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S-K-I Ltd and <Goldmine Ski
Associates Inc> said they reached an agreement calling for
S-K-I to buy Goldmine's California ski area for approximately
10 mln dlrs.
S-K-I, which owns Killlington and Mount Snow ski resorts in
Vt., said the California ski area is located in the San
Bernardino mountains.
The company said it plans to invest approximately 10 mln
dlrs into the ski area in the next few years.
Reuter
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Westin Hotels and Resorts, a subsidiary
of Allegis Corp, said it will hold a press conference on
October 21 near San Francisco to discuss the pending sale of
the 61-hotel chain by Allegis.
Allegis has said that it plans to sell Westin buyt has not
announced that a deal has been set.
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Shr profit 32 cts vs profit nine cts
Net profit 413,000 vs profit 63,000
Avg shrs 1,278,360 vs 728,476
Nine Mths
Shr profit 68 cts vs loss 57 cts
Net profit 708,000 vs loss 415,000
Avg shrs 1,041,697 vs 728,476
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Cal Fed Income Partners L.P. said it
has acquired two shopping centers for a total price of 18.4 mln
dlrs.
The company said it bought Best Plaza Shopping Center in
Pleasanton, Calif., For 12 mln dlrs and Bristol Place Shopping
Center in Santa Ana, Calif., for 16.4 mln dlrs.
Reuter
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Shr 1.05 dlrs vs 74 cts
Net 5,244,000 vs 3,684,000
Nine Mths
Shr 2.93 dlrs vs 2.14 dlrs
Net 14.6 mln vs 10.6 mln
Reuter
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Shr loss primary 82 cts vs profit 15 cts
Shr loss diluted 82 cts vs 13 cts
Net loss 4,134,000 vs profit 649,000
Avg shrs 5,030,000 vs 3,927,000
Nine Mths
Shr loss primary 80 cts vs profit 37 cts
Shr loss diluted 80 cts vs 32 cts
Net loss 3,615,000 vs profit 1,652,000
Avg shrs 4,557,000 vs 3,927,000
Loans 231.2 mln vs 221.5 mln
Deposits 323.3 mln vs 281.9 mln
Assets 368.3 mln vs 346.5 mln
Note: Prior qtr and nine mth figures include operating loss
carryforward gains of 105,000 dlrs, or two cts per share and
195,000 dlrs, or four cts per share, respectively.
Reuter
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Shamrock Capital L.P, a limited
partnership led by Shamrock Holdings Inc, said it completed its
sale of Central Soya Co Inc to Ferruzzi Agricola Finanziaria of
Italy.
Under terms of the sale agreement, which was announced on
September 15, Ferruzzi acquired all the equity in Central Soya
and assumed subordinated term debt of about 195 mln dlrs in a
transaction valued at about 370 mln dlrs.
Reuter
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Shr 1.02 dlrs vs 96 cts
Net 55.6 mln vs 53.2 mln
Revs 1.3 billion vs 1.2 billion
Nine mths
Shr 3.13 dlrs vs 2.88 dlrs
Net 171.3 mln vs 159.0 mln
Revs 3.8 billion vs 3.5 billion
NOTE: 1987 3rd qtr and nine mths includes one time
after-tax charge of 14.3 mln dlrs or 26 cts a share for
previously announced anticipated sale in the fourth quarter of
an investment in Equatorial Communications Co.
1986 amounts restated, increasing net by four cts a share,
for change in pension expense accounting.
Backlog on September 30, 1987 was 9.3 billion dlrs, which
company said was a record.
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The West German government assumes that the
commitment to international monetary cooperation which was
renewed in Washington last month will continue, a Finance
Ministry spokesman quoted Finance Minister Gerhard Stoltenberg
as saying.
Stoltenberg's statement was a reaction to criticism of
rises in West German interest rates voiced by U.S. Treasury
Secretary James Baker over the weekend.
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Shr not given
Net loss 69.0 mln vs profit 3,682,000
Revs 258.3 mln vs 229.6 mln
Six mths
Shr loss 58.8 mln vs profit 13.3 mln
Revs 517.9 mln vs 466.5 mln
NOTE: Company recently spun off from Carter Hawley Hale
Stores Inc <CHH>. Current year net both periods includes 40.8
mln dlrs in pretax charges from Carter Hawley Hale
restructuring.
Reuter
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Shr 50 cts vs 35 cts
Net 42.7 mln vs 29.9 mln
Revs 236.5 mln vs 218.2 mln
Nine mths
Shr 1.24 dlrs vs 1.02 dlrs
Net 105.8 mln vs 86.9 mln
Revs 702.5 mln vs 642.5 mln
NOTE: 1987 nine-month earnings include nonrecurring gain of
nine cents a share from sale of the company's Data Card
investment.
Reuter
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Transamerica Insurance Group, the
main property-liability insurance operation of Transamerica
Corp, said it signed a definitive agreement to acquire a
newly-formed insurer, Commerical Risk Underwriters Insurance
Co, from <Clarendon Group Ltd>.
Transamerica said the unit, which will be renamed
Transamerica Reinsurance Co, will initially be capitalized at
about 185 mln dlrs.
Transamerica said the acquisition represents its first move
into specialty treaty reinsurance.
The company said about 28 members of Clarendon will join
Transamerica as part of the acquisition, which is expected to
close in November and is subject to various regulatory
approvals.
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A group of firms led by Hong
Kong-based Industrial Equity (Pacific) Ltd, said it acquired
969,515 shares of Triton Oil Corp common stock, or 5.4 pct of
the company's common stock outstanding.
Industrial Equity (Pacific), which is controlled by
Brierley Investments Ltd <BRYW.WE> and which has applied with
U.S. antitrust regulators to buy up to 50 pct of Triton's
common stock, said the current 5.4 pct stake was acquired for
investment purposes.
The company said it informed Triton of its present "good
faith intention" to buy more than 15 mln dlrs worth of Triton
stock.
It said it also told Triton it "may depending on market
conditions acquire 50 pct or more and possibly 100 pct of the
voting securities of (Triton)."
It said it received clearance to buy up to 50 pct of the
stock on September 11.
Industrial Equity (Pacific) reported it bought 250,000
shares of Triton common stock on October 8 at 22.50 dlrs a
share.
Reuter
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Shr 57 cts vs not given
Net 6,889,000 vs 10.7 mln
Nine mths
Shr 1.67 dlrs vs not given
Net 20.1 mln vs 23.0 mln
NOTE: Company went public in November 1986.
1986 net both periods includes 5,642,000 dlr pretax gain on
sale of branches.
Net includes securities and loan sales loss 90,000 dlrs
pretax vs gain 46,000 dlrs in quarter and gains 1,213,000 dlrs
vs 2,605,000 dlrs in nine mths and loan losxs provisions
125,000 dlrs vs 30,000 dlrs in quarter and 275,000 dlrs vs
90,000 dlrs in nine mths.
