utterance
stringlengths 0
13.4k
| label
listlengths 10
10
|
|---|---|
BASIX Corp said it has agreed in
principle to sell the stock of its Automatic Toll Systems Inc
subsidiary to Cubic Corp for about 26 mln dlrs.
The company said it would retain Automatic Toll assets
worth about nine mln dlrs to dispose of over time.
The company said completion of the transaction is subject
to approval by both boards and BASIX's banks and the expiration
of the Hart-Scott-Rodino waiting period.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr loss 12 cts vs loss five cts
Net loss 347,849 vs loss 103,489
Sales 222,697 vs 150,534
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Resdel Industries Inc said
it has agreed to acquire San/Bar Corp in a share-for-share
exchange, after San/Bar distributes all shgares of its
Break-Free Corp subsidiary to San/Bar shareholders on a
share-for-share basis.
The company said also before the merger, San/Bar would
Barry K. Hallamore and Lloyd G. Hallamore, San/Bar's director
of corporate development, 1,312,500 dlrs and 1,087,500 dlrs
respectviely under agreements entered into in October 1983.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Sri Lanka today ordered its armed forces
to defend the island's territorial waters as India prepared to
send a flotilla with relief supplies that Colombo says it does
not want for the Tamils in the Jaffna peninsula.
The sudden crisis between Sri Lanka and its giant neighbour
deepened as Prime Minister Ranasinghe Premadasa told
parliament: "We have our territorial limits and nobody can be
allowed to trespass there ...
"President (Junius) Jayewardene has ordered the army, navy
and air force to protect the island and its territorial waters,"
Premadasa said to a round of applause from the house.
In New Delhi an Indian spokesman said the plan to send a
flotilla of 20 small unarmed boats with Red Cross supplies to
Jaffna tomorrow would go ahead despite Colombo's objections.
The confrontation was the latest result of the long and
bitter conflict between Sri Lanka's Buddhist Sinhalese majority
and the Hindu Tamil minority, which has strong ethnic and
cultural links with India's 50 mln Tamils.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
The Louvre agreement by the Group of Seven
finance ministers and central bankers to stabilise currencies
has worked well and needs no fundamental strengthening at the
economic summit in Venice on June 8-10, U.K. Chancellor of the
Exchequer Nigel Lawson said.
Previewing the summit, which he expected would not produce
any major new economic initiatives, Lawson told reporters work
remained to be done on improving the conditions for lasting
world economic growth.side measures to boost growth, he said.
"I think it is possible that there may be scope for a
further reduction in interest rates in Germany," he added, but
stressed that he had had no indication that such a move was
likely. He made no mention of Japanese interest rates.
Lawson said the U.S. Should embark on "a gradual reduction
of its fiscal deficits over the next two or three years."
He said the February 22 Louvre accord had produced
"satisfactory exchange rate stability," in part thanks to heavy
coordinated intervention of Group of Seven central banks, and
he was "content" with sterling's exchange rate.
Pointing to the record 4.8 billion stg rise in U.K. May
currency reserves announced today he said, "we have been playing
a very full part ourselves ... We have been intervening to a
very much greater extent than we had done hitherto."
Lawson said there was a risk that the Louvre agreement may
falter if member states did not implement the macro-economic
commitments underlying the accord.
"Certainly it would be more difficult to maintain exchange
rate stability if countries are seen not to implement their
commitments in Paris ... In this respect." He said the U.S.
Budget deficit was "very important."
Noting the 6,000 billion yen economic package announced by
Japanese Prime Minister Yasuhiro Nakasone last week Lawson
said, "what is really needed in Japan is an increase in
merchandise imports. Supply side measures are critical."
"There is a specific range of consumer and agricultural
goods where they have an extremely restrictive regime which is
wholly unjustified," he said.
Lawson doubted that Tokyo's partners would indulge in "Japan
bashing" at the summit especially after the economic stimulation
package and the announcement of Nakasone's plans to increase
Japanese development aid over the next three years.
Japan's more flexible stance on Tokyo stock exchange
membership would also help deflect criticism, he said.
He said he thought West Germany would instead come under
pressure at the summit to adopt similar stimulation measures to
jack up faltering economic growth.
In this respect Lawson said he hoped Bonn would bring
forward to January 1988 part of its agreed package of tax cuts
scheduled for 1990. He also called on Bonn to push ahead with
the privatisation of German national industries.
On debt, Lawson said he expected a three point British plan
to alleviate the burden of the poorest sub-saharan countries to
make progress in Venice.
The plan, involving concessional rescheduling of sovereign
debt in the Paris Club, was first proposed at the IMF and World
Bank meetings in Washington earlier this year.
Lawson said he would seek "to consolidate political backing
for the plan at the Venice summit" and hoped the programme would
be finalised at the Autumn meetings of the IMF and World Bank.
He welcomed the recent moves by Citicorp and Chase
Manhattan to increase sharply their Third World debt
provisions.
"First, it is a blow for realism. Second, because the market
response has shown that banks have much less to fear from this
sort of move than they felt before Citicorp," he said.
U.K. Banks should follow Bank of England recommendations,
strengthening their balance sheets and making more provisions.
"They have done it to some extent, they need to do it more,"
Lawson said, adding it was up to the banks themselves to
determine the appropriate size of provisions.
He also said the dismantling of farm subsidies would be
discussed at the summit. "There is a consensus, which we have to
push further."
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Centel Corp said it completed the sale of
its water properties serving 8,000 customers in four
southwestern Kansas communities to Central Kansas Utility Co of
Columbia, Mo.
Terms were not disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
W.R. Grace and Co said it has agreed to
combine its cocoa processing businesses with those of S. and W.
Berisford PLC.
It said the joint venture, to be 68.4 pct owned by Grace
and 31.6 pct by Berisford, would have annual sales in 1987 of
over 700 mln dlrs.
Grace said the transaction involves the combination of its
cocoa products division and two Berisford cocoa processing
units, which would be operated under Grace management.
The company said Berisford would contribute its Dutch and
West German cocoa subsidiaries and issue new ordinary shares to
Grace in connection with the transaction. It said closing is
expected by early fall, subject to regulatory approvals.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
CSR Ltd <CSRA.S> intends to proceed with
its planned bid for building materials group Monier Ltd
<MNRA.S> despite the counter-bid from <Equiticorp Tasman Ltd>
(ETL), CSR executive director Gene Herbert told Reuters.
ETL said today it would offer 4.15 dlrs each for Monier's
issued capital of 156.28 mln shares, plus a share alternative.
This compares with a 3.80 dlr cash element in CSR's proposed
bid.
The proposed offer by ETL, controlled by New Zealand
entrepreneur Allan Hawkins, came after it built up a 14.99 pct
stake in Monier in a 95 mln dlr share raid in recent days.
Herbert said Britain's Redland Plc <RDLD.L>, which holds
just under 50 pct of Monier, still supported the CSR bid and
had told CSR it is not a seller.
He said Redland wanted to maintain and build on its
operations in Australia and the U.S., Where Monier has built up
a strong presence, notably in roofing tile manufacture.
The CSR offer contains a put and call option agreement with
Redland. This enables Redland to accept the CSR bid within six
months of its close or to lift its stake to 50.1 pct in the
same period and to run Monier as a joint venture with CSR.
CSR has said that Redland will take up the second option.
ETL has declined to say why it intervened in Monier, beyond
describing it as a long term investment.
ETL would bring no synergies to Monier, unlike CSR which is
a leader in building materials, Herbert said.
"We fit better with Monier," he said.
CSR has said that it will concentrate development on its
core businesses of sugar and building materials after its moves
into energy several years ago.
Asked what he thought ETL's bid sought to achieve, Herbert
said: "I'm puzzled as to what Hawkins' strategy is. One has to
wonder if Monier is the main target."
Herbert said CSR had no plans to raise its bid, and said a
higher price would be difficult to justify on fundamentals.
Monier was trading at 2.80 dlrs when CSR launched its
original bid of 3.50, or 16.8 times earnings, in late April.
The shares closed at 3.90 dlrs today, down 25 cents on
yesterday, after ETL withdrew on reaching the top foreign
shareholding level permitted without Foreign Investment Review
Board (FIRB) approval. Its bid is subject to FIRB approval.
Herbert also said that institutions, which are more likely
to accept a share alternative than cash, would have to judge
the respective values of ETL and CSR shares.
ETL is the third group to become involved in a possible
acquisition of Monier this year. Redland held discussions on a
possible takeover before the CSR bid emerged but the
negotiations foundered on the price.
Share analysts said that for this reason, they did not
think ETL's intervention would flush out a full Redland bid
although Monier's ultimate fate rests in its hands.
"Redland is still in the driving seat," said Tim Cohen of
<Ord Minnett Ltd>, adding that Redland would be happier having
CSR as a partner in running Monier than ETL.
