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UNION CARBIDE SAYS 1986 LONG-TERM DEBT WAS 3.06 BILLION DLRS VS 1.71 BILLION in 1985 |
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UNION CARBIDE SAYS OPERATING PROFITS FOR 4th qtr WERE 181 MLN DLRS VS LOSS THREE MLN DLRS |
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MONEY MARKET FUND ASSETS ROSE 552.5 MLN DLRS IN LATEST WEEK TO 237.46 BILLION |
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<Toronto Dominion Bank> will hold a news conference tomorrow to make a major announcement about its Green Line Investor Service which provides discount brokerage services to customers a bank spokesman said. The spokesman declined further comment except to say bank president Robert Korthals would be available to answer questions tomorrow. Toronto Dominion started Green Line in February 1984 and became the first Canadian bank to offer discount brokerage services. The Ontario government recently said banks will be permitted to buy brokerage firms after June 30. Reuter | TORONTO DOMINION PLANS GREEN LINE ANNOUNCEMENT |
Combined International Corp should have another strong year President Patrick G. Ryan told analysts although he declined to forecast earnings specifically. In 1986 the company reported operating income of 5.51 dlrs a share up from 4.84 dlrs a share a year earlier. Revenues increased to 1.81 billion dlrs from 1.36 billion dlrs. Ryan said Combined is testing a direct response long-term care product through its Union Fidelity Life Insurance Co and has plans to offer it through Ryan Insurance Group. In answer to a question on Combineds possible exposure to AIDS-related health claims Ryan said it was minimal although he conceded that every carrier who provides coverage is vulnerable. Reuter | COMBINED INTERNMATIONAL <PMA> SEES STRONG 1987 |
Finance Minister Michael Wilson said large inflows of capital into Canada principally into the countrys bond market is a major reason behind the sharp recovery in the Canadian dollar. He said the inflow of funds mainly from Japan Europe and the United States is the result of confidence in the direction this country is going in. That is the reason why the (Canadian) dollar today is higher than 75 cts (U.S.) compared to this time last year (when it was) a little over 69 cts Wilson told the House of Commons daily question period. Figures released this week show foreigners purchased a record 23.1 billion dlrs of Canadian bonds in 1986 more than double the previous year with Japan investing a record 9.5 billion dlrs in the market. Wilson was responding to opposition party questions about a possible loss of jobs from the rise in Canadian investment abroad. Canadian investment including the buying of foreign companies stocks and bonds rose to 12.53 billion dlrs from 6.19 billion dlrs in 1985. The minister said the flow of funds from abroad would generate many new jobs in Canada. Reuter | CANADA DLR DRIVEN BY FOREIGN BUYERS - WILSON |
Ford Motor Credit Co a unit of Ford Motor Co is raising 250 mln dlrs via an offering of notes due 1990 yielding 6.95 pct said lead underwriter Goldman Sachs. The notes have a 6-7/8 pct coupon and were priced at 99.80 to yield 47 basis points more than comparable Treasury securities. Non-callable for life the issue is rated A-1 by Moodys and AA by Standard and Poors. On October 7 1986 the credit unit sold 200 mln dlrs of same-maturity notes rated A-1/A that were priced to yield 7.172 pct or 77 basis points over Treasuries. Reuter | FORD <F> CREDIT UNIT SELLS NOTES AT 6.95 PCT |
Sumitomo Trust and Banking Co Ltd is offering 100 mln dlrs of certificate of deposit notes due 1992 yielding 7.28 pct said sole manager Shearson Lehman Brothers Inc. The notes have a 7-1/4 pct coupon and were priced at 99.875 to yield 61 basis points more than comparable Treasury securities. Non-callable to maturity the issue is rated a top-flight Aaa by Moodys Investors Service Inc but AA by Standard and Poors Corp. Reuter | SUMITOMO TRUST SELLS CD NOTES AT 7.28 PCT |
Shr nine cts vs three cts Net 549000 vs 72000 Rev 7.0 mln vs 2.8 mln Year Shr 49 cts vs 32 cts Net 2441000 vs 801000 Rev 19.6 mln vs 9.7 mln Reuter | CHARTWELL GROUP LTD <CTWL> 4th qtr net |
Pitt-Des Moines Inc said it will acquire <Chicago Steel Corp> in exchange for a portion of its stock. Reuter | PITT-DES MOINES INC <PDM> TO ACQUIRE STEEL UNIT |
Giant Bay Resources Ltd said a metallurgical study of its Gordon Lake gold deposit indicated an overall recovery of 95 pct to 96 pct of the gold can be achieved by either direct cyanidation of ore or flotation followed by cyanidation of concentrate. Continuation of an underground program on the property will begin in June extending an existing drift along the 200-foot-level where the main ore zone was encountered Giant Bay said. The company did not elaborate on production figures for the property. Reuter | GIANT BAY <GBYLF> DETAILS GORDON LAKE DEPOSIT |
Alltel Corp is raising 50 mln dlrs through an offering of debentures due 2022 yielding 8.90 pct said lead manager Merrill Lynch Capital Markets. The debentures have an 8-7/8 pct coupon and were priced at 99.726 to yield 135 basis points over the off-the-run 9-1/4 pct Treasury bonds of 2016. Non-callable for five years the issue is rated A-3 by Moodys Investors Service Inc and A by Standard and Poors Corp. Stephens Inc co-managed the deal. Reuter | ALLTEL <AT> DEBENTURES YIELD 8.90 PCT |
Evans and Sutherland Computer Corp said it filed with the Securities and Exchange Commission a registration statement covering a 50 mln dlr issue of convertible subordinated debentures due 2012. Proceeds will be used for working capital Evans and Sutherland said. The company named Hambrecht and Quist Inc as lead underwriter of the offering. Reuter | EVANS/SUTHERLAND <ESCC> FILES FOR DEBT OFFERING |
Manor Care Inc said its chairman and chief executive officer Stewart Bainum Sr. has resigned his post. The company said he is being replaced by his son Stewart Bainum Jr. who has served as vice chairman the past five years. Bainum Sr. was the founder of Manor Care a nursing home and hotel operator. Reuter | MANOR CARE INC <MNR> CHAIRMAN RESIGNS |
Northern Indiana Public Service Co said its five-year construction budget for 1987-1991 will be 793 mln dlrs almost all of which will be internally generated. The utility said in its 1986 annual report that this budget primarily for electric and gas equipment and facilities is some 57 mln dlrs lower than its estimate a year ago of spending for 1986-1990. Such spending at its peak was 2.6 billion dlrs for 1980-1984. It said the Tax Reform Act of 1986 will probably not have a material effect on its operating results. In December it cut 59.4 mln dlrs from a 135.8 mln dlrs rate request before the Indiana Public Service Commission because of the affect the tax act will have on operating results. The rate request is still pending a spokesman said. Reuter | NIPSCO <NI> OUTLAYS TO BE INTERNAL FUNDS |
Atlantic City Electric Co said it will redeem all of its outstanding 5-7/8 pct cumulative convertible preferred stock. The stock will be redeemed April 30 at the scheduled redemption price of 101.50 dlrs a share plus accrued and unpaid dividends. The shares are also convertible until the redemption date into common stock at the rate of 3.5 common shares for each preferred share. The company has 10855 of the 5-7/8 pct preferred shares outstanding it said. Reuter | ATLANTIC CITY ELECTRIC <ATE> TO REDEEM STOCK |
