bought the plant in January 1985 and closed it
Feb 15, 1987, leaving about 400 workers jobless.
Reuter
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Shr 84 cts vs 80 cts
Net 82,416,000 vs 67,819,000
Revs 703.9 mln vs 759.7 mln
Avg shrs 98,369,307 vs 84,807,498
Loans 19.06 billion vs 19.51 billion
Deposits 21.60 billion vs 19.86 billion
Assets 27.16 billion vs 27.15 billion
Note: Prior qtr per shr figure adjusted for three-for-one
stock split of May 1986.
Reuter
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The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves directly by arranging three-day System repurchase
agreements, economists said.
They said the Fed may add the reserves indirectly instead
via a large round, two billion dlrs or more, of customer
repurchase agreements.
Federal funds, which averaged a high 6.35 pct on Friday,
opened at 6-7/16 pct and traded between there and 6-1/2 pct.
Reuter
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Dillard Department Stores Inc, based
in Little Rock, Ark., and Allied Stores Corp jointly said they
entered a definitive purchase agreement for the sale to Dillard
of the Joske's and the Cain-Sloan divisions of Allied for 255
mln dlrs cash, subject to certain closing adjustments.
The sale excludes certain real estate assets of Joske's and
Cain-Sloan, which Allied estimates have an aggregate value of
30 mln dlrs based on current market conditions.
Joske's has 26 stores in Texas and one in Arizona.
Cain-Sloan has four stores in Nashville. Joske's is the largest
unit Allied has slated for sale in its restructuring.
Allied Stores Corp, a subsidiary of Campeau Corp, was
acquired by acquired by the Canadian developer last year.
Robert Campeau, chairman of Allied, said "this is a
terrific start to our disposition program which is proceeding
well ahead of schedule. This sale will fulfill the requirements
under our bank agreements to sell certain assets by June 30 and
give us additional flexibility in the disposal of the remaining
divisions being sold."
Allied Stores is required to pay 200 mln dlrs in bank debt
by June 30. There had been some doubts on Wall Street that the
company could meet the payment.
A Campeau source said, "We believe this cash sale puts us
in a very strong negotiating position to maximize the proceeds
Allied can receive from its other divisions."
"Allied was able to put itself in a position where it knows
it will be able to meet the June 30 payment schedules," the
source said.
About 1.1 bilion dlrs in Allied assets had been targeted
for sale by Dec. 31, 1988 to pay for the aquisition of Allied
by Campeau.
Allied will be taking bids for its other divisions.
Targeted for sale are Bonwit Tellers, Garfinckel's, Dey's,
Donaldson's, Herpolsheimer's, Heer's, Miller's, Miller and
Rhoads, Pomeroy's, Catherine's, Plymouth Shops, and Jerry
Leonard. The divisions provided 38.4 pct of Allied net sales
and 11.8 pct of store profit in fiscal 1985.
Reuter
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NCR Corp, earlier reporting higher
first quarter profit, said it continues to expect that it will
report record earnings and revenue for all of 1987.
"Our optimism is based on our incoming order rates and the
strength of our product lines," the company said.
NCR Corp plans additional new product announcements this
year, it said without elaborating.
NCR earlier said first quarter profit increased to 61.5 mln
dlrs or 65 cts share from 50.2 mln dlrs or 51 cts share in the
prior year. NCR's 1986 full-year earnings rose to 336.5 mln
dlrs from 315.2 mln dlrs in the prior year.
NCR said the increase in first quarter profit resulted from
strong revenue growth, which was particularly strong in Europe
and Pacific marketing groups.
Growth in U.S. revenues also improved, the company said.
First quarter revenues increased to 1.12 billion dlrs from
960.8 mln dlrs in the prior year.
NCR's U.S. dollar value of 1987 first quarter worldwide
incoming orders posted a very substantial gain over the prior
year first quarter, NCR also said without giving specific
figures. Order growth was broad based across NCR's product
lines, with the greatest growth coming from U.S., it said.
Reuter
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Period ended February 28
Shr loss 11 cts vs loss 11 cts
Net loss 1,309,000 vs loss 937,000
Revs 5,271,000 vs 4,417,000
Avg shrs 11,690,000 vs 8,724,000
Reuter
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Entre Computer Centers Inc said it
is discontinuing its European and Australian operations.
The company today reported a loss for the second quarter
ended February 28 of 2,733,000 dlrs, after a 6,705,000 dlr
pretax provision for the shutdown of the overseas units and a
2,511,000 dlr tax credit. A year earlier it earned 911,000
dlrs.
It said the overseas operations lost 400,000 dlrs in the
second quarter and did not appear strong enough to provide for
future growth.
Reuter
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Shr loss 29 cts vs profit 10 cts
Net loss 2,733,000 vs profit 911,000
Revs 21.5 mln vs 18.5 mln
1st half
Shr loss 23 cts vs profit 26 cts
Net loss 2,154,000 vs profit 2,445,000
Revs 37.8 mln vs 37.7 mln
NOTE: Current year net both periods includes 6,705,000 dlr
pretax provision for closing overseas operations and tax
credits 2,511,000 dlrs in quarter and 1,977,000 dlrs in half.
Reuter
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Merrill Lynch and Co said investment
banking revenues were strong in the first quarter, rising to
257.4 mln dlrs from 152.9 mln in the first quarter 1986.
"We have made steady progress in a period of market
activity which has been marked by unprecedented activity,"
William Schreyer, chairman and cheif executive officer, and
Daniel Tully, president and chief operating officer, said.
Earlier, the company reported first quarter net income of
108.6 mln dlrs, or one dlr per share, up from 86.8 mln dlrs, or
85 cts per share, in 1986's first quarter.
Merrill Lynch said its insurance revenues made the biggest
gains in the first quarter, rising to 242.3 mln dlrs in the
this first quarter, from 68.3 mln dlrs in last year's first
quarter.
Reuter
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Feb 28 end
Shr profit four cts vs loss nil
Net profit 448,000 vs loss 28,000
Revs 15.1 mln vs 11.5 mln
Avg shrs 11.2 mln vs 11.1 mln
Year
Shr profit four cts vs profit nil
Net profit 459,000 vs profit 51,000
Revs 53.2 mln vs 44.5 mln
Avg shrs 11.2 mln vs 11.1 mln
NOTE: Net includes tax credits of 53,000 dlrs vs 1,023,000
dlrs in quarter and 48,000 dlrs vs 2,557,000 dlrs in year.
Reuter
| [
0,
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Oper shr 39 cts vs 47 cts
Oper net 2,104,462 vs 2,452,420
Revs 4,675,904 vs 4,744,248
Avg shrs 5,427,561 vs 5,139,415
1st half
Oper shr 82 cts vs 93 cts
Oper net 4,418,718 vs 4,609,613
Revs 9,346,483 vs 9,338,590
Avg shrs 5,427,486 vs 4,943,966
NOTE: Current year net excludes gains on sale of real
estate of 470,778 dlrs in quarter and 1,533,273 dlrs in half.
Period ended February 28.
Reuter
| [
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Shr profit four cts vs loss one cts
Net profit 172,000 vs loss 180,000
Revs 4.2 mln vs 883,000
Six months
Shr profit nine cts vs loss four cts
Net profit 315,000 vs loss 107,000
Revs 7.4 mln vs 1.8 mln
Avg shrs 4.4 mln vs 2.6 mln
Reuter
| [
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1,
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0,
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Shr 37 cts vs 37 cts
Net 687,888 vs 441,659
Revs 7.9 mln vs 6.8 mln
Nine months
Shr 1.12 dlrs vs 1.07 dlrs
Net 1.8 mln vs 1.3 mln
Revs 23.2 mln vs 19.7 mln
Avg shrs 1.6 mln vs 1.2 mln
NOTE:Full name is Scott and Stringfellow Financial Corp.
Reuter
| [
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Foster Wheeler Corp <FWC> said an
audit of its Stearns Airport Equiment Co Inc unit, revealed
"substantial discrepancies" in Stearns accounts that may
require material adjustments to previously announce
consolidated results of the company and its subsidiaries.
Foster said certain Stearn officers and senior management
made Stearn's operations appear more profitable than they were
by improperly recording job costs. It said Stearn's president
and controller had resigned. A Foster spokesman said he did not
know the names of the president and controller, and could not
immediately comment on the release.
Foster said the amount involved in the "discrepancy" is
about 13.7 mln dlrs before taxes or about 8.2 mln dlrs net
after tax due to an "improper recording of job costs over a
period of several years and continuing through part of the
first quarter of 1987."
Stearns is a unit of Foster's Conergic Corp subsidiary.
The company said the impact on its results for 1987 was not
"likely to be significant" but the amount to be charged to
prior periods had not been determined.
Foster reported after tax earnings of 28 mln dlrs, 26 mln
dlrs and 35.4 mln dlrs for 1986, 1985, and 1984, respectively.