Monier's independent directors have recommended ETL's bid.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Periods ended April 30
Shr 18 cts vs 15 cts
Net 3,309,000 vs 2,539,000
Revs 45.2 mln vs 26.8 mln
Avg shrs 18.7 mln vs 16.8 mln
NOTE: 1986 net includes gain of 1,197,000 dlrs, or seven
cts a share, from tax loss carryforwards
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
<Virginia Federal Savings and Loan
Association> said it has signed a definitive agreement to be
acquired by <Montrose Holding Co>, an affiliate of <Montrose
Capital Corp> for 20 mln dlrs.
Virginia Federal and Montrose Capital said the agreement
provides for the conversion of Virginia Federal from a mutual
to a stock association and the purchase of 100 pct of its stock
for 20 mln dlrs by Montrose.
According to the companies, Virginia Federal has over 700
mln dlrs in assets and operates 16 branches in Virginia.
Virginia Federal said the proceeds would enable it to
provide increased mortgage and lending services and enable the
company to compete more effectively in the Virginia market.
The companies said the agreement is subject to Federal Home
Loan Bank Board approval, expected later this year.
Additionally, the companies said the converted association
would be managed by a board of directors consisting of the six
current Virginia Federal directors and two representatives of
Montrose Holding.
The senior management of Virginia Federal was expected to
continue in office after the conversion, the companies said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
|
Newly-nominated Federal Reserve Board
chairman Alan Greenspan said there was evidence the dollar
finally had bottomed out.
In a White House briefing Greenspan was asked by reporters
if he thought the dollar had bottomed out.
"There certainly is evidence in that direction," he replied.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Acme Precision Products Inc said a
management group has withdrawn a six dlr per share leveraged
buyout offer.
Acme said the management group dropped its bid due to
continued weakness in the machine tool industry and in Acme
Precision's operating results and to the inability of the
management group to obtain modifications to terms of its
financing commitment.
It said, "The effect of these factors led the management
group to conclude that the six dlr per share price was
excessive under current conditions."
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Italy's barley crop is generally in good
condition and harvesting is expected to begin shortly, the
agricultural marketing information and research board Irvam
said.
First consignments were expected to be available around
mid-June.
Excellent weather, characterised by alternating periods of
sunshine and rain, has encouraged growth except in Sardinia,
which was expected to lose a large part of its barley crop
because of extreme dryness.
Irvam said yields are expected higher than last year's low
levels if favourable weather continues in the next few weeks.
Given an average yield of 3.5 tonnes per hectare, national
production would be around two pct higher than in the previous
season at just above 1.6 mln tonnes, it said.
If yields reach the record 3.78 tonnes per hectare achieved
in 1984, production would be around 1.75 mln tonnes, an
increase of 11 pct compared to 1986.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
]
|
May Two net
Shr 11 cts vs eight cts
Net 5,895,000 vs 3,896,000
Sales 127.3 mln vs 110.5 mln
NOTE: Share adjusted for three-for-one stock split payable
July 27 to holders of record July One.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Elders IXL Ltd <ELXA.S> says it is happy
to leave preferences shares of brewer Carling O'Keefe Ltd
outstanding after an undisclosed bidder made an offer to
acquire all of Carling's outstanding preferred stock.
Elders, which owns 100 pct of Carling's outstanding common
shares, previously proposed to redeem the 433,745 Carling
series A preferred shares at 33.50 Canadian dlrs each and
redeem the 386,662 series B preferreds at 40 dlrs a share.
The series A and B preferred shares carry no vote while
dividends are paid.
Elders says neither it nor Carling knows the identity of
the bidder for Carling's preferred shares.
On May 29, the bidder offered to acquire the Carling
preferred for 36 dlrs for each series A and 40.50 dlrs for each
series B share.
Elders said leaving the Carling preferred shares
outstanding will not affect ongoing plans of the company.
Series B preferred shareholders had previously rejected
Carling's proposal to redeem the shares and a series A
preferred shareholders meeting was adjourned to June 12.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The House Agriculture Committee voted
to make approximately 2.8 billion dlrs of feedgrains deficiency
payments immediately instead of in the late fall.
A similar measure was decisively defeated on the Senate
floor last week.
The bill, which passed by a voice vote, would allow
so-called Findley payments to be made immediately rather than
late this year. Payments for 1987-90 feedgrains crops would not
be changed.
Because the bill would move 2.8 billion dlrs of spending
into fiscal 1987 from fiscal 1988, the measure is expected to
meet stiff resistance in the full House.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Jones and Vining Inc said it has
started a tender offer for all of its own shares at five dlrs
per share.
The company said it will hold a special meeting on July 10
for a vote on approval of a merger at the tender price.
It said the price to be paid in the tender and merger could
be reduced by any fees and expenses the court may award to
counsel for the plaintiffs in the class action suit brought
against it in Delaware Chancery Court by Ronda Inc. The
plaintfiffs' counsel are seeking fees of up to 10 cts per
share, Jones and Vining said.
The company said the court has scheduled a hearing on the
proposed settlement of the suit for July Eight.
The company said the start of the tender offer and the
calling of the special meeting are conditions of the
settlement, and completion of the tender and merger are
conditioned on final approval of the settlement.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
HEALTHSOUTH Rehabilitation Corp
said it has acquired Pine Island Sports Medicine Center in Fort
Lauderdale, Fla., and will incorporate the facility into its
HEALTHSOUTH Rehabilitation Center of Fort Lauderdale, which is
now under construction and should be in operation by
mid-summer.
Terms were not disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Banc One Corp said it has
completed the acquisition of First National Bank of
Bloomington, Ind, which has assets of 271 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Orion Broadcast Group Inc said its
majority-owned Orion Financial Services Corp subsidiary has
agreed to purchase FN Realty Services Inc from Ford Motor Co
for 1,200,000 to 1,500,000 dlrs in cash and notes.
It said closing is expected within 45 days after receipt of
regulatory approvals.
FN provides loan collection, accounting, data processing
and administrative services to the real estate industry.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 71 cts vs 47 cts
Net 12.1 mln vs 7.8 mln
Revs 369.8 mln vs 307.9 mln
12 mths
Shr 2.35 dlrs vs 2.33 dlrs
Net 39.5 mln vs 39 mln
Revs 1.36 billion vs 1.24 billion
NOTE: Prior year restated to reflect results from current
year acquisitions.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The scale of foreign exchange intervention
the Bank of England has carried out recently is clear proof of
Britain's determination to stabilise exchange rates as agreed
between the Group of Seven industrialised countries in Paris in
February, Chancellor of the Exchequer Nigel Lawson said.
Saying he was "content" with sterling's current value, Lawson
told reporters he wanted "to maintain the exchange rate
stability we have all signed up for." He declined to say if he
favoured a rise or a fall from present sterling levels.
May currency reserves, out today, showed a record 4.8 billion
stg rise, pointing to massive currency intervention.
In April, reserves rose a hefty 2.9 billion stg.
Pointing to the reserves data, Lawson said, "We have been
playing a very full part ourselves" in meeting our commitments
toward exchange rate stability as agreed in Paris.
"We wish to see it (stability) continuing," he added.
Asked which techniques were available to preserve
stability, Lawson said both central bank intervention and
interest rate changes could be used to tackle "the market
pressures there are from time to time."
"Interest rate stability is not an objective in that
sense...Rates have to be moved up and down at times," he added.
Lawson said he expected intervention to be "sterilised" by
draining excess sterling liquidity from the market through new
issues of government securities and foreign currency sales,
when the market allowed.
This would limit the inflationary impact of intervention,
he said.
"Sterilisation will be dictated by market tactics...Not
necessarily in the month in which intervention occurs," Lawson
said. "I am confident that we can sterilise on this scale."
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
The Federal Reserve is not expected to
intervene in the government securities market to add or drain
reserves at its usual intervention time this morning,
economists said.
With the Federal funds rate trading comfortably at 6-9/16
pct, down from yesterday's 6.74 pct average, economists said
the Fed did not need to take reserve management action today.
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
]
|
Shr 86 cts vs 73 cts
Net 52.7 mln vs 45.7 mln
Revs 989.9 mln vs 863.9 mln
Six mths
Shr 1.97 dlrs vs 1.28 dlrs
Net 122 mln vs 79.9 mln
Revs 2.078 billion vs 1.726 billion
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Turkey's trade deficit widened to 382 mln
dlrs in April from 275 mln in March and 273 mln in April 1986,
the State Statistics Institute said.
The deficit for the first quarter of 1987 widened to 1.23
billion dlrs from 1.20 billion a year earlier.
April exports totalled 702 mln dlrs compared with imports
of 1.08 billion.
Exports in the first four months were worth 2.69 billion
dlrs compared with imports of 3.92 billion.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Shr four cts vs 21 cts
Net 29,862 vs 152,826
NOTE: Full name is United Financial Banking Cos Inc. Net
includes loan loss provision nil vs 40,000 dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 56 cts vs 42 cts
Net 10,030,000 vs 7,833,000
Sales 392.1 mln vs 339.6 mln
Avg shrs 17,966,000 vs 18,709,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Energy Secretary Donald Hodel said he
expects oil prices to rise significantly by the year 2000,
probably to around 33 dlrs a barrel in current dollars.
"I do anticipate a significant increase (by 2000).
