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Electrohome Ltd said it agreed to sell certain assets of the computer service sector of its AABEX service division to Canadian General Electric Co Ltd <CGE.TO>. Terms were not disclosed. The closing date is expected to be May 1 1987. Reuter | ELECTROHOME <EL.X.TO> TO SELL UNIT |
Period ended February 28. Shr 14 cts vs 10 cts Net 741000 vs 510000 Revs 5980000 vs 4836000 Six Mths Shr 29 cts vs 20 cts Net 1556000 vs 1080000 Revs 12.2 mln vs 9214000 Reuter | SALICK HEALTH CARE INC <SHCI.O> 2ND QTR NET |
Laser Photonics Inc said it completed a previously announced sale of 615385 shares or 18 pct of its common stock to a group of investors for one mln dlrs. A 400000 dlrs loan made by the investors was repaid out of the proceeds it said. It also said it restructured its board to include three members designated by the investors including Pierre Schoenheimer Roger Kirk and Leonard Lichter. Reuter | LASER PHOTONICS INC <LAZR.O> CLOSES SALE |
AmSouth Bancorp said it will issue about 3166000 shares of stock to acquire First Tuskaloosa Corp. Under a previously announced merger agreement Amsouth offered 66 dlrs a share in Amsouth stock for First Tuskaloosa. The company said First Tuskaloosa shareholders will receive 1.978825 shares of Amsouth stock for each First Tuskaloosa share held when the merger is effected April 17. First Tuskaloosa has assets of more than 425 mln dlrs. Amsouths assets are about six billion dlrs. Reuter | AMSOUTH BANCORP <ASO> SETS EXCHANGE RATIO |
Shr 25 cts vs 23 cts Net 670105 vs 599107 Revs 21.4 mln vs 20.1 mln Reuter | VOPLEX CORP <VOT> 1ST QTR MAR 31 |
Royal Palm Savings said it named Joseph Burgoon as president a position which has been vacant since Jay Rosen left it in December 1985 to pursue other business ventures. Burgoon most recently served as executive vice president and chief operating officer of Cardinal Federal Savings Bank of Cleveland. Reuter | ROYAL PALM SAVINGS <RPAL.O> NAMES PRESIDENT |
Hadson Corp said it completed the acquisition of 85 pct of the Seaxe Energy Corps <SEAX.O> common stock for 182415 shares of Hadsons stock. Seaxe is engaged in international oil and gas exploration and development primarily in the Paris basin of France. Reuter | HADSON CORP <HADS.O> COMPLETES ACQUISITION |
Hugh Keith Mobile Enterprises Ltd said it completed the acquisition of 59 acres of land adjacent to its mobile home park near Stuart Fla. for 850000 dlrs in cash and notes. Reuter | HUGH KEITH <HKME.O> COMPLETES ACQUISITION |
Arrays Inc said it completed its merger with Haba Systems Inc. Terms of the merger called for each share of Arrays to be exchange for a share of Haba in a transaction valued at 4.1 mln dlrs the company said. Both companies produce and market microcomputer software. Reuter | ARRAYS <ARAY> COMPLETES MERGER |
Consul Restaurant Corp said it extended the deadline of its exchange offer for its 13 pct convertible debentures due 1992 to 1700 CDT April 24. The offer originally was scheduled to expire April 13. It said investor response to the offer has been favorable but a higher exchange level is needed if the company is to meet its 90 pct acceptance level. On March 16 Consul offered to exchange each 1000 dlr face value of bonds for 10 shares of preferred stock convertible after Dec 1 1987 into a total of 500 shares of common stock. In addition tendering and non-tendering investors will receive the bonds May One interest payment in common stock. Reuter | CONSUL <CNSL.O> EXTENDS EXCHANGE DEADLINE |
Michael Foods Inc a newly formed multi-regional food processing and distribution company said it named Richard Olson as president and chief executive officer. Olson a former vice president of food service for Pillsbury Co <PSY> most recently was president of Fil-Mor Express Inc a transportation company. Michael Foods three subsidiaries in 1986 had combined sales of 153.3 mln dlrs. Reuter | MICHAEL FOODS NAMES PRESIDENT |
Mthly div 6.5 cts vs 6.5 cts prior Pay April 30 Reord April 15 NOTE: Franklin Massachusetts Insured Tax-Free Income Fund. Reuter | FRANKLIN MASSACHUSETTS SETS MONTHLY PAYOUT |
Mthly div 6.6 cts vs 6.6 cts prior Pay April 30 Reord April 15 NOTE: Franklin Minnesota Insured Tax-Free Income Fund. Reuter | FRANKLIN MINNESOTA SETS MONTHLY PAYOUT |
Mthly div 7.1 cts vs 7.1 cts prior Pay April 30 Reord April 15 NOTE: Franklin Insured Tax-Free Income Fund. Reuter | FRANKLIN INSURED SETS MONTHLY PAYOUT |
Mthly div 6.1 cts vs 6.1 cts prior Pay April 30 Reord April 15 NOTE: Franklin Ohio Insured Tax-Free Income Fund. Reuter | FRANKLIN OHIO SETS MONTHLY PAYOUT |
Mthly div 7.1 cts vs 7.1 cts prior Pay April 30 Reord April 15 NOTE: Franklin Puerto Rico Tax-Free Income Fund. Reuter | FRANKLIN PUERTO RICO SETS MONTHLY PAYOUT |
Mthly div 6.5 cts vs 6.5 cts prior Pay April 30 Reord April 15 NOTE: Franklin California Insured Tax-Free Income Fund. Reuter | FRANKLIN CALIFORNIA SETS MONTHLY PAYOUT |
The Bank of England will step up reporting requirements for primary dealers in U.K. Government gilts during the when-issued trading period in between the date an auction is announced and the date the sale is actually held. In its document on the auctions the Bank said The Bank is content for such (when-issued) trading to cevelop subject to certain conditions in particular for predential supervision of the credit risk to which the gilt-edged market makers and Inter-dealer brokers may become exposed. The Bank is widely expected to require dealers to report wehn-issued trading positions on a daily basis. When-issued trading presents certain unusual risks because dealers are buying and selling a security that technically does not exist although there is no uncertainty about when it will be issued. Still the fact there is no physical delivery possible presents certain credit risks as well. The Bank is widely expected to expand its reporting requiremenmts for unsettled trades requiring firms to report unsettled when-issued trades one day after they occur. Normally unsettled trades must be reported three days after they occur. REUTER | BANK OF ENGLAND TO MONITOR WHEN-ISSUED TRADING |
Dome Petroleum Ltd shares moved higher in the U.S. and Canada after TransCanada PipeLines Ltd <TRP> made a 4.3 billion Canadian dlr bid for Dome and Dome said it is in talks with two other unidentified companies. Market speculation is that the other two potential bidders are not Canadian companies and DuPonts <DD> Conoco and Atlantic Richfield Co <ARC> are mentioned as possibilities Wilf Gobert of Peters and Co Ltd said. Dome rose 1/4 to 1-1/8 on the American Stock Exchange. TransCanada PipeLines was down 1/4 at 15-3/4 on the New York Stock Exchange. Dome was the most active stock on the Toronto exchange at 1.50 dlrs per share up 37 cts. Gobert characterized the market action in Dome as awfully optimistic but said investors are hoping for a competing offer to the shareholders. TransCanada PipeLines offer is to Dome management not to shareholders. However it proposes issuing new equity in a subsidiary that would operate Dome assets. Current Dome shareholders would own 20 pct of the new subsidiary. Reuter | CANADA STOCKS/DOME PETROLEUM LTD <DMP> |
