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Perry Drug Stores Inc said its March sales rose 9.3 pct to 60 mln dlrs from 55 mln dlrs in the same month a year ago. Fiscal year-to-date (November through March) sales increased 15 pct to 300 mln dlrs from 261 mln dlrs in the comparable period of fiscal 1986 it said. Reuter | PERRY DRUG <PDS> MARCH SALES UP 9.3 PCT |
Qtly div 16-1/2 cts vs 16-1/2 cts Pay April 27 Record April 20 Reuter | RITE AID CORP <RAD> SETS DIVIDEND |
Shr loss five cts vs loss six cts Net loss 696777 vs loss 598095 Sales 472812 vs 41454 Nine mths Shr loss 15 cts vs loss 17 cts Net loss 2194482 vs loss 1751884 Sales 800336 vs 151884 Reuter | AIRSENSORS INC <ARSN> 3RD QTR JAN 31 LOSS |
Gulf and Western Incs Madison Square Garden Corp subsidiary said it has reorganized into three operating groups including two new groups. The company said its MSG Sports group will continue to operate the New York Rangers National Hockey League team and the New York Knickerbockers National Basketball Association team. It said the new MSG Facilities Development and Management Group will be responsible for all operating aspects of Madison Square Garden Center and for planning and operation of the planned new Madison Square Garden. The company said its new MSG Entertainment Group will include the Madison Square Garden Network sport-oriented pay television operation Madison Square Garden Event TV which will produce specials and non-episodic programming for network television pay television and first-run television syndication and Madison Square Garden Productions which will produce live entertainment including touring arena shows and concerts. It said it expects the greatest growth from the MSG Entertainment Group. Reuter | GULF AND WESTERN <GW> REORGANIZES UNIT |
<Trizec Corp Ltd> said it completed its previously announced 171.25 mln dlr share offering consisting of five mln Class A subordinated voting ordinary shares at 34.25 dlrs per share. Reuter | TRIZEC COMPLETES OFFERING |
CANADA PLANS TO MONITOR STEEL IMPORTS, EXPORTS, TRADE MINISTER SAYS |
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General Electric Corp said its first quarter results were significantly higher due to the strong results of RCA which was acquired last year. General Electric also attibuted continued strong performances in plastics major appliances and the Employers Reinsurance Corp for its strong quarter. GE recorded net earnings for the first quarter 1987 of 624 mln dlrs or 1.37 dls per shr up 16 pct from 537 mln dlrs or 1.18 dlrs per share for the same quarter a year ago. General Electric chairman John Welch Jr reiterated the companys outlook for 1987 in which it expects double-digit GE earnings growth for the year. He said the first quarter results are in line with those expectations. General Electric cited the strong results in TV network and station operations of the National Broadcasting Co which was not part of GE in the first quarter of 1986 as one reason for its strong earnings. It also noted that aircraft engine operating profit was much higher than a year ago caused by a increase in shipments than the 1986 quarter which was impacted by a strike. Aerospace revenues were sharply higher in this years first quarter from a year ago mainly because of the inclusion of RCAs aerospace and defense business the company said. In addition consumer products revenues were up from last year mainly because of including sales of RCA video products. General Electric said restructuring provisions of 308 mln dlrs before taxes to implement various strategic moves were charged against operations in the first quarter of 1987. It added that there was a one-time gain of 281 mlns dlrs after taxes from an inventory accounting change. And technical products revenues and operating profit were ahead of last year led by a strong increases in medical systems volume and the inclusion this year of RCAs communications and related services. Reuter | GENERAL ELECTRIC <GE> 1ST QTR HELPED BY RCA |
<Teck Corp> said it was continuing talks about joining a joint copper venture at Highland Valley British Columbia held by affiliates Cominco Ltd <CLT> and <Lornex Mining Corp> but did not know when negotiations would be completed. Teck vice-president of administration John Guminski said in reply to a query that the talks had been ongoing for a long time. He declined to speculate on the outcome. Cominco 29.5 pct owned by a consortium led by Teck is optimistic that the talks will soon be concluded spokesman Don Townson told Reuters. I think all partners are hopeful that the situation will be resolved Comincos Townson said. Were optimistic that they will be concluded shortly he added. Townson declined to specify when the talks might end. Cominco and Tecks 22 pct-owned Lornex agreed in January 1986 to form the joint venture merging their Highland Valley copper operations. Cominco and Lornex share equally in control and management of the Highland Valley operations while Cominco has a 55 pct share of production and Lornex receives 45 pct. For the six months following July 1 1986 when the venture officially started production Highland Valley had total ore milled of 22.6 mln short tons grading an average of 0.41 pct copper Townson said. Comincos share of production was 43000 short tons of copper contained in concentrate 1200 short tons of Molybdenum in concentrate 340000 ounces of silver and 800 ounces of gold he said. A consortium 50 pct owned by Teck and 25 pct each by MIM (Canada) Inc and Metallgesellschaft Canada Ltd acquired its Cominco stake last year from Canadian Pacific Ltd <CP>. Reuter | TECK STILL IN TALKS ON B.C. COPPER VENTURE |
Shr 1.08 dlrs vs 1.00 dlr Net 6215538 vs 5757013 Reuter | BANPONCE CORP <BDEP> 1ST QTR NET |
Angered by late flights and complicated restrictions on discount air fares a senator has introduced legislation to make airlines provide more details on fares and schedules in their advertisements. Sen. Frank Lautenberg the bills sponsor said airline ads now are often misleading because they do not give prospective passengers enough facts about discount fares. Air travelers are lured by low advertised fares which simply arent available the New Jersey Democrat said in a statement. Its the old bait and switch. Airline advertisements usually say discount seats are limited but Lautenberg said more information was needed. Reuter | AIRLINE FARE DISCLOSURE BILL PROPOSED IN SENATE |
E.F. Hutton Group Inc said it is providing financing for the previously announced acquisition of <Virgin Islands Telephone Co> by <Atlantic Tele-Network Co>. Terms of the financing were not disclosed. Virgin Islands Telephone which operates telephone systems in the U.S. Virgin Islands handles about 1.5 mln local calls per week and one mln long-distance calls per month the company said. Reuter | E.F. HUTTON <EFH> SETS FINANCES TELEPHONE DEAL |
General Automation Inc said it signed a joint venture with Madrid Spain-based Ingenieria De Sistemas Electronics S.A. The pact establishes General Automation Iberica S.A. as a local manufacturer and master distributor of General Automations ZEBRA multi-user business systems in Spain and Portugal. General Automation Iberica will be equally financed by General Automation and Ingenieria. Reuter | GENERAL AUTOMATION <GENA> SETS JOINT VENTURE |
Minnetonka Inc said that neither its Foltene hair treatment nor its European supplier Crinos Industria Farmacobiologica SpA are named or involved in action filed by Upjohn Co. Earlier today Upjohn said it filed a complaint with the International Trade Commission requesting an investigation of infringement of its patent for the drug Minoxidil used in its treatment for baldness. Minnetonka said it decided to make a statement to dispell any association it may be involved with the suit. Foltene does not use compositions of Minoxidil it said. Reuter | MINNETONKA <MINL> NOT PART OF UPJOHN <UPJ> SUIT |