Thirty-three dlrs a barrel is not unreasonable," Hodel told the
Senate Energy Committee.
Hodel said the loss of some domestic oil production through
the shutdown of stripper (10 barrels a day or less) wells
because of low prices was probably permanent. He said he was
also concerned by the decline in domestic oil exploration.
Hodel urged Congress to approve oil exploration in section
1002 of the Arctic National Wildlife Refuge in Alaska. He said
geologic condtions in the area were favorable for the discovery
of oil fields equal to those in nearby Prudhoe Bay.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 15 cts vs 16 cts
Net 239,034 vs 264,485
Sales 2,932,782 vs 2,664,853
Year
Shr 57 cts vs 45 cts
Net 929,524 vs 741,121
Sales 10.9 mln vs 9,708,792
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
U.S. District Court Judge Eugene
A. Gordon said he will decide "in the next few days" whether to
grant Burlington Industries Inc's request to stop a takeover by
Samjens Acquisition Corp.
"I do not know how I come down on this preliminary
injunction," Gordon said after listening to arguments by
attorneys for 1-1/2 days.
"It's been a long time since I was deluged with as much
information as I have been. I have to consider what's been
presented and issue an opinion on this. Both sides cannot be
winners," he said.
Burlington requested the injunction to stop a takeover
effort by Samjens, claiming the partnership used illegally
obtained confidential information about the company to make its
offer. It also alleges there would be anti-trust violations if
Samjens, formed by Asher Edelman and Dominion Textiles Inc of
Canada, were to succeed.
Samjens last week topped a 76 dlr per share offer for
Burlington from Morgan Stanley Group <MS> by one dlr per share.
Morgan Stanley made its 2.44 billion dlr bid after Samjens bid
72 dlrs per share for Burlington.
Burlington lawyers told the court if the injunction is not
granted Samjens would win control of Burlington. A Samjens
lawyer argued that if the judge granted the injunction it would
"kill the offer"
Jay Greenfield, an attorney for Samjens, said the
partnership would suffer irreparable harm if the injunction
were granted. "There's only one Burlington," he said. "If we
cannot get that then no amount of money can compensate us."
Greenfield also said Samjens could sell its holdings in
Burlington for 95 mln dlrs. "We don't want that. We're not in
this for the money," he said.
Irving Nathan, a Burlington lawyer, reiterated that
information provided by James Ammeen, a former Burlington
executive, was crucial to Dominion's decision to attempt o
takeover of Burlington.
"Dominion relied on the information provided by the insider
Jim Ammeen," Nathan said.
An attorney for Ammeen, who is named as a defendant, asked
the court to dismiss the lawsuit against his client. The judge
said he would not rule on the request today.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Allegis Corp said it has created a
limited partnership to sell selected hotels in Canada to the
public.
It said the offering is expected to raise in excess of 350
mln Canadian dlrs and will be completed by the end of
September.
The limited partnership will be similar to the Westin
Hotels limited partnership completed last year when Allegis
sold Westin hotels in San Francisco and Chicago. Allegis
reported a pretax gain of 80.6 mln dlrs as a result of that
partnership.
An Allegis spokesman said the offerings have been in
planning stages for a long time and are unrelated to recent
corporate developments such as the firm's recapitalization plan
and a threatened takeover by an investor group lead by Coniston
Partners and the pilots of its United Airlines unit.
The spokesman said the company has not yet identified which
of its Canadian hotels will be offered for sale.
Allegis has 100 pct ownership in Westin hotels in
Vancouver, Calgary, Ottawa and Toronto, and 100 pct interest in
Hilton International hotels in Toronto and Montreal. It owns 60
pct of the Westin in Edmonton.
Richard Ferris, chairman of Allegis, said in a statement
the hotel limited partnerships allow the company to convert
unrecognized asset appreciation into cash.
As with the proceeds from the earlier limited partnership,
the money will be used for general corporate needs, the
spokesman said.
Merrill Lynch Capital Markets and Wood Gundy will be lead
underwriters for to the public offering. The limited
partnership will be offered outside the U.S, Allegis said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Raycomm Transworld Industries Inc
said it has agreed in principle subject to board approvals to
acquire Spiridellis Consulting Group Inc, a privately-held
computer services consulting firm, for a number of common
shares to be determined based on pretax earnings of Spiridellis
over a five-year period.
The company said it will gaurantee that almost all of the
issued shares will attain price levels ranging from five to
nine dlrs each for two years after their issuance.
It said Spiridellis had revenues of 3,500,000 dlrs in
calendar 1986.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Minnesota Mining and Manufacturing
said it acquired a computerized hospital information systems
business from Control Data Corp.
Terms were not disclosed.
The business, which has 145 employees and supplies
computers and software for hospital information systems, will
be integrated into 3M's hospital software business.
Control Data said the divestiture was part of its strategy
to focus on narrower markets.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The current crude oil price of between
18 and 20 dlrs a barrel will remain stable over the next couple
of years, rising only one to two dlrs a barrel per annum to
keep up with inflation, OPEC President Rilwanu Lukman said.
Lukman, who was speaking during talks with Swedish trade
officials, said the stable price depended upon output restraint
by both OPEC and non-OPEC oil producers, Swedish government
officials said.
They said Lukman, who is also Nigerian oil minister, made
the remarks whilst talking about the connection between Third
World debt and industrialised nations.
Crude oil output controls did not necessarily mean higher
energy bills for the world's industrial nations, Lukman said.
Although very low oil prices, such as those seen around the
beginning of the year, may appear beneficial for the industrial
countries that depend on imported energy, they would only lead
to wastage and overdependence on the fuel in the long term, he
said.
This in turn would bring a swing back to extremely high
prices, he added.
Sweden, heavily dependent on imported oil, suffered a major
crisis in the mid-1970s, when oil prices spiralled.
REUTER
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
The Bundesbank is unlikely to change
credit policies when its central bank council meets on Thursday
for its last session before the Venice summit, banking
economists and money market dealers said.
The Bundesbank steered money market rates lower last month
by cutting the rate on its security repurchase pacts, and is
unlikely to cap this move with a cut in leading interest rates
in the near future, they said.
The council will meet in Saarbruecken, and the meeting will
be followed by a news conference at around 1030 GMT.
But Bundesbank officials noted that a news conference was
usually called when the council meets outside Frankfurt, and
did not necessarily herald any policy moves.
Bundesbank Vice-President Helmut Schlesinger said today
there was no reason to cut interest rates because money supply
growth had shown no signs of slowing in May and the dollar was
stable against the mark.
Schlesinger told Reuters in Tokyo, where the Bundesbank has
opened a representative office, that the West German economy
was now picking up after contracting by a seasonally adjusted
1/2 to one pct in the first quarter.
Money market dealers said call money was likely to hold in
a 3.50/70 pct range for most of this month, after the
Bundesbank switched last month to tenders by interest rate at a
minimum bid rate of 3.50 pct, allocating funds at 3.55 pct.
"They have set this signal and indicated they could maybe
lower market rates even further, but not with the discount or
Lombard," Winfried Hutmann, chief economist of Schroeder,
Munchmeyer, Hengst Investment GmbH said.
Werner Chrobok, managing partner at Bethmann Bank, said
German rates were among the lowest in industrial countries and
around historical lows for West Germany.
A further cut in rates would have little impact on the
economy as banks are in any case reporting slack credit demand,
with companies swimming in liquidity, Chrobok said.
The Bundesbank would therefore be reluctant to make a move
on interest rates, when this would be better held in reserve.
"The Bundesbank is frightened of using up its powder," he said.
A cut in the discount or Lombard rates, to bring them in
line with the new structure of money market rates since last
month, would have little practical significance, dealers said.
The Bundesbank could therefore act on these if it wanted a
diplomatic gesture before next week's Venice summit.
But Bundesbank President Karl Otto Poehl has often made it
clear in the past he opposes such gestures as mere "eyewash."
Economists said it was really up to the Bonn government to
cut taxes, rather than for the Bundesbank to ease monetary
policy, to meet pressure on West Germany at the Venice summit.
But with Bonn struggling to finance already announced tax
cuts and falling tax revenue widening the federal budget
deficit, it is hard to see how Bonn could cut taxes further.
"The Bonn government will be in a very weak position in
Venice because they can't risk increasing the deficit further,"
said Schroeder, Muenchmeyer, Hengst's Hutmann.
Bethmann's Chrobok said if anything is to happen before
Venice, it must be in fiscal rather than monetary policy. "But I
don't expect any convincing measures," he said.
Money market dealers noted that call money continued to
normalize today, falling to 3.60/70 pct from 3.75/85 yesterday
and as much as five pct on Friday when it was pushed up by
month-end distortions.
Call money could come under upwards pressure later this
month because of a major round of tax payments by banks on
behalf of customers, starting in the week beginning June 15.
Two public holidays that week could also distort the market.
Dealers said they expected the Bundesbank to allocate funds
tomorrow in the latest repurchase pact at an unchanged 3.55
pct, after setting an unchanged minimum bid rate of 3.50 pct,
and to fully replace the 5.5 billion marks in an outgoing pact.