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Shr eight cts vs six cts
Net 22 mln vs 18 mln
Revs 994 mln vs 910 mln
Nine mths
Shr 19 cts vs 20 cts
Net 55 mln vs 54 mln
Revs 2.9 billion vs 2.7 billion
NOTE: 1987 3rd qtr and nine mths include pre-tax gains of
from antitrust settlement of 2,000,000 dlrs and 6,000,000 dlrs
respectively.
3rd qtr 1986 includes pre-tax gain of 65 mln dlrs from sale
of MCI Airsignal subsidiary, and after-tax extraordinary loss
of 17 mln dlrs from early redemption of 9-1/2 pct subordinated
notes.
Reuter
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Shr 1.03 dlrs vs 88 cts
Net 59.5 mln vs 51.9 mln
Revs 641.7 mln vs 557.8 mln
Avg shrs 57.4 mln vs 59.0 mln
Nine mths
Shr 2.51 dlrs vs 2.14 dlrs
Net 145.2 mln vs 126.4 mln
Revs 1.71 billion vs 1.47 billion
Avg shrs 57.8 mln vs 59.0 mln
NOTE: 1986 figures restated to reflected change in
accounting methods related to pension expenses.
Reuter
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Shr 1.16 dlrs vs 1.19 dlrs
Net 151.4 mln vs 152.4 mln
Revs 1.31 billion vs 1.17 billion
Avg shrs 130.0 mln vs 127.6 mln
12 mths
Shr 3.03 dlrs vs 2.85 dlrs
Net 392.7 mln vs 353.0 mln
Revs 4.32 billion vs 4.14 billion
Avg shrs 129.8 mln vs 123.9 mln
Reuter
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International Multifoods Corp
said it filed a suit charging Bregman Partners and its
affiliates unlawfully planned to acquire control of the
company.
In a suit filed in U.S. District Court, International
Multifoods said Bregman Partners and its affiliates, who
reportedly hold 7.4 pct of the company's shares, tried to
induce Multifood's management to join them in an effort to take
the company private and give controlling interest to Bregman
Partners. Bregman Partners include the interests of the
Belzberg families of Canada.
The complaint also discloses that on each occasion,
Multifoods management rejected the group's overtures.
Multifoods is asking Bregman's group to divest its shares
in open market sales in a manner not to further disrupt the
market place, according to the suit. The suit seeks
compensatory and punitive damages in an amount to be
determined.
In addition, Multifoods is seeking to stop Bregman Partners
from acquiring any more stock, or voting the shares it
reportedly owns, the suit said.
According to Multifoods, the actions proposed by Bregman
Partners would prevent shareholders from realizing the full
benefits of the company's restructuring.
In the past three years, Multifoods has substantially
altered its domestic business mix by divesting its U.S.
consumere foods operations and emphasizing growth in selected
segments of the U.S. foodservice industry.
Reuter
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Shr 47 cts vs 48 cts
Net 505.0 mln vs 533.0 mln
Revs 8.47 billion vs 8.43 billion
Nine mths.
Shr 1.42 dlrs vs 1.16 dlrs
Net 1.55 billion vs 1.31 billlion
Revs 25.0 billion vs 25.56 billion
NOTE: Full name is American Telephone and Telegraph Co.
NOTE: Prior quarter and nine mth net reduced by 25 mln
dlrs, or two cts per share, for estimated costs to reduce
workforce and consolidate various facilities. Prior qtr and
nine mths include pretax gain of 73 mln dlrs from damages paid
by Republic of Iran and pretax gain of 40 mln dlrs from change
in company's ownership in ING C. Olivetti SpA. After tax these
gains added 68 mln dlrs, or six cts per shr, to net income.
Prior qtr and nine mth results were previously restated to
reflect a change in depreciation methods that reduced net
income by 175 mln dlrs, or 16 cts per share.
Reuter
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Shr loss 13 cts vs loss 20 cts
Net loss 1,343,266 vs loss 2,086,086
Revs 82.3 mln vs 80.3 mln
Year
Shr loss 1.83 dlrs vs profit 1.24 dlrs
Net loss 19.2 mln vs profit 13.4 mln
Revs 388.1 mln vs 370.3 mln
NOTE: 1987 year includes charge 15.0 mln dlrs pre-tax for
inventory valuation allowance.
1987 year also includes charge 12.8 mln dlrs from
discontinued operations.
Reuter
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West German government sources said Bonn
remained committed to the Louvre Accord to stabilise
currencies, which was struck by leading western democracies in
Paris last February.
Over the weekend, U.S. Treasury Secretary James Baker
criticised recent rises in West German short-term interest
rates and said such developments were not in the spirit of the
Louvre pact. He said the agreement may have to be re-examined.
The sources said the West German interest rate rises had to
be seen in the context of interest rate developments worldwide.
Reuter
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Federal Deposit Insurance Corp Chairman
William Seidman said he would be concerned about the impact on
banks of a further sharp rise in interest rates.
However, Seidman, attending the American Bankers
Association convention, said he did not expect rates to rise
much higher and said the outlook for the U.S. economy and for
banking was sound.
"The potential for greater interest rate rises gives us
concern. We see nothing right now in the outlook that causes us
to believe rates are going much higher or that the economy is
not sound," Seidman told a news conference.
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The Federal Reserve is expected to enter
the government securities market to supply reserves to the
banking system via system repurchase agreements, economists
said.
Most economists said the Fed would execute three-day system
repurchases to meet a substantial need to add reserves in the
current maintenance period, although some said a more
aggressive add via overnight system repos was possible.
Federal funds opened at 7-5/8 pct and remained at that
level late this morning, compared with an average effective
rate of 7.55 pct Friday.
Reuter
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Shr 40 cts vs 54 cts
Net 4,442,000 vs 6,375,000
Sales 102.8 mln vs 102.5 mln
Avg shrs 11.1 mln vs 11.6 mln
NOTE: Share adjusted for August 1987 five-for-four split.
Reuter
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Shr 17 cts vs 37 cts
Net 1,783,000 vs 4,028,000
Nine mths
Shr 52 cts vs 1.03 dlrs
Net 5,587,000 vs 11.1 mln
Reuter
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Shr 30 cts vs 12 cts
Net 2,191,000 vs 852,000
Sales 106.6 mln vs 102.9 mln
Nine mths
Shr 44 cts vs 40 cts
Net 3,236,000 vs 2,919,000
Sales 297.9 mln vs 297.9 mln
Reuter
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Shr 34 cts vs 62 cts
Net 4,717,000 vs 8,277,000
Revs 213.4 mln vs 158.7 mln
Nine mths
Oper shr 1.18 dlrs vs 1.54 dlrs
Oper net 16.2 mln vs 17.8 mln
Revs 517.2 mln vs 451.4 mln
Avg shrs 13.7 mln vs 11.6 mln
NOTE: 1986 nine mths net exclude204,000 dlr gain from
reversion of pension assets. 1987 net both periods includes
pretax charge 692,000 dlrs from amortization of goodwill.
