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Shr 10 cts vs seven cts Net 3501000 vs 2420000 Sales 332.7 mln vs 274.9 mln Qtly div four cts vs four cts prior Pay April Six Record March Six Reuter | PAYLESS CASHWAYS INC <PCI> 1ST QTR FEB 28 NET |
Gillette Co <GS> exercised an option to take a 51.2 pct stake in the French pen firm Waterman which it had previously been authorised to do by the French government the French stockbrokers association (CSAC) said. Gillette has given an undertaking to intervene on the Bourse until April 7 to prevent Waterman shares from falling below 650 francs it added. This compares with yesterdays rate of 625 francs. Under the agreement concluded last November between Waterman owners Francine and Grace Le Foyer-Gomez and Alice Lundgren and the Gillette group Gillette agreed to acquire 51.2 pct of the capital of Waterman at 700 francs a share. Gillette is buying a total 180000 shares valuing the deal at 126 mln francs. Reuter | FRANCE APPROVES WATERMAN ACQUISITION BY GILLETTE |
Genetics Institute Inc said it has purchased a 139000 square foot plant on 50 acres in Andover Mass. to which it will move all of its process development and pilot and clinical production groups from its Cambridge Mass. headquarters from Henley Group Inc <HENG> for 15.3 mln dlrs. Genetics said the purchase of the plant will allow a fourfold expansion of its pilot and clinical production facilities for biotechnology-based human pharmaceuticals. The company said it plans to invest another 20 mln dlrs to equip the facility for process development activities and clinical scale production. Construction is to be completed by late 1987. Reuter | GENETICS INSTITUTE <GENI> BUYS PLANT |
Airborne Freight Corp said it has received a three-year contract to be primary overnight carrier for International Business Machines Corps domestic air express traffic. The company had previously shared IBM domestic traffic with several other carriers. It said the contract includes overnight and two-day express services for packages 150 pounds and under. Financial details were not disclosed. Reuter | AIRBORNE FREIGHT <ABF> GETS IBM <IBM> CONTRACT |
The Bank of England said it had revised its forecast of the shortage in the money market today down to 400 mln stg from 450 mln stg. REUTER | U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN |
Shr loss 26 cts vs loss 12 cts Net loss 289649 vs loss 138372 Revs 5944286 vs 5902074 Reuter | NOEL INDUSTRIES INC <NOL> 1ST QTR JAN 31 LOSS |
<Deutsche Lufthansa AG> said on April 1 it will start nonstop service between Washington and Frankfurt initially operating four roundtrips weekly. It said frequency of the McDonnell Douglas Corp <MD> DC-10 flights will rise to five times weekly on April 26. It said the lowest priced Holiday fares on the route requiring 21-day advance payment will be 449 dlrs roundtrip in April 672 dlrs midweek in May and from September 15 to October 30 and 799 dlrs midweek for the summer months. Reuter | LUFTHANSA SETS WASHINGTON/FRANKFURT SERVICE |
Japan told the General Agreement on Tariffs and Trade that South Koreas five-year import diversification plan violated the spirit of the world trade governing body a Foreign Ministry spokesman said. The notification came in Japans answer to a recent GATT questionnaire on unfair trade practices the spokesman said. In the five-year plan which starts this year South Korea aims to reduce its dependency on Japan as a source of imported goods and to increase imports from the U.S. And Europe. Japans move came after several unsuccessful bilateral negotiations on the plan the spokesman said. The notification does not represent anything resembling a formal complaint nor is it intended to pressure South Korea. It is a routine procedure followed by all other GATT member states. Reuter | JAPAN ALERTS GATT TO SOUTH KOREA IMPORT PLAN |
The Bank of England said it had provided the money market with 16 mln stg help in the afternoon session. The Bank did not operate in the market in the morning and earlier revised its estimate of the shortage in the system today down to 400 mln stg from 450 mln. The central bank purchased bills outright in band one at 10-3/8 pct comprising two mln stg of local authority bills and 14 mln stg of bank bills. REUTER | U.K. MONEY MARKET RECEIVES 16 MLN STG ASSISTANCE |
Atico Financial Corp said it has executed a definitive agreement to acquire 93.5 pct of Intercontinental Bank of Dade County Fla. from Intercontinental Bank Holding Co for an undisclosed amount of cash and common stock. It said closing is subject to regulatory approval. Atico said in connection with the acquisition it will apply to become a registered bank holding company and convert its 99 npct owned Atico Savings Bank subsidiary to a state-chartered commercial bank. Intercontinental had year-end assets of about 487 mln dlrs. Atico had year-end assets of about 534 mln dlrs. Reuter | ATICO FINANCIAL <ATFC> TO MAKE ACQUISITION |
Shr 12 cts vs 10 cts Net 1683000 vs 1407000 Revs 42.2 mln vs 28.8 mln 12 mths Shr 83 cts vs 70 cts Net 11.9 mln vs 10.0 mln Revs 160.3 mln vs 126.5 mln NOTE: prior qtr and yr ended Jan 26. Reuter | CLOTHESTIME INC <CTME> 4TH QTR NET |
Shr 1.40 dlrs vs 1.38 dlrs Net 1928800 vs 1485600 Sales 35.2 mln vs 33.5 mln Avg shrs 1350800 vs one mln Reuter | CHARTER-CRELLIN INC <CRTR> YEAR NET |
Shr 26 cts vs 18 cts Net 879000 vs 615000 Revs 6394000 vs 5561000 Reuter | <SENSORMATIC CANADA LTD> YEAR NET |
Qtly div 10 cts vs 10 cts prior Pay April 30 Record April Three Reuter | DIME SAVINGS BANK OF WALLINGFORD <DIBK> PAYOUT |
BAKER INTERNATIONAL TO SELL ELECTRIC SUBMERSIBLE OILWELL PUMP UNIT |
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Kayaba Industry Co Ltd is privately placing 50 mln Swiss francs of five year straight notes with a 4-3/4 pct coupon and 100.25 issue price lead manager Credit Suisse said. Payment is due March 31. The issue is guaranteed by Fuji Bank Ltd. REUTER | KAYABA INDUSTRY ISSUES 50 MLN SWISS FRANC NOTES |