But dealers said it was possible the Bundesbank would
allocate funds at 3.6 pct rather than 3.55. That would not
represent a tightening of policy, however.
Because the Bundesbank scales down bids which it allocates
at the minimum accepted rate, some banks may try to get a full
allocation by bidding heavily at 3.6 pct, dealers said.
On another issue, Poehl has said the Bundesbank is likely
to lift restrictions on private use of the European Currency
Unit (ECU) at one of its meetings soon.
Saarbruecken would be a suitable place for an announcement
on this gesture to European unity, as it is the capital of the
Saarland bordering France, and was twice under French
occupation this century.
But dealers said an ECU announcement was unlikely to come
this week, as a number of technical and legal matters had still
to be resolved, for instance how German ECU accounts would be
treated for minimum reserve purposes.
REUTER
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
]
|
Shr basic 83 cts vs 1.05 dlrs
Shr diluted 80 cts vs 96 cts
Net 116,157,000 vs 125,146,000
Six mths
Shr basic 1.71 dlrs vs 2.27 dlrs
Shr diluted 1.63 dlrs vs 2.06 dlrs
Net 230,265,000 vs 265,535,000
Loans 67.93 billion vs 65.50 billion
Deposits 83.71 billion vs 84.25 billion
Assets 100.00 billion vs 97.50 billion
Avg shrs 116.4 mln vs 102.1 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Century Communications Corp
said it had entered into an agreement to acquire all the assets
of <Community Cable Vision of Puerto Rico Associates> and its
associated companies for about 12 mln dlrs.
Century said it anticipates that <ML Media Partners LP>,
which jointly owns with Century a company called <Cable
Television Co> of greater San Juan, will join in acquisition
and management of Community Cable.
Century said Community Cable is located in San Juan, Puerto
Rico.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The White House has completed a new
review of Japanese semiconductor trading practices but has not
yet decided whether trade sanctions levied against Japan last
April should be lifted, U.S. officials said.
They said the president's Economic Policy Council looked at
Japan's adherence to the 1986 U.S.-Japanese semiconductor pact
yesterday and that an announcement may be made shortly.
But there was no hint what the announcement might be.
Officials have said the 100 pct tariffs on 300 mln dlrs of
Japanese exports could be modified if Japan was found to be
honoring a portion of its semiconductor pact.
But they also noted that the White House has said it was
unlikely the tariffs would be lifted before the meeting of the
world's seven major economic powers in Venice on June 8-10.
The officials added that while the curbs complicated
U.S.-Japanese economic cooperation, they did serve to blunt
Congressional criticism that the Reagan Administrtation was not
taking tough actions to reduce he U.S. trade deficit.
Reagan imposed the sanctions on April 17 in retaliation for
Japan's failure to honor commitments to end dumping
semiconductors in world markets at less than production costs
and to open its own market to U.S. goods.
The sanctions were levied on certain Japanese television
sets, personal computers and hand-held power tools.
Reagan, in imposing the curbs, said they would be lifted as
soon as there was evidence of a pattern that Japan was adhering
to the pact.
reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
|
Energy Secretary Donald Hodel said he
expects oil prices to rise significantly by the year 2000,
probably to around 33 dlrs a barrel in current dollars.
"I do anticipate a significant increase (by 2000).
Thirty-three dlrs a barrel is not unreasonable," Hodel told the
Senate Energy Committee.
Hodel said the loss of some domestic oil production through
the shutdown of stripper (10 barrels a day or less) wells
because of low prices was probably permanent. He said he was
also concerned by the decline in domestic oil exploration.
Hodel urged Congress to approve oil exploration in section
1002 of the Arctic National Wildlife Refuge in Alaska. He said
geologic condtions in the area were favorable for the discovery
of oil fields equal to those in nearby Prudhoe Bay.
"The area could contain potentially recoverable oil
resources of more than 9.2 billion barrels, an amount nearly
equal to the Prudhoe Bay oil field, which currently provides
almost one-fifth of U.S. domestic production," Hodel said.
He said production from the new section could begin about
the time Prudhoe Bay production begins to decline in 2000
without endangering caribou or other wildlife in the area.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Stewart Sandwiches Inc said it has
sold its coffee roasting plant to Sara Lee Corp's Superior
Coffee and Foods subsidiary for undisclosed terms.
The company said Superior will become the exclusive packer
of Squire labeled coffee products, which are marketed by
Stewart, and Stewart will provide equipment, service and
distribution suppoort for some Superior coffee accounts.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 21 cts vs 11 cts
Net 638,000 vs 340,000
Sales 16.9 mln vs 14.7 mln
Avg shrs 3,007,048 vs 3,006,250
1st half
Shr 41 cts vs 41 cts
Net 1,224,000 vs 1,142,000
Sales 31.1 mln vs 29.8 mln
Avg shrs 3,006,704 vs 2,757,631
NOTE: Current year net both periods includes nonrecurring
gain 213,000 dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The Far Eastern sugar market is being hit
by a tightening in available nearby freight space needed to
move raw sugar to various destinations, notably from Thailand,
traders said.
This has resulted in a hardening of freight rates in those
areas. These are now being quoted between 12.5 and 17.5 dlrs a
tonne per day, depending on shipment and destination, against
recent fixings below 12 dlrs a tonne.
Charterers are considering combining contracted shipments
because of inadequate space, shipping sources said, noting 13
raws cargoes are awaiting shipment from various ports.
A cargo of Thai raw sugar was reported traded at basis July
New York futures less 25 points for June/July 15 shipment,
traders said. But others said this was old business.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
NCNB Corp said the board of
governors of the Federal Reserve System approved its
application to merge with (CentraBank Inc) of Baltimore,
expected to be completed July 1.
The company said the board's approval included the
dismissal of a protest by the Baltimore-based Maryland Alliance
for Responsible Investing against NCNB's performance under the
Community Reinvestment Act.
The company said Maryland Alliance wanted the merger
blocked on the grounds that NCNB inadequately served the credit
and financial needs of low-income and minority communities in
its markets.
The company said it denied the claim.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Fritz Leutwiler, chairman of
BBC AG Brown Boveri und Cie and a former Swiss National Bank
president, urged the National Bank to declare its intent of
achieving a rising rate for the mark against the Swiss franc.
In a speech to shareholders, Leutwiler said, "A gradually
rising rate for the mark in relation to the franc would be
desirable from the standpoint of industrial exports and with
regard to sustaining Swiss industry."
"Simply an appropriate declaration of intent by our bank of
issue (Swiss National Bank) could have a positive effect," he
said.
Leutwiler, who served 10 years as head of the Swiss central
bank, said such a step would not contradict the National Bank's
target of monetary stability.
"Bringing the franc close to the mark would, of course, have
to be done step by step under the watchful eye of monetary
policy," he told shareholders. "Realistically there is in fact no
persuasive reason why the German currency is quoted almost 20
pct lower than the Swiss."
A National Bank spokesman said the relation of the mark and
Swiss franc was an example of stable currency parities over a
long period of time.
The spokesman said exchange rates were made by the market,
not the central bank, and it would be impossible to influence
individual parities separately.
Leutwiler said the Swiss National Bank could not support
the value of the dollar, even in conjunction with other central
banks, without putting monetary stability in jeopardy.
"I would be the last to recommend that. The key to a
stronger dollar lies in the United States itself," Leutwiler
said.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Spectra-Physics Inc said it is
considering the possibility of recapitalizing, restructuring,
or seeking a buyer for the company following its rejection of
an unsolicitied 32 dlr a share bid from Ciba-Geigy Corp.
In a filing with the Securities and Exchange Commission,
the San Jose, Calif., gas lasers and accessories company also
said its board Sunday agreed to a plan that gives 52 top
executives bonuses ranging from 20 to 50 pct of their base
salary if they stay with the company through August 29.
In rejecting the takeover proposal by the U.S. subsidiary
of Swiss-based Ciba-Geigy AG, the company said it was unfair.
The Spectra-Physics board voted unanimously, with two
Ciba-Geigy representatives not participating, to reject the
Swiss-based chemical and pharmaceutical company's takeover bid,
citing an opinion from its financial advsior, Morgan Stanley
and Co Inc, that it is "inadequate and unfair from a financial
point of view to the holders of shares," the company said.
The board also authorized a special committee and Morgan
Stanley to "vigorously investigate, pursue and authorize any
alternatives which would maximize the value of shareholders'
investment in the company," the company said.
Among the alternatives the special committee will consider
are a sale of the company to a third party for more than 32
dlrs a share, a recapitalization or restructuring, including
self tender offers and/or asset dispositions through the use of
dividends, Spectra-Physics said.
The "retention plan" for the 52 top officers will pay an
average bonus percentage of 28 pct of salary, it said.
Spectra-Physics said its board approved the plan "in order
to encourage key operating personnel to remain with the company
during the period of turmoil and uncertainty engendered by the
(Ciba-Geigy) offer."
Under the plan, the executives would be entitled to their
cash bonuses if they stay with the company through August 29,
but could receive them earlier if they are fired for reasons
other than gross and willful misconduct, or if they leave the
company because their salaries have been sharply cut.