Shr 13 cts vs 47 cts Net 13492000 vs 46417000 Revs 720.2 mln vs 793.6 mln Avg shrs 99085000 vs 96804000 NOTE: Per-share results reflect payment of preferred dividend requirements Reuter | UNITED TELECOMMUNICATIONS INC <UT> 1ST QTR NET |
Hoechst Celanese Corp a recently formed subsidiary of Hoechst AG of Frankfurt West Germany filed with the Securities and Exchange Commission for a 500 mln dlr debt offering to repay part of its merger debt. Hoechst which acquired Celanese Corp on Feb 27 said it plans to offer 200 mln dlrs of notes due 1997 and 300 mln dlrs of debentures due 2017 to repay part of the debt incurred in the takeover. A group led by First Boston Corp will underwrite the offering the company said. Reuter | HOECHST PLANS OFFERING TO FINANCE MERGER DEBT |
Shr 15 cts vs 13 cts Net 8753000 vs 7804000 Avg shrs 32.6 mln vs 23.2 mln NOTE: Includes gains of 4.1 mln dlrs or 12 cts vs 3.3 mln dlrs or 15 cts from tax loss carryforwards. Reuter | FIRST PENNSYLVANIA CORP <FPA> 1ST QTR NET |
Clark Copy International Corp said it acquired a majority interest in Datagraph GMBH of Lich West Germany. The acquisition was made through Clark Copys majority owned subsidiary Interactive Computer Aids of Norway. No price was disclosed for the acquisition. Clark Copy said worldwide sales for Datagraph which makes color graphics workstations were 10 mln dlrs for the year ended Dec. 31 1986. Reuter | <CLARK COPY INTERNATIONAL> BUYS W. GERMAN STAKE |
Ended Feb 28 Shr loss 29 cts vs profit 10 cts Net loss 2733000 vs profit 911000 Revs 21.5 mln vs 18.5 mln Six mths Shr loss 23 cts vs profit 26 cts Net loss 2154000 vs profit 2445000 Revs 37.8 mln vs 37.7 mln Reuter | ENTRE COMPUTER CENTERS INC<ETRE.O> 2ND QTR LOSS |
GTE Corp said the decline in its first quarter net income reflects a 121 mln dlr loss from its 50 pct share ownership of U.S. Sprints operations. This loss is an increase from the 60 mln dlrs loss reported on operations GTE owned a year ago quarter and prior to entering a joint venture with United Telecommunications <UT> in July 1986. Under the joint venture each company owns 50 pct of Sprint. Earlier the company reported net income declined to 265.0 mln dlrs from 283.0 mln dlrs in the first quarter a year ago. Theodore Brophy chairman of GTE said we expect US Sprints losses to diminish later this year as customer traffic migrates to the new fiber-optic network for long distance telecommunications. The reason for the higher losses reflect lower prices as well as higher operating costs related in part to the fraudalent use of the network. Operating income of its telephone operations which account for 91 pct of the total rose eight pct to 736.0 mln dlrs. Revenues from telephone operations rose eight pct to 2.9 billion dlrs. Reuter | GTE <GTE> CITES LOSS OF SPRINT |
Penn Pacific Corp said it plans to place about two mln dlrs of convertible debentures with persons outside the U.S. through Euro Continental Securities. The offering will not be registered within the U.S. the company said. It also said it is discussing placing additional convertible debentures with London-based financial institutions. Reuter | PENN PACIFIC <PPAC.O> TO SELL DEBT OUTSIDE U.S. |
Goodyear Tire and Rubber Co said it expects to sell its Celeron Corp oil and gas subsidiary for about two billion dlrs in about two months. After the companys annual meeting Rober Mercer Goodyears chairman and chief executive officer also said Goodyear expects to report a profit of more than one dlr a share from continuing operations in the first quarter. In the same year-ago period Goodyear reported a loss of 64 cents a share from continuing operations. Mercer said about seven companies are interested in buying Celeron and they may form a consortium to buy the unit. Celeron consists of oil and gas reserves and an almost complete pipeline linking drilling operations in Santa Barbara Calif. to Texas refineries. Mercer said Celerons reserves would not be sold separately from the pipeline. Concerning speculation that two billion dlr price tag for Celeron was too high Mercer said There is no fire sale going on here and we can continue to keep Celeron as a profitable operation throughout the year. Mercer said the expected 1st quarter operating profit was based on the new share total after Goodyears share repurchase last year to fend off Sir James Goldsmiths hostile takeover bid. Reuter | GOODYEAR <GT> TO SELL CELERON |
The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Northern Trust Corp <NTRS> - Shelf offering of up to 150 mln dlrs of debt securities including senior and subordinated securities on terms to be determined at the time of the sale through Goldman Sachs and Co. GardenAmerica Corp <GACO> - Secondary offering of 489764 shares of common stock through Montgomery Securities. Reuter | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
BankAmerica Corp said it named Richard Rosenberg as vice chairman and head of a newly designated California Banking Group. Rosenberg had been president and chief operating officer of BankAmericas Seafirst Corp. Seafirst Chairman Richard Cooley will resume the additional duties of president. Rosenberg will report directly to BankAmerica Chairman A.W. Clausen. He will be responsible for BankAmericas California banking activities and will serve on the banks Managing Committee and on its Money and Loan Policy Committee. BankAmerica said the creation of the California Banking Group is a refinement of what had been called the Retail Bank and is intended to improve the development and delivery of services and products in California. BankAmerica President and Chief Operating Officer Thomas Cooper had been acting as head of California Operations previously. BankAmerica said Cooper will continue to lead its aggressive cost reduction and operating improvements program. Before joining Seafirst Rosenberg had been vice chairman of Crocker National bank and before that of Wells Fargo Bank. Reuter | BANKAMERICA <BAC> NAMES NEW GROUP VICE CHAIRMAN |
Shr 44 cts vs not given Net 3499000 vs 2295000 NOTE: Converted to stock ownership Aug 1 1986. Reuter | NEW ENGLAND SAVINGS BANK <NESB> 1ST QTR NET |
Net 12.8 mln vs 12.2 mln Loans 2.8 billion vs 2.5 billion Deposits 3.2 billion vs 2.9 billion Assets 4.5 billion vs 3.8 billion NOTE: American National Corp is a wholly-owned subsidiary of First Chicago Corp. Reuter | AMERICAN NATIONAL CORP <FNB> 1ST QTR NET |