The West German airline Deutsche Lufthansa AG believes the way it decides fares is in line with European Community (EC) guidelines despite an official probe a company spokesman said today. The Federal Cartel Office in West Berlin is investigating whether agreements reached by European airlines over fares are a breach of EC regulations on competition. Hubertus Schoen the Cartel Offices spokesman said the investigation had been running for some weeks. A spokesman for Lufthansa told Reuters: Lufthansa presumes that the way we decide fares corresponds with EC regulations. Airlines did not traditionally have to comply with a clause in the Communitys treaty forbidding companies in member states from reaching accords likely to hinder free competition. However Schoen said that last year the European Court of Justice had ruled that this clause should also apply to air traffic. The Cartel Offices probe came in the wake of this. The Office had not yet officially contacted Lufthansa but Schoen said the airline would be asked for information about the way fares were decided. It would then be decided if the practice was a breach of article 85 of the EC treaty. Reuter | LUFTHANSA SAYS FARE POLICY IN LINE WITH EC RULES |
Swissair <SWSZ.Z> said its overall load factor for January was steady at 58 pct compared to the same period a year ago. Its seat load factor dipped to 58 pct in January from 59 pct in 1986. A six pct rise in overall traffic in the month came on tonne-km capacity eight pct higher than a year ago. Cargo traffic in the month was 10 pct higher than a year earlier and passenger traffic was up five pct but unfavourable currency rates led to an eight pct fall in revenue. Costs before depreciation were down nine pct in the month. REUTER | SWISSAIR JANUARY TRAFFIC UP, REVENUE DOWN |
Baker International Corp said it has signed a definitive agreement to sell the assets and business of the electric submersible oilwell pump product line in the continental U.S. of its Baker Oil Tools Inc subsidiary to Trico Industries Inc <TRO> for an undisclosed amount of cash and other consideration. The company said the transaction is subject to Hughes Tool Co <HT> and Baker shareholder approval of the Baker/Hughes merger. The U.S. Justice Department has announced that it will require divestiture of the product line for approval of the merger. Baker said the transaction is subject to approval by the Justice Department and the boards of Baker Hughes and Trico. Reuter | BAKER <BKO> TO SELL OILWELL PUMP UNIT |
There will be no significant changes in U.S. agricultural policy this year said Senate Minority leader Robert Dole (R-Kan). Speaking at the annual convention of National Grain and Feed Association Dole said that while the current farm bill is not perfect I still believe it is a step in the right direction. Dole said he would like to reduce the costs of the program but that expenditures will continue to be high until the U.S. becomes more aggressive in its export policy through either the broader use of the Export Enhancement Program or the implementation of a market loan for wheat and feed grains. Commenting on whether the U.S. should offer the Soviet Union subsidized grain Dole said If your going to trade with the Soviet Union you have to be competitive. He said one way to get around the problem of making direct subsidies to the Soviets would be to implement a market loan which he said would make U.S. commodity prices competitive. Prospects for passage of mandatory production controls specifically the Harkin-Gephardt mandatory bill are not good he said. Mandatory has less support now than it did a year ago and it will have even less support when people understand it he said. If the House passes a pending 0/92 bill for 1987 winter wheat the Senate will try to address 0/92 for a one year period Dole added. Reuter | NO MAJOR FARM POLICY CHANGES THIS YEAR - DOLE |
American City Business Journals Inc <AMBJ> said its president and chief operating officer Armon Mills is stepping down to head a field management team. The company said it is realigning its management to accommodate its unexpected growth through acquisitions. The company said it has grown from two business journals to 36. Other changes include vice chairman William Worley assuming the role of president while sharing chief executive duties with chairman Michael Russell. Reuter | AMERICAN CITY BUSINESS JOURNALS SHIFTS OFFICERS |
Shr 38 cts vs 92 cts Net 1042000 vs 2510000 Revs 20.6 mln vs 29.6 mln Reuter | <CANADIAN FOREMOST LTD> YEAR NET |
SunGard Data Systems Inc said an offering of 1200000 common shares is underway at 18.25 dlrs each through underwriters led by Alex. Brown and Sons Inc <ABSB> and L.F. Rothschild Unterberg Towbin Inc <R>. Reuter | SUNGARD DATA <SNDT> SHARE OFFERING STARTS |
CIE Systems Inc a unit of C. Itoh Electronics Inc said it established a program to provide lease and lease-purchase financing for buyers of its business computer systems and electronic products. The program will be administered by CFC Leasing an independent company and more than 100 mln dlrs in funds are expected to be available over the next four years from a consortium of six financial institutions the company said. C. Itoh Electronics Inc is a U.S. unit of (C. Itoh and Co Ltd) of Japan. Reuter | C. ITOH UNIT SETS BUYER FINANCING PROGRAM |
Oper shr profit eight cts vs loss eight cts Oper net profit 604996 vs loss 615345 Sales 18.4 mln vs 17.8 mln NOTE: Net excludes losses from discontinued operations of 156098 dlrs vs 732924 dlrs. 1986 net excludes tax credits of 271538 dlrs. 1985 net includes gain 4800009 dlrs from reversl of recapture taxes. Reuter | IMMUNOGENETICS INC <IGEN> YEAR NET |
Shr 31 cts vs 53 cts Net 4.2 mln vs 7.1 mln Revs 16.1 mln vs 27.2 mln Reuter | <SCURRY-RAINBOW OIL LTD> 1ST QTR DEC 31 NET |