Spectra-Physics also said it filed suit against Ciba-Geigy
yesterday in U.S. District Court in Wilmington, Del., charging
it with making a takeover bid that was false and misleading in
violation of securities law and with violating the intent of
July 9, 1985 standstill agreement.
Spectra-Physics said Ciba-Geigy indicated at the time of
the standstill agreement that it would not make an unsolicited
takeover proposal for the company and that the intent of the
agreement was that Ciba-Geigy would not acquire more than 20
pct of the company unless there was another takeover threat.
Ciba-Geigy was 18.8 pct of Spectra-Physics and Reliance
Group Holdings <REL>, which is controlled by New York investor
Saul Steinberg, controls 12.8 pct.
Spectra-Physics said the agreement prevents Ciba-Geigy from
raising its stake beyond 20 pct through Jan 1, 1992, unless
another person get more than 10 pct of its voting power.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Paul Volcker's decision not to go for a
third term as Federal Reserve Chairman and the nomination of
Alan Greenspan to replace him have revived deep concerns about
the U.S.' ability to prevent a further dollar decline and stem
rising inflation, financial market analysts said.
Although Greenspan is known as a committed anti-inflation
fighter in the Volcker mould, doubts are already surfacing in
the U.S. financial markets as to whether he has enough
political clout and monetary experience to wage a tough
campaign against inflation over the next year or two.
"The critical issue is how (Greenspan) will deal with
inflation," said Stephen Axilrod, Vice Chairman of Nikko
Securities Co International Inc and former staff director for
monetary and financial policy at the Fed.
"A lot of questions have been raised by Volcker's
departure. Until Greenspan answers them, the markets will
remain nervous," added Stephen Slifer, money market economist
at Shearson Lehman Government Securities Inc.
This morning's announcement sent the dollar into a
tailspin, which was halted only by concerted central bank
intervention in the open currency market.
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
]
|
Atlantic Richfield Co said it has
acquired exclusive worldwide rights to the methyl methacrylate
technology of Texas Eastern Corp's Halcon SD Group affiliate
for undisclosed terms.
The company said the technology will allow it to introduce
a cleaner and more efficient way of making methyl methacrylate,
a liquid monomer used to make resins for acrylic sheet,
coatings, molded parts and products and plastic impact
modifiers.
ARCO said it is reviewing options for commercialization of
the technology.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
U.S. analysts expect the American
Petroleum Institute's weekly report on oil inventories to show
a slight build in U.S. stocks of gasoline for the week ended
May 29, oil traders and analysts said.
While the consensus is for an increase, a few would not
rule out the possibility of an decline. Traders said that
barring any surprises in tonight's report, they expect the
report to be neutral to bearish for oil prices.
Heating oil stocks are also likely to build and runs to be
steady to slightly higher, which could add pressure on oil
prices, the analysts said.
Crude oil was seen likely to build assuming imports
continue at relatively high levels.
Analysts expect gasoline stocks to rise 500,000 to two mln
barrels above the 234 mln reported for May 22.
Peter Beutel, oil analyst with Elders Futures inc, who
looks for a build said, "We have had five weeks of gasoline
demand at 7.3 mln bpd or more and it is likely to taper off to
between 6.7-7.0 mln bpd, which should make stocks build. Demand
would have to stay above 7.0 mln bpd to have a draw," he added.
Rising demand is why oil traders and analysts expect a draw
in stocks of about of about one mln barrels.
The U.S. Energy Information Administration in its latest
report for the four weeks ending may 22 said that gasoline
demand was up 4.4 pct to 7.3 mln bpd from the previous year.
But analysts said hopes of reduced stocks is likely to
founder on increased runs in refineries, which could be up 0.3
pct above May 22's 81.2 pct capacity operated.
Such an increase would raise runs about 100,000 bpd and add
to U.S. stocks.
But some analysts said that refiners may have held refinery
runs.
Heating oil stocks were also expected to build between
700,000 barrels and one mln from the 96 mln barrel level
reported last week, but a rise in distillate stocks was
discounted as having a market impact at this time.
"A build is seasonal now and not out of line with last year,"
one futures analyst said.
Analysts said they also expect crude oil stocks to build
between 1.5 mln barrels and three mln from the 325 mln barrels
reported by API for the week of may 22.
The consensus appears for about two mln barrels to be added
to the nation's inventory.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
U.S. Secretary of State George Shultz said
the 6,000 billion yen economic package announced by Tokyo last
week went further than the U.S. Had expected.
But he said the U.S. Would not lift the selective economic
sanctions it imposed on Japanese imports in April until Tokyo
changed its sales policies concerning computer microchips.
Speaking in a televised news conference linking several
European capitals, Shultz said it was heartening that the
Japanese had confronted the problem of stimulating domestic and
global demand.
"There is an even greater amount of stimulus than was
originally thought," said Shultz, speaking from Washington.
"It is a lot more than nothing. It is more than was talked
about when (Prime Minister Yasuhiro) Nakasone was here.
"It involves a major reduction in tax rates and we believe
that getting the tax burden down is one way of stimulating the
economy," he added.
But asked by Japanese reporters, also linked into the news
conference, whether the positive reaction meant the U.S. Might
decide at next week's Venice summit to lift its sanctions on
some Japanese electronic goods, Shultz replied:
"These sanctions were undertaken on the basis of an
agreement that had been reached between the United States and
Japan on various sale practices and prices relating to the chip
market.
"They will be lifted as the facts of change by Japan to the
agreement that it made become evident."
He said U.S. Officials had only been able to monitor the
situation for a month and that it was impossible to determine a
trend on only one month's data.
The U.S. Imposed 100 pct import duties on personal
computers, colour televisions and power tools, alleging that
Japan had violated last September's bilateral agreement by
selling computer chips at below fair market value.
Shultz said West Germany and other nations would also do
well to look at what they could do to stimulate demand.
Asked whether the U.S. Could reasonably ask its allies to
take action to stimulate the world economy without a bold
American initiative to reduce the size of the federal budget
deficit, Shultz said moves were already underway to tackle the
problem.
He said by the end of the current fiscal year the deficit
would probably be reduced by around 35 billion dlrs against
last year, and that the budget being worked on this year would
contain a major reduction.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Champion Home Builders Inc said it
sold the Commerce Meadows 600-site manufactured housing rental
community in Commerce Township, Michigan, for a pre-tax gain of
about 900,000 dlrs and the Heron Cay 610-site adult community
in Vero Beach, Florida, for a nominal pre-tax gain.
The company said the sales proceeds will be partly used to
reduce debt. It said it is shifting its focus away from the
development of communities requiring significant equity and
having lengthy projected life cycles.
The company also said along with local landowners and
investors, it will acquire 33-acre tract Northtowne Meadows in
the Toledo, Ohio, area for development into 160 home sites and
three acres of commercial land.
Terms of the transactions and other parties involved were
not disclosed.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
quarter ended May 2
Shr 20 cts vs 17 cts
Net 2,319,000 vs 1,950,000
Sales 92.4 mln vs 72.2 mln
Six mths
Shr 1.60 dlrs vs 1.27 dlrs
Net 18.7 mln vs 14.8 mln
Sales 285.9 mln vs 227.1 mln
NOTE: Full name is Burlington Coat Factory Warehouse Corp.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
qtr ended May 2
Shr 29 cts vs 22 cts
Net 1,975,000 vs 1,403,000
Revs 68.1 mln vs 54.0 mln
Avg shrs 6,722,527 vs 6,597,492
Nine mths
Shr 1.17 dlrs vs 92 cts
Net 7,847,000 vs 6,017,000
Revs 209.7 mln vs 175.7 mln
Avg shrs 6,687,138 vs 6,549,197
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Ball Corp said it completed the
acquisition of privately held Verac Inc.
Terms were not disclosed.
The company said the San Diego-based defense systems and
software development company had sales of about 23 mln dlrs in
1986 and will operate as part of Ball's technical products
group.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
qtr ended April 30
Shr seven cts vs 10 cts
Net 158,294 vs 234,829
Revs 8,727,242 vs 8,152,478
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Secretary of State George Shultz said
today that a boost in allied forces in the Mideast Gulf was not
vital to protect shipping against attack but that possible
allied contributions should be examined.
Asked if he saw the need for a greater military presence by
the allies in the gulf, Shultz told reporters, "Not necessarily,
particularly, so."
But he said an adequate force was needed to deter attack
and noted that the British and the French, as well as the
United States, maintained naval contingents there.
"We have to look at things that others might do," he said.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
Shr profit four cts vs loss 47 cts
Net profit 209,000 vs loss 2,164,000
Sales 4,849,000 vs 3,682,000
Year
Shr loss 10 cts vs loss 52 cts
Net loss 451,000 vs loss 2,378,000
Sales 18.0 mln vs 15.8 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 33 cts vs 26 cts
Net 489,351 vs 430,143
Revs 6,961,091 vs 6,009,026
Avg shrs 1.5 mln vs 1.6 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
An investor group led by Technology
Growth Fund Ltd, an Aspen, Colo., investment firm, said it has
acquired 129,000 shares of Distributed Logic Corp, or 5.2 pct
of the total, and may try to influence the company.