Reuter
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Shr 90 cts vs 84 cts
Net 185.5 mln vs 171.5 mln
Revs 1.08 billion vs 1.07 billion
Nine mths
Shr 1.85 dlrs vs 1.90 dlrs
Net 378.9 mln vs 389.5 mln
Revs 2.67 billion vs 2.69 billion
12 mths
Shr 2.15 dlrs vs 1.87 dlrs
Net 440.7 mln vs 382.0 mln
Revs 3.47 billion vs 3.47 billion
Reuter
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Industrial Equity (Pacific) Ltd, a
Hong Kong-based investment firm leading a group holding 19.1
pct of Calmat Co's common stock, said it intends to submit to
Calmat a proposal for a possible business combination.
In a filing with the Securities and Exchange Commission,
Industrial Equity (Pacific) did not disclose details of the
proposal, but said it would be delivered to Calmat in the near
future.
Industrial Equity (Pacific) "does not intend to remain a
passive investor" in Calmat, the firm told the SEC.
In its SEC filing, Industrial Equity (Pacific) said its
president of North American operations Ronald Langley met with
Calmat officials on October 14 to discuss an acquisition of the
company at a premium over the market price of Calmat stock.
Industrial Equity (Pacific) added it is considering
launching a tender offer for Calmat stock or making a merger
proposal to the company, but said it has not decided whether it
will pursue a Calmat acquisition on a non-negotiated basis.
Industrial Equity (Pacific), which currently holds 5.83 mln
Calmat common shares, said it is also evaluating the company's
recently adopted shareholder rights plan and its potential
effect on Calmat and on possible acquisition proposals made to
the company.
Between October 2 and 14, Industrial Equity (Pacific)
bought 918,900 shares of Calmat common stock at 33 dlrs to
37.55 dlrs a share, or a total of about 33.8 mln dlrs.
Reuter
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Kaiser Steel Corp's plant in Napa,
Calif, has been purchased by Oregon Steel Mills for 16 mln
dlrs, the privately owned Portland company said.
The transaction was approved by the U.S. bankruptcy judge
in Denver who is hearing Kaiser Steel's Chapter 11
reorganization case.
James Mccaughey, former vice president of sales for Kaiser,
has been named general manager for the plant, which will be
called Napa Pipe Corp, Oregon Steel said.
Reuter
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Shr primary 68 cts vs 34 cts
Shr diluted 65 cts vs 34 cts
Net 129.7 mln vs 52.9 mln
Revs 2.22 billlion vs 2.42 billion
Avg shrs primary 152.1 mln vs 147.1 mln
Avg shrs diluted 199.8 mln vs 147.1 mln
Nine mths
Shr primary 1.89 dlrs vs 1.00 dlrs
Shr diluted 1.84 dlrs vs 1.00 dlrs
Net 361.1 mln vs 145.1 mln
Revs 6.91 billion vs 4.90 billion
Avg shrs primary 151.0 mln vs 146.4 mln
Avg shrs diluted 198.7 mln vs 146.4 mln
NOTE: Earnings per share for 1986 have been restated to
reflect 3-for-1 split effective July 8, 1987.
Results for three and nine mths 1986 includes results from
July 1, 1986, of Sperry Corp, acquired on Sept 16, 1986, with
net income reflecting ownership in Sperry of about 51 pct for
the months of July and August, and 100 pct for the month of
Sept 1986.
Revenue for 1986 periods reflects reclassification of
revenue of divested Sperry operations to other income with no
effect on net income.
Reuter
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Shr 24 cts vs 26 cts
Net 959,000 vs 1,033,000
Assets 273.6 mln vs 236.3 mln
Deposits 183.6 mln vs 173.9 mln
Loans 133.3 mln vs 104.9 mln
NOTE: Full name of company is Woburn Five Cents Savings
Bank.
Reuter
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Shr 59 cts
Qtly div eight cts vs eight cts prior
Net 1,675,000 vs 1,302,000
Assets 613.3 mln vs 603.5 mln
Deposits 523.7 mln vs 517.8 mln
Loans 469.2 mln vs 449.5 mln
NOTE: 1986 per share figures not available because bank
converted to stock ownership Dec 18, 1986. Dividend payable Dec
11 to shareholders of record Nov 13. Full name of company is
First Federal Savings and Loan Association of Chattanooga.
Reuter
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Coastal Corp said that effective October
16 it had raised posted prices for crude oil by 50 cts a
barrel.
The increase brings West Texas Intermediate to 9.00 dlrs a
barrel and West Texas Sour to 18.10 dlrs a barrel.
Sun Co <SUN> announced that it would make a 50 cts a barrel
increase late Friday bringing WTI to 19.00 dlrs a barrel and
traders said that other oil companies could be expected to
increase prices.
Reuter
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The Soviet Union outlined its economic
targets for 1988 on Monday, stressing the need to improve
standards in the country's sluggish engineering industry.
Planning chief Nikolai Talyzin told the Supreme Soviet
industrial output should rise by 4.5 pct in 1988, up from a
planned 4.4 pct in 1987. It rose 3.6 pct in Jan-Sept 1987.
Talyzin said national income, the nearest Soviet equivalent
to gross national product, should rise by 4.3 pct against a
planned 4.1 pct this year. Gross national product measures the
output of a country's goods and services.
He said the Kremlin planned to produce 235 mln tonnes of
grain in 1988 versus a planned 232 mln this year. Moscow
produced 210 mln tonnes in 1986.
Kremlin leader Mikhail Gorbachev has described
machine-builing as a sector whose rapid modernization is
essential if the Soviet Union is to compete effectively on
world markets.
"Certain difficulties have arisen this year in the
machine-building industry. The economy is not receiving a
considerable amount of the equipment that it requires," said
Talyzin, who heads the state planning committee GOSPLAN.
Soviet data show the machine-building industry, which makes
machine tools, instruments and other engineering goods,
increased output by 3.3 pct in the first nine months of 1987
compared with the same period last year.
However, this was far below the 7.3 pct increase planned
for the industry for the whole of 1988.
Talyzin said the ruling Politburo had concluded at a recent
meeting that an improvement in economic performance depended to
a large extent on conserving resources better. "Large-scale
measures are planned to save resources," he said.
Finance Minister Boris Gostev told the Supreme Soviet that
defense spending in 1988 would total 32 billion dlrs, the same
figure as was announced last year.
Western governments view official Soviet estimates for
defense spending as highly understated, but say the real figure
is hard to calculate because Soviet military industries are
intertwined with the civilian economy.
Talyzin said the Kremlin also decided to increase spending
next year on medical services, education, pensions and social
insurance schemes.
Reuter
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The official Soviet news agency Tass
denounced a U.S. Attack on an Iranian oil-drilling platform in
the Gulf on Monday as military adventurism and said it would
bring no dividends to the Reagan administration.
Tass commentator Mikhail Krutikhin said the administration
had embarked on an adventurist path in order to deflect
attention from the scandal in which the United States sold arms
to Iran and the profits were diverted to Nicaraguan rebels.
"The confrontation is a fact now. What is obvious is that
the latest military adventure will not bring political
dividends to the American administration," Krutikhin said.
Soviet leader Mikhail Gorbachev and Foreign Minister Eduard
Shevardnadze abruptly left a parliamentary session earlier on
Monday, sparking diplomatic speculation that they were
concerned with an urgent matter of foreign affairs.
Soviet officials have previously criticized the United
States for sending naval forces into the Gulf, saying their
presence serves to increase tension.
Moscow is officially neutral in the war between Iran and
Iraq. It is a major arms supplier to Iraq but has also sought
broader contacts with Iran in the last year.
Krutikhin said: "The United States has undertaken an act of
armed aggression against Iran, the probability of which has
long been spoken of by Washington officials."
Reuter
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The International Telecommunications
Union, which regulates communications worldwide, decided at the
end of a five-week conference to allow mobile phone systems to
be linked with satellites, telecommunications officials said.
Until now, car phones have been linked with land stations
and have been limited mainly to urban areas. The new ruling
will make it easier for calls to be made from remote regions.
The meeting, which finished over the weekend, also decided
to allow a "radio determination satellite system," which would
enable fleet owners to trace to within about 15 metres the
movements of their lorries or cars or ships around the world.
Reuter
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Qtly div nine cts vs nine cts prior qtr
Pay Nov 25
Record Nov 13
Note: Full name is International Research and Development
Corp
Reuter
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Shr 57 cts vs 54 cts
Net 39.3 mln vs 37.3 mln
Sales 540.9 mln vs 488.5 mln
Nine mths
Shr 2.30 dlrs vs 1.58 dlrs
Net 158.8 mln vs 108.7 mln
Sales 1.67 billion vs 1.60 billion
Reuter
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IDC Services Inc said a new company will
begin a cash tender offer by October 26 to acquire all of IDC's
outstanding common for 16 dlrs a share.
The company said the offer is being made under a definitive
agreement reached with the new company, IDC Acquisition Corp,
formed by Apollo Partners Ltd and investment clients of
<Equitable Capital Management Inc>. The agreement calls for the
acquisition of IDC for about 62.4 mln dlrs.
IDC Acquisition will also tender for all of IDC's
outstanding nine pct convertible subordinated debentures.
IDC said the merger agreement also provides for payment of
an equivalent amount in respect of employee stock options to be
cancelled in the merger.
As part of the transaction, the company said, it granted
IDC Acquisition an option to acquire up to 20 pct of the
company's outstanding shares for 16 dlrs per share.
It said the planned tender offer is subject to several
conditions, including the tendering of over 50 pct of the
company's outstanding stock.
MIM Holdings Ltd <MIMA.S>, a substantial shareholder in
IDC, has agreed it will not buy any additional IDC shares until
February seven and has granted IDC Acquisition a right of first
refusal on any IDC shares it sells during that period, the
company said.
It said Apollo Partners was recently organized by three
former senior Viacom Inc <VIA> executives, Terrence A. Elkes,
George C. Catell and Kenneth F. Gorman.
Reuter
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Shr 1.30 dlrs vs 1.85 dlrs
Net 100,000,000 vs 144,000,000
Sales 1.90 billion vs 1.69 billion
Nine mths
Shr 5.01 dlrs vs 5.27 dlrs
Net 392,000,000 vs 410,000,000
Sales 5.79 billion vs 5.31 billion
Note: 1986 figures include 63 mln dlrs, or 81 cts a share,
of net gains from facilities and businesses sold, shut down or
impaired, and other non-recurring income and expenses
Reuter
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IC Industries Inc said its board approved
a second major step in the reorganization and restructuring of
the company.
To implement the plan of sharpening its strategic focus on
consumer goods and services, the company will give serious
consideration to the sale of its Pneumo Abex, its aerospace and
defense company, if it can realize a price which will return
maximum value to shareholders.
In 1986, Pneumo Abex had operating income of 118.1 mln dlrs
on sales of 900.5 mln dlrs.
IC said it will use the proceeds of any asset sale to
invest in new high-return businesses in the consumer goods and
services field.
The company said it authorized a program to repurchase
between 500 mln dlrs and 1.0 billion dlrs of IC's common stock
from time to time when conditions warrant.
It also said it will begin an immediate cost-reduction
program to cust annual operating expenses by 50 mln dlrs.
An IC spokesman said the cost-reduction program involved
"across-the-board" cuts rather than specific about targeted
areas.
IC's board earlier approved a plan to spin off the
company's Illinois Central Gulf Railroad to shareholders. The
company's other major subsidiaries are Pet Inc, Pepsi-Cola
General Bottlers, Midas International Corp and Hussmann Corp.
Reuter
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Shr 1.92 dlrs vs 58 cts
Net 27.9 mln vs 9,480,000
Sales 176.4 mln vs 137.9 mln
Nine mths
Shr 3.87 dlrs vs 1.69 dlrs
Net 56.7 mln vs 27.6 mln
Sales 505.6 mln vs 438.5 mln
Reuter
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Shr loss 2.20 dlrs vs profit 24 cts
Net loss 75.8 mln vs profit 11.6 mln
Avg shrs primary 35.9 mln vs 36.5 mln
Avg shrs diluted 39.3 mln vs 39.9 mln
Nine mths
Shr primary loss 7.04 dlrs vs profit 1.69 dlrs
Shr diluted loss 7.04 dlrs vs profit 1.64 dlrs
Avg shrs primary 35.9 mln vs 37.2 mln
Avg shrs diluted 39.3 mln vs 46.6 mln
Net loss 243.4 mln vs profit 72.2 mln
Assets 33.4 billion vs 34.1 billion
Loans 10.8 billion vs 12.0 billion
Deposits 16.9 billion vs 17.0 billion
NOTE: Net includes FSLIC sepcial assessment loss of
5,429,000 vs 5,193,000 in qtr 1987 vs 1986, and 16.3 mln vs
16.0 mln in nine mths 1987 vs 1986.
Net includes gain from sale of mortgage-backed securities
and loans of 12.4 mln vs 93.4 mln, and 139.7 mln vs 264.0 mln
in nine mths 1987 vs 1986.
Net includes gain from sale of investments of 64,000 in qtr
1987, and 157,000 vs 1,231,000 in nine mths 1987 vs 1986.
Net includes provision for losses and discounts of 70.4 mln
vs 76.2 mln in qtr 1987 vs 1986, and 315.7 mln vs 161.7 mln in
nine mths 1987 vs 1986.
Nine mths 1987 included write off of FSLIC secondary
reserve of 22.7 mln.
Reuter
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Arnox Corp said a special
committee of its board is continuing talks with <TXL Corp> on
the terms of TXL's offer to acquire Arnox at 10 dlrs per share.
It said TXL has arranged preliminary financing.
Reuter
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shr profit 1.18 dlrs vs profit 1.15 dlrs
net profit 219.2 mln vs profit 211.5 mln
nine mths
shr loss 84 cts vs profit 3.72 dlrs
net loss 140.8 mln vs profit 682.4 mln
assets 79.69 billion vs 71.99 billion
loans 33.93 billion vs 35.33 billion
deposits 45.68 billion vs 41.22 billion
NOTE: 1987 nine mths include previously reported 875 mln
dlr addition to loan loss reserve in 2nd qtr for ldc debts
Reuter
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Australian Minister for Trade
Negotiations Michael Duffy said his country and Third World
commodity producers have formed an effective lobby group
against farm export subsidies and market access restrictions.
Duffy told a press conference the Cairns Group of 14 major
agricultural producers, to which Australia and Thailand belong,
has emerged as an important third force in any multilateral
trade talks. "There's no doubt that the Cairns Group is being
seen as a third force to be reckoned with both inside the
General Agreement on Tariffs and Trade and in other
international trade negotiations," he said.
Duffy, here on a three-day visit after talks in the United
States, The European Community (EC) and Latin America, said
considerable progress has been made by the group towards
fighting costly protectionist policies pursued by developed
countries.
The minister said the EC Commission's new farm trade paper
will recognise the heavy financial burdens imposed by its
Common Agricultural Policy and its future expansion.
He said the Reagan Administration has also displayed a
determination to resist the currently strong protectionist
sentiment in the U.S. Congress.
Reuter
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Turkey's current account deficit widened
in July to 674 mln dlrs from 454 mln in June but fell from 1.22
billion in July last year, the State Statistics Institute said.
The cumulative trade position in July showed a 1.85 billion
dlr deficit after 1.33 billion in June and 1.89 billion a year
earlier, with exports at 4.91 billion and imports, both FOB, at
6.76 billion.
The government aims to narrow the current account deficit
for the whole of 1987 to 975 mln dlrs, compared with 1.52
billion last year, up from 1.01 billion in 1985.
Bankers forecast the 1987 deficit will exceed one billion
dlrs, because a spurt in exports is expected to slow
considerably in the last five months following a massive
drawdown of inventories.
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IBC Acquisition Corp said it received
about 8,857,807 Interstate Bakeries Corp shares in response to
its tender offer for up to 8,053,181 shares that expired
October 16, and it will purchase about 90.9 pct of the shares
tendered.
It said a final proration factor should be announced and
payment for shares start October 26.
IBC is made up of Interstate management, First Boston Inc
<FBC> and George K. Braun and Co.
Reuter
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<Kaiser Steel Corp>'s plant in
Napa, Calif., has been purchased by Oregon Steel Mills for 16
mln dlrs, the privately owned Portland company said.
The transaction was approved by the U.S. bankruptcy judge
in Denver who is hearing Kaiser Steel's Chapter 11
reorganization case.
James Mccaughey, former vice president of sales for Kaiser,
has been named general manager for the plant which will be
called Napa Pipe Corp, Oregon Steel said.
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Carson Pirie Scott and Co said it plans
to start mailing proxy materials to stockholders in connection
to a November 16 special meeting at which holders will be asked
to consider a previously announced agreement with Greyhound
Corp <G>.
Under the agreement, Greyhound will acquire, in a merger,
three of the company's foodservice operations - Dobbs
International Services, Dobbs Houses and Carson international.
If the transaction is approved, Carsons said its
stockholders will receive 30 dlrs cash and one share of common
in the new Carson Pirie Scott and Co for each share held.
Reuter
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Shr 57 cts
Net 6,889,000 vs 10.7 mln
Nine mths
Shr 1.67 dlrs
Net 20.1 mln vs 22.9 mln
Assets 1.63 billion vs 1.47 billion
Deposits 1.17 billion vs 1.19 billion
Loans 1.25 billion vs 936.5 mln
NOTE: 3rd qtr and nine mths 1986 per share figures not
available because bank converted to stock form Nov 28, 1986.
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FW Woolworth and Co said that 2,223,996
shares of Armel Inc's <AML> common stock were tendered to and
accepted for payment by Woolworth, under the terms of the
previosuly announced cash tender offer which expired at 2400
midnight EDT on October 16.
In addition, Woolowrth said 137,367 Armel shares have been
tendered subject to guaranteed delivery.
Woolowrth said as a result of the tender offer and options
which it has exercised to purchase Armel stock, FWW Acquisiton
Corp, a Woolworth unit, today expects to own about 91.75 pct of
Amrel's outstanding stock.
Woolworth said the percent it owns does not include 583,650
Class A shares of Armel, which were tendered or will be
purchased pursuant to the options.
As previuosly announced, FWW will now proceed with the cash
merger in which all shares of Armel, other than those held by
FWW or Woolworth, will be entitled to receive 7.75 dlrs per
share. Woolworth said it expects to consummate the deal later
this year.
Armel is a specialty retailer of a broad line of athletic
and leisure footwear, accessories and other sportswear.
Reuter
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Shr 15 cts vs 13 cts
Net 1,352,000 vs 1,210,000
Revs 5,953,000 vs 3,309,000
Nine mths
Shr 36 cts vs 27 cts
Net 3,257,000 vs 2,416,000
Revs 16.6 mln vs 9,705,000
NOTE: If FASB adopts accounting changes, then 1987 3rd qtr
per share results will be restated to 22 cts, and 54 cts a
share for 1987 nine mths.
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Shr profit three cts vs loss two cts
Net profit 107,000 vs 87,000 loss
Revs 6,769,000 vs 4,992,000
Nine mths
Shr profit 21 cts vs loss nine cts
Net profit 778,000 vs loss 314,000
Revs 21.9 mln vs 13.9 mln
Reuter
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New York-based Prospect Group Inc
<PROSZ.O> said it acquired 527,000 shares of Brinkmann
Instruments Inc common stock, or 14.3 pct of the scientific
instrument maker's common stock outstanding.
In a filing with the Securities and Exchange Commission,
Prospect Group said it bought the 527,000 Brinkmann shares in
open market transactions between August 12 and October 16 at
9.62 dlrs to 11.50 dlrs, or a total of 5.69 mln dlrs.
Prospect Group said it bought the stock "to establish a
significant minority equity interest in the company," but does
not intend to seek control of Brinkmann at the present time.
Prospect Group said it will review its investment
objectives regarding Brinkmann as warranted by market
conditions, the company's performance, and other factors
including discussions with Brinkmann management.
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Warner Communications Inc said its
Warner Communications Investors Inc unit acquired stock and
warrants representing 416,668 shares of Berkey Inc common
stock, or the equivalent of 8.2 pct of the company's common
stock outstanding.
In a filing with the Securities and Exchange Commission,
Warner Communications Investors said it paid about one mln dlrs
to Berkey on September 23 to acquire 104,167 shares of Berkey
Series B convertible preferred stock.
The preferred stock is convertible into 208,334 Berkey
common shares, and warrants to buy another 208,334 shares.
Warner Communications and its subsidiary said the Berkey
stock is held as an investment which they will review and
evaluate from time to time.
Reuter
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Oper shr 59 cts vs 49 cts
Oper net 54.7 mln vs 44.8 mln
Sales 1.04 billion vs 921.4 mln
Nine mths
Oper shr 2.22 dlrs vs 1.62 dlrs
Oper net 203.8 mln vs 150.4 mln
Sales 3.14 billion vs 2.87 billion
Avg shrs 91.6 mln vs 93.1 mln
NOTE: 1986 share data restated to reflect 100 pct stock
dividend distributed June 12
1987 operating net in both periods excludes additional gain
of 11.6 mln dlrs, or 13 cts a share, associated with 1985 sale
of Formica Brand Products Group business
1987 nine month operating net includes pre-tax gain of 12.0
mln dlrs, equal to about 13 cts a share, from sale of
Jacqueline Cochran businesses
Reuter
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Shr 71 cts vs 49 cts
Net 64.3 mln vs 43.7 mln
Revs 838.2 mln vs 742.6 mln
Avg shrs 89.9 mln vs 89.9 mln
Reuter
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Shr 1.62 dlrs vs 1.49 dlrs
Net 321.8 mln vs 297.9 mln
Revs 2.59 billion vs 2.49 billion
Avg shrs 198.8 mln vs 199.5 mln
Nine mths
Shr 2.80 dlrs vs 4.48 dlrs
Net 955.4 mln vs 895.2 mln
Revs 7.70 billion vs 7.32 billion
Avg shrs 199.0 mln vs 199.7 mln
Reuter
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Shr profit 14 cts vs loss 19 cts
Net profit 22.5 mln vs loss 30.0 mln
Revs 693.0 mln vs 597.9 mln
Avg shrs 166.0 mln vs 154.2 mln
NOTE: Prior year net includes five mln dlr tax credit.
Reuter
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Shr 98 cts vs 70 cts
Net 12.3 mln vs 8,699,000
Sales 284.7 mln vs 280.7 mln
Nine mths
Shr 2.83 dlrs vs 2.23 dlrs
Net 35.3 mln vs 27.6 mln
Sales 824.6 mln vs 818.4 mln
NOTE: Share adjusted for December 1986 three-for-two split.
Reuter
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NUI Corp said it is studying
the feasibility of spinning off nonutility subsidiaries to
shareholders.
The company said its propane disution, natural gas spot
marketing, data processing, oil and natural gas exploration and
production, natural gas gathering and underground pipe
replacement businesses had sales for the year ended September
30 of about 74 mln dlrs, or about 25 pct of total company
sales. NUI's major subsidiary is utility Elizabethtown Gas.
Reuter
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Telex Corp said its board has directed
management and financial advisor Drexel Burnham Lambert Inc to
investigate possible alternatives to the tender offer of Asher
Edelman's TLX Partners for all Telex shares that may include
seeking other purchasers for Telex.
The company said the board at an October 16 meeting decided
to defer until a board meeting later this week a recommendation
on the Edelman offer and said the board expects to make a
recommendation by October 23.
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Today's sharp sell-off of Swiss stocks and
matching falls around Europe may have been overdone, but the
mood on financial markets is precarious, Swiss securities
analysts and economists said.
Panic selling took Swiss shares down six pct at the opening
on enormous volume, triggered by the slide on Wall Street and
the threat of renewed currency instability.
"I have never experienced anything like this, and I've been
in the business for 20 years," said Bernhard Wyttenbach, head of
European research at Union Bank of Switzerland.
The analysts blamed the sell-off in Europe on U.S. Monetary
authorities. This weekend, U.S. Treasury Secretary James Baker
publicly voiced his displeasure with West German monetary
policy. He said the eight-month-old Louvre accord to stabilise
currencies was still working, but added: "On the other hand, we
will not sit back and watch surplus countries jack up interest
rates and squeeze growth on the expectation that the United
States will raise rates."
Hans Peter Ast of Societe Generale Alsacienne (Sogenal) in
Zurich said: "The situation is very dangerous. Statements by the
U.S. Authorities have fuelled anxiety about interest rates."
Herbert Fritschi, director of Zurich Cantonal Bank's
financial research department, called the sell-off "overdone,"
but warned that the situation could worsen unless central banks
loosen their monetary policy.
"I think the trend toward higher interest rates is over," he
said. "The Federal Reserve and the Bundesbank have to step in
with an easy money policy, or else there is going to be an
economic catastrophe. They have to act quickly."
Wyttenbach said the "Black Monday" sell-off was clearly
exaggerated, with Swiss Reinsurance Co participation
certificates falling 20 pct in value at one point.
But Wyttenbach said he did not believe that a correction
would come soon. First, the bad news will reach small investors
only in time for tomorrow's market, when there could be
another, smaller selling wave.
"As soon as the dollar stabilises -- and that's the key --
then we'll get a strong movement upward," Wyttenbach said. But
that may not come soon.
"People are simply worried that in America, where the market
has now fallen by 18 pct since August, the bull market is over,"
he said. "People are afraid that we'll have a recession in 1988."
Baker was wrong to blame the West Germans for the current
problems and the weak dollar, Wyttenbach said. "We do not have a
mark problem, we have a dollar problem," he added, but said the
biggest culprit was the new chairman of the U.S. Federal
Reserve Board, Alan Greenspan.
Wyttenbach recalled that Greenspan had suggested that the
dollar might be too high in the medium term and that interest
rates might have to rise. "As a central banker he shouldn't do
that," Wyttenbach said. "There is a danger that we will fall back
into the 1970s," he said. "We have a real crisis of confidence in
Greenspan. I would much rather have a Volcker."
Paul Volcker retired as Fed chairman on August 11.
Cantonal Bank's Fritschi said: "I'm relatively optimistic
because the situation looks too bad. The Fed certainly has to
intervene."
He said he did not expect the Swiss National Bank to take
any significant steps, adding that the focus of attention
remains on the United States.
"The panic started in New York, it has to end there."
The Cantonal Bank sent an advisory to customers suggesting
they not sell into a panicked market, but wait a while before
deciding what to do.
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Restaurant Associates Industries Inc
said the management group led by chairman Martin Brody and
president Max Pine through October 16 had received 1,796,727
Class A and 1,766,091 Class B shares in response to its tender
offer for all shares at 18 dlrs each, giving thema majority of
each class of shares.
The company said the tender has been extended until
November 6.
Reuter
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Shr 13 cts vs 22 cts
Net 5,452,000 vs 9,789,000
Sales 155.7 mln vs 135.1 mln
NOTE: Prior year net includes gain 6,556,000 dlrs from sale
of shares of Seagate Technology Corp <SGAT.O>.
Reuter
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shr 1.99 dlrs vs 2.05 dlrs
diluted shr 1.80 dlrs vs 1.75 dlrs
net 50.0 mln vs 48.5 mln
nine months
shr 5.37 dlrs vs 5.69 dlrs
diluted shr 4.87 dlrs vs 4.76 dlrs
net 134.6 mln vs 129.6 mln
Reuter
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Shr 1.16 dlrs vs 1.09 dlrs
Net 128.1 mln vs 118.3 mln
Avg Shrs 108.8 mln vs 105.7 mln
Nine Months
Shr 40 cts vs 3.12 dlrs
Net 53.2 mln vs 335.1 mln
Avg Shrs 108.0 mln vs 105.2 mln
Note: Prior-period data have been restated to include on a
pooling-of-interest basis the August 31, 1987, acquisition of
Rainier Bancorporation.
Reuter
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Shr 1.77 dlrs vs 60 cts
Net 58.2 mln vs 19.4 mln
Revs 377.4 mln vs 188.0 mln
Nine mths
Shr 3.10 dlrs vs 1.51 dlrs
Net 100.3 mln vs 50.6 mln
Revs 1.11 billion vs 639.7 mln
NOTE: 3rd qtr 1987 net includes about 3,000,000 dlrs
after-tax extraordinary gain on retirement of debt.
Reuter
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Shr 70 cts vs 54 cts
Net 16.7 mln vs 12.5 mln
Revs 343.6 mln vs 323.1 mln
Avg shrs 23.9 mln vs 24.8 mln
Nine mths
Shr 1.98 dlrs vs 1.23 dlrs
Net 46.9 mln vs 27.8 mln
Revs 960.5 mln vs 893.2 mln
Avg shrs 24.2 mln vs 24.9 mln
NOTE: 1986 figures reflect the adjustment for 3-for-2 split
in May 1987.
Net for nine mths 1987 includes a cumulative effect of a
change in accounting for gain on pension assets reversion of
10.1 mln or 42 cts a shr.
Reuter
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Shr 42 cts vs 21 cts
Net 19.1 mln vs 9,528,000
Sales 101.2 mln vs 65.6 mln
Avg shrs 46.0 mln vs 46.0 mln
Nine mths
Shr 1.08 dlrs vs 69 cts
Net 49.1 mln vs 32.7 mln
Sales 280.0 mln vs 201.0 mln
Avg shrs 45.6 mln vs 47.4 mln
NOTE: Share adjusted for February 1987 two-for-one split.
Reuter
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Iran said U.S. Naval forces attacked two
of its oil platforms in the southern Gulf on Monday afternoon,
the Iranian news agency IRNA reported.
IRNA, received in Nicosia, said an informed source at the
Iranian oil ministry identified the two platforms as Resalat
and Reshadat, about 60 miles from Iran's Lavan island oil
storage site.
Regional shipping sources earlier said three Iranian
offshore oil sites at Sassan, Rostam and Rakhsh had been
attacked at 7.00 A.M. (0300 GMT) on Monday by unidentified
aircraft.
In Washington, U.S. Defence Secretary Caspar Weinberger
said four U.S. Destroyers attacked and destroyed an Iranian oil
platform about 120 miles east of Bahrain.
REUTER
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Oper shr loss 82 cts vs profit 12 cts
Oper net loss 4,134,000 vs profit 544,000
Avg shrs 5,030,000 vs 3,927,000
Nine mths
Oper shr loss 80 cts vs profit 32 cts
Oper net loss 3,615,000 vs profit 1,457,000
Avg shrs 4,557,000 vs 3,927,000
NOTE: 1986 net excludes tax loss carryforwards of 105,000
dlrs in quarter and 195,000 dlrs in nine mths.
1986 quarter net includes 212,000 dlr tax credit.
1987 net both periods includes 3,700,000 dlr addition to
loan loss reserves due mostly to one out-of-state real estate
transaction.
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Shr 95 cts vs 36 cts
Net 9,100,000 vs 3,300,000
Revs 143.7 mln vs 132.4 mln
Avg shrs 9,884,000 vs 9,780,000
Nine mths
Shr 2.77 dlrs vs 1.49 dlrs
Net 26,600,000 vs 19,000,000
Revs 401.8 mln vs 385.2 mln
Avg shrs 9,871,000 vs 12,565,000
NOTE: 1986 earnings include a loss from discontinued
operations of 1,000,000 dlrs, or 10 cts a share in the quarter
and a gain of 2,500,000 dlrs, or 19 cts a share for the nine
months
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Shr 38 cts vs 29 cts
Net 21.3 mln vs 15.8 mln
Revs 102.6 mln vs 66.8 mln
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Shr 65 cts vs 10 cts
Net 55,960,000 vs 8,785,000
Revs 588.2 mln vs 596.1 mln
Avg shrs 85,710,000 vs 87,987,000
Nine mths
Shr 1.24 dlrs vs 44 cts
Net 106,738,000 vs 39,055,000
Revs 1.98 billion vs 2.24 billion
Avg shrs 86,320,000 vs 88,007,000
NOTE: 1986 data restated for adoption of new accounting
standard relating to pensions
1987 nine month earnings include 331 mln dlr after-tax
writeoff in the 4th Qtr of 1985 of a portion of the assets of
the company's Midland nuclear project
Reuter
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Shamrock Capital LP said it has
completed the sale of Cental Soya Co Inc to Ferruzzi Agricola
Finanziaria the holding company for the Ferruzzi group of
Ravenna, Italy.
Shamrock Capital is a limited partnership led by Shamrock
Holdings Inc, the Roy E. Disney family company.
Under the agreement announced last month, Ferruzzi acquired
all the equity and assumed subordinated term debt of about 195
mln dlrs in a transaction valued at about 370 mln dlrs.
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Qtr ends Sept 25
Shr 75 cts vs 64 cts
Net 2,794,000 vs 2,363,000
Revs 157.8 mln vs 138.4 mln
NOTE: 1986 qtr figures exclude effect of 1986 tax reform
act which retroactively reduced earnings from 64 cts to 56 cts
per shr.
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U.S. warships attacked and destroyed
an Iranian oil platform on Monday in retaliation for Friday's
Iranian attack damaging a U.S.-flagged ship, U.S. Defense
Secretary Caspar Weinberger said.
