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General Partners, a Texas
partnership that recently ended its bid to take over GenCorp
Inc, told the Securities and Exchange Commission it sold nearly
all of its remaining 8.6 pct stake in the company.
General Partners said it sold 1,930,500 shares of GenCorp
on April 10 at 118.25 dlrs a share in an open market
transaction on the New York Stock Exchange.
It said the sale leaves it with 108 GenCorp common shares.
The partnership, which includes Wagner and Brown of Midland
Texas and Irvine, Calif.-based AFG Industries Inc, last week
dropped its 100 dlr a share hostile tender offer.
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Franklin Pennsylvania
Investors U.S. Government Securities Fund Fund said its board
declared an initial monthly dividend of 7.8 cts per share,
payable April 30 to holders of record April 15.
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GAF Corp is studying an agreement
under which Merrill Lynch Capital Partners will take
Borg-Warner Corp private in a 4.23 billion dlr transaction, a
GAF spokesman said.
The spokesman had no further comment.
Analysts said there was speculation GAF would make a new
offer for the Chicago-based plastics and automobile parts
company. Borg-Warner's stock rose 7/8 to 49-1/4, above the
Merrill Lynch 48.50 dlrs per share tender offer price.
Merrill Lynch Capital Partners, a unit of Merrill Lynch and
Co, is tendering for 89 pct of Borg-Warner and offering a
package of cash and securities for the balance of the shares.
GAF had offered 46 dlrs per share previously. It holds 19.9
pct of Borg-Warner's stock.
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National Westminster Bank USA said
higher loans and core deposit volumes as well as a substantial
increase in net interest income contributed to a 16 pct rise in
first-quarter earnings to 17.7 mln dlrs from 15.3 mln reported
a year earlier.
The earnings gain came despite a 1.5 mln dlr reduction of
income as a result of placing Brazilian loans on non-accrual.
Net interest income totalled 92.5 mln dlrs compared with
91.7 mln dlrs in the same 1986 period as loans, mostly to
middle market businesses, increased by 896 mln dlrs. But some
of these gains were offset by low levels of interest rates.
Provision for loan losses rose to 13.8 mln dlrs from 13.0
mln a year earlier. At March 31, the allowance for loan losses
was 114.2 mln dlrs versus 94.8 mln at end of March 1986.
Non-accrual loans rose to 286 mln dlrs from 132 mln at the
end of the first quarter of 1986, largely because 119 mln dlrs
of loans to Brazil were put on non-accrual status.
The bank said that if these loans remain on non-accrual for
the remainder of the year net income for 1987 would be reduced
by about 4.9 mln dlrs.
National Westminster Bank USA is a wholly-owned subsidiary
of National Westminster Bank PLC.
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Shr loss 26 cts vs loss one cts
Net loss 699,000 vs loss 20,617
Revs 883,000 vs 1.1 mln
Year
Shr loss 62 cts vs loss eight cts
Net loss 1.7 mln vs loss 185,003
Revs 3.6 mln vs 4.5 mln
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Qtly div 57-1/2 cts vs 54-1/2 cts prior qtr
Pay May 15
Record May 1
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Carlo De Benedetti's food
company Industrie Buitoni Perugina Spa said it has acquired the
Italian food group Vismara.
Buitoni said in a statement that Vismara had 1986 sales of
181 billion lire and net profit of 11 billion lire, employs 950
people and has four subsidaries.
Buitoni did not disclose financial details about the
acquisition. De Benedetti said last week that his group was
negotiating a purchase of an unidentified Italian food firm.
Vismara primarily produces a variety of pork products. "The
acquisition represents a diversification in a market sector
with annual consumption of 8,500 billion lire," Buitoni said.
Buitoni also said its consolidated revenue during the first
quarter of this year was 429 billion lire, up 51 pct from the
comparable 1986 period.
As reported, Buitoni's consolidated revenue rose last year
to 1,623 billion lire from 1,177 billion in 1985. Net profit
rose to 18.5 billion lire from 448 mln lire in 1985.
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McGraw-Hill Inc said it has sold its
McGraw-Hill Book Co South Africa Pty Ltd subsidiary to a local
management group for an undisclosed amount of cash and halted
the sale of all products and services to South Africa.
The company said the divestiture follows a resolution of
its board in February that cited increased political and social
unrest within South Africa and the refusal of the South African
government to abolish the apartheid system.
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Oak Industries Inc said it
agreed to buy the stock of Electronic Technologies Inc of New
York for an undisclosed amount of cash.
Electronic Technologies manufactures quartz crystal
components, Oak said.
It said the acquisition is part of its ongoing stategy to
restructure its core businesses through cost reduction programs
and the purchase of compatible companies.
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Shr 51 cts vs not given
Net 4,661,000 vs 2,499,000
NOTE: Includes net securities gains of 663,000 dlrs vs 1.2
mln dlrs from.
Company converted to stock ownership in December 1986.
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U.S. Trust Co said it raised its
broker loan rate to 7-3/4 pct from 7-1/2 pct, effective
immediately.
Bankers Trust Co <BT>, which also quotes its broker loan
rate publicly, raised its rate to 7-1/2 pct earlier today.
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Crazy Eddie Inc said its board has
adopted a defensive shareholder rights plan and said it has
reacived inquiries on a friendly merger.
It said under the plan, shareholders 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 expire April 9, 1997.
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 bid for 30 pct or more.
Adds dropped year of rights expiration.
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Shr eight cts vs one-half ct
Net 508,000 vs 21,000
Revs 7.2 mln vs 7.4 mln
Nine mths
Shr 28 cts vs 11 cts
Net 1,523,000 vs 567,000
Revs 26.2 mln vs 22.6 mln
Note: period ended February 28.
REUTER
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Shr 22 cts vs 18 cts
Net 803,708 vs 642,534
Sales 21.0 ln vs 18.8 mln
NOTE: Per share figures adjusted for ten pct stock dividend
paid August 1986.