In a filing with the Securities and Exchange Commission,
the group, which also includes individual investors and a
non-profit foundation, said it bought the stake for 884,414
dlrs as an investment in the Anaheim, Calif., company.
But it also said it is "investigating the possibility of
seeking to influence the composition of the management" of the
company and may increase its stake.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Henry Kaufman, managing director of
Salomon Brothers Inc, said the nomination of economist Alan
Greenspan to replace Federal Reserve Board Chairman Paul
Volcker is bearish in the near term for the fixed income and
currency markets.
"The basic direction of interest rates is not changed. The
fundamental direction of interest rates continues to be upward,
interrupted by intermittent rallies," Kaufman said in a
statement. He said the implication for equity markets in
neutral to bullish.
Kaufman said, "Unlike Paul Volcker, who entered the office
of the Federal Reserve chairman with strong credibility both
domestically and internationally, Mr Greenspan will have to
demonstrate both his competence and policy independence before
he can gain full confidence of the financial markets."
Greenspan is most knowledgeable on the behavior of the U.S.
economy, while his professional skills in the international
area are much more limited, Kaufman noted.
"Consequently, although he is well known abroad, his views
on issues such as the Less Developed Country Debt may initially
carry less weight than have those of Mr Volcker."
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
]
|
The operator of a major U.S. crude oil
pipeline, shutdown because of flood damage, said it may be
several days before repairs are made and the system is
functioning again.
Dan Stevens, manager of public and government affairs at
Texaco Inc <TX>, operator of the pipeline through its
subsidiary Texaco Pipeline Co, said the company hopes repairs
will begin in about five days and expects it to take several
more days to complete.
"At this point we are lining up what we know we need, to get
the job done," Stevens said, adding that the timing for repairs
will depend on the damage to the pipeline which is difficult to
assess because of flooding on the Red River.
The pipeline was shipping roughly 225,000 barrels of crude
oil per day, or about 55 pct of its capacity during the 30 days
preceding its shutdown on Saturday, Stevens said.
The pipeline was shut down from Cushing, Okla, to Witchita
Falls, Kan, on Saturday due to an undetermined leak at the Red
River crossing, near the Oklahoma/Texas border, because of
severe rains, a spokesman for Texaco said.
Stevens said it was reasonable to suggest the pipeline
could operate at full capacity when it reopens in order to make
up for the shortfull but cautioned they will talk with
customers to determine their requirements.
Oil analysts and traders said they were not sure if the
shutdown will continue to raise U.S. oil prices.
Monday, after Texaco confirmed that the pipeline had been
closed, West Texas Intermediate crude in the spot market and on
New York Mercantile Exchange's energy futures complex rose 20
cts a barrel.
Stevens said it was reasonable to suggest the pipeline
could operate at full capacity when it reopens in order to make
up for the shortfull but cautioned they will talk with
customers to determine their requirements.
Oil analysts and traders said they were not sure if the
shutdown will continue to raise U.S. oil prices.
Monday, after Texaco confirmed that the pipeline had been
closed, West Texas Intermediate crude in the spot market and on
New York Mercantile Exchange's energy futures complex rose 20
cts a barrel.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Neti Technologies Inc said it has sold
for over four mln dlrs U.S. in cash, notes and the assumption
of liabilities its Huron Leasing Inc subsidiary to a group of
investors headed by a former Huron executive.
The company said the transaction will yield about two mln
dlrs in cash, Huron sells, leases and services computer
hardware.
The transaction is subject to approval by the Montreal and
Vancouver Stock Exchange and the arrangement of financing by
June 15.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
PacifiCorp said it acquired Thomas
Nationwide Computer Corp for 25 mln dlrs in cash and 15 mln
dlrs in deferred consideration depending on the future
performance of the company.
Thomas Nationwide leases and re-markets new and used
International Business Machines Corp equipment, PacifiCorp
said.
It said Thomas Nationwide will be combined with its Systems
Leasing Corp unit in MacLean, Va.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
VBI Corp, a British West Indies
investment firm, told the Securities and Exchange Commission it
raised its stake in France Fund Inc to 1,075,700 shares, or
14.3 pct of the total, from 896,500 shares, or 11.9 pct.
VBI said it bought 179,200 France Fund common shares
between April 24 and June 2 at prices ranging from 13.000 to
14.125 dlrs a share.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Lynch Corp said it will offer 10.50 dlrs
a share in cash, 4.50 dlrs in subordinated debentures and a 1/4
share in a new company for each Becor Western Inc share
outstanding.
Lynch said its proposed offer "substantially improves" over
the offer of 10.45 dlrs a share in cash and 4.00 dlrs of senior
sinking fund debentures made by BCW Acquisition Inc, formed by
Becor's management.
Lynch Chairman Mario Gabelli, who heads a group which owns
12.35 pct of Becor's 16.5 mln outstanding shares, said the
Lynch bid "is about one dlr better than the present offer."
Gabelli previously said in a filing with the Securities and
Exchange Commission he felt the Becor managment buyout was
unfar.
The Lynch officer said he was invited by other Becor
shareholders to make an offer.
Following sale of Becor's aerospace subsidiary in February,
the management group led by President William Winter announced
plans for a 238.1 mln dlr leveraged buyout. was planning to
take Becor for about 238.1 mln dlrs. A shareholder vote on the
buyout offer is scheduled for June four.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Overseas Shipholding Group Inc president
Morton Hyman said if oil production by OPEC rises during the
second half of 1987, freight rates for tankers should rise
accordingly.
Hyman, delivering a speech at the annual shareholders
meeting, said international tanker markets were generally weak
throughout the first quarter, but since the end of March OPEC
oil production has picked up. The result has been a modest
improvement in tanker rates.
Overseas said 73 pct of its fleet handles liquid cargo.
He said tanker requirements decreased in September 1986 as
OPEC production quotas dropped and levels of oil stocks rose.
For the first quarter 1987, the company reported net income
of 10.3 mln dlrs, or 40 cts per share, compared to 9.3 mln
dlrs, or 36 cts per share, for the comparable quarter a year
ago.
The company reported net income for 1986 of 37.3 mln dlrs,
or 1.45 dlrs per share.
"The improvement in the company's 1986 results, after four
years of declining earnings, reflects a sharp, albeit
temporary, rise in freight rates in the international tanker
markets last summer," Hyman said.
He said the Alaskan oil trade continues to be the principal
source of employment for its U.S. flag tanker fleet, which
represents approximately 15 pct of the company's tonnage.
Overseas owns and operates 67 vessels.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
1,
0,
0
]
|
A foreign investment group told the
Securities and Exchange Commission it raised its stake in
Scandinavia Fund Inc to 3,040,600 shares, or 46.6 pct of the
total outstanding, from 2,829,300 shares, or 43.2 pct.
The group, which includes Ingemar Rydin Industritillbehor
AB, a Swedish firm, VBI Corp, a British West Indies investment
firm, and Norwegian investor Erik Vik, said it bought 211,300
Scandinavia common shares since April 30 at prices ranging from
10.000 to 10.625 dlrs a share.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Pay 'N Pak Stores Inc said it
received a revision to one of the two previously disclosed
proposals to buy the company.
Pay 'N Pak said that the proposal from a leveraged buyout
firm had been amended to increase the dividend rate on the
cumulative preferred stock to be received by PNP shareholders
from 13.5 pct to 17.5 pct.
As previoiusly announced, the proposal calls for a
transaction in which PNP shareholders would receive a
combination of 17.50 dlrs in cash and 2.50 dlrs in liquidation
value of cumulative preferred stock for each common share.
Under the other proposal received from Paul Bilzerian, PNP
shareholders would receive on a blended basis 16.67 dlrs in
cash and 3.33 dlrs in liquidation value of cumulative
redeemable preferred stock for each common share, the company
said.
Under the Bilzerian proposal, the dividend rate on the
preferred stock would be set so that in the joint opinion of
the financial advisor to Bilzerian and the financial advisor to
Pay 'N Pak, the preferred stock would trade at its liquidation
value on a fully distributed basis, the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
U.S. military forces in the Mideast
Gulf are under orders to protect only American flag vessels and
occasional U.S. arms deliveries on other ships to
"non-belligerent" states in the area, the Pentagon said today.
"No one has ever stated or supported a policy of protecting
all shipping in those waters," Pentagon spokesman Bob Sims said
as the Reagan Administration drew up plans to increase the
protective U.S. military presence in the gulf.
Sims denied published reports that U.S. Defense Secretary
Caspar Weinberger sought air cover to protect all neutral
shipping in the western gulf from attacks by Iran and Iraq.
"As we have said repeatedly, only American flag vessels are
under our protection with the exception, on a limited
case-by-case basis, of ships carrying our Foreign Military
Sales equipment to friendly, non-belligerent states in the
region," Sims said.
U.S. warships in the gulf two weeks ago protected a Kuwaiti
ship which sailed to Bahrain with U.S. arms for Bahrain and
Kuwait. But Sims said Washington had received assurances that
the the arms would not be used elsewhere.
