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Qtly div nine cts vs nine cts prior Pay July 31 Record July Nine Reuter | IPCO CORP <IHS> IN PAYOUT |
Saxon Oil Co said stockholders at its recent annual meeting approved among other things a 1-for 15 reduction in the number of outstanding shares of common stock. The company said stockholders also approved the reelection of the four directors of the company and the authorization of a change in the state of incorporation of the company from Texas to Delaware. Saxon said it will defer completion of the reincorporation and the reduction in shares pending satisfactory resolution of certain federal income tax consequences of such actions. Also approved at the meeting was a proposal for indemnification agreements to be entered into with the directors and executive officers. Reuter | SAXON OIL <SAXO.O> SETS REDUCTION IN STOCK |
Analysts said they were surprised at the governments announcement of a forecast budget surplus for fiscal 1988 but said it was consistent with previous policy statements and positive for the economy. Finance Minister Roger Douglas predicted a budget surplus for the year ending March 1988 of 379 mln New Zealand dlrs against a 1.95 billion deficit last year. Analysts polled by Reuters said the forecast budget surplus was even more positive than the most bullish analysts forecasts and that this was good news for financial markets. Market expectations among analysts questioned by Reuters before the budget varied widely between a balanced budget and a 2.3 billion dlr deficit. But none predicted a surplus. The forecast initially looks positive for both the bond and the foreign exchange markets one analyst said. Paradoxically the New Zealand dollar could rise in the medium term despite lower interest rates as overseas investors became more confident about investing in New Zealand he said. However some foreign exchange dealers disagreed saying the local dollar is primarily interest rate driven and will move lower. The local dollar dropped to 0.5940/50 U.S. Dlrs in after hours trading against 0.5970/77 just before the budget release. Analysts said the budget was also positive for the share market despite an increase in the contribution of company taxation to revenue figures. One equities analyst predicted that the budget surplus announcement could push the share market up by 50 points tomorrow. The Budget statement was broadly as expected with a continuation of existing policies and the absence of traditional pre-election incentives would be viewed positively by overseas investors another said. But one merchant bank economist said that certain anti-tax avoidance measures could damage some sectors of the share market particularly multi-national companies. The government is also lowering its borrowing requirements through bond tenders as a result of the surplus. The requirement for the rest of the year is now down to 950 mln N.Z. Dlrs from a predicted 1.75 billion. Predicted revenue in the Budget looked sustainable and there appeared to be no holding back on expenditure another economist said. He added that the document seemed entirely credible. Altogether it looks good for Labours election prospects he said. An election is due before the end of September. REUTER | NEW ZEALAND BUDGET FORECAST SEEN AS POSITIVE |
Qtly div three cts vs three cts prior Pay Aug 14 Record July 24 Reuter | <BURKE-PARSONS-BOWLBY CORP> SETS QUARTERLY |
Shr 37 cts vs eight cts Net 12.0 mln vs 5.1 mln Revs 280.1 mln vs 155.9 mln Backlog 625.7 mln vs 451.6 mln Reuter | GENERAL INSTRUMENT CORP <GRL> 1ST QTR MAY 31 |
Aca Joe Inc said Touche Ross and Co intends to qualify its report on Aca Joes year ended January 31 because of uncertainty about the companys ability as a going concern. The company which had previously projected substantial losses for fiscal 1987 said it now expects to report a loss from operations of about five mln dlrs or 35 cts a share on sales of about 23 mln dlrs. For fiscal 1986 Aca Joe reported a profit of 860998 dlrs. The company also said it is reviewing its alternatives with its lenders and financial advisers. Aca Joe said it and Touche Ross have not yet resolved the proper accounting treatment of certain assets on the companys balance sheet. As a result of these unresolved issues the company said it has been unable to finalize its audited financial statements for fiscal 1987 and file its annual report on form 10-K with the Securities and Exchange Commission. Aca Joe said it also has been unable to comply with the SECs timely filing requirements of its 10-Q report for the quarter ended May 2. Involved in the dispute Aca Joe said is the recoverability of intangible assets totalling about five mln dlrs arising from the acquisition of Aca Joe Intercon Ltd and Aca Joe Eastern Ltd and the recoverability of about one mln dlrs of ACA JOE trademark rights which were purchased by the company. Reuter | ACA JOE <ACAJ.O> ACCOUNTANT TO QUALIFY REPORT |
Cytogen Corp said shareholders at the annual meeting approved the authorization of 5400000 preferred shares and increased by 800000 shares the number of common shares that can be sold under its stock option plan. Reuter | CYTOGEN <CYTO.O> HOLDERS APPROVE PREFERRED STOCK |
Lead underwriters Kidder Peabody and Co Inc and Shearson Lehman Brothers Holdings Inc <SHE> said an initial public offering of two mln common shares of Multi-Local Media Corp is underway at 10.50 dlrs a share. Underwriters have been granted an overallotment option to purchase up to 300000 more shares it said. Reuter | MULTI-LOCAL MEDIA <MLMC.O> INITIAL OFFER STARTS |
Cominco Ltd said it plans to issue units in Canada containing common share purchase warrants indexed to zinc and copper prices. Each unit will consist of one deferred retractable redeemable share and one warrant which will be indexed to average market prices of zinc and copper on the exercise date. Issue size timing and terms have not yet been determined. Cominco said it would use proceeds to reduce bank loans and other short-term debt. Underwriters are Nesbitt Thomson Deacon Inc Dominion Securities Inc and Pemberton Houston Willoughby Bell Gouinlock Inc. Reuter | COMINCO <CLT> PLANS CANADIAN STOCK ISSUE |
Inter-Regional Financial Group Inc said IFG Leasing Co a discontinued subsidiary will redeem effective August One the 4.0 mln dlr outstanding balance of its 11-1/2 pct subordinated notes due Aug 1 1988. It said it also will redeem effective September One the 3.5 mln dlr outstanding balance of its 13 pct junior subordinated notes due Sept 1 1990. The company said it expects to redeem the final 4.2 mln dlrs of its subordinated debt by the end of September. Separately Inter-Regional Financial said it completed an agreement with a group of banks for a new two-year 30 mln dlr revolving credit facility. It said the agreement replaces its current 18 mln dlr revolving credit agreement. Reuter | INTER-REGIONAL <IFG> UNIT TO REDEEM NOTES |
Environmental Power Corp said it has filed for an offering of two mln common shares through underwriters led by Drexel Burnham Lambert Inc. The company said it will use 400000 dlrs of the proceeds to pay part of the purchase price for Milesburg Energy Inc and the rest to repay up to one mln dlrs in short-term debt and for general corporate purposes. Reuter | ENVIRONMENTAL POWER <POWR.O> TO OFFER SHARES |