Xebec Corp said it expects to report a loss for its second quarter ended April three due principally to a decline in sales to International Business Machines Corp <IBM> the companys largest customer. Xebec also said it expects revenues to total about 23 mln dlrs. The company reported a second quarter loss last year of 1.9 mln dlrs or 14 cts per share on 23.9 mln in revenues. Xebec said IBM has historically accounted for about 50 pct of the companys revenues but that total fell to 20 pct during the quarter just ended. IBM had used Xebecs hard disk drive controller products in the IBM PC/XT a product which IBM is phasing out. Xebec said it intends to continue streamlining its operations in light of the loss of business. The company also said it has already consolidated two of its plants in Nevada and it now plans to sell unused and surplus assets to provide additional liquidity. Reuter | XEBEC <XEBC> TO REPORT 2ND QTR LOSS |
The Commodity Credit Corporation has accepted a bid for an export bonus to cover a sale of 12500 tonnes of wheat flour to Iraq the U.S. AGriculture Department said. The bonus awarded was 113.0 dlrs per tonne and will be paid to Peavey Company in the form of commodities from CCC stocks. The wheat flour is for delivery May 15-June 15 1987 the department said. An additional 162500 tonnes of wheat flour are still available to Iraq under the Export Enhancement Program initiative announced January 7 1987 USDA said. Reuter | CCC ACCEPTS EXPORT BID FOR WHEAT FLOUR TO IRAQ |
Saudi American Bank (SAMBA) will concentrate on treasury activities and be an active market maker in Saudi riyal foreign exchange through the new branch that opened here Shaukat Aziz SAMBA managing director said. He told Reuters that SAMBA also will be active in corporate banking correspondent banking and investment management. It also plans to develop trade financing between the Middle East and Europe and be active in the Eurocurrency and sterling deposit markets. SAMBA is 40 pct owned by Citicorp of the U.S. And the balance is held by Saudi shareholders. Reuter | SAUDI AMERICAN BANK OPENS BRANCH IN LONDON |
Egypt has been authorized to purchase about 200000 tonnes of U.S. wheat under an existing PL-480 agreement the U.S. Agriculture Department said. It may buy the wheat valued at 22.0 mln dlrs between April 15 and August 31 1987 and ship it from U.S. ports by September 30 the department said. Reuter | EGYPT AUTHORIZED TO BUY PL-480 WHEAT - USDA |
Caterpillar Inc in remarks delivered at its annual meeting in San Francisco reiterated its expectation of a loss in the first quarter. It said results would be hurt by a 25 mln dlr one-time charge by Caterpillar Mitsubishi a 50-pct owned affiliate. The company said it expected profit from operations for the full year to improve over 1986. In remarks prepared for delivery to shareholders President Peter Donis said Caterpillars targeted five pct cost reduction in 1987 will be difficult to achieve because the weaker dollar has limited opportunities to obtain lower material costs. Reuter | CATERPILLAR <CAT> REAFFIRMS FIRST QUARTER OUTLOOK |
Mingold Resources a newly formed gold company equally owned by Inspiration Resources Corp <IRC> and <Minorco Canada Ltd> said it plans to be a publicly traded self-financing gold mining company within three to four years. Mingold currently manages Hudson Bay Gold Inc and Farley Gold Inc both wholly owned units of Inspiration. The company said Hudson Bay and Minorco have agreed to explore and if warranted to develop the Metalore gold property near Beardmore Ontario after Metalore satisfactorily settles an action filed against it by <Ontex Resources Ltd>. A work program that includes drilling will begin shortly Mingold said. Reuter | INSPIRATION RESOURCES VENTURE PLANS TO GO PUBLIC |
An investor group headed by Minneapolis Minn. broker Jeffrey Wendel said it raised its stake in Zondervan Corp to 292900 shares or 7.1 pct of the total outstanding from 238900 shares or 5.8 pct. In a filing with the Securities and Exchange Commission the Wendel group said it bought 54000 Zondervan common shares between March 24 and April 3 at prices ranging from 27.87 to 29.96 dlrs a share. The Wendel group has acted in cooperation with another shareholder group headed by London investor Christopher Moran who sought unsuccessfully last year to take over Zondervan. Reuter | BROKER BOOSTS ZONDERVAN <ZOND> STAKE TO 7.1 PCT |
Corvus Systems Inc said it named Lewis Lipton its president and chief operating officer. Lipton had been consulting for Corvus for the past nine months and prior to that was the chief executive officer of Trimedia Corp. He reports to James Siehl who had been acting as president and continues as chief executive officer. Siehl was also named Chairman of the Board which he had also been acting as. Reuter | CORVUS SYSTEMS <CRVS> NAMES NEW PRESIDENT |
<Kiena Gold Mines Ltd> said shareholders approved a previously reported proposed two-for-one common stock split. Record date of the split will be April 21 Kiena said. Reuter | KIENA TWO-FOR-ONE SHARE SPLIT APPROVED |
America West Airlines Inc said its March load factor fell to 58.7 pct from 69.8 pct a year earlier and its year-to-date load factor dropped to 56.6 pct from 60.4 pct during the same period of 1986. March revenue passenger miles rose to 422.1 mln from 280 mln and year-to-date revenue miles were up to 1.15 billion from 701.9 mln. Available seat miles for the month increased to 719.2 mln from 401 mln and for the first three months of the year available miles totaled 2.04 billion up from 1.16 billion during a same period a year earlier America West said. Reuter | AMERICA WEST <AWAL> REPORTS LOWER LOAD FACTOR |
Hanover Insurance Co said its board declared a quarterly dividend of nine cts per share payable May 15 to holders of record April 17. The dividend comes after a two-for-one stock split effective April 10 which was approved by shareholders today. The company paid a dividend of 14 cts per share on a pre-split basis. Reuter | HANOVER INSURANCE <HINS> RAISES DIVIDEND |
Day International Corp said it has entered into a letter of intent to sell its Allen Industries Inc unit to a group including the units current management. Day said the sale could enable Day to accelerate its earnings for its current fiscal year ending October 31 1987. Net earnings for the full year (ending October 31) should be in the ball park of some analysts estimates of 16 mln dlrs to 19 mln dlrs Richard Jacob Day chairman and chief executive officer said. Day reported earnings of 3.1 mln dlrs or 39 cts a share in fiscal 1986. Day said the agreement is subject to the preparation and negotiation of a definitive agreement and the ability of the group to obtain financing. Reuter | DAY INT'L <DAY> TO SELL UNIT |
Kansas Power and Light Co said it named David Black as chief executive officer. It said he will succeed William Wall after the May Five annual meeting. It said Black is the companys senior vice president law. Reuter | KANSAS POWER/LIGHT <KAN> NAMES CHIEF EXECUTIVE |
Qtly div 16.5 cts vs 16.5 cts Pay April 27 Record April 20 Reuter | RITE AID CORP <RAD> SETS QUARTERLY DIVIDEND |
U.S. Secretary of State George Shultz said the Marines spy case had cast a heavy shadow over his scheduled talks in Moscow next week. Unfortunately as is so often the case when we are in the midst of potentially promising discussions with the Soviets the discussions take place in a difficult environment generated by their actions and these things cast a heavy shadow on our discussions he told reporters. Reuter | SHULTZ SAYS "SHADOW" CAST OVER HIS USSR VISIT |
GROUP OF 24 CALLS FOR DEBT RELIEF AND "NEW ATTITUDE" BY BANKS |
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The European <Airbus Industrie> consortium today formally signed an agreement with the Franco-U.S. Group <CFM International> for an improved version of the CFM56-5 engine to power the A340-200 and A340-300 aircraft an Airbus statement said. Airbus said yesterday that it chosen the CFM56-5-S3 engine to be produced by <General Electric> of the U.S. And <SNECMA of France because the <International Aero Engine> (IAE) high technology superfan engine would not be ready by early 1992 when the A340 plane is due to become operational. The five-nation IAE consortium has decided not to go ahead with the proposed launch of the superfan a spokesman for consortium member <Rolls-Royce Plc> said today adding that the project had not been cancelled and could be offered later on. Airbus said the CFM56-5-S3 will have a thrust of 30600 lbs and an improved fuel burn of four per cent compared with the CFM56-5A1 which is now being operated on the A320 flight-test aircraft. It will be available for deliveries of the A340 in May 1992. At the same time the Airbus statement said Airbus Industrie and General Electric have concluded an accord for an improved version of the GE CF6-80C2 engine with 64000 lbs of thrust and a three per cent improvement in specific fuel consumption to power the A330 aircraft which will be introduced in spring 1993. This continues the long-standing history of all Airbus launches being made with either GE or CFMI engines Airbus Industrie president Jean Pierson said in the statement. Airbus Industrie has already worked with CFMI to launch one new aircraft programme - the A320 - in early 1984 and is happy to build on this relationship by launching the A340 with an improved version of the same engine Pierson said. Airbus Industrie said it has so far received a total of 128 commitments for the A340 and A330 from nine customers. Reuter | AIRBUS SIGNS ACCORD ON CFM ENGINE FOR A340 PLANE |