The European Investment Bank EIB is raising 400 mln marks through a 10-year eurobond carrying a coupon of 6-1/8 pct and priced at 100-1/4 market sources said. Deutsche Bank AG will be lead managing the issue the sources added. No further details were immediately available. Deutsche later confirmed the details and added the issue would be sold in denominations of 1000 and 10000 marks. Interest will be paid annually on April 7 and the bond matures on the same day in 1997. Payment date is also April 7. The borrower has the option of redeeming the bonds from 1994 at 100-3/4 then declining by 1/4 point annually until maturity. Fees total 1-3/4 pct with 1-1/8 pct for selling 3/8 pct for underwriting and 1/4 pct for management Deutsche said. The bond will be listed in West Berlin Duesseldorf Frankfurt Hamburg and Munich. REUTER | EIB ISSUES 400 MLN MARK EUROBOND |
Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating todays hog slaughter at about 290000 to 307000 head versus 302000 week ago and 297000 a year ago. Cattle slaughter is guesstimated at about 120000 to 125000 head versus 130000 week ago and 124000 a year ago. Reuter | HOG AND CATTLE SLAUGHTER GUESSTIMATES |
Prime Minister Poul Schlueter said the downgrading of Denmarks credit rating by the U.S. Standard and Poors Corp was regrettable but of little practical importance. 3tandard and Poors yesterday lowered the rating on Danish long-term external debt to AA from AA-plus saying Denmark was less competitive with rising labour costs and this would worsen the external account deficit and increase external debt. Schlueter told journalists after the weekly cabinet meeting: It is regrettable that they have taken a plus from us but the change will not have much practical significance. He was echoing comments by central bank governor Erik Hoffmeyer who was quoted by the daily Politiken as saying the downgrading would have little effect on Denmarks borrowing capability or the interest it paid on loans. But some bank economists said the lower rating would increase the cost of national borrowing to finance the external current account deficit which rose to a record 34.5 billion crowns in 1986. Denmark had total foreign debt of over 260 mln crowns at the end of 1986. Finance Minister Palle Simonsen said in a statement last night that the downgrading the second in four years should not be over-dramatised pointing out that the government had already imposed a series of austerity measures to limit consumption and was willing to act again if necessary. Prices fell steeply when the Danish bond market opened but recovered somewhat after the central bank cut the overnight money market lending rate to 10.5 pct from 11 pct. The bank said the cut was due to an inflow of foreign currency in March following stabler currency relations after Januarys EMS realignment. REUTER | DANISH CREDIT DOWNGRADING UNIMPORTANT - PREMIER |
Shr 19 cts vs three cts Net 515000 vs 87000 Revs 6830000 vs 4107000 Six mths Shr 36 cts vs 12 cts Net 955000 vs 327000 Revs 14.2 mln vs 9755000 Reuter | MCRAE INDUSTRIES INC <MRI.B> 2ND QTR JAN 31 NET |
Oper shr profit one ct vs loss four cts Oper net profit 104386 vs loss 196265 Revs 8174652 vs 2309979 Avg shrs 6285714 vs 5500000 1st half Oper shr profit nil vs loss eight cts Oper net profit 26541 vs loss 419758 Revs 12.0 mln vs 5088134 Avg shrs 5836735 vs 5500000 NOTE: Current year net both periods excludes tax credit of 107370 dlrs. Reuter | <FRONTIER TEXAS CORP> 2ND QTR NOV 30 NET |
Viceroy Resource Corp said recent drilling on the Lesley Ann deposit extended the high-grade mineralization over a width of 600 feet. Assays ranged from 0.35 ounces of gold per ton over a 150-foot interval at a depth of 350 to 500 feet to 1.1 ounces of gold per ton over a 65-foot interval at a depth of 200 to 410 feet. Reuter | <VICEROY RESOURCE CORP> DETAILS GOLD ASSAYS |
Taiwan is scheduled to tender tonight for 450000 to 475000 tonnes U.S. corn export sources said. The tender calls for 11 cargoes for delivery from April through October with early shipments FOB or Pacific Northwest they said. Reuter | TAIWAN TO TENDER FOR 450,000 TONNES U.S. CORN |
Clabir Corp said its 86 pct owned affiliate Ambrit Inc <ABI> has agreed to acquire the Popsicle Industries division of <Sara Lee Corp of Canada Ltd> for about 37 mln Canadian dlrs in cash. Clabir said the purchase from the Sara Lee Corp <SLE> subsidiary is worht about 28 mln U.S. dlrs. The agreement is subject to Canadian regulatory approval. Popsicle Canada through its 19 licensees is the largest maker and distributor of frozen novelty products in Canada Clabir added. Reuter | CLABIR <CLG> UNIT AGRES TO BUY POPSICLE CANADA |
St. Jude Medical Inc said its board declared a special dividend of one right for each outstanding share held of the companys common stock payable to holders of record April Six. It said each right entitles the holder to buy one-tenth of a share of preferred stock of St. Jude at an exercise price of 100 dlrs. St. Jude said the rights may be exercised only after 10 days following the acquisition of or commencement of a tender offer for at least 20 pct of the companys common stock. The company added that it has no reason to believe St. Jude Medical is a takeover target. Reuter | ST. JUDE MEDICAL <STJM> VOTES DIVIDEND RIGHTS |
Numac Oil and Gas Ltd said it arranged a 59.7 mln dlr financing with two investment dealers. The financing includes 30 mln dlrs of convertible subordinated debentures and 2.7 mln common shares at a price of 11 dlrs per share for a total of 59.7 mln dlrs Wood Gundy Inc and Gordon Capital Corp agreed to buy the securities. The debentures will be for a term of 15 years with a seven pct coupon and convertible into common shares for 10 years at 13.50 dlrs per share. The debentures are not redeemable for three years Numac said. Reuter | NUMAC OIL <NMC> HAS 59.7 MLN DLR FINANCING |
