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Shr profit primary 91 cts vs loss 86 cts Shr profit diluted 90 cts vs loss 86 cts Net profit 787000 vs loss 751000 Sales 20 mln vs 12.5 mln Year Shr profit profit 2.63 dlrs vs profit five cts Shr profit diluted 2.59 dlrs vs profit five cts Net profit 2273000 vs profit 43000 Sales 70.1 mln vs 47.1 mln Note: Prior qtr and year figures include gains on disposal of discontinued operations of 76000 dlrs and 79000 dlrs respectively. Reuter | <FOR BETTER LIVING INC> 4TH QTR NET |
Dimis Inc said it has extended the expiration of its 1424500 common stock purchase warrants to September 30 from March 31. Each two warrants allow the purchase of one share at two dlrs. Reuter | DIMIS <DMISC> EXTENDS WARRANT EXPIRATION |
<Prudential Insurance Co of America> said it will enter the real estate brokerage business in 1988 and plans to develop a national network of franchised brokerage offices. Prudential said its new real estate unit Prudential Real Estate Affiliates will be headed by Jerome M. Cole who has been chairman of Sears Roebuck and Co Incs <S> Coldwell Banker Residential Affiliates Inc unit. The unit will be headquarted in Southern California it said. Reuter | PRUDENTIAL TO FORM REAL ESTATE BROKERAGE UNIT |
Interleaf Inc said it will introduce a series of new software packages that allow users to build electronic publishing systems comprised of personal computers workstations and mainframe computers. In addition the company said it will announce a software program that lets users create documents in different languages or mix languages within a single document. Reuter | INTERLEAF <LEAF> INTRODUCES NEW SOFTWARE |
Southwest Airlines Cos TranStar Airlines Corp said it will add nonstop flights from Houstons Hobby Airport to Orlando Tampa/St. Petersburg San Diego and Austin on April One. It said the changes will increase daily service to Austin to four roundtrips daily to Tampa to three nonstops and a one-stop to Orlando to one nonstops three onestops and two connecting flights and to San Diego to one nonstop and three direct flights. Reuter | SOUTHWEST AIR <LUV> UNIT ADDS HOUSTON NONSTOPS |
Oper shr loss nine cts vs loss four cts Oper net loss 108000 vs loss 55000 Sales 3029000 vs 2694000 Year Oper shr profit 42 cts vs profit 15 cts Oper net profit 511000 vs profit 177000 Sales 13.3 mln vs 11.2 mln Avg shrs 1233136 vs 1217981 Note: Current qtr and year figures exclude operating loss carryforward gain of 26000 dlrs vs gain of 88000 dlrs in prior year periods. Reuter | NEWPORT ELECTRONICS INC <NEWE> 4TH QTR NET |
Qtly div 44 cts vs 44 cts prior Pay June One Record May Eight Reuter | TRANSCO EXPLORATION PARTNERS LTD <EXP> IN PAYOUT |
Qtly div 68 cts vs 68 cts prior Pay June One Record May Eight Reuter | TRANSCO ENERGY CO <E> SETS QUARTERLY |
Ford Motor Co selected <Scicon Corps> Systems Control unit to install a manufacturing automation system at Fords Hermosillo Mexico plant Scicon said. The system the value of which was not disclosed will provide Ford with automated vehicle tracking capabilities Scicon said. Reuter | FORD <F> SELECTS FIRM TO AUTOMATE PLANT |
RLR Financial Services Inc said the National Association of Securities Dealers has decided not to delist its stock from NASDAQ on March 12 as it had threatened. The company said the NASD has granted it an indeterminate amount of time to resolve issues raised by the NASD on the market making of RLRs RLR Securities Group Inc subsidiary in shares of the parent company. The NASD had alleged that no registration statement for the shares was in effect. RLR contested the charge but stopped market making in its own stock. Reuter | RLR FINANCIAL <RLRF> WON'T BE DELISTED |
McDermott International Inc said ASEA Babcock PFBC received a 48 mln dlrs contract to supply a combustion system for Tidd Power Plant in Brilliant Ohio. ASEA Babcock PFBC is a joint venture between its Babcock and Wilcox unit and ASEA PFBC of Sweden. Reuter | MCDERMOTT <MDR> UNIT GETS PLANT CONTRACT |
Alaska Air Group Inc said it will offer 1.8 mln shares of common stock at 25.875 dlrs per share. The company said proceeds from the 45.1-mln-dlr offering will be used to reduce debt for working capital and for capital expenditures. Reuter | ALASKA AIR GROUP <ALK> TO OFFER STOCK |
El Paso Electric Co said it has agreed to limit rate increases in its New Mexico service territory to a maximum of nine pct over the next three years. Last year about 18 pct of the utilitys revenues came from New Mexico 70 pct from retail electricity sales in Texas and 12 pct from wholesale sales under federal regulation. In January the company filed a formal rate case with New Mexico regulators seeking a 21.66 pct increase in its annual rates there which would have been equal to about 13.9 mln dlrs net of fuel savings. El Paso Electric said it reached a stipulated settlement on its New Mexico rates with several parties including the state of the New Mexico Public Service Commission which provides for rate treatment of the utilitys investment in the Palo Verde Nuclear Generating Station located near Phoenix Ariz. The company said commission hearings on the stipulated settlement are expected to start next month. If it is approved the new rates could go into effect as early as this summer. El Paso Electrics January rate case will remain before the commission pending approval of the settlement. El Paso Electric said the agreement provides got continued full inclusion in its rate base of the costs of Palo Verda Unit one maximum rate increases of three pct on a cents per kilowatt hour basis in 1987 1988 and 1989 and no further rate increases until 1994. Once the agreement is approved the utility would still have to prove cost of service increases to support at least the maximum increase each year a spokesman explained. The company said it will attempt to settle the cost of service issues in timed to allow the new rates to go into effect this summer. El Paso Electric said the agreement allows recovery in its New Mexico rates of lease payments in connection with the utilitys 1986 sale and leaseback of its investment in Palo Verde Unit Two to the extent of the book value sold. The company said it agreed that none of its costs for Palo Verde Unit Three will be included in its New Mexico rates. The utility said the agreement also resolves any issue relating to the prudence of the planning management and construction of Palo Verde and settles any possible issue of excess generating capacity through 1993. El Paso Electric said it does not expect to have excess generating capacity. The agreement also provides that any portion of the cost of service deferrals not recouped prior to December 31 1994 will not be recovered through New Mexico rates the company said adding it expects to recoup all deferrals in full by that date. Reuter | EL PASO ELECTRIC <ELPA> REACHES NEW MEXICO PACT |
Chronar Corp said it signed a joint venture agreement with <Rade Koncar> a Yugoslav maker of electric energy equipment to build a 12 mln dlr one megawatt photovaltaic manufacturing plant in Split Yugoslavia. Under the agreement Rade Koncar will own 60 pct of the venture and Chronar will own 40 pct Chronar said. Chronar said it will receive 7.5 mln dlrs for supplying equipment and technology and will invest 2.5 mln dlrs for its 40 pct stake. It said it cancelled a previous pact with a Yugoslav firm because the firm could not raise enough capital. Reuter | CHRONAR <CRNR> IN JOINT VENTURE IN YUGOSLAVIA |