South Koreas purchase of about 2.4 mln tonnes of U.S. corn in the past six months -- close to double last years total -- indicates that imports from the United States as well as total imports are set for a dramatic jump the U.S. Agriculture Department said. In its World Production and Trade Report the department said total South Korea corn imports for the 1986/87 season (Oct-Sept) are estimated at 4.3 mln tonnes with about 3.4 mln tonnes from the United States. During the 1985/86 season imports totaled only 1.3 mln tonnes of U.S. corn out of a total of 3.6 mln tonnes. Ite appears the Koreans are shifting back to U.S. corn in light of competitive U.S. prices and uncertain supplies from China Argentina and South Africa it said. Reuter | SOUTH KOREA CORN IMPORTS MAY INCREASE - USDA |
The Group of 24 developing countries said in a communique that some kind of debt relief is necessary and called for a new attitude on the part of the banks. The communique released in conjunction with the semiannual meetings of the International Monetary Fund and the World Bank said the very low income countries needed a cancellation of debt to industrial countries a conversion of part of their debt into grants and a rescheduling on concessional terms. For some other countries the communique said the debt cannot be properly serviced if the countries are to grow at the same time. The debt overhang effects the capacity to grow as it reduces the ability to import the communique said. It added: Some kind of debt relief and a new attitude on the part of the banks is necessary. The communique added that debtor countries and banks have to explore new market mechanisms debt into equity swaps capitalization of interest and writeoffs. Reuter | GROUP OF 24 COUNTRIES CALLS FOR DEBT RELIEF |
the Peruvian government decreed that a wide range of firms would have to earmark between 20 and 30 pct of their 1986 net profits to buy treasury bonds this year. A presidential decree said that banking financial and insurance firms as well as bottling and tobacco industries with 1986 sales of more than 1.6 mln intis would have to earmark 30 pct of their net profits from last year to buy the bonds. The bonds would be redeemed over the next two years and their interest rate would be set by the central bank. Textile commercial and fishing canneries with sales over 1.24 mln intis would have to buy bonds equal to 20 pct of profits. The firms would have to buy the bonds between April and December 1987. The decree said the government adopted the move to obtain financing for high-priority investment projects which it did not specify. The economy ministry says it aims to keep the public sectors budget deficit to between five and six pct of the gross domestic product (gdp). Last year the deficit was six pct of gdp according to the central bank. Reuter | PERU DECREES FIRMS SHOULD BUY TREASURY BONDS |
All steers imported into the United States from Mexico must now be branded with the letter M on the right jaw the U.S. Agriculture Department said. In its World Production and Trade Report the department said the branding is necessary to improve surveillance for bovine tuberculosis because it provides a permanent way to identify Mexican steers. The requirement is not expected to affect the number of Mexican steers imported into the United States and the brand will be applied before the animals arrive at U.S. ports of entry. Last November the Mexican Government authorized an export quota of nearly 1.1 mln head of live cattle for the 1986/87 season (Aug-July) most of which goes to the United States. Reuter | MEXICAN CATTLE IMPORTS TO BE BRANDED - USDA |
General Motors Corps Chevrolet Motor Division said it extended its cash rebates to April 30 on three of its cars and to June 30 on a fourth. A fifth car the Cavalier was dropped from the program after rebates on all five cars expired April six. Terms of the program were not changed. The Chevrolet division said buyers of its Celebrity and Camaro cars between yesterday and April 30 are eligible to receive 1000 dlrs rebate while buyers of the Nova can receive 750 dlrs. Spectrum customers are eligible for a 500 dlrs rebate until June 30. Reuter | GENERAL MOTORS <GM> EXTENDS CHEVROLET REBATES |
Vulcan Corps first quarter operating results will show a loss Chairman Lloyd I. Miller told told the annual meeting. The company reported a profit of 365883 dlrs 23 cts a share for the first quarter last year with one cent a share coming from non-operating factors a spokesman said. Miller attributed the expected loss to completion of the purchase transfer and consolidation of operating assets of the OSullivan Rubber Division saying this was proving more costly and taking more time than originally anticipated. Vulcan is working to resolve the problems Miller told shareholders adding it appears it will take most of 1987 to find solutions. Reuter | VULCAN <VUL> SEES FIRST QUARTER OPERATING LOSS |
Detroit Edison Co is raising 400 mln dlrs through a two-tranche offering of general and refunding mortgage bonds said sole manager Morgan Stanley and Co Inc. A 175 mln dlr issue of bonds due 1997 was given an 8-3/4 pct coupon and priced at 99.375 to yield 8.845 pct or 128 basis points over comparable Treasury securities. A companion 225 mln dlr offering of 27-year bonds was given a 9-3/4 pct coupon and priced at 99.625 to yield 9.79 pct or 180 basis points over Treasuries. Both tranches are non-refundable for five years and rated Baa-2 by Moodys and BBB by Standard and Poors. Reuter | DETROIT EDISON <DTE> SELLS BONDS IN TWO TRANCHES |
UAL Inc citing company policy told the New York Stock Exchange it would not comment on the unusual rise in its stock. UAL parent of United Airlines closed up 6-1/4 at 72 on volume of 3.9 mln shares. Wall Street traders said UALs stock soared in response to the the proposed 4.6 billion dlr buyout offer by United Airs pilots union and on a general rise in air fares throughout the industry. Reuter | UAL <UAL> HAS NO COMMENT ON STOCK RISE |
Shr loss 1.11 dlrs vs loss 1.53 dlrs Net loss 7.1 mln vs loss 8.8 mln Revs 3.1 mln vs eight mln Reuter | STRATA CORP <STATA> YEAR DEC 31 LOSS |
Strata Corp said its 1986 earnings report contained a qualified opinion from its independent auditors. Strata said it owed 1.4 mln dlrs in overdue interest to its lender at the end of 1986 and the entire 10.9 mln dlr principle has been classified as a liability. The company which has an agreement to merge with <Lomak Petroleum Inc> lost 7.1 mln dlrs in 1986 against a loss of 8.8 mln dlrs a year earlier. Reuter | STRATA <STATA> 1986 EARNINGS REPORT QUALIFIED |
The Federal Home Loan Bank Board of New York said mortgage loans acquired by member institutions in 1986 rose 54 pct from the prior record made in 1985. Fouth-quarter mortgage lending by the 98 New York thrifts required to report was nearly 75 pct above the lending volume of the same 1985 period. Mortgage loans acquired - comprising total mortgage loans closed and mortage loans and participations purchased - were 5.3 billion dlrs in the fourth quarter and 15 billion for the year. Total mortgages outstanding for New York members were 58.8 billion dlrs on December 31 versus 50.7 billion at end-1985. Reuter | N.Y. THRIFTS HAD RECORD MORTGAGE LOANS IN 1986 |
VMS Short Term Income Trust said it agreed to commit to fund a 1.8 mln dlrs loan increase for 1420 K Street a 12-story 60000 square foot office building in Washington D.C. The trust previously approved a 2.9 mln dlr loan for the property making the total loan 4.7 mln dlrs. VMS said the increased financing will have an initial term of six months and will include a one pct participation in the net appreciation of the property upon sale or refinancing. Reuter | VMS SHORT TERM <VST> TO FUND LOAN INCREASE |
Qtly div 23 cts vs 23 cts prior qtr Pay 10 June Record 20 May Reuter | DAYTON HUDSON CORP <DH> VOTES QUARTERLY PAYOUT |
Qtly div 20 cts vs 20 cts in prior qtr Payable June 10 Record May 22 Reuter | VULCAN CORP <VUL> REGULAR DIVIDEND |
President Reagan has agreed to let the House and Senate select committees investigating the Iran arms sale review his personal diary notes on the affair committee members said today. The notes will cover the period from January 1 1984 to December 19 1986 when the Iran arms deal was planned and carried out and will include notes on Iran Nicaragua and related subjects House committee chairman Lee Hamilton said. The notes will be selected by the White House counsel and reviewed by Reagan before they are made available to committee members within a few weeks. Under terms of the agreement committee members will be allowed to review the notes at the White House but will not be permitted to make copies of the information. Reuter | REAGAN TO ALLOW REVIEW OF HIS NOTES ON IRAN |
NAT'L DISTILLERS SAYS IT AGREES TO SELL SPIRITS UNIT FOR 545 MLN DLRS TO AMERICAN BRANDS |
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The U.S. Agriculture Department is seeking public comments on the question of adjusting the Commodity Credit Corporations (CCC) discount and premium schedules to improve the quality of grain it accepts as loan collateral or under price support programs. The premiums and discounts schedule are based on quality factors such as moisture content and kernel damage. The schedule stipulates the premiums and discounts used for valuing grain the CCC accepts or purchases during the year. The department said it is possible that producers could be encouraged to delivery higher quality grain to CCC by adjusting the premiums and discounts. Comments are due by April 24 and a report to Congress is required by law by May 10. Reuter | USDA SEEKS COMMENTS ON GRAIN DISCOUNT SCHEDULE |
Brazil has a foreign debt of 110.6 billion dlrs according to the latest official figures released by the Central Bank. The figure published in the Central Banks quarterly review Brazil Economic Program refers to the situation in December 1986. The Central Bank said the registered medium and long-term debt was 101.54 billion dlrs while non-registered debt was estimated at 9.03 billion dlrs. In the previous official figure given at the end of last year the total debt stood at 108.8 billion dollars. Reuter | BRAZILIAN FOREIGN DEBT REACHES 110.6 BILLION DLRS |
MCF Financial Corp said it filed a registration statement with the Securities and Exchange Commission covering a proposed initial public offering of 1075000 common shares. MCF said proceeds from the offering will be used to repay debt to purchase loan participation interests and for working capital. MCF is engaged in the commercial finance business. Reuter | MCF FINANCIAL PLANS INITIAL PUBLIC OFFERING |
<Cascade Importers Inc USA>s Cascade International Europa GmbH of West Germany said it tentatively acquired worldwide rights for the products of Madam Gre from the Bernard Tapie Group in Paris. The agreement calls for Cascade to have the rights for the manufacturing and trading of perfumes skin care and treatment products and cosmetics of the group it said. Cascade said the agreement also includes the exclusive rights to trade through duty-free channels worldwide the designer Gres accessories. In addition Cascade said it was granted an option to purchase all the assets including the plant and equipment located in France. The company said the cosmetic product line in the U.S. market alone could represent 20 mln dlrs in revenue. Reuter | CASCADE IMPORTERS UNIT ACQUIRES PARIS COMPANY |
Oper shr loss 79 cts vs loss 2.32 dlrs Oper net loss 2536896 vs loss 6562472 Revs 13.8 mln vs 14.5 mln Year Oper shr loss 59 cts vs loss 2.35 dlrs Oper net loss 1712896 vs loss 5747472 Revs 43.6 mln vs 44.2 mln NOTE: 1986 excludes charge of 12 cts per share in the fourth quarter and gain of 11 cts per share in the year. Reuter | ARMEL INC <AML> 4TH QTR LOSS |
National Distillers and Chemical Corp said it signed a definitive agreement to sell its spirits division for 545 mln dlrs to James Beam Distilling Co a unit of American Brands Inc <AMB>. The sale of the spirits division was made under the companys previously announced plan to sell its spirits and wines businesses it said. The wine business was sold last month for 128 mln dlrs to Heublein Inc part of Grand Metropolitan PLC National Distillers said. The purchase price will be paid in cash a National Distillers spokeswoman said. The sale permits National to focus on its core businesses chemicals and propane marketing. Proceeds from the sale will be used to repay debt and for other corporate purposes the company said. In a separate statement American Brands said the sale would be for 545 mln dlrs plus the assumption of liabilities. The sale would be subject to compliance with the Hart-Scott-Rodino Antitrust Improvements Act and other regulatory approvals the company said. Nationals distilled spirits business has sales of about 580 mln dlrs American Brands said. Nationals spirits brands include Gilbeys gin and vodka DeKuyper Liqueurs and Windsor Supreme Canadian Whisky. Reuter | NATIONAL DISTILLERS <DR> TO SELL SPIRITS UNIT |
Management Science America Inc clarifying statements made earlier today said its loss for the first quarter could exceed 20 cts a share because of non-recurring expenses associated with the acquisition of several companies including Comserv Inc. Earlier today the company told a meeting of investors here that the first quarter loss would be 20 cts a share. Reuter | MANAGEMENT SCIENCE <MSAI> LOSS MAY TOP 20 CTS |
The Federal Reserve will promote lower interest rates this year to sustain world economic growth First Boston Corp managing director Albert Wojnilower said. As much as the Fed would like to take a tough line against inflation it cannot act to slow the growth of credit without subverting national U.S. economic policy. On selected occasions when the dollar seems steady and because the trade deficit is not responding the United States decided to push Germany and Japan harder to meet their commitments to economic growth the Federal Reserve will do its part by moving rates down Wojnilower said in a report. Justifiably not anticipating either a recession or seriously higher interest rates securities market participants have seen little to fear Wojnilower said. He said last weeks hiccup in money and currency rates and bond and stock prices was probably caused by Japanese window dressing for March 31 end-of-fiscal-year accounts. Wojnilower said the U.S. probably enjoyed above-average economic growth in the first quarter. However the pick-up seems to reflect an unsustainable pace of inventory building and the prospect for the full year is still for real gross national product growth of about 2-1/2 pct he said. Reuter | WOJNILOWER SEES DROP IN U.S. INTEREST RATES |
Raytech Corp said it acquired <Raybestos Industrie-Produkte GmBH> for 7.5 mln dlrs. Raybestos with manufacturing facilities in Radevormwald West Germany produces friction materials for use in clutch and braking applications. Reuter | RAYTECH <RAY> BUYS WEST GERMAN COMPANY |
Intercare Inc said it expects to report a substantial loss for its fourth quarter ended January 31 because of a writeoff of expenses associated with its recently terminated debt and equity offering. The company also said the write off includes expenses associated with the acquisition of U.S. Medical Enterprises Inc and with the restructuring of certain partnerships. Intercare also said it increased its reserve against accounts receivable. Executives at the company were not immediately available to provide additional details. Intercare also said it has implemented a workforce reduction closed two medical centers and is considering additional closings as a means of reducing a working capital deficit. Reuter | INTERCARE <CARE> TO POST 4TH QTR LOSS |