BSD Medical Corp said it has received 1400000 dlrs of equity capital from the private sale of securities to two investment partnerships and director Alan L. Himber. Reuter | BSD MEDICAL <BSDM.O> SELLS SECURITIES PRIVATELY |
American Biomaterials Corp said it will issue one transferable right to each shareholder of record yesterday for each three shares held. It said each of the 2920280 rights allows the holder to buy one common share for three dlrs until July 15 expiration. The company said Hallwood Group Inc <HWG> has agreed to buy all shares not purchased in the rights offering except those connected with rights issued to current and former directors owning a 30.2 pct interest. Persons exercising rights will be able to oversubscribe the company said. Reuter | AMERICAN BIOMATERIALS <ABCI.O> IN RIGHTS OFFER |
LINCOLN TELECOMMUNICATIONS RAISES DIVIDEND, VOTES TWO-FOR-ONE SPLIT |
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Dutch butter consumption rose at the expense of margarine last year partly because of the European Communitys (EC) cheap butter schemes the Commodity Board for Margarine Fats and Oils (MVO) said. Butter consumption rose to 4.1 kilos per head in 1986 from four kilos in 1985 while margarine consumption including low fat margarine fell to 14 kilos per head from 14.3 kilos. The low fat margarine figure remained static at 2.6 kilos per head while ordinary margarine fell from 11.7 kilos per head to 11.4 kilos. However cheap butter schemes may not be the only contributory factor in the changes. The MVO figures show a fairly steady rise in total butter consumption and fall in margarine consumption since 1973. A graph produced in the MVO annual report shows total Dutch margarine consumption in 1973 at just under 210000 tonnes against around 165000 in 1986. The same graph shows total butter consumption in 1973 at just over 30000 tonnes compared with just short of 60000 tonnes last year. However during the same period total Dutch edible fat and oil consumption on a fat content basis has risen from around 345000 tonnes to 360000 tonnes or an average of 24.8 kilos per head in 1986. The graph shows that most of the increase has come from butter and household cooking oil usage. Reuter | DUTCH BUTTER CONSUMPTION UP, MARGARINE LOWER |
Mr. Rooter Corp said it rescinded a recent agreement calling for <United Western Energy Corp> to to buy a majority of Mr. Rooters stock for four dlrs a share. The company said it has also demanded repayment of a 150000 dlr loan made to United Western. Since announcing the agreements Mr. Rooter said it discovered additional information relating to United Western and the unaffiliated privately held corporation which had guaranteed all of United Westerns obligations under the agreements. Mr. Rooter said the agreements were rescinded din light of this additional information without providing details. It said talks are in progress with United Western with regard to the repayment terms of the loan. Reuter | MR. ROOTER <ROOT.O> RESCINDS UNITED WESTERN PACT |
COMPUTER DEPOT SAID IT WILL CEASE OPERATIONS |
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Lincoln Telecommunications Co said its directors voted to increase the quarterly dividend to 58 cts a share from 55 cts payable July 10 record June 30. The company also said its board voted a two-for-one stock split to holders of record July 31. Lincoln Telecommunications said during the second quarter holders of 8.9 mln dlrs of its subordinated convertible notes had in response to notice of prpeayment issued by the company converted their holdings to 273844 shares of common stock. Reuter | LINCOLN TELECOM <LTEC.O> VOTES INCREASE, SPLIT |
Mthly div 16-1/2 cts vs 16-1/2 cts prior Pay Aug 15 Record June 30 NOTE: C.R.I. Insured Mortgage Investments LP. Reuter | C.R.I. INSURED MORTGAGE INVESTMENTS <CRM> PAYOUT |
Indonesia rejected World Bank recommendations for sweeping reforms to its farm economy as the countrys foreign aid donors met to consider giving it 2.5 billion dlrs in grants and soft loans. Agriculture Minister Achmad Affandi in written remarks distributed today as Indonesias 14 foreign donor nations met at The Hague said The general argument presented by the Bank for this free trade open economy view is weak. The Bank called for overhauls in how Indonesia manages the largest farm area in South-east Asia and said agricultural growth was stagnating under subsidies for rice farming. The Bank report said Indonesias rice production had peaked and the subsidies are a waste of money. Affandi replied that rice is the main staple and provides an income for 17 pct of the workforce. The subsidies were needed to support the fertilizer industry including importers exporters producers and distributors he said as well as assisting in small part the majority of Indonesian farmers. Affandi agreed with a bank recommendation that farmers should be free to choose their own crops but he said the government would continue to maintain production targets for strategic commodities such as rice and sugar. The Bank report was especially critical of Indonesias drive to plant sugar saying domestic sugar prices are double the world average because of inefficiencies and the country would save money by importing the commodity. However Affandi said volatile world sugar prices the need to save foreign exchange and an already up-and-running sugar industry were good arguments for continuing the sugar drive. He also said import barriers and trade monopolies in the agricultural sector were needed to help domestic industry develop and because of over-production and price intervention in the developed nations. Reuter | INDONESIA REJECTS WORLD BANK FARM REFORM IDEAS |
GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40.50 DLRS PER SHARE OFFER |
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LIBERTY FINANCIAL SAYS IT AGREES TO BE ACQUIRED BY EQUIMARK FOR 48 DLRS PER SHARE |
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PRICE CO 3RD QTR SHR 30 CTS VS 24 CTS |
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Shr 30 cts vs 24 cts Net 14.7 mln vs 11.3 mln Sales 738.9 mln vs 605.1 mln Avg shrs 49.0 mln vs 47.9 mln Nine mths Shr 1.11 dlrs vs 93 ctsd Net 54.2 mln vs 42.9 mln Sales 2.45 billion vs 1.95 billion Avg shrs 48.9 mln vs 46.4 mln NOTE: Twelve- and 40-week periods. Reuter | PRICE CO <PCLB.O> 3RD QTR JUNE SEVEN NET |
Qtly div nine cts vs nine cts prior Pay July 31 Record June 30 Reuter | FIRSTCORP INC <FCR> SETS QUARTERLY |
Qtr ends May 31 Shr 20 cts vs eight cts Net 509043 dlrs vs 202473 dlrs Revs 2106462 dlrs vs 1158621 dlrs Nine mths Shr 58 cts vs 50 cts Net 1465271 dlrs vs 1240773 dlrs Revs 5854819 dlrs vs 4640687 dlrs Reuter | MEDCHEM PRODUCTS INC <MDCH.O> 3RD QTR NET |
Cedar Fair LP said its board declared an initial prorated quarterly dividend of 17 cts per share payable August 14 to holders of record June 30. The partnership said it expects distributions for the third and fourth quarters to meet the rate of 26-1/4 cts it had predicted previously. Reuter | CEDAR FAIR LP <FUN> SETS INITIAL DIVIDEND |