Adams-Russell Electronics Co Inc said it has acquired Hermetronics PLC a maker of hermetic integrated circuit packages for about 600000 dlrs. The company said HErmetronics is expected to have sales of over 800000 dlrs for the year ending this month. Reuter | ADAMS-RUSSELL ELECTRONICS <AARE> IN PURCHASE |
Qtly div 50 cts vs 50 cts prior Pay May 15 Record April Seven NOTE: Partnership said holders of common and preference units for all of 1987 are expected to have no net taxable income. Reuter | MESA LIMITED PARTNERSHIP <MLP> SETS PAYOUT |
U.S. CURRENT ACCOUNT DEFICIT RECORD 36.84 BILLION DLRS IN 4TH QTR 1986 |
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Sterling Inc said it intends to file for an offering of 1500000 common shares including 500000 shares to be sold by shareholders. It said proceedsd will be used to reduce bank debt. The company said the sale is expected to be completed followiong a special shareholders meeting planned for mid-April. Reuter | STERLING INC <STRL> FILES FOR OFFERING |
The U.S. current account deficit widened to a record 36.84 billion dlrs on a balance of payments basis in the October-December fourth quarter of 1986 from a revised 35.29 billion dlrs in the third quarter the Commerce Department said. Previously the department said the third-quarter deficit was 36.28 billion dlrs. For the full year 1986 the current account a broad measure of trade performance was in deficit a record 140.57 billion dlrs after a 117.68 billion dlr deficit in 1985. The department said an increase in the merchandise trade deficit during the fourth quarter to 38.4 billion dlrs from 37.1 billion dlrs in the third quarter was the main reason for the worsening deficit. Net service receipts declined to 5.5 billion dlrs in the final quarter from six billion dlrs in the third quarter. The current account includes trade in merchandise and services as well as U.S. financial transactions with the rest of the world. The department said the merchandise trade deficit for all of 1986 grew to 147.7 billion from 124.4 billion dlrs in 1985. Net service receipts were 22.3 billion dlrs in 1986 compared with 21.7 billion dlrs in 1985 the department said. Net unilateral transfers during the fourth quarter last year covering foreign aid and government pensions were down to 3.9 billion dlrs from 4.2 billion dlrs in the third quarter because of fewer U.S. government grants to Mideast countries. Liabilities to foreigners reported by U.S. banks rose 35.3 billion dlrs between October and December after increasing 30.1 billion dlrs in the third quarter. For the full year these liabilities grew 77.4 billion dlrs after rising by 40.4 billion dlrs in 1985. The department said inflows were boosted in the fourth quarter by international activities of Japanese banks and strong demand within the United States to finance acquisitions. Net foreign sales of U.S. Treasury securities by foreigners were 2.7 billion dlrs in the quarter after purchases of 500 mln dlrs in the third quarter. Net foreign purchases of securities other than U.S. Treasury securities in the fourth quarter were 11.8 billion dlrs compared with 17.2 billion dlrs in the third quarter. For all 1986 foreign purchases of securities excluding U.S. Treasury securities were a record 70.7 billion dlrs surpassing the previous record 50.9 billion dlr total in 1985. Claims on foreigners reported by U.S. banks in the fourth quarter rose 29.9 billion dlrs after a 19.3 billion dlr third-quarter increase. U.S. sales of foreign securities rose to 2.7 billion dlrs from 300 mln dlrs in the third quarter because of a sharp selloff of foreign stocks and bonds the department said. Outflows for U.S. direct investment abroad fell to 5.7 billion dlrs from eight billion dlrs in the third quarter. Foreign direct investment in the United States increased 14.4 billion dlrs in the fourth quarter compared with 5.6 billion dlrs in the previous quarter because of stepped-up acquisitions the department said. Foreign official assets in the United States increased 800 mln dlrs between October and December after rising 15.4 billion dlrs in the third quarter. For the full year 1986 foreign official assets grew 33.4 billion dlrs after a 1985 decrease of 1.9 billion dlrs as foreign monetary authorities intervened heavily in exchange markets late in the year as the dollar fell commerce said. Reuter | U.S. CURRENT ACCOUNT DEFICIT 36.84 BILLION DLRS |
Moodys Investors Service Inc said it raised to Baa-3 from Ba-1 about 86 mln dlrs of subordinated debt of Hechinger Co. The rating agency cited Hechingers consistently increasing profitability and relatively stable financial structure. Moodys pointed out that the company has minimal levels of variable rate debt. Hechinger is aggressively expanding its stores with a distribution outlet and 28 outlets planned in the next two years. Moodys said the companys healthy cash flows along with outside financings will be used to fund this growth. Reuter | HECHINGER <HECHA> DEBT UPGRADED BY MOODY'S |
East Germany plans to devolve more responsibility to factories and boost profitability under a law obliging plants to generate their own funds for investments in new machinery repairs or expansion the Berliner Zeitung newspaper said. The state would no longer finance projects under five mln marks under the law which took effect on January 1. The paper also hinted at further more ambitious changes if this experiment proved successful. Soviet leader Mikhail Gorbachev has cited East Germanys cautious industrial decentralisation as an alternative to the Hungarian model based on Western-style market economics. The law stresses that East Germany remains committed to the centralised state-planned economic system with no market experiments. This new regulation is part of our general investment policy Berliner Zeitung said citing the growing importance of robots and high technology rather than the large-scale plant construction of the 1950s and 1960s. This step could be the start of even greater changes in GDR investment policy. We must wait and see it added. Factory investment funds would be drawn from profits above certain minimum returns pledged to the state under annual plans and from amortisation -- funds the factory is allowed to keep to compensate for depreciation in the cost of machinery. Amortisation costs and all profits currently go back to the state which provides all investment capital in return. This centralisation has hindered managements response to changes in world markets vital for the East German economy economists said. REUTER | EAST GERMANY ANNOUNCES ECONOMIC REFORM PLANS |