Top U.S. and European farm trade and government representatives called for a sweeping reform of world agriculture to redress a critical demand and supply imbalance. Speakers at a conference on world agricultural markets here demonstrated a growing U.S.-European consensus on the need for an urgent and collective overhaul of world farm trade and production. It is vital that we work together to bring more freedom and harmony into the world agricultural trade...(if not) the disruptions in markets may grow even more severe the walls of protection climb higher and the level of possible retaliation become more harmful U.S. Department of Agriculture Deputy Administrator William Bailey said. Bailey said his attendance at the two-day meeting which ends tomorrow demonstrated the U.S. recognises the need to adjust its policies to the changing market environment. The need for urgent reforms is justified by the imbalance and tensions of the world economy the secretary general of the Organisation for Economic Cooperation and Development Jean-Claude Paye said. And the forum for such a reform is the General Agreement on Tariffs and Trade he noted. Paye stressed the need for a progressive and joint reduction of agricultural subsidies as well as social measures to help farmers in unprofitable areas. Another possible solution would be to stop supporting farm prices allowing them to be fixed by supply and demand and instead help farmers through income support and adjustment aids proposed James Howard Executive Vice-president of Cargill (USA) one of the worlds largest cereal houses. Franz-Josef Feiter agricultural adviser to West German Chancellor Helmut Kohl agreed the European Community must take greater heed of market constraints in fixing farm prices. However differentiated policy treatment is required to take account of large disparities in the situation around the EC he said. Agriculture is an efficient sector of the European economy and will remain so if the right policy is pursued within the Community he said. Reuter | CONSENSUS BUILDS FOR WORLD AGRICULTURAL REFORM |
Northgate Exploration Ltd said it appointed John Kearney as president of the company effective immediately. A company spokesman said Patrick Hughes who previously was both president and chairman will continue as chairman and chief executive officer. Kearney had been executive vice-president of Northgate. Reuter | NORTHGATE <NGX> NAMES NEW PRESIDENT |
Rexcom Systems Corp said it agreed to buy all the assets of Postech Inc from Comtech Group International Ltd a Canadian computer service company for 70 pct of Rexcoms voting shares. The purchase will be for Rexcom common and preferred stock. Postech the Canadian firms U.S. marketing arm sells computerized restaurant management systems and security systems in the U.S. The deal is subject to approval by the boards of Postech and Rexcom. Reuter | REXCOM <RXSC> TO ACQUIRE MARKETING FIRM |
The Agricultural Stabilization and Conservation Service (ASCS) bought 2.3 mln pounds of peanut products at a cost of 2.1 mln dlrs and 7.4 mln pounds of vegetable oil/shortening for 2.0 mln dlrs for domestic distribution April 1-15 and April 16-30 an ASCS spokesman said. Reuter | ASCS BUYS PEANUT PRODUCTS, VEG OIL/SHORTENING |
Shr 17 cts vs 84 cts Net 709000 vs 3605000 Rev 86.4 mln vs 87.0 mln Year Shr 1.79 dlrs vs 1.10 dlrs Net 7452000 vs 4695000 Rev 362.8 mln vs 316.0 mln NOTE: 1986 net includes gains from sale of non-operating assets of 800000 dlrsm versus 1.2 mln dlrs in 1985. 1985 net includes nonrecurring cost of 2.6 mln dlrs and provision for separation pay of 1.5 mln dlrs. Reuter | GENERAL REFRACTORIES CO <GRX> 4TH QTR NET |
Federated Department Stores Inc said Norman Matthews has been elected president and chief operating officer. Matthews has been vice chairman of the company since 1984 and corporate executive vice president prior to that post the company said. The presidents position has been vacant since 1982 it added. Federated also said it elected Allen Questrom as its executive vice president. Questrom will continue in his present position as chairman and chief executive officer of the Los Angeles-based Bullocks/Bullocks Wilshire department store division a subsidiary of Federated the company said. Reuter | FEDERATED DEPARTMENT STORES <FDS> GETS OFFICERS |
Venezuelas recent agreement with its creditor banks reprograms six billion dlrs of its 21 billion dlr public sector foreign debt rescheduling and reduces repayments due between 1987 and 1992 Finance Minister Manuel Azpurua said. Azpurua was commenting in a television interview on Fridays agreement to lower the interest margin to 7/8 pct over Libor from 1-1/8 pct and extend the period to 14 years from 12-1/2. He said in addition to the reduction in amortizations over the next three years sought by the government agreed at 1.35 billion dlrs instead of 3.335 billion Venezuela will also pay less in the subsequent three years. The accord runs till 1999. Azpurua said that in 1990 payments of restructured debt are lowered to 1.05 billion dlrs from 1.339 mln to 1.25 billion from 1.994 mln in 1991 and to 1.45 billion from 2.403 billion in 1992. He said the contingency clause implemented by Venezuela soon after the original rescheduling was signed in February 1986 stays in effect and that the new payment schedule is based on an assumption of oil prices varying between 15 and 18 dlrs a barrel. Venezuela hit by a 40 pct drop in oil income last year had sought a direct link between repayments and the level of oil income but banks resisted on the grounds this could create a dangerous precedent for other Latin American debtors. Azpurua said the new terms have been telexed to Venezuelas 450 creditor banks for acceptance with information on government plans to draw up debt capitalization rules and return to the capital markets. Public finances director Jorge Marcano said the government plans to issue dollar mark and yen denominated bonds this year for amounts varying between 100 and 150 mln dlrs. He noted that some existing Republic of Venezuela bond issues are maturing and that the government intends to replace them with new issues to maintain its presence in the capital markets and encourage new investments through an enhanced credit image. Reuter | VENEZUELA WILL REPROGRAM SIX BILLION DLRS IN DEBT |
MOODY'S MAY DOWNGRADE DUQUESNE LIGHT CO'S TWO BILLION DLRS OF DEBT SECURITIES |
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A House Agriculture Committee meeting to draft a disaster aid bill containing a controversial 0/92 provision has been postponed until next Tuesday committee staff members announced. The bill contains a provision implementing a 0/92 acreage reduction plan for 1986 wheat and 1987 winter wheat thereby making payments available to farmers who were not able to plant last years winter wheat crop because of flooding. Controversy exists over whether the 0/92 provisions of the bill should be expanded cut back or left as is. Reuter | HOUSE 0/92 FARM PLAN MARKUP DELAYED TILL TUESDAY |
Pacific Southwest Airlines said its average load factor during February was 54.9 pct down from 56.1 pct a year earlier. In the first two months of the year the load factor totaled 51.5 pct down from 54.0 pct a year ago. Revenue passenger miles in February totaled 327.6 mln compared to 295.5 mln. So far this year revenue passenger miles totaled 640.2 mln compared to 600.5 mln. Available seat miles in February totaled 596.6 mln up from 526.8 mln a year ago. Year to date available seat miles totaled 1.24 billion compared to 1.11 billion a year ago. Reuter | PACIFIC SOUTHWEST AIRLINES <PSWA> LOAD FACTOR |
