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Qtly div 10 cts vs 10 cts prior
Pay April Six
Record March 16
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Qtly div five cts vs five cts prior
Pay April 17
Record March 16
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The Federal Reserve is not expected to
intervene in the U.S. government securities market to add or
drain reserves, economists said.
Most economists said they did not expect the Fed to add
reserves with Federal funds trading below six pct.
They said the funds rate's softer tone may indicate that
the need to add reserves in the current bank reserve
maintenance period is smaller than previously estimated.
Fed funds opened at 5-15/16 pct and remained at that level.
Yesterday funds averaged 6.01 pct.
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Bell Petroleum Services Inc said
Regal International Inc has doubled its offer for Bell stock to
one Regal share for each Bell share from half a share
previously.
The company said it is seriously considering the new offer
but has also received an expression of interest for a possible
merger into a Fortune 500 company it did not identify that will
be investigated at meetings to be held later this week.
It said it will explore all possibilities before
recommending a final course of action.
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Qtly div 26-1/4 cts vs 25 cts prior
Pay Aug 14
Record June 30
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Shr loss one ct vs profit 15 cts
Net loss 10,863 vs profit 176,344
Revs 672,073 vs 766,066
Year
Shr loss seven cts vs loss one ct
Net loss 77,804 vs loss 16,627
Revs 1,717,810 vs 1,317,402
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French cereal exports through the port of
Rouen fell 6.4 pct to 725,023 tonnes during the period February
1 to 25, from 774,704 for the period February 1 to 26 last
year, trade sources said.
Main destinations were Saudi Arabia with 158,109 tonnes of
barley, the Soviet Union 147,214 of wheat, Italy 104,704 of
wheat, Spain 91,381 of wheat and maize, China 52,500 of wheat
and Algeria 41,000 of wheat.
Between February 26 and today, five ships have loaded
137,000 tonnes of cereals, the sources added.
The 137,000 tonnes comprised 59,500 tonnes of wheat for
China, 53,000 of wheat for the Soviet Union and 24,500 of wheat
for Algeria.
By this Friday, sources estimated a further 233,600 tonnes
of cereals will have been loaded, comprising 47,000 tonnes of
barley, 78,600 of wheat and 25,000 of rapeseed for the Soviet
Union, 30,000 of wheat for Sri Lanka, 28,000 of wheat for China
and 25,000 of wheat for Poland.
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National Convenience Stores Inc said it
expects to report a loss for the third quarter ending March 31
due to continued poor sales in Texas, especially in Houston.
In last year's third quarter, National Convenience earned
1,788,000 dlrs or eight cts per share, including a gain of
2,883,000 dlrs from the sale of 186 stores to another operator.
It said the results also included earnings from gasoline
operations of 2,500,000 dlrs or 11 cts per share caused by
unusually high gross margins on gasoline sales of 12.7 cts per
gallon that were caused by rapidly falling oil prices.
National Convenience said its third quarter is usually weak
due to winter weather.
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A presidential commission that has
been studying oil imports, including their effect on national
security, is to to make its report soon, the White House said.
Spokesman Marlin Fitzwater said the panel, set up last
October to examine U.S. oil import needs, would make its report
soon, probably within the next few weeks.
He said National Security Adviser Frank Carlucci "will wait
until that report is in and then see if there is any special
action needed to be taken in the national security area to
implement it."
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Shr 77 cts vs 76 cts
Net 13,843,000 vs 14,478,000
Sales 374.6 mln vs 368.3 mln
Avg shrs 18,003,000 vs 19,025,000
Year
Shr 2.16 dlrs vs 2.65 dlrs
Net 39,503,000 vs 51,573,000
Revs 1.41 billion vs 1.41 billion
Avg shrs 18,269,000 vs 19,497,000
NOTE: 1986 period ended February One
Company changed fiscal yearend to January 31 from October
31. 1986 results were restated to reflect the change.
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Strong winds and high seas
today closed Alexandria, Egypt's biggest port, and an oil
pipeline terminal nearby, officials said.
Facilities of the Suez-Mediterranean Arab Petroleum
Pipelines Company at Sidi Kreir, 32 km southeast of Alexandria,
were closed this morning after one tanker loaded and sailed.
Officials said that five other tankers were waiting outside
the terminal for conditions to improve.
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Shr profit 20 cts vs loss two cts
Net profit 2,665,000 vs loss 202,000
Revs 12.1 mln vs 5,993,000
Year
Shr profit 35 cts vs loss 11 cts
Net profit 4,653,000 vs loss 1,167,000
Revs 35.1 mln vs 18.0 mln
NOTE: Current qtr includes gain of 1.1 mln dlrs from tax
benefit.
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Commerce Dept. undersecretary of
economic affairs Robert Ortner said that he believed the dollar
at current levels was fairly priced against most European
currencies.
In a wide ranging address sponsored by the Export-Import
Bank, Ortner, the bank's senior economist also said he believed
that the yen was undervalued and could go up by 10 or 15 pct.
"I do not regard the dollar as undervalued at this point
against the yen," he said.
On the other hand, Ortner said that he thought that "the yen
is still a little bit undervalued," and "could go up another 10
or 15 pct."
In addition, Ortner, who said he was speaking personally,
said he thought that the dollar against most European
currencies was "fairly priced."
Ortner said his analysis of the various exchange rate
values was based on such economic particulars as wage rate
differentiations.
Ortner said there had been little impact on U.S. trade
deficit by the decline of the dollar because at the time of the
Plaza Accord, the dollar was extremely overvalued and that the
first 15 pct decline had little impact.
He said there were indications now that the trade deficit
was beginning to level off.
Turning to Brazil and Mexico, Ortner made it clear that it
would be almost impossible for those countries to earn enough
foreign exchange to pay the service on their debts. He said
the best way to deal with this was to use the policies outlined
in Treasury Secretary James Baker's debt initiative.
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The European Community's cereal
management committee rejected all bids to export free market
soft wheat at today's weekly tender, traders said.
The committee awarded 123,000 tonnes of free market barley
export licences at a maximum export refund of 138.75 Ecus per
tonne.
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Corning Glass Works' subsidiary
Corning International Corp said it agreed to transfer 55 pct of
its capital stock of an Argentine glass manufacturer to a
European group.
It said it will transfer the capital stock of Rigolleau,
S.A., to the group controlled by Camillo Gancia, an Argentine
industrialist.
The company said the transaction would reduce Corning's
ownership in Rigolleau to approximately 20 pct. The company
said the change will not impact on its net income for th year.
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Shr 73 cts vs 60 cts
Net 43,792,000 vs 36,480,000
Rev 1.78 billion vs 1.34 billion
Year
Shr 1.49 dlrs vs 1.61 dlrs
Net 88,974,000 vs 94,647,000
Rev 5.35 billion vs 4.04 billion
NOTE: 4th qtr net includes pre-tax gain of 9.7 mln dlrs
from sale of real estate and real estate development company.
Fiscal 1986 net includes extraordinary charge of 3.5 mln
dlrs, or six cts a share. All per share data reflects a
two-for-one stock split paid June 25, 1986.
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The National Farmers Union, NFU, remains
concerned about the future ownership of British Sugar despite
last week's decision by the government to block bids from
Italy's Gruppo Ferruzzi and Britain's Tate & Lyle Plc.
The union's sugar beet committee met yesterday to consider
the implications of a government Monopolies and Merger
Commission, MMC, report issued last week. "We are still
concerned about S and W Berisford being long-term owners of
British Sugar," a spokesman said. "We do not view Berisford as
providing the long-term stability we want."
The Trade and Industry Secretary accepted a recommendation
last week by the MMC that it block a bid by Tate and Lyle for S
and W Berisford Plc and stop Gruppo Ferruzzi buying a majority
of British Sugar, owned by Berisford.
Union officials believe a new bid for the monopoly beet
processor is now likely. "We are looking again at the
undertakings that we have demanded of existing bidders and
which we would seek of any future bidders," the spokesman said.
The NFU, which represents Britain's 11,500 sugar beet growers,
is also taking legal advice on particular paragraphs in the MMC
report which it says need further explanation.
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Zayre Corp said it plans to
open 25 additional Zayre Stores, 35 new T.J. Maxx stores and 50
Hit or Miss Shops in 1987.
In addition, Zayre said it plans to add six new BJ's
Wholesale Clubs and eight new HomeClubs to its warehouse group.
Earlier, the company reported 1986 earnings, ended January
31, of 89.0 mln dlrs, or 1.49 dlrs per share, versus 94.6 mln
dlrs, or 1.61 dlrs per share, in fiscal 1985. It also reported
fourth quarter net of 43.8 mln dlrs, or 73 cts a share, versus
36.5 mln dlrs, or 60 cts a share in 1985's fourth quarter.
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Chrysler Corp said its board declared a
three-for-two stock split in the form of a 50 pct stock
dividend and raised the quarterly dividend by seven pct.
The company said the dividend was raised to 37.5 cts a
share from 35 cts on a pre-split basis, equal to a 25 ct
dividend on a post-split basis.
Chrysler said the stock dividend is payable April 13 to
holders of record March 23 while the cash dividend is payable
April 15 to holders of record March 23. It said cash will be
paid in lieu of fractional shares.
With the split, Chrysler said 13.2 mln shares remain to be
purchased in its stock repurchase program that began in late
1984. That program now has a target of 56.3 mln shares with the
latest stock split.
Chrysler said in a statement the actions "reflect not only
our outstanding performance over the past few years but also
our optimism about the company's future."
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<Banco Santander> signed a letter of
intent with Bank of America <BAC> to purchase its West German
affiliate <Bankhaus Centrale Credit AG>, CC-Bank, the bank said
in a statement amplifying an earlier report from Frankfurt.
"The incorporation of CC-Bank in our group will provide a
major boost...For chanelling investment between Spain and the
European Community," the statement said.
"This operation enables us to take up a solid position in
West Germany ahead of Spain's full integration into the EC's
financial system in five years' time."
The deal included the license for Visa credit cards.
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<Canadian Imperial Bank of Commerce>,
earlier reporting higher net income for the first quarter ended
January 31, said it expects loan losses to be lower than last
year's 697.0 mln dlrs.
However, the bank said it will maintain the high level of
provisioning for loan losses established last year because of
many market uncertainties. Commerce bank set loan loss
provisions of 636.0 mln dlrs in fiscal 1986, ended October 31.
The bank earlier said first quarter net income rose to 96.5
mln dlrs from 87.0 mln dlrs in the prior year. Profit per basic
share after dividends fell to 61 cts from year-ago 64 cts.
Commerce Bank said because of market uncertainties, it used
an estimate of 600.0 mln dlrs for fiscal 1987 loan losses in
calculating first quarter results.
The bank's first quarter provision for loan losses rose to
172.0 mln dlrs, from 152.0 mln dlrs in the prior year.
Commerce Bank also said it will continue to adopt an
agressive posture in adding to its general provisions against
loan exposure to 34 countries designated by the federal
government's Inspector General of Banks.
First quarter net partly benefitted from net interest
income, up to 561.8 mln dlrs from year ago 540.9 mln dlrs.
Commerce Bank said improved other income, which rose to
213.6 mln dlrs from year-earlier 170.1 mln dlrs, and net income
was partially offset by the increased loan loss provisions,
non-interest expenses and income taxes.
The bank said first quarter total assets increased to 83.92
billion dlrs from 78.93 mln dlrs in the prior year, due mainly
to continued expansion in consumer loan and mortgage fields.
Return on assets increased by two cts to 46 cts per 100
dlrs of average assets from the first quarter in fiscal 1986,
but declined two cts from fiscal 1986 fourth quarter.
The bank also said total non-accrual loans increased to 2.4
billion dlrs in the first quarter from year-ago 1.8 billion
dlrs. However, non-accrual loans declined 130 mln dlrs from
fiscal 1986 year-end.
"Despite the recent announcement of the suspension of
interest payments by Brazil, virtually all of the bank's loans
to this country were income producing up to January 31, 1987,
and there was little adverse impact on the bank's earnings
prior to the announcement," Commerce bank said.
The bank did not disclose a forecast of the impact on
future earnings by Brazil's suspension of interest payments.
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Qtr ends Jan 31
Shr 3.26 dlrs vs 3.17 dlrs
Net 47.9 mln vs 46.7 mln
Revs 673.1 mln vs 630.2 mln
12 mths
Shr 7.54 dlrs vs 6.95 dlrs
Net 111.1 mln vs 102.4 mln
Revs 2.03 billion vs 1.88 billion
.
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Qtly div 73 cts vs 73 cts prior
Pay March 31
Record March 16
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Oper shr 57 cts vs 73 cts
Oper net 6,051,000 vs 7,818,000
Revs 50.0 mln vs 56.0 mln
Year
Oper shr 1.06 dlrs vs 1.24 dlrs
Oper net 11,301,000 vs 13,203,000
Revs 171.9 mln vs 207.4 mln
NOTE: Current oper net excludes extraordinary income of
180,000 dlrs in qtr and 1,119,000 dlrs in year vs previous
losses of 2,345,000 dlrs and 515,000 dlrs, respectively.
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Mthly div 2.108 cts vs 2.158 cts prior
Pay March 26
Record March 16
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The EC Commission rejected all bids for
free market bread-making and feed wheat and all bids for the
special West German tender at today's weekly EC cereals tender,
trade sources said here.
It granted export licences for 123,000 tonnes of free
market barley at a maximum rebate of 138.75 Ecus per tonne and
25,000 tonnes of maize at a maximum rebate of 133.75 Ecus, they
said.
Licences for 100,000 tonnes of the barley were awarded to
French trade houses, they added.
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Michael Landes, a major stockholder
in Unitel Video Inc, said he has asked the company to consider
liquidating, or selling some or all of its assets.
"Mr. Landes has requested the company to implement a
program to maximize shareholder values, which might include a
sale of all or part of the company or a liquidation," he said
in a filing with the Securities and Exchange Commission.
Landes and another Unitel Video investor, Albert Schwatz,
have formed a shareholder group and together hold 329,225
common shares, or 15.2 pct of the total outstanding common
stock.
Landes and Schwartz had reached an agreement in principle
with the New York video tape service company on a 12.50 dlr a
share takeover proposal last September, but subsequent merger
talks broke down in October.
The investors told the SEC they are continuing to review
their positions company and may acquire more shares or sell
some or all of their current stake.
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Shr Royal Dutch Petroleum Co <RD> 2.30 dlrs vs 2.90 dlrs
Final Royal Dutch dividend of 8.30 guilders for total 12.80
guilders vs 12.80 guilders for 1985
Shr Shell Transport and Trading Co PLC <SC> 1.38 dlrs vs
1.65 dlrs
Final Shell Transport dividend 118.0 pence for total of
172.0 pence vs 140.0 pence for 1985
Group Net 1.07 billion vs 1.24 billion
Group Sales 20.42 billion vs 25.84 billion
Year
Shr Royal Dutch 8.65 dlrs vs 9.11 dlrs
Net Shell Transport 4.78 dlrs vs 5.16 dlrs
Group Net 3.71 billion vs 3.88 billion
Group Sales 81.40 billion vs 94.57 billion
NOTES: Group is 60 pct owned by Royal Dutch and 40 pct by
Shell Transport
Dollar amount of Royal Dutch dividend will depend on
guilder/dollar exchange rate on May 14. Final dividend is
payable June 16 to holders of record May 26
Shell Transport dividend and per share results based on New
York shares, which are equal to four ordinary shares. Dollar
final dividend will be determined by sterling/dollar exchange
rate May 18. At current rate, with tax credits, is equal to
2.59 dlrs. Final dividend is payable May 28 to holders of
record April 10
Fourth quarter U.S. dollar figures for group translated
from sterling at average rate of exchange for the quarter which
was 1.43 dlrs per pound in 1986 and 1.44 dlrs in 1985. Full
year U.S. dollar figures are sum of sterling translations to
U.S. dollars for first, second, third and fourth quarters
Net includes FIFO inventory gain 217 mln dlrs vs loss 80
mln dlrs in quarter and loss 1.23 billion dlrs vs loss 178 mln
dlrs in year. If LIFO accounting had been used, company said,
Royal Dutch per share net would have been 1.78 dlrs vs 3.17
dlrs in quarter and 11.60 dlrs vs 9.53 dlrs in year, Shell
Transport per share net would have been 1.10 dlrs vs 1.81 dlrs
in quarter and 6.36 dlrs vs 5.40 dlrs in year
Net includes restructuring credit 114 mln dlrs vs charge 72
mln dlrs in quarter and credit 67 mln dlrs vs charge 467 mln
Per share impact of restructuring on Royal Dutch was credit
27 cts vs charge 17 cts in quarter and credit 16 cts vs charge
1.10 dlrs in year, on Shell Transport was credit 15 cts vs
charge 10 cts in quarter and credit nine cts vs charge 62 cts
in year
Net also includes currency exchange losses of 20 mln dlrs
vs 69 mln dlrs in quarter and 170 mln dlrs vs 401 mln dlrs in
year. Exchange losses had per share impact on Royal Dutch of 14
cts vs 31 cts in quarter and 96 cts vs 1.26 dlrs in year and on
Shell Transport of eight cts vs 17 cts in quarter and 51 cts vs
71 cts in year.
Reuter
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World grain trade could be turning
the corner and heading toward recovery in the 1986-87 season, a
Cargill, Inc. analyst said.
Writing in the March issue of the Cargill Bulletin, David
Rogers of Cargill's Commodity Marketing Division cited a
gradual rise in world wheat trade in recent months, with a slow
rise in wheat prices after recent historic lows.
He said the wheat trade, because wheat can be produced in
many nations, is a good barometer of world grain trade and
could lead to more activity in other grain markets.
Rogers said that with world grain prices at their lowest
level in over a quarter of a century in real terms, demand has
begun to rise while producing nations are re-examining their
expensive price-support policies and reducing planted acres.
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Halcyon Investments, a New York
investment partnership that deals mainly in risk arbitrage and
stock trading, said it raised its Purolator Courier Corp stake
to 726,700 shares, or 9.5 pct, from 474,900, or 6.2 pct.
In a filing with the Securities and Exchange Commission,
Halcyon, whose managing partner is Alan B. Slifka and Co, said
it bought 201,800 Purolator common shares between Feb 3 and
March 2 at prices ranging from 28.689 to 34.811 dlrs each.
Halcyon, which said it has spent 20.1 mln dlrs for its
Purolator common shares, said it also acquired options on Feb
27 giving it the right to buy 50,000 shares for 1.8 mln dlrs.
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Aetna Life and Casualty Co said
its Aetna Life and Casualty of Canada Ltd subsidiary has agreed
in prnciple to sell its casualty-property subsidiary, Aetna
Casualty Co of Canada to <Laurentian Group> of Montreal for
undisclosed terms.
The company said the agreement is subject to Canadian
government approval.
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Shr loss two cts vs profit three cts
Net loss 77,400 vs profit 134,000
Revs 418,500 vs 435,900
Year
Shr profit eight cts vs profit 27 cts
Net profit 315,100 vs profit 1,082,700
Revs 1,761,900 vs 2,511,200
NOTE: Per-share figures adjusted for four-for-three stock
distribution effective Dec 14, 1984
1985 results include an extraordinary tax benefit of 55,000
dlrs, or one ct a share in each period
Reuter
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The Bank of England again fought against
money and bond market pressure for a pre-Budget interest rate
cut, leaving the pound to take the strain with a further rise
in its trade-weighted index to a six-month high.
It closed at its best level since September 12, at 71.4 pct
of its 1975 value on the index, as foreign investors continued
to buy into a currency which offers high relative returns and
the possibility of short-term capital gains, dealers said.
Meanwhile, opinion is divided over whether the Bank can
stop a cut before Budget Day, March 17, and why it should want
to.
The Bank's latest strong signal to the market that it wants
rates to stay steady for the moment came in midafternoon, when
it lent to the discount houses at a penal rate of 11-3/4 pct to
relieve a money market shortage.
"They're really making the discount houses suffer," said
Stephen Lewis, economist at brokerage house Phillips and Drew.
"Eleven and three-quarters pct is way above money market rates."
This money market signal was apparently not accompanied by
any sterling sales on the foreign exchanges, talk of which had
inhibited strong rises yesterday and Tuesday, so buyers came
strongly into the pound.
The pound surged to a high of 1.5798/808 dlrs at the London
close, up from the previous finish at 1.5650/60, and 2.8900/60
marks, up from 2.8720/50.
"If this pressure keeps up...There is a possibility that
rates could drop before the Budget," said Jeremy Hale, economist
at finance house Goldman Sachs International Corp.
Some gilt traders are forecasting a half-point cut in the
base rate from the current 11 pct as early as tomorrow.
However, analysts said the Bank of England will need to be
convinced that the present rise is a fundamental re-rating
rather than a result of short-term speculative gains.
There are valid reasons for the Bank to be cautious, said
Peter Fellner, U.K. Economist at brokers James Capel and Co.
Markets have become highly optimistic about the chances of
a Conservative Party victory in any early general election, and
disappointment if Prime Minister Margaret Thatcher decides to
hold back could lead to a decline in the pound and a setback
for bonds, Fellner said.
An election could be delayed until mid-1988, but most
forecasts say it will be this year.
Others note that the pound could yet prove vulnerable to
oil price losses or a change of fortune for the dollar.
However, analysts agree the Bank is largely trying to set
the timing of a cut than holding out against one altogether.
The authorities traditionally prefer a single sustainable
rate move, one way or the other, to half points here and there.
Some add the Bank will be influenced by signs that at least
a proportion of the latest bout of sterling buying is long-term
capital coming into the London market, notably from Japan.
They argue that the pound is being perceived as a safer bet
than the dollar, given the latters recent sharp falls and
current political upheavals in Washington.
The Bank may want to see another few points on the
trade-weighted index before the Budget, argued Lewis. "But by
then sterling should be firm enough to satisfy even the Bank of
England," he added.
The Bank declined to comment on its reasons for resisting
pressure for a rate move before the budget, but banking sources
said the authorities see the recent rise in sterling as more
than just marking up by foreign exchange traders.
Meanwhile, analysts noted the market ignored potentially
harmful news on the trade front, today's figures showing that
the current account deficit in 1986 was 1.1 billion stg.
This was above previous estimates of the current account
deficit and compares with a surplus of 2.9 billion stg in 1985.
Fellner said that under more normal conditions this would
have given the bond and currency markets a pause, but that they
were too bullish to worry about such fundamentals.
The guessing game over the timing of a cut has the clearing
banks divided as well as the markets. Privately, some bank
officials forecast the Bank will hold out at least for this
week, but at least one bank says a rise is possible tomorrow.
If a move comes before March 17, forecasts are for a half-point
cut, with another half or full point about Budget day.
REUTER
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Engelhard Corp said its board
declared a three-for-two stock split and raised the quarterly
dividend to 19-1/2 cts per share presplit from 19 cts, both
payable March 31 to holders of record March 17.
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Non-Opec Egypt produced 40.3 mln tonnes
(about 295 mln barrels) of crude in 1986 against 44.3 mln
tonnes (about 323 mln barrels) in 1985, according to official
figures released today by the Egyptian General Petroleum Corp.
(EGPC).
Officials say Egypt can produce up to one mln bpd per day,
but production was cut when world prices plunged last year.
In an attempt to help OPEC stabilize the world market,
Egypt cut its 1987 production target of 940,000 bpd to its
current output of 870,000 bpd.
Egypt, which exports a third of its output, currently sells
its top Suez and Ras Bahar blends for 17.25 dlrs a barrel.
REUTER
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The European Commission authorised the
export of 33,500 tonnes of Irish intervention barley at today's
tender for non-European Community destinations at 53.10 Ecus
per tonne, grain traders said.
Reuter
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Shr loss six cts vs profit two cts
Net loss 196,000 vs profit 71,000
Revs 2,512,000 vs 5,776,000
Year
Shr loss 1.09 dlrs vs loss 18 cts
Net loss 3,509,000 vs loss 587,000
Revs 12.0 mln vs 21.0 mln
Note: 1986 year includes special charge of 1,600,000 dlrs,
or 50 cts per shr on write-down of rental equipment.
Reuter
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Shr 2.10 dlrs vs 1.72 dlrs
Shr diluted 1.98 dlrs vs 1.72 dlrs
Net 2,228,000 vs 1,730,000
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Amoskeag Bank said it signed an
agreement to acquire <Entrepo Financial Resources Inc>, a
Philadelphia-based company which leases and remarkets high
technology equipment.
Terms of the acquisition were not disclosed.
It said Entrepo has assets of 20 mln dlrs.
Reuter
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Qtly div 27 cts vs 27 cts prior qtr
Pay 1 April
Record 16 March
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Community Bank Systems Inc and
the <Nichols National Bank> said they have signed a definitive
agreement for Nichols to become a member of the CBSI Group of
banks for an exchange of stock worth 2.8 mln dlrs.
CBSI said it expects to complete the deal, pending Nichols'
shareholder and regulatory approval, later this year.
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Securities and Exchange Commission
Chairman John Shad said the SEC favors shortening the current
10-day period for disclosing takeover attempts but opposes
putting restrictions on the use of so-called junk bonds.
"We favor shortening the disclosure period to two days,"
Shad told members of the House Telecommunications and Finance
subcommittee when asked for his recommendation.
He said the SEC's responsibility was to provide full
disclosure for securities, including junk bonds, and not to
make decisions based on merit. He said junk bonds had some
value because of their liquidity.
Shad said he opposes proposals to require those attempting
takeovers to file a statement on the impact the takeover would
have on the communities involved.
"We've opposed it in the past. It goes far beyond investor
protection," Shad said.
He said he had no comment on a proposal by House Speaker
Jim Wright, D- Texas, to tax securities transactions.
Reuter
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Shr profit 20 cts vs loss two cts
Net profit 2,665,000 vs loss 202,000
Revs 12,141,000 vs 5,993,000
Year
Shr profit 35 cts vs loss 11 cts
Net profit 4,653,000 vs loss 1,167,000
Revs 35.1 mln vs 18.0 mln
NOTE: company corrects reporting period to 4th qtr and year
from 3rd qtr and nine mths
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Hughes Tool Co Chairman W.A. Kistler
said its counter proposal to merge with Baker International
Corp was still under consideration and that a merger was in the
best interests of both companies.
"Our hope is that we can come to a mutual agreement that is
good for both companies," Kistler said of the proposed merger
that would result in a 1.2 billion dlr oil field service
company. "We're working very hard on this merger."
Hughes' board today again adjourned a shareholders meeting
to vote on the proposed merger and rescheduled it for March 11
to give Baker more time to consider the counter proposal.
The Hughes board, which had previously expressed concern
about a U.S. Department of Justice consent decree that would
require Baker to sell its drilling bit operations and
submersible pump business, met yesterday and threatened to
terminate the proposed merger.
The Hughes board made a counter proposal that the two
companies first find acceptable buyers for the businesses
before signing the decree.
The directors of Baker immediately after receiving the
counter proposal filed a law suit in Texas in a Texas state
court to force to Hughes to complete the merger.
"The uncertainty as to the price and conditions that might
be imposed by the Department of Justice makes us very nervous
about what the outcome might be," Kistler said, in explaining
why Hughes had made the counter proposal.
"We need additional time to understand why Baker did not
accept our proposal."
Kistler also said that the law suit filed by Baker "was not
a factor" in the board's decision to keep its merger proposal
on the table.
He declined to comment on the allegations in the lawsuit.
Kistler said Hughes would be willing to consider a
compromise counter proposal, but declined to be more specific.
The Justice Department in January said it would block the
Hughes and Baker merger on anti-trust grounds unless both
companies agreed to sign a consent decree that would provide
for the sale of the assets after the merger took place.
The Hughes board said it would not sign the decree because
its was too "unreasonable." Hughes said that Baker should
instead complete the sale of the disputed assets before the
merger is finalized and given government approval.
Under the decree, if Baker is unable to find acceptable
buyers within a specified period of time after the decree is
approved, a federal trustee would become responsible for
finding a buyer.
Kistler said that under those terms, the trustee could take
up to 10 years to complete the sales.
He also expressed concern that the combined companies might
be required by the government's conditions to license some of
its technology to any purchaser of the assets.
Baker said last night in a statement that the required
assets to be sold would reduce revenues by about 65 mln dlrs,
representing about three pct of the revenues of the combined
companies.
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Period ended January 31
Shr loss five cts vs profit eight cts
Net loss 247,100 vs profit 345,300
Sales 4,529,300 vs 3,482,800
Nine mths
Shr profit six cts vs profit 18 cts
Net profit 261,300 vs profit 793,700
Sales 12.3 mln vs 9,957,200
Reuter
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Shr 18 cts vs 31 cts
Net 7,168,000 vs 11.3 mln
Sales 497.4 mln vs 475.6 mln
Avg shrs 39.6 mln vs 37.1 mln
Year
Shr 1.34 dlrs vs 1.64 dlrs
Net 52.2 mln vs 59.7 mln
Sales 2.28 billion vs 2.07 billion
Avg shrs 39.0 mln vs 36.5 mln
NOTE: Current year net both periods includes charge
2,885,000 dlrs or seven cts shr from early note retirement and
charge seven cts shr from reversal of tax credits.
Current year net both periods includes gain six cts shr
from plywood manufacturers litigation settlement.
Reuter
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The French government is to
sell to the public its 47.42 pct direct holding in Societe
Generale <STGN.PA>'s regional bank subsidiary <Societe Generale
Alsacienne de Banque>, SOGENAL, from next Monday, SOGENAL
officials said.
SOGENAL, founded in 1881 and nationalised in 1982, is the
leading French regional bank and has branches in Austria,
Belgium, Luxembourg, East and West Germany and Switzerland.
Chairman Rene Geronimus told a news conference the share
offer price, expected to be announced tomorrow by Finance
Minister Edouard Balladur, would be between 110 and 130 francs.
Societe Generale, which will itself be privatised later
this year, will retain its 52.58 pct majority holding in the
bank, Chairman Marc Vienot said.
SOGENAL officials said they forecast 1987 consolidated
group profit of around 170 mln francs after an estimated 160
mln this year and 159 mln in 1985.
SOGENAL's privatisation will be preceded by a capital
increase to 320 mln francs from 263 mln, earning about 250 mln
francs in new funds. Its shares will be divided by eight,
giving a capital of 12.8 mln shares of 25 francs nominal.
The bank will be listed on the Nancy stock exchange, in
line with the Finance Ministry and government's aim of a
regional operation, Geronimus said.
He said he was hoping for shareholders to total around
30,000 to 35,000 against the 12,500 before nationalisation. Ten
pct of the capital to be floated will be reserved for employees
with the rest offered to the public. There will not be a share
reserved for foreign investors. "This is too small an operation
and anyway they will be able to buy shares in France," he said.
Stockbroker sources said that a likely share offer price of
120 francs would value SOGENAL at 1.5 billion francs.
Geronimus said the bank's future aim would be to reinforce
its existing strong points, with no major projects planned
apart from the opening soon of a Basle branch.
SOGENAL is the only French bank in Austria, it set up the
first foreign exchange dealing room outside Paris at its
Strasbourg headquarters in 1985, and is the only foreign
banking subsidiary to be a broker on the Zurich Bourse.
The government's banking adviser for the operation was
<Banque Privee de Gestion Financiere>, BPGF, owned by French
financier Pierre Moussa's <Pallas> group, assisted by Britain's
<Hambros Bank Ltd>.
REUTER
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Midland Co said its board declared a
two-for-one stock split, subject to approval of a doubling of
authorized common shares at the annual meeting on April 9, and
an increase in the quarterly dividend to 12 cts pre-split from
10 cts.
The dividend is payable April 8, record March 17, and the
split would be payable May 7, record April 23.
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The Prudential Insurance Company of
America, a privately held company, said today that net income
in 1986 rose to 2.8 billion dlrs from the 2.3 billion dlrs
reported the year earlier.
Assets under management rose to 177.5 billion dlrs in 1986
from 150.1 billion dlrs in 1985, while consolidated assets
jumped to 134.5 billion dlrs from 115.7 billion dlrs.
Discussing its major subsidiaries, the company said that
Prudential Capital and Investment Services Inc, the holding
company for brokerage house Prudential-Bache Securities and
certain other related subsidiaries, earned 142 million dlrs in
1986. Of that, the securities operations of Prudential-Bache
netted 81.7 mln dlrs after taxes and a charge of 25 mln dlrs.
Reuter
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The EC Commission decided to open a
special daily export rebate today for maize exports to Morocco,
Israel, Canary Islands and zone 5c (Sub-Saharan Africa), trade
sources said here.
The rebate was set at 153 European currency units per tonne
for March and 133 for April through July.
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Aequitron Medical Inc said costs
related to its previously announced plan to consolidate Life
Products operations in Boulder, Colo, are expected to total
720,000 dlrs, or eight cts a share for the fourth quarter
ending April 30.
It said the costs including moving expenses, severance pay
and future lease payments.
The company said it will consolidate Life Products into the
company's headquarters and manufacturing operations in
Minneapolis.
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Shr 23 cts vs 17 cts
Net 1,742,000 vs 1,1512,000
Sales 62.6 mln vs 53.6 mln
Avg shrs 7,854,000 vs 6,617,000
Year
Shr 61 cts vs 61 cts
Net 4,469,000 vs 4,039,000
Sales 209.8 mln vs 175.4 mln
Avg shrs 78,369,000 vs 6,610,000
Reuter
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Wilshire Oil Co of Texas, which has a
9.8 pct stake in Jacobs Engineering Group Inc, said its
chairman, Siggi Wilzig, was appointed to the Jabobs board.
In a filing with the Securities and Exchange Commission,
Wilshire, which holds 417,100 Jacobs common shares, said Wilzig
was appointed to the Jacobs board of directors on March 3 after
the company's annual shareholder meeting.
Wilshire also said that Jacobs Chairman Joseph Jacobs has
agreed to recommend a second Wilshire nominee for election to
the board if the person was found to be qualified.
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Qtr ended Dec 31
Shr nil vs nil
Net loss 59,922 vs loss 357,203
Revs 714,263 vs 926,964
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Eastman Kodak Co said it has
acquired an 18.7 pct equity interest in Enzon Inc, a
pharmaceutical company specializing in protein therapy.
Kodak said it secured worldwide marketing rights for three
of Enzon's PEG enzymes used in the treatment of oxygen toxicity
disorders, hyperuricemia and gout.
The company said it acquired two mln Enzon shares for 15
mln dlrs, with loans to Enzon of two mln dlrs and interest of
30,000 dlrs credited against the purchase price.
Kodak said the drugs covered by the marketing rights are in
initial stages of the U.S. Food and Drug Administration
approval process. It said the investment should provide the
necessary capital to complete the FDA review process and
provide a marketing outlet for the drugs.
The drugs are PEG-superoxide disdmutase and PEG-catalase,
for use against oxygen toxicity disorders that cause the
often-fatal tissue damage associated with severe burns, organ
transplants, heart attacks and trauma, and PEG-uricase, for
treatment of gout and other conditions caused by the buildup of
high levels of uric acid in the body.
Reuter
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Shr 42 cts vs 1.21 dlrs
Net 2,317,000 vs 5,847,000
Sales 360.0 mln vs 282.4 mln
Avg shrs 5,463,000 vs 4,829,000
NOTE: 1986 net includes 4,700,000 dlr pretax charge from
writedown of land and abandonment of land and pretax charges of
5,800,00 dlrs from pending rescission offer, settlements with
U.S. agencies, adjustment of the prior booking of residuals
arising from collateralized mortgage obligation bond issues,
writedowns of land held by a joint venture, startup costs
associated with entering new markets, an increase in reserves
for customer service and writeoffs and reserves for
mortgage-related receivables to reflect current market values.
Reuter
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Qtr ended Jan 31
Shr profit nine cts vs loss 30 cts
Net profit 317,000 vs loss 997,000
Sales 6,338,000 vs 3,119,000
Note: 1986 net includes extraordinary gain of 90,000 dlrs,
or two cts per shr.
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Shr loss 19 cts vs profit seven cts
Net loss 851,000 vs profit 227,000
Revs 2,600,000 vs 4,800,000
Year
Shr loss 46 cts vs profit 19 cts
Net loss 2,100,000 vs profit 600,000
Revs 9,900,000 vs 15.9 mln
Reuter
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Federal Reserve Board Vice Chairman
Manuel Johnson said that maintaining price stability was
critical to achieving non-inflationary economic growth in the
world and said that progress was being made.
"It is worth reiterating that the Federal Reserve's
promotion of price stability is critical to the successful
implementation of virtually all of the important ingredients
for growth," he told the Eastern Economic Association.
Johnson said initial progress has been made on a variety of
fronts. "Federal Reserve monetary policy, the
Gramm-Rudman-Hollings legislation, the G-6 agreement, and the
Baker debt initiative for example all have moved us in the
right direction," he said. G-6 is comprised of U.S., Britain,
France, Japan, West Germany and Canada.
On the budget deficit, Johnson said meeting precise
numerical goals was less important than a continuing commitment
toward slowing the growth of federal spending.
There was evidence deficits as a pct of Gross National
Product were declining and would continue to drop, he said.
But Johnson warned against reliance on inflow of foreign
capital to finance investment and the budget deficit and keep
interest rates stable.
"This situation, however, cannot continue indefinitely.
Sooner or later progress must be made in controlling excessive
federal spending," he said.
A disinflationary monetary policy should continue to be the
main objective of the Fed, Johnson said.
He also said a more stable and sustainable alignment of
exchange rates was needed for long-term growth.
On the trade deficit, Johnson warned against "quick fix"
solutions, which he identified as excessive dollar depreciation
or protectionist trade legislation.
"What is important is that we attempt to maintain healthy
returns to capital and adopt policies encouraging genuine
economic growth," he said.
Such an approach would finance the trade deficit but allow
for its gradual resolution over time.
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Year to Feb 28
Shr 1,700.3 cts vs 1,533.0
Pre-tax 373.3 mln rand vs 341.0 mln
Net 373.3 mln vs 336.5 mln
Tax nil vs 4.5 mln
Final div 900 cts making 1,600 cts vs 1,450
Div payable April 24, register March 20
Reuter
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Harris Associates L.P., a Chicago
investment advisory partnership, said it lowered its stake in
Triad Systems Corp to 1,355,296 shares, or 17.9 pct of the
total outstanding, from 1,463,962 shares, or 19.3 pct.
In a filing with the Securities and Exchange Commission,
Harris said it sold a net 108,666 Triad common shares between
Dec 16 and Feb 23 at prices ranging from 10.00 to 14.25 dlrs a
share.
It said its dealings in Triad common stock were done on
behalf of its advisory client.
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A Treasury Department spokesman
refused comment on statements by Robert Ortner, undersecretary
of economic affairs for the Commerce Department, that the
Japanese yen was undervalued.
Ortner, senior economist at the Commerce Department, told
an Export-Import Bank conference "the yen is still a little bit
undervalued," and "could go up another 10 or 15 pct."
Asked for reaction, a Treasury spokesman said officials
were aware of Ortner's comments but had no intention of making
any comment on them.
Ortner, who stressed he was expressing personal views, said
he thought the U.S. dollar was "fairly priced"
against most European currencies and added "I do not regard the
dollar as undervalued at this point against the yen," he said.
But the yen should go up 10 or 15 pct in value, Ortner
said, because it is undervalued against the dollar.
The United States and major trade allies West Germany,
France, Britain, Japan and Canada met recently in Paris to
discuss maintaining stability in international currency values.
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LIBRA BANK EXPECTS BRAZIL TO REACH DEBT ACCORD LONDON, March 5
- London-based <Libra Bank Plc> said when announcing its 1986
annual results that it expected Brazil to reach agreement with
its creditors over debt repayments.
"In recent years Brazil has demonstrated its ability to
generate surpluses sufficient to service its debt, and I have
no doubt that, in due course, it will reach an agreement with
the banks and its other creditors," Libra managing director
Peter Belmont said in a statement.
Earlier the bank, which specialises in providing finance to
Latin America and the Caribbean, announced pretax profits of
43.9 mln stg for calendar 1986, against 43 mln in 1985.
Libra's net worth increased by 24 pct to 134 mln stg last
year, and Belmont said the improvement to the bank's balance
sheet was due to profits being mostly retained in the bank, and
to the issue of 10 mln stg of cumulative redeemable preference
shares during the year.
Libra is a consortium bank --National Westminster Bank Plc
<NWBL.L>, Chase Manhattan Bank N.A. <CMB>, Royal Bank of Canada
<RY.TO>, Swiss Bank Corp <SBVZ.Z>, Westdeutsche Landesbank
Girozentrale <WELG.F>, <Mitsubishi Bank Ltd>, <Bancomer SNC>,
<Banco Itau SA>, <Credito Italiano SpA> and <Banco Espirito
Santo e Comercial de Lisboa> all have shareholdings.
REUTER

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IDEA Inc said it signed a
letter of intent to buy privately-held Structural
Instrumentation Inc.
The purchase, for an undisclosed sum, will be made mostly
with IDEA common stock, the company said.
IDEA said the purchase will add about 32 cts per share to
its fiscal 1988 earnings.
IDEA reported earnings of four cts per share for the
quarter ended October 31, 1986.
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Ducommun Inc said it sold its
Airdrome Parts Co division to a group of investors headed by
Airdrome's management for a cash price of 12 mln dlrs.
Ducommun said the sale, coupled with its sale last month of
Metermaster, were steps taken to improve the company's balance
sheet and that no further sales are being contemplated.
Reuter
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Shr 22 cts vs 25 cts
Net 472,000 vs 454,000
Revs 16.2 mln vs 15.2 mln
Avg shrs 2,135,315 vs 1,835,325
12 mths
Shr 71 cts vs 70 cts
Net 1,393,000 vs 1,285,000
Rwevs 61,805,000 vs 55,367,000
Avg shares 1,960,319 vs 1,835,325
Reuter
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Texon Energy Corp said it has entered
into a preliminary agreement to purchase an 80 pct interest in
a privately-held specialty plastics manufacturing company it
did not name.
Texon said completion of the acquisition is subject to the
consent of banks and third parties and the acquisition would be
made for promissory notes and common stock.
Reuter
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0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Allied-Signal Inc's 49.7 pct owned
<Union Texas Petroleum Co> affiliate said it has restated its
fourth quarter and full-year losses and revenues to increase
the provision for the proposed settlement of a price dispute
involving Indonesian liquefied natural gas.
It said the restated increases the provision against 1986
fourth quarter earnings to 23.5 mln dlrs from 15.5 mln dlrs
estimated earlier.
Union Texas said its fourth quarter loss was increased to
29.5 mln dlrs from 21.5 mln dlrs reported previously and
revenues reduiced to 214 mln dlrs from 228 mln dlrs.
Union Texas said for the full year it restated its loss to
57.5 mln dlrs from 49.5 mln dlrs and revenues to 1.26 billion
dlrs from 1.27 billion dlrs.
the restatement results from a tentative agreement reached
in February with Pertamina, the Indonesian state-owned
petroleum enterprise, and Japanese purchasers of LNG.
Kohlberg Kravis Roberts and Co also owns 49.7 pct of Union
Texas and the remainder is owned by management.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 12 cts vs 34 cts
Net 787,000 vs 2,250,000
Revs 23.6 mln vs 23.6 mln
Nine mths
Shr 70 cts vs 1.06 dlrs
Net 4,598,000 vs 6,974,000
Revs 73.1 mln vs 73.6 mln
NOTE: Share adjusted for three-for-two stock split in
December 1986.
Reuter
| [
0,
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0,
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0,
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] |
Imperial Chemical Industries PLC
expects earnings from its pharmaceuticals operations to grow
to about 35 pct of world profits within the next five years
compared with a current 30 pct, chairman elect Denys Henderson
told financial analysts.
"Over the next five years we expect to launch one major new
product each year," Henderson said.
He also said research and development spending in this
business segment will be increased to 14 pct of total sales
income in 1987 from 13 pct, or 130 mln sterling, in 1986.
ICI, the world's fifth largest chemicals firm in terms of
sales, recently reported 1986 profits of about 888 mln dlrs on
15 billion dlrs in sales, compared with income of 817 mln dlrs
on 15.87 billion dlrs in sales a year earlier.
Sales in the United States totaled about three billion
dlrs, ICI executives said.
In addition, Henderson said overall corporate growth will
come from ICI's research and development activities, but the
company intends to continue to grow through an acquisition
program.
ICI spent just under one billion dlrs for acquisitions
during 1986, the largest of which was the 580 mln dlr purchase
of Cleveland, Ohio-based Glidden Inc, a paints, resins and
coatings company, from <Hanson Trust PLC>.
ICI financial director Alan Clements said the company's
borrowing limits are at a level of about 6.3 billion sterling,
1.5 billion of which have already been used.
While the company has no current plans for a major
acquisition, "we are ready to move quickly in the acquisition
field if the need arises," Clements said.
Reuter
| [
0,
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0,
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0,
0,
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] |
SafeCard Services Inc said
its board declared a three-for-two stock split and is
maintaining the quarterly dividend on post-split shares at the
same six cts it now pays for an effective 50 pct increase.
Both the split and the dividend are payable April 30 to
holders of record March 31.
Reuter
| [
0,
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0,
1,
0,
0,
0,
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] |
Oper shr profit two cts vs loss 31 cts
Oper net 72,000 vs loss 1,130,000
Sales 7,896,000 vs 9,333,000
1st half
Oper shr profit 32 cts vs profit eight cts
Oper net profit 1,187,000 vs profit 299,000
Sales 21.3 mln vs 26.0 mln
NOTE: Current year net excludes tax credits of 54,000 dlrs
in quarter and 945,000 dlrs in year.
Reuter
| [
0,
0,
0,
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0,
0,
0,
0,
0,
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] |
Dutch Social Affairs Minister Louw de
Graaf announced he is withdrawing the annual 10 mln guilder
labour subsidy for Rotterdam's strike-hit general cargo sector
as from July 1.
Late last month de Graaf said that if the dispute was not
settled by Monday this week he would withdraw the subsidy.
The chairman of the port employers' organization, SVZ,
Jacques Schoufour, said he was unhappy with the decision and
added there was now no alternative to proceeding with
redundancy plans.
The series of strikes in the sector started on January 19
in protest at employers' plans to make 800 redundancies from
the 4,000-strong workforce by 1990 starting with 350 this year.
Meanwhile, the port and transport union, FNV, attacked loss
figures given for the port for this year.
The figures, issued by accountants on behalf of the SVZ,
put total losses for last year at 34 mln guilders and in 1985
at 37 mln. Earlier, the employers had put the figure at around
30 mln.
The FNV said the actual losses were nearer 17 to 20 mln and
said the employers had inflated the figures as part of their
plan to restructure completely the port's general cargo sector.
Reuter
| [
0,
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] |
S.A.Y. Industries Inc said it
expects a loss of about two mln dlrs in its third quarter ended
February 28 from the proposed sale of its Omnilab Inc health
care unit.
S.A.Y said its board of directors approved the unit's sale
because Omnilab was losing about 140,000 dlrs a quarter.
"We no longer see a near-term prospect for a reasonable
return on our investment," Romilly Humphries, S.A.Y. president
and chief executive officer said.
S.A.Y. said proceeds from the sale would be used to
increase the company's market share in automotive products
packaging and diversify its packaging capabilities.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
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] |
Shr profit 26 cts vs loss 86 cts
Oper net profit 780,000 vs loss 2,609,000
Revs 12.2 mln vs 17.1 mln
Year
Oper shr profit 5.28 dlrs vs loss 1.11 dlrs
Oper net profit 16.1 mln vs loss 3,311,000
Revs 64.9 mln vs 69.8 mln
NOTE: 1986 year net excludes 598,000 dlr tax credit.
1986 net includes pretax gains on sale of property of
2,330,000 dlrs in quarter and 24.5 mln dlrs in year.
Reuter
| [
0,
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1,
0,
0,
0,
0,
0,
0
] |
Shr four cts vs 12 cts
Net 248,000 vs 647,000
Revs 23.7 mln vs 21.9 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
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] |
Unicorp American Corp said it has
signed a definitive agreement for the previously-announced
acquisition of Lincoln Savings Bank.
The company said the transaction is still subject to
regulatory approvals.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
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0,
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] |
First Eastern Corp said it has
completed the acquisition of Peoples Bank of Nanticoke, Pa., in
an exchange of 11 First Eastern shares for each Peoples share.
Peoples has assets of about 24 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Bishop Graphics Inc
said it completed the sale of its Newport Beach Art Supply
Center to Standard Brands Paint Co's <SBP> Art Store unit.
Terms were not disclosed.
Bishop also said it has opened a new sales and service
office in Irvine, Calif.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Striking Brazilian seamen, who say
they have made idle 158 ships and halted Brazilian exports,
today held pay talks in Rio de Janeiro with Labour Minister
Almir Pazzianotto, union officials said.
Jorge Luis Leao Franco, a senior official of the National
Merchant Marine Union, told Reuters he was optimistic the talks
would lead to an end of the stoppage, which began last Friday.
Brazil's 40,000 seamen are seeking a pay rise of 275 pct.
The union official said the strike had halted a total of
158 vessels, including 50 in Brazil's main port, Santos, and
about 50 more in Rio de Janeiro.
Abroad, six ships lay idle, in the Netherlands, Spain,
Venezuela, France and South Africa, he said.
Economic analysts said the strike was of serious concern to
the government, which has already had to suspend interest
payments on part of Brazil's foreign debt following a drastic
deterioration in the country's trade balance.
The head of the National Merchant Marine Authority, Murilo
Rubens Habbema, was quoted in today's Gazeta Mercantil
newspaper as saying that if the strike continued foreign ships
could be authorized to transport Brazilian exports.
"Brazil is living through a crisis at the moment, and it is
not conceivable that exports be hit," he said.
"But even using foreign ships we must not forget that we are
going to lose foreign exchange paying freight charges abroad,
and all this through the fault of the seamen," Rubens Habbema
said.
A spokesman for the port of Santos, which has been the
scene of labour unrest and congestion in recent months, said
movement of ships out of the port was running at about half its
normal level of 12 ships a day.
He said a total of 76 ships were either waiting at anchor
on moored in the harbour.
Reuter
| [
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[
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|
Qtly div 37-1/2 cts vs 37-1/2 cts prior qtr
Pay 1 April
Record 16 March
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
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0,
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] |
Oper shr profit 11 cts vs loss 2.45 dlrs
Oper net profit 3,594,000 vs loss 81.9 mln
Revs 38.5 mln vs 48.2 mln
NOTE: 1986 net excludes 68.5 mln dlr gain from debt
extinguishment.
1985 net includes 72.0 mln dlr writedown of drilling rigs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr loss 28 cts vs loss 32 cts
Net loss 2,585,000 vs loss 2,885,000
Sales 27.6 mln vs 23.5 mln
Avg shrs 9,352,000 vs 9,049,000
1st half
Shr loss 63 cts vs loss 94 cts
Net loss 5,867,000 vs loss 8,405,000
Sales 51.9 mln vs 43.7 mln
Avg shrs 9,349,000 vs 8,966,000
NOTE: Prior year net includes tax credits of 1,827,000 dlrs
in quarter and 5,347,000 dlrs in half.
Reuter
| [
0,
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[
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] |
|
Shr 40 cts vs 25 cts
Net 1,369,602 vs 628,193
Revs 12.5 mln vs 4,909,369
Avg shrs 3,460,217 vs 2,610,913
Year
Shr 97 cts vs 54 cts
Net 2,952,830 vs 1,414,369
Revs 37.0 mln vs 13.5 mln
Avg shr 3,031,494 vs 2,609,313
Note: Prior qtr and year per share figures restated for 10
pct stock dividend of December 1986.
Reuter
| [
0,
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0,
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] |
Shr one ct vs nil
Net 9,949,000 vs 3,799,000
Revs 15.5 mln vs 13.5 mln
Reuter
| [
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