Stearns, based in Crowley, Texas, makes airport baggage
conveyor equipment and passenger loading bridges.
Foster, a diversified international concern with 27
subsidiaries operating worldwide, is based in Livingston, New
Jersey. Its reported revenues for the period ended December 26,
1986 of 1.3 billion dlrs.
The company said a detailed audit and investigation is
continuing. A company spokesman declined to comment further on
the investigation.
Reuter
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Taiwan announced plans for another round
of import tariff cuts on 862 foreign goods shortly before trade
talks with Washington which officials described as a move to
help balance trade with the United States.
Wang Der-Hwa, Deputy Director of the Finance Ministry's
Customs Administration Department, told reporters the list of
products included 60 items asked by Washington.
"The move is part of our government efforts to encourage
imports from our trading partners, particularly from the United
States," he said.
He said the ministry sent a proposal today to the cabinet
that the tariffs on such products as cosmetics, bicycles,
apples, radios, garments, soybeans and television sets be cut
by between five and 50 pct.
The cabinet was expected to give its approval next Thursday
and the new tariff cuts would be implemented possibly starting
on April 20, he added.
Taiwan introduced a sweeping tariff cut on some 1,700
foreign products last January aimed at helping reduce its
growing trade surplus with the United States, the island's
largest trading partner.
Washington however was not satisfied with the cuts and
pressed for more reductions as a way of cutting its huge trade
deficit with Taipei.
Washington's deficit with Taipei rose to a record 13.6
billion U.S. Dlrs last year from 10.2 billion in 1985. It
widened to 3.61 billion in the first quarter of 1987 from 2.78
billion a year earlier, Taiwan's official figures show.
Today's announcement came before a departure later today of
a 15-member Taiwan delegation for Washington for a series of
trade talks with U.S. Officials.
The delegation's leader, Vincent Siew, told reporters last
night he was leaving with "a heavy heart," meaning that he would
face tough talks in Washington because of rising protectionist
sentiments in the U.S. Congress. Taiwan's 1986 trade surplus
with Washington was the third largest, after Japan and Canada.
Siew said the talks, starting on April 14, would cover U.S.
Calls for Taiwan to open its market to American products,
purchases of major U.S. Machinery and power plant equipment,
import tariff cuts and protection of intellectual property.
"I am afraid this time we have to give more than take from
our talks with the U.S.," he said without elaborating.
REUTER
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Current prospects for this year's
grain crop in Bulgaria and Romania appear less favorable than
in 1986, the U.S. Agriculture Department's officer in Belgrade
said in a field report.
The report said the assessment was based on travel in the
two countries from March 30 to April 4.
It said crop conditions were better than earlier expected
following the extreme dry conditions last fall and the
prolonged winter temperatures this spring.
However, in general plant development was at least three
weeks or more behind normal this spring, and conditions varied
greatly by regions, the report said.
Fields seeded during the optimum period last fall, and
especially those receiving supplemental irrigation water (about
65 pct of the fields observed), appeared to be in good
condition, with little evidence of winterkill, while others
varied considerably, the report said.
Fields lacking adequate moisture last fall showed weak and
uneven stands. Spotty germination and winterkill in those
fields averaged 10 to 30 pct, it said.
Reuter
| [
0,
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Shr 21 cts vs eight cts
Net 1.5 mln vs 536,000
Revs 26.6 mln vs 17.7 mln
Nine months
Shr 1.11 dlrs vs 43 cts
Net 7.8 mln vs 3.0 mln
Revs 86.9 mln vs 82.9 mln
NOTE:Shares adjusted for 2-for-1 stock split payable May
28, 1987 to holders of record May 14, 1987.
1987 3rd qtr and nine months includes tax loss carryforward
gain of 695,000 dlrs and 3.6 mln dlrs, respectively.
1986 3rd qtr nine months includes tax loss carryforward
gains of 260,000 dlrs and 1.4 mln dlrs, respectively.
Reuter
| [
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0,
0,
1,
0,
0,
0,
0,
0,
0
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|
Shr 27 cts vs not given
Net 617,000 vs 550,000
Loans 92.8 mln vs 84.7 mln
Deposits 121.9 mln vs 119.4 mln
Assets 155.4 mln vs 152.4 mln
Note: prior share not given due to June 18, 1986 conversion
to stock ownserhip
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
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Shr 29 cts vs not given
Net 3,508,000 vs 2,483,000
NOTE: Company went public in August 1986.