Computer Depot Inc said it will cease operations and liquidate its assets. The decision results from the termination of the companys line of credit by its asset-based lender and demand by the lender for immediate payment of all amounts due it said. Computer Depot said it will stop trading in its shares. Upon liquidation of the company no accounts are expected to be available for distribution to shareholders after payments to creditors it said. In December 1985 Computer Depot which sold personal computer systems and software filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Its plan of reorganization was approved in December 1986. The company said that yesterday after demand by its lender it agreed to voluntarily surrender its inventory accounts receivable and other collateral. Operations are dependent upon financing and efforts to obtain financing including potential buyers and merger candidates have been unsuccessful it said. Computer Depot said the company will eventually be liquidated. Computer Depot reported a loss of 591000 dlrs for its second fiscal quarter ended May 2 1987 after showing a profit of 237000 dlrs for its first quarter which included the Christmas selling season. The company previously reported that sales and margins after January had been below expectations due to uncertainty in the in the retail market following recent product announcements by International Business Machines <IBM>. Computer Depot auditors Arthur Andersen and Co qualified its recent financial statements citing several risks in the companys ability to continue as a going concern. Reuter | COMPUTER DEPOT <CDPT.O> TO CEASE OPERATIONS |
Westcoast Transmission Co Ltd said it agreed to acquire the Western Canada oil and gas reserves and properties of AGIP Canada Ltd a subsidiary of AGIP SpA part of Italys ENI group for 54 mln Canadian dlrs. At the end of 1986 AGIP Canada reported proven and probable reserves of 4.2 mln barrels of crude oil and natural gas liquids and 22.7 billion cubic feet of natural gas. AGIP Canada also holds 176000 net exploratory acres in Western Canada. Its properties produce about 1100 barrels of oil a day. The deal is subject to approval by both companies directors. Westcoast said the acquisition would enable it to apply more than 150 mln dlrs of accumulated tax pools of AGIP Canada Ltd to enhance after-tax cash flow from the acquired properties. AGIP Canada said it would retain offshore exploration blocks in Labrador a gold mine in Yukon Territory and uranium interests in Saskatchewan. Reuter | WESTCOAST <WTC> TO ACQUIRE AGIP PROPERTIES |
Great Western Financial Corp said it is offering 2513200 common shares at a price of 20.625 dlrs per share. The company said the shares are being offered in connection with the conversion of SunPoint Savings Bank FSB of Lake Worth Fla to stock from mutual form and its simultaneous merger into Great Western Bank a federal savings bank owned by Great Western Financial. Great Western Bank said it has received Federal Home Loan Bank Board approval to acquire SunPoint Savings which has assets of about 730 mln dlrs. Great Western noted the conversion merger recently won the approval of 94 pct of SunPoints members -- a group comprising the depositors and borrowers of that company. The merger is expected to be completed by June 25. Great Western said depositors and employees of SunPoint will purchase 56500 shares of Great Westerns common at the same price in a subscription offering. Proceeds of both the public and subscription offerings will be contributed to Great Western Bank and used in its lending operations. The offering will be underwritten by Shearson Lehman Brothers Inc and Goldman Sachs and Co. Reuter | GREAT WESTERN <GWF> OFFERS 2.5 MLN COMMON SHARES |
Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating todays hog slaughter at about 262000 to 275000 head versus 278000 week ago and 277000 a year ago. Cattle slaughter is guesstimated at about 126000 to 130000 head versus 131000 week ago and 132000 a year ago. Reuter | HOG AND CATTLE SLAUGHTER GUESSTIMATES |
Lomas and Nettleton Financial Corp said it has agreed in principle to acquire Houston discount brokerage firm Texas First Brokerage Services Inc for undisclosed terms subject to regulatory approvals. It said completion is expected by July 31. Reuter | LOMAS AND NETTLETON <LNF> TO MAKE ACQUISITION |
SHELL CANADA RAISES CRUDE OIL POSTING 32 CANADIAN CTS/BBL |
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French operators did not request any export licences at todays European Community weekly cereal tender trade sources said. Reuter | NO FRENCH EXPORT REQUESTS FOR EC CEREAL TENDER |
BP Canada Inc 64 pct-owned by British Petroleum Co PLC said it and state-owned Petro-Canada were proceeding with Wolf Lake 2 the second phase of a bitumen-recovery project in Wolf Lake Alberta. The expansion with an estimated pre-start up cost of 200 mln dlrs will add 15000 barrels a day to current capacity of 8000 barrels a day. Construction will start in early 1988 with 248 wells drilled initially and 975 more wells to be added over the projects 25-year life BP Canada said. Reuter | BP CANADA <BPC.TO> PROCEEDING WITH PROJECT |
Liberty Financial Group Inc the parent of Liberty Savings Bank said it has signed a definitive agreement to be acquired by Equimark Corp <EQK> the parent of Equibank for 48 dlrs a share of Liberty. The transaction is structured as a merger of Liberty with a duly-formed unit of Equimark the company said. Liberty shareholders will receive about 48 dlrs per share uopn the merger the company said. According to the companies the acquisition is contingent upon the approval of Libertys shareholders and the appropriate regulatory authorities. Liberty said the acquisition of its unit Liberty Savings Bank by Equimark Corp will result in the bank operating as a separate wholly owned unit of Equimark. Charles Cheleden chairman and president of Liberty Financial and Liberty Savings will continue as president and chief executive officer of Liberty Savings headquartered in Horsham Pa. the company said. Liberty said it feels that the price of 48 dlrs in cash per share is attractive and that it has advised by Shearson Lehman Brothers that the price is fair. Reuter | LIBERTY FINANCIAL ANNOUNCES MERGER WITH EQUIMARK |
General Electric Co said it has received contracts worth 250 mln dlrs including options to supply its CF6-80C2 engines for the 747-400 and MD-11 airliners ordered from Boeing Co <BA> and McDonnell Douglas Corp <MD> respectively by Thai Airways International. The company said it also received a 16 mln dlr order from Thai Air for CF6-50 engines on a McDonnell Douglas DC-10 Series 30. Reuter | GE <GE> GETS 250 MLN DLR ENGINE ORDER |
Gillette Co said Revlon Group made an unsolicited request asking the Gillette board to allow Revlon to make a cash offer for all Gillette shares of at least 40.50 dlrs per share. Gillette said consent for the bid is required under a standstill agreement between Revlon and Gillette before Revlon can make any move on Gillettes stock. In November 1986 Revlon made an unsolicited offer for Gillette shares Gillette said. Subsequently Revlon withdrew its offer sold back to Gillette the shares it owned at that time and entered into the standstill agreement. The Gillette board of directors has a regularly scheduled meeting this afternoon and Gillette said it anticipates making a statement after that meeting. Reuter | GILLETTE <GS> GETS OFFER FROM REVLON <REV> |