Canada plans to monitor steel shipments flowing in and out of the country in an attempt to appease concerns in the U.S. over the high level of Canadian steel exports Trade Minister Pat Carney said. To help maintain our open access to the U.S. steel market the government is taking further action to ensure we have more accurate data on exports and imports and that Canada is not used as a backdoor to the U.S. market by offshore suppliers Carney said. Carney also said Canadian companies were being asked to exercise prudence in the U.S. market and both countries were considering establishing a joint commission to study the growing steel problem. Carney told the House of Commons she will soon announce an amendment to the Exports and Imports Permits Act to set up the monitoring program. Canadian steel shipments to the U.S. have risen to 5.7 pct cent of the U.S. market in recent months almost double the level just two years ago Canadian trade officials said. The increase in Canadian shipments comes at a time of growing anger in the U.S. over rising steel imports from several countries in the face of a decline in the domestic steel industry. Some U.S. lawmakers have proposed Canadas share of the American market be limited to 2.4 pct. Reuter | CANADA TO MONITOR STEEL IMPORTS, EXPORTS |
United Technologies Corp said the decision by an international consortium not to develop a new engine would have no impact on 1987 or 1988 earnings. <International Aero Engines> IAE 30 pct owned by United Technologies Pratt and Whitney division has decided not to launch a superfan version of its V2500 engine. Weve told analysts that IAEs decision not to launch a full development program of the IAE superfan for certification in 1991 will have no short term impact on earnings a United Technologies spokesman told Reuters. Short term refers to 1987 and 1988 the spokesman said. He declined to elaborate. IAEs other owners are Rolls Royce PLC <Japanese Aero Engines Corp> Fiat SPA and <MTU> of West Germany. Analysts are estimating United Technologies will earn 3.75 dlrs to 4.50 dlrs a share in 1987. It reported earnings of 36 cts a share in 1986 which included two large writeoffs. Reuter | UNITED TECH <UTX> SEES NO EARNINGS IMPACT |
Shr profit 72 cts vs profit 14 cts Net profit 3309000 vs profit 609000 Revs 72 mln vs 65 mln Year Shr nil vs loss 4.13 dlrs Net profit 1000 vs loss 19 mln Revs 249 mln vs 269 mln NOTE: Full name Stewart and Stevenson Services Inc. Reuter | STEWART AND STEVENSON <SSSS> 4TH QTR NET |
Canada plans to offer a three-part bond issue Tuesday April 14 which will be dated and delivered May 1 the finance department said. The issue will have a mid-term bond a bond due in about 10 years and a long term bond. Further details including the amount being offered will be announced Monday. The deparment said 650 mln dlrs of government bonds mature May 1 1987. Reuter | CANADA PLANS NEW BOND ISSUE APRIL 14 |
General Electric Cos RCA Global Communications said it now offers RCA THRUFAX a service that delivers telex messages to facsimile terminals. No special equipment or extra cost is required to receive telex messages but the facsimile terminal must be registered - without charge - with RCA the company said. The company said through the service every telex terminal in the world will be able to reach RCA-registered facsimile terminals in the U.S. of which there are approximately 500000. Reuter | GENERAL ELECTRIC <GE> UNIT OFFERS NEW SERVICE |
Centocor Inc said it entered into an agreement with <Ajinomoto Co Inc> for the exclusive distribution of Centocors Panorex in Japan. Panorex is a monoclonal antibody made through recombinant gene technology for the treatment of pancreatic cancer. It has been tested in humans in Europe and the U.S. since 1982. Centocor said it intends to begin clinical trials in the U.S. this year with a modified form of the drug. Under the agreement Ajinomoto will conduct clinical tests of the drug in Japan and both companies will jointly file for marketing approval for the product in Japan. Reuter | CENTOCOR <CNTO> IN PACT WITH AJINOMOTO |
G-24 MINISTERS SAY DEBT CRISIS ENTERING NEW AND DANGEROUS PHASE |
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<Century Bancorp Inc> said it filed for an initial public offering of 1.6 mln shares of Class A common shares through an underwriting group managed by Moseley Securities Corp. The company said the Class A shares are non-voting except under certain limited conditions. Reuter | CENTURY BANCORP FILES FOR STOCK OFFERING |
Shr 98 cts vs 63 cts Net 2602000 vs 1571000 Loans 834.8 mln vs 729.0 mln Deposits 1.04 billion vs 942.1 mln Assets 1.15 billion vs 1.02 billion Reuter | WESTAMERICA BANCORP <WAB> 1ST QTR NET |
The Senate unanimously approved legislation to lift a ban on new construction of natural gas-fired power plants and other large industrial gas-burning plants. The bill sponsored by Senate Energy Committee chairman Bennett Johnston also repeals mandatory incremental pricing of natural gas which was designed to protect residential consumers from major price increases by forcing some industrial users to pay higher than market prices. This legislation will open up new natural gas markets the Lousiana Democrat said. The gas restrictions were enacted in 1978 in response to a shortage of natural gas and predictions of higher prices. Now both oil and gas prices are severely depressed Johnston said. In a compromise with coal producers the bill requires new baseload electric powerplants be designed to accomodate modifications necessary to burning coal or another alternate fuel. Reuter | U.S.SENATE LIFTS SOME BANS ON NATURAL GAS |
The value of U.S. farmland declined again last year but less than in the previous year the U.S. Agriculture Department said. In a summary of its Agricultural Resources Report the department said on February 1 1987 the average value per acre of farmland stood at 548 dlrs down eight pct from a year earlier. Values dropped 12 pct in 1985 it noted. Real values which are adjusted for inflation also declined less than in 1985 because of the low rate of inflation in 1986. Real values fell 10 pct compared to 14 pct in 1985 it said. The department said in the Corn Belt and Northern Plains which suffered severe losses in the past five years declines appear to be moderating. Also there are reports of stable values in some areas of the Corn Belt it noted. The continuing downturn in values reflects the large acreage of land offered for sale relative to demand concern about lower crop prices and uncertainty over farm programs the department said. Those factors tend to offset the effects of relatively high cash farm income lower interest rates and reduced operating expenses it said. Reuter | U.S. FARM LAND VALUE DECLINE MODERATES--USDA |
Following the lead of other major banks Southeast Banking Corp told the Securities and Exchange Commission it would place 54.2 mln dlrs of medium- and long-term Brazilian debt on non-accrual or cash status. Based on current interest rates it estimated in a filing that the move will reduce net income by about 800000 dlrs in the first quarter and 3.2 mln dlrs for all of 1987. The company also said it did not believe the Brazilian debt situation would have a material adverse effect on it. It also said it would issue 1080000 common shares in connection with its acquisition of Popular Bancshares Corp. Reuter | SOUTHEAST BANCORP <STB> ACTS ON BRAZILIAN DEBT |
Williams Cos said it expected oil and fertilizer transportation volumes to be flat in 1987 but said operating profits from the pipeline unit should improve from 49.4 mln dlrs earned last year when a seven mln dlr special charge was incurred. Williams Pipeline Co took the charge against earnings in 1986 for the removal of more than 500 miles of old pipeline from service and for casualty losses. Companywide Williams had a net loss of 134 mln dlrs on total revenues of 1.85 billion dlrs a decline from profits of 32 mln dlrs on sales of 2.46 billion in 1985. In its annual report Williams said its Northwest Pipeline Corp and Williams Natural Gas Co had natural gas costs that are among the lowest in the nation averaging 2.04 dlrs and 2.07 dlrs per mcf respectively last year. Total natural gas reserves for both units declined to 10010 billion cubic feet in 1986 from 11334 billion cubic feet the previous year. The company said its Williams Natural Gas unit which has less take-or-pay exposure than most major pipelines should show improvement in its 1987 operating results because of changes tariff and federal tax rates. The companys gas marketing business is expected to have somewhat lower earnings in 1987 because of competition in its operating region the annual report said. The gas marketing unit earned 26.0 mln dlrs on sales of 285.6 mln dlrs last year. Williams also said it expected a substantial decline in its debt to equity ratio this year because of more than 250 mln dlrs received in cash from the sale of Agrico Chemical Co and proceeds from the sale and leaseback of Williams Telecommunications Co. The telecommunications business a 2000-mile fiber optic system for long distance use will not be profitable until late 1988 Williams said. Reuter | WILLIAMS <WMB> SEES FLAT PIPELINE VOLUMES IN 1987 |
Shr 38 cts vs 25 cts Net 28339000 vs 18650000 Sales 2.27 billion vs 1.97 billion Avg shrs 74485000 vs 74270000 Year Shr 1.20 dlrs vs 1.23 dlrs Net 89301000 vs 91247000 Sales 9.07 billion vs 7.91 billion Avg shrs 74387000 vs 74184000 NOTE: 1986 period ended February 22 1986 1986 earnings include net loss of unconsolidated subsidiary of 162000 dlrs in the quarter and 702000 dlrs for the year Reuter | SUPER VALU STORES INC <SVU> 4TH QTR FEB 28 NET |
Shr loss 70 cts vs loss 57 cts Net loss 20616000 vs loss 16854000 Revs 23.1 mln vs 60.1 mln Six mths Shr loss 1.38 dlrs vs loss 1.02 dlrs Net loss 40780000 vs loss 29996000 Revs 61.0 mln vs 114.9 mln Reuter | PARKER DRILLING CO <PKD> 2ND QTR FEB 28 LOSS |
Ministers from the Group of 24 developing coutries said that the debt crisis was entering a new and dangerous phase and called for the formation of a ministerial committee to examine solutions to the problem. In a statement following a meeting of the ministers they said that the existing (debt) strategy offers no prospect for a lasting solution to the debt problem. The statement said that there should be a new attitude and approach in respect of the existing stock of debt and called for current flows and future credits to be examined by governments multilateral and banking institutions. The statement also said that the prospects of the least developed countries continue to deteriorate and will improve only if commensurate financing on concessional terms is made available. Reuter | G-24 SAYS DEBT CRISIS ENTERING NEW PHASE |
International coffee prices could drop to between 70 and 80 cents a lb by next October if no agreement is reached to support the market Jorge Cardenas manager of Colombias National Coffee Growers Federation said. Speaking at a forum for industrialists he said one of the reasons was that the market was already saturated and that producers will have excess production and stockpiles of 39 mln (60-kg) bags in 1987. Today May futures in New York settled at 107.90 cents a lb. Reuter | COFFEE COULD DROP TO 70/80 CTS, CARDENAS SAYS |
Pan American Corps Pan Am World Airways said it will begin daily service tomorrow from Atlanta to New York Washington and Miami. The company said it will offer the flights for 49 dlrs between April 9 and May 9. The 49 dlr fare is unrestricted but is capacity controlled Pan Am said. Pan Am said the flights are timed to connect with European- and South American-bound flights. Reuter | PAN AM <PN> UNIT SETS INTRO FARE TO ATLANTA |
Standard and Poors Corp said it is keeping 230 mln dlrs of debt of Caesars World Inc and Caesars World Finance Corp on creditwatch with negative implications. S and P cited Caesars Worlds proposed recapitalization plan that calls for incurring one billion dlrs of bank and other debt to finance a 25 dlr per share special dividend and the repayment of about 222.5 mln dlrs of existing debt. It said the plans terms would violate dividend convenants in the rated debts indentures and likely force refinancing of those issues. Caesars was placed on creditwatch for a possible downgrade March nine following investor Martin Sosnoffs bid. Sosnoff bid 28 dlrs per share or 725.2 mln dlrs for the 86.4 pct of Caesars World stock he does not already own Standard and Poors noted. The rating agency said an increase in Sosnoffs offer is possible. If successful the stock bid would markedly raise Caesars Worlds financial risk and lead to a large drop in net income and cash flow S and P said. Caesars World currently carries BB senior debt and B-plus subordinated debt. The finance units subordinated debt which is guaranteed by the parent is rated B-plus. Reuter | CAESARS WORLD <CAW> STAYS ON S/P WATCH, NEGATIVE |
Phoenix Financial Corp said that in connection with its previously announced reorganization its board of directors resigned. Resigning as directors officers and employees of the company were Mary Anne Cossa Thomas C. Amendola and James J. OMaller the company said. It said Martin S. Ackerman and Joel Yonover both attorneys were named directors and constitute the new board. In addition the company said Ackerman was named chief executive officer. Phoenix said it acquired a controlling interest in <Data Access Systems> which sells and leases computer equipment. It said Ackerman Yonover and Diane Ackerman were named directors of Data Access. Moreover the company that it and Data Access are both in the process of reorganizing and the securities of both companies represent speculative and risk-related investments. Reuter | PHOENIX FINANCIAL <PHFC> BOARD RESIGNS |
Engineered Systems and Development Corp said Wells Fargo and Cos <WFC> Wells Fargo Bank has demanded immediate payment of a 1750000 dlr loan made to Engineereds Seaborn Development Inc unit under a revolving credit arrangment that expired on April 30 1986. The company said Wells Fargo has also said it will sue to collect if it does not receive payment immediately. The parties involved also began negotiations to restructure the repayment over an 18 month period and the talks are ongoing Engineered Systems also said. Reuter | ENGINEERED SYSTEMS <ESD> UNIT GETS LOAN NOTICE |
Summa Medical Corp said it intends to file a prospectus with the Securities and Exchange Commission outling a commitment for a six mln dlr financing signed yesterday. Summa said it expects the filing to take place before April 24. Reuter | SUMMA <SUMA> TO FILE FOR FINANCING COMMITMENT |
HBO and Co said it sent a letter of strongly urging shareholders not to sign any proxy cards sent by Andover Group. ON March 30 Andover Group a two-man general partnership which owns about seven pct of HBOs stock filed preliminary proxy materials with the Securities and Exchange Commission seeking to nominate an alternative slate of directors at the companys April 30 annual meeting. Andover had expressed an interest to acquire the company in September 1986 but HBO has never received an offer from them it said. In addition HBO said its financial condition is improving rapidly as the result of a significant restructuring implemented in 1986. It expects the company to report net income of about 40 cts per share in 1987 and a very significant increase in 1988. For the year ended December 1986 the company reported a loss of 3.6 mln dlrs or 16 cts per share. Reuter | HBO <HBOC> URGES SHAREHOLDERS AGAINST ANDOVER |
Shr 51 cts vs 56 cts Net 5645000 vs 6153000 Revs 45.9 mln vs 45.3 mln Reuter | (CFCF INC) SIX MTHS FEB 28 NET |
<UAP Inc> said it has acquired Slater Auto Electric Ltd with two Ontario stores and United Diesel Engine Parts Ltd of Dartmouth Nova Scotia for undisclosed terms. It said the transactions together with acquisitions earlier this year will increase its annual sales by about 4.5 mln dlrs. Reuter | UAP MAKES ACQUISITIONS |
Greece accused Turkish warplanes of infringing the Athens Flight Information Region (FIR) in the Aegean Sea three times. The Defense Ministry said the Turkish intrusions took place over the islands of Chios Samos Lesbos and Lemnos. The planes were identified and intercepted by Greek fighters it said. Greece has charged Turkish aircraft with 10 other FIR infringements and two air space violations in the Aegean over the last two days. Reuter | GREECE ACCUSES TURKEY OF AIR SPACE INFRINGEMENTS |
EIA SAYS DISTILLATE STOCKS UNCHANGED, GASOLINE OFF 200,000, CRUDE UP 6.3 MLN |