The Chicago Board of Trades (CBT) board of directors voted to postpone the start of what will be the first U.S. evening futures trading session until April 30 from April 2 to give participants a chance to get ready the exchange announced. Several trading firms had asked for a delay in the start-up of the evening session so that the firms can work out operational difficulties created by the off-hours session. CBT chairman Karsten Mahlmann said in a statement the delay will afford all firms the time necessary to be 100 pct ready for this innovative program we are postponing the opening date. The board of directors accepted yesterdays recommendation by a committee of members overseeing the planned evening session which was originally scheduled to start April 2. The session is designed to begin the global trading day from 1800 to 2100 local Chicago time Monday through Thursday. CBT members overwhelmingly approved the evening session in a vote conducted a month ago. But before night trading can begin the CBT still has to obtain approval from the Commodity Futures Trading Commission. Pending regulatory approval the CBT plans to offer evening trading in the worlds most active futures contract Treasury bonds along with Treasury note futures and options on those contracts. The evening session will make available to traders in the Far East interest rate hedging vehicles when their day is just beginning and the CBT hopes to attract trading capital from the Pacific Rims burgeoning financial centers. When the idea for a night trading session was broached it met with resistance from many local traders who said the session would add to the physical strain of their jobs. Many traders and member firms also questioned whether the night session would have the liquidity necessary to survive and complained that the cost of manning trading desks for two sessions per 24-hour cycle might not be worthwhile. Some credit market analysts including Norman Quinn president of Golden Gate Futures said the night session would likely be dominated by institutions because the larger local traders would refuse to return at night. Nevertheless Quinn and other traders said the night session has a good chance of succeeding. Reuter | CBT POSTPONES NIGHT TRADING START TO APRIL 30 |
The Bank of France announced that it will publicly auction 10.5 billion francs of negotiable Treasury bills on March 16. The auction will comprise 3.5 billion francs of 13-week bills 3.5 billion francs of 26 week bills and 3.5 billion francs of 52-week bills all fixed rate. Reuter | FRANCE ANNOUNCES 10.5 BILLION FRANC T-BILL AUCTION |
Shr profit nine cts vs loss 45 cts Net profit 2500000 vs loss 9900000 Revs 16800000 vs 3300000 Note: 1986 net includes 2.6 mln dlr or nine ct a shr writedown of nine pct stake in <Trans-Canada Resources Ltd>. 1985 results reflect only six mths of mining operations due to merger of Erickson Gold Mines Ltd and Total Eastcan Exploration Ltd on June 30 1985. Reuter | TOTAL ERICKSON RESOURCES LTD <TLEXF> YEAR NET |
The French aerospace industry had a mixed year in 1986 with military sales hit by the falling dollar and lower oil and raw material prices but the civilian sector performing better Jacques Benichou president of the the French aeronautics and space industries group (GIFAS) said. He told journalists here that the sales success of the European Airbus Industrie consortium in which France has a 38 pct stake through Aerospatiale and the SNECMA aero-engine group which has a 50 pct stake in CFM International with the U.S. Group General Electric had both performed well. Turnover for the French aerospace industry was 74 billion francs last year comparable in constant terms with 1985 while the trade surplus for the industry was around 30 billion francs. We should be neither too optimistic nor too pessimistic Benichou said. Reuter | FRENCH AEROSPACE INDUSTRY HAS MIXED 1986 |
Nationwide Cellular Service Inc said it has acquired an option to purchase rights to about 4000 subscribers from Americom L.A. Systems a Los Angeles reseller of mobile telephone service for 2750000 dlrs. It said the option can be exercised within 120 days and would mark its entry into the Los Angeles market. During the option period it said it will manage American L.A.s operations. The option is subject to negotiation of a definitive agreement and the receipt of certified financial statements from Americom. Reuter | NATIONWIDE CELLULAR <NCEL> HAS BUY OPTION |
The Securities Industry Association said it strongly supports the decision yesterday by the Senate Banking Committee to freeze the entry by commerical banks into non-banking businesses such as the underwriting of commerical paper. This committee vote is not only a prudent and thoughtful approach to review of the Glass-Steagall Act but a strong and needed message from the Senate that it is the responsibility of Congress to review and if necessary amend the nations banking laws the association said in a statement. Reuter | SECURITIES TRADE GROUP REPLIES TO SENATE VOTE |
Versar Inc said it has agreed in principle to acquire Martin Marietta Corps Martin Marietta Environmental Systems unit for about 5300000 dlrs. Versar said it would use its working capital and an established life of credit to find the purchase which is subject to approval by both boards and is expected to be completed in April. Marietta Environmental had 1986 revenues of about nine mln dlrs. Versar said the acquisition should have a moderately favorable effect on its earnings this year. Reuter | VERSAR <VSR> TO BUY MARIETTA <ML> UNIT |
Transco Energy Co said on April 10 it will redeem all 707905 outstanding shares of its 3875 dlr series cumulative convertible preferred stock at 51.17 dlrs per share plus accrued dividends of 74 cts. Transco said each share of the preferred is convertible into 1263 common shares. Reuter | TRANSCO ENERGY <E> CALLS 3.875 DLR PREFERRED |
Merrill Corp said it acquired Frayn Financial printing the financial printing division of Frayn Printing Co Seattle. Terms were not disclosed. It said the acquired division now known as Merrill/Seattle becomes the companys 10th financial printing service center. Reuter | MERRILL <MRLL> BUYS FRAYN FINANCIAL PRINTING |
I.I.S. Intelligent Information Systems Ltd said it has received received and completed delivery on an order worth over 700000 dlrs to supply Textron Incs Bell Helicopter Textron Inc unit with leased International Business Machines Corp <IBM> 3270 and 3191 plug-compatible work stations and printers. Reuter | I.I.S. INTELLIGENT <IISLF> IN TEXTRON <TXT> DEAL |
Two major U.K. Clearing banks announced they will offer a total of 800 mln stg in new mortgages at a fixed interest rate of 10.2 pct for the first three years below current bank base lending rates of 10.5 pct. Midland Bank Plc <MDBL.L> said it has initially allocated 500 mln stg for home loans at this rate while Lloyds Bank Plc <LLOY.L> will offer 300 mln stg. Earlier this week Midland said it would cut its standard rate of mortgage payment to 11.5 pct from April 1 following a half a percentage point reduction in leading banks base lending rates from 11 pct. Building society and other bank mortgage rates are largely still well above the new base rate level although last year Lloyds offered a fixed rate of 9.9 pct on certain home loans. A Midland spokesman said his bank calculated that at the current level of 2.7 billion stg its existing mortgage book accounts for about 5 pct of the total British home loan market. Lloyds said it has 3.6 billion stg in outstanding mortgage loans but had not estimated its total market share. Among other major clearing banks Barclays Plc <BCS.L> and National Westminister Bank Plc <NWBL.L> said they had no immediate plans to announce similar fixed rate schemes. Reuter | U.K. BANKS OFFER FIXED-RATE MORTGAGES AT 10.2 PCT |
Primages Inc said it introduced a new daisywheel printer that can print 90 characters per second and features graphics capabilities. The printer called Primage 90-GT is priced at 1500 dlrs and can be combined with the companys paper-handling systems Primage said. Reuter | PRIMAGE <PRIM> INTRODUCES NEW PRINTER |
Datarex Systems Inc said it was named a distributor for Minnesota Mining and Manufacturing Cos data recording media and other computer suppliers and accessories in the United States. The company said sales of the 3M products will have a material impact on its sales for the balance of 1987. Reuter | DATAREX <DRX> TO SELL 3M <MMM> COMPUTER GEAR |
Jim Walter Corp said it completed the acquisition of Owens-Corning Fiberglas Corps mineral ceiling and fiberboard plant in Meridian Miss. Terms were not disclosed The plants operations will complement existing ceiling materials production within jim Walters building materials group which last year generated income of 54.9 mln dlrs on sales of 740 mln dlrs. Reuter | JIM WALTER <JWC> BUSY OWENS-CORNING <OCF> PLANT |
House Speaker Jim Wright predicted the House would vote by a substantial margin to block 40 mln dlrs in aid to the Nicaraguan contra rebels until President Reagan has accounted for previous assistance. Wright a Texas Democrat conceded Congress ultimately will be unable to stop the money but said the House vote expected later today will tell the White House its contra program -- one of Reagans pet projects -- is in trouble. The adminstration must face reality and focus on other ways to find peace Wright said. The House is voting on legislation that would block for six months 40 mln dlrs appropriated last year. The administration has said it intends to start using the money next month to provide arms and equipment to the rebels. We expect to win by a substantial margin Wright said. The legislation calls on Reagan to account for all previous aid including money diverted to the contras from the secret U.S. arms sales to Iran. The scandal over the arms sales and the diversion of profits to the contras has plunged the Reagan administration into its deepest crisis. The legislation also demands an accounting of 27 mln dlr in humanitarian aid appropriated by Congress in 1985 and all funds given to the contras by foreign governments or private individuals at the urging of the Reagan administration. Reuter | WRIGHT SAYS HOUSE WILL VOTE TO BLOCK CONTRA AID |
American President Cos Ltd said its American President Lines shipping subsidiary obtained final approval from U.S. and Japanese authorities to lease four new ships from Lykes Bros Co. The move will will enable it to boost service in the Pacific by 15 pct in 1987 American President said. The company said it will lease the ships for three years and hold two additional three-year options. It said American President Lines is currently operating at capacity in the Pacific and the new ships will arrive in time for the normal demand surge of the spring and summer seasons. Reuter | AMERICAN PRESIDENT <APS> TO LEASE MORE SHIPS |
Bowne and Co Inc said its board declared a two-for-one stock split payable May 10 to holders of record April 17. Reuter | BOWNE AND CO INC <BNE> SETS STOCK SPLIT |
The London Stock Exchange has no immediate comment on the U.S. Insider trading charge against a senior London executive of Merrill Lynch and Co <MER> an Exchange spokesman said. This is a civil action in New York and no-one here has any proper details yet he added. The London Exchange which keeps in touch through the U.K. Governments information channels to the U.S. Securities and Exchange Commission will await further developments he said. Trade and Industry Department officials also declined immediate comment. Merrill Lynch in London said any further amplification on the SEC charge against its executive Nahum Vaskevitch would have to come from the firmss New York office. Market queries here centred on whether the 12 companies involved in mergers referred to in the SEC complaint included British companies such as Guinness Plc <GUIN.L> which have featured in recent official inquiries. Merrill Lynch is a member of the London Stock Exchange in addition to its U.S. And other international investment activities. Reuter | LONDON EXCHANGE DECLINES COMMENT ON MERRILL CASE |
Louart Corp a Los Angeles investment firm said it raised its stake in Amerford International Corp to 105615 shares or 7.8 pct of the total outstanding from 69715 shares or 5.2 pct. In a filing with the Securities and Exchange Commission Louart said it bought 35900 Amerford common shares between March 19 1986 and Jan 30 1987 at prices ranging from 3.92 to 4.29 dlrs a share. It said it bought the shares for investment purposes and might increase its stake in the future. Reuter | INVESTMENT FIRM BOOSTS AMERFORD <AMRF> STAKE |
Emerson Electric Co is offering in the U.S. debt market 100 mln New Zealand dlrs of notes due 1989 with an 18.55 pct coupon and par pricing said lead underwriter Prudential-Bache Securities Inc. That is 170 basis points below comparable New Zealand rates. Non-callable to maturity the issue is rated a top-flight AAA by both Moodys Investors Service Inc and Standard and Poors Corp. Reuter | EMERSON <EMR> SELLS NEW ZEALAND DOLLAR NOTES |
<Visa International> owned by a consortium of banks said Bank of China has agreed to become a Visa member in May and a Visa card will be issued for use in China and around the world. No international credit cards are currently issued in China. Visa said plans are underway to install electronic terminals at Visa-accepting merchants in China later this year to authorize the growing number of credit card transactions by tourists and minimize operating risks. Visa said it plans to extend its worldwide telecommunications network to China this year through a satellite link allowing authorization requests to be forwarded to card issuers around the world. Over 1000 merchants in China now honor the Visa card and the number is expected to double by the end of next year it said and card transactions in China are expected to rise 50 pct from the current 130 mln dlrs a year during 1987. Visa International said it is already designing the Visa card that Bank of China will issue. Reuter | <BANK OF CHINA> TO JOIN VISA NETWORK |
CHRYSLER SAYS IT SOLD 405 MLN DLRS OF CORPORATE BONDS TO INVESTMENT BANKERS |
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A pressure leak in a containment building hatch at FPL Group Incs Turkey Point nuclear plant has forced a brief reactor shutdown a Nuclear Regulatory Commission (NRC) spokesman said. Ken Clark the NRCs representative in Atlanta said no radioactivity escaped during the incident last night which he described as a relatively minor problem that poses no safety hazard. Clark said repairs were underway and Turkey Point Unit 4 one of two nuclear reactors at the site south of Miami was expected to be reactivated later today. Reuter | FPL GROUP <FPL> NUCLEAR REACTOR SHUT DOWN |
Austrian gross domestic product growth for this year is likely to be between 0.5 and 1.5 pct Helmut Kramer head of the semi-official Institute for Economic Research (WIFO) said. This compared with a two pct growth forecast made by the WIFO last December. Kramer made the forecast at a meeting today on Austrias economic outlook also attended by Chancellor Franz Vranitzky Finance Minister Ferdinand Lacina and National Bank President Stefan Koren. REUTER | CORRECTED - AUSTRIA 1987 GROWTH FORECAST REVISED |
First Boston the Swiss affiliate of First Boston Inc said it raised its stake in the company to 11262307 shares or 35.5 pct of the total from 10262307 shares or 32.8 pct. In a filing with the Securities and Exchange Commission Financiere Credit Suisse said it bought 870100 First Boston common shares between Feb 10 and 27 at prices ranging from 48.125 to 53.000 dlrs a share or 22.5 mln dlrs total. It said it bought the shares as part of an agreement to raise its minority stake in First Boston to 40 pct the same stake level First Boston holds in Financiere Credit Suisse. Reuter | FIRST BOSTON <FBC> SWISS AFFILIATE BOOSTS STAKE |
Oper shr 23 cts vs 77 cts Oper net 5255179 vs 17.6 mln Revs 37.8 mln vs 73.7 mln NOTE: Cash flow 19.5 mln dlrs or 86 cts shr vs 36.7 mln dlrs or 1.62 dlrs shr. 1985 net excludes 32 ct shr loss from discontinued operations. Gross proven and probable reserves of crude oil and natural gas liquiids 18.4 mln barrels off 7.6 pct from a year before. Reuter | NUMAC OIL AND GAS LTD <NMC> YEAR NET |
Farah Inc said it omitted its quarterly common stock dividend for the second consecutive quarter. The company which last paid a quarterly common dividend of 22 cts a share in December said it will consider future dividend payments on the basis of improved profitability and cash flow. Farah said it expects to turn a profit for the balance of 1987. For its first quarter ended January 31 Farah lost 1891000 dlrs or 32 cts a share on sales of 71 mln dlrs. In addition Farah said it received shareholder approval to change its name to Farah Inc from Farah Manufacturing Co. Reuter | FARAH <FRA> AGAIN OMITS QUARTERLY DIVIDEND |
The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Minnesota Power and Light Co <MPL> - Offering of 50 mln dlrs in first mortgage bonds due April 1 1994 and 75 mln dlrs in first mortgage bonds due April 1 1997 through PaineWebber Inc. International Lease Finance Corp <ILFC> - Shelf offering of up to 1000 shares of Dutch Auction Rate Transferable Securities (DARTS) preferred stock through Salomon Brothers Inc and Shearson Lehman Brothers Inc. Trinity Industries Leasing Co - Offering of 100 mln dlrs of convertible debentures due April 1 2012 through Merrill Lynch Capital Markets. Reuter | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
A two-year project to search for oil and gas in Jordan was agreed in Amman by Jordans Natural Resources Authority (NRA) and the Canadian company Petrocanada International Assistance Corporation (PCIAC). The 19.1 mln dlr assistance agreement was signed by Jordans Minister of Energy Hisham al-Khatib and PCIAC chairman Peter M. Towe. PCIAC is a Canadian government corporation providing assistance to countries like Jordan to reduce their dependence on oil imports Towe said. Reuter | JORDAN-PETROCANADA AGREE OIL EXPLORATION PROJECT |
Keystone Camera Products Corp said it has agreed to be the United States distribution manager for Le Clip clip-on fashion watches. Keystone said its agreement with <Le Clip S.A.> of Switzerland is effective through March 31 1990. Reuter | KEYSTONE CAMERA <KYC> TO DISTRIBUTE WATCHES |
NECO Enterprises Inc said it has postponed its annual meeting to May 21 from the previously scheduled April 28 and the record date for the meeting to March 25 from March 11. A spokesman said the changes were made because of the pending tender offer for the companys stock. Reuter | NECO <NPT> POSTPONES ANNUAL MEETING |
Numac Oil and Gas Ltd said it expects significant improvement in operating performance during 1987. The company today reported 1986 earnings from continuing operations of 5255179 dlrs down from 17.6 mln dlrs a yuear earlier due to lower prices for crude oil and pipeline capacity constraints. Numac said changes introduced by federal and provincial governments during 1986 should help results. Reuter | NUMAC OIL <NMC> SEES RESULTS IMPROVING |
U.S. Senate Republican leader Robert Dole said Congress should consider legislation to apply the so-called 0/92 option to producers of major commodities. Dole told the National Corn Growers Association that he thought the proposal supported by the Reagan administration should be seriously considered because a refusal to do so could play into the hands of those who want mandatory controls placed on production. However Dole did not say whether he would support the 0/92 option which would offer producers at least 92 pct of their income support payments regardless of how much they planted. The Senate Republican leader said the 0/92 option posed two problems. First it is viewed he said by some as welfare. In addition debate on the proposal could open up the whole farm bill Dole said. Dole also repeated his call for an across-the-board export enhancement program saying a subsidy offer to the Soviet Union could help improve U.S. relations with that country. Dole said that the United States has made the decision to trade with Moscow and that its important to offer competitive prices. The senator predicted Congress would have to decide this year whether to require an expansion of the export subsidy program which currently targets benefits to recapture markets lost to other suppliers which subsidize. Dole who last year pledged to offer legislation to require a marketing loan for major crops but never did so again called for the marketing loan for wheat and feedgrains. The Reagan administrations proposed farm policy changes are not going anywhere this year Dole said singling out the proposal to cut target prices 10 pct per year. Asked by reporters after his speech whether he sensed a shift in the State Department towards supporting an export enhancement initiative for the Soviet Union Dole said he didnt see any change. Dole also said it would be a very close call in the Senate whether to open up the farm bill to general debate this year. Dole said he was encouraged by the selection of Republican David Karnes to replace the late Sen. Edward Zorinsky (D-Neb.) Reuter | DOLE SAYS 0/92 OPTION SHOULD BE CONSIDERED |
Tofruzen Inc said King Soopers and City Markets two supermarket chains have tentatively agreed to carry the companys Tofruzen frozen dessert in all their Colorado stores after a 14-month test market. Reuter | <TOFRUZEN INC> IN DISTRIBUTION AGREEMENT |
L.M. Ericsson Telephone Co of Sweden said it was awarded a 7.5 mln dlr contract to supply its Alfaskop computer terminals to the West German Bundespost West Germanys telecommunications and postal administration. Ericsson said the contract covers 2000 terminals which will be used by West German post offices. Reuter | ERICSSON <ERICY> WINS ORDER FROM WEST GERMANY |
H.J. HEINZ CO 3RD QTR SHR 55 CTS VS 46 CTS |
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H.J. HEINZ RAISES QUARTERLY TO 28 CTS FROM 25 CTS |
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Pre-Paid Legal Services Inc chairman Harland Stonecipher said the companys sales growth rate for each of the next five years would substantially exceed the average 100 pct recorded over each of the last few years. Addressing analysts Stonecipher declined to give specific figures but attributed his optimism to a recent loan agreement with I.C.H. Corp <ICH> under which Pre-Paid is slated to receive 10 mln dlrs. In 1986 Pre-Paid earned 2.5 mln dlrs on sales of 42.4 mln dlrs compared to net of 1.5 mln dlrs on sales of 19.8 mln dlrs in 1985. Stonecipher said the companys product will be marketed through at least two I.C.H. subsidiaries. The agreement with I.C.H. will provide access to all 50 states from Pre-Paids present coverage in 22 states he said. Pre-Paid provides insurance for legal services primarily in the private sector. Reuter | PRE-PAID LEGAL <PPD> SEES HIGHER SALES GROWTH |
Shr loss seven cts vs loss 3.83 dlrs Net profit 1700000 vs loss 13900000 Revs 18.7 mln vs 25.6 mln Note: Current shr after preferred dividends of 2.0 mln dlrs Prior shr and net includes 34.5 mln dlr writedown on oil properties Reuter | <RANCHMEN'S RESOURCES LTD> YEAR LOSS |
Iraq said it had repelled an Iranian attack on positions held by its fourth army corps east of the southern Iraqi town of Amarah on the Baghdad-Basra highway. A Baghdad war communique said an Iranian infantry brigade backed by tanks launched the overnight attack and fierce fighting raged for more than six hours before Iranian troops fled the battlefield leaving 220 men killed and many wounded. No major battles have been reported fought by the fourth army corps for more than a year in the area mainly swamplands of the Hawizah marshes running eastward to the southern port city of Basra. Reuter | IRAQ SAYS IRANIANS THROWN BACK IN SOUTH |
U.S. Senate Republican leader Robert Dole (R-Kan.) said he and a group of Republican lawmakers are considering introducing legislation to extend the ethanol tax exemption through the year 2000. Dole addressing the National Corn Growers Association board said the proposal was under consideration by a rural task force of Republican members of Congress and governors. Gasoline containing at least 10 pct ethanol now receives a six cents per gallon exemption from a nine cent federal excise tax. The exemption is to expire the end of 1992. Ethanol is produced primarily by a few large agribusiness firms including Archer Daniels Midland (ADM) and A.E. Staley. The tax exemption has helped bolster ethanol production despite a sharp drop in the prices of competing crude oil. Reuter | DOLE MULLS BILL TO EXTEND ETHANOL TAX EXEMPTION |
Oak Industries said it signed a definitive agreement to buy the stock of Rexnord Incs Railway Maintenance Equipment Co unit for an undisclosed sum. The company said Railway Maintenance had 1986 revenues of 16 mln dlrs. Oak said the acquisition is part of its two-tier strategy of buying releated and unrelated businesses. Oak had a tax loss carryforward of 125 mln dlrs at the end of 1986. Reuter | OAK INDUSTRIES <OAK> TO BUY REXNORD <REX> UNIT |
Sumitomo Bank of California said it declared a 7-1/2 pct stock dividend in addition to its regular quarterly cash dividend of 29 cts per share. Both dividends are payable April 27 to shareholders of record March 31 the company said. Reuter | SUMITOMO BANK <SUMI> DECLARES STOCK DIVIDEND |
Qtly div 18 cts vs 17 cts prior Pay April 15 Record April One Reuter | LSB BANCSHARES INC <LXBK> RAISES PAYOUT |
H.J. Heinz Co said its board of directors has elected Anthony OReilly chairman of the board succeeding Henry Heinz II who died on February 23. Heinz said OReilly will retain his present titles of president and chief executive officer. Reuter | H.J. HEINZ <HNZ> ELECTS NEW CHAIRMAN |
Shr 53 cts vs 46 cts Qtly div 28 cts vs 25 cts prior Net 74.7 mln vs 63.2 mln Revs 1.08 billion vs 1.01 billion Nine mths Shr 1.78 dlrs vs 1.60 dlrs Net 244.4 mln vs 219.7 mln Revs 3.33 billion vs 3.15 billion Note: Dividend payable April 10 to shareholders of record March 23. Reuter | H.J. HEINZ CO <HNZ> 3RD QTR JAN 28 NET |
Chrysler Corp today sold 405 mln dlrs of corporate bonds from its nearly 3.5 billion dlr pension fund to Wall Street investment bankers vice president and treasurer Fred Zuckerman said. He said this was the first of two planned sales of corporate issues from the funds portfolio. Zuckerman said Chrysler will sell slightly less than one billion dlrs of corporates. Phase two (the second sale) will be in a month or so the Chrysler executive said adding that proceeds will be invested exclusively in the equities market. Before todays sale of corporate bonds those securities had comprised roughly two thirds of the pension fund portfolio. After the two sales equities will amount to 50 pct or more of the portfolio Zuckerman said. We believe that the equity market has much more upside potential than the bond market the executive said. Interest rates are not coming down and I would not bet a lot that they will drop sharply. He added I personally think interest rates may decline by 50 basis points at the most this year. Zuckerman said the 405 mln dlr bond sale was composed of 139 separate issues. Sixty pct were utilities 20 pct were issued by foreign governments or corporations and 20 pct were financial institutions he detailed. The Chrysler treasurer said that the corporate paper had typically an 18-year maturity. The securities were long-term high-quality bonds mostly rated AA-minus or A-plus he said. Zuckerman said Chrysler sold the corporate bonds at about 1.6 pct above yesterdays closing prices for these issues. That showed our portfolio is desirable he commented. Corporate bond traders noted that Chryslers sale occurred against the backdrop of a slightly weak secondary market. They said they believed that Chrysler was sold the corporates at a large profit because the issues were bought by the automaker for its portfolio when interest rates were much higher. Chryslers Zuckerman said his company sold the corporate issues to four large Wall Street securities firms. He said that Morgan Stanley and Co Inc and Salomon Brothers Inc bought most of the bonds. However Zuckerman declined to name the other two houses. Yesterday Chrysler presented four investment bankers with a list of bonds and asked them to submit bids by this morning. Zuckerman said that Morgan Stanley bought more corporate bonds than any one of the other three houses. Wall Street sources said they believed First Boston Corp and Merrill Lynch Capital Markets were also in on the bidding for the corporate bonds. They believed these two firms were awarded bonds by the carmaker as well. A spokesman for Morgan declined to comment and referred inquiries to Chrysler. Officials at Salomon First Boston and Merrill Lynch were unavailable for immediate comment. Reuter | CHRYSLER <C> SELLS BONDS FROM ITS PORTFOLIO |
Maoist guerrillas using dynamite derailed two locomotives and four train wagons interrupting traffic on Perus sole railway line linking the capital to the central Andes where most of the countrys mining centres are located authorities said. Damages was estimated at 800000 dlrs in the dynamite blast yesterday at Chacapalca where the explosion wrecked the train laden with minerals and 45 metres of the railway line. Crews hoped to restore traffic to the line later today after clearing the damaged train and repairing the tracks at Chacapalca 225 km east of the Capital Lima. An official at Mineroperu comercial (Minpeco) Perus state minerals marketing firm said the agency was assessing the situation. There had not been a declaration of force majeure on contracts to ship minerals abroad. Foreign sales of silver copper zinc and other minerals earn Peru over half of its export income. Most of the minerals extracted and refined in the central peruvian andes are shipped down the central railway to the lima port of callao. Reuter | PERU GUERRILLAS INTERRUPT TRAIN ROUTE TO MINES |
HOUSE IN PRELIMINARY VOTE OPPOSES AID TO NICARAGUAN REBELS FOR SIX MONTHS |
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Tenneco Inc a company that has long been rumored to be a takeover candidate rose sharply today when speculation surfaced that investor T. Boone Pickens may be targeting the company for an acquisition traders and analysts said. Tenneco spokesman Joseph Macrum said we have no comment to make whatsoever. Pickens was not available for comment. Traders noted that activity in the stock increased today after a published report linked Pickens to Tenneco. Tenneco rose two points to 48-3/4. Paul Feretti an analyst with New Orleans-based Howard Weil Labouisse Friedrichs Inc said he was not surprised at market rumors that Tenneco might be the target of a takeover attempt. Its pure market speculation that Boone Pickens and his group may be interested Feretti said. But Tenneco would be a challenge to run because of its sheer size and diversity. Mr. Pickens is a man who likes a challenge. Pickens who made an unsuccessful attempt to take over Dallas-based Diamond Shamrock Corp <DIA> last winter has made no secret of his plans to acquire additional natural gas reserves in the belief that gas prices will stabilize sooner than oil prices. Tenneco holds natural gas reserves estimated in excess of 3.5 trillion cubic feet analysts said. Feretti conservatively estimated Tennecos breakup value at 58 dlrs a share and said the company generated a cash flow of about 10 dlrs a share which is probably very attractive to Pickens. Other analysts however estimate a breakup value well into the 60 dlr a share range. I strongly doubt that there is going to be any hostile takeover Drexel Burnham Lambert Incs Houston-based analyst John Olson said putting little credence in the rumors. Tenneco is a gargantuan enterprise with seven billion dlrs in long-term debt and preferred stock outstanding. He said the buyer would also have to deal with the intractable problems Tenneco faces with its farm equipment unit and energy businesses. Analysts suggested that Tenneco could use a number of defensive strategies to fend off an unwanted buyer such as spin off some of its non-energy businesses directly to shareholders buy back shares or create a limited partnership out of its natural gas pipeline interests. An analyst who asked to remain unidentified discouraged the Pickens rumor. Pickens has a plateful already with his holdings in Burlington Northern and Amerada Hess he said. I dont think he would be willing to take on Tennecos problems with Case (the farm equipment unit) which has been losing about 180 mln dlrs annually and is worth less than a billion dlrs on the market today. Reuter | WALL STREET STOCKS/TENNECO INC <TGT> |
Software AG Systems Inc said it expects to report earnings for its third quarter substantially weaker than earnings of prior periods due to an unexpected shortfall in U.S. domestic license revenues. For the second quarter ended November 30 Software AG earned 2089000 dlrs down from 5014000 dlrs a year before. In last years third quarter Software AG earned 1598000 dlrs. Reuter | SOFTWARE AG <SAGA> SEES WEAK RESULTS |
Chrysler Corp said it is escalating its war with automotive parts counterfeiters and will use the service of Light Signatures Inc of Los Angeles. It said computer technology by Light Signatures initially will be used to safeguard warranty glass. Reuter | CHRYSLER <C> TO STEP UP COUNTERFEIT BATTLE |
Net 3563000 vs 2821000 Sales 318.6 mln vs 305.4 mln Year Net 28950000 vs 20167000 Sales 1.22 billion vs 1.17 billion Note: Company is a subsidiary of Bayer AG of West Germany. 1986 figures exclude Miles Bayvet animal health business sold Jan. 1 1986 to Mobay Corp another Bayer AG affiliate. Reuter | MILES LABORATORIES INC 4TH QTR NET |
<Equity Silver Mines Ltd> said it agreed to sell 6.6 mln shares of a new class of par value voting stock to Placer Development Ltd for 37.1 mln dlrs increasing Placers stake in Equity to 74.5 pct from 68 pct. The transaction is subject to regulatory approval and a vote by Equity minority shareholders at the April 23 annual meeting the company said. Proceeds from sale of the shares priced at 5.625 dlrs each will be used to buy and deliver 4985000 ounces of silver to Placer Equity said. Equity Silver said the silver remains to be delivered under its sale agreement with Placer after delivery of its 750000 ounce minimum commitment for 1987. Equity said it arranged to acquire 4985000 ounces of silver at 7.40 dlrs an ounces subject to selling the shares to Placer. Purchase and delivery of the silver to Placer will result in an after-tax gain of about 6.6 mln dlrs Equity said. It also said the stock and silver transactions will create a 37059000 dlr fund out of which dividends will be paid when cash is available. The cash fund will enable Equity Silver to continue to pay dividends on its preferred shares and increase the likelihood that it may be able to pay dividends on its common shares the company said. It did not elaborate on what common share dividends might be paid. The company normally pays quarterly preferred dividends totalling 619000 dlrs from retained earnings Equity Silver said. Equity Silver had retained earnings of 2312000 dlrs at December 31 1986. Reuter | PLACER <PLC> TO INCREASE STAKE IN EQUITY SILVER |
With troops in place in Brazils ports and oil installations the government of Prersident Jose Sarney today sought to end a wave of labour unrest by a show of force. Yesterday the government sent thousands of troops supported in some instances by tanks to occupy nine oil refineries and six areas of oil production. The state-oil company Petrobras requested the intervention because of a threatened strike by 55000 oil industry employees. The government had already dispatched more than 1000 marines to occupy the countrys main ports after a national seamens strike was ruled illegal last Friday. The strike by 40000 seamen now in its 13th day represents a stern challenge to the government. The stoppage has delayed exports at a time when Brazil desperately needs foreign exchange. It was a deterioration in the countrys trade balance which precipitated Brazils current debt crisis and the decision on February 20 to suspend interest payments on 68 billion dlrs of commercial debt. There was no sign today of an early end to the seamens strike which has badly hit the port of Santos -- the most important in South America -- and the countrys other main ports. Small groups of marines armed with submachineguns stand on the quays near the strike-bound ships but the military presence here is generally discreet. A total of 800 marines are inside the docks but most are out of sight. Yesterday marines and police occupied one ship the Docemarte seamens leaders said. After explaining to the captain that the strikers faced up to one year in jail because the strike was illegal the men returned to work. One of the strike leaders Elmano Barbosa said it is a psychological war. They are using force and we are using peaceful methods. Port sources said only two Brazilian ships in Santos the Docemarte and the Henrique Leal were working. At the seamens national strike headquarters in Rio de Janeiro spokesmen say a total of about 190 ships are strike-bound in Brazil and in foreign ports. Contradicting earlier reports from strike headquarters in Rio de Janeiro seamen in Santos said the strikers on board ships here were not running out of food. The current labour unrest is the worst faced by Sarneys civilian government since it came to power two years ago. Yesterday in a separate protest hundreds of thousands of farmers held rallies directed largely against high bank interest rates. The current rash of labour unrest in industry and agriculture stems from the failure of the governments now-collapsed Cruzado Plan price freeze. Reuter | BRAZIL'S SARNEY MEETS STRIKES WITH SHOW OF FORCE |
Shr profit 20 cts vs profit five cts Net profit 2273000 vs profit 563000 Rev 38.7 mln vs 30.3 mln Avg shares 11138503 vs 10982699 Nine months Shr profit 40 cts vs loss 10 cts Net profit 4448000 vs loss 1123000 Rev 108.4 mln vs 75.2 mln NOTE: Third qtr net includes gain from discontinued operations of 3.5 mln dlrs or 31 cts a share vs 271000 or two cts a share in fiscal 1985s third qtr. Nine months net includes gain from discontinued operations of 3.8 mln dlrs or 34 cts a share vs 731000 dlrs or seven cts a share in the first nine months of fiscal 1985. | INTELLIGENT SYSTEMS MLP <INP> 3RD QTR DEC 31 NET |
The U.S. House of Representatives in a key procedural vote today opposed a grant of 40 mln dlrs to the Nicaraguan rebels until President Reagan accounts for previous aid including proceeds from U.S. Arms sales to Iran. The major test of House sentiment came several hours before the chamber was to take a final vote on the assistance. However the 227 to 198 vote on a procedural matter was seen as a temporary defeat for Reagan who has made aid to the contra rebels one of his major foreign policy initiatives. Congressional leaders including foes of contra aid have acknowledged that despite todays rebuff which was expected it will be virtually impossible to prevent the 40 mln dlrs which was approved last year from going through. Even if the Senate goes along with the House in postponing the aid Reagan will veto the legislation and Congress is not expected to be able to override the veto. But House Speaker Jim Wright a Texas Democrat said todays vote was important because it would send a message to Reagan that his contra program was in trouble. Reuter | U.S. HOUSE PROCEDURAL VOTE OPPOSES CONTRA AID |
Shr loss three cts vs profit 14 cts Net loss 79778 vs profit 458176 Revs 1063623 vs 1165186 Note: 1986 year includes 400000 dlr writedown on Utah oil and gas properties Reuter | SHADOWFAX RESOURCES LTD <SHFXF> YEAR LOSS |
Paralax Video Enterprises Inc said it has agreeed to acquire <American Video Group Inc> in exchange for 287700 Paralax restricted common shares and three year warrants to buy 318600 restricted shares at six dlrs a share. Paralax said holders of some American Video convertible debentures have elected to exchange them for Paralax restricted common with a market value of about 380000 dlrs with that value to be determined in about 45 days. American Video is a closely held company operating video rental concessions in post and base exchanges at 54 Army Air Force Navy and Coast Guard installations. In its most recent year the company had revenues of about 1.5 mln dlrs. Paralax said the acquisition is scheduled to close March 16. The company now has about 5.5 mln shares outstanding. Reuter | PARALAX <VIDO> AGREES TO ACQUIRE AMERICAN VIDEO |
Shr loss 21 cts vs loss 29 cts Net loss 1246000 vs loss 1420000 Revs 2120000 vs 1186000 Avg shrs 5853587 vs 4880427 Year Shr loss 85 cts vs loss 1.21 dlrs Net loss 4968000 vs loss 5274000 Revs 6536000 vs 5056000 Avg shrs 5854543 vs 4367864 Reuter | KURZWEIL MUSIC SYSTEMS INC <KURM> 4TH QTR LOSS |
Dividend 34 cts vs 34 cts previously Pay April 15 Record March 23 Reuter | J.P. MORGAN AND CO INC <JPM> SETS QUARTERLY |
The Bulgarian Foreign Trade Bank has signed with a group of Japanese banks a 40 billion Euroyen equivalent loan which is the largest syndicated loan denominated in euroyen for a European borrower Bank of Tokyo Ltd said as one of the lead managers. The financing is for seven years and provides the borrower with the option to borrow in other currencies. Dai-Ichi Kangyo Bank Ltd was the other lead manager and nine Japanese banks joined the financing. The syndication of the deal was designed to enhance the Foreign Trade Banks relationship with Japanese financial institutions Bank of Tokyo said. The financing marked the first trip to the international capital markets for the borrower since 1985. The loan has a six year grace period and interest is at 1/8 pct over the London Interbank Offered Rate for the first two years with the margin rising to 1/4 pct thereafter. Reuter | BULGARIA SIGNS 40 BILLION EUROYEN LOAN |
The U.S. Securities and Exchange Commission said it charged a managing director of Merrill Lynch Pierce Fenner and Smith Ltd in London with masterminding a massive insider trading scheme. Nahum Vaskevitch managing director of the Mergers and Acquisitions Department of the brokers London office was charged in a civil complaint by the SEC filed in Manhattan Federal Court. The complaint said Vaskevitch leaked information about 12 companies involved in a merger or acquisition which resulted in more than four mln dlrs in profit for himself and others involved in the scheme. Merrill Lynch Pierce Fenner and Smith is a subsidiary of Merrill Lynch and Co Inc. Reuter | MERRILL LYNCH U.K. EXECUTIVE CHARGED BY SEC |
A Bank of Italy circular that gives the green light for Italian banks to establish merchant banking units stipulates that such units must have a minimum capital of 50 billion lire. The circular which renders operative a previously detailed resolution agreed by a government interministerial committee last month will open the door for wider participation by Italian banks in merchant banking activities. Previously such activities were essentially confined to state banks operating special credit sections to provide medium- and long-term loans to industry. The circular also stipulates that merchant banks set up by banks can have debts totaling a maximum of double their capital. It also stipulates that the total amount of risk capital that a merchant bank can hold in its portfolio must not exceed the value of the banks own combined capital and reserves. No investment in any single company must exceed 20 pct of the combined value of the merchant banks capital and reserves. The merchant banks may not acquire either directly or indirectly controlling stakes in companies in which they invest. Reuter | BANK OF ITALY SETS MERCHANT BANK CAPITAL MINIMUM |
Bayly Corp said it acquired 55 pct of Chutes Corp a maker of denim-oriented sportswear headquartered in Seattle Wash. Terms were not disclosed. Reuter | BAYLY <BAYL> BUYS MAJORITY OF CHUTES |
Shadowfax Resources Ltd said it set a normal course issuer bid to acquire for cancellation up to five pct of its three mln outstanding common shares on the open market on the Alberta Stock Exchange subject to regulatory approvals. Reuter | SHADOWFAX <SHFXF> SETS NORMAL COURSE ISSUER BID |
The Commodity Futures Trading Commission has approved the Minneapolis Grain Exchanges application to trade high fructose corn syrup-55 HFCS-55 futures contracts the commission said. The contract provides for the delivery of 48000 lbs plus or minus two pct of bulk HFCS-55 meeting specified standards regarding its physical and chemical properties. CFTC said the exchange plans to begin trading a July 1987 HFCS-55 contract on April 6. CFTC said the soft drink industry currently buys at least 95 pct of all U.S.-produced HFCS-55 a liquid food and beverage sweetener produced through the processing of corn starch by corn refiners. Reuter | CFTC APPROVES MGE CORN SYRUP FUTURES CONTRACT |
General Instrument Corps government systems division said it received a 35.9 mln dlr contract from the Naval Air Command Systems. The company said the contract calls for continued production of General Instruments family of electronics warfare systems for application in naval aircraft. The contract also contains options for more than 100 systems to be ordered within the next several years the company added. Reuter | GENERAL INSTRUMENT <GRL> UNIT GETS NAVY AWARD |
The London Stock Exchange has no immediate comment on the U.S. Insider trading charge against a senior London executive of Merrill Lynch and Co an Exchange spokesman said. This is a civil action in New York and no-one here has any proper details yet he added. The London Exchange which keeps in touch through the U.K. Governments information channels to the U.S. Securities and Exchange Commission will await further developments he said. Trade and Industry Department officials also declined immediate comment. Merrill Lynch in London said any further amplification on the SEC charge against its executive Nahum Vaskevitch would have to come from the firmss New York office. Reuter | LONDON EXCHANGE DECLINES COMMENT ON MERRILL CASE |
Intelligent Systems Master Limited Partnership said it will make a cash distribution of 25 cts a unit in early April to unitholders of record as of March 31. The company said continued strength in its results prompted the move. Intelligent Systems added that if current plans to sell some of its assets as previously announced are successful it may make further distributions estimated at 15 cts to 25 cts a unit. Earlier the company reported fiscal third quarter ended December 31 net income of 2.3 mln dlrs or 20 cts a share up from fiscal 1985 third quarter results of 563000 dlrs or five cts a share. In addition it reported fiscal 1986 nine months net income of 4.4 mln dlrs or 40 cts a share versus a loss of 1.1 mln dlrs or 10 cts a share in fiscal 1985s first three quarters. Reuter | INTELLIGENT SYSTEMS MLP <INP> MAKES CASH PAYOUT |
A group of state officials and a key U.S. senator said a corporate merger wave was harming the economy and blamed the Reagan administration for laxness in enforcing the federal antitrust laws. Sen. Howard Metzenbaum the Ohio Democrat who chairs the Senate Judiciary Committees Antitrust Subcommittee also cautioned the Department of Justice (DOJ) to comply with his request for a listing of each case since 1980 in which department officials had rejected a staff recommendation to prosecute a suspected antitrust violation. Metzenbaum had asked for the data by Monday but the DOJ failed to meet the deadline and later hinted it might refuse to comply. Acting Assistant Attorney General for Antitrust Charles Rule defended the administrations record on antitrust enforcement and told the panel at todays hearing that the department was in the process of preparing a response to Metzenbaums request. We have nothing to hide but we have to be concerned about our institutional interests Rule said. He provided no explanation of what those interests were. Metzenbaum said he had scheduled the hearings and requested the data out of concern that this administration has abandoned the nations historical commitment to effective antitrust enforcement. The green light is on he said. Merger mania is rampant in this country...and it is not serving us well. Rule countered that the low inflation and interest rates and the continuing economic expansion meant the administrations policies were working well. He said simply looking at the number of challenges filed against pending mergers was misleading because there was no reason to believe that a fixed proportion of all mergers were anticompetitive. If you look at the individual cases rather than the statistics you will see that we are appropriately enforcing the antitrust laws Rule said. Metzenbaums view however was bolstered by the National Association of Attorneys General a group of top state law enforcement officials. The federal assault on antitrust has been comprehensive Robert Abrams attorney general of New York and chairman of the groups antitrust committee told the panel. The reduction in enforcement has been exacerbated by federal attempts to prevent both state attorneys general and private parties from enforcing the law in accordance with its clear meaning and Supreme Court interpretations Abrams said. The group has drafted its own merger guidelines to bring uniformity to the attorney generals efforts to enforce the laws at the state level. Reuter | ADMINISTRATION SAID LAX ON ANTITRUST ENFORCEMENT |
Kurzweil Music Systems Inc said it has taken steps this year to reduce costs including a 10 to 15 pct reduction in its work force. A spokesman said the company now has about 70 employees. It said other reductions include the use of professional services administrative costs manufacturing overhead and non-essential development services adding these cuts are expected to have a significant impact beginning in the second quarter. Earlier today Kurzweil reported a 1986 loss of 85 cts a share compared to a 1985 loss of 1.21 dlrs a share. Reuter | KURZWEIL <KURM> HAS REDUCED WORK FORCE |
The White House said that a proposal by House Speaker Jim Wright for a tax on stock transfers would clearly be a tax increase and that President Reagan opposed it. Spokesman Marlin Fitzwater noted that some 47 mln Americans owned securities shares in mutual funds or had pensions invested in the stock market. He said Wrights proposal differed from user fees which the Administration has proposed in its budget and clearly is a tax increase. Reuter | WHITE HOUSE OPPOSES STOCK TRANSFER TAX |
France supports the European Commissions plans for a European Community (EC) fats and oils tax but objects to some of its oilseeds proposals Yves Van Haecke an aide to French agriculture minister Francois Guillaume said. He told a general assembly of Frances Oilseeds Federation (FFCOP) that a suppression of monthly increases of oilseed support prices for example was unacceptable. French oilseeds experts added the principle of a single tax regardless of varying quality was clumsy and capable of unneccessarily alienating exporters such as the U.S. Reuter | AIDE SAYS FRANCE SUPPORTS OIL AND FATS TAX |
Engelhard Corp <EC> said its Japanese joint venture Nippon Engelhard Ltd is constructing a new chemical catalyst manufacturing facility at its Numazu complex and expanding its research laboratories at Ichikawa. Start-up is targeted for third quarter 1987. Reuter | ENGELHARD BUILDS PLANT IN JAPAN |
H.J. Heinz Co said net income for the third quarter rose 18.2 pct despite an 17.2 pct increase in marketing expenses. Meanwhile the company said it raised its quarterly dividend to 28 cts a share from 25 cts a share in part on the expectation that its tax rate under the new tax law will result in greater cash flow. For the third quarter ended January 31 Heinz earned 74.7 mln dlrs or 55 cts a share up from earnings of 63.2 mln dlrs or 46 cts a share for the year-ago quarter. For the nine months the company posted a profit of 244.4 mln dlrs or 1.78 dlrs a share compared with a profit of 219.7 mln dlrs or 1.60 dlrs a share for the year-ago period. Based on the companys performance for the first nine months we expect to achieve our 23rd consecutive year of new growth records Anthony J.F. OReilly Heinzs newly elected chairman. Reuter | HEINZ <HNZ> HAS HIGHER NET DESPITE HIGHER COSTS |
State Banking Commissioner Robert Empie ordered removed from office in an alleged insider trading scheme plans to fight the charges an aide said today. There will be a hearing on the allegations a spokeswoman said when Empie returns from a meeting outside the state. Governor Henry Bellmon yesterday issued an executive order removing Empie from office by reason of his incompetence malfeasance and neglect of duty. Bellmon said Empie held or controlled more than 50000 shares of stock in United Oklahoma Bank a firm whose assets he regulated. He said the commisssioner used information available to him only by reason of his position as commissioner to determine when to sell or attempt to sell shares of stock. The order gave Empie 20 days to request a hearing something his aide indicated he planned to do. In the meantime he was suspended from office. Empie intentionally misled the state of Oklahoma into believing that he had removed hmself from any potential conflict of interest by placing the ... shares in a so-called blind trust beyond his control when in fact Empie continued to be infomred of the assets in the trust and the value of those assest and remained in control of their disposition as shown by his transfer of the shares on or about December 23 1985 Bellmon said. Reuter | OKLAHOMA BANKING CHIEF WILL APPEAL CHARGE |
Mario Branco Peres president of the Brazilian Association of Citrus Juice Industries (Abrassuco) welcomed a decision by the U.S. Commerce Department sharply cutting its duties on imported frozen concentrated orange juice (FCOJ) from Brazil. Speaking by telephone from Sao Paulo Peres said With its decision the U.S. government recognised the honesty of Brazilian exporters who never have the intention of practising dumping. In a final ruling yesterday the U.S. government eliminated the duties shipped by Sucocitrico Cutrale and cut to 1.96 pct the duty on Citrosuco. Duties of 8.54 pct had been set last October. Peres said Brazil had enough orange juice to meet the needs of its major clients. We do not have in stock what we would like to have but we certainly have enough orange juice available to supply our buyers Peres said declining to estimate the amount of the current stock. To keep it a secret is part of our strategy he added. Peres said the price policy of the orange juice was based on market conditions. There is nothing better than a free trade policy he said. Cutrale and Citrosuco officials were not immediately available for comment. Reuter | BRAZILIAN FCOJ OFFICIAL WELCOMES U.S. DUTY CUT |
ICH Corps stock continued under pressure because of lower earnings expectations Wall Street analysts said. The stock was down one today at 17-1/4 and down about four since Thursday when ICH announced it would be reporting lower-than-expected fourth quarter net income. The company said it would report full year 1986 net income of 2.00 dlrs per share compared to 2.32 dlrs per share in 1985. Analysts said they had estimated 1987 net at 3.00-4.00 dlrs and were now looking for at 2.50 dlr to 2.80 dlr range. ICH officials were unavailable for comment. Reuter | WALL STREET STOCKS/ICH CORP <ICH> |
Shr profit 26 cts vs profit 19 cts Net profit 1458000 dlrs vs profit 1070000 dlrs Rev 30.9 mln dlrs vs 27.5 mln dlrs 12 mths Shr profit 60 cts vs loss 19 cts Net profit 3367000 dlrs vs loss 1061000 dlrs Revs 111.5 mln dlrs vs 94.3 mln dlrs Reuter | INVACARE CORP <IVCR> 4TH QTR NET |
Shr 47 cts vs 31 cts Net 4757000 vs 2466000 Revs 32.8 mln vs 33.5 mln Avg shrs 12638000 vs 8941000 Reuter | <RENAISSANCE ENERGY LTD> YEAR NET |
Atlantic Southeast Airlines Inc reported an 11.1 pct increase of revenue passenger miles during February 1987 from a year ago the same period. The regional carrier reported it flew 17.5 mln passenger revenue miles during the month up from 15.7 mln miles in February 1986. ASA said its load factor however was down to 38.8 pct from 42.7 pct a year ago. Reuter | ATLANTIC SOUTHEAST <ASAI> TRAFFIC INCREASES |
USDA ACCEPTS OFFERS FOR 550,000 TONNES OF BONUS WHEAT FOR CHINA |
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Quebec housing starts fell in February to 2191 a four pct drop from last year when growth in Quebec housing starts was among the highest in the Canada the Canada Mortgage and Housing Corp said. The February rate seasonally adjusted now stands at 40000 down from 79000 in January the government agency said. Reuter | QUEBEC FEBRUARY HOUSING STARTS FALL |
Invacare Corp chairman president and chief executive officer A. Malachi Mixon III said he expects the home healthcare equipment company to post sales increases in the 10 to 15 pct range in 1987. Mixon said the increases should come from internal growth as well as potential acquisitions. Invacare is aggressively seeking acquisitions to complement the companys existing product lines Mixon said. Earlier the company reported fourth quarter 1986 net of 1.5 mln dlrs or 26 cts a share up from 1.1 mln dlrs or 19 cts a share in 1985s fourth quarter. Invacare also reported 1986 net income of 3.4 mln dlrs or 60 cts a share up from a loss of 1.1 mln dlrs or 19 cts a share in 1985. Reuter | INVACARE <IVCR> EXPECTS HIGHER 1987 SALES |
Oper shr loss 26 cts vs profit five cts Oper net loss 1506000 vs profit 312000 Revs 42 mln vs 27.9 mln Year Oper shr loss 43 cts vs profit 16 cts Oper net loss 2535000 vs profit 1236000 Revs 129.9 mln vs 120.3 mln NOTE: Excludes discontinued operations loss 1.42 dlrs a share versus loss nine cts in the quarter and loss 1.62 dlrs a share versus loss 12 cts in the year. Also excludes extraordinary loss of six cts a share in the fourth quarter 1985 and gain of 1.81 dlrs a share in full year 1985. Also excludes 1986 full year gain of 80 cts per share from accounting change. Reuter | LAMSON AND SESSIONS CO <LMS> 4TH QTR LOSS |
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