The national executive of Brazils most militant trade union group has proposed a general strike for July 15 in protest at the governments austerity program. A spokeswoman for the Workers Confederation (CUT) told Reuters the proposal would be discussed within the trade union movement. On Friday the government of President Jose Sarney introduced austerity measures to try to combat the countrys high inflation rate currently running at more than 1000 pct a year. It scrapped a trigger mechanism which had guaranteed regular pay rises in line with high inflation. Trade unions say real wages are dropping by about a third. Reuter | BRAZILIAN UNION PROPOSES GENERAL STRIKE |
The national executive of Brazils most militant trade union group has proposed a general strike for July 15 in protest at the governments austerity program. A spokeswoman for the Workers Confederation CUT told Reuters today that the proposal would be discussed within the trade union movement. On Friday the government of President Jose Sarney introduced austerity measures to try to combat the countrys high inflation rate currently running at more than 1000 pct a year. The new plan scrapped a trigger mechanism which had guaranteed regular pay rises in line with high inflation. Trade unions say real wages are dropping by about a third. Reuter | BRAZIL UNION PROPOSES GENERAL STRIKE FOR JULY 15 |
Becor Western Inc said it is talking with a possible fourth bidder for the company. The company also said Lynch Corp <LGL> has renewed its offer for Becor which was withdrawn last week. Talks with the possible bidder are expected to be concluded shortly Becor said adding its board will evaluate all then existing offers at that time. In the meantime the company said it plans today to adjourn further its meeting of stockholders to June 30. That meeting was called to act on a merger agreement calling for a buyout by BCW Acquisitions Inc. The third identified Becor suitor is <Davis Mining and Manufacturing Inc>. In Fairfield N.J. Lynch said its latest proposal calls Lynch to own 75 pct of Becors stock and Becor holders to retain the other 25 pct. Peviously Lynch would have held about 25 pct with Becor holders receiving 25 pct and Becor management about half. Lynch said the proposal was changed because it believes Becors management needs more guidance in terms of financial structuring. Reuter | BECOR WESTERN <BCW> TALKS TO FOURTH BIDDER |
U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY, SPENDING UP 0.1 PCT |
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U.S. personal income rose 0.2 pct or 7.9 billion dlrs in May to a seasonally adjusted annual rate of 3630.0 billion dlrs the Commerce Department said. The increase followed a revised 0.4 pct rise in April. The department previously estimated April income rose 0.3 pct. The department also revised up the March personal income rise to 0.3 pct from a previously reported 0.2 pct. Personal consumption expenditures rose 0.1 pct or 1.5 billion dlrs to 2893.3 billion dlrs in May after rising 0.6 pct or 18.6 billion dlrs in April the department said. The department said both the April and May increases in personal income were restrained by lower subsidy payments to farmers and by initial payments to a newly established retirement fund for federal government employees in April. Wages and salaries increased 8.8 billion dlrs in May after a 7.0 billion dlr rise in April while manufacturing payrolls were up 1.6 billion dlrs in May after falling 1.3 billion dlrs in April. Farmers incomes fell 11 billion dlrs in May after decreasing 6.7 billion dlrs in April due to lower farm subsidy payments the department said. Reuter | U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY |
BELL AND HOWELL SAYS IT SEES EARNINGS PER SHARE GROWTH OF 12-15 PCT THROUGH 1990 |
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S.And W. Berisford Plc <BRFD.L> which has attracted takeover bids is making every possible effort to remain independent deputy chairman Henry Lewis said after the company announced interim results. Weve taken specific steps to strengthen ourselves for this purpose he added referring to management changes and a corporate strategy of concentrating on four business sectors. Berisford aims to produced balanced earnings growth from a combination of commodities property financial services and food. Its industrial division with assets of about 90 mln stg including debt is being reviewed and parts may be sold. Reuter | S. AND W. BERISFORD WANTS TO STAY INDEPENDENT |
FED'S SEGER SAYS FOREIGN EXCHANGE MARKETS SHOWING SIGNS OF STABILITY |
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FED'S SEGER SAYS U.S. ECONOMIC RECOVERY SHOWS WEAKNESS |
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FED'S SEGER SAYS U.S. THRIFT INDUSTRY NEEDS STABLE INTEREST RATES |
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CANADA PANEL REJECTS HYDRO QUEBEC BID FOR 3 BILLION DLR NEW ENGLAND POWER SALE |
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Todays U.K. Economic data have pushed the chances of another base lending rate cut from the current nine pct further into the distance analysts said. A record fall in unemployment and good manufacturing production data showed that the economy is still strong and does not need a fillip from lower rates. News that underlying earnings are rising 7.75 pct annually taken together with higher than expected bank lending and money supply growth revived inflation worries and monetarist arguments against easier credit they said. The timetable on lower interest rates is being pushed back all the while. The strength of the economy and broad money growth are making it more difficult to see one in the near term said Chase Manhattan Securities economist Robin Marshall. Analysts have reached this conclusion despite yesterdays mortgage rate cuts for new borrowers which building societies said were a sign of the expected near term trend for U.K. Rates. It also counters the optimistic forecasts of last week that a post-general election cut was imminent supported by such optimistic economic news as Mays record reserves rise which mirrored the Bank of England efforts to cap sterlings strength. The gilt market lost nearly half a point as enthusiasm about Mays 64300 fall in the seasonally adjusted unemployment rate to 2.95 mln or 10.6 pct of the workforce was rapidly replaced by dismay at the continued high level of underlying average earnings in April dealers said. The upset was compounded by news that sterling bank lending rose 2.7 billion stg in May above forecast and that the Bank of England looks likely to have to sell more gilts to offset the impact on domestic money supply of its current intervention. The gilt market reaction was correct said Bill Martin chief U.K. Economist at brokers Phillips and Drew. Thats very important ... It shows the economy in a very good state indeed Skeoch said. Theres no reason to get worries about inflationary pressures because theyre very subdued. Unit wage cost rises were better than expected just one pct higher in the year to April and it was these costs rather than average earnings which were potentially inflationary he added. I dont think these average earnings numbers are a major problem agreed Chase Manhattans Marshall. But he said the gilts market was likely to remain worried about the funding implications of recent intervention. He said the inflow of foreign money into sterling assets earlier this year attracted by growth prospects and hopes that the ruling Conservatives would win last weeks election now looks likely to prevent a base rate cut as the authorities try to prevent these funds swelling the domestic money system. However David Owen U.K. Economist at Kleinwort Grieveson Securities said any fresh sterling strength would still trigger a base rate cut and that todays figures did not signal higher inflation this year. Wage increases are being offset by productivity growth. As long as that continues were okay he added. REUTER | U.K. DATA DEPRESS RATE CUT OUTLOOK - ANALYSTS |
CANADA PANEL REJECTS HYDRO QUEBEC BID FOR 3 BILLION DLR NEW ENGLAND POWER SALE |
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Federal Reserve Board Governor Martha Seger said there were signs of helpful stability in foreign exchange markets in recent weeks. I think we are beginning to see more calm in those markets Seger told reporters after a speech to the U.S. League of Savings Institutions. I think it is very healthy when you can get into a period of stability she said. She said market forces have a major influence on exchange rates and said she did not know the right value for the dollar against the Yen or the Mark. Seger told the Savings and Loan executives that she was concerned about financial markets absorption with exchange rate influences. I am concerned that we have gotten so nervous about exchange rates Seger said. She said the Fed takes into account additional factors in determining monetary policy than the value of the dollar against other currencies. On the economy Seger called the latest figures in gross national product a modest upward revision. Reuter | FED GOVERNOR SEGER SEES CURRENCY STABILITY |
GM LAYING OFF 850 HOURLY WORKERS TO CUT OUTPUT AT JANESVILLE AND LORDSTOWN PLANTS |
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U.S. exporters will be able to sell 8000 head of dairy cattle to Indonesia and 5000 head to Turkey under the Export Enhancement Program the U.S. Agriculture Department said. The export sales will be subsidized with commodities from the inventory of the Commodity Credit Corporation (CCC) the department said. Indonesia and Turkey already have purchased 7500 and 5000 head of dairy cattle respectively under the program. Details of the program and an invitation for offers from exporters will be issued in the near future it said. Reuter | INDONESIA/TURKEY ELIGIBLE FOR CATTLE UNDER EEP |
The coupon on the 80 mln ECU five year equity warrant eurobond for Japans Wacoal Corp has been fixed at the indicated 1-1/2 pct bookrunner Banque Paribas Capital Markets said. The exercise price was set at 1323 yen per share representing a premium of 2.56 pct over todays closing price of 1290 yen. The foreign exchange rate was set at 167.11 yen to the ECU. REUTER | COUPON FIXED AS INDICATED ON WACOAL WARRANT BOND |
IMPERIAL OIL RAISES CRUDE OIL POSTINGS 32 CANADIAN CTS/BBL, LIGHT SWEET NOW 25.60 |
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Bell and Howell Co in remarks prepared for delivery to the New York Society of Security Analysts said it expects per-share earnings to grow in the 12-to-15 pct range in the next three to four years. President Gerald Schultz said the growth is without stock buybacks and tax law changes. He said the gain is expected off 1986 per-share earnings of 1.89 dlrs calculated to exclude DeVry Inc <DVRY.O> operations and non-recurring gains totaling 45 cts a share. The company said its decision to sell the DeVry business to Keller Graduate School of Management Inc will provide Bell and Howell with a non-recurring gain of more than 4.00 dlrs a share in the third quarter and about 80 mln dlrs in additional cash. We will use proceeds of the transaction to repurchase stock (probably at least 10 pct) and for other purposes such as reducing debt Chairman Donald Frey told analysts. Bell and Howell said it will invest 16 mln dlrs this year in electronic product development and introduction. It said a stepped-up investment in its IDB2000 electronic storage system which uses optical disks will result in a 5.0 mln dlr loss for the product line similar to last year. But it said the swing to profitability in 1988 for this product will be significant. Currently Bell and Howell is marketing the IDB2000 only to General Motors Corp <GM> dealers. Reuter | BELL AND HOWELL <BHW> SEES EARNINGS GROWTH |
PHILLIPS RAISES CRUDE OIL POSTED PRICES 50 CTS/BBL EFFECTIVE YESTERDAY, WTI NOW 19 DLRS. |
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Aid donors to Indonesia pledged a total of 3.15 billion dlrs in fresh funds to Jakarta a statement issued after a two day meeting of the Inter Governmental Group on Indonesia (IGGI) said. This compares with 2.6 billion dlrs allocated at last years meeting the statement said. It is also well above the World Banks recommendation of 2.5 billion guilders in aid for the coming year. The Group commended Indonesia for having taken effective steps to adjust to the changed economic environment the statement said. The statement said Indonesia must take further steps to set the stage for resumed economic growth that could create employment for the countrys rapidly growing labour force. These measures include additional significant trade and industrial deregulation the statement said. It also called for policies supporting efficient and diversified growth of agriculture and said Jakarta should give more room to the private sector. It called on Indonesia to mobilise more domestic resources to finance development programs. REUTER | DONORS PLEDGE 3.15 BILLION DLRS INDONESIAN AID |
USAir Group Inc said the U.S. Department of Transportations Office of Public Counsel has urged that expedited non-hearing procedures be used in its proposed acquisition of Piedmont Aviation Inc <PIE>. The company said that America West Airlines Inc <AWAL.O> was the only party voicing opposition to the acquisition. The Department of Transportation had asked parties to submit statements by June 17 either supporting or opposing the acquisition. USAir said it and Piedmont again requested expedited approval for the acquisition. The company said the Office of Public Counsel could find no evidence that the acquisition would substantially lessen competition in any market. Reuter | USAIR <U> SAYS DOT PUBLIC COUNSEL BACKS MERGER |
New York Federal Reserve President E. Gerald Corrigan said he favors bank reform but wants to maintain the separation of banking and commerce. As I see it the case for fundamental reform in our banking and financial system is compelling Corrigan told the Senate Banking Committee. Corrigan said he believed bank reform should allow banks to offer a broad range of banking and financial services. He said common ownership of banks thrifts securities firms and insurance companies should be allowed but commercial firms should not own or control insured depositories. Committee Chairman William Proxmire (D-Wisc) said he would press for bank reform legislation this year and supported giving banks new power for commercial paper mortgage-backed securities municipal bond underwriting and mutual funds. Former Citicorp Chairman Walter Wriston said bank reform should reflect the reality that other companies were offering banking services such as checking accounts credit cards and mortgages. The reality is that there is one-stop financial shopping at banks in some states but not in others Wriston said. There is also one-stop financial shopping in all 50 states at a Sears store or American Express office. We must find ways for banks to deliver new products to new customers in order to maintain a spread of risk in a business that is rapidly losing traditional products and customers he said. But John Weinberg of Goldman Sachs and Co said allowing banks to enter the securities business would make banks too powerful. Reuter | N.Y. FED PRESIDENT URGES BANK REFORM |
Systems and Computer Technology Corp said it has received 4879000 dlrs from its former directors and officers liability insurance carrier in settlement of its claims for reimbursement of costs it incurred in connection with a class action and other suits filed against it from late 1984 through 1986. The company said the amount will be recorded as a gain in its third quarter ending June 30 less a one mln dlr reserve being established for continuing legal fees and other expenses connected with ongoing litigation against its former president. The company said it is continuing to pursue the claims against its former president in connection with events that required the restatement of results for fiscal 1983 and the first three quarters of fiscal 1984. It also said its largest client Temple University has signed a new contract extending its use of Systems and Computer as an information provider until June 30 1992. The company said its backlog is now about 77 mln dlrs and is composed mostly of multiyear facilities management contracts. Reuter | SYSTEMS/COMPUTER <SCTC.O> IN SETTLEMENT |
Federated Department Stores Incs Foleys unit said it will consolidate Dallas Distribution Center operations reducing the number of buildings to one from three and cutting staff to 125 from 300. The company said most of the hourly employees affected by the staff reduction will be offered comparable jobs at its Houston distribution center and those who cannot relocate will be considered for available position at Foleys Dallas/Fort Worth area stores. The company said The overhead costs and inefficiencies associated with operating two complete distribution networks in both cities make it economically unfeasible. The consolidation follows the merger of Foleys and Sanger Harris in January. Reuter | FEDERATED DEPARTMENT <FDS> UNIT CUTTING STAFF |
Freedom Federal Savings Bank said it hired Salomon Brothers Inc to solicit offers for the purchase of the bank as part of an ongoing review of methods to enhance shareholder value. Freedom Federal operates 15 retail branch banks and had 1986 year end assets of about 733 mln dlrs. There is no assurance the bank will receive acceptable offers or be sold but we feel this is a prudent step to take at this time the bank said. Reuter | FREEDOM FEDERAL <FRFE.O> SEEKS BUYER |
Conseco Industries Ltd said an order of confirmation of its reorganization plan has been signed in its Chapter 11 bankruptcy proceedings terminating its status as a debtor in possession. Conseco said under the plan general creditors and debenture holders will receive 27 pct of their claims over a two-year period and president Charles J. Trainor will pay 250000 dlrs for 2500000 new shares. The company said debenture holders will have 30 days to convert their debentures into common shares. It said it has arranged for two mln dlrs of new bank financing. Reuter | CONSECO <CNSC.O> EMERGES FROM BANKRUPTCY |
Atlantic Richfield Co considering a spin-off of a 20 pct interest in its chemical operations could gain about 500 mln dlrs from the deal industry analysts estimated. Yesterday ARCOs stock jumped as much as five points on rumors it was spinning off the chemical operations. Based on about 183 mln outstanding shares the market in its frenzy was valuing the spin-off at about 900 mln dlrs analysts said. Atlantic Richfield aware of the rumors issued a statement around mid-day that it was considering a sale of only 20 pct of the unit leading investors to take profits. After the announcement the companys stock retreated closing at 93-7/8 up 1-3/8. Today it was off 1/4. It was a smaller deal than expected and somewhat disappointing said analyst George Baker at Smith Barney. He said rumors of the spin-off had been around for a couple of days. Baker said the unit was very profitable but it wasnt getting the type of exposure Atlantic Richfield sought and its value was not reflected in the companys stock price. Industry analyst Richard Pzena of Sanford C. Bernstein said the unit had operating earnings of 132 mln dlrs last year and he expected it to earn about 175 mln dlrs this year. Based on a multiple of 17 times earnings--which Pzena says chemical companies now sell for--the entire unit is worth about three billion dlrs putting the 20 pct interest at around 500 to 600 mln dlrs. Pzena said he thought the company was selling the stake because chemical margins had peaked and he speculated the company would use the proceeds to pay down debt. But he added the possibility remained the deal would fall through. Yesterday ARCO said the proposal had not yet been presented to its board. The chemical unit last year had revenues of 1.9 billion dlrs. Reuter | ARCO <ARC> SPIN-OFF SEEN AT 500 MLN DLRS |
Shell Canada <SHC> whose majority interest is owned by the Royal Dutch/Shell Group of companies raised the postings of light sweet and sour crude oil from Edmonton/Swann Hills 32 Canadian cts a barrel effective today. The new price for light sweet crude oil is 25.60 Canadian dlrs a barrel while the new price for light sweet sour crude is 24.08 Canadian dlrs a barrel. The Royal Dtuch/Shell Group owns 72 pct of Shell Canada and public shareholders primarily Canadian own the remaining 28 pct of the company a Shell Canada spokesman said. Reuter | SHELL CANADA <SHC> RAISES CRUDE 32 CTS CANADIAN |
ICCO BUFFER STOCK MANAGER BUYS 2,000 TONNES - OFFICIAL |
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Energy Conversion Devices Inc said its scientists have achieved superconductivity at a temperature of 90 degrees Fahrenheit. The company said the general composition of the fluorinated multi-phase superconducting material involved is yttrium barium copper fluorine and oxygen. Reuter | ENERGY CONVERSION <ENER.O> IN SUPERCONDUCTIVITY |
UNION PACIFIC RAISES CRUDE OIL POSTINGS 50 CTS A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS. |
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Qtly div 21-1/2 cts vs 21-1/2 cts prior Pay Aug Three Reord July Seven Reuter | UNITED JERSEY BANKS INC <UJB> SETS QUARTERLY |
Qtly div 15 cts vs 15 cts prior Pay July 15 Reord June 30 Reuter | WESTERN FEDERAL SAVINGS BANK <WFPR> SETS PAYOUT |
Regulations governing hedging and risk management should be revised and development of new futures instruments cautiously monitored in dealing with the growth of off-exchange futures instruments Robert Davis a commissioner on the Commodity Futures Trading Commission CFTC said. Davis told the Chicago chapter of the Futures Industry Association Commodity Research Division last night there is no cause for undue alarm in the growth of off-exchange instruments. However he said the CFTC must clarify jurisdictional and regulatory issues by maintaining the safeguards intended by commodity regulations while encouraging the further development of competitive markets. There is not a single off-exchange issue there cannot be one policy approach and to the extent that problems exist there cannot be one solution Davis said. The development of off-exchange instruments with futures contract characteristics has become of increasing concern to federal regulators who are trying to define what issues are covered under existing regulations and where new regulations are needed to protect private investment. Davis said the CFTC should step up enforcement where off-exchange instruments are intended to compete with exchange-traded issues correct regulatory inflexibility which may force new instruments off exchange and delineate and separate those harmful off-exchange developments from the many that are not. We cannot ignore that some of the growth of off-exchange trading represents a desirable further development of financial forward contracts that complement rather than compete with the relatively new financial futures contracts Davis said. He said a CFTC task force is continuing its investigation of the off-exchange issue. Reuter | CFTC'S DAVIS URGES CAUTION ON OFF-EXCHANGE ISSUE |
Olsten Corp <OLS> said it has begun an offer to exchange on a share-for-share basis shares of newly authorized Class B common shares for existing common stock. The company said the new Class B will contain limited dividend rights and have 10 votes rather than one vote per share for the common stock. It also said the new stock will not have a trading market will be subject to significant restrictions on its transfer will be entitled through 1989 to no more than 80 pct of the cash dividends on the common stock and will be convertible into common stock at any time. The company said it does not recommend that shareholdrs other than chairman and chief executive William Olsten and his family tender their common for exchange. The offer will expire July 16. Reuter | OLSTEN CORP <OLS> MAKES EXCHANGE OFFER FOR STOCK |
General Motors Corp said it will permanently lay off 850 hourly workers in August at its car assembly plants in Janesville Wisc and Lordstown Ohio due to production cutbacks in the slow-selling cars built at both facilities. GM the largest U.S. automaker but suffering from lower sales for months said 350 of the 3800 workers at the Janesville plant would be put on indefinite layoff effective August 11 as the production rate for 1988-model Cadillac Cimarrons and Chevrolet Cavalier compact cars is reduced by five units per hour. Another 500 workers of the 5100 employed at GMs Lordstown Ohio plant will be laid off effective August 24 the company said. GM said it will begin that date its production of 1988-model Chevrolet Cavalier and Pontiac Sunbirds on two shifts with a cut of six units an hour from the current rate. GM also said it will change its method for reporting indefinite layoffs to monthly releases from the previous weekly system to achieve more complete accurate and less-confusing reporting of production-schedule adjustments. Reuter | GM <GM> LAYING OFF 850 WORKERS AT TWO PLANTS |
Canadian Imperial Oil 70 pct Exxon owned said it raised its posting for light sweet crude oil at Edmonton by 32 canadian cts a barrel effective today. The company said its new posting for light sweet crude oil at Edmonton is 25.60 canadian dlrs a barrel. Reuter | IMPERIAL OIL <IMO.A> RAISES CRUDE 32 CANADIAN CTS |
Shr 17 cts vs 20 cts Net 3121000 vs 3624000 Revs 60.2 mln vs 59.0 mln Avg shrs 18.3 mln vs 18.2 mln Six mths Shr 40 cts vs 48 cts Net 7429000 vs 8743000 Revs 124.7 mln vs 126.1 mln Avg shrs 18.3 mln vs 18.1 mln Reuter | TULTEX CORP <TTX> 2ND QTR MAY 30 NET |
Dutch consumers and food processors would be hit hard by the proposed EC tax on oils and fats Dick de Bruyn chairman of the commodity board for margarine fats and oils MVO said at the annual meeting. The Dutch are the second largest consumers of margarine and fourth largest consumers of vegetable oils in the EC. The fiercely contested tax would be a levy on consumers and steeply increase the costs of industries such as potato processing and cake and biscuit manufacturing de Bruyn said. A move by these industries to countries outside the EC cannot be ruled out he added. De Bruyn said the tax on vegetable and marine oils and fats would be wide open to fraud difficult to police and hugely expensive administratively. He also said the proposed tax contravened not only article three of the General Agreement on Tariffs and Trade (GATT) the Lome Convention and the United Nations Food and Agriculture Organization (FAO) guidelines but also the ECs own Treaty. The proposed tax would not only be inflationary but also have consequences for employment and investment he added. Reuter | DUTCH CONSUMERS/INDUSTRY SEE VEG OILS TAX THREAT |
DIAMOND SHAMROCK RAISES CRUDE OIL POSTED PRICES 50 CTS A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS. |
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Nabisco Brands Ltd 80 pct-owned by RJR Nabisco Inc <RJR> said it named president R. Edward Glover as chief executive replacing J.R. MacDonald who remains as vice-chairman and chairman of the executive committee effective immediately. Glover has been president and chief operating officer since April 1986 Nabisco said. Reuter | NABISCO BRANDS LTD <NAB.TO> NAMES NEW CEO |
Period ended April 30 Shr not given Net 2600000 vs 1600000 Revs 18.1 mln vs 15.1 mln SIX MTHS Shr 21 cts vs 42 cts Net 3800000 vs 5500000 Revs 32.9 mln vs 35.8 mln Reuter | POCO PETROLEUMS LTD <POC.TO> 2ND QTR NET |
COASTAL RAISES CRUDE OIL POSTINGS 50 CTS/BBL YESTERDAY, WTI TO 19 DLRS |
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SOUTHLAND CORP RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19 DLRS/BBL |
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MURPHY RAISES CRUDE OIL POSTINGS 50 CTS A BBL YESTERDAY, WTI TO 19 DLRS |
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PERMIAN RAISES CRUDE OIL POSTINGS 50 CTS A BBL, WTI TO 19 DLRS |
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Qtr ends march 28 Shr loss 1.46 dlrs vs loss 49 cts Net loss 2919000 dlrs vs loss 892000 dlrs Revs 10.3 mln vs 11.5 mln Avg shrs 2000000 vs 1836000 NOTE: full name of company is robert bruce industries Inc. Reuter | ROBERT BRUCE INDUSTRIES <BRUCA.O> 1ST QTR LOSS |
French media and publishing group Hachette <HACP.PA> expects a record 15 pct rise in its profits this year Hachette chairman Jean-Luc Lagardere said. Lagardere told a news conference that Hachettes profits last year were 565.4 mln francs against 431.7 mln in 1985. He said that Hachette was carrying out feasibility studies for the launching around October next year of a nationwide daily newspaper. Earlier this year it made an unsuccessful three billion franc bid for state-owned television network TF-1. In a letter sent to shareholders Lagardere said that 1987 was likely to be another record year for the company. Hachette owns the Europe-1 radio station about 60 weekly newspapers and magazines and is also involved in printing. It posted a 14.7 billion franc consolidated turnover last year against 11.6 billion in 1985. REUTER | HACHETTE SEES SHARP PROFIT INCREASE IN 1987 |
VMS Hotel Investment Trust said it committed to fund a 1029600 dlr short-term loan increase for capital improvements in the Omni Park Central Hotel in New York. The secured loan will increase a previously announced commitment to 5154600 dlrs from 4125000 dlrs. The total loan will have a term of one year with an option to extend for another one-year term. Current interest and loan fees are expected to produce an annualized yield of 14.43 pct VMS said. Reuter | VMS HOTEL <VHT> INCREASES LOAN TO HOTEL |
The World Bank is issuing a 100 mln ECU eurobond due July 21 1994 paying 7-1/2 pct and priced at 101-1/2 pct lead manager Morgan Guaranty Ltd said. The non-callable bond is available in denominations of 1000 and 50000 ECUs and will be listed in Luxembourg. The selling concession is 1-1/4 pct while management and underwriting combined pays 1/2 pct. The payment date is July 21. REUTER | WORLD BANK ISSUES 100 MLN ECU EUROBOND |
The French agency for international marketing of videotex <Intelmatique> said it plans to bring the Minitel network to the U.S. in cooperation with Infonet an international network service of Computer Sciences Corp <CSC>. Minitel which now offers Gannett Co Incs <GCI> USA Today and the <British Broadcasting Corps> news service will be aimed at French-speaking businesses in the U.S. Intelmatique said. Initially only about 300 applications in the Eastern corridor between the New York area and Washington will be included in the pilot project the company said. Users will pre-pay communciation costs and connetion fees of about 25 dlrs per hour the company said. Also participants in the pilot program will be able to rent Minitel terminals for 25 dlrs per month Intelmatique said. Reuter | FRANCE VIDEOTEX SERVICE IN PACT WITH U.S. UNIT |
Oper shr loss 19 cts vs loss 38 cts Oper net loss 239000 dlrs vs loss 476000 dlrs Revs 16.0 mln vs 14.6 mln Reuter | EVERGOOD PRODUCTS CORP <EVGD.O> 1986 YEAR LOSS |
Global Yield Fund in a review of its dividend policy told shareholders that under the Internal Revenue Code of 1986 the fund must distribute substantially all of its net income by the end of each year. Under the new tax law the company said annual net income includes net investment income from interest less expenses plu or minus any ordinary currency gains or losses realized in connection with the sale of debt securities. The company said its present dividend policy is to make distributions of net investment income to stockholders quarterly and to accumulate any realized ordinary currency gains for distribution as net income at the end of the year. At present time the company said such currency gains amount to about 40 cts per share. However any currency net loss realized during the remaining six and a half month period between now and the end of the year could not only reduce or eliminate distributions from this source but could reduce distributions from net investment income the company said. According to Global the board would determine on an annual basis whether to distribute or retain net long-term realized capital gains. In other matters the company said its shareholders at its first annual meeting elected nine directors approved the investment management agreement with <Prudential Insurance Co of America> and the service agreement between Prudential and the <Prudential Investment Corp>. Shareholders also approved the administration agreement with <Prudential-Bache Securities Inc> and amended the funds investment restrictions to permit the purchase of portfolio securities while borrowings are outstanding the company said. Reuter | GLOBAL YIELD FUND <PGY> REVIEWS DIVIDEND POLICY |
Wells-Gardner Electronics Corp said it was awarded a five-year contract to supply touch panel monitors to Matrox Electronics Systems Ltd Dorval Quebec Canada. The company said the contract is expected to generate total revenues of about five mln dlrs. It said the monitors will be part of a videodisc system for the U.S. Armys Electronic Information Delivery System. Reuter | WELLS-GARDNER <WGA> AWARDED CONTRACT |
(Instant Medical Test Inc) said it opened five health testing booths inside the stores of Osco Drug Co a unit of American Stores Inc <ASC>. The company said the booths include a full range of medical testing equipment and certified medical technicians who take blood samples to test for 55 major health risks. Reuter | (INSTANT MEDICAL) OPENS HEALTH TEST BOOTHS |
The United States responding to the kidnapping of American journalist Charles Glass today insisted it would not yield to terrorist blackmail. While much remains unclear we assume this is another terrorist attempt to manipulate the United States through our concern for our citizens the State Department said in a statement. While we are deeply concerned for the well-being of Mr. Glass Mr. (Ali) Usayran and all hostages American and foreign and extend our sympathy to their families and friends we repeat that we will not yield to terrorist blackmail it said. The State Department said its embassy in Beirut had learned that Glass a journalist on leave from his job with ABC television and Usayran the son of the Lebanese defense minister were kidnapped on the Awazi Road in the southern suburbs of Beirut north of Beirut International Airport on June 17. We know of no claims of responsibility the department said. We hold the kidnappers responsible for the safety of their victims and call for the immediate and unconditional release of all those held hostages it added. Reuter | U.S. SAYS IT WON'T YIELD IN JOURNALIST'S KIDNAPPING |
Shr primary 66 cts vs 1.17 dlrs Shr diluted 66 cts vs 81 cts Net 1220691 vs 1302999 Revs 13.7 mln vs 13.1 mln Avg shrs primary 1859421 vs 1112400 Avg shrs diluted 1859421 vs 1826303 NOTE: Latest net includes tax credits of 565000 dlrs vs 620000 dlrs. Reuter | CALSTAR INC <CSAR.O> YEAR APRIL 30 NET |
Oper shr nil vs profit one ct Oper net profit 14000 vs profit 51000 Revs 5547000 vs 6021000 Six mths Oper shr loss nine cts vs profit seven cts Oper net loss 383000 vs profit 314000 dlrs Revs 931000 dlrs vs 12.5 mln NOTE: 1986 qtr and six mths excludes loss 171000 dlrs and 358000 dlrs respectively for loss from discontinued operations. Reuter | MICRODYNE CORP <MCDY.O> 2ND QTR MAY THREE NET |
Commonwealth Savings and Loan Association said Michael McCarthy its president and chief operating officer resigned. The company said Barry Chapnick chairman and chief executive offcer will resume the responsibilities of the presidents post. Reuter | COMMONWEALTH <COMW.O> PRESIDENT RESIGNS |
Shr 23 cts vs 14 cts Net 611000 vs 511000 Revs 10.1 mln vs 4380000 NOTE: Latest year includes three cent per share loss from discontinued operations while prev year includes seven cent per share tax credit. Reuter | MAJOR VIDEO CORP <MAJV.O> YEAR APRIL 30 NET |
Quixote Corp said its Ocean Scientific Inc subsidiary and the Columbus Ohio division of Battelle Memorial Institute signed a joint marketing agreement under which the organizations may provide joint services for specific research and development programs for healthcare and instrumentation. The agreement will allow Ocean Scientific to offer its clients greater capability for designing new instrumentation systems Quixote said. Reuter | QUIXOTE <QUIX.O> UNIT, BATTELLE FORM AGREEMENT |
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