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The following proposed securities offerings were filed recently with the Securities and Exchange Commission: First Interstate Bancorp <I> - Shelf offering of up to 112 mln dlrs of debt securities including notes and debentures on terms to be determined at the time of the sale. Pacificorp Credit Inc subsidiary of Pacificorp <PPW> - Shelf offering of up to 250 mln dlrs of debt securities including notes and debentures at prices and on terms to be determined at the time of the sale. Reuter | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
The U.S. Agriculture Department is currently discussing an amendment to a PL 480 agreement signed with Morocco on January 22 but the mix of commodities under the amendment has not been determined a U.S. Agriculture Department official said. The official noted the agreement signed in January provided for the supply of about 55000 tonnes of vegetable oil 55000 tonnes of corn and 126000 tonnes of wheat all for delivery during the current fiscal year ending this September 30. No purchase authorizations for the commodities provided in the January agreement have been announced by the department. Reuter | USDA DISCUSSING PL 480 AGREEMENT WITH MOROCCO |
<Thorn-EMI PLC> said the New York Supreme Court dismissed six of the nine actions in a suit filed by the Beatles for royalties on their songs. It said the court dismissed charges of fraud and conversion and claims of 50 mln dlrs in punitive damages sought by the companies <Apple Records Inc> <Apple Corps Ltd> and former Beatles George Harrison Ringo Starr and the widow of John Lennon Yoko Ono. Paul McCartney was not party to the suit. The Beatles brought the suit against Capital Records Inc and EMI Records Ltd two units of Thorn-EMI. The Beatles charged the record companies with defrauding them by not paying royalties on sales of various recordings over the past 18 years. A spokesman for the company in New York said while the court dismissed six of the nine actions involving punitive damages three actions remain with 30 mln dlrs in claims for royalties. Reuter | THORN-EMI WINS U.S. RULING IN BEATLES SUIT |
The negotiating committees for the United Steelworkers of America and LTV Corp said they have begun intensive negotiations and have made a firm commitment to successfully conclude these negotiations by May one. They said the talks will cover issues related to termination of pension plans by the Pension Benefit Guaranty Corp for both active workers and retirees and insurance programs for both groups. The Union and LTV also said they plan to resolve all issues related to the terms of a basic labor agreement and the effective use of manpower and equipment. Reuter | LTV <QLTV> AND STEELWORKERS BEGIN NEGOTIATIONS |
Distillate fuel stocks held in primary storage were unchanged in the week ended April three at 106.9 mln barrels the Energy Information Administration (EIA) said. In its weekly petroleum status report the Department of Energy agency said gasoline stocks were off 200000 barrels in the week to 248.1 mln barrels and refinery crude oil stocks rose 6.3 mln barrels to 335.8 mln. The EIA said residual fuel stocks fell 100000 barrels to 38.1 mln barrels and crude oil stocks in the Strategic Petroleum Reserve (SPR) rose 1.1 mln barrels to 520.0 mln. The total of all crude refined product and SPR stocks rose 9.4 mln barrels to 1561.1 it said. Reuter | EIA SAYS DISTILLATE STOCKS UNCHANGED IN WEEK |
Hawkeye Bancorps 1986 annual financial results were qualified by its auditors according to the annual report. ...there are conditions which may indicate that the company will be unable to continue as a going concern auditors Deloitte Haskins and Sells said in Hawkeyes annual report to shareholders. Hawkeye reported a 1986 loss of almost 59 mln dlrs citing an increase in its loan loss provision to 34.7 mln dlrs and restructuring costs of 27 mln dlrs. However Hawkeye with assets of 1.09 billion dlrs at 1986 year end said it expects to have sufficient cash to meet its obligations for the next 12-month period. Last July the bank holding company reached a debt restructuring agreement which identifed 17 bank subsidiaries and five non-bank operations for disposition. The restructuring has improved Hawkeyes financial condition but it does not assure that Hawkeye will be able to survive as a going concern the report said. Hawkeyes survival will depend on its ability to comply with provisions of the debt restructuring and regulatory agreements and on its ability to return to profitable operations it said. There can be no assurance that Hawkeye will be able to meet these requirements. However the company believes it will be able to do so Hawkeye said. Reuter | HAWKEYE <HWKB> 1986 ANNUAL REPORT QUALIFIED |
 CORRECTION - PHILADELPHIA ELECTRIC <PE> NUCLEAR In Philadelphia story headlined Philadelphia Electric Nuclear Cost Estimate ... please read in first paragraph ... Philadelphia Electric Co will have to spend an average of about five mln dlrs a month to replace the electricity which would have been generated by the Peach Bottom nuclear power plant Chairman J. Lee Everett said ... Company corrects amount to five mln dlrs a month not a day. Reuter  | |
Standard and Poors Corp said that corporate credit quality stabilized in the first quarter of the year even though downgrades outpaced upgrades. S and P said it reduced 79 debt ratings affecting 63 billion dlrs of debt securities and raised 28 ratings affecting 12 billion dlrs of debt. However the rating agency pointed out that last quarters number of downgrades was the lowest since first quarter 1986. It also said the upgrades were the fewest since early 1986. It said rating changes quieted in the oil and insurance sectors while utilities provided a positive influence. Standard and Poors said its major downgrades last quarter were of Denmark USX Corp <X> Chase Manhattan Corp <CMB> and Manufacturers Hanover Corp <MHC>. It said the most negative influence on rating changes occurred in the financial institution sector where there were 22 downgrades versus five upgrades. Notably ratings were reduced for several of the largest U.S. bank holding companies reflecting lower asset quality and weaknesses that were specific to those firms S/P said. Among industrials S and P cut 43 ratings and raised 10. Lower ratings prevailed in steel and health care it said. Reuter | S/P SEES STABLE CREDIT QUALITY IN FIRST QUARTER |
Shr 33 cts vs 37 cts Net 2051000 vs 1.8 mln Assets 1.7 billion vs 1.5 billion Deposits 1.4 billion vs 1.2 billion Loans 1.1 billion vs 900 mln Note: Year-ago results restated to reflect merger with Colson Inc. Reuter | <WASHINGTON BANCORPORATION> 1ST QTR NET |
Dome Petroleum Ltds proposal to restructure debt of more than 6.10 billion Canadian dlrs includes provisions that may force the company to sell its 42 pct stake in <Encor Energy Corp Inc> Dome said in a U.S. Securities and Exchange Commission filing. Dome said in the filing that its debt plan proposes making payments under a five year income debenture to the lender whose debt is secured by Domes Encor shares. After the five years are up under certain circumstances the shares of Encor may be required to be disposed the company said. Dome has pledged its 42.5 mln Encor shares as security for part of its debt to <Canadian Imperial Bank of Commerce> estimated last year at 947 mln dlrs. Analysts have said Commerce Bank was pressing Dome to sell the stock to pay down its debt. Domes Encor shares had a market value of 313 mln dlrs on March 17 1987 the companys filing said. As previously reported Dome is seeking approval in principle for the debt restructuring plan. Dome said in the filing it proposed lenders sign a letter of understanding in early April with implementation to be effective July 1 1987. Dome Petroleum reiterated in the SEC filing that its existence as a going concern is dependent on continuing the interim debt plan due to expire on June 30 and winning agreement for its proposed restructuring plan. The company believes that the negotiation and implementation of the proposed debt restructuring plan is realistic and achievable Dome said. However the final outcome of the negotiations cannot be predicted at this time it said. Reuter | DOME <DMP> PLAN MAY FORCE SALE OF ENCOR STAKE |