He said Kuwait, which is turning 11 oil tankers over to
U.S. firms to fly the American flag and be protected by the
U.S. warships, is not considered a belligerent despite Iranian
charges that Kuwait is supporting Iraq in the gulf war.
Kuwaiti tankers have come under repeated Iranian attack.
Sims refused to say how the United States will beef up its
seven-ship Middle East Task Force in the gulf to protect the 11
Kuaiti tankers. But Pentagon officials said that additional
ships and air cover are under consideration.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
Asamera Inc said wholly owned
Asamera Oil (U.S.) Inc concluded the 25.25 mln U.S. dlr sale of
its Denver refinery to Total Petroleum North America Ltd.
In addition, Total is purchasing crude oil and refined
product inventories at market value, Asamera said.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Viacom International Inc said the U.S.
District Court for the Southern District of New York denied the
motion of <Carsey-Werner Co> for a temporary injunction to
block the proposed merger of Viacom with a subsidiary of
<National Amusements Inc>.
Carsey-Werner is the producer of the Cosby Show.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
AEGON U.S. Holding Corp, a
unit of AEGON N.V. of the Netherlands, and Life Investors Inc
<LINV.O> said they have purchased about 451,000 shares of Life
Investors common stock for 51.61 dlrs per share cash.
The purchase is part of an agreement between the two
companies made in November 1981, saying that on or before each
April 30 between 1983 and 1987 the companies would offer to buy
one-sixth of the number of Life Investors' common stock
outstanding as of Dec. 31, 1982, not already owned by AEGON.
On Dec. 31 1988 they would offer to buy any and all
remaining shares.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Wesbanco Inc said its board
executed a merger agreement with the <Bank of Sissonville>.
When the merger is completed, each of the 50,000 shares of
the Bank of Sissonville common stock outstanding will be
converted into 2.75 shares of Wesbanco common stock, the
company said.
The Bank of Sissonville has total assets of 25.5 mln dlrs
as of Dec 31, 1986, the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Period ended April 30
Shr 71 cts vs 42 cts
Shr diluted 62 cts vs 38 cts
Net 2,629,704 vs 1,721,384
Revs 39.5 mln vs 32.0 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtr ends April 30
Shr 32 cts vs 20 cts
Net 1,981,681 dlrs vs 1,022,451 dlrs
Avg shrs 6,220,000 vs 5,120,000
12 mths
Shr 1.22 dlrs vs 59 cts
Net 7,005,000 dlrs vs 3,030,000 dlrs
Avg shrs 5,737,808 vs 5,120,000
NOTE: full name of company is commonwealth mortgage co inc.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
year ended March 31
Shr 91 cts vs 1.08 dlrs
Net 4,800,000 vs 5,800,000
Rev 118.7 mln vs 110.3 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Hollinger Inc will pay about 50 mln dlrs
cash for its previously reported acquisition of privately owned
Unimedia Inc, chairman Conrad Black told reporters after the
annual meeting, confirming a published report.
Commenting on press reports about the 50 mln dlr price tag,
Black said, "That would not be wildly inaccurate," although he
declined to disclose the actual cost.
Montreal-based Unimedia is Quebec's third largest newspaper
group, with three French language daily newspapers in Quebec
City, Ottawa and Chicoutimi, Quebec and four printing plants in
Ontario and Quebec.
Black added that Hollinger would also continue seeking
acquisitions of daily newspapers with circulation under 25,000
readers. He said Hollinger was currently talking to about 10
such newspapers in the U.S. where the company currently owns 23
dailies.
"There is really no end to the ones that are available," he
told reporters, although he added that most remaining
acquisition opportunities are in the U.S.
He said that Hollinger's 58 pct-owned Daily Telegraph PLC,
of London, should become profitable in this year's fourth
quarter.
For full-year 1987, the Daily Telegraph could break even or
better, said Black, citing major reductions in labor costs and
improved technology at the Telegraph, Britain's largest
circulation quality daily. The Telegraph lost 13.2 mln Canadian
dlrs last year.
Daily Telegraph chief executive Andrew Knight told
reporters after the meeting that the Telegraph's daily
circulation had risen by 25,000 since September to about
1,150,000 on weekdays, despite added competition from the new
Independent daily newspaper.
Knight said The Independent was not affecting the
Telegraph's growth, but was making inroads into the circulation
of other London quality dailies such as The Times and The
Guardian.
Hollinger chairman Black predicted Hollinger would post
1987 net income of about 55 mln dlrs, or one dlr a share,
including extraordinary gains from previous sales of
discontinued operations. Hollinger lost 87 mln dlrs or 6.54
dlrs a share last year on fewer average shares and after an
extraordinary loss of 52 mln dlrs.
Black told shareholders that first quarter operating
earnings on continuing operations amounted to 499,000 dlrs
against a year-ago loss of 165,000 dlrs.
Revenues on continuing operations rose to 102.1 mln dlrs
from 1.5 mln dlrs last year, which did not include Daily
Telegraph revenues, he added. Consolidated first quarter
figures were not disclosed.
He said the Daily Telegraph's first quarter operating loss
was sharply reduced from last year.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
President Reagan called for continued
nondiscriminatory treatment for Romanian exports to the United
States in the face of congressional opposition because of the
Bucharest government's record on human rights.
A White House statement said Reagan's decision to press for
continuation of so-called Most Favored Nation (MFN) status for
Romania had been "exceptionally difficult" and came after "all
options were seriously considered."
But the statement said that despite concerns about human
rights abuses by the Bucharest government, the president had
decided that should be continued because it helped stimulate
emigration from Romania and gave the United States influence on
human rights practices there.
The statement was issued as Reagan sent to Congress
requests for one-year extensions of MFN for Romania, Hungary
and China.
The House of Representatives has attached to a trade bill
legislation that would temporarily deny MFN for Romania pending
certification by Reagan that the country had made progress on
human rights. There is no controversy over continuation of MFN
for Hungary and China.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Oper shr eight cts vs two cts
Oper net 119,000 vs 32,000
Sales 12.0 mn vs 11.3 mln
Note: Current qtr figures exclude loss from discontinued
operations of 30,000 dlrs, or two cts per share, vs loss of
54,000 dlrs, or four cts per share.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The Commodity Credit Corporation, CCC,
has accepted bids for export bouses to cover sales of 150,000
tonnes of U.S. barley to Saudi Arabia, the U.S. Agriculture
Department said.
The CCC accepted three bonus offers from one exporter which
averaged 40.88 dlrs per tonne, it said.
The barley is for delivery August 15-November 30 in three
shiments of 50,000 tonnes each.
The bonus awards were made to Louis Dreyfus Corporation and
will be paid in the form of commodities from CCC stocks.
An additional 350,000 tonnes of U.S. barley are still
available to Saudi Arabia under the Export Enhancement Program
initiative annnounced on May 15, 1987, it said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
]
|
House Speaker Jim Wright predicted
passage of legislation requiring the Reagan administration to
provide Congress with a report on its Mideast Gulf policy, but
a last-minute revolt by an alliance of liberals and
conservatives left the bill's fate in doubt.
The legislation was written in the wake of the May 17th
Iraqi missile attack on the U.S. frigate Stark in the Gulf,
which killed 37 Americans, and President Reagan's decision to
protect 11 Kuwaiti oil tankers by putting them under U.S. flags
-- effectively making them American ships.
Since the administration made known its reflagging plans,
congressional leaders complained they had not been consulted,
and some charged the policy could lead the United States into
the 6 1/2-year-old war between Iran and Iraq.
The House was to vote today on a bill -- supported by the
Democratic and Republican congressional leadership and the
administration -- which demanded a report within seven days on
plans to meet the security needs of U.S. forces in the gulf.
The resolution was expected to pass without controversy
today in the House Foreign Affairs Committee before the full
House was to take up the bill. But in a surprise move, liberal
Democrats and conservative Republicans on the committee joined
in an unusual alliance to oppose the resolution.
Liberal Democrats said a lack of any restrictions in the
bill implied consent to Reagan's policies.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
Some producers in the 1987 acreage
reduction program may be eligible for deficiency payments on 92
pct of their enrolled acreage even though none of it is planted
with wheat or other program crops, the U.S. Agriculture
Department said.
The department said the provision of the Farm Disaster
Assistance Act will be available to all eligible winter wheat
producers, producers of other types of wheat who were prevented
from planting their 1987 wheat crop because of a 1986 natural
disaster, and all producers who operate farms with program crop
acreage bases subject to flooding on 50 pct of such crop's
permitted acreage.
A producer who did not enroll in the 1987 acreage reduction
program may become eligible by signing-up no later than July
15. Producers will be informed by the local offices when
applications are being accepted, it said.