AB Astra <ASTS.ST> said it was proposing a two-for-one share split and the issue in June of a new series of foreign-targeted shares with lower voting rights as part of a strategy to internationalise the company. The deal which requires Swedish government approval will raise the percentage of foreign voting rights allowed in the medical group to 22.5 pct from 20 pct Astra said. An extraordinary meeting of Astras board proposed the creation of B free shares open to foreign buyers with one tenth of a voting right per share. At present Astra stock consists of one series of restricted shares and one of free shares. Reuter | AB ASTRA SHARE SPLIT TO WIDEN FOREIGN OWNERSHIP |
Chambers Development Co Inc said it signed an easment and license agreement with the Passaic County Utilities Authority for the disposal of nonhazardous solid waste from Passaic County N.J. Chambers said it expects the agreement to generate 12 mln dlrs a year throughout its term. The company said according to the agreement it will accept municipal waste generated in Passaic County for disposal until the countys planned waste-to-energy facility is operational within the next five years. Chambers said it and the Passaic Authority also entered into agreements with <Penpac Inc> who will transport the waste to Chambers landfills. The company said all agreements are sunbject to approval of the New Jersey Board of Public Utilities and the New Jersey Department of Environmental Protection. Reuter | CHAMBERS DEVELOPMENT <CDV> SIGNS PACT |
Net 17.7 mln vs 15.3 mln NOTE: <National Westminster Bank PLC> subsidiary. Loan loss provision 13.8 mln vs 13.0 mln Investment securities gains 2003000 dlrs vs 169000 dlrs. Figures in dollars. Corrects name to subsidiary from parent. Reuter | CORRECTED-<NATIONAL WESTMINSTER BANK USA>1ST QTR |
Turkey which tomorrow will formally apply to join the European Community faces major obstacles in its bid and is unlikely to become the blocs 13th member before the year 2000 EC officials said. Turkeys move comes as no surprise but some officials said the application from a relatively poor country with most of its territory in Asia rather than Europe was likely to spark a long process of soul-searching among the ECs current members about what kind of European Community they wanted in the long term. Officials echoed the view of diplomats in Ankara that Turkeys move put the EC in the dilemma of wanting to make clear it values Ankara as an ally in the NATO alliance but sees huge problems in accepting it as a fellow EC member. They said industrialised Community members have tried to dissuade Turkey from making the long-discussed formal application until the EC had had more time to digest the accession of Spain and Portugal last year. Several also feel Ankara and the EC should first fully implement a 23-year-old association agreement between them before Turkey becomes a full member. REUTER | TURKEY SEEN UNLIKELY TO JOIN EC THIS CENTURY |
Shr 76 cts vs 51 cts Net 5952000 vs 4374000 Avg shrs 7837511 vs 7446356 NOTE: Includes gains of 1.3 mln dlrs vs 239000 dlrs from benefit of tax loss carryforwards. Includes operations of Bank of Hartford acquired Feb 23. Year-ago shr figures reflect 2-for-1 split on April 15 1986. Reuter | THE ONE BANCORP <TONE> 1ST QTR NET |
Nor-Quest Resources Inc said it will make a takeover offer to acquire all shares of Northair Mines Ltd on the basis of one Nor-Quest share plus one dlr for two shares of Northair. Nor-Quest said it plans to bring Northairs Willa Mine in the Nelson area of British Columbia into production using Nor-Quests recently acquired 1200-ton per day mill located in the area. Reuter | NOR-QUEST <NQRLF> MAKES BID FOR NORTHAIR <NRM.TO> |
Morgan Stanley (Jersey) Ltd is issuing 45000 covered equity warrants exercisable into shares of Japan Synthetic Rubber Co Ltd at an issue price of 212 Swiss francs per warrant lead manager Morgan Stanley SA said. The initial exercise price is 494 yen per share and maturity is February 4 1992. The issue price represents a premium of 6.57 pct over the stocks closing price of 653 yen. Each warrant is exercisable into 100 shares of common stock of Japan Synthetic Rubber. The exercise period is June 5 1987 to February 4 1992. REUTER | MORGAN STANLEY ISSUES WARRANTS INTO JAPANESE FIRM |
Aristech Chemical Corp chairman and chief executive officer Thomas Marshall said analysts estimates of its 1987 fiscal year earnings of 2.25 dlrs to 2.50 dlrs per share are about right. Addressing a gathering of analysts and institutional investors Marshall also said that analysts estimates of its first qtr earnings - 50 cts to 55 cts per share - were in the ballpark. Marshall said the full year estimates represent more than a 32 pct increase over 1986s fiscal year net of 1.70 dlrs per share. He also said the first quarter estimates were 70 pct higher than 1986s first quarter net of 29 cts per share. Marshall attributibuted the first quarter earnings growth to several factors including sustained demand in Aristechs major domestic markets and continued growth in exports. Aristech plans to spend approximately 200 mln dlrs over in capital investments over the next three years Marshall added. Reuter | ARISTECH <ARS> SAYS 1ST QTR SHR ESTIMATE RIGHT |
United Telecommunications Inc said its lower first quarter earnings included a loss of 63055000 dlrs from its equity in US Sprint. US Sprint was formed July 1 1986 as a partnership which combined United Telecommunications long distance voice and data operations with those of GTE Corp <GTE>. Earlier United Telecommunications reported first-quarter earnings of 12.6 mln dlrs or 13 cts a share compared to 46.4 mln dlrs or 47 cts a share a year ago. Revenues declined to 720.2 mln dlrs from 793.6 mln dlrs. United Telecommunications said the transition of US Sprints nationwide fiberoptic network is proceeding ahead of schedule. It said the transition to the fiber network from interim networks would not only reduce operating costs in the second half of 1987 but also assist in controlling unauthorized network use. Reuter | UNITED TELECOM <UT> REPORTS US SPRINT LOSS |
State bank Banca Nazionale Del Lavoro BNL said it signed a joint venture accord with the Bank for Foreign Trade of the USSR and the State Bank of the USSR in the financial services field. BNL said in a statement that the banks will provide a broad range of corporate finance services for joint Italian-Soviet industrial ventures. The bank said it is studying the formation of a jointly owned company with the Soviet banks. Earlier today state bank Banca Commerciale Italiana BCI said it and Mediocredito Centrale will sign a financial services joint venture with Soviet banks Gosbank and Vneshtorgbank. REUTER | ITALY'S BNL SIGNS ACCORD WITH TWO SOVIET BANKS |
Apollo Computer Inc said it has entered into a joint marketing agreement with <Inference Corp> whereby Apollo will join with Inference to market Inferences Automated Reasoning Tool software on Apollo workstations. Reuter | APOLLO COMPUTER <APCI.O> IN PACT WITH INFERENCE |