1986 figures restated.
Net includes loan loss provision 550,000 dlrs vs 203,000
dlrs, gain on sale of securities of 309,000 dlrs vs 638,000
dlrs and gain on sale of loans 403,000 dlrs vs 553,000 dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
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Kuwait has agreed to charter tankers
from the Soviet Union in a move to protect its oil exports
through the Mideast Gulf, diplomatic sources said.
They said the agreement followed months of talks with the
Soviet Union and the U.S. On ways to secure its oil exports
after Iran started to attack Kuwaiti-connected vessels in
retaliation for Kuwait's backing for Iran's war enemy Iraq.
Diplomats said they expect three Soviet tankers initially
to reinforce other flags already supporting Kuwait's 22-tanker
fleet.
The diplomats said they knew of no deal for Moscow to
provide a naval escort for its own vessels, but "the idea of
protection is implicit," one said.
They said Soviet cargo ships bound for Kuwait in the past
to unload arms and materiel for road delivery to Iraq were
known to have sailed under escort. So far, none of the Soviet
ships are known to have been attacked by Iran. Diplomats said
they expected the chartered Soviet tankers to sail between
Kuwait and Khor Fakkan on the United Arab Emirates (UAE) coast
a short way outside the Strait of Hormuz at the mouth of the
Gulf.
Reuter
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Chemical New York Corp said its
first-quarter profits fell by 16 pct, largely because it placed
1.04 billion dlrs of loans to Brazil on non-accrual.
Chemical reported first-quarter net income of 86.2 mln
dlrs, down from 102.6 mln a year earlier, but declaring the
Brazilian loans non-performing cost Chemical 21 mln dlrs in
lost interest income, or 12 mln dlrs after-tax.
A 13.3 pct jump in non-interest expense to 471.3 mln dlrs
from 415.9 mln also hit the bottom line. It said the rise was
mainly due to staff costs associated with continued growth in
consumer, capital markets and investment banking activities.
Excluding the effect of placing Brazil on non-accrual,
Chemical said its net income would have been 98.2 mln dlrs, or
4.3 pct below 1986 earnings.
Brazil suspended interest payments on 68 billion dlrs of
medium- and long-term debt on February 20. If they are not
resumed by year's end, Chemical said its after-tax net for the
whole of 1987 will be reduced by about 51 mln dlrs.
Chemical also placed 52 mln dlrs of loans to Ecuador on
non-accrual because the Quito government also suspended
interest payments on its foreign debt. This reduced interest
income by 1.5 mln dlrs.
Chemical said net interest income fell to 476.4 mln dlrs
from 488.9 mln and its net spread narrowed to 3.61 pct from
3.96 pct.
This reflected the reclassification of Brazilian loans, a
reduced federal income tax rate (which affected the calculation
of the taxabale-equivalent adjustment on tax-exempt assets) and
a narrowing of the spread between the prime rate and Chemical's
cost of funds.
Foreign exchange trading profits rose to 37.9 mln dlrs from
27.0 mln, but bond trading profits dropped to 21.9 mln dlrs
from 26.2 mln.
Fees from trust and other banking services rose to 146.5
mln dlrs from 129.3 mln a year earlier, Chemical said.
The provision for loan losses was 87.2 mln dlrs, compared
with 83.8 mln. Net loan charge-offs were 86.5 mln, up from 60.7
mln, leaving the allowance for loan losses at 672.6 mln dlrs at
quarter's end, or 1.74 pct of loans outstanding, compared with
594.3 mln, or 1.50 pct, a year earlier.
Non-accruing loans at the end of March were 2.39 billion
dlrs (1.35 billion excluding Brazil), compared with 1.35
billion at the end of 1986 and 1.22 billion at the end of
March, 1986.
Reuter
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Genetics Institute Inc,
earlier reporting an increased first quarter net loss, said it
expects to incur losses in fiscal 1987 "that are somewhat higher
than those reported in fiscal 1986."
It had a loss of 4,504,000 dlrs for fiscal 1986 ended
November 30, compared to a fiscal 1985 loss of 1,732,00 dlrs.
The company said the losses result from its strategic
decision to invest prudent levels of equity in development of
products the company can manufacture and bring to market.
Genetics earlier said first quarter ended February 28
losses rose to 1,309,000 dlrs from year-ago loss of 937,000
dlrs.
Reuter
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Investor Albert Kahn said in a statement
that a group he heads increased its stake in Trans-Lux Corp to
8.9 pct from 8.1 pct on a fully diluted basis.
Kahn said he indicated in a filing with the Securities and
Exchange Commission that his group bought an additional 7,300
Trans-Lux common shares and 100,000 dlrs of nine pct
convertible subordinated debentures due 2005, convertible into
an additional 6,803 shares.
Kahn said he is considering seeking representation on the
Trans-Lux board and starting a proxy contest in connection with
the upcoming annual meeting.
Kahn also said he is seeking an examination of the
Trans-Lux shareholder list and corporate books and records
under Delaware law.
Trans-Lux is a Connecticut concern that leases teleprinters
and display units in brokerage offices, airports and other
public places.
Kahn is a Miami insurance executive and investor.
Reuter
| [
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Period ended February 28
Shr 40 cts vs 15 cts
Net 1,747,000 vs 775,000
Revs 13.2 mln vs 13.3 mln
Avg shrs 4,321,376 vs 5,148,318
Year
Shr 67 cts vs 67 cts
Net 3,300,000 vs 3,299,000
Revs 49.5 mln vs 50.2 mln
Avg shrs 4,895,788 vs 4,951,177
Note: 1986 year after 819,000 dlr tax provision and 660,000
dlr tax credit
1985 year after 559,000 dlr credit for anticipated income
tax settlement for 1970 and 331,000 dlr tax provision
Reuter
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[
0,
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]
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|
Shr 51 cts vs not given
Net 4,661,000 vs 2,499,000
NOTE: Net includes securities gains of 663,000 dlrs vs
1,173,000 dlrs.
Company went public in December 1986.
Reuter
| [
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Shr 11 cts vs 12 cts
Net 301,820 vs 248,419
Revs 12.1 mln vs 10.2 mln
Avg shrs 2,855,966 vs 2,033,881
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
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]
|
Shr 21 cts vs 18 cts
Net 2,256,000 vs 1,915,000
Revs 38.2 mln vs 35.3 mln
Nine mths
Shr 62 cts vs 56 cts
Net 6,474,000 vs 5,808,000
Revs 125.9 mln vs 112.3 mln
Backlog nine mln vs six mln
NOTE: Share adjusted for five-for-four stock split in June
1986.
Reuter
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Swift Independent Packing Co said it
agreed in principle to sell its Huron, South Dakota, pork plant
to Huron Dressed Beef, for undisclosed terms.
Completion of the proposed transaction is subject to
Huron's ability to hire an experienced work force at
competitive rates, and receive government approval of the
purchase and operation of the plant, Swift said.
Reuter
| [
1,
0,
0,
0,
0,
0,
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]
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Shr primary 88 cts vs 83 cts
Shr diluted 84 cts vs 78 cts
Net 8,869,000 vs 8,176,000
Avg Assets 2.62 billion vs 2.42 billion
Deposits 2.06 billion vs 1.80 billion
Reuter
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The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-1/2 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Most had expected the Fed to supply reserves directly via
System repurchase agreements or to add them indirectly through
two billion dlrs or more of customer repurchase agreements.
Some believe the Fed is adding fewer reserves than are needed
to keep upward pressure on rates and so help the dollar.
Reuter
| [
0,
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0,
0,
0,
1,
1,
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0,
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]
|
Shr 54 cts vs 51 cts
Net 2,151,000 vs 2,439,000
Sales 90.3 mln vs 96.8 mln
Avg shrs 3,960,000 vs 4,782,000
Reuter
| [
0,
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1,
0,
0,
0,
0,
0,
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]
|
Shr 15 cts vs 14 cts
Net 2,028,000 vs 1,879,000
Revs 32.1 mln vs 29.5 mln
Reuter
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1,
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0,
0,
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0,
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]
|
Shr 34 cts vs 32 cts
Net 2,891,844 vs 2,666,278
Revs 13.7 mln vs 12.7 mln
Reuter
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Shr 38 cts vs 36 cts prior
Pay July 31
Record June 23
Reuter
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Mthly div 6.6 cts vs 6.9 cts prior
Pay April 30
Record April 15
NOTE: Franklin michigan Insured Tax-Free Income Fund.
Reuter
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Mthly div eight cts vs 7.1 cts prior
Pay April 30
Record April 15
NOTE: Franklin High Yield Tax-Free Income Fund.
Reuter
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Franklin Pennsylvania
Tax-Free Income Fund said its board declared an initial monthly
dividend of six cts per share, payable April 30 to holders of
record April 15.
Reuter
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