Petroleos de Venezuela S.A. signed a letter of intent with Agip Carbone and Arco Coal Co a unit of Atlantic Richfield Co <ARC> to exploit the coal deposits at Guasare in western Zulia state PDVSA officials said. The Carbozulia project will include open-pit mining of the low sulphur content coal as well as the construction of a railroad and port facilities at an estimated total cost of 500 mln dlrs. The Agip/Arco consortium will own 48 pct of Carbozulia while PDVSA will have 49 pct with the remaining three pct to be held by private investors. Carboulia President Luis Urdaneta said work will begin this month on a preliminary test mine with a capacity of 500000 mt a year. A first shipment is scheduled to be ready by third quarter 1987 he said. The purpose of this trial shipment is to let potential customers know about the quality of the Guasare coal Urdaneta said. Long-term plans call for Carbozulia to produce 6.5 mln mt a year of by 1995 at which time coal exports are expected to bring Venezuela some 200 mln dlrs a year. Agip Carbone President Francesco Coffrini said yesterday 60 pct of Carbozulias coal will be exported to European markets. Reuter | PDVSA SIGNS WITH AGIP, ARCO FOR COAL PROJECT |
U.S. oil demand as measured by products supplied fell 2.6 pct in the four weeks ended April three to 15.73 mln barrels per day (bpd) from 16.16 mln in the same period a year ago the Energy Information Administration (EIA) said. In its weekly petroleum status report the Energy Department agency said distillate demand was off 7.9 pct in the period to 2.90 mln bpd from 3.15 mln a year earlier. Gasoline demand averaged 6.76 mln bpd off 3.1 pct from 6.98 mln last year while residual fuel demand was 1.15 mln bpd off 16.9 pct from 1.39 mln the EIA said. So far this year distillate demand fell 2.3 pct to 3.20 mln bpd from 3.28 mln in 1986 gasoline demand was 6.63 mln bpd off 0.3 pct from 6.65 mln and residual fuel demand fell 4.9 pct to 1.35 mln bpd from 1.42 mln the EIA said. Year-to-date domestic crude output was estimated at 8.40 mln bpd off 7.6 pct from 9.09 mln a year ago while gross crude imports averaged 3.92 mln bpd up 27.1 pct from 3.08 mln it said. Reuter | RECENT U.S. OIL DEMAND OFF 2.6 PCT FROM YEAR AGO |
Financial analysts say they are pleased with congressional moves to trim next years federal budget deficit but believe the actions will do little to help improve the U.S. trade deficit or buoy the economy. The House of Representatives is expected to vote tomorrow to approve a trillion-dollar budget blueprint for the coming fiscal year that reduces the deficit by 38 billion dlrs. Similarly the Senate Budget Committee has approved a plan that would cut federal red ink by about 37 billion dlrs next year. In terms of the economy 37-38 billion dlrs is infinitesimal so cuts of this magnitude will have little impact on the economy and the trade deficit said Stanley Collander a Touche Ross federal budget policy analyst. At best it will have a small positive effect Collander said in an interview. Federal Reserve Board Chairman Paul Volcker has repeatedly told Congress that cutting federal red ink would go a long way to help reduce the massive trade deficit and also help ease some of the downward pressure on the value of the dollar. The U.S. government has attempted to remedy the trade imbalance by driving down the value of the dollar. But Volcker has warned that a further fall in the dollars value is fraught with danger. Such a decline he has said could refuel inflation as imported goods become more expensive and chase away foreign capital needed to finance the federal budget deficit. In addition in February U.S. officials meeting with other major industrialized nations in Paris agreed that the value of the dollar had dropped enough and that world exchange rates should be stabilized at around current levels. As part of that agreement Japan and West Germany agreed to take steps to stimulate their economies and the United States agreed to cut its budget deficit. The alternative to driving down the dollar any further as a way to deal with the trade deficit Volcker said recently is to reduce U.S. consumption particularly federal spending. If you dont deal with the budget deficit everything else you do is going to be counterproductive Volcker said in recent testimony before the Senate Banking Committee. Volcker also said he would prefer to further tighten the governments purse strings than have the Fed tighten the credit supply if action was needed to fight inflationary pressures or to assure the continued flow of foreign capital into the United States. Analysts say that Fed tightening now could choke off the current modest economic expansion and threaten a recession. Kemper Financial Services economist John Silvia stressed that any deficit reduction was better than none. But he said the size of the cuts under consideration were not enough to give the Federal Reserve Board the flexibility it needs to steer the economy or to keep the value of the dollar from plunging further in world exchange markets. Theres no doubt that some deficit reduction helps but if your objective is to stabilize the dollar and perserve the Feds flexibility to conduct monetary policy then the answer is its not enough Silvia told Reuters. The U.S. trade deficit has become one of the governments most vexing and persistent problems. The 1986 deficit was 169.8 billion dlrs and there is as yet little indication that this years figure will be any lower though administration officials have predicted it will drop by about 20 to 30 billion dlrs by years end. In the past Volcker has joked that he never lost sleep worrying whether Congress would cut too much fat from the federal budget. On the other hand he also has made it clear he is not attached to the gradually declining deficit ceilings set for the 1986-1991 period by last years Gramm-Rudman balanced budget law. While the new law set a ceiling of 108 billion dlrs for next years federal deficit both the House and Senate Budget Committees have conceded that their budget plans would fall short of the deficit reduction goal by about 25 billion dlrs. For political reasons 35 to 40 billion dlrs is about the most youre going to get out of Congress at the present time said Touche Rosss Collander. To do something more than that would be extraordinary remarkable and very very difficult. Collander said the real danger for Congress was to end up short of the deficit reduction goal set by its Budget panels. To an extent this has become the minimum acceptable reduction level he explained. Anything less than that will now look like a failure to Wall Street. The budget plan now under debate on the House floor would lower an estimated 171 billion dlr deficit for the year beginning on October one to about 133 billion dlrs by cutting defense and domestic programs by 38 billion dlrs from their anticipated spending levels for next year. The Senate Budget Committee has called for a deficit of nearly 134 billion dlrs with about 18.5 billion dlrs in new taxes and about the same amount in spending cuts. Reuter | DEFICIT CUTS SEEN UNABLE TO CURE TRADE DEFICIT |
Ford Motor Co said it has extended to April 30 its buyer incentive program on 1986 and 1987 Ford Escort and Tempo and Mercury Lynx and Topaz. Consumers will have a choice of 3.9 pct to 9.9 pct annual percentage rate financing or a cash rebate of up to 600 dlrs. Earlier Ford extended its incentive program to April 30 on its Taurus and Mercury Sable and several lines of light trucks. Reuter | FORD <F> EXTENDS BUYER INCENTIVE PROGRAM |
4th qtr ended Jan 31. Shr profit 72 cts vs profit 14 cts Net profit 3309000 vs 609000 Revs 72 mln vs 65 mln Year Shr profit nil vs loss 4.13 dlrs Net profit 1000 vs loss 19 mln Revs 245 mln vs 269.1 mln Reuter | STEWART AND STEVENSON SERVICES <SSSS> 4TH QTR |
Robert A. Alexander resigned yesterday as chairman president and director of ORS Corp following his conviction in the United States District Court in Tulsa of seven counts of mail and wire fraud the company said. The company which will appoint an interim president said Alexander plans to appeal the conviction. The company said it was not charged in Alexanders indictment. Reuter | ORS <ORSC> CHAIRMAN RESIGNS AFTER CONVICTION |
Shr 98 cts vs 63 cts Net 2602000 vs 1571000 Assets 1.15 billion vs 1.02 billion Deposits 1.04 billion vs 942.1 mln Loans 834.8 mln vs 729.0 mln Return on avg assets 0.92 pct vs 0.63 pct Reuter | WESTAMERICA BANCORPORATION <WSAM> 1ST QTR NET |
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