ProGas Ltd was issued an export licence to sell 10.3 billion cubic meters of natural gas to Ocean State Power Co of Burrillville Rhode Island the federal energy department said. The sale covering a 20 year period beginning May 1 1989 was previously recommended by the National Energy Board. Contract terms were not released. Reuter | CANADA APPROVES U.S. GAS EXPORTS BY PROGAS |
Moodys Investors Services Inc said it downgraded about 8.2 billion dlrs of debt of Texaco Inc and its units. Moodys cited Texacos filing under Chapter 11 of the Bankruptcy Code on Sunday. The filing was made in the names of Texaco Inc Texaco Capital Inc and Texaco Capital N.V. Moodys noted. The ratings downgraded to Caa from Ba-1 included Texacos senior unsecured debt Texaco Capital Incs and Texaco Capital N.V.s senior unsecured debt and industrial revenue and pollution control bonds. Moodys reduced to Caa from Ba-3 Texaco Capital N.V.s convertible subordinated Eurodebentures. The agency said they also lowered to Caa from Ba-1 the ratings on Getty Oil Cos notes and Getty Oil International N.V.s Eurobonds. Pembroke Capital Co Incs debt remains under review. Moodys noted that Texaco guaranteed these debt issues when they were first brought to market. Reuter | TEXACO'S <TX> DEBT DOWNGRADED TO CAA BY MOODY'S |
The dollar straight sector of the eurobond market ended lower after another nervous days trading with many operators keeping to the sidelines ahead of tomorrows U.S. Trade figures for February dealers said. Prices of longer dated issues ended 1/2 or 5/8 point lower while short dates were 1/8 to 3/8 point easier. Bonds for Texaco Inc units hardly traded during the day following the weekend news that the company filed for Chapter 11 bankruptcy protection in another twist to its long running dispute with Pennzoil Co dealers added. The Chapter 11 filing means that Texaco will not be paying interest on its eurobonds. Dealers in the straight bonds noted that the market in them had been basis only for some time prior to the weekends news. It wasnt a true market someone asked you a price and you just gave them an idea one said. However the companys convertible bonds had been trading since the companys share price provided a benchmark to which dealers could establish a proper price level. The company has two actively traded convertibles outstanding a 500 mln dlr bond due 1994 which pays 11-3/4 pct and a one billion dlr deal also due 1994 paying 11-7/8 pct. Traders even disagreed about last weeks closing levels for the convertible bonds but a median appeared to be around 97 to 99 pct. Today one trader said they were indicated initially at 65 to 70 pct before ending at some 79 83 pct. But he added Thats only an idea. Theres no real market today. Ive dealt once during the day Im not going to say at what level. Other dealers were reluctant even to give an indication of the bonds levels. Dealers said the market in all Texaco deals will almost certainly remain on an indicated or negotiated basis until the events of the weekend are further clarified. The primary market had a steady day with the Australian dollar and the yen sectors again seeing the most activity dealers said. Deutsche Bank Finance NV Curacao became the first of three issuers in the Australian dollar market during the morning with a 100 mln dlr bond due 1990 paying 14-1/8 pct and priced at 100-1/4 pct. The issue was lead managed by Deutsche Bank Capital Markets (DBCM) and guaranteed by Deutsche Bank itself. A DBCM official said the firm had placed 60 mln Australian dlrs of the issue itself and quoted the deal at less one less 7/8 pct comfortably inside the 1-1/2 pct total fees. The State Bank of Victoria issued a 50 mln Australian dlr bond paying 14-1/2 pct over three years and priced at 101-3/8 pct. Commerzbank AG was sole manager for the deal which was offered on one broker screen at less 1-1/2 pct. The days other borrower in this sector was the New South Wales Treasury Corporation guaranteed by the crown-in-right of New South Wales. The five year bond pays 14-1/4 pct and was priced at 101-7/8 pct. Lead manager was County Natwest Capital Markets. It was quoted at less 1-7/8 less 1-3/4 pct inside the two pct total fees. Secondary market Australian dlr bonds ended little changed on the day with dealers saying that operators are awaiting the Australian trade figures for March. A deficit of some 800 mln to one billion dlrs was expected by one house active in the sector. Union Bank of Switzerland (Securities) Ltd lead managed a 15 billion yen bond for Union Bank of Switzerland NV. The five year deal pays 4-3/8 pct and features a put and call option at par after four years. Priced at 101-5/8 pct the issue was quoted at less 1-1/4 pct bid on the grey market compared with the total fees of 1-5/8 pct. Ente Nazionale per lEnergia Elettrica issued a 15 billion yen bond due 1994 at 4-3/4 pct and priced at 101-7/8 pct. The deal was quoted on the 1-7/8 pct total fees. Elsewhere Alza Corp issued a 75 mln dlr convertible bond due 2002 through Merrill Lynch Capital Markets. The par priced issue has an indicated coupon of between 5-1/2 and 5-3/4 pct. REUTER | DOLLAR STRAIGHT BONDS END LOWER, TEXACO UNTRADED |
Brand Companies Inc said it expects to report a 1987 first quarter loss of 15 to 17 cts a share on revenues of 20 to 22 mln dlrs. In the 1986 first quarter Brand reported earnings of 21 cts on revenues of 28.5 mln dlrs. No reason was given for the expected loss. Final quarterly results will be reported toward the end of the month or the beginning of May a company spokesman said. Reuter | BRAND COMPANIES <BRAN> SEES FIRST QUARTER LOSS |
Canadas population increased 4.2 pct to 25.4 mln between 1981 and 1986 the lowest growth rate in any five year period for the past 25 years according to final census figures released by Statistics Canada. Lower immigration levels and a falling birth rate were behind the slower growth the federal agency said. Canadas growth rate peaked at 9.7 pct in the 1961-1966 period. Ontario the most populous province with 9113515 led the provinces with a 5.7 pct increase. Newfoundland trailed with a 0.1 pct rise to 159917 people. Reuter | CANADA POPULATION GROWTH SLOWEST IN 25 YEARS |
Turkey which tomorrow will formally apply to join the European Community faces major obstacles in its bid and is unlikely to become the blocs 13th member before the year 2000 EC officials said. Turkeys move comes as no surprise but some officials said the application from a relatively poor country with most of its territory in Asia rather than Europe was likely to spark a long process of soul-searching among the ECs current members about what kind of European Community they wanted in the long term. Officials echoed the view of diplomats in Ankara that Turkeys move put the EC in the dilemma of wanting to make clear it values Ankara as an ally in the NATO alliance but sees huge problems in accepting it as a fellow EC member. They said industrialised Community members have tried to dissuade Turkey from making the long-discussed formal application until the EC had had more time to digest the accession of Spain and Portugal last year. Several also feel Ankara and the EC should first fully implement a 23-year-old association agreement between them before Turkey becomes a full member. Reuter | TURKEY SEEN UNLIKELY TO JOIN EC THIS CENTURY |
The February monthly merchandise trade figures to be reported Tuesday by the Commerce Department will be on a new basis reflecting more recent data so avoiding future revisions of the monthly figure Commerce officials said. The overall January deficit of 14.8 billion dlrs will be revised but the February figure will be a final one officials said. Previously the initial monthly figure has had to be revised in subsequent months because of the time lag between the report and the compiling of final estimates on imports and exports. The reporting of the February trade data was delayed several weeks to permit gathering latest figures on imports and exports to give a clearer picture of the monthly trade balance. Reuter | U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS |
<Fischer-Watts Gold Co Inc> said it and Horizon Gold Shares Inc have begun sampling their jointlyl-held Rich Hill Placer Prospect mine in Yavapai County Arizona. The 60-day sampling program begins today and will consist of over 2000 cubic yards of placer gravels taken from over 40 sample sites. Reuter | FISCHER-WATTS, HORIZON GOLD <HRIZ.O> TEST MINE |
Some 340 General Agreement on Tariffs and Trade (GATT) secretariat staff staged a half-day strike in protest against what they said was a sharp decline in salaries and pensions. The stoppage forced postponement until tomorrow of a scheduled meeting to check progress in a global round of negotiations to liberalise world commerce launched last September. Pickets at the entrance to the GATT offices said all but seven or eight staff members took part in the strike. REUTER | GATT STAFF STRIKE OVER PAY AND PENSION LOSSES |
Eurocapital Corp said its <Europharmaceutical Corp> affiliate has submitted four applications to the U.S. Food and Drug Administration for approval to market in the U.S. three condom products to be made by <Inkey SA> of Barcelona. The company said one is for approval to market a condom containing spermicide monoxynol-9 a second for the same condom without the spermicide and the third and fourth for marketing of a condom with a diffierent spermicide it did not identify that is said is effective in reducing the risk of sexual transmission of the AIDS virus. The company said the approval process on the last two applications may be lengthy. It also said it has increased its ownership of Europharmaceutical to 51 pct from 45 pct. It said Europharmaceuticals obligation to pay Inkey for exclusive distribution rights to all Inkey products has been cut to 500000 dlrs from two mln dlrs and payment has been extended to 180 days after FDA approval to market any of the condom products from 30 days. It said Europharmaceutical is now obligated to pay Inkey two cts for each condom distributed and Inkey will ship to Europharmaceutical on open account. Reuter | EUROCAPITAL <EURO.O> SEEKS TO MARKET CONDOMS |
Maryland National Corp said it filed with the Securities and Exchange Commission a registration statement covering a 125 mln dlr issue of subordinated capital notes due 1999. Proceeds will be used for general corporate purposes Maryland National said. The firm named Goldman Sachs and Co and Merrill Lynch Capital Markets as managers of the offering. Reuter | MARYLAND NATIONAL <MDNT> FILES TO OFFER NOTES |
Boothe Financial Corp a diversified holding company said it has acquired the <Robert Half and Accountemps> franchises in New England including four offices in Boston and Eastern Massachusetts and one office in Providence R.I. Boothe said it previously announced the purchase of <Robert Half International Inc> the franchisor of the Robert Half and Accountemps offices in the U.S. The company said the aggregate purchase price it paid for Robert Half International and the franchises was about 59 mln dlrs. Reuter | BOOTHE <BCMP.O> MAKES ACQUISITION |
Some 340 General Agreement on Tariffs and Trade (GATT) secretariat staff staged a half-day strike in protest against what they said was a sharp decline in salaries and pensions. The stoppage forced postponement until tomorrow of a scheduled meeting to check progress in a global round of negotiations to liberalise world commerce launched last September. Pickets at the entrance to the GATT offices said all but seven or eight staff members took part in the strike. Reuter | GATT STAFF STRIKE OVER PAY AND PENSION LOSSES |
Atlantic Financial said it signed a definitive agreement to acquire <Centurion Savings and Loan Association>. Atlantic did not disclose the purchase price. Atlantic said it originally announced its intention to acquire Centurion located in Los Angeles on Feb 23 1987. Centurion has assets of 105 mln dlrs Atlantic said. Reuter | ATLANTIC FINANCIAL <ATLF.O> TO ACQUIRE S AND L |
GAF Corp set on acquiring Borg-Warner Corps valuable plastics business is believed by analysts to be preparing an increased offer for the Chicago-based company. Yesterday Borg-Warner said it agreed to be acquired for 4.23 billion dlrs by a company to be formed by Merrill Lynch Capital Partners. Merrill offered 48.50 dlrs cash per share for 89 pct of Borg-Warners common stock and a package of cash and securities for the balance. Borg-Warner stock rose 1-3/8 to 49-5/8. I think its (the stock price) telling us GAF is coming in with another bid said one analyst who values the company at 51 or 52 dlrs per share. GAF has offered 46 dlrs per share. It holds 19.9 pct of Borg-Warners stock. Youre in a cat and mouse game on how youre going to up the price. Obviously nobody wants to pay more than you have to. I think GAF is looking at the company the way were looking at it - that its worth more Pershing and Co analyst Richard Henderson said. Henderson estimated it is worth abouth 55 dlrs per share. GAF has only said it was reviewing the situation. Merrill Lynch officials did not return phone calls. Analysts have said they believe GAF Chairman Samuel Heyman sought Borg-Warner because of its chemicals and plastics business. The rigid plastics are used in such things as telephones computer terminals and appliances. Where the heck can you buy a world class chemical operation these days said Henderson. Hes (Heymans) got the bucks. Hes a heavy hitter and he does not like to get pushed around said Henderson. GAF a roofing and chemicals concern attempted a takeover of the much larger Union Carbide Corp two years ago. While GAF did not win the company it made a substantial gain on its investment in Carbide. Analysts said GAF already has a large profit built into its Borg-Warner holdings. They said even if GAF raises its offer and does not succeed a higher bid from another company would give GAF millions of dollars in profits on its stock. Its a win-win situation said one analyst. One analyst speculated an offer from GAF would be forthcoming shortly. I think we are finally down to the final paragraph in this book he said. Borg-Warners other businesses include automotive parts protective services which includes Wells Fargo security guards and Chilton Corp a credit rating service. Charles Rose an Oppenheimer and Co analyst who follows GAF said if GAF were to sell into the Merrill Lynch offer it would realize about 125 mln dlrs net profit or about 3.50 per share. I think theres a probability he goes up in price said Rose. Rose said however he could not really predict what Heyman would do. Sams a low-risk high-return player. Is he trying to build a major industrial chemical enterprise or is he trying to be an investment bank Rose said. Analysts said Borg-Warners chemical business would add earnings momentum to GAF. I worked out that paying as much as 50 dlrs per share would still be additive to GAF in time if they sold off most of the non-chemical facilities said John Henry of E.F. Hutton. Borg-Warners chemical and plastics business provided 1986 operating profits of 153.3 mln dlrs on revenues of 1.04 billion dlrs. Total operating profits were 349.7 mln dlrs and net earnings were 206.3 mln dlrs for 1986. The Borg chemical business is great said Rose adding its only U.S. competitors are Monsanto Co <MCT> and Dow Chemical Co <DOW>. Reuter | GAF <GAF> SEEN RAISING BORG-WARNER <BOR> BID |
The <American Stock Exchange> said it has started trading American Businessphones Incs common shares which had traded on the NASDAQ system. Reuter | AMEX STARTS TRADING AMERICAN BUSINESSPHONES <AB> |
The Foothill Group Inc said its Foothill Captial Corp unit completed the placement of 23 mln dlrs in senior debt and 27 mln dlrs in senior subordinated debt. Goldman Sachs and Co privately placed the debt with a group of institutional lenders the company said. It said the senior debt will bear a 9.4 pct interest rate and the senior subordinated debt will bear 10.15 pct. Reuter | FOOTHILL GROUP <FGI> COMPLETES DEBT PLACEMENT |
<Osicom Technologies Inc> said it filed for an initial public offering of one million shares of common stock. Osicom said it filed the registration statement on April 10 with the Securities and Exchange Commission. Sherwood Securities Corp proposes to act as the managing underwriter for the offering Osicom said. The company is a distributor of products used primarily to increase data storage capacity of microcomputers it said. A spokeswoman for the company said she expects the stock to be traded on the Nasdaq exchange under the symbol <OSIC.O>. Reuter | OSICOM TECHNOLOGIES IN INITIAL PUBLIC OFFERING |
Personal Computer Products Inc said it completed a 4.2-mln-dlr five pct convertible preferred stock issue to private investors. Net proceeds of about 3.8 mln dlrs will be used to expand marketing sales and research and development efforts to supplement working capital and to repay the companys entire bank debt of about 650000 dlrs. Reuter | PERSONAL COMPUTER PRODUCTS <PCPI.O> PLACES DEBT |
Qtly div five cts vs five cts prior Pay June Two Record April 27 Reuter | PUEBLO INTERNATIONAL INC <PII> SETS PAYOUT |
Swift Independent Packing Co said it agreed in principle to sell its Huron South Dakota pork plant to Huron Dressed Beef for undisclosed terms. Completion of the proposed transaction is subject to Hurons ability to hire an experienced work force at competitive rates and receive government approval of the purchase and operation of the plant Swift said. Reuter | SWIFT <SFTPF> TO SELL SOUTH DAKOTA PORK PLANT |
Simmons Airlines Inc said its load factor for March declined to 42.2 pct from 46.1 pct a year earlier. It said revenue passenger miles increased to 16.5 mln from 12.7 mln and available seat miles rose to 39.1 mln from 27.5 mln Year to date Simmons said its load factor fell to 41.5 pct from 45 pct. It said revenue passenger miles rose to 45.8 mln from 36.3 mln and available seat miles gained to 110.3 mln from 80.6 mln. Reuter | SIMMONS <SIMM.O> MARCH LOAD FACTOR DECLINES |
Gen Term Corp said it entered into escrow for the 5.2 mln dlr purchase of Lewis-Westco and Co a privately-held bottler and distributor of wines and distilled spirits. Lewis-Westco had sales of more than 45 mln dlrs for its fiscal year ended June 30 Gen Term also said. Separately Gen Term which trades over-the-counter said it plans to apply for NASDAQ listing after it completes the acquisition. Reuter | <GEN TERM CORP> ACQUIRES PRIVATE FIRM |
Shr 1.46 dlrs vs 66 cts Net 1514312 vs 714670 Sales 62.1 mln vs 57.2 mln Reuter | <C AND R CLOTHIERS INC> JAN 31 YEAR NET |
CCX Network Inc said it has entered into a letter of intent to acquire privately-held <Modern Mailers Inc> and its affiliate <AnWalt Inc> for about 3200000 dlrs in common stock. The company said Modern Mailers had revenues of 8600000 dlrs for the year ended October 31 and provides computer service computer printing and lettershop facilities. Reuter | CCX NETWORK <CCXN> TO MAKE ACQUISITION |
Medical Imaging Centers of America Inc said Shared Imaging Partners L.P. a Delaware limited partnership filed a registration statement with the Securities and Exchange Commission covering a planned offering of partnership units. SI Management Corp a wholly-owned Medical Imaging subsidiary is the general partner of Shared Imaging. The company said the partnership intends to offer between 7.5 mln dlrs and 18.5 mln dlrs of limited partnership interests at a price of 1000 dlrs per unit. Reuter | MEDICAL IMAGING <MIKA.O> L.P. PLANS OFFER |
Grain traders and analysts expect todays weekly U.S. corn export inspection figure to be well above last year with wheat slightly better and soybeans about the same. Corn export inspection guesses ranged from 40.0 to 44.0 mln bushels for the week ended April 9 compared up 46.6 mln inspected a week earlier and 15.2 mln in the year-ago week. Soybean export estimates ranged from 12.0 to 15.0 mln bushels versus 10.8 mln exported last week and 13.2 mln last year. Export guesses for all wheat ranged from 16.0 to 20.0 mln bushels compared with 16.4 mln last week and 11.2 mln last year. Reuter | U.S. CORN EXPORTS SEEN WELL AHEAD OF LAST YEAR |
NWA Inc said its Northwest Airlines unit will add a nonstop Detroit to Tokyo flight April 17. The new flight will operate three times a week until June one when it will fly seven days a week. Reuter | NWA <NWA> AIRLINE ADDS TRANSPACIFIC FLIGHT |