The department said producers of wheat other than winter
wheat may use the 0/92 option if they were preventedf from
planting their intended acreage with wheat for harvest in 1987
because of any natural disasters which occured in 1986 or if
the farm is located in a county approved by Farmers Home
Administration for emergency loans for such disasters that
occurred in 1986.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Shr 42 cts vs 22 cts
Net 3,445,000 vs 2,326,000
Revs 41.7 mln vs 51.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 18 cts vs 27 cts
Net 283,000 vs 435,000
Revs 97.8 mln vs 95.1 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
After a highly favorable reception of
a trial batch of bread baked from 300 lbs of U.S. wheat flour
last February, the Senegalese appear ready to take delivery of
a first tranche of 10,500 tonnes of mixed U.S. wheat, the U.S.
Agriculture Department said.
In its report on U.S. Export Markets for U.S. Grain, the
department noted Senegal had bought 100,000 tonnes of wheat
under the Export Enhancement Program last November, but local
opposition from millers, accustomed to French wheat, has been
delaying deliveries.
As a result there were a series of baking seminars as well
as the trial batch, in an effort to satisfy local flour millers
and convince key officials of the qualities of U.S. wheat.
The department said if deliveries of U.S. wheat to Senegal
remain on track, the U.S. could dominate a wheat market that
had been expected to import 140,000 tonnes of mostly French
wheat during the 1987/88 (July-June) season.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
A University of Massachusetts finance
professor said he raised his stake in Banc Texas Group Inc to
45,340 shares of 1.4625 dlr cumulative preferred stock, or 7.4
pct of the total, from 30,300 shares, or 5.0 pct.
In a filing with the Securities and Exchange Commission,
Ben Shirley Branch also said he bought 52,025 shares of Class A
cumulative convertible preferred stock, or 5.9 pct of the
total, for 160,000 dlrs, bringing his total investment in both
preferred series to about 330,000 dlrs.
Branch said he bought the stock as an investment, but
reserved the right to try to influence the company.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
With more private investment, not more
protection, the U.S. textile industry could become competitive
with the most modern foreign producers, analysts from two
congressional agencies said today.
The Office of Technology Assessment, a nonpartisan arm of
Congress told a House Ways and Means Trade Subcommittee hearing
there was still concern for the future of parts of the U.S.
textile and apparel industry, but there was more reason for
optimism than a few years ago.
"While textile producers are making significant
investments, they could do more," OTA analyst Henry Kelly said.
The Congressional Budget Office (CBO), the nonpartisan
budget analysis arm of Congress, said federal loans or loan
guarantees would be preferable options for Congress rather than
increased trade protection which could lead to foreign
retaliation.
CBO analyst Edward Gramlich said past trade protections,
first imposed in the 1950's have had only a small benefit for
profits and investments of domestic firms.
Trade Subcommittee chairman, Rep. Sam Gibbons, said the
agencies analyses seemed to agree with his opinion against
congressional approval of protectionist textile quota
legislation aimed mainly at Western Europe, Japan and other
Asian textile producing countries.
President Reagan last year vetoed a textile protection bill
but it was reintroduced in this session of Congress and is
expected to be voted on in the House this year.
However, approval this year is in doubt because passage of
a major trade bill without specific protections for textiles
showed a weakening of support for the legislation.
Most U.S. producers have fallen behind other foreign
producers in the use of modern textile and apparel production
equipment and net imports are growing faster than the domestic
markets, Kelly said.
He added that private investment in the textile and
clothing industry in 1983 of 0.5 pct was less than one-seventh
the average manufacturing investment of 3.9 pct.
Despite existing import quotas and tariffs, imports of
textiles grew 26 pct in 1986 and imports of apparel grew 14 pct
while U.S. production rose only 1.9 pct.
"The traditional industry seems destined to be replaced by
new technology, imports, or some combination of both. While the
industry may not be able to compete in all domestic markets
that it enjoyed twenty years ago, the results of our research
indicate that portions of the domestic market can be recovered,
and that exports can be expanded," Kelly said.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Shr two cts vs n.a.
Net 68,281
Revs 639,471
NOTE: Company became public in March 1987
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Widespread, soaking rains aided crop
development across the province, with the northwest crop
producing region receiving the most precipitation, according to
the Manitoba Agriculture weekly crop report.
The rains replenished formerly low soil moisture reserves,
with reserves in all areas now rated good, the report said.
Plantings were virtually complete across the province and
germination was well advanced. However, some fields still
showed spotty stands.
Cereal crops in the southwest were 90 pct germinated, with
some fields already in the subsequent tillering stage, it said.
Oilseeds in the northwest region were about 80 pct emerged in
many areas, with other regions 50 to 70 pct emerged.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Period ended March 31
Shr loss nil vs profit one ct
Net loss 36,000 vs profit 310,000
Revs 1,172,000 vs 1,686,000
Note: Full name Atlas Yellowknife Resources Ltd.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 32 cts vs loss 37 cts
Net loss 5,374,000 vs loss 6,159,000
Revs 241.3 mln vs 253.2 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtr ended April 30.
Shr 32 cts vs 20 cts
Net 1,982,000 vs 1,022,000
Year
Shr 1.22 dlrs vs 59 cts
Net 7,005,000 vs 3,030,000
Assets 191.3 mln vs 116.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
|
Continental Associates, a group of four
shareholders who hold about 5.02 pct of of Continental
Materials Corp stock, said it will not pursue a tender offer
for all of its shares.
The shareholders said they were told that Continental
Materials directors had no interest in selling the company.
Late yesterday, Continental Materials board said it decided
not to give further consideration to a "business combination"
proposed by the group of St. Louis businessmen.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Phelps Dodge Corp chairman G. Robert
Durham said the company is prepared to make another large
non-copper acquisition and that a deal could be struck in the
near future.
In an interview with Reuters, Durham said the company was
examining potential candidates but not yet talking with any.
He declined to name the companies but said a deal could
occur as soon as the second half of 1987.
Phelps Dodge, which ranks as the largest copper producer in
the U.S., last year paid 240 mln dlrs for Columbian Chemicals
Co, a maker of carbon black which is used in rubber and tires
among other products.
The purchase was part of a strategic plan to diversify and
eventually match earnings from non-copper operations and copper
operations.
Phelps Dodge could spend between 250 mln and 500 mln dlrs
to buy another non-copper company, Durham said, citing about
100 mln dlrs of cash and 580 mln dlrs of untapped bank credit.
Any acquisition candidate would have to have a different
economic cycle than copper, substantial earnings and good
management, he said. Phelps Dodge would only want a friendly
deal, he added.
"We're not talking high-tech, or financial services or
about a perfume company," he said. "We want a good basic
industrial company that will fit into our management
structure," Durham said.
During the interview, Durham and other executives also said
continued strong demand and tight copper supply should lead to
higher prices for the metal.
"In my view, it's not a matter of if but when the price
(for copper) will improve because there aren't that many new
projects coming on, and demand, short of a major recession,
will continue to grow modestly," said executive vice president
Douglas Yearley. Phelps Dodge continues to lower its cost of
producing copper, the executives said. Costs should be below 50
cents a pound, after depreciation but before interest and
corporate expense, by 1989 or 1990.
Production costs are about 56 to 57 cents a pound now
compared to one dlr a pound in 1981, some Wall St analysts
said.
Durham said copper supplies are lower than they have been
for almost 20 years and demand continued to be strong.
He declined to project results for the second quarter or
year. But he said the quarter was going well and the rise in
copper prices in the last month will help results.
Durham said last month that the second quarter should match
the first quarter when earnings rose about 11 pct to 16.8 mln
dlrs or 49 cts a share.
First quarter sales rose 61.5 pct to 372.9 mln dlrs,
reflecting the acquisition of Columbian Chemicals and increased
copper shipments from the Chino copper mine in New Mexico, also
acquired last year.
Analysts are projecting 1987 earnings of 2.20 dlrs to 2.75
dlrs a share, up sharply from 1.79 dlrs in 1986.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Amoco Corp's wholly owned Amoco
Canada Petroleum Co Ltd said its proposed 5.22-billion-
Canadian-dlr acquisition of Dome Petroleum Ltd will benefit
Canada just like the foreign investment that made possible
commercial development of Alberta's oilsands.
Amoco Canada president T. Don Stacy told an oilsands
conference that "Amoco Canada has presented the solution to the
Dome problem, and we're investing our confidence, dollars and
determination to make that solution work."
The Amoco buyout of debt-burdened Dome has angered Canadian
nationalists, who want a Canadian buyer for Dome.
Stacy described Amoco Canada's previously reported share
offer proposal as a chance to increase Canadian ownership of
the country's oil and gas industry, now at about 50 pct.
He reiterated that Amoco planned virtually no layoffs of
Dome employees. He also reaffirmed that Amoco would reinvest in
Amoco Canada-Dome properties all available cash flow for five
years after the acquisition.
Reuter
| [
1,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Opr shr nil vs seven cts
Opr net 3,000 vs 99,000
Revs 2,745,000 vs 2,395,000
Avg shrs 1,500,000 vs 1,375,000
Year
Opr shr 24 cts vs 20 cts
Opr net 343,000 vs 271,000
Revs 10.7 mln vs 8,232,000
Avg shrs 1,459,000 vs 1,341,000
NOTE: Earnings for year exclude gains due to tax loss
carryforward of 210,000 dlrs or 14 cts a share in 1987 and
198,000 dlrs or 15 cts in 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.