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Resdel Industries said it
and San/Bar Corp has agreed to merge San/Bar into Resdel.
The arrangement calls for San/Bar to spin-off assets of its
Break-Free division to shareholders then exchange its own
shares for Resdel stock at a ratio of one Resdel share for each
San/Bar share held, Resdel said.
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Midlantic Corp said it agreed to
acquire County Bancorp for about 23 mln dlrs in an agreement
calling for County Trust Co, a County Bancorp subsidiary, to
merge into Midlantic National Bank/North.
Midlantic said it will pay 83.73 dlrs a share in cash, or
2.36 times County Bancorp's March 31 book value, for each of
County's about 276,0000 shares outstanding. It said it received
an option from three principal shareholders for 40 pct of
County's outstanding.
The acquisition is expected in the third quarter of 1987
and is subject to regulatory and shareholder approvals.
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Net 646,000 vs 470,000
Assets 173.0 mln vs 152.9 mln
NOTE:Quarter ended March 31. The company completed
conversion from mutual to stock form in October 1986, raising
14.1 mln dlrs in net proceeds through the sale of 2.3 mln
shares of common stock.
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Period ended December 28.
Shr nil vs loss six cts
Net loss 6,319 vs loss 265,651
Revs 1,117,778 vs 1,090,001
Avg shrs 6,874,383 vs 4,323,614
Year
Shr nil vs loss 10 cts
Net profit 4,323 vs loss 432,458
Revs 4,711,350 vs 4,256,708
Avg shrs 6,837,871 vs 4,322,816
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Shr 78 cts vs 86 cts
Net 265.0 mln vs 283.0 mln
Revs 3.7 billion vs 3.6 billion
Avg shrs 329.0 mln vs 319.0 mln
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A shareholder group consisting of
foreign investment firms and investors said it raised its stake
in Scandinavia Fund Inc to 2,607,900 shares, or 40.0 pct of the
total outstanding from 2,309,700 shares, or 35.4 pct.
In a filing with the Securities and Exchange Commission,
the group also said it is considering an informal offer made by
Scandinavia Fund President Bjorn Carlson on March 31 which
would grant it representation on the company's board.
The group includes VBI Corp, a Turks and Caicos Islands
investment firm, and Ingemar Rydin Industritillbehor AB, a
Swedish investment firm, and Erik Martin Vik, a Norwegian
investor, and Vik's son, Alexander.
The group said VBI and the elder Vik bought a combined
298,200 Scandinavia Fund common shares since March 13 at prices
ranging from 9.500 to 10.000 dlrs a share.
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Shr 79 cts vs 73 cts
Net 22,901,000 vs 21,042,000
Sales 336.1 mln vs 334.1 mln
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Triton Energy Corp said proven reserves
of the Villespedue oil field in France's Paris Basin were
estimated at a total of 67.5 mln barrels on March one, up 39
pct from 48.7 mln barrels on May 31, 1986.
Triton said its 60 pct owned <Triton Europe Plc> subsidiary
has a 50 pct interest in the field which is located 50 miles
east of Paris. The other 50 pct is held by <Total Exploration
S.A.>, the field's operator.
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International Business Machines Corp
has started the year aggressively, but industry analysts said
the company still faces some tough rounds in its fight to stop
a two-year earnings slump.
"I am more impressed with what's happening at IBM than I
have been in a long time," said PaineWebber analyst Stephen
Smith.
"But they're not out of the woods yet," he added.
At 1.30 dlrs a share, IBM's first-quarter net income easily
topped most estimates on Wall Street, which had ranged from an
even dollar to 1.20 dlrs.
Most analysts said they were pleasantly surprised by IBM's
performance. But they indicated that IBM's chances for a full
recovery hinged on several key factors whose impact will not be
felt until later in the year.
These include the success of IBM's new personal computer
line, introduced two weeks ago, and its 9370 minicomputers,
which will begin volume shipments in July.
In addition, IBM has said the full benefits of its
early-retirement program and other cost-cutting moves will
emerge as the year progresses.
Analysts noted that IBM chairman John F. Akers was
relatively more upbeat in assessing the company's outlook than
he has been for nearly a year.
"Although the worldwide economic situation remains
unsettled, there are some encouraging signs in our business,"
Akers said, pointing to, among other things, higher
first-quarter shipments. "We remain optimistic about the
prospects for both the industry and IBM," he said.
"Akers was most encouraging," said PaineWebber's Smith.
A weak dollar, a lower tax rate and strong mainframe
computer sales all contributed to the better-than-expected
first-quarter results, analysts said.
"Shipments of the 3090 mainframes were very strong in
March," after a weak January and February, said Ulric Weil of
Washington-based Weil and Associates.
Sales of the top-of-the-line mainframes, commonly called
the Sierras, "bailed out the whole quarter," Weil said, adding,
"If this continues, it augers well for the rest of the year."
REUTER...^M
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Oper shr loss 20 cts vs loss 63 cts
Oper net loss 439,000 vs loss 1,347,000
Sales 6,303,000 vs 5,062,000
Six mths
Oper shr loss 43 cts vs loss 1.02 dlrs
Oper net loss 934,000 vs loss 2,333,000
Sales 12.1 mln vs 9,878,000
Note: oper data does not include 1986 losses from
discontinued operations of 60,000 dlrs, or three cts per shr,
in qtr and 151,000 dlrs, or seven cts per shr, in six mths.
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Irving Bank Corp said a six pct drop
in first-quarter net income from a year earlier was largely the
result of placing medium- and long-term loans to borrowers in
Brazil and Ecuador on non-accrual status.
Income in the first three months fell to 28.60 mln dlrs
from 30.43 mln in the same 1986 period. Earnings per share
dropped to 1.51 dlrs from 1.62.
