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Shr loss six cts vs loss 18 cts Net loss 31896 vs loss 753518 Revs 840075 vs 716361 Avg shrs 5.45 mln vs 4.17 mln Nine mths Shr loss 25 cts vs loss 55 cts Net loss 1271972 vs loss 2115662 Revs 2071676 vs 1933562 Avg shrs 5.02 mln vs 3.85 mln Reuter | DOCUGRAPHIX INC <DOCX> 3RD QTR JAN 31 LOSS |
Qtly div 30 cts vs 30 cts previously Pay May 11 Record April Nine Reuter | NBD BANCORP <NBD> REGULAR DIVIDEND SET |
Edward Hines Lumber Co which is in the process of complete liquidation said the estimated net realizable value of its assets as of Dec 31 1986 was four dlrs a share. It said this is the same estimated per share value announced earlier in 1986. The company said total liquidation distributions so far are slightly in excess of 40 dlrs a share. Reuter | EDWARD HINES LUMBER NET REALIZABLE VALUE SET |
Cheyenne Software Inc whose stock has been halted on NASDAQ said it will issue a news release soon. The company declined to comment on the nature of the news release. Reuter | CHEYENNE SOFTWARE <CHEY> TO ISSUE NEWS RELEASE |
Triangle Microwave Inc said it is involved in talks on its possible purchase by a substantial U.S. company it did not identify. Triangle said no agreement has yet been reached and there can be no assurance that one will be reached. Any acquisitioon would be subject to approval by its shareholders and to regulatory filings it said. Triangle Microwave makes microwave system components and had earnings for the first half ended January 31 of 1055000 dlrs on sales of 7292000 dlrs up from earnings of 763000 dlrs on sales of 6034000 dlrs a year before. Reuter | TRIANGLE MICROWAVE <TRMW> IN TALKS ON BUYOUT |
U.S. Trade Representative Clayton Yeutter said the United States will retaliate if the European Community adopts a proposed tax on vegetable oils but he did not say what EC products would be singled-out for reprisal. Speaking to the National Grain and Feed Association (NGFA) convention here Yeutter said he is cautiously optimistic the controversial oils tax proposal will be rejected by the EC Council of Ministers. Yeutter said the proposed tax is a flagrant violation of the spirit of GATT because it would imperil the zero binding duty on U.S. exports of soybeans to Europe. He said the Reagan administration has yet to decide on a retaliation list. The administration would not reveal a retaliation list unless the EC approved the proposal he said. Reuter | YEUTTER REPEATS RETALIATION THREAT ON EC OIL TAX |
Prime Minister Brian Mulroney said significant progress was being made in trade talks with the United States and a profile of a major deal was emerging. Opening a debate on free trade in the House of Commons Mulroney said an accord would create thousands of jobs in Canada and bring greater economic prosperity to both countries. Mulroney who offered few new details of the talks said that while the negotiations were risky and difficult a profile of a major trade deal is now emerging. In a 50-minute address Mulroney made an often passionate defense of the initiative that he said would give poorer areas of the country a major economic boost. Because of our trading patterns over a period of decades we are in the process of building two Canadas -- one that is rich and promising one that is under-developed and under-employed said Mulroney. What we want is to make sure Newfoundlanders and British Columbians and Albertans and others that they get their chance. They must be given the opportunity to trade their way to prosperity. Few detials have been released on the trade talks which were launched nearly two years ago between the two nations that are each others most important trading partners. Recent published reports in Canada quoting senior trade sources said the countries were close to reaching a trade deal and it will involve eliminating border trariffs and many non-tariff barriers over the next 10 to 12 years. It has been reported a key stumbling block in the talks is a Canadian proposal to find a new way to settle trade disputes something that would give Canada protection from Washingtons tough trade remedy laws. But Mulroney sharply critical of protectionist sentiment in the U.S said Canada was a fair trader and denied the government was pursuing the deal to win unfair access to the American market. He said a trade deal must bring benefits to both sides. We recognize a good deal must be a fair deal one that is fair to both sides Mulroney said. Reuter | CANADA'S MULRONEY SAYS U.S. TRADE DEAL NEARS |
France posted a seasonally adjusted trade deficit of 400 mln francs in February after a 2.5 billion franc deficit in January the Finance Ministry said. For the first two months of this year the trade deficit on a seasonally adjusted basis was 2.9 billion francs. Unadjusted the February deficit was 2.4 billion francs and the two-month cumulative deficit 8.1 billion the ministry said in a statement. The Ministry said February exports totalled 73.8 billion francs an 8.9 pct increase on January while imports totalled 74.3 billion francs an increase of 5.8 pct. Farm and food trade showed a two billion franc surplus after a surplus of 2.4 billion in January. The energy deficit was reduced to 6.5 billion francs from eight billion in January while industrial trade showed a surplus of 1.4 billion francs against only 800 mln francs in January. REUTER | FRANCE REDUCES TRADE DEFICIT IN FEBRUARY |
The New York Stock Exchange said a seat sold on the New York Futures Exchange for 200 dlrs unchanged from the previous sale on March 13. It also said a second seat sold on the NYFE for 100 dlrs down 100 dlrs from the previous sale. The current bid is for 100 dlrs and the offer is for 300 dlrs. Reuter | NYFE SEAT SELLS FOR 200 DLRS |
NAVISTAR RECALLING 52,000 TRUCKS AND BUSES |
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NCR Corp is very optimistic that it will post record revenues and profits for 1987 Charles E. Exley Jr chairman and president said. Much of our considerable optimism about the future is based on the strength of a continuing flow of new products Exley told a meeting of securities analysts. Our current position is the strongest in modern NCR history with new-generation offerings deliverable in every major category this year. For 1986 NCRs earnings rose nine pct to 3.42 dlrs a share on sales that increased 13 pct to 4.9 billion dlrs. During the balance of 1987 Exley said NCR will pay close attention to increasing its penetration of major accounts expanding its third-party distribution channels and continuing its introduction of new products. In 1986 new products introduced within the proceding 36 months accounted for more than 65 pct of our major equipment order activity he said. At the end of two months he added I can say we are off to a good start for 1987. Reuter | NCR <NCR> SEES GOOD CHANCE FOR RECORD YEAR NET |
<Desjardins Group> the Quebec credit union organization with 30 billion dlrs in assets needs a new structure to raise capital and compete outside of Quebec and is considering a share issue president Claude Beland said. Beland said the group is considering forming a holding company which would raise capital by issuing preferred non-voting shares. If we want to expand we have to look into other markets Beland said in an interview. Right now we have many opportunities but we dont have the tools to react properly he said. The co-operative organization which was founded in 1900 said it accounts for 38 pct of Quebec consumer loans 50 pct of mortgage loans and 18 pct of commercial loans in the province. It said it also controls Quebecs largest life insurance company. Reuter | DESJARDINS GROUP CONSIDERING SHARE OFFERING |
Sources close to the Italian state credit institution (Istituto Mobiliare Italiano - IMI) said a convertible bond issue was one of the possibilities being studied to facilitate market absorption of Fiat shares sold last year by Libya and still in the hands of banks. The sources could give no further details of the options under study. A Fiat spokesman contacted by Reuters said the company had no comment to make on the possibility of a convertible bond issue saying any decision to be taken did not depend on Fiat. Italian press reports that a bond issue was under study pushed Fiats shares higher on the Milan bourse today. The companys ordinary shares closed in Milan today at 12540 lire in Milan today up from a closing 12195 Friday. Fiat preference shares and savings (non-voting) shares gained even more strongly closing at 7740 and 7841 lire respectively against 7353 and 7600 Friday. Bourse dealers say the fall in value of Fiat stock over the last six months partly reflects selling by foreign operators of shares acquired as a result of the 2.1 billion dlr equity offer after Libya sold its minority stake last September. On September 23 1986 the day Fiat announced it had reached an agreement under which Libya would sell its 15 pct stake Fiat shares closed in Milan at 16600 lire. Since then the trend has been down. Last Septembers share offer which triggered criticism by underwriters about the handling of the sale opened at a substantial discount to its offer price resulting in losses for holders of the shares. Some analysts have said the size of offer was too big for the market to handle efficiently. REUTER | FIAT CONVERTIBLE BOND OPTION UNDER STUDY |