House Majority leader Thomas Foley (D-Wash.) has urged Congress to give the farm credit system a few more months to reorganize itself before rushing into a federal rescue of the system a senior aide to Foley said. Gene Moos agricultural aide to the Majority leader told Reuters while Foley believes action will be necessary later this year to rescue the system a bail-out package is not necessarily needed immediately. Foleys view appears to differ with the Senate leadership who have said they hope to have farm credit legislation under consideration before Congress breaks for Easter April 9. Sen. David Boren (D-Okla.) chairman of the Senate Agriculture subcommittee responsible for the farm credit issue last week pledged to consider a bill before Easter. Boren said his subcommittee would proceed even if neither the systems regulator the Farm Credit Administration (FCA) nor the system itself ask for aid. Chairman of the FCA Frank Naylor like Foley has expressed caution about rushing to a bail-out prefering to wait a few months and keep pressure on the system to reform itself farm credit sources said. He (Foley) is willing to give Mr. Naylor some time in this regard Moos said. Moos predicted Congress will begin serious action on a rescue package sometime this summer. Any package of legislation is unlikely to include large federal outlays of money he said. I dont see a big infusion of federal bucks said Moos adding that the more likely outcome will be federal guarantees of borrower stock and bonds held by investors. Reuter | FARM CREDIT RESCUE CAUTION URGED BY HOUSE LEADER |
Union Carbide Corp said its 1986 long term debt was 3.06 billion dlrs compared to 1.71 billion dlrs in 1985. The company released its audited 1986 results. The company also said its long term debt was reduced by about 1.5 billion dlrs from the third quarter to the end of the year by asset sales and equity offerings. Union Carbide sold its battery products home and automobile products and agricultural products businesses in 1986. In the fourth quarter it offered 30 mln shares of stock raising about 650 mln dlrs. The asset sales and equity offering were part of a recapitalization plan undertaken by the chemicals company last year. Audited net earnings in 1986 of 496 mln dlrs or 4.78 dlrs a share compared to a 1985 loss of 581 mln dlrs or 2.78 dlrs were unchanged from the companys preliminary earnings report made on Jan 28. The earnings results for the fourth quarter were also unchanged. Included in the 1986 numbers are a 564 mln dlr gain from sale of the different businesses a 270 mln dlr pension credit and a charge of 473 mln dlrs from the purchase of long term debt at a premium under the recapitalization. In the audited results released today the company broke down results by business segment. Operating profit in the fourth quarter for all of the companys operations on a consolidated basis before corporate and interest expense and taxes was 181 mln dlrs against a loss of three mln dlrs in the 1985 quarter. In the year operating profit was 791 mln dlrs compared to a loss of 253 mln dlrs in 1985. In a statement the company said it defeated a hostile takeover attempt by GAF Corp <GAF> and recapitalized the company adding While all this was going on our continuing businesses performed very soundly with substantial operating profit improvement over 1985. Carbon products posted operating profit of eight mln dlrs in the quarter down from 29 mln dlrs and 49 mln dlrs in the year against a loss of 146 mln dlrs. Chemicals and plastics had fourth quarter operating profit of 122 mln dlrs compared to a year-ago loss of 49 mln dlrs. In the year chemicals and plastics earned 472 mln dlrs against losses of 142 mln dlrs in 1985. Operating income at industrial gases rose to 64 mln dlrs from 55 mln in the quarter and to 276 mln dlrs from 222 mln in the year. The companys specialties and services segment cut its losses in the quarter to 13 mln dlrs from 40 mln dlrs and in the year to three mln dlrs from 181 mln dlrs. Eliminations of business conducted between the companys industry segments contributed two mln dlrs to fourth quarter 1985 profits but did not affect the 1986 quarter. The eliminations caused losses of three mln dlrs compared to six mln dlrs in the year. The 1985 operating results include a host of unusual writeoffs and depreciation charges totaling 134 mln dlrs in the quarter and 906 mln dlrs in the year. Capital expenditures rose to 524 mln dlrs in 1986 from 501 mln dlrs. By segment spending at carbon products fell to 42 mln dlrs from 57 mln dlrs and spending fell at specialties and services to 126 mln dlrs from 143 mln dlrs. At chemicals and plastics expenditures rose to 147 mln dlrs from 133 mln and at industrial gases they rose to 209 mln dlrs from 168 mln dlrs. The companys cash and equivalents fell to 299 mln dlrs at year end from 430 mln dlrs at year end 1985 after a net decrease of 131 mln dlrs during 1986. Current assets at year-end fell to 2.41 billion dlrs from 4.43 billion dlrs and current liabilities fell to 1.88 billion dlrs from 2.38 billion. Reuter | UNION CARBIDE <UK> SAYS LONG TERM DEBT RISES |
Shr loss 49 cts vs loss 1.36 dlrs Net loss 928835 vs loss 1648665 Year Shr loss 33 cts vs loss 4.21 dlrs Net loss 593533 vs loss 4970951 Assets 203.9 mln Loans 151.5 mln Deposits 192.0 mln Note: 1986 loss included non-recurring expenses of 1275000 dlrs comprised of asset write-downs legal proceeding and a 930000-dlr provision for loan losses. Reuter | FIRST COMMERCIAL BANCORP <FCOB> 4TH QTR LOSS |
Eurotunnel the Anglo-French channel tunnel consortium will offer potential backers a wide choice of ways to invest in a planned 750 mln stg capital issue later this year co-Chairman Alastair Morton said. Speaking to reporters after a shareholders meeting he said Eurotunnel would offer a menu of securities designed to overcome investor reluctance. Details are still to be worked out but investors could be offered a choice of paying immediately for shares or buying them on a part-paid basis or buying convertible bonds or bonds with warrants giving a right to buy shares at a later date he said. Reuter | EUROTUNNEL TO OFFER CHOICE OF INVESTMENTS |
Cabot Medical Corp said it has introduced a new high flow insufflator for laparoscopy a minimally invasive form of adominal surgey. The company said the KLI high-Flow Insufflator has features and capabilities which were previously available only in insuffulators costing three to four times as much. Labaroscopy procedures especially involving lasers have grown in popularity it pointed out. Reuter | CABOT MEDICAL <CBOT> HAS LASER SURGERY ACCESSORY |
Kurt Wulff oil analyst at Donaldson Lufkin and Jenrette Securities said he has retired from the brokerage firm and will work as a consultant to the firm. Wulff said he also plans to start a money management firm. As a consultant to Donaldson Lufkin Wulff will continue to give advice on oil stock values to DLJ clients. He will also continue to write reports that will be published by the brokerage firm. Wulff is a shareholder activist and has several resolutions pending before oil companies for vote at their annual meetings. Reuter | ANALYST TO START MONEY MANAGEMENT FIRM |
Shr 23 cts vs 28 cts Net 8877000 vs 9530000 Revs 342 mln vs 278.9 mln Avg shrs 39.4 mln vs 34 mln Year Shr 1.91 dlrs vs 1.62 dlrs Net 70.5 mln vs 50.5 mln Revs 1.3 billion vs 990.5 mln Avg shrs 37 mln vs 31.3 mln NOTE: On Dec one 1986 company acquired Holt Rinehart and Winston and W.B. Saunders and The Dryden Press and their foreign subsidiaries. By including these companies for the single month of December 1986 4th qtr earnings were raised by seven cts per shr and for the year by eight cts per shr. Reuter | HARCOURT BRACE JOVANOVICH INC <HBJ> 4TH QTR NET |
Lone Star Industries Inc said it has agreed to acquire ready-mixed concrete and aggregates businesses from <Riedel International Inc> of Portland Ore. for an undisclosed amount of cash. Lone Stars one sentence statement gave no further details and company spokesmen were not available. Reuter | LONE STAR<LCE> AGREES TO BUY CONCRETE OPERATIONS |
Shell Francaise <SFMF.PA> a subsidiary of <Shell Petroleum NV> returned to the black last year for the first time since 1982 with parent company net profit of 43 mln francs against losses of 968 mln in 1985 and 1.07 billion in 1984. In 1982 it posted a profit of 329 mln. The company said in a statement that cash flow had improved strongly although it remained negative at 182 mln francs against 1.34 billion in 1985 due largely to improved performances by its main profit centres. It said the results could have been even better had it not been for the collapse of refining and sales profit margins in the last quarter of the year. In 1986 Shell sold 14.74 mln tonnes of oil products against 14.52 mln tonnes in 1985. The company said the results were in line with its targets for the second year of its three-year recovery programme. Meanwhile <Societe Shell Chimie) said it also returned to profit in 1986 for the first time since 1976 posting net profit of 160 mln francs against a 1985 loss of 57 mln. No other details were available. Reuter | SHELL FRANCAISE RETURNS TO PROFIT IN 1986 |
Brazil has suspended the importation of 500000 tonnes of maize ordered last year because of the excellent domestic maize harvest expected this year Agriculture Minister Iris Resende said. The Agriculture Ministry expects a record maize crop of 27.7 mln tonnes a 36 pct increase on last years crop of 20.3 mln tonnes. Brazils total grain crop is expected to be 65.3 mln tonnes. This is a record in the history of Brazilian agriculture a ministry spokesman said. Resende announced suspension of the maize imports at a news conference in Brasilia yesterday. The ministry spokesman said he had no other details on the maize transaction. Reuter | BRAZIL SUSPENDS IMPORT OF 500,000 TONNES MAIZE |
Shr loss 28 cts vs loss 29 cts Net loss 584100 vs loss 459500 Sales 1339800 vs 16390800 Year Shr loss 64 cts vs loss 79 cts Net loss 1314700 vs loss 1237100 Sales 7249600 vs 6311500 Reuter | FAIRMOUNT CHEMICAL CO INC <FMTC> 4TH QTR LOSS |
VMS Hotel Investment Trust said it agreed to fund a 19.4 mln dlr secured loan for the Santa Barbara Biltmore Hotel in Santa Barbara Calif. It said the financing will be applied toward renovating and refurbishing the hotel. Separately VMS Short Term Income Trust <VST> said it agreed to fund or extend four loans totaling 70.9 mln dlrs for income producing properties in the southwest. The announcements were made by VMS Realty Partners the trusts investment advisors. Reuter | VMS HOTEL <VHT> APPROVES 19.4 MLN DLR LOAN |
Profit TEchnology INc said it will produce an eletronic summary of LOTUS 1-2-3 Simplified a leading textbook for the industry-standard spreadsheet program. Terms of the agreement between Profit Technology the books author David Bolocan and the publisher Tab Books INc were not disclosed. The electronic version of the book is scheduled for release in late Spring it said. Reuter | PROFIT TECHNOLOGY <PRTE> TO MAKE LOTUS PROGRAM |
Qtly div 19 cts vs 19 cts in prior qtr Payable May one Record April two Reuter | HUMANA INC <HUM> REGULAR DIVIDEND |
U.S. COMMERCIAL PAPER FALLS 1.27 BILLION DLRS IN FEB 25 WEEK, FED SAYS |
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N.Y. BUSINESS LOANS RISE 523 MLN DLRS IN FEB 25 WEEK, FED SAYS |
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Edison Brothers Stores Inc said its February sales rose 5.6 pct to 56.7 mln dlrs from 53.7 mln dlrs a year ago. For the eight weeks ended February 28 it said sales increased to 109.4 mln dlrs from 109.3 mln dlrs. Reuter | EDISON BROTHERS STORES <EBS> FEBRUARY SALES UP |
<VMS Realty Partners> said three of its investment subsidiaries will fund or extend loans totalling approximately 97 mln dlrs for various properties in California. The company said its its VMS Short Term Trust <VST> unit agreed to fund or extend four loans totalling 70.9 mln dlrs. It also said its VMS Hotel Investment Trust <VHT> unit will fund a 19.4 mln dlr secured loan for the Santa Barbara Hotel in California. And its VMS Mortgage Investors II <VMTGZ> division approved a loan of 6547000 mln dlrs for a retail office building in downtown San Francisco the company said. VMS Realty Partners is a full service real estate firm focusing on acquiring developing and managing hotels office buildings shopping centers highrise apartment complexes townhouses and garden apartments it said. Reuter | VMS REALTY PARTNERS UNITS COMMIT TO LOANS |
Delegates at the American Pork Congress in Indianapolis elected Tom Miller of Maricopa Ariz as the new president of the National Pork Producers Council (NPPC). Miller who was vice president of the NPPC the past two years replaces Ron Kahle who served the maximum two-year term as president the NPPC said. Miller said the white meat campaign and the checkoff program are very important but based on talk at the pork congress farm credit is next in line. Ray Hankes of of Fairbury Ill was elected Vice President. Hankes was active in development of the Pork - The Other White Meat campaign the NPPC said. reuter | NPPC ELECTS NEW PRESIDENT |
Mitel Corp said it awarded exclusive rights to units of <British Columbia Telephone Co> and provincially owned Alberta Government Telephones to sell its new SX-200 Digital systems in the western Canadian provinces of British Columbia and Alberta. The SX-200 is a telephone switching system for voice and data for customers using up to 400 telephone lines. Reuter | MITEL <MLT> AWARDS SELLING RIGHTS TO TWO FIRMS |
Financial Corporation of Americas American Savings and Loan Association unit said it signed a definitive agreement to buy three retail savings branches from Gibraltar Financial Corps <GFC> Gibraltar Savings unit. The purchase which must be approved by the Federal Home Loan Bank and the California Department of Savings and Loans would increase American Savings deposits by about 40 mln dlrs. The branches are in La Jolla La Mesa and San Juan Capistrano Calif. Reuter | FINANCIAL CORP <FIN> UNIT BUYS BRANCHES |
Delegates from the National Pork Producers Council NPPC attending the American Pork Congress in Indianapolis voted overwhelmingly to recommend the U.S. congress not to change the farm bill. While there are no specific pork items in that legislation feed grain prices directly affect pork producer profits the NPPC said. Don Gingerich a delegate from Iowa said to have unpredictable changes come along periodically makes it very difficult to plan and causes a lot of disruption. Other members said the farm bill has some imperfections but thats a price pork producers are willing to pay for legislative stability an NPPC spokesman said. Delegates also passed unanimously a resolution that Congress and the administration should act swiftly to identify problems in the farm credit system. Farm Credit Task Force chairman and newly elected Vice President of the NPPC Ray Hankes said delegates wanted a program that all commodity groups can work with and bring a resolution to this problem with legislators in Washington. Hankes added that the National Pork Producers Council will work to save farmers and keep credit available but not to save or create any one credit system. Reuter | PORK DELEGATES VOTE ON FARM BILL, FARM CREDIT |
Renewed confidence in OPECs ability to limit production helped U.S. energy futures settle above yesterdays closing prices according to analysts. They also said the heating oil contract found additional support from a short-covering rally on the close. April crude closed 24 cts higher to 17.75 dlrs. April heating oil was 1.47 cts higher to 47.91 cts a gallon. Most traders expected follow through profit-taking from yesterday but the market found suport from bullish reports that OPEC is producing within its quota said Simon Greenshields a vice president with Morgan Stanley and Co Inc. News today including OPEC President Rilwanu Lukman statement that OPEC February production did not exceed its official quota of 15.8 mln barrels per day helped bouy prices traders said. A Reuter survey found OPEC production in early March was 14.7 mln bpd. In addition to short-covering heating oil found support from traders buying it against sales of gasoline and crude as well as from expectations for continued drawdowns in stocks as refiners shut down for maintenance traders said. Unleaded gasoline for April finished 0.55 cent higher to 51.24 cts a gallon. Reuter | CONFIDENCE IN OPEC FIRMS U.S. ENERGY FUTURES |
The Airline Pilots Association said members working at Trans World Airlines Inc welcomed their airlines announced proposal to acquire USAir Group Inc. Union leaders for the TWA pilot group said the offer of 52 dlrs a share was a positive indication that Carl Icahn intends to build TWA into a viable air carrier. Reuter | TWA <TWA> PILOTS WELCOME BID FOR USAIR <U> |
Hughes Aircraft Co a division of General Motors Corp has received a 61.1 mln dlr contract for electronic display equipment for U.S. Australian and Spanish surface ships the Navy said. reuter | GM <GM> GETS 61.1 MLN DLR NAVY CONTRACT |
The U.S. Treasury repeated a White House statement that only President Reagan and Treasury Secretary James Baker are authorized to speak on the dollar. A Department spokesman was commenting on remarks by Commerce Department Under-Secretary Robert Ortner that the yen was undervalued 10 or 15 pct against the dollar but European currencies were fairly priced against the U.S. currency. As Larry Speakes said on January 14 this year only two people in this administration are authorized to speak on the dollar and that is the president and the secretary of the treasury the spokesman told Reuters. reuter | TREASURY SAYS ONLY REAGAN, BAKER SPEAK ON DLR |
Great American First Savings Bank said it is offering collateralized Euroyen notes worth about 100 mln dlrs or 15 billion yen only to investors outside the U.S. The bank said the notes will be offered through a syndicate with Nikko Securities Co in conjnction with Goldman Sachs International Corp. The issue price will be 101.75 pct of the principal. The notes will mature April 2 1992 at par. Reuter | GREAT AMERICAN FIRST SAVINGS <GTA> OFFERS NOTES |
General Electric Co has received a 42.7 mln dlr contract for work on 97 engines for Sea Hawk Super Cobra and CV helicopters the Army said. reuter | GE <GE> GETS 42.7 MLN DLR ARMY CONTRACT |
MNX Inc said it completed an offering of 1225000 shares of common at 17.25 dlrs per share. Reuter | MNX <MNXI> COMPLETED SHARE OFFERING |
Corn sales gained 2494900 tonnes in the week ended February 26 the highest weekly total since August 1984 and two and three-quarter times the prior weeks level the U.S. Agriculture Department said. In comments on its Export Sales Report the department said sales of 1.0 mln tonnes to the USSR -- previously reported under the daily reporting system -- were the first sales for delivery to the USSR under the fourth year of the U.S.-USSR Grains Supply Agreement which began October 1. Japan added 689700 tonnes to previous purchases and sales to unknown destinations rose by 429800 tonnes. Wheat sales of 362400 tonnes for the current season and 151000 for the 1987/88 season were down by more than half from the previous weeks combined sales it said. Egypt Japan and Iraq were the major wheat buyers for delivery in the current year while sales to China decreased by 30000 tonnes for the current season but increased by 90000 tonnes for the 1987/88 season which begins June 1. Net sales of soybeans totalling 274200 tonnes equaled the preceding week but were nearly a third below the four week average. Major increases were for Belgium South Korea Mexico and Italy it said. Soybean cake and meal sales of 103700 tonnes were 2-3/4 times the previous weeks marketing year low but six pct less than the four week average. Major increases for West Germany Belgium Spain Italy and Australia were partially offset by declines to unknown destinations. Soybean oil sales of 5400 tonnes were the result of increases for Venezuela and reductions of 500 tonnes for unknown destinations. Combined sales activity in cotton of 75200 running bales -- 44700 bales for the current year and 30500 bales for the 1987/88 bales -- were 56 pct below the prior weeks good showing the department said. Major purchasers for the current season were South Korea Japan Taiwan and Thailand while South Korea and Indonesia were the major buyers for the 1987/88 season which begins August 1. Reuter | USDA COMMENTS ON EXPORT SALES |
General Dynamics Corp has received two contracts totaling 29.2 mln dlrs for upgrade and retrofit work on F-16A/B aircraft the Air Force said. REUTER | GEN DYNAMICS <GD> GETS AIR FORCE CONTRACTS |
Shr loss 1.62 dlrs vs profit 83 cts Net loss 17.2 mln vs profit 8.3 mln Revs 264.0 mln vs 338.0 mln NOTE:Year ago figures based on 12 months ended February 28 1986 because company changed reporting period to end December 31. 1986 10 months loss includes 10.3 mln dlrs writedown of certain assets. Reuter | FAIRFIELD COMMUNITIES INC <FCI> 10 MOS DEC 31 |
Shr 20 cts vs 17 cts Net 680000 vs 533000 Sales 6473000 vs 5996000 Year Shr 57 cts vs 84 cts Net 1967000 vs 2099000 Sales 20.8 mln vs 19.0 mln Reuter | CARVER CORP <CAVR> 4TH QTR NET |
INTER-CITY GAS CORP 4TH QTR SHR 36 CTS VS 68 CTS |
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Computer Power Inc said it booked 10.1 mln dlrs in orders for 1986 a record year for the company. The company also announced a new low cost product will be introduced in the second quarter of 1987. Computer Power manufactures and markets Uninterruptible Power Systems line conditioners and related components for the protection of the computer and emergency lighting industries. Reuter | COMPUTER POWER INC <CPWR> REPORTS RECORD ORDERS |
Unicorp American Corp said it signed a definitive agreement to acquire Lincoln Savings Bank FSB. Under terms of the agreement announced in January Lincoln would be acquired by a unit of Unicorp which is minority-owned by Lincoln president Alton Marshall. The acquisition will take place through a voluntary conversion of Lincoln to a federally chartered stock savings bank from a mutual federal savings bank. In connection with the conversion Unicorp will contribute 150 mln dlrs in cash to Lincoln. Reuter | UNICORP <UAC>, LINCOLN IN DEFINITVE PACT |
Moodys Investors Service Inc said it may downgrade Duquesne Light Cos two billion dlrs of debt. Moodys said it would assess the likely financial consequences of the 19 mln dlr rate reduction ordered today by the Pennsylvania Public Utility Commission. The unexpected order raises significant doubts about the quality of Duquesnes regulatory support and financial prospects. The Commissions determination that Perry Unit 1s power is not needed could depress Duquesnes earnings and cash flow well into the future. Duqusne has Baa-1 senior debt and preferred stock and Baa-2 debentures and preference stock. Reuter | MOODY'S MAY DOWNGRADE DUQUESNE LIGHT <DQU> DEBT |
Westinghouse Electric Corp said it is moving its Unimation operations from Danbury Conn to other existing Westinghouse facilities affecting approximately 210 employees. The engineering product integration administration and final assembly functions will be moved to the Westinghouse automation division headquarters at OHara Township near Pittsburgh the company said. The manufacturing of Unimation controls is being consolidated in existing automation division manufacturing facilities the company said. The moves are scheduled to be completed by the third quarter of this year Westinghouse said and said they are part of its plan to increase competitiveness in the factory automation market. Reuter | WESTINGHOUSE ELECTRIC CORP <WX> MOVING UNIT |
U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS IN FEB 23 WEEK, FED SAYS |
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U.S. BANK DISCOUNT BORROWINGS AVERAGE 233 MLN DLRS A DAY IN MARCH 4 WEEK, FED SAYS |
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The sharp fall in international coffee prices will not affect Colombias external credit situation finance minister Cesar Gaviria told reuters. He said the current depression on world coffee markets was not totally unexpected and would have no immediate bearing on Colombias financial state which he described as sound. Our foreign debt is high but we can pay and I hope the foreign banking community will maintain its position toward us he said. Colombia the only major latin american country not to have rescheduled its external public debt has a total foreign debt of 13.6 billion dlrs. Calls for a rescheduling of the debt have come this week from the opposition conservative party and the biggest trade union following the coffee price drop. Gaviria said lower coffee prices this year could mean a loss of 1.5 billion dlrs in revenues for 1987. Gaviria submitted to the world bank and the inter-american bank last week in new york a borrowing plan for a total of 3.054 billion dlrs to be disbursed over the next four years which he said was approved. Reuter | COFFEE FALL NOT SEEN AFFECTING COLOMBIA'S DEBT |
U.S. M-1 money supply rose 1.9 billion dlrs to a seasonally adjusted 738.5 billion dlrs in the February 23 week the Federal Reserve said. The previous weeks M-1 level was revised to 736.6 billion dlrs from 736.7 billion dlrs while the four-week moving average of M-1 rose to 736.7 billion dlrs from 735.0 billion. Economists polled by Reuters had forecast M-1 in a range from down 500 mln dlrs to up 4.5 billion dlrs. The average forecast called for a 2.2 billion dlr M-1 rise. Reuter | U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS |
Hunt Building Corp of El Paso Texas has received a 31.7 mln dlr contract for construction of 492 family housing units and a 75-space mobile home park at the Marine Corps combat training center at Camp Pendleton Calif. the Navy said. REUTER | HUNT BUILDING CORP GETS NAVY CONTRACT |
Humana Inc said its board approved a shareholder rights plan or so-called poison pill plan to ensure its shareholders receive fair treatment in the event of a proposed takeover. Humana said it is now aware of any effort to gain control of the company. Under the plan its board declared a dividend distribution of one right for each outstanding common share held as of March 16. It said each right entitles holders to purchase a unit of 1/100 of a share of newly authorizes series A participating preferred at 75 dlrs per unit. Humana said the rights become effective after an entity acquires 20 pct or more of its outstanding common or tenders for 30 pct of its stock. After such an acquisition then each right entitles holders to purchase securities of the company or an acquiring entity having a market value of twice the rights exercise price. Humana said the rights expire March 4 1997 unless redeemed earlier. It said the rights may be redeemed by the company for one ct per right at any time prior to 10 days following a public announcement that a 20 pct position has been acquired. Reuter | HUMANA <HUM> DECLARES SHAREHOLDERS RIGHTS PLAN |
Oper shr profit 63 cts vs loss 1.15 dlrs Oper net profit 6629000 vs loss 12.4 mln Revs 23.6 mln vs 22.4 mln Year Oper shr profit 1.65 dlrs vs loss 1.28 dlrs Oper net profit 17.5 mln vs loss 13.8 mln Revs 93.1 mln vs 86.8 mln Note: Oper data does not include loss from discontinued operations of 7932000 dlrs or 73 cts per shr in 4th qtr 1985 loss of 40.5 mln dlrs or 3.83 dlrs per shr in the 1986 year or gain of 104.3 mln dlrs or 9.68 dlrs per shr in 1985. Also does not include 4th qtr 1985 extraordinary loss of 1028000 dlrs or ten cts per shr. Reuter | FREMONT GENERAL CORP <FRMI> 4TH QTR OPER NET |
The American Stock Exchange said 5500000 shares of Riverbend International Corp began trading today under the symbol RIV. It said the agricultural concern based in Sanger Calif. opened on 37000 shares at nine. AMEX said the company is the 14th initial public offering to be listed on AMEX this year. Last year AMEX listed 53 initial public offerings. Reuter | RIVERBEND <RIV> BEGINS TRADING ON AMEX |
Alaska Air Group Inc said it has registered with the Securities and Exchange Commission to offer 1.8 mln shares of common stock plus 180000 shares to cover over-allotments. The company said Merrill Lynch Pierce Fenner and Smith Inc and The First Boston Corp will lead the underwriting syndicate. Proceeds will be used to reduce debt and for working capital and capital expenditures the company said. Reuter | ALASKA AIR GROUP <ALK> OFFERS STOCK |
Great Western Financial Corps subsidiary Great Western Bank said it will purchase three retail banking branches in south Florida with total deposits of 90 mln dlrs. Great Western said it will purchase branches in Deerfield Beach and Hollywood with approximately 80 mln dlrs in deposits from Guardian Savings and Loan Association and one in Palm Beach with approximately 10 mln in deposits from Goldome Savings Bank. Reuter | GREAT WESTERN FINANCIAL <GWF> UNIT BUYS BANKS |
A one billion dlr lawsuit pushed Hughes Tool Co into an about-face on its rejection of a proposed merger with Baker International Corp <BKO> Wall Street analysts said. Last night Hughes said the planned merger with Baker was off. Baker then filed a suit seeking punitive damages from Hughes for calling off the merger. At midday today Hughes said it was still interested in the merger. The analysts also said Hughes may be worried that its troubles could make it a takeover candidate. There was speculation today that Harold Simmons the Dallas investor might try to acquire Hughes but Simmons told Reuters he is not interested. Simmons said he intends to file a 13-D with the Securities and Exchange Monday reporting a stake of five pct or more in some publicly traded company. He declined to identify the target other than to rule out Hughes. One analyst said another factor in the latest Hughes turnabout was Borg-Warner Corp <BOR> which owns 18.5 pct of Hughes. Borg-Warner ex-chairman J.F. Bere who serves on the Hughes board is believed to favor the merger with Baker. Despite the Hughes statement that it is interested in a merger and Bakers response that a merger is still possibile analysts said no one could be certain where the situation was going. I think the merger is not going through said Phil Pace analyst at Kidder Peabody and Co. He said the merger lost a lot of its appeal when the U.S. Department of Justice required that Baker sell off its Reed Tool Co operation. Although the Reed operation is relatively small in view of the total size of a combined Baker-Hughes Pace said 30 to 40 pct of the cost savings are tied up in that. They (Hughes) are obviously concerned about the lawsuit said James Crandell analyst at Salomon Brothers Inc. Apparently they are willing to continue discussions but whether they will alter their position I dont know. Its getting a little confusing said James Carroll analyst at PaineWebber Group Inc. He said the arguments cited by Hughes yesterday for not doing the merger tend to be weak. Hughes said yesterday that as a condition of the merger it wanted Reed Tool and other businesses sold prior to April 22 the projected merger date. A government decree allowed a longer period of time. Hughes contended it was better to formally combine the companies with the status of Reed already settled. Baker apparently sees no reason to speed up the sale. Carroll said Baker had previously estimated 110 to 130 mln dlrs in savings if the companies were combined without selling Reed. But he said Baker now thinks 75 to 85 mln dlrs will be saved while Hughes sees a saving of only 50 to 60 mln dlrs. Carroll also noted that since the merger accord was first signed the outlook for the industry has improved materially. Hughes may simply feel the pressure on the oil service industry is lifting. Reuter | HUGHES <HT> CHANGES STANCE ON MERGER AFTER SUIT |
Armtek Corp formerly known as Armstrong Rubber Co said it signed agreements with <Condere Corp> for the sale of its Natchez Miss. tire plant and its S and A Truck Tire Sales and Services Corp. Terms were not disclosed. Armtek spokesman John Sievers said S and A is a 50 mln dlr business. Earlier this week Armtek announced the sale of its industrial tire and assembly business division to Dyneer Corp of Scotsdale Ariz. Cash proceeds from both sales will be used to reduce outstanding debt. Under a long term supply agreement with Condere it is anticipated that truck tires produced at the Natchez plant will be supplied to the Armstrong Tire Co an Armtek operating company the company said. The closing is scheduled to be concluded by March 31 it said. Reuter | ARMTEK <ARM> SELLS TIRE, TRUCK TIRE BUSINESS |
Standard and Poors Corp said it raised to A from A-minus Bay State Gas Cos preferred stock. S and P affirmed the companys A-rated senior debt and A-1 commercial paper. Bay State has 75 mln dlrs of long-term debt and preferred outstanding. The rating agency said its action mainly reflected debt redemptions. S and P also said the outlook for firm sales growth is positive because of a vibrant regional economy. Reuter | BAY STATE GAS <BGC> PREFERRED UPGRADED BY S/P |
Shr loss four cts vs loss 34 cts Net loss 2922000 vs loss 19.9 mln Revs 4071000 vs 8012000 Year Shr loss 23 cts vs loss 79 cts Net loss 17.3 mln vs loss 46.2 mln Revs 22.4 mln vs 28.6 mln Reuter | ELXSI LTD <ELXSF> 4TH QTR LOSS |
Shr loss 94 cts vs profit 28 cts Net loss 6319337 vs profit 1702016 Revs 2899513 vs 5239106 Note: 1986 net includes 5250000 dlr writedown of oil and gas properties. Reuter | <NEWSCOPE RESOURCES LTD> YEAR LOSS |
The Federal Energy Regulatory Commission (FERC) issued a proposed policy statement for the recovery of take-or-pay costs imposed by existing natural gas contracts between producers and pipelines. It put out the statement by 5-0 vote for a 30-day comment period. It also put out an alternative policy statement by Commissioner Charles Stalon. FERC said in a press release that the proposed policy statement estblishes an exception to the commissions general policy that take-or-pay buy-out and buy-down costs must be recovered through pipeline commodity sales rates. FERC added that specifically in cases where pipelines assume an equitable share of buy-out or buy-down costs the commission proposes to permit the pipelines to recover the remaining costs through their demand rates. It said it wanted guidelines for buying out and reforming existing contracts to help spread the impact of these take-or-pay costs in a responsible fair and equitable way. Commission chairwoman Martha Hesse said this proposal represents the commissions sincere attempt to help the industry through this difficult period of transition to a more competitive market. Hesse said it is my hope that our proposed policy will encourage and guide the timely resolution of take-or-pay contractual disputes that have impeded the industrys transition to a more competitive environment. It is vital to the industry that we get this problem behind us. reuter | FERC ISSUES TAKE-OR-PAY GAS POLICY PLAN |
National Medical Enterprises Inc said its Rehab Hospital Services Corp unit opened four facilities and plans to contruct three physical rehabilitation hospitals. The company said the seven hospitals represent a total investment of 44.5 mln dlrs. The three to be constructed will be in Montgomery Ala. Fort Myers Fla. and Monroeville Penn. Of the four recently opened three were in Florida and one in Arkansas. Reuter | NATIONAL MEDICAL <NME> OPENS HOSPITALS |
Qtly div 41 cts vs 41 cts Pay June 10 Record May 29 Reuter | TIMES MIRROR CO <TMC> QUARTERLY DIVIDEND |
Shr 36 cts vs 68 cts Net 10.0 mln vs 16.1 mln Revs 441.6 mln vs 470.8 mln YEAR Shr 86 cts vs 1.77 dlrs Net 29.1 mln vs 44.1 mln Revs 1.43 billion vs 1.54 billion Note: 1986 fl-yr net includes 9.3 mln dlr writedown of U.S. oil and gas properties partly offset by 1.1 mln dlr extraordinary gain from tax gains and proceeds from sale of Minnesota utility operations. 1985 net includes extraordinary gain of 892000 dlrs. Shr after preferred divs. Reuter | INTER-CITY GAS CORP <ICG> 4TH QTR NET |
Shr profit 26 cts vs profit 10 cts Net profit 1371000 vs profit 482000 Revs 48 mln vs 45.7 mln Avg shrs 5.20 mln vs 5.15 mln 12 mths Shr profit 1.05 dlrs vs loss 34 cts Net profit 5454000 vs loss 1766000 Revs 191.7 mln vs 185.2 mln Avg shrs 5.20 mln vs 5.15 mln Reuter | BROWN TRANSPORT CO INC <BTCI> 4TH QTR NET |
Hexcel Corp said it plans to build a manufacturing facility in Chandler Arizona. The company said construction will begin this summer with completion scheduled for early in 1988. The facility will produce engineered and structural products and employ about 200 people it said. Reuter | HEXCEL CORP <HXL> PLANS NEW PLANT |
First Federal Savings of Arkansas FA said it bought back 4.75 mln dlrs of its 15-3/8 pct subordinated capital notes. There are now 14.25 mln dlrs of these notes outstanding compared to an original issue of 25 mln dlrs sold in September 1985 First Federal said. Reuter | FIRST FEDERAL <FARK> BUYS BACK CAPITAL NOTES |
Standard and Poors Corp said that General Motors Corps planned five billion dlr stock repurchase would not affect the carmakers debt ratings. S and P said the parent company would generate sufficient cash flow over the next several years to fund the stock buyback program without weakening its financial position. S and P affirmed the AA ratings on the senior debt of GM General Motors Acceptance Corp GMAC Grantor Trust and various overseas units. Also affirmed were GMs AA preferred stock and GMACs AA-minus subordinated debt and A-1-plus commercial paper. Reuter | GM <GM> STOCK BUYBACK WON'T AFFECT S/P RATINGS |
Qtr ends Dec 31 Shr loss 33 cts vs loss 16 cts Net loss 5632426 vs loss 2373358 Revs 3277976 vs 1535550 Avg shrs 16.9 mln vs 14.4 mln Reuter | METRO MOBILE CTS INC <MMCT> FIRST QTR LOSS |
Endotronics Inc said it is restructuring its workforce to reduce payroll costs by terminating 75 full-time and four part-time employees or 33 pct of its total ranks. The company said despite the cutbacks it remains commited to development of promising new areas and it intends to maintain our research commitment to our programs in cancer immunotherapy and a new Hepatitis-B vaccine. Reuter | ENDOTRONICS <ENDO> TO CUT WORKFORCE BY 33 PCT |
Shr basic 42 cts vs 1.41 dlrs Shr diluted 42 cts vs 1.33 dlrs Net 4394000 vs 13070000 Revs 191.0 mln vs 223.3 mln Reuter | <SPAR AEROSPACE LTD> YEAR NET |
Alpha Health Systems Corp a wholly-owned subsidiary of Pesch and Co said it submitted a merger proposal to the board of REPH Acquisition Co the parent company of Republic Health Corp which is 64 pct owned by Pesch interests. The balance of REPHs common stock is owned by members of Republic management McDonnell Douglas Corp <MD> Donaldson Lufkin and Jenrette and Pacific Asset Holdings L.P. Republic currently owns 44 hospitals and manages 46 other facilities in 25 states. Details of the proposal were not disclosed. Company representatives were not immediately available. The proposal provides that REPH would become a wholly-owned subsidiary of Alpha and that the existing REPH common stockholders would become stockholders of Alpha it said. REPHs board has appointed a special committee to negotiate terms of the proposed merger Pesch said. Last year Republic was acquired by REPH in a leveraged buyout transaction led by Dr. LeRoy Pesch the principal shareholder of Pesch and Co. Alpha recently submitted a second offer to acquire the stock of American Medical International Inc (AMI) at 22 dlrs a share in cash and securities which is still being considered by American Medicals board Pesch said. Reuter | PESCH UNIT SEEKS BALANCE OF REPUBLIC HEALTH |
<Spar Aerospace Ltd> reporting a sharply lower 1986 profit said it anticipated solid profit and revenue growth during the next five years. Looking to the longer term Spar is confident that its continuing concentration on advanced robotics satellite-based communications and electro-optical defense systems will lead to significant growth in revenues and earnings over the next five years the company said. It also forecast higher 1987 sales due to an increased order backlog. Revenues last year fell to 191 mln dlrs from 223.3 mln while profit fell to 4.4 mln dlrs from 13.1 mln. Spar added that lower development costs in the communications group and a return to normal operations in gears and transmissions and aviation services will remove a serious drain on profits this year. It attributed its reduced 1986 earnings to communications group losses resulting from continued heavy investment in new products and market development a four-month strike at its Toronto plants and delays in receipt of authorization from customers to start work on new programs. Reuter | SPAR SEES SEES STRONG FIVE-YEAR GROWTH |
House Speaker James Wright a Texas Democrat said he found a favorable response from key House Democratic taxwriters to a general idea of raising 18 billion dlrs in unspecified taxes for the 1988 financial year. Wright met with House Ways and Means Committee chairman Dan Rostenkowski of Illinois and other Democrats to discuss a plan broached by the House Budget Committee to spread 36 billion dlrs deficit reduction through 9 billion dlrs in domestic cuts 9 billion dlrs in defense spending and the rest in tax hikes. They are realists Wright said of the tax writers after the private meeting. Reuter | WRIGHT SAYS DEMOCRATS FAVORABLE TO TAX HIKE |
Qtly div 28-3/4 cts vs 28-3/4 cts prior Pay April three Record March 13 Reuter | CHESAPEAKE UTILITIES CORP <CHPK> REGULAR DIV |
United Food and Commercial Workers Union Local 222 rejected a new contract proposal from Iowa Beef Processors Inc and remain out of work union spokesman Allen Zack said. In mid-December Iowa Beef a subsidiary of Occidental Petroleum Corp closed its beef processing plant at Dakota City Nebraska because it said it had no alternative to threats by meatpackers to disrupt operations. About 2800 UFCWU members are affected by what the union terms as a lockout. A 3-1/2 year labor contract at the plant expired December 13. Zack said IBPs proposal included elimination of a two-tier wage structure a 60 cent an hour wage cut for slaughterers and a 45 cent an hour wage reduction for processors. The new proposal also included a bonus system of 1000 dlrs for workers who had been at the plant for two years Zack said. The annual turnover rate at the facility is 100 pct he said. Reuter | MEATPACKERS REJECT OCCIDENTAL <OXY> UNIT OFFER |
Periods ended January 31 Net 1443000 vs 3539000 Revs 765.2 mln vs 685.8 mln Reuter | SWIFT INDEPENDENT PACKING CO <SFTPr> 1ST QTR NET |
CHEMLAWN SAYS IT REJECTS 27 DLRS PER SHARE TENDER OFFER FROM WASTE MANAGEMENT |
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USG Corp is raising 200 mln dlrs through an offering of debentures due 2017 yielding 8.77 pct said lead manager Salomon Brothers Inc. The debentures have an 8-3/4 pct coupon and were priced at 99.784 to yield 120 basis points over the off-the-run 9-1/4 pct Treasury bonds of 2016. Non-refundable for 10 years the issue is rated A-1 by Moodys and A by Standard and Poors. A sinking fund starting in 1998 to retire five pct of the debentures annually can be increased by 150 pct at the companys option giving them estimated average lives of 20.5 or 14.5 years Salomon said. Reuter | USG <USG> DEBENTURES YIELD 8.77 PCT |
France and Yugoslavia agreed to set up a joint economic commission as part of efforts to promote commercial links and industrial cooperation between the two countries. The French Finance Ministry said the commission to be composed of businessmen was agreed during talks between Foreign Trade Minister Michel Noir and Yugoslavian minister without portfolio Egon Padovan. A ministry statement said both sides had agreed on the need to boost trade links in keeping with an accord signed last year calling for a 50 pct rise in commercial exchanges between the two countries over the next six years. French trade with Yugoslavia has grown little over the past two years. Reuter | FRANCE, YUGOSLAVIA COMMISSION TO BOOST TRADE |
ChemLawn Corp said its board rejected Waste Management Incs 27 dlr-per-share tender offer and urged its shareholders not to tender their shares. ChemLawn said its board asked management and its financial advisor Smith Barney Harris Upham And Co Inc to seek other purchasers of the company to maximize shareholder value. ChemLawn also said it adopted a shareholder rights plan or poison pill during a 120-intermin safeguard period its board adopted to deter attempts to acquire the company through any means other than an all-cash tender offer while it seeks other purchasers. ChemLawn also said it began litigation against Waste Management in federal court in Columbus seeking injunctive and other relief. The suit alleges among other things that certain Waste Management officers and directors purchased ChemLawns stock before making the tender offer. ChemLawn claimed such purchases possibly violated the officers fiduciary duties and the Securities and Exchange Commissions insider trading rules. Last week Waste Management made a tender offer to acquire ChemLawn for 27 dlrs per share or 270 mln dlrs. ChemLawn said its board was determined that Wastes offer was inadequate and not in the best interest of shareholders and could adversely affect the interests of its employees suppliers creditors and customers. Our board carefully reviewed Waste Management offer and concluded that it does not fully reflect the value of the company. We strongly urge our shareholders not to tender their shares to Waste Management said Chairman L. Jack Van Fossen. ChemLawn said its rights plan is designed to protect shareholders against abusive tactics such as market accumulations by Waste Management or others. Under the plan one comon stock purchase right will be distributed as a dividend on each outstanding share of ChemLawn common. ChemLawn said its rights holders can buy a share of its common for one dlr if any entity acquires 25 pct or more of its commmon other than by an all cash tender offer for all its shares or an approved acquisition agreement by its board. It said the rights expire July three 1987 or 60 days after they become exercisable if later than that date. It said its board may redeem the rights for five cts per right any time prior to their exercise date. ChemLawn said the plan will not be triggered by purchases purusant to Waste Managements present tender offer. It said the dividend will be paid to shareholders of record March 20. Reuter | CHEMLAWN <CHEM> REJECTS WASTE'S <WMX> OFFER |
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