Irving put 215 mln dlrs of Brazilian and 33 mln dlrs of
Ecuadorean loans on non-accrual, reducing first-quarter net
income by a total of 4.4 mln dlrs after tax.
Irving estimates full year net would be reduced by 15.3 mln
dlrs after tax if no cash interest payments are received on
these loans during the remainder of 1987.
Also adversely affecting earnings were losses on the
trading of securities and higher non-interest expenses,
although these were partly offset by increased trust income,
profits from foreign exchange trading and investment securities
gains, the bank said.
The allowance for loan losses was 224.8 mln dlrs, up from
185.2 mln a year earlier. The provision for loan losses was
21.8 mln versus 19.5 mln in the first quarter of 1986.
Reuter
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Qtly div 7-1/2 cts vs six cts prior
Pay June 3
Record May 15
NOTE: Full name Allegheny and Western Energy Corp.
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Standard Oil Co said a contract has
been awarded to <CBS Engineering Inc> for a drilling and
production platform to be installed in Ewing Bank Block 826 in
the Gulf of Mexico where Standard and Mobil Corp each own a 40
pct interest.
Standard said its Standard Oil Production Co subsidiary
will operate the platform which is being designed to produce
15,000 barrels of oil and 50 mln cubic feet of gas daily. The
platform is now expected to be installed in the summer of 1988.
Other owners are Kerr-McGee Corp <KMG> with 16.66 pct and
<Prudential Insurance Co of America> with 3.34 pct.
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Shr profit one ct vs loss 28 cts
Net profit 23,000 vs loss 725,000
Sales 20.6 mln vs 18.5 mln
Avg shrs 3,959,011 vs 2,608,571
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The February monthly merchandise
trade figures to be reported Tuesday by the Commerce Department
will be on a new basis reflecting more recent data, so avoiding
future revisions of the monthly figure, Commerce officials
said.
The overall January deficit of 14.8 billion dlrs will be
revised, but the February figure will be a final one, officials
said.
Previously, the initial monthly figure has had to be
revised in subsequent months because of the time lag between
the report and the compiling of final estimates on imports and
exports.
The reporting of the February trade data was delayed
several weeks to permit gathering latest figures on imports and
exports to give a clearer picture of the monthly trade balance.
Reuter
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<MacAndrews and Forbes Group> and
Revlon Group Inc <REV> said that they have entered into a
definitive mergewr agreement where MacAndrews will acquire
Revlon at 20.10 dlrs per common share in cash.
MacAndrews said it increased its offer to purchase all
Revlon common shares to 20.10 dlrs a share, from its April 1
offer of 18.50 dlrs a share.
Following consummation of the offer, a unit of MacAndrews
will merge into Revlon and each remaining share will be
converted into the right to receive 20.10 dlrs per share in
cash, the companies said.
Revlon said its board of directors unanimously approved the
merger agreement.
MacAndrews and Revlon also said they have reached a
settlement with the plaintiff in the pending litigation
challenging acquisition of the shares by MacAnrews.
The companies said the tender offer and withdrawal rights
will expireon Tuesday April 28, unless extended.
MacAndrews said it will promptly file revised tender offer
material with the Securities and Exchange Commission. Drexel
Burnham Lambert Inc is acting as dealer-manager for the offer,
the companies said.
Revlon currently has about 42 mln shares outstanding. The
current offer price is about 782 mln dlrs, a company spokesman
said, up from the previous offer of 720 mln dlrs.
On April 1, MacAndrews and Forbes, owned by Ronald
Perelman, offered 18.50 dlrs a share for the 63 pct of Revlon
shares he did not already own.
Since the offer was made over a dozen shareholder lawsuits
were brought against Revlon alleging the original offer was too
low.
But, the companies said these lawsuits have been settled in
the amended offer.
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Roland International Corp, a Coconut
Grove, Fla., real estate development company, said it cut its
stake in Intermagnetics General Corp to 308,400 shares, or 4.8
pct of the total outstanding, from 358,400 shares, or 5.6 pct.
In a filing with the Securities and Exchange Commission,
Roland said it sold 50,000 shares on Feb 4 at 5.13 dlrs each.
As long as Roland's stake in Intermagnetics General is
below five pct, it is not required to report any further
dealings in the company's stock.
Reuter
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Shr 40 cts vs 31 cts
Net 5,151,000 vs 4,078,000
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Dataproducts Corp said
it signed a letter of intent to acquire the Imaging Solutions
Inc unit of Reliance Electric Co under undisclosed terms.
This acquisition will give it all rights to proprietary
solid and liquid ink technologies which had been developed by a
joint venture operated by it and Exxon Corp <XON>, Dataproducts
said.
It said Imaging Solutions, formerly named Exxon Printing
Systems Inc, had been a Reliance Electric Co subsidiary.
But Reliance recently became an independent company as the
result of a leveraged buyout from its former owner, Exxon.
Reuter
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Jannock Ltd said its Jannock Imaging Co
Ltd unit acquired a 50 pct stake in Arthurs-Jones Lithographing
Ltd, of Toronto, for undisclosed terms.
It said the acquisition would lift Jannock Imaging revenues
to 50 mln dlrs this year. It did not specify Arthurs-Jones'
1986 revenues.
Reuter
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Shr 30 cts vs 17 cts
Net 2,526,000 vs 1,452,000
Revs 71.9 mln vs 25.2 mln
Year
Shr 1.20 dlrs vs 68 cts
Net 10.2 mln vs 4,738,000
Revs 291.5 mln vs 83.0 mln
Avg shrs 8,511,000 vs 6,983,000
NOTE: Current periods include gain of 299,000 dlrs in qtr
and 1.2 mln dlrs in year from changes in pension accounting.
Year-ago shr figures restated for 3-for-2 splits paid June
1986 and January 1987.
Reuter
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Electrohome Ltd said it
agreed to sell certain assets of the computer service sector of
its AABEX service division to Canadian General Electric Co Ltd
<CGE.TO>.