Personal Computer Products Inc said it expects to report a loss of about 195000 dlrs in its third quarter ended March 31 compared to a year ago loss in the quarter of 169000 dlrs. It said revenues in the quarter are expected to be about 1200000 dlrs compared to 564000 dlrs a year earlier. For the nine months ended March 31 Personal Computer expects a net loss of about 325000 dlrs compared to a loss of 584000 dlrs the previous year. Revenues in the nine months are expected to be about 3880000 dlrs compared to 1828000 a year ago. The company said it will report its earnings soon. Reuter | PERSONAL COMPUTER PRODUCTS <PCPI.O> EXPECTS LOSS |
Flexible Computer Corp said it has received a 418000 dlr order from General Dynamics Corp for a FLEX/32 multicomputer. Reuter | FLEXIBLE <FLXX.O> IN GENERAL DYNAMICS <GD> ORDER |
Scan-Graphics Inc said it has received about 500000 dlrs in orders for its new CF1000 Scanner and RAVE software a document scanning and vectorizing system from McDonnell Douglas Corp. Reuter | <SCAN-GRAPHICS INC>IN MCDONNELL DOUGLAS<MD> PACT |
GREAT NORTHERN NEKOOSA FIRST QTR SHR 1.59 DLRS VS 54 CTS |
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Gander Mountain Inc said it acquired the privately held Western Ranchman Outfitters a catalog and point-of-purchase retailer of western apparel based in Cheyenne Wyo. It said Western Ranchman had sales for the year ended Jan 31 1987 of about 2.2 mln dlrs. The purchase was made for an undisclosed amount of cast. Reuter | GANDER <GNDR.O> BUYS WESTERN WEAR RETAILER |
Pauley Petroleum Inc said it appointed Mark Newgard president and chief operating officer. Newgard 42 had been president of privately-held Edgington Oil Co. He succeeds William Pagen Pauleys chairman who had also been serving as president the company said. Reuter | PAULEY PETROLEUM <PP> NAMES NEWGARD PRESIDENT |
Shr 1.59 dlrs vs 54 cts Net 43.3 mln vs 13.9 mln Revs 566.7 mln vs 487.8 mln Avg shrs 27.2 mln vs 25.9 mln NOTE: 1986 figures restated for adoption of financial accounting standards board statement 87 employers accounting for pensions. Net 1986 and 1987 includes 900000 dlrs of investment tax credits in 1987 and 3.1 mln dlrs in 1986. Reuter | GREAT NORTHERN NEKOOSA <GNN> 1ST QTR NET |
Airship Industries Ltd said it has received a six mln stg contract from a Japanese advertising agency it did not name for a 12-month lease of one of its 600 Class airships equipped with a nightsign with a 12-month renewal option. The company said the contract will start by October One and contribute significantly to profits. Reuter | AIRSHIP <AIRSY> GETS JAPANESE CONTRACT |
Digilog Inc said it has received 669000 dlrs in orders from BellSouth Corp for network monitoring and management equipment that is to be delivered this month. Reuter | DIGILOG <DIOL> GETS BELLSOUTH <BSC> ORDERS |
Tracor Inc said it has received a research contract worth over one mln dlrs from Lockheed Corp for the development of exploding foil initiated ordnance devices for the Exoatmospheric Reentry Interceptor Susbystem or ERIS Functional Technology Validation Interceptor Vehicle. Reuter | TRACOR <TRR> GETS LOCKHEED <LK> CONTRACT |
Bell Atlantic Corps CompuShop subsidiary said it has been named an authorized reseller of Xerox Corps <XRX> Xerox Ventura Publisher desktop publishing software for International Business Machines Corps <IBM> XT and AT personal computers and compatibles. Reuter | BELL ATLANTIC <BEL> UNIT IN DISTRIBUTION DEAL |
Shr 18 cts Net 1948000 Revs 3397000 Note: Company began operating on February 20 1987. Reuter | AMERICAN HEALTH PROPERTIES INC <AHE> 1ST QTR |
WELLS FARGO AND CO 1ST QTR SHR 1.36 DLRS VS 1.13 DLRS |
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World Bank President Barber Conable said he opposed forgiving developing countries debt because the proposal if adopted would lead to a cutoff in lending to the indebted countries. I think (debt) forgiveness will simply create an environment in which no more money will go into development and a lot of the world will be consigned to poverty and to instability indefinitely he told ABC Television on Sunday. A number of bills have been introduced in Congress that would require commercial banks to forgive a least a portion of the debt owed them by cash-starved developing countries. I think weve got to find ways of encouraging continuous improvement in policies of wise use of money in short rather than trying to turn everybody off Conable said. Conable told ABCs Business World he supported Treasury Secretary James Bakers debt plan as an andidote to debt. Baker has said the best way to reduce the developing countries debt burden is to boost their growth rates through reformed domestic policies and increased commercial bank lending. Reuter | WORLD BANK PRESIDENT OPPOSES DEBT FORGIVENESS |
The Chicago Board of Trade CBT achieved record volume in trading of 10-year U.S. Treasury note futures-options April 10. Volume reached 38402 contracts up from the previous record of 16349 contracts set April 9. Reuter | CBT T-NOTE OPTIONS SET VOLUME RECORD |
Iran said it had achieved its objectives in heavy fighting against Iraq since launching an offensive near the southern Iraqi city of Basra last Tuesday. Baghdad said on Saturday its forces had routed the Iranians from the few footholds they initially gained. But an Iranian field commander said on Sunday the Iranians are now entrenched west of the Jasim River and the Fish canal about 10 km east of Basra. The unnamed commander quoted by the Iranian news agency IRNA said foreign reporters could now visit Iranian strongholds in the region. REUTER | IRAN SAYS IT ACHIEVED OBJECTIVE IN BASRA OFFENSIVE |
Argentine Treasury Secretary Mario Brodersohn said the country is near accord with creditor banks on refinancing about 30 billion dlrs of foreign debt. Brodersohn in an interview from Washington with Argentine television said Saturday the major obstacles to an agreement with creditor banks had been overcome. Only details remain to be resolved he said. Economy Minister Juan Sourrouille on Thursday in a speech at the IMF accused creditor banks of standing in the way of an accord by demanding conditions incompatible with Argentinas IMF standby program. Brodersohn said that since there has been progress. Id say that we are now working on the fine print of the agreement. Negotiations between Argentina and the banks have been stuck over differences on the question of capitalisation of the debt as well as on-lending programs. Argentina has resisted a renewal of on-lending programs and sought an agreement whereby creditor banks would invest a fresh dollar for every dollar of debt capitalised. Reuter | ARGENTINA SAYS NEAR DEAL WITH CREDITOR BANKS |