Frances state-owned Aerospatiale is working on designs for a hypersonic plane to fly 150 passengers at five times the speed of sound and plans to unveil computer studies at the Paris air show in June a company spokesman said. The plane which is similar in concept to the Orient Express project announced by President Reagan last year would have four ram-jet motors lacking the moving parts of conventional turbo-jet engines and each having 30 tonnes of thrust. It would cruise at an altitude of up to 30000 metres around three times higher than conventional aircraft and nearly twice as high as the Anglo-French Concorde supersonic jet. With a range of 12000 km it would be capable of flying from Paris to New York in one hour compared with three hours taken by Concorde and Paris to Tokyo in two hours. The aircraft could reach speeds in excess of 5000 km an hour. The Aerospatiale spokesman said its research scientists had been working on the project for about two years drawing on the experience it gained from Concorde as well as experience in heat-resistant materials needed on high-speed aircraft which it has developed from building French nuclear missiles. Reuter | AEROSPATIALE STUDYING HIGH-SPEED AIRLINER |
The market in floating rate notes showed no clear signs of recovery today from the confusion which sent prices tumbling and paralysed trading at the end of last week dealers and bank officials said. FRN dealers said at least 10 houses did not open for business with many market operators pausing to assess their next steps in the wake of Fridays huge drops and panic trading. Despite some late signs that prices were recovering last week todays erratic trade provided a similarly mixed final picture with longer-dated FRNs still clearly under pressure. While FRN specialists noted that paper on which coupons are shortly due to be refixed had managed to hold up today as had notes paying a relatively higher margin longer term FRNs were still subject to intense selling pressure. Anything longer than 10 years is still being sold off seriously as is just about any paper in the banking sector one FRN market source at a leading U.S. House said. He noted that one long-dated Citicorp issue -- paper which has suffered recently on fears over Latin American debt exposure -- slipped by two points to around 94.00. FRNs whose coupons are refixed regularly usually trade around par. U.S. And Canadian bank paper was still generally under pressure as was Republic of Ireland paper due to renewed worries about the Irish economic situation. The malaise was felt through the banking sector with a two point fall registered by one BNP note to give a three point drop over two trading days. Retail clients usually seen returning to the market as price falls push yield margins up to these attractive levels have been unnerved by the last three days panic dealers said. Yes theres been some bargain hunting but no one dares to be first to come seriously back in said one dealer. A handful of market giants have frightened the retail away with this aggressive manipulation. As true liquidity drains we are going to have to see some better market cooperation and rationalisation commented one FRN trader now dealing with straight bond issues since the floater market crisis. This view was shared by the majority of FRN market sources polled by Reuters since trade began to collapse last week. Of the 50 or so houses who have up until now made a market in floaters dealers estimated that around a dozen did not quote FRN prices today and they reported that one or two houses were not expected to resume trade in the securities at all. Many called meetings to assess the current market situation. Given the potential volatility of this market -- one which has been conclusively proved by the events of the last days -- senior management are now duty bound to revise the set of parameters within which they as market makers are now to work commented one senior source at a leading U.K. Investment house. However there were no reports that a formal crisis meeting of market makers -- such as that called in December last year during the perpetual FRN market collapse -- was on the cards. Several firms were expected to cut back drastically on the list of FRNs traded with most volatile paper first to go. Elsewhere in the eurobond market business was extremely quiet with virtually no activity seen in the dollar straight sector which has been becalmed of late traders said. There has been no real two-way business today neither has there been any new issues for diversion noted one trader. All we have seen today is some squaring up of positions she added. Investors remain cautious of the dollar which though recently stable still has potential downside risk. Eurosterling the market sector which aside from the FRNs has been in the headlines lately was quiet today ahead of the U.K. Government budget due to be announced tomorrow. Undertone was very firm with dealers expecting a positive fiscal package tomorrow and if not more good economic news to boost sterling at least confirmation of the bull factors which have bolstered eurosterling and gilt-edged bonds lately. It was just sit and wait today but I expect it will be full steam ahead on Wednesday commented one sterling market source. Prices showed gains to 1/8 to 3/8 point across the board. Dealers said several new eurosterling issues were currently in the pipeline and an early issue is expected to be for a major European bank which currently has a mandate in the market. In other sectors euroyen also maintained its firm tone. Although the market is expected to be resting until trading switches to an April value date the euroyen sector is expected to be buoyed by some professional switching out of Japanese government bonds into relatively cheaper euroyen bonds. Two new yen issues were features on an otherwise quiet primary market. Both for 15 billion yen due 1992 the first for Eksportfinans was at five pct and 103 pct led by Mitsubishi Finance International. The second for Export Development Corp at 4-1/2 pct and 101-7/8 pct led by Bank of Tokyo International. The days only other feature was a targetted 30 mln dlr stepped coupon deal for Kawasaki Steel due 1994. REUTER | FLOATING RATE NOTE MARKET STILL IN TURMOIL |
A group controlled by Equitable Bancorp Chairman Alfred Lerner said it has acquired a 9.6 pct stake in AmeriTrust Corp <AMTR> and may buy up to 24.9 pct if obtains regulatory approval. In a filing with the Securities and Exchange Commission the group said it bought its stake of 2.0 mln Ameritrust common shares for 81.1 mln dlrs as an investment. But the group acting through Clevebaco L.P. a Cleveland partnership also said it would seek regulatory approval to increase its stake. Lerner owns Clevebaco Corp which is the general partner of Clevebaco L.P. The Lerner group said it filed with the Federal Reserve Board on March 13 notice of its intent to buy more than 10 pct of the common stock of AmeriTrust a Cleveland bank holding company. If the Fed approves Lerner whose Equitable Bancorp is also in Cleveland said he intends to buy more AmeriTrust stock subject to market conditions and other factors. Since Lerner heads a bank holding company with assets greater than one billion dlrs he said he is barred by law from serving as a director or officer of AmeriTrust or of having his representatives on its board. Lerner said he has no intention of influencing AmeriTrust management or its policies. The group said Clevebaco L.P. bought one mln of its shares from Bear Stearns and Co Inc on March 9 at 41 dlrs a share. Lerner said he accumulated the other one mln shares through March 3 and sold them to Clevebaco L.P. which he controls on March 10 for 40.10 dlrs a share. Reuter | EQUITABLE BANC <EBNC> BOSS HAS AMERITRUST STAKE |
Maryland National Corp <MDNT> said it has completed the acquisition of American Security Corp in an exchange of 0.81 Maryland share for each of Americans 12 mln shares outstanding. The company said the mandatory 30-day review by the U.S. Justice Department was completed today. Maryland National said American Security shareholders will be entitled to receive the 32-1/2 ct per share Maryland National regular quarterly dividend that is payable March 31 to holders of record today. Reuter | AMERICAN SECURITY <ASEC> BUYOUT COMPLETED |
U.S. Trade Representative Clayton Yeutter suggested the U.S. could file a formal complaint with the General Agreement on Tariffs and Trade (GATT) challenging Canadas decision to impose duties on U.S. corn imports. Asked about the Canadian government decision to apply a duty of 84.9 cents per bushel on U.S. corn shipments Yeutter said the U.S. could file a formal complaint with GATT under the dispute settlement procedures of the subsidies code. Other U.S. options would be to appeal the decision in Canadian courts or to retaliate against Canadian goods a lower-level U.S. trade official said. However retaliation is an unlikely step at least initially that official said. No decision on U.S. action is expected at least until after documents on the ruling are received here later this week. Reuter | U.S. COULD COMPLAIN TO GATT ON CANADA CORN DUTY |
CONRAIL SAID INITIAL OFFERING COULD BE MADE NEXT WEEK AT 26 TO 29 DLRS SHARE |
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Rainier Bancorp said it completed the acquisition of Tacoma Wash.-based United Bank for 59 mln dlrs worth of Rainier stock. United a savings bank with 607 mln dlrs in assets and 23 offices will operate as a wholly-owned subsidiary Rainier said. Rainier which last month agreed to merge with Security Pacific Corp <SPC> said the United acquisition will increase its assets to 9.8 billion dlrs from the 9.2 billion reported at the end of 1986. Reuter | RAINIER <RBAN> COMPLETES ACQUISITION |
Navistar International Corp said it is recalling 33000 medium tucks and 19000 school buses equipped with power assisted hydraulic brakes to modify the electrical power supply to the backup breaking system. The company said an electrical failure in the main engine wiring harness could stall the engine knocking out the primary power assist to the brakes while simultaneously shutting off electrical power to the backup pump. This would render the vehicles service brakes inoperative. It said it is aware of only one accident arising from the problem. Reuter | NAVISTAR <NAV> RECALLING 52,000 TRUCKS, BUSES |
Qtly div six cts vs six cts prior Pay April 10 Record March 27 Reuter | FRANKLIN RESOURCES INC <BEN> SETS QUARTERLY |
Finance Minister Edouard Balladur said he was maintaining his 2.5 pct inflation target for 1987 after the announcement earlier today of a 3.4 pct year-on-year rise in retail prices for February. He told a radio interviewer he saw no reason to revise his target for 1987 after the February monthly result of between 0.1 to O.2 pct following a 0.9 pct rise in January (three pct year on year) that forced the government to revise an earlier target of two pct to a current 2.5 pct. He said he was happy with a good result for February but stressed a need for continued vigilance against inflation. A Finance Ministry statement said the year-on-year differential between French and lower West German inflation rates calculated on the last three months had narrowed in February to two to 2.3 pct compared to 2.7 pct in January. If calculated on the last 12 months the differential came to 3.9 pct the statement said adding The tendency is therefore one of a lessening of the inflation gap with our main trading partner. REUTER | BALLADUR MAINTAINS 1987 FRENCH INFLATION TARGET |
Colorocs Corp said it signed a product supply agreement with <Sharp Corp> under which Sharp will be the exclusive manufacturer of Colorocs full color copiers. In addition the company said it signed a licensing agreement under which Sharp will sell a version of the Colorocs copier under the Sharp name. The companies previously announced a joint copier development program. Reuter | COLOROCS <CLRX> SIGNS AGREEMENTS WITH SHARP |
General Cinema Corp said it expects flat net income for fiscal 1987 ending Oct. 31 against 125.8 mln dlrs or 3.43 dlrs a share a year ago. The company said the costs of a restructuring at its Carter Hawley Hale Stores Inc unit and the previous purchase of an 8.5 pct stake in <Cadbury Schweppes PLC> will lead to the flat net figure. It also said it may raise its stake in Cadbury Schweppes to 25 pct but has not made any additional stock purchases so far. According to the restructuring Carter Hawley plans to spin-off its specialty stores including Neiman-Marcus Bergdorf Goodman and Contempo Casuals into a new company named <Neiman-Marcus Group> whose shares will trade on the New York Stock Exchange it said. As previously announced General Cinema will own 60 pct of the equity and 40 pct of the voting shares in the new company. The restructuring is subject to approval by Carter Hawley shareholders. Reuter | GENERAL CINEMA <GCN> SEES FLAT 1987 NET |
Levon Resources Ltd said re-checked gold assays from the Howard tunnel on its Congress British Columbia property yielded higher gold grades than those reported in January and February. It said assays from zone one averaged 0.809 ounces of gold a ton over a 40 foot section with an average width of 6.26 feet. Levon previously reported the zone averaged 0.226 ounces of gold a ton over a 40 foot section with average width of 5.16 feet. Levon said re-checked assays from zone two averaged 0.693 ounces of gold a ton over a 123 foot section with average width of 4.66 feet. Levon Resources said the revised zone two assays compared to previously reported averages of 0.545 ounces of gold a ton over a 103 foot section with average width of 4.302 feet. The company also said it intersected another vein 90 feet west of zone two which assayed 0.531 ounces of gold a ton across a width of 3.87 feet. Reuter | LEVON RESOURCES <LVNVF> GOLD ASSAYS IMPROVED |
The Paris Financial Futures Market MATIF will shortly name 12 new members bringing its total membership to 100 from 88 market officials said. The 12 new members will be selected from a list of 28 candidates and priority will be given to foreign applicants with the aim of internationalising the market they said. The MATIF was set up in February 1986 with a founding membership of 44 brokers and 40 banks. Turnover currently averages about 20000 contracts a day. REUTER | PARIS FUTURES MARKET TO NAME NEW MEMBERS |
Qtly distribution 10 cts per unit vs 10 cts prior Pay April 20 Record March 31 Reuter | <TEECO PROPERTIES LP> SETS CASH DISTRIBUTION |
A 15 year convertible bond for Rowntree Mackintosh Plc has been increased to 69 mln stg from the original 55 mln and the coupon set at 4-1/2 pct against an indicated 4-1/2 to 4-3/4 pct lead manager J. Henry Schroder Bank said. The conversion price was set at 557p representing a premium of 14.3 pct over the stocks closing price for the last three business days of 496p. The put option will be at 125 pct to yield 8.7 pct. REUTER | ROWNTREE CONVERTIBLE INCREASED, TERMS SET |
Shr loss three cts vs loss 12 cts Net loss 25836 vs loss 88819 Revs 50.3 mln vs 45.2 mln Six mths Shr profit nil vs loss 18 cts Net profit 2843 vs loss 137653 Revs 109.3 mln vs 99.3 mln Reuter | <RADIX VENTURES INC> 2ND QTR JAN 31 LOSS |
The USDAs weekly export inspection report is expected to show steady corn and wheat exports and lower soybean exports according to CBT floor traders forecasts. Traders projected soybean exports at 16 mln to 18 mln bushels down from 18.6 mln bushels a week ago and 20.3 mln bushels a year ago. Corn guesses ranged from 22 mln to 26 mln bushels compared with 25.2 mln bushels a week ago and 22.4 million bushels a year ago. Wheat guesses ranged from 13 mln to 17 mln bushels compared with 16.8 mln bushels a week ago and 13.4 mln bushels a year ago. Reuter | TRADE SEES STEADY CORN/WHEAT EXPORT INSPECTIONS |
Shr 15 cts vs six cts Net 1410000 vs 550000 Revs 6901000 vs 2392000 Avg shrs 10326000 vs 9064000 Note: Prior qtr per share figure adjusted for two-for-one stock split of February 27. Reuter | ADOBE SYSTEMS INC <ADBE> 1ST QTR FEB 28 NET |
Armtek Corp formerly Armstrong Rubber Co completed the previously announced sale of its Natchez Miss. tire plant and other assets to <Condere Corp> Condere said. Condere formed to acquire the Armstrong assets said it named Dennis Terwillger formerly vice president and controller of Armstrongs Tire Division president. Reuter | ARMTEK <ARM> COMPLETES SALE OF ASSETS |
West German state prosecutors have focussed their inquiries in the suspected foreign exchange fraud reported by Volkswagen <VOWG.F> on Wolfsburg the companys headquarters the state prosecutors office said here. Chief state prosecutor Carl Hermann Retemeyer told Reuters his office would focus its attention on Wolfsburg and not Frankfurt as newspaper reports suggested over the weekend. We asked Frankfurt prosecutors to assist us in our investigations but their findings led us to believe that we have to concentrate on Wolfsburg Retemeyer said. The newspaper Welt am Sonntag said yesterday the state prosecutors investigation was now focusing on possible outside banking accomplices. The companys reported loss of 480 mln marks in currency transactions aimed at hedging against fluctuations in the value of the U.S. Dollar has produced a shake-up among senior staff. VW announced over the weekend that Rolf Selowsky financial member of the management board had resigned. Hanns Christian Schroeder-Hohenwarth president of the West German Federation of Banks said today that no member bank was involved in activities which led to the currency loss. Reuter | VW FOREIGN EXCHANGE INQUIRIES FOCUS ON WOLFSBURG |
Shr three cts vs four cts Net 101376 vs 125922 Revs 568884 vs 494227 Reuter | 202 DATA SYSTEMS INC <TOOT> 1ST QTR JAN 31 NET |
GenRad Inc said its Semiconductor Test Group shipped a GR125 VSLI test system to Marshall Industries <MI>. GenRad said the new digital integrated circuit tester will be used in Marshalls Milpitas plant for retest and certification of programmable logic devices that Marshall distributes. Reuter | GENRAD <GEN> SHIPS CHIP TEST SYSTEM |
Vishay Intertechnology Inc said its board declared a two pct stock dividend payable April 10 to holders of record on March 26. The company said the stock dividend will be paid only to holders of commons tock who do not exchange for Class B stock in Vishays current exchange offer which expires March 25. Reuter | VISHAY <VSH> SETS TWO PCT STOCK DIVIDEND |
Shr loss 2.82 dlrs vs profit 35 cts Net loss 10556478 vs profit 1286341 Revs 6202157 vs 7641290 Note: 1986 shr and net after 10282353 dlr writedown on oil and gas property values Reuter | <ONYX PETROLEUM EXPLORATION CO LTD> YEAR LOSS |
U.S. drilling activity fell last week with the number of active rotary rigs dropping by five to 761 against 1137 working rigs one year ago Hughes Tool Co said. The drilling rig count which historically falls during the first quarter of each year has dropped steadily since early January when a total of 962 rotary rigs were working. Hughes economist Ike Kerridge said the U.S. rig count was expected to fall to a about 700 working rigs by mid-April. I think were pretty much on track with the expectation that the seasonal low will come in late March or early April he said. Were getting close to the bottom. Among individual states Texas and Oklahoma reported gains in drilling activity last week with increases of 21 and 13 respectively. Kerridge attributed the jump in activity to the likelihood that many of the rigs were omitted from the previous weeks count because they were in transit or being prepared for work. In the week ended March 9 the rig count for Texas and Oklahoma fell by 23 and 13 respectively. Other states reported slight decreases in drilling activity last week Hughes said. Wyoming and Louisiana were down by six Kansas and Colorado lost four and Michigan and West Virginia were down by three rigs. Most of the weeks decrease came among rigs used for onshore drilling which dropped to a total of 669 from last weeks 671. A total of 74 rigs were active offshore and 1 were working in inland waters during the week Hughes Tool said. In Canada the rig count was up 1 to 181 against 367 one year ago. Reuter | HUGHES' TOOL <HT> U.S. RIG COUNT DECLINES |
Integrated Circuits Inc said it set March 17 as the record date for its previously announced 10 pct stock dividend. The company said it will distribute the dividend on March 31. Reuter | INTEGRATED CIRCUITS <ICTM> SETS RECORD DATE |
British Petroleum Co PLC said based on a feasibility report from <Ridgeway Mining Co> its joint venture Ridgeway Project in South Carolina could start commercial gold production by mid-1988. The company said the mine would produce at an approximate rate of 158000 ounces of gold per year over the first four full years of operation from 1989 through 1992 and at an average of 133000 ounces a year over the full projected 11-year life of the mine. BPs partner in the venture is Galactic Resources Ltd <GALCF> of Toronto. The company said subject to receipt of all statutory permits finalization of financing arrangements and management and joint venture review construction of a 15000 short ton per day processing facility can start. Capital costs to bring the mine into production are estimated at 76 mln dlrs. Reuter | BP <BP> UNIT SEES MINE PROCEEDING |
Norways parliament has approved an extensive trade ban against South Africa but left shipowners a key loophole through which controversial oil shipments on Norwegian tankers may continue government officials said. The unilateral boycott proposed by Norways minority Labour government gives domestic companies until late September to cut remaining trade ties with South Africa and Namibia. The legislation discussed today must not be seen as an isolated measure but as a step in an international process Norways foreign minister Thorvald Stoltenberg told parliament. Government officials said they hope the move will intensify international pressure against the Pretoria regimes apartheid policies. Sweden in a similar move last week promised to halt all trade with South Africa by October. Norways boycott although forbidding crude oil shipments to South Africa on Norwegian-owned tankers makes an important exception for ships whose final destination is decided while they are at sea. Oil cargoes are often resold by trades after loading making it difficult for shipowners to know their ships final port at the start of a voyage. Critics said the bill leaves the door open for continued oil shipments to South Africa. They called for stricter sanctions to stop all Norwegian shipping to South Africa. Norwegian tankers supplied South Africa with about 30 pct of its crude imports during the early 1980s but the trade has dropped sharply to just one cargo in the last three months trade ministry officials said. The latest trade figures show Norwegian imports from South Africa dropped 36 pct to 160 mln crowns during the first eight months of 1986 while exports plunged 52 pct to 265 mln crowns from the year-ago figure. Many would say that the law has already had its effect because of the dramatic drop in trade between South African and Norway Foreign Ministry spokesman Per Paust told Reuters. Norwegian business at an early stage started restructuring its relations with South Africa in anticipation of the law. No one has said the boycott will have a profound effect on international trade with South Africa but it is an important political statement by the Norwegian government he said. The Oslo government said it will review the effects of the ban on Norwegian industry after two years and may propose amendments if industry can show it is hurt by the law. Norwegian imports from South Africa are limited mainly to high-grade manganese and coppernickle ores used in it ferro-alloys and light metals industries. Metals manufacturers estimate some 2000 jobs could be affected by the boycott is suitable replacements for these ores are not found. The legislation now goes on to the upper house for formal ratification later this week parliamentarians said. Reuter | NORWAY APPROVES TRADE BAN AGAINST SOUTH AFRICA |
Shr profit four cts vs loss two cts Net profit 247970 vs loss 57341 Revs 2393622 vs 2627612 Avg shrs 5958432 vs 2440100 Year Shr profit 71 cts vs loss 35 cts Net profit 3213310 vs loss 849180 Revs 14.6 mln vs 9099767 Avg shrs 6177666 vs 2440083 NOTE: 1986 4th qtr and yr net includes a loss of 85000 dlrs and a gain of 250000 dlrs respecitvely for extraordinary item. 1986 net assumes all warrants exercised for the 2nd qtr only. The adjustment to second quarter income for earnings per share was 1175000 dlrs. Reuter | MSA REALTY CORP <SSS> 4TH QTR NET |
Oper shr loss nil vs loss nil Oper net loss 112000 vs loss 125000 Revs nil vs nil Avg shrs 26.7 mln vs 21.9 mln Year Oper shr loss two cts vs loss two cts Oper net loss 450000 vs loss 503000 Revs nil vs nil Avg shrs 24.8 mln vs 20.8 mln NOTE: Net excludes losses from discontinued oil and natural gas operations of 44.7 mln dlrs vs 9489000 dlrs in quarter and 92.3 mln dlrs vs 80.7 mln dlrs in year. Company sold all its operations at the end of 1986. Reuter | LEAR PETROLEUM PARTNERS LP <LPP> 4TH QTR LOSS |
Shr loss 1.13 dlr vs loss 2.04 dlrs Net loss 3674000 vs loss 3016000 Revs 2894000 vs 1464000 Reuter | WESTRONIC INC <WSTX> YEAR LOSS |
Qtly div four cts vs four cts prior Pay April 15 Record March 31 Reuter | KENAN TRANSPORT CO <KTCO> SETS QUARTERLY |
Rapholz Silver Inc said <R and M Construction Services> Montrose Colo. will conduct a study on using water discharge from Rapholzs Carboneros Mine to produce hydroelectric power. R and M will also seek to obtain a Federal Energy Regulatory Commission license for construction of a hydroelectricity plant at the mine Rapholz said. The company added however that it will not use its own capital to build the plant. If the study shows construction is feasible it said it will try to form a joint venture with firms experienced in the hydroelectricity business. Reuter | <RAPHOLZ SILVER INC>TO STUDY MINE WATER PROJECT |
<Consolidated Rail Corp> said the initial offering of its common stock could be made as early as next week at an estimated price of 26 to 29 dlrs per share. The U.S. government has proposed the sale of 52 mln Conrail shares in the U.S. and 6750000 overseas under the Conrail Privatization Act which was enacted in October. Lead underwriters are <Goldman Sachs and Co> First Boston Inc <FBC> Merrill Lynch and Co Inc <MER> Morgan Stanley Group Inc <MS> Salomon Inc <SB> and American Express Cos <AXP> Shearson Lehman Brothers Inc. Reuter | CONRAIL SAYS OFFERING COULD BE MADE NEXT WEEK |
GENCORP 1ST QTR SHR 77 CTS VS 84 CTS |
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Foreland Corp said it signed an agreement to fund drilling for three test wells on its exploration sites in Nevada. It said an additional test is called for under specified circumstances and said its drilling participant will bear all costs estimated to exeed five mln dlrs for the four initial test wells. Reuter | FORLAND <FORL> IN DRILLING PACT |
Worthen Banking Corp said G. Michael Sigman has resigned as president and chief executive officer of its First National Bank of Hot Springs subsidiary to pursue other business interests. It said James C. Patridge executive vice president of its Worthen Bank and Trust Co subsidiary will act as Sigmans replacement on an interim basis until a successor is found. Reuter | WORTHEN BANKING <WOR> UNIT HEAD QUITS |
<Onyx Petroleum Exploration Co Ltd> earlier reporting a 1986 net loss against year-ago profit said it converted 7344000 dlrs of its 11 pct convertible debentures into 2824611 common shares. The conversion eliminates its obligation to pay principal amount due 1993 on the debentures and will increase cash flow through an interest saving of more than 800000 dlrs a year the company said. Onyx earlier reported a 1986 net loss of 10.6 mln dlrs after a 10.3 mln dlr writedown on oil and gas property values compared to a 1.3 mln dlr profit in the prior year. Onyx also said the company is a 37.5 pct partner with Westcoast Petroleum Ltd in a new oil well drilled in Otter/Ogston area of central Alberta that tested at rates of more than 1000 barrels a day from the Granite Wash formation. Well production will be royalty free for five years with initial allowable rates expected to be in the range of 150 barrels a day the company said. Reuter | ONYX PETROLEUM CONVERTS DEBENTURES TO COMMON |
Gotaas-Larsen Shipping Corp said it had exercised an option to build a fifth in a series of crude oil carriers to be constructed by <Daewoo Shipbuilding and Heavy Machinery Ltd> in South Korea. Reuter | GOTAAS-LARSEN <GOTLF> TO BUILD FIFTH CARRIER |
Finance Minister Palle Simonsen said todays downgrading of Denmarks credit rating by Standard and Poors Corp should not be over-dramatised. Standard and Poors said it had downgraded the Kingdom of Denmarks long-term external debt to AA from AA-Plus following the countrys loss of the top AAA rating in January 1983. This change is regrettable but there is no reason to dramatise. This is a change of nuance. Standard and Poors defines the AA category as only slightly different from the top AAA rating Simonsen said in a statement. The direct effect of the lower rating on our borrowing capability is unlikely to be very great. But if against expectation we fail to reduce permanently the external account deficit... This will inevitably affect borrowing terms and capability he added. Standard & Poors has noted that in 1986 there was a series of austerity measures designed particularly to cut lending and encourage saving. Tax reforms have also gone into effect. If and when it becomes necessary the government will be ready to take any necessary economic and political initiatives as it has in the past Simonsen said. Standard and Poors said weaker international competitiveness in the face of rising labour costs would mean a deteriorating current account balance and a rise in external debt. The external current account deficit rose to a record preliminary 34.5 billion crowns in 1986 from 29.1 billion in 1985 bringing total foreign debt to 265 billion crowns according to government statistics. Government economists forecast that the external current account deficit will fall to 19 billion crowns this year. Denmarks net foreign debt rose to 129 pct of total exports in 1986 from 83 pct in 1983 S and P said. REUTER | DANISH CREDIT DOWNGRADING NOT DRAMATIC - MINISTER |
Jan 31 end Shr not given Net profit 105013 vs loss 745641 Sales 3661565 vs 2810132 Reuter | MAGNETIC TECHNOLOGIES CORP <MTCC> 1ST HALF NET |
Shr 77 cts vs 84 cts Net 17 mln vs 19 mln Sales 650 mln vs 614 mln Reuter | GENCORP <GY> 1ST QTR FEB 28 NET |
<Markel Financial Holdings Ltd> said subsidiary Morden and Helwig Group Inc filed a preliminary prospectus for a proposed initial share offering in Canada by way of treasury issue and secondary offering of subordinate voting shares. Markel did not elaborate on financial terms of the issue. Morden an independent insurance services company expects to use proceeds primarily for business acquisition and expansion in the insurance services industry in Canada and possibly overseas. Underwriters are Wood Gundy Inc and Dean Witter Reynolds (Canada) Inc. Reuter | MARKEL SUBSIDIARY SETS INITIAL SHARE ISSUE |
British Petroleum Co PLC said based on a feasibility report from Ridgeway Mining Co its joint venture Ridgeway Project in South Carolina could start commercial gold production by mid-1988. The company said the mine would produce approximately 158000 ounces of gold per year over the first four full years of operation from 1989 through 1992 and at an average 133000 ounces a year over the full projected 11 year life of the mine. BPs partner is Galactic Resources Ltd of Toronto. BP said subject to receipt of all statutory permits finalization of financing arrangements and management and joint venture review construction of a 15000 short ton per day processing facility can start. Capital costs to bring the mine into production are estimated at 76 mln dlrs. Reuter | BP UNIT SEES U.S. GOLD MINE PROCEEDING |
Safety-Kleen Corp said it has tentatively agreed to buy an 80 pct stake in Breslube Enterprises of Toronto for 14 mln dlrs in stock cash and equipment. Price includes 14 mln dlrs of Safety-Kleen common stock cash and a rerefining plant owned by Safety-Kleen. Closing of the deal is expected by May. Breslube is a leading rerefiner of used lubricating oils in North America collecting used oils from auto garages car dealers and other businesses. In 1986 it refined 20 mln gallons of used oil. Reuter | SAFETY-KLEEN <SK> TO BUY STAKE IN OIL REFINER |
<Loblaw Cos Ltd> said it agreed to sell 75 mln dlrs of 10 pct debentures series 8 due April 15 2007 to investment dealers Burns Fry Ltd and McLeod Young Weir Ltd. Loblaw said it plans to file a preliminary prospectus relating to the issue in all provinces of Canada. Proceeds will be added to general funds and used to finance capital expenditures in 1987 the company said. Reuter | LOBLAW COS TO SELL 75 MLN DLRS OF DEBENTURES |
U.S. lawmakers are gearing up for a showdown between protectionists and free traders as a major trade bill winds its way through committees to a vote by the full House of Representatives in late April. In a move to toughen U.S. enforcement of trade laws a key House subcommittee last week approved a toned-down version of legislation to require President Reagan to retaliate against foreign countries that follow unfair trade practices. The bill will be the cornerstone of congressional efforts to restore competitiveness of American industries and turn around last years record 169 billion dlrs trade deficit. Generally the bills provisions toughen U.S. enforcement of trade laws. The trade bill forces the administration to act rapidly on complaints of unfair trade practices such as dumping products in the United States at prices below cost of production. It also forces the administration to act rapidly when an industry complains that a surge in imports threatens its existence. In writing the bill the subcommittee rejected calls for trade relief for specific industries such as textiles. Several lawmakers have argued the new trade bill made too many concessions to Reagan and said they intend to back amendments to get tough with countries that violate trade agreements or keep out U.S. products. But congressmen known for their allegiance to free trade said the bill ties Reagans hands too much in trade disputes and they will seek to restore his negotiating powers. Bill Frenzel R-MI. said the subcommittees bill was not one that a free trader like me could endorse in all respects but he emphasized there was a consensus among lawmakers to work toward a bill Reagan and Republicans would ultimately endorse. The goal of trade legislation was to make our trade policy stronger without violating our international trade agreements he said. In a key concession made at the urging of Ways and Means Committee chairman Dan Rostenkowski D-IL. the trade subcommittee backed off a requirement that would have forced Reagan to impose automatically quotas or tariffs on imports from countries that engage in unfair trade practices. It also agreed the president may waive any retaliation if it would hurt the U.S. economy. Rostenkowski insisted the more moderate approach was necessary if the House wanted to pass a bill Reagan would sign into law. Reagan last year blocked Senate consideration of a tough House trade bill he branded as protectionist and this year he only reluctantly agreed to support a trade bill when he saw Democratic leaders were determined to pass such legislation. White House spokesman Marlin Fitzwater told reporters late last week that the administration still did not like some of the bills provisions but he added Generally we feel very good about the bipartisan consideration of the trade legislation. I think we are progressing very well. The first battle will take place next week when the full House Ways and Means Committee considers an amendment by Rep. Richard Gephardt D-MO. to force countries like Japan South Korea and Taiwan to cut their trade surpluses with the U.S. The subcommittee limited the Gephardt plan to provide only that the existence of a large trade surplus with the United States will trigger an investigation of unfair trade practices but would not automatically set off retaliation. Organized labor has pressed lawmakers for more relief from imports where jobs have been lost to foreign competition. AFL-CIO president Lane Kirkland this year angered the administration when he said any trade bill Reagan would sign would not be worth passage in Congress. But Rostenkowski set the tone of the trade debate by saying Im not trying to write legislation to please Lane Kirkland. Im trying to write legislation that will be signed by the president. Rep. Ed Jenkins (D-GA.) intends to push separately a bill to protect the domestic textile and shoe industry an aide said. Reagan vetoed a similar measure last year. House Speaker Jim Wright of Texas one of the most influential proponents of aid for specific industries beset by low-priced foreign competition last week renewed his call for import relief for the domestic oil industry and announced his support for a Senate plan to trigger a temporary oil import tariff when imports reach half of domestic consumption. Reuter | TRADE INTERESTS READY FOR BATTLE IN U.S. HOUSE |
Golden Valley Microwave Foods Inc said it will file a registration statement with the Securities and Exchange Commission for a secondary public offering of 700000 shares held by company shareholders. These shares are substantially all of the shares which under an agreement between the selling holders and the company are permitted to be sold by the original shareholders without company consent during the two-year period ending September 16 1988 it said. The shares will be marketed to the public in late April through underwriters it said. Reuter | GOLDEN VALLEY <GVMF>TO REGISTER SECONDARY OFFER |
Magnetic Technologies Corp said it expects the second half to show continued growth in earnings and sales. The company today reported a profit for the first half ended January 31 of 105013 dlrs compared with a year-earlier loss of 745641 dlrs on sales of 3661565 dlrs up from 2810132 dlrs. In all of last year Magnetic earned 996000 dlrs after a loss from discontinued operations of 359000 dlrs on sales of 6084000 dlrs. Reuter | MAGNETIC TECHNOLOGIES <MTCC> SEES IMPROVEMENT |
Levon Resources Ltd said re-checked gold assays from the Howard tunnel on its Congress British Columbia property yielded higher gold grades than those reported in January and February. It said assays from zone one averaged 0.809 ounces of gold a ton. Levon previously reported the zone averaged 0.226 ounces of gold a ton. Levon said re-checked assays from zone two averaged 0.693 ounces of gold a ton. Levon Resources said the revised zone two assays compared to previously reported averages of 0.545 ounces of gold a ton. The company also said it intersected another vein 90 feet west of zone two which assayed 0.531 ounces of gold a ton. Reuter | LEVON RESOURCES REPORTS IMPROVED GOLD ASSAYS |
Shr 58 cts vs 54 cts Net 3144000 vs 2464000 Revs 54.6 mln vs 38.6 mln Avg shrs 5394000 vs 4602000 Year Shr 2.03 dlrs vs 1.76 dlrs Net 10.5 mln vs 8084000 Revs 201.1 mln vs 152.4 mln Avg shrs 5154000 vs 4602000 Reuter | WELBILT CORP <WELB> 4TH QTR NET |
Oper shr four cts vs three cts Oper net 340036 vs 223297 Revs 11.1 mln vs 9514115 Avg shrs 8926909 vs 7672146 NOTE: Net excludes tax credits of 252160 dlrs vs 152717 dlrs. Reuter | SATELLITE MUSIC NETWORK INC <SMNI> YEAR NET |
<Starrex Mining Corp Ltd> said a sharp rise in its share price is based on speculation for favorable results from its current underground diamond drilling program at its 35 pct owned Star Lake gold mine in northern Saskatchewan. Starrex Mining shares rose 40 cts to 4.75 dlrs in trading on the Toronto Stock Exchange. The company said drilling results from the program which started in late February are encouraging but it is too soon for conclusions. Starrex did not disclose check assay results from the exploration program. Reuter | STARREX LINKS SHARE PRICE TO ASSAY SPECULATION |
COMBINED INT'L TO ASK DOUBLING OF AUTHORIZED SHARES, STOCK SPLIT |
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International Kings Table Inc said it named Everett F. Jefferson president and chief operating officer. The company said Jefferson was previously president and chief operating officer of Marriott Corps <MHS> Straw Hat Pizza unit. It said he assumes the positions from Roger W. Houmes who will continue as chairman and chief executive officer of the company which operates a chain of 82 restaurants in the West. Reuter | INTERNATIONAL KING'S <IKNG> NAMES PRESIDENT |
Africa may have to follow Brazil in halting foreign debt payments unless industrialised nations are prepared to be more flexible in trade and economic policy Ethiopian trade minister Tesfay Dinka said. Growing protectionism and declining commodity prices had caused a major deterioration in the export earnings of all developing countries he said in an opening speech to a meeting of African trade ministers in Addis Ababa. Unless there was an early improvement in developing countries terms of trade the only choice is to follow the route that Brazil appears to have taken Tesfay said. The two-day meeting of delegates from 50 African states was called to work out a consensus ahead of the Group of 77 ministerial meeting in Havana next month when the developing countries will debate their strategy in economic negotiations with the West. Tesfay accused the West of intransigence in the negotiation of recent commodity agreements. The failure of the International Coffee Organisation to agree on the reintroduction of export quotas would mean several African countries will not have the foreign exchange to import essential items he said. Coffee accounts for 60 pct of Ethiopian exports and the recent fall in world coffee prices has sharply reduced the countrys foreign exchange earnings. Adebayo Adedeji the executive secretary of the U.N. Economic Commission for Africa told the meeting that there was an increasing net outflow of resources from Africa. He blamed this on high interest rates debt servicing and the repatriation of profits by foreign investors. Africa paid 13 billion dlrs to service its total foreign debt last year and by 1990 annual service payments are expected to rise to between 16 and 24 billion Adedeji said. He accused industrialised countries of failing to provide more resources to implement the U.N. Program for Africas economic recovery and development despite Africas willingness to raise two thirds of the capital from domestic sources. The U.N. Program approved last year calls for 128 billion dlrs of economic investment in Africa over five years. Western donors were asked to contribute 46 billion dlrs with the rest being raised from local resources but Adedeji said the donors had not responded as hoped. In view of this poor response he said it is possible that by the year 2000 nearly all African countries except a few will be categorised as least developed countries. At present 27 of Africas 50-odd states are officially listed in this category. REUTER | ETHIOPIA MINISTER SEES AFRICA DEBT PAYMENT PROBLEM |
CANBRA FOODS LTD SETS SPECIAL ONE-TIME FIVE DLR/COMMON SHR CASH PAYOUT |
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CANBRA FOODS LTD YEAR OPER SHR PROFIT 1.52 DLRS VS LOSS 55 CTS |
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Oper shr profit 21 cts vs loss 55 cts Oper net profit 1528000 vs loss 3296000 Sales 329.4 mln vs 368.0 mln 1st half Oper shr profit 28 cts vs loss 4.55 dlrs Oper net profit 2026000 vs loss 27.3 mln Sales 691.3 mln vs 738.2 mln NOTE: Prior half net includes pretax charge 21.4 mln dlrs from plant closings and workforce reductions. Current year net excludes tax credits of 1381000 dlrs in quarter and 1722000 dlrs in half. Reuter | WILSON FOODS CORP <WILF> 2ND QTR JAN 31 NET |
The United States and Turkey signed a five-year defence and economic agreement (DECA) that will channel hundreds of millions of dollars a year in aid to Ankara. The agreement was signed by Secretary of State George Shultz and Foreign Minister Vahit Halefoglu after 18 months of negotiations that won Ankara considerably less than it wanted. Under the agreement the U.S. government pledged it would use vigor and determination to persuade Congress to vote the money to build up Turkish defenses in return for U.S. air bases and intelligence-gathering facilities. Under todays agreement which runs until December 1990 Turkey will receive nearly 720 mln dlrs in military and economic aid this year. Next year the U.S. government has promised to ask Congress for 910 mln dlrs under an agreement that prompted domestic crticism in Turkey for not winning enough aid. Reuter | U.S., TURKEY SIGN AID AGREEMENT |
Oper shr profit 1.52 dlrs vs loss 55 cts Oper profit 4172188 vs loss 1502032 Revs not given Note: 1986 shr and net exclude extraordinary gain of 1294245 dlrs or 47 cts share on sale of Stafford Foods unit Reuter | <CANBRA FOODS LTD> YEAR NET |
Oper shr 45 cts vs 24 cts Qtly div six cts vs six cts prior Oper net 1766000 vs 950000 Revs 9321000 vs 5298000 Year Oper shr 1.25 dlrs vs one dlr Oper net 4985000 vs 3894000 Revs 28.3 mln vs 19.9 mln NOTE: Net excludes losses from discontinued operations of 161000 dlrs vs 66000 dlrs in quarter and 464000 dlrs vs 226000 dlrs in year. Dividend pay May Five record April 13. Share adjusted for three-for-two stock split. Reuter | OXFORD FIRST CORP <OFC> 4TH QTR NET |
New Nebraska Republican Senator David Karnes said he supports proposals to decouple farm subsidies from production decisions. Karnes formerly a vice president of Scoular Grain Co. in Omaha was appointed last week to complete the term of the late Sen. Edward Zorinsky (D-Nebr.). On target prices Karnes said he believes the gradual reductions in supports included in the 1985 farm bill should be continued but administration proposals for 10 pct cuts in target prices each year are excessive. Karnes said he opposes mandatory production controls for major crops. His predecessor Sen. Zorinsky had supported mandatory controls for wheat and was the author of a farm bill provision requiring a referendum on the subject last year. Sen. Karnes accompanied Sen. Rudy Boschwitz (R-Minn.) to the National Grain and Feed Association (NGFA) convention earlier today and spoke to Reuters after Boschwitz addressed the NGFA meeting. Karnes said he is seeking a seat on the Senate Agriculture Committee but no decision has been made on the request. Karnes who has not held political office before was appointed by Nebraska Republican Governor Kay Orr. He will be up for election in 1988. Reuter | NEW SENATOR BACKS U.S. FARM DECOUPLING PROPOSALS |
Broken Hill Proprietary Co Ltd said it will integrate Utah International Inc which it bought three years ago under a common management structure. The company said effective June 1 when Utah International Chairman Alexander Wilson retires James Curry will become chairman and chief executive officer and a new BHP-Utah Minerals International board will be named. Curry is currently executive vice president of Utah International. BHP Petroleum (Americas) Inc formerly part of Utah International will become a subsidiary of BHPs renamed BHP Petroleum International headquartered in Melbourne. Reuter | BHP MINTERALS <BRKNY> MELDS UTAH INTERNATIONAL |
Harris-Teeter Properties Inc reported fourth quarter fiscal 1986 earnings per share of 24 cts on earnings of 601000 dlrs. The realty investment trust company started operations in August and had no comparable figures it said. Reuter | HARRIS-TEETER PROPERTIES <HTP> REPORTS EARNINGS |
Cooper LaserSonics Inc said it rescheduled its annual meeting to Monday May 11 at the companys office in Santa Clara Calif. The meeting had previously been set for May 14 in Palo Alto the company said. Reuter | COOPER LASER <ZAPS> RESCHEDULES ANNUAL MEETING |
Kron Chocolatier Inc said it will redeem on April 13 all its outstanding class A warrants at 0.01 ct a warrant. The company said the warrants which allow the holder to buy one share of Kron common stock at 40 cts a share will become void after the redemption date. Kron also said all its 318460 dlrs of outstanding convertible debt had been converted into 4126741 shares of common. Assuming that all the class A warrants are converted Kron said it will have 18356174 common shares outstanding. Reuter | <KRON CHOCOLATIER INC> TO REDEEM WARRANTS |
Shr two cts vs eight cts Net 73000 vs 233000 Revs 21.0 mln vs 9510000 Avg shrs 3620000 vs 2886000 Year Shr 66 cts vs 37 cts Net 2246000 vs 1064000 Revs 68.3 mln vs 40.8 mln Avg shrs 3392000 vs 2886000 NOTE: 1985 year net includes extraordinary gain one ct shr and gain two cts from cumulative effect of accounting change. Reuter | BSN CORP <BSN> 4TH QTR NET |
BSN Corp said it expects revenues of about 120 mln dlrs and a substantial increase in net income and earnings per share for 1987. Today it reported 1986 net income of 2246000 dlrs or 66 cts per share on revenues of 68.3 mln dlrs up from 1064000 dlrs or 37 cts per share on revenues of 40.8 mln dlrs a year before. Reuter | BSN <BSN> SEES HIGHER 1987 NET |
SEC OKAYS REQUEST FROM BOESKY FIRMS TO PROTECT FUNDS FROM CLAIMANTS |
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Combined International Corp said it will ask shareholders at the April 23 annual meeting to approve the doubling of authorized common shares to 120 mln. Holders will also vote on a proposal to create a new class of 25 mln shares of serial preferred stock one dlr par value in place of its existing classes of authorized and unissued preferred stock. It said at its regular March board meeting members will consider a stock split or stock dividend which would be contingent upon stockholder approval of the changes in the capital structure at the April annual meeting. Holders will also be asked to approve a new corporate name Aon Corp. It said aon is a Gaelic word meaning unit. The name is intended to eliminate confusion between the parent company and its principal subsidiary Combined Insurance Co of America. Holders will also vote on a proposal to limit the liability of directors and amend the provision for indemnifying directors officers employees an agents. This is being done to reduce the costs of liability insurance. Reuter | COMBINED INT'L <PMA> HOLDERS TO VOTE ON SPLIT |
<Canbra Foods Ltd> earlier reporting a 1986 net profit against a year-ago loss said it declared a special one-time dividend of five dlrs per common share pay March 31 record March 26. Canbra said it set the special payout to allow shareholders to participate in the gain on the sale of unit Stafford Foods Ltd in November 1986 as well as the companys unusually profitable performance in 1986. Canbra earlier reported 1986 net earnings of 4.2 mln dlrs excluding a 1.3 mln dlr gain on the Stafford sale compared to a year-ago loss of 1.5 mln dlrs. Reuter | CANBRA FOODS SETS SPECIAL FIVE DLR/SHR PAYOUT |
American Telephone and Telegraph Co may have a hard time convincing U.S. regulatory authorities that lifting controls on its long-distance business will benefit consumers industry and congressional analysts say. Theres clearly going to have to be an effort (by ATT) to say that deregulation will not have an adverse effect on the consumer said Gerry Salemme a policy analyst for the House telecommunications consumer protection and finance subcommittee. Salemme said that if the Federal Communications Commission eased restrictions on ATT Congress probably would consider taking legislative oversight action to protect consumers interests. ATT has about 80 pct of the interstate long-distance market. It asked the FCC to cut back price and rate regulations that have control its long-distance phone business. ATT spun off its local telephone services operations into the seven regional Bell companies in 1984 as part of the court ordered breakup of the telephone giant. The regional companies have been prohibited from manufacturing equipment and from offering information services and out-of-region long-distance service. But some of them want to move into those areas particularly the provision of long-distance services which would compete directly with ATT. ATTs request came in response to an FCC notice issued in January that proposed to streamline regulation of certain parts of its long-distance business. The FCC will closely examine the potential effects of the proposal on consumers said FCC spokeswoman Mary Beth Hess. That would be foremost in our mind Hess said. Hess said she expected the FCC to respond in a few months. Congressional aides said they were concerned that if regulation is reduced ATT will use its dominant market position to raise consumer rates. Consumer groups say ATTs concern for its business clients its most lucrative market underscores a danger that without full regulation from the FCC any increased costs will be passed onto the consumer rather than big business. ATT however says deregulation would benefit consumers. The company would become more competitive because it would not have to wait for FCC authorization before introducing new services spokeswoman Edith Herman said. However Gene Kimmelman of the Consumer Federation of America which represents more than 200 consumer groups nationally said When ATT offers new services they tend to be geared toward the high volume business market rather than the average consumer. ATT proposed that in addition to lifting profit regulation the FCC allow new rates to go into effect in 14 days instead of the current 45 days. The company also called for a reduction in the amount of documentation it must file with the FCC each time it introduces or changes long-distance services. With this filing were suggesting that regulators replace a blanket approach to regulating ATT with a more finely-tuned targeted approach said Lawrence Garfinkel AT&Ts vice president of marketing services in a statement. We believe that by using a scalpel instead of a meat axe the public interest can be protected and all consumers will benefit he added. MCI Communications Corp also asked the FCC to ease restrictions on ATT saying this would encourage competition. Some industry analysts said the MCI proposal was an effort to halt FCC-mandated price cuts that have forced ATT and its rivals to cut prices eroding profits in the industry. MCI lost 448.4 mln dlrs on sales of 3.59 billion dlrs last year. The analysts said the proposal would benefit MCI because ATT would no longer impose price cuts that MCI would have to follow when costs fell in the industry. Im sort of mystified by those comments retorted Herman a district manager for ATT. ATT (if deregulated) has no intention of not passing on cost reductions she added. Kimmelman legislative director of the Consumer Federation said he opposed deregulation because it left no alternatives that would ensure against overcharging by ATT. He said the FCC had in the past instructed ATT to reduce prices when the company was benefitting from lower costs from increased use by consumers of long-distance services. Without full regulatory authority this may no longer happen he added. Reuter | ATT <T> MAY FACE STRUGGLE OVER DEREGULATION |
Jordan is to receive 98.8 mln dlrs in loans to finance development projects Planning Minister Taher Kanan said. Kanan told reporters the loans concluded during the past six months were made by the European Investment Bank the Islamic Development Bank and three Arab funds. He gave no other details. Kanan said the loans were for Jordans own nine billion dlr 1986-1990 development plan and not for the parallel controversial 1.3 billion dlr plan for the Israeli-occupied West Bank and the Gaza strip. He said jordan would concentrate on obtaining concessionary foreign loans and keep commercial borrowings to a minimum. Performance in the first year of the national plan was close to target the Minister said. The gross domestic product at factor cost grew 2.4 per cent instead of the planned 2.9 per cent he added but gave no figures. Kanan said public investment was also near the planned level but investments by the private sector fell below expectations. The private sector still feels inhibited he said. Reuter | JORDAN OBTAINS 98.8 MLN DLRS IN LOANS |
The Securities and Exchange Commission approved a request by two firms controlled by inside trader Ivan Boesky that allows them to take steps to protect hundreds of millions of dollars from potential claimants. The SEC granted requests made by Seemala Partners L.P. and IFB Managing Partnership L.P. to withdraw as registered brokers effective March 12. With the action the partnerships are no longer subject to the SECs net capital rules requiring them to remain solvent as brokerage firms. Seemala argued the move would be necessary if noteholders of Ivan Boesky and Co L.P. are to be repaid. In asking the SEC to speed its withdrawal as a registered broker Seemala said it wold repay to Boesky and Co which is also controlled by the former Wall Street arbitrageur 660 mln dlrs in subordinated debt plus accrued interest. IFB Managing Partners which was also given approval to withdraw as a broker has no significant assets the SEC said. Once it is repaid Boesky and Co will pay 200 mln dlrs in senior participating notes and 440 mln dlrs in subordinated participating notes of Hudson Funding Corp to certain noteholders Seemala told the SEC. Under the planned repayment scheme Seemala told the SEC the noteholders would forgo claims of prepayment penalties and some additional interest amounting to more than 100 mln dlrs. The plan would be in the public interest Seemala argued since the noteholders many of which are savings and loan institutions and insurance companies would receive repayment of the principal on their notes. Seemala also argued that the plan would help the limited partners of Boesky and Co who were not charged in the Boesky insider trading scandal by protecting its remaining equity from the noteholders claims. Unless the Boesky firms are allowed to complete the repayment plan Seemala said Boesky and Co noteholders would seek total claims of 116.8 mln dlrs plus 9.2 mln dlrs to 10.6 mln dlrs a month in addition in addition to other claims. Such claims could wipe out Boesky and Cos assets before other creditors can establish their claims Seemala said. The only opposition to Seemalas Feb 12 request to withdraw as a broker came from Berger and Montague P.C. counsel for the plaintiffs in a class action suit against Seemala and other defendants. The suit involves charges stemming from Boeskys insider trading in the stock of several major companies. Berger and Montague told the SEC it opposes the Seemala proposal because it would allow Boesky and Co noteholders to settle their claims ahead of the plaintiffs in the class action and because Seemala did not disclose the total amount of claims against it and what percentage defrauded investors would get. Seemala has said that its repayment scheme would leave a pool of about 278 mln dlrs free of claims from Boesky and Co noteholders which could satisfy other claimants. The pool would be in addition to funds placed in escrow under insider trading settlement agreements including 11.4 mln dlrs from Dennis Levine and 50 mln dlrs from Boesky. In approving the request the SEC barred Seemala and Boesky and Co from making any distributions to its limited partners for one year and required limited partners who receive distributions to agree to make themselves liabile up to a point in any case filed the partnerships. The SEC also required Seemala and Boesky and Co to get confirmation of their assets from a nationally recognized accounting firm. The agency said Boesky and Co and existing and potential claimants against it have similar interests in eliminating major creditors and preserving assets for future claims. Reuter | SEC OKAYS BOESKY FIRMS' MOVE TO PROTECT FUNDS |
Investors Savings Bank said it has called its Series B 8-1/2 pct cumulative convertible preferred stock for redemption on April 24 at 64.80 dlrs plus accrued dividends of 34 cts per share. The company said each share of the stock is convertible through April 17 into 6.3158 common shares. At year-end when the stock was issued in the acquisition of Centennial Group Inc there were 190118 shares of the preferred outstanding. Reuter | INVESTORS SAVINGS <ISLA> CALLS PREFERRED |
Kent Toys Inc said it signed an agreement with Lorimar-Telepictures Corp to produce a television game show called Lottery. Under terms of the agreement Kent said it will receive a share of the above the line production a percentage of net profits and a percentage of first-run syndication fees. Reuter | <KENT TOYS INC> IN PACT WITH LORIMAR <LT> |
Oper shr profit one cts vs loss 22 cts Oper net profit 35000 vs loss 948000 Revs 17.4 mln vs 13.8 mln Six mths Oper shr loss 23 cts vs loss 48 cts Oper net loss 1025000 vs loss 2093000 Revs 32.5 mln vs 27.6 mln NOTE: Results exclude credits of 1737000 or 39 cts shr for both 1987 periods from refinancing of debt. Reuter | ADVANCE CIRCUITS INC <ADVC> 2ND QTR FEB 28 NET |
Qtrly div 26 cts Class A vs 12 cts Qtrly div one cent Class B vs nil Pay May 15 Record March 31 NOTE: prior qtr pro rated on 45 day basis for abbreviated qtr. Full name of company commonwealth mortgage of america. Reuter | COMMONWEALTH MORTGAGE <CMA> SETS PAYOUT |
Shr 90 cts vs 66 cts Net 924000 vs 679000 Loans 88.7 mln vs 67.4 mln Deposits 165.5 mln vs 106.7 mln Assets 181.5 mln vs 124.5 mln Reuter | <BKLA BANCORP> DEC 31 YEAR NET |
Qtr ends Jan 31 Shr profit one ct vs loss two cts Net profit 74000 vs loss 122000 Revs 1657000 vs 1416000 Nine mths Shr profit five cts vs loss 10 cts Net profit 299000 vs loss 624000 Revs 5134000 vs 3744000 NOTE: Full name Precision Target Marketing Inc. Nine months 1987 includes extraordinary gain of two cts per share. Reuter | PRECISION TARGET MARKETING <PTMI> 3RD QTR NET |
Cheyenne Software Inc said it is in preliminary talks on the acquisition of compouter hardware distribution firm F.A. Components Inc and its Freeman-Owings Inc subsidiary. The company said F.A. had sales of 43.1 mln dlrs for 1986 and expects to report a loss for the year. Cheyenne said the purchase price would be paid in common stock and it would provide additional finances for the operation of F.A. Reuter | CHEYENNE SOFTWARE <CHEY> IN ACQUISITION TALKS |
Hudson Valley Patrol Inc said it agreed to acquire privately held Federal Protection Services Inc a Palm Beach Fla. security firm for 200000 common shares and other considerations. Hudson Valley which provides guard and patrol services in upstate N.Y. said Federal Protection Services provides investigation uniformed guard and armoured truck services to banks corporations and residential communities in southern Florida. The company said it will issue 200000 shares of its common at closing and additional shares based on Federal Protections pretax earnings over the next three years. Closing is subject to setting a definitive agreement it said. Reuter | HUDSON VALLEY PATROL AGREES TO BUY GUARD FIRM |
The International Cocoa Organization ICCO council adjourned after presenting divergent producer and consumer views on buffer stock rules and agreeing to examine a draft compromise proposal on the buffer stock issue tomorrow delegates said. ICCO Executive Director Kobena Erbynn will draw up what some delegates called a pre-compromise and present it to the buffer stock working group at 1130 hrs GMT Tuesday they said. While consumer and producer member nations disagree how a buffer stock should be implemented both sides reiterated they were willing to compromise to come to agreement they said. I am optimistic we will be able to come to an agreement -- maybe not tomorrow or the next day but some time later in the session a consumer delegate said. Producers say they want the buffer stock to consist only of ICCO member cocoa comprise a representative basket of various grade cocoas and pay different prices for different grades delegates said. Some consumers would rather the buffer stock manager be able to buy non-member cocoa also and pay a single price for the buffer stock cocoa without respect to origin. Consumer members were not unified in their views on how the buffer stock should operate with several countries backing different aspects of the producer stance delegates said. The semi-annual council meeting is scheduled to run until March 27. Consideration of the buffer stock rules is the most controversial topic on the agenda delegates said. Reuter | ICCO TO EXAMINE BUFFER STOCK PROPOSAL TOMORRROW |
Top Saudi businessmen discussing ways to bolster the kingdoms private sector at a Chamber of Commerce conference here today called for finance to be made available more easily for industrial projects. Saleh Kamel a leading businessman and head of the Jeddah-based Dallah group said business needed more funding and welcomed recent measures to encourage banks to step up lending. But yesterday conference participants were publicly reprimanded for not investing enough in the kingdom. Prince Khaled al-Faisal governor of the Asir region hosting the four-day conference accused businessmen of showing ingratitude at a time when the government had been prepared to draw heavily on reserves to maintain spending and stimulate the economy. Businessmen for their part argued today that the kingdoms commercial banks were unwilling to take risks and help finance industrial projects. Saleh Kamel one of Saudi Arabias leading businessmen and head of the Jeddah-based Dallah group told Reuters the general economic outlook for trade and industry had improved. We can be optimistic the economy is looking brighter he said. But he also said businessmen needed more finance and welcomed measures being taken to encourage banks to step up lending. A committee at the Saudi Arabian Monetary Agency the kingdoms central bank is now examining the problem. Commercial banks are in fact extremely liquid but have become highly selective in extending new credit after many companies ran into trouble repaying debt during the last three years. Between 1982 and 1985 banks had to make risk provisions totalling 4.3 billion riyals and results now coming in for 1986 show another year when heavy reserves had to be made against bad and doubtful loans. The effects of the Middle East economic downturn hit the construction sector in Saudi Arabia very hard and there has been a sharp fall in development lending for new industrial projects. The Saudi Industrial Development Fund a major source for private sector finance made loan commitments totalling 752 mln riyals in the financial year to September 4 1986 a decline of nearly 20 pct on the previous year. The government credit agency specialises in low cost loans for development funding 50 pct of a projects total value. The pattern of the agencys lending has also shown a distinct shift away from infrastructre-related industry - such as cement plants - to capital-intensive projects. Businessmen said opportunities are now available in service industries and tourism which is slowly developing in the Gulf region. But new investment in manufacturing industry shows fewer signs of taking hold. REUTER | SAUDI BUSINESSMEN SEEK TO BOOST PRIVATE SECTOR |
Shr profit 10 cts vs loss 2.20 dlrs Net profit 687000 vs loss 14.5 mln Sales 68.3 mln vs 54.8 mln Avg shrs 7018000 vs 6577000 1st half Shr profit 38 cts vs loss 1.95 dlrs Net profit 2596000 vs loss 12.8 mln Sales 129.9 mln vs 113.3 mln Avg shrs 6964000 vs 6568000 Reuter | AMCAST INDUSTRIAL CORP <ACST> 2ND QTR MARCH ONE |
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