Terms were not disclosed. The closing date is expected to
be May 1, 1987.
Reuter
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Period ended February 28.
Shr 14 cts vs 10 cts
Net 741,000 vs 510,000
Revs 5,980,000 vs 4,836,000
Six Mths
Shr 29 cts vs 20 cts
Net 1,556,000 vs 1,080,000
Revs 12.2 mln vs 9,214,000
Reuter
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Laser Photonics Inc said it
completed a previously announced sale of 615,385 shares, or 18
pct, of its common stock to a group of investors for one mln
dlrs.
A 400,000 dlrs loan made by the investors was repaid out of
the proceeds, it said.
It also said it restructured its board to include three
members designated by the investors, including Pierre
Schoenheimer, Roger Kirk and Leonard Lichter.
Reuter
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AmSouth Bancorp said it will
issue about 3,166,000 shares of stock to acquire First
Tuskaloosa Corp.
Under a previously announced merger agreement, Amsouth
offered 66 dlrs a share in Amsouth stock for First Tuskaloosa.
The company said First Tuskaloosa shareholders will receive
1.978825 shares of Amsouth stock for each First Tuskaloosa
share held when the merger is effected April 17.
First Tuskaloosa has assets of more than 425 mln dlrs.
Amsouth's assets are about six billion dlrs.
Reuter
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Shr 25 cts vs 23 cts
Net 670,105 vs 599,107
Revs 21.4 mln vs 20.1 mln
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Hadson Corp said it
completed the acquisition of 85 pct of the Seaxe Energy Corp's
<SEAX.O> common stock for 182,415 shares of Hadson's stock.
Seaxe is engaged in international oil and gas exploration
and development primarily in the Paris basin of France.
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Arrays Inc said it completed
its merger with Haba Systems Inc.
Terms of the merger called for each share of Arrays to be
exchange for a share of Haba in a transaction valued at 4.1 mln
dlrs, the company said.
Both companies produce and market microcomputer software.
Reuter
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Mthly div 6.5 cts vs 6.5 cts prior
Pay April 30
Reord April 15
NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.
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Mthly div 6.6 cts vs 6.6 cts prior
Pay April 30
Reord April 15
NOTE: Franklin Minnesota Insured Tax-Free Income Fund.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Mthly div 7.1 cts vs 7.1 cts prior
Pay April 30
Reord April 15
NOTE: Franklin Insured Tax-Free Income Fund.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Mthly div 6.1 cts vs 6.1 cts prior
Pay April 30
Reord April 15
NOTE: Franklin Ohio Insured Tax-Free Income Fund.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Mthly div 7.1 cts vs 7.1 cts prior
Pay April 30
Reord April 15
NOTE: Franklin Puerto Rico Tax-Free Income Fund.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Mthly div 6.5 cts vs 6.5 cts prior
Pay April 30
Reord April 15
NOTE: Franklin California Insured Tax-Free Income Fund.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Dome Petroleum Ltd shares moved higher
in the U.S. and Canada after TransCanada PipeLines Ltd <TRP>
made a 4.3 billion Canadian dlr bid for Dome and Dome said it
is in talks with two other unidentified companies.
Market speculation is that the other two potential bidders
are not Canadian companies and DuPont's <DD> Conoco and
Atlantic Richfield Co <ARC> are mentioned as possibilities,
Wilf Gobert of Peters and Co Ltd said.
Dome rose 1/4 to 1-1/8 on the American Stock Exchange.
TransCanada PipeLines was down 1/4 at 15-3/4 on the New York
Stock Exchange.
Dome was the most active stock on the Toronto exchange at
1.50 dlrs per share, up 37 cts.
Gobert characterized the market action in Dome as "awfully
optimistic" but said investors are hoping for a competing offer
to the shareholders.
TransCanada PipeLines' offer is to Dome management, not to
shareholders. However, it proposes issuing new equity in a
subsidiary that would operate Dome assets. Current Dome
shareholders would own 20 pct of the new subsidiary.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 13 cts vs 47 cts
Net 13,492,000 vs 46,417,000
Revs 720.2 mln vs 793.6 mln
Avg shrs 99,085,000 vs 96,804,000
NOTE: Per-share results reflect payment of preferred
dividend requirements
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 15 cts vs 13 cts
Net 8,753,000 vs 7,804,000
Avg shrs 32.6 mln vs 23.2 mln
NOTE: Includes gains of 4.1 mln dlrs or 12 cts vs 3.3 mln
dlrs or 15 cts from tax loss carryforwards.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Clark Copy
International Corp said it acquired a majority interest in
Datagraph GMBH of Lich, West Germany.
The acquisition was made through Clark Copy's majority
owned subsidiary Interactive Computer Aids of Norway.
No price was disclosed for the acquisition.
Clark Copy said worldwide sales for Datagraph, which makes
color graphics workstations, were 10 mln dlrs for the year
ended Dec. 31, 1986.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Ended Feb 28
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
Six mths
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
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
GTE Corp said the decline in its
first quarter net income reflects a 121 mln dlr loss from its
50 pct share ownership of U.S. Sprint's operations.
This loss is an increase from the 60 mln dlrs loss reported
on operations GTE owned a year ago quarter and prior to
entering a joint venture with United Telecommunications <UT> in
July 1986. Under the joint venture, each company owns 50 pct of
Sprint.
Earlier, the company reported net income declined to 265.0
mln dlrs from 283.0 mln dlrs in the first quarter a year ago.
Theodore Brophy, chairman of GTE said, "we expect US
Sprint's losses to diminish later this year as customer traffic
migrates to the new fiber-optic network for long distance
telecommunications.
The reason for the higher losses reflect lower prices as
well as higher operating costs related, in part, to the
fraudalent use of the network.
Operating income of its telephone operations, which account
for 91 pct of the total, rose eight pct to 736.0 mln dlrs.
Revenues from telephone operations rose eight pct to 2.9
billion dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Goodyear Tire and Rubber Co said it
expects to sell its Celeron Corp oil and gas subsidiary for
about two billion dlrs in about two months.
After the company's annual meeting, Rober Mercer,
Goodyear's chairman and chief executive officer, also said
Goodyear expects to report a profit of more than one dlr a
share from continuing operations in the first quarter. In the
same year-ago period, Goodyear reported a loss of 64 cents a
share from continuing operations.
Mercer said about seven companies are interested in buying
Celeron and they may form a consortium to buy the unit.
Celeron consists of oil and gas reserves and an almost
complete pipeline linking drilling operations in Santa Barbara,
Calif., to Texas refineries. Mercer said Celeron's reserves
would not be sold separately from the pipeline.
Concerning speculation that two billion dlr price tag for
Celeron was too high, Mercer said "There is no fire sale going
on here and we can continue to keep Celeron as a profitable
operation throughout the year."
Mercer said the expected 1st quarter operating profit was
based on the new share total after Goodyear's share repurchase
last year to fend off Sir James Goldsmith's hostile takeover
bid.
Reuter
| [
1,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 44 cts vs not given
Net 3,499,000 vs 2,295,000
NOTE: Converted to stock ownership Aug 1, 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Net 12.8 mln vs 12.2 mln
Loans 2.8 billion vs 2.5 billion
Deposits 3.2 billion vs 2.9 billion
Assets 4.5 billion vs 3.8 billion
NOTE: American National Corp is a wholly-owned subsidiary
of First Chicago Corp.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
AB Astra <ASTS.ST> said it was
proposing a two-for-one share split and the issue in June of a
new series of foreign-targeted shares with lower voting rights
as part of a strategy to internationalise the company.
The deal, which requires Swedish government approval, will
raise the percentage of foreign voting rights allowed in the
medical group to 22.5 pct from 20 pct, Astra said.
An extraordinary meeting of Astra's board proposed the
creation of B free shares open to foreign buyers with one tenth
of a voting right per share. At present, Astra stock consists
of one series of restricted shares and one of free shares.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
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 securities gains 2,003,000 dlrs vs 169,000 dlrs.
Figures in dollars.
Corrects name to subsidiary from parent.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 76 cts vs 51 cts
Net 5,952,000 vs 4,374,000
Avg shrs 7,837,511 vs 7,446,356
NOTE: Includes gains of 1.3 mln dlrs vs 239,000 dlrs from
benefit of tax loss carryforwards.
Includes operations of Bank of Hartford, acquired Feb 23.
Year-ago shr figures reflect 2-for-1 split on April 15,
1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Nor-Quest Resources
Inc said it will make a takeover offer to acquire all shares of
Northair Mines Ltd on the basis of one Nor-Quest share plus one
dlr for two shares of Northair.
Nor-Quest said it plans to bring Northair's Willa Mine in
the Nelson area of British Columbia into production using
Nor-Quest's recently acquired 1200-ton per day mill located in
the area.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Aristech Chemical Corp chairman and
chief executive officer Thomas Marshall said analysts'
estimates of its 1987 fiscal year earnings of 2.25 dlrs to 2.50
dlrs per share are about right.
Addressing a gathering of analysts and institutional
investors, Marshall also said that analysts' estimates of its
first qtr earnings - 50 cts to 55 cts per share - were "in the
ballpark."
Marshall said the full year estimates represent more than a
32 pct increase over 1986's fiscal year net of 1.70 dlrs per
share.
He also said the first quarter estimates were 70 pct higher
than 1986's first quarter net of 29 cts per share.
Marshall attributibuted the first quarter earnings growth to
several factors, including sustained demand in Aristech's major
domestic markets and continued growth in exports.
Aristech plans to spend approximately 200 mln dlrs over in
capital investments over the next three years, Marshall added.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
United Telecommunications Inc
said its lower first quarter earnings included a loss of
63,055,000 dlrs from its equity in US Sprint.
US Sprint was formed July 1, 1986, as a partnership which
combined United Telecommunications' long distance voice and
data operations with those of GTE Corp <GTE>.
Earlier, United Telecommunications reported first-quarter
earnings of 12.6 mln dlrs, or 13 cts a share compared to 46.4
mln dlrs, or 47 cts a share a year ago. Revenues declined to
720.2 mln dlrs from 793.6 mln dlrs.
United Telecommunications said the transition of US
Sprint's nationwide fiberoptic network is proceeding ahead of
schedule.
It said the transition to the fiber network from interim
networks would not only reduce operating costs in the second
half of 1987, but also assist in controlling unauthorized
network use.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Brand Companies Inc said it expects to
report a 1987 first quarter loss of 15 to 17 cts a share on
revenues of 20 to 22 mln dlrs.
In the 1986 first quarter, Brand reported earnings of 21
cts on revenues of 28.5 mln dlrs.
No reason was given for the expected loss.
Final quarterly results will be reported toward the end of
the month or the beginning of May, a company spokesman said.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The February monthly merchandise
trade figures to be reported Tuesday by the Commerce Department
will be on a new basis reflecting more recent data, so avoiding
future revisions of the monthly figure, Commerce officials
said.
The overall January deficit of 14.8 billion dlrs will be
revised, but the February figure will be a final one, officials
said.
Previously, the initial monthly figure has had to be
revised in subsequent months because of the time lag between
the report and the compiling of final estimates on imports and
exports.
The reporting of the February trade data was delayed
several weeks to permit gathering latest figures on imports and
exports to give a clearer picture of the monthly trade balance.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Boothe Financial Corp, a
diversified holding company, said it has acquired the <Robert
Half and Accountemps> franchises in New England, including four
offices in Boston and Eastern Massachusetts and one office in
Providence, R.I.
Boothe said it previously announced the purchase of <Robert
Half International Inc> the franchisor of the Robert Half and
Accountemps offices in the U.S.
The company said the aggregate purchase price it paid for
Robert Half International and the franchises was about 59 mln
dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Atlantic Financial said it
signed a definitive agreement to acquire <Centurion Savings and
Loan Association>.
Atlantic did not disclose the purchase price.
Atlantic said it originally announced its intention to
acquire Centurion, located in Los Angeles, on Feb 23, 1987.
Centurion has assets of 105 mln dlrs, Atlantic said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
GAF Corp, set on acquiring Borg-Warner
Corp's valuable plastics business, is believed by analysts to
be preparing an increased offer for the Chicago-based company.
Yesterday, Borg-Warner said it agreed to be acquired for
4.23 billion dlrs by a company to be formed by Merrill Lynch
Capital Partners. Merrill offered 48.50 dlrs cash per share for
89 pct of Borg-Warner's common stock, and a package of cash and
securities for the balance.
Borg-Warner stock rose 1-3/8 to 49-5/8.
"I think it's (the stock price) telling us GAF is coming in
with another bid," said one analyst, who values the company at
51 or 52 dlrs per share.
GAF has offered 46 dlrs per share. It holds 19.9 pct of
Borg-Warner's stock.
"You're in a cat and mouse game on how you're going to up
the price. Obviously, nobody wants to pay more than you have
to. I think GAF is looking at the company the way we're looking
at it - that it's worth more," Pershing and Co analyst Richard
Henderson said.
Henderson estimated it is worth abouth 55 dlrs per share.
GAF has only said it was reviewing the situation. Merrill
Lynch officials did not return phone calls.
Analysts have said they believe GAF Chairman Samuel Heyman
sought Borg-Warner because of its chemicals and plastics
business. The rigid plastics are used in such things as
telephones, computer terminals, and appliances.
"Where the heck can you buy a world class chemical
operation these days," said Henderson.
"He's (Heyman's) got the bucks. He's a heavy hitter, and he
does not like to get pushed around," said Henderson.
GAF, a roofing and chemicals concern, attempted a takeover
of the much larger Union Carbide Corp two years ago. While GAF
did not win the company, it made a substantial gain on its
investment in Carbide.
Analysts said GAF already has a large profit built into its
Borg-Warner holdings. They said even if GAF raises its offer
and does not succeed, a higher bid from another company would
give GAF millions of dollars in profits on its stock.
"It's a win-win situation," said one analyst.
One analyst speculated an offer from GAF would be
forthcoming shortly.
"I think we are finally down to the final paragraph in this
book," he said.
Borg-Warner's other businesses include automotive parts,
protective services, which includes Wells Fargo security
guards, and Chilton Corp, a credit rating service.
Charles Rose, an Oppenheimer and Co analyst who follows
GAF, said if GAF were to sell into the Merrill Lynch offer, it
would realize about 125 mln dlrs net profit, or about 3.50 per
share.
"I think there's a probability he goes up in price," said
Rose.
Rose said, however, he could not really predict what Heyman
would do. "Sam's a low-risk, high-return player."
"Is he trying to build a major industrial chemical
enterprise, or is he trying to be an investment bank," Rose
said.
Analysts said Borg-Warner's chemical business would add
earnings momentum to GAF. "I worked out that paying as much as
50 dlrs per share would still be additive to GAF in time, if
they sold off most of the non-chemical facilities," said John
Henry of E.F. Hutton.
Borg-Warner's chemical and plastics business provided 1986
operating profits of 153.3 mln dlrs on revenues of 1.04 billion
dlrs. Total operating profits were 349.7 mln dlrs, and net
earnings were 206.3 mln dlrs for 1986.
"The Borg chemical business is great," said Rose, adding
its only U.S. competitors are Monsanto Co <MCT> and Dow
Chemical Co <DOW>.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
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]
|
Qtly div five cts vs five cts prior
Pay June Two
Record April 27
Reuter
| [
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0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
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,
0,
0,
0,
0
]
|
Gen Term Corp said it entered
into escrow for the 5.2 mln dlr purchase of Lewis-Westco and
Co, a privately-held bottler and distributor of wines and
distilled spirits.
Lewis-Westco had sales of more than 45 mln dlrs for its
fiscal year ended June 30, Gen Term also said.
Separately, Gen Term, which trades over-the-counter, said
it plans to apply for NASDAQ listing after it completes the
acquisition.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 1.46 dlrs vs 66 cts
Net 1,514,312 vs 714,670
Sales 62.1 mln vs 57.2 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
CCX Network Inc said it has
entered into a letter of intent to acquire privately-held
<Modern Mailers Inc> and its affiliate <AnWalt Inc> for about
3,200,000 dlrs in common stock.
The company said Modern Mailers had revenues of 8,600,000
dlrs for the year ended October 31 and provides computer
service, computer printing and lettershop facilities.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Grain traders and analysts expect
today's weekly U.S. corn export inspection figure to be well
above last year, with wheat slightly better and soybeans about
the same.
Corn export inspection guesses ranged from 40.0 to 44.0 mln
bushels for the week ended April 9, compared up 46.6 mln
inspected a week earlier and 15.2 mln in the year-ago week.
Soybean export estimates ranged from 12.0 to 15.0 mln
bushels versus 10.8 mln exported last week and 13.2 mln last
year.
Export guesses for all wheat ranged from 16.0 to 20.0 mln
bushels, compared with 16.4 mln last week and 11.2 mln last
year.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Personal Computer Products
Inc said it expects to report a loss of about 195,000 dlrs in
its third quarter ended March 31, compared to a year ago loss
in the quarter of 169,000 dlrs.
It said revenues in the quarter are expected to be about
1,200,000 dlrs, compared to 564,000 dlrs a year earlier.
For the nine months ended March 31, Personal Computer
expects a net loss of about 325,000 dlrs, compared to a loss of
584,000 dlrs the previous year. Revenues in the nine months are
expected to be about 3,880,000 dlrs, compared to 1,828,000 a
year ago. The company said it will report its earnings soon.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Gander Mountain Inc said it
acquired the privately held Western Ranchman Outfitters, a
catalog and point-of-purchase retailer of western apparel based
in Cheyenne, Wyo.
It said Western Ranchman had sales for the year ended Jan
31, 1987 of about 2.2 mln dlrs.
The purchase was made for an undisclosed amount of cast.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 1.59 dlrs vs 54 cts
Net 43.3 mln vs 13.9 mln
Revs 566.7 mln vs 487.8 mln
Avg shrs 27.2 mln vs 25.9 mln
NOTE: 1986 figures restated for adoption of financial
accounting standards board statement 87 "employer's accounting
for pensions."
Net 1986 and 1987 includes 900,000 dlrs of investment tax
credits in 1987, and 3.1 mln dlrs in 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 18 cts
Net 1,948,000
Revs 3,397,000
Note: Company began operating on February 20, 1987.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Shr 1.36 dlrs vs 1.13 dlrs
Net 78.3 mln vs 51.6 mln
Avg shrs 53,698,000 vs 43,449,000
Loans 35.89 billion vs 24.66 billion
Deposits 31.71 billion vs 19.64 billion
Assets 43.98 billion vs 28.60 billion
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 1.78 dlrs vs 1.12 dlrs
Shr diluted 1.72 dlrs vs 1.08 dlrs
Net 20,029,000 vs 13,059,000
Avg shrs 10,598,481 vs 10,430,649
Loans 843.4 mln vs 727.5 mln
Deposits 8.30 billion vs 7.82 billion
Assets 9.89 billion vs 9.27 billion
NOTE: Per-share results reflect payment of preferred
dividends
Reuter
| [
0,
0,
0,
1,
0,
0,
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0
]
|
Champion Products Inc said the
two-for-one stock split it declared February 26 will be payable
April 24 to shareholders of record April One.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
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]
|
Periods ended Feb 28
Shr 22 cts vs 30 cts
Net 549,000 vs 747,000
Sales 8.4 mln vs nine mln
Avg shrs 2,550,784 vs 2,468,964
Nine mths
Shr 69 cts vs 63 cts
Net 1,749,000 vs 1,554,000
Sales 23.6 mln vs 21.3 mln
Avg shrs 2,543,711 vs 2,453,520
Reuter
| [
0,
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]
|
Shr 18 cts vs six cts
Net 1.7 mln vs 610,000
Revs 68.7 mln vs 63.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
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]
|
RJR Nabisco Inc's RJ
Reynolds Tobacco USA unit said it reached a definitive
agreement to sell Winchester Little Cigar Business to Tobacco
Exporters International USA Ltd of Atlanta, the U.S. subsidiary
of Rothman's International PLC.
Terms were not disclosed.
Last week, RJ Reynolds announced the sale of four smoking
tobacco brands. These brands and Winchester represent less than
one pct of Rj Reynolds Tobacco USA's total sales, which were
4.7 billion dlrs in 1986.
Reynolds said the sale is expected to be completed on April
24.
The company said it planned to concentrate its resources on
the manufacture and sale of cigarettes.
Reynolds said that Winchester, introduced in 1971, was a
dominant brand in the little cigar market.
Reuter
| [
1,
0,
0,
0,
0,
0,
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0,
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0
]
|
3rd qtr Feb 28
Shr profit 14 cts vs loss four cts
Net profit 311,994 vs loss 66,858
Revs 2,229,273 vs 645,753
Nine mths
Shr profit 51 cts vs profit two cts
Net profit 1,126,673 vs profit 42,718
Revs 7,277,340 vs 1,378,372
Reuter
| [
0,
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0,
1,
0,
0,
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]
|
Gander Mountain Inc said it
acquired privately held Western Ranchman Outfitters, a
Cheyenne, Wyo., retailer and catalog seller of western apparel.
Terms were not disclosed.
Western Ranchman had sales of about 2.2 mln dlrs for the
year ended Jan 31, 1987, the company said.
Gander Mountain sells brand name hunting, fishing and
outdoor gear through catalogs.
Reuter
| [
1,
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0,
0,
0,
0,
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]
|
Major U.S. banks may lift prime
lending rates again within days due to recent increases in
their borrowing costs and speculation the Federal Reserve is
nudging up interest rates to help the dollar, economists said.
In what was the first prime rate boost since mid-1984, most
banks in early April lifted their rates a quarter point to
7-3/4 pct, citing a reduced gap between the prime and their own
cost of money. That spread has narrowed again.
"A prime rate increase could happen as soon as tonight,"
said Robert Brusca of Nikko Securities Co International Inc.
Brusca said a quarter-point prime rate rise to eight pct is
justified because the spread between banks' cost of funds and
the prime rate has narrowed to less than three quarters of a
percentage point.
He said that spread had averaged around 1.4 percentage
points since last October until it fell below one point and
triggered the April prime rate rise at most banks.
"We could easily have another prime rate increase as soon
as this week," said David Jones of Aubrey G. Lanston and Co.
"We've got a fairly good chance of a prime rate rise in the
near future," said Allan Leslie of Discount Corp.
"Based on the spread between the prime rate and funding
costs, you would ordinarily see a prime rate increase now,"
said Harold Nathan, economist at Wells Fargo Bank.
However, he said banks may be reluctant to lift the prime
because that would dampen already fairly weak business loan
demand and because some are not sure the Fed will maintain
recent upward pressure on money market interest rates.
Nathan believes the Fed has let market pressures lift
short-term rates in recent days to help the ailing dollar. He
said "if there is widespread belief money market rates will
stay high, a prime rate rise could occur at any time."
Fed officials have long expressed concern that too steep a
dollar drop could help rekindle U.S. inflation. As the dollar
fell to a 40-year low against the yen Friday, currency traders
said the Fed and other central banks supported the dollar.
In addition to buying dollars outright, another way to
stabilize the U.S. currency would be for the Fed to push U.S.
interest rates higher relative to overseas rates.
Based particularly on the Fed's reserve management actions
on Friday and today, Nathan of Wells Fargo said "it has become
clear that the Fed is not fully resisting upward rate pressure
in the market. It is supplying fewer reserves than are needed."
Bank funding costs and other short and long-term interest
rates rose sharply Friday and today on heightened speculation
that the Fed is gently firming monetary policy.
That was because the Fed supplied far fewer reserves in the
market than most economists had expected.
On Friday, the Fed added reserves indirectly and in small
amounts via one billion dlrs of customer repurchase agreements
with the Federal funds rate at which banks lend to one another
high at 6-5/16 pct. With funds trading even higher at 6-1/2 pct
today, the Fed arranged only a slightly larger 1.5 billion dlr
round of customer repurchase agreements.
"The Fed's actions on Friday and today show that it is
offering only token resistance to upward funds rate pressures,"
said Jones of Lanston.
"The Fed is focusing its policy attention mainly on the
need to defend the dollar," Jones said. He believes it is
merely shading policy toward restraint now, "but to have a
major impact on the dollar, the Fed will have to tighten policy
overtly at some point."
Jones expects the Fed to foster higher market rates by
becoming more restrictive in supplying reserves and, within
four to six weeks, to raise its discount rate from 5-1/2 pct.
Jones said a U.S. discount rate increase to six pct might
well be accompanied by West German and Japanese rate cuts to
further aid the dollar.
Given likely Fed policy firming, he said both the yield on
30-year Treasury bonds (about 8.30 pct now) and the prime rate
may be at 8-1/2 pct at end-June and nine pct by year's end.
"The jury is still out on whether the Fed is tightening
policy to defend the dollar," said Leslie of Discount Corp. He
said tax-date pressures have been pushing up Fed funds lately.
Leslie said Fed actions and reserve data once these pressures
abate will show whether or not it is firming policy.
Reuter
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Health and Rehabilitation
Properties Trust said it declared its initial dividend of 55
cts per share for the quarter ending March 31, 1987.
The dividend is payable May 20 to shareholders of record
April 20, 1987, it said.
The dividend includes five cts attributable to the period
between Dec 23 and 31, 1986, and 50 cts attributable to the
first quarter of 1987, ending March 31, 1987.
Reuter
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Shr 46 cts vs 58 cts
Net 29.0 mln vs 37.9 mln
Revs 251.2 mln vs 254.2 mln
Avg shrs 57.9 mln vs 56.0 mln
12 mths
Shr 1.36 dlrs vs 2.37 dlrs
Net 93.7 mln vs 152.3 mln
Revs 981.9 mln vs 1.03 billion
Avg shrs 57.2 mln vs 55.3 mln
NOTE: 1987 12 mth net includes 43.7 mln dlr charge due to
December 1986 provision for coal mining operations refund.
Reuter
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L.M. Ericsson of Sweden said it agreed
in principle to buy the 49 pct of Intelsa, its Spanish unit,
that it does not already own from <Telefonica>, Spain's
telecommunications administration.
Terms of the agreement were not disclosed.
Ericsson said Intelsa, which controls about 40 pct of the
Spanish telephone switch market, has 2,400 employees and annual
sales of 800 mln crowns, or 117 mln dlrs.
"The purchase will not affect the close working
relationship between Telefonica and Intelsa," Ericsson said.
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CompuTrac Inc said it expects first
quarter earnings to be down 50 to 60 pct from a year ago.
In last year's first quarter ended April 30, CompuTrac
earned 379,000 dlrs on revenues of 2.4 mln dlrs.
The company said sales commitments on hand are about 50 pct
above those of a year ago, but system sales revenues are
recognized at shipment, and only 30 to 40 pct of sales
commitments in hand will ship during the period.
It said its outlook for the year remains unchanged.
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Nova, an Alberta Corp, chief executive
Robert Blair expressed hope that Dome Petroleum Ltd <DMP>
remains under Canadian ownership, but added that his company
plans no bid of its own for debt-troubled Dome.
"We've no plan to bid," Blair told reporters after a speech
to a business group, although he stressed that Nova and 57
pct-owned Husky Oil Ltd <HYO> were interested in Dome's
extensive Western Canadian energy holdings.
"But being interested can sometimes be different from
making a bid," Blair said.
TransCanada PipeLines Ltd <TRP> yesterday bid 4.30 billion
dlrs for Dome, but Dome said it was discontinuing talks with
TransCanada and was considering a proposal from another company
and was also talking with another possible buyer, both rumored
to be offshore.
Asked by reporters if Dome should remain in Canadian hands,
Blair replied, "Yes. I think that we still need to be building
as much Canadian position in this industry as we can and I
think it would be best if Dome ends up in the hands of Canadian
management."
He said he did not know who other possible bidders were.
Blair said that any move to put Dome's financial house in
order "will remove one of the general problems of attitude that
have hung over Western Canadian industry."
He added, however, that the energy industry still faced "a
couple of tough, tough additional years."
Asked about Nova's 1987 prospects, Blair predicted that
Nova's net profit would rise this year to more than 150 mln
dlrs from last year's net profit of 100.2 mln dlrs due to
improved product prices and continued cost-cutting.
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First Montauk Securities Corp
said it has reached a preliminary merger agreement with
MCC-Presidential Inc.
The company said MCC shareholders would have a 25 pct stake
in the combined company and would receive a cash distribution
of about 35 cts per share.
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Shr 82 cts vs 72 cts
Net 44.6 mln vs 38.9 mln
Avg shrs 54.3 mln vs 52.8 mln
Reuter
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