The ruling Liberal Democratic Partys (LDP) setback in Sundays nationwide local elections may force the government to water down its controversial proposal for a five pct sales tax and undermine its commitment to stimulating the economy private economists said. The LDPs failure to win seats in some crucial local constituencies will weaken the governments ability to push through its tax plan and without a compromise tax proposal the budget for fiscal 1987/88 ending March 31 is unlikely to be passed soon they said. Without the budget the government would also be hard-pressed to come up with an effective package to stimulate the economy as pledged at Group of Seven meetings in Paris in late February and in Washington last week they said. Opposition protests against the sales tax have stalled parliamentary debate on the budget for weeks and forced the government to enact a stop-gap 1987/88 budget that began early this month. The LDPs election setback will have an enormous impact on the already faltering economy said Johsen Takahashi chief economist at Mitsubishi Research Institute. Takahashi said that behind the LDPs poor showing was public discontent with the governments high-handed push for tax reform and its lack of effective policies to cope with economic woes caused by the yens appreciation. This explains why the LDP failed to regain governorships in the most hotly contested constituencies of Fukuoka and Hokkaido where the shipbuilding and steel industries are suffering heavily from the yens extended rise he said. Takahashi said the government should delay introduction of the sales tax for one or two years beyond its original starting date of January 1988 and implement tax cuts now. Reuter | ELECTION RESULT MAY DELAY JAPAN ECONOMIC STIMULUS |
Shr 1.36 dlrs vs 1.13 dlrs Net 78.3 mln vs 51.6 mln Avg shrs 53698000 vs 43449000 Loans 35.89 billion vs 24.66 billion Deposits 31.71 billion vs 19.64 billion Assets 43.98 billion vs 28.60 billion Reuter | WELLS FARGO AND CO <WFC> 1ST QTR NET |
Shr 1.78 dlrs vs 1.12 dlrs Shr diluted 1.72 dlrs vs 1.08 dlrs Net 20029000 vs 13059000 Avg shrs 10598481 vs 10430649 Loans 843.4 mln vs 727.5 mln Deposits 8.30 billion vs 7.82 billion Assets 9.89 billion vs 9.27 billion NOTE: Per-share results reflect payment of preferred dividends Reuter | COMERICA INC <CMCA.O> 1ST QTR NET |
Uniclub Inc said it has agreed to form an equally-owned joint venture called Uniclub Marketing Inc with Goodway Marketing Inc. The company said Uniclub Marketing will use narrowcast cable television including Goodways Video Shopping Mall television shopping program to sell Uniclub memberships add new participating merchants and sell Uniclob licenses and franchises. The company said it expects the new program will give it enough cardholders merchants and fee income to make Uniclub solidly profitable by year-end. Uniclub markets a consumer charge card that gives members a 15 pct reduction on monthly billing for all retail purchases. Reuter | UNICLUB IN JOINT VENTURE |
World Airways said it laid off an additional 103 employees in its contract maintenance operation at Oakland. Over the past five weeks the company previously laid off 274 maintenance employees. The layoffs resulted from declines in current and projected maintenance work which the company provides principally for other air carriers. World Airways said it cannot rule out additional layoffs as it explores a range of alternative for its contract maintenance operation. Reuter | WORLD AIRWAYS <WOA> LAYS OFF 103 MORE EMPLOYEES |
Champion Products Inc said the two-for-one stock split it declared February 26 will be payable April 24 to shareholders of record April One. Reuter | CHAMPION PRODUCTS <CH> SETS PAY DATE FOR SPLIT |
U.S. Secretary of State George Shultz was holding several hours of talks with Soviet Foreign Minister Eduard Shevardnadze today in pursuit of the first superpower arms control agreement in nearly a decade. Shultz accompanied by a panoply of senior advisers and technical experts went directly into a closed-door meeting with Shevardnadze and the Soviet delegation after arriving in Moscow from Helsinki aboard a U.S. Air Force jet. State Department spokesman Charles Redman told reporters traveling with the secretary that as the crucial talks got under way U.S. Arms control advisers were instructed not to discuss the substance of the American proposals with the press. It has been reported previously that some of the proposals -- such as those dealing with President Ronald Reagans Star Wars space shield against enemy missiles -- represent a hardening of the U.S. Position. Nevertheless U.S. Officials have been optimistic about the possibility of progress on arms control during the talks which are scheduled to end Wednesday. Reagan who is believed to want an agreement before he leaves office in 1989 said last week that a breakthrough on an accord eliminating intermediate-range missiles (INF) in Europe was a distinct possibility. Reuter | SHULTZ BEGINS ARMS TALKS WITH SHEVARDNADZE |
Periods ended Feb 28 Shr 22 cts vs 30 cts Net 549000 vs 747000 Sales 8.4 mln vs nine mln Avg shrs 2550784 vs 2468964 Nine mths Shr 69 cts vs 63 cts Net 1749000 vs 1554000 Sales 23.6 mln vs 21.3 mln Avg shrs 2543711 vs 2453520 Reuter | SPEARHEAD INDUSTRIES INC <SPRH.O> 3RD QTR NET |
The <American Stock Exchange> said it has started trading the common stock of Lawrence Insurance Group Inc which went public today. Reuter | AMEX STARTS TRADING LAWRENCE INSURANCE <LWR> |
Guy F. Atkinson Co said its Guy F. Atkinson Construction Co won a multi-million-dlr contract to construct a station for the Metro Rail Project in Los Angeles. Construction on the proposed station wil begin this month with completion scheduled for February 1990. Reuter | GUY F. ATKINSON CO <ATKN.O> UNIT WINS CONTRACT |
Shr 18 cts vs six cts Net 1.7 mln vs 610000 Revs 68.7 mln vs 63.5 mln Reuter | KDI CORP <KDI> 1ST QTR MARCH 31 |
RJR Nabisco Incs RJ Reynolds Tobacco USA unit said it reached a definitive agreement to sell Winchester Little Cigar Business to Tobacco Exporters International USA Ltd of Atlanta the U.S. subsidiary of Rothmans International PLC. Terms were not disclosed. Last week RJ Reynolds announced the sale of four smoking tobacco brands. These brands and Winchester represent less than one pct of Rj Reynolds Tobacco USAs total sales which were 4.7 billion dlrs in 1986. Reynolds said the sale is expected to be completed on April 24. The company said it planned to concentrate its resources on the manufacture and sale of cigarettes. Reynolds said that Winchester introduced in 1971 was a dominant brand in the little cigar market. Reuter | RJ NABISCO'S <RJR> UNIT SELLS CIGAR BUSINESS |
Crazy Eddie Inc said executive vice president Sam Antar who turns 66 soon has resigned from its board and has been replaced by William H. Saltzman vice president and general counsel of Sun/DIC Acquisition Corp. The company said Antar remains an executive vice president. Corrects to delete references to Antar being chief financial officer and a member of the Office of the President. Reuter | (CORRECTED)-CRAZY EDDIE <CRZY> EXECUTIVE OFF BOARD |
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