When asked how much was left of the oil platform,
Weinberger said, "Nothing."
"There was no Iranian reaction," he said. "... We consider
this matter is now closed."
Weinberger said four U.S. destroyers attacked the platform
about 120 miles east of Bahrain in the central Gulf with fire
at 0700 EDT, Weinberger said.
"We chose a platform used by the Iranians to interfere with
and be a source of potential attack on convoys...," Weinberger
said at a Pentagon briefing.
"We know it has been used indeed, to not only launch small
boat attacks on shipping but to fire on U.S. helicopters...
"It's removal will contribute significantly to the safety of
U.S. forces in the future," Weinberger said of the U.S. Navy's
operation to escort oil tankers through the Gulf.
"We do not seek further confrontation with Iran but we will
be prepared to meet any escalation of military actions by Iran
with stronger countermeasures," Weinberger said.
He said the 20 to 30 Iranian personnel on the oil platform
were given a 20-minute warning to abandon the platform.
"As far as we know they did abandon the site," he said.
Weinberger was asked why the United States had chosen to
attack an oil platform rather than Iranian Silkworm missile
platforms blamed by Washington for Friday's attack.
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Shr profit 10 cts vs profit eight cts
Net profit 477,853 vs profit 348,384
Sales 17.7 mln vs 17.3 mln
Nine mths
Shr loss 35 cts vs profit 45 cts
Net loss 1,639,216 vs profit 2,305,700
Sales 56.2 mln vs 57.1 mln
Avg shrs 4,698,501 vs 5,075,717
NOTE: Earnings in the 2nd Qtr of 1987 were reduced by
3,262,000 dlrs, or 69 cts a share from a charge reflecting
elimination or transfer of certain product lines and operations
at the company's Racine, Wis. foundry
Reuter
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Shamrock Capital LP said it has
completed the sale of Cental Soya Co Inc to Ferruzzi Agricola
Finanziaria the holding company for the Ferruzzi group of
Ravenna, Italy.
Shamrock Capital is a limited partnership led by Shamrock
Holdings Inc the Roy E. Disney family company.
Under the agreement announced last month, Ferruzzi acquired
all the equity and assumed subordinated term debt of about 195
mln dlrs in a trction valued at about 370 mln dlrs.
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Cable and Wireless Plc <CAWL.L> said
its subsidiary <Hong Kong Telephone Co Ltd> would cease to be a
listed company, following the restructure of the company's Hong
Kong units.
Earlier today the company announced that Hong Kong
Telephone and Cable and Wireless Hong Kong, in which the
territory's government has a 20 pct stake, would become
subsidiaries of a newly formed holding company, Hong Kong
Telecommunications.
In exchange for the Cable and Wireless Hong Kong capital,
Hong Kong Telecommunications will issue 4.18 billion new shares
to Cable and Wireless Plc's Cable and Wireless (Far East) Ltd.
That subsidiary now holds the group's 80 pct stake in Cable
and Wireless Hong Kong and about 22 pct of H.K. Telephone.
It will issue an additional 1.05 billion shares to the
goverment.
That will leave the Cable and Wireless group with an 80 pct
stake in Hong Kong Telecommunications, the government 11 pct
and nine pct in public hands.
But that will be reduced early next year after a placement
of 11 pct of the issued shares of Hong Kong Telecommunications
by both Cable and Wireless and the government.
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GAF Corp said the management group
led by chairman Samuel J. Heyman intends to reconsider its
proposal to acquire GAF.
On September 8, the group offered 64.00 dlrs in cash and
2.50 dlrs principal amount of 15 pct junior subordinated
debentures due 2007 for each GAF share. Heyman owns about
2,700,000 of GAF's 33.5 mln shares outstanding.
In a letter to the committee of independent directors
formed to consider the offer, Heyman said it will have to
modify the terms of the offer if it is to continue the bid, due
to rising interest rates and financial market conditions.
Heyman said "In the considerable time that has elapsed
since our original proposal was submitted, the credit and
financial markets have experienced extraordinary and almost
unprecedented deterioration. As of the present time, the
average interest rate on the financing which we proposed to
raise in connection with the acquisition has increased, since
the original proposal, by approximately 150 basis points."
He said the group intends to promptly review all available
options, including the revision of its offer to reflect current
market conditions.
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Shr 30 cts vs 17 cts
Shr diluted 30 cts vs 17 cts
Net 3,454,000 vs 1,546,000
Sales 84.0 mln vs 59.2 mln
Avg shrs 11.6 mln vs 8,917,000
Avg shrs diluted 11.7 mln vs 11.2 mln
Nine mths
Shr 91 cts vs 72 cts
Shr diluted 90 cts vs 65 cts
Net 10.5 mln vs 5,959,000
Sales 236.7 mln vs 168.9 mln
Avg shrs 11.5 mln vs 8,227,000
Avg shrs diluted 11.6 mln vs 11.2 mln
Reuter
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Unidentified jets attacked three Iranian
oil rigs in the southern Gulf early on Monday, setting at least
one of them ablaze, regional shipping sources said.
Earlier today in Washington, U.S. Television networks had
reported that American forces launched a retaliatory strike
against Iran late Sunday, attacking two Iranian offshore oil
drilling platforms and setting them ablaze.
The shipping sources said Iran's Sassan, Rostam and Rakhsh
offshore oilfields were attacked at 0700 local (0300 GMT) by a
wave of jet fighter bombers. Smoke was seen spiralling up from
the Rostam field soon after.
At least one of the other two targets was also believed to
be ablaze, the sources said.
The Sassan and Rostam fields have been targets for Iraqi
air strikes in the past, but Baghdad had not reported any
southern Gulf missions prior to news of the latest attack.
Shipping and military sources in the region have said Iran
used its southern Gulf rigs as bases to launch helicopter and
later speedboat attacks on neutral ships in the waterway.
U.S. Officials had been meeting on a response since Friday
when an attack on a Kuwaiti port severely damaged a
U.S.-flagged ship. President Reagan said on Sunday he had
already made a decision on the U.S. Response to Friday's Iran
attack but would not say what the decision was.
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Deutsche Bank AG joint chief executive
Friedrich Wilhelm Christians said he believed the Louvre accord
on currency stability was still intact.
Christians told a news conference he met U.S. Treasury
Secretary James Baker in the last two weeks, after short term
German interest rates had risen twice.
"I am sure that with 1.7720 marks the dollar is still within
the Louvre agreement. I do not see that the accord has been
terminated," Christians said. He was responding to questions
about comments by Baker, who said the Louvre accord was still
operative but criticised rises in West German interest rates.
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Shr 13 cts vs 12 cts
Net 1,612,000 vs 1,571,000
Revs 28.8 mln vs 25.0 mln
Avg shrs 12.8 mln vs 13.3 mln
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Subsets and Splits