Treasury Secretary James Baker urged Congress to support the administrations financing requests for the multilateral development banks in the next two fiscal years. Baker told a House appropriations subcommittee the administrations request for a total 2.1 billion dlrs in fiscal 1987 and 1988 would meet administration shortfalls and fulfill Washingtons annual payment responsibilities. In testimony that went over much of the same ground as his remarks to a Senate committee some two weeks ago Baker said support for the MDBs was crucial to U.S. economic leadership. Baker told the committee Our national self respect and our international leadership depend on our willingness to fulfill this responsibility. The administration budget requests include a supplemental request for fiscal 1987 of 293 mln dlrs and a 1.8 billion dlr request for fiscal 1988. Baker noted these requests included funding requirements negotiated by the administration with this committee. Bakers remarks outlined why the development banks were formed and the stake the U.S. had in maintaining them. Baker pointed out the U.S. has successfully sought reforms in several of the institutions and was pressing for reforms in others aimed at making them more efficient with policies oriented toward free markets. He also gave the House subcommittee a progress report on the debt strategy and emphasized the importance of continued financing for the MDBs if the U.S. is to continue to lead in resolving the debt crisis. In other remarks Baker repeated the need to finance the general foreign affairs budget and underscored how MDBs have served U.S. national interests. Reuter | BAKER URGES SUPPORT FOR DEVELOPMENT BANKS |
The Bank of England said it provided the money market with late assistance of around 120 mln stg. This brings the banks total help today to some 136 mln stg and compares with its forecast of a 400 mln stg shortage in the system. REUTER | U.K. MONEY MARKET GIVEN 120 MLN STG LATE HELP |
Memory Protection Devices Inc said it expects to close the previously announced acquisition of the assets and liabilities of Bogen a division of <Lear Siegler Inc> on April one. Memory Protection Devices said it received a senior loan commitment letter as well as the requisite waiver under the New Jersey Environmental Control Reclamation Act both of which are necessary to complete the acquisition. It declined to provide further details. Reuter | MEMORY PROTECTION <MPDI> SEES BOGEN CLOSING |
<Canadian Foremost Ltd> earlier reporting lower 1986 net profit said negotiations are continuing concerning the previously announced sale of the companys 49 pct interest in <Macedon Resources Ltd>. If concluded the sale would be refelected in the companys 1987 results Foremost said without elaborating. It also said lower revenues from the last half of 1986 are expected to continue during 1987 but a strong cash and working capital position will enable Foremost to go on developing traditional and new markets. It earlier said 1986 earnings fell to 1042000 dlrs from year-ago 2510000 dlrs. Reuter | CANADIAN FOREMOST CONTINUES MACEDON SALE TALKS |
ABM Gold Corp said it has filed with the U.S. Securities and Exchange Commission for an initial public offering of six mln Class A common shares at an expected price of seven to nine U.S. dlrs each through underwriters led by PaineWebber Group Inc and Advest Group Inc. The company said it will use about 30.6 mln dlrs of the proceeds to buy from Sonora Gold Corp 5456000 Sonora shares at 5.60 U.S. dlrs each and Sonora will use about 25.0 mln dlrs of its proceeds from that deal to buy 9259000 shares of <Goldenbell Resources Inc> at 2.70 dlrs each. ABM Gold said Sonora will use the 5553600 dlrs remaining to repay short-term debt and for working capital. Goldenbell will use its proceeds from the sale of shares to Sonora to provide about half the financing needed to complete construction of production facilities for a property. ABM said it will use another 8120000 dlrs of its proceeds to buy <New Jersey Zinc Exploration Co>s 15 pct interest in net operating profits derived from some Sonora properties. ABM said it will trade this interest for 1234042 Sonora shares valued at 6.58 dlrs each. ABM will use another 2825370 dlrs of the proceeds to buy from <United Gold Corp> 1053000 United common shares at 2.29 dlrs each and exercise a warrant to buy another two mln common shares at 20.7 cts per share with United to use its proceeds to fund exploration. ABM gold manages and develops properties for Sonora Goldenbell United and Inca Resources Inc. Reuter | ABM GOLD FILES FOR INITIAL SHARE OFFERING |
Texas International Co said it has completed the previously-announced 120 mln dlr sale of its domestic oil and natural gas reserves to <Total Compagnie Francaise des Petroles>. It said on closing it used part of the proceeds to retire all 100 mln dlrs of its U.S. bank and U.S. senior debt and the rest will be used for general corporate purposes. Reuter | TEXAS INTERNATIONAL <TEI> COMPLETES RESERVE SALE |
Shr 70 cts vs 47 cts Net 4185000 vs 2433000 Sales 52.9 mln vs 35.7 mln Avg shrs 6000000 vs 5200000 Year Shr 1.20 dlrs vs 71 cts Net 6759000 vs 3717000 Sales 130.4 mln vs 85.3 mln Avg shrs 5622000 vs 5200000 Reuter | TRANS WORLD MUSIC CORP <TWMC> 4TH QTR JAN 31 NET |
Gruen Marketing Corp said it expects to report earnings for the year ended January 31 of 60 to 65 cts per share on about 7309000 average shares down from 78 cts on 6545000 shares a year before. It said sales fell about 10 pct from the year-earlier 104.9 mln dlrs. Reuter | GRUEN MARKETING <GMC> SEES YEAR NET OFF |
The Federal Trade Commission (FTC) said Sears Roebuck and Co and Kellwood Co a Sears supplier agreed to pay penalties of 200000 dlrs each to settle 1981 charges they misrepresented the amount of down filling in coats they sold. The FTC said Sears and Kellwood also pledged to make truthful advertising claims about the down and feather content of their garments and to accurately disclose the type of filling on the garments labels. The FTC said Kellwood has not made or sold any down garments since 1983. The FTC had charged in a 1981 complaint filed in federal court that Sears and Kellwood mislabeled and falsely advertised the down content of clothing made by Kellwood and sold by both Sears and Kellwood. As is typical in such cases the settlement terms did not require either company to admit or deny the charges. The FTC vote to accept the settlement was 4-1. In a dissent Commissioner Andrew Strenio argued that the settlement terms held Sears to a lower standard than the rest of the clothing industry. Reuter | SEARS <S> SUPPLIER SETTLE FTC LABELING CHARGES |
Massey Combines Corp 45 pct owned by Varity Corp said it shipped 48 large conventional combines valued at nearly five mln Canadian dlrs to its Saudi Arabian distributor located in Riyadh. Massey Combines said the combines shipment is the companys first major sale in Saudi Arabia since the sharp drop in world oil prices forced many oil-producing countries to curb machinery imports. Massey Combines formerly Varitys combines division became an independent business during a company restructuring completed last year. Reuter | VARITY (VAT) SUBSIDIARY HAS SAUDI COMBINE SALE |
Already strained relations between the U.S. And the European Community (EC) are likely to get worse before they get better director general of the Dutch Economics Ministrys foreign affairs division Frans Engering said. Speaking at an American Chamber of Commerce lunch in The Hague Engering noted the developing history of crises over steel citrus and pasta and warned of more to come. I consider the strident tone of US declarations on Airbus ill-advised and the EC fats and oils tax proposal a dangerous provocation he said. I feel that we shall probably have to deal with quite a few more crises in the foreseeable future. Not only is the US Congress clearly very determined to get the American balance of payments into better shape but the risks of brinkmanship are all the greater because the EC has its own constraints in meeting outside pressure Engering noted. If we ask ourselves whether it is perhaps inevitable that we keep pushing each other to the brink of actual trade war then I think the answer is probably yes he said. In order to reduce these tensions decision-making in the EC must become less self-centred and the US Administration will have to exercise the authority to convince Congress and pressure groups of the need for accommodation he added. Reuter | DUTCH OFFICIAL WARNS OF MORE TRADE CONFLICTS |
<Qintex America Ltd> said its offer for 3.3 mln Princeville Development Corp shares has been extended to March 19 from March 18. As of yesterday Qintex said 7060197 Princeville shares had been tendered in response to the offer and not withdrawn down from over 7.2 mln on March 10. Qintex said it is extending the offer to allow Princeville shareholders to assess the sale announced last week of Princeville Airways Inc to Aloha Inc <ALO> adding a supplement to the Quintex offer further detailing the agreement with Aloha will be distributed later today. Reuter | QINTEX AGAIN EXTENDS PRINCEVILLE <PVDC> OFFER |
Lukens Inc said its backlog at the end of February was about 140 mln dlrs up from 104 mln dlrs at the end of 1986 and more than 50 pct above the February 1986 level. The company said Based upon the current backlog we are reasonably confident that sales in the first two quarters will be stronger than sales in the same two quarters last year. Earnings from operations should also be better. Lukens earned 456000 dlrs in last years first quarter and 2500000 dlrs in the second quarter excluding a pension gain and a litigation provision in that period. Lukens had first quarter sales last year of 92.9 mln dlrs and second quarter sales of 105.9 mln dlrs. Reuter | LUKENS <LUC> SAYS BACKLOG HIGHER |
Rubber producers and consumers who agreed last week on the central elements of a new international natural rubber pact have started work on the legal drafting of a future accord delegates said. Compromise on issues blocking an agreement was reached at a United Nations conference on an accord to replace the current pact which expires in October. The new International Natural Rubber Agreement (INRA) is expected to be formally adopted on Friday. Reuter | NEGOTIATORS DRAFT DETAILS OF NEXT RUBBER PACT |
Viceroy Resource Corp said recent drilling on the Lesley Ann deposit extended the high-grade mineralization over a width of 600 feet. Assays ranged from about 0.35 ounces of gold per short ton over a 150-foot interval at a depth of 350 to 500 feet to about 1.1 ounces of gold per ton over a 65-foot interval at a depth of 200 to 410 feet. Reuter | VICEROY RESOURCE CORP DETAILS GOLD ASSAYS |
REAGAN TO HOLD NEWS CONFERENCE AT 2000 EST THURSDAY, WHITE HOUSE SAYS |
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Qtly div 21 cts Payable April 15 Record March 31 Reuter | FIRST VALLEY CORP <FIVC> REGULAR DIVIDEND |
The National Association of Securities Dealers Inc said its board of governors has proposed adoption of uniform rules by major U.S. stock markets which would emphasize equal shareholder voting rights but allow for legitimate variations. The NASD said its proposal would eliminate differences in stockholder voting standards as a competitive factor between markets. It called on the Securities and Exchange Commission to adopt such a rule applying to all markets if each equity market is unwilling to voluntarily adopt a uniform rule under the commissions guidence. Clearly the NASD would willingly be the first to voluntarily adopt a uniform rule such as it is proposing NASD President Gordon S. Macklin said in a letter to SEC Chairman John S.R. Shad. The NASD said its view is based on the associations study of the issue and from information developed at the SECs recently concluded hearings on the subject. The current discussion of the one share-one vote issue was triggered by the New York Stock Exchanges application to the SEC for permission to abandon the standard with respect to companies listed on the NYSE the NASD noted. It called for limiting variations of equal voting rights to situations involving complete disclosure such as - (1) shares in a registerd public offering where all facts connected with the companys capital structure are clearly spelled out in the prospectus and - (2) shares issued in connection with a merger acquisition or recapitalization where the exchange of shares is accompanied by detailed proxy material. The NASD said the uniform rule should be written to disallow the issuance of dual classes of shares where those with superior voting rights are not resalable. Reuter | NASD PROPOSES EQUAL SHARE VOTES WITH VARIATIONS |
Glaxo Holdings Plc <GLXO.L> said it has filed an application to obtain a listing of its ordinary shares on the Tokyo Stock Exchange. It said in a statement it expects to obtain the listing by by the end of the companys financial year on June 30. No new shares will be issued in connection with the listing on the Tokyo exchange Glaxo said. On February 18 Glaxo said it was seeking to list its American Depositary receipts now traded on the NASDAQ system on the New York Stock Exchange. It also expected this listing to be in place by June 30. Reuter | GLAXO SEEKS TOKYO LISTING |
President Reagan ending four months of semi-isolation from the press will hold a televised news conference on Thursday the White House said. Reagan is certain to be questioned extensively at the 2000 EST/0100 gmt session about the secret sale of arms to Iran and skimming of profits to aid U.S.-backed contra rebels in Nicaragua. During his last news conference on November 19 1986 -- six days before the fund diversion came to light -- Reagan strongly defended the clandestine arms operation. During that session the president also denied any third country involvement in the Iran initiative even though it was already known that Israel had played a key role in the arms shipments. The White House was forced to issue a correction following the news conference. Reagans fumbling performance in that encounter with reporters helped contribute to a sharp decline in his job approval rating in various public opinion polls. Since the November 19 news conference Reagan --who maintains he knew nothing about the contra diversion -- has revised his position on his covert Iran policy. Reuter | REAGAN TO HOLD NEWS CONFERENCE THURSDAY |
U.S. Treasury Secretary James Baker said an agreement has been reached by members of the Organization for Economic Cooperation and Development (OECD) to control the unfair trade practice of using tied aid to promote trade. He said in a statement the agreement culminates the Reagan administrations effot to negotiate a virtual end to export credit subsidies. The practice of other governments using tied aid or mixed credits to promote exports has cost the United States lost jobs and lost exports the Treasury said. The agreement to be implemented in two stages by July 1988 would ban tied aid credit among industrialized countries and place limits on permitted aid by developing countries. It would also reduce export credits that do not involve aid and reduce credit subsidies permitted for relatively poor countries the Treasury said. Baker said the agreement imposes particular sacrifices on Japan and praised Japans willingness to accept the pact as a demonstration of the Japanese governments willingness to take concrete steps to resolve important trade issues. Reuter | U.S. TREASURY ANNOUNCES OECD TIED-AID PACT |
Gulf Resources and Chemical Corp said the sale of its stake in <Imperial Continental Gas Association> will result in a pre-tax profit of about 44.1 mln dlrs or 4.69 dlrs per share fully duliuted in the first quarter of 1987. Gulf said it sold its remaining stake in Imperial of 6631222 shares and 100000 units of loan stock for 74.8 mln dlrs based on an exchange rate of one pound sterling at 1.58 dlr. As previously reported it sold 9534633 of its Imperial shares on March nine. Gulf said the sale of the Imperial shares were accepted as part of a recent tender offer made by <Groupe Bruxelles Lambert S.A.> and <Tractebel S.A.>. Under the terms of the offer Gulf said it is entitled to receive a supplementary payment if a general offer to acquire Imperial Continental or its Calor Group or Contibel Holdings becomes wholly unconditional before Jan 1 1988 at a price above the tender off of 710 pence per share. Reuter | GULF RESOURCES <GRE> SEES 1ST QTR PRETAX PROFIT |
U.S. TREASURY'S BAKER SAYS COMMERCIAL BANK LOANS TO DEVELOPING COUNTRIES TOO SLOW |
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Shr 1.27 dlrs vs not given Net 5097000 vs 3164000 Sales 48.1 mln vs 31.7 mln Year Shr 1.42 dlrs vs not given Net 5194000 vs 3457000 Sales 100.4 mln vs 70.1 mln NOTE: Company went public in May 1986. Reuter | STERLING INC <STRL> 4TH QTR JAN 31 NET |
Shr loss 20 cts vs loss 12 cts Net loss 2195000 vs loss 1402000 Revs 3600000 vs 5777000 Year Shr loss 71 cts vs loss 51 cts Net loss 7851000 vs loss 5594000 Revs 16.7 mln vs 24.8 mln Reuter | AUTOMATIX INC <AITX> 4TH QTR LOSS |
Shr 11 cts vs 24 cts Net 419000 vs 938000 Revs 16.2 mln vs 16.9 mln Year Shr 25 cts vs 95 cts Net 952000 vs 3001000 Revs 64.6 mln vs 68.8 mln Backlog 30.3 mln vs 31.9 mln NOTE: 1986 net includes nonrecurring gain 383000 dlrs in quarter and charge 175000 dlrs in year. Reuter | IONICS INC <ION> 4TH QTR NET |
CITY OF BERGEN LAUNCHES 80 MLN CANADIAN DLR BOND, DUE 1994, AT 101-1/2 WITH 8-5/8 PCT COUPON |
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TREASURY'S BAKER SAYS GOVERNMENTS SHOULD NOT MANDATE OR GUARANTEE DEBT RELIEF |
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The intensive technology concept for grain production has put a new floor under USSR grain production the U.S. Agriculture Departments officer in Moscow said in a field report. The report quoting a broadcast on Radio Moscow said that due to intensive technology grain production in a bad year will not fall below 200 mln tonnes and in a good year grain production could reach 250 mln tonnes. The U.S. Agriculture Department currently forecasts this years USSR crop at 210.1 mln tonnes and if realized this would be the third year since 1975 that the Soviet Unions grain harvest has exceeded 200.0 mln tonnes. The largest crop since 1975 was 237.4 mln tonnes harvested in 1978 according to USDA data. Reuter | SOVIETS SAID TO SEE NEW FLOOR FOR GRAIN OUTPUT |
The western industrialised nations have agreed reforms in rules by which they provide credit for exports to developing countries the Organisation for Economic Cooperation and Development said. The reforms tighten the rules for the use of foreign aid to subsidise export credits in so-called mixed credits the OECD said. The agreement to be implemented in two stages in July this year and July 1988 means the minimum aid component in mixed credits will be raised to 35 pct from 25 pct and to 50 pct for credits covering exports to the worlds least developed nations. Additionally a new formula will be used for calculating the aid element in mixed credits to take account of different interest rates in the exporting countries the 24-nation OECD which hosted the reform negotiations said. Minimum interest rates for officially subsidised trade loans have also been revised with the aim of cutting the subsidies and ending them completely on loans to relatively rich developing countries by July next year. The reforms follow several years of pressure by the U.S. To stop competitors notably France and Japan using foreign aid to subsidise exports putting U.S. Firms at a disadvantage. OECD officials said the agreement was based on a provisional accord reached in January subject to ratification by member governments. Some governments including Austria had linked their final approval to other trade credit issues which would be discussed at a meeting here in mid-April they added. By raising the minimum amount of aid required in mixed credits the agreement aims to make such hidden subsidies too costly for frequent use. A major loophole in the General Agreement on Tariffs and Trade has been closed today a senior U.S. Official here commented. REUTER | OECD AGREES EXPORT CREDIT REFORMS |
TM Communications Inc said it has completed the acquisition of radio station KNSS-FM of Reno Nev. for about 2500000 dlrs in cash. Reuter | TM COMMUNICATIONS <TMCI> COMPLETES PURCHASE |
Peoples Heritage Bank said it has agreed to purchase Northeast Leasing Co Inc a Portland Maine lessor of office equipment for about 43000 common shares. It said Norhteast had year-end receivables of 2700000 dlrs. Reuter | PEOPLES HERITAGE <PHBK> TO MAKE ACQUISITION |
Shr loss 12 cts vs loss 17 cts Net loss 484556 vs loss 620607 Sales 2167631 vs 1062837 Avg shrs 3985924 vs 3935969 Year Shr loss 62 cts vs loss 52 cts Net loss 2468605 vs loss 1788406 Sales 6603285 vs 4650585 Avg shrs 3983692 vs 3446348 Reuter | CODENOLL TECHNOLOGY CORP <CODN> 4TH QTR LOSS |
Owens-Corning Fiberglas Corp said it has completed the previously-announced sale of its three foam products plants to Atlas Roofing Corp for undisclosed terms. The sale is part of its restructuring the company said. Reuter | OWENS-CORNING <OCF> COMPLETES SALE OF PLANTS |
Treasury Secretary James Baker while defending the progress of his 1985 debt initiative conceded that lending by commercial banks to developing countries has not gone as fast as the administration would have liked. In testimony before a House Appropriations subcommittee Baker said however I think it is wrong to say that (commercial bank lending) has not occured in a meaningful way. He added though that it has not materialized as fast as we would have liked. The Treasury secretary also said that it would be politically wrong for the United States or other countries to guarantee loans made by commercial banks to the developing country debtors because that would be rightly perceived as a bank bailout. Baker also said that it would be impractical for governments to mandate bank lending to the third world since this would have the eventual impact of turning commercial banks away from making all loans to the region. Reuter | U.S. TREASURY'S BAKER SAYS BANK LOANS TOO SLOW |
The Pacific Stock Exchange said officials of the exchange and other representatives from the U.S. concluded a 10-day trip to China to exchange information with Shanghai and Hong Kong financial executives. The exchange said the trip was to explore potential trading links between PSE and other Pacific Rim exchanges and to discuss growth of capital markets in the Far East. This trip represents the PSEs first effort to provide technical assistance and begin cooperative relationships with exchanges and securities markets in the Pacific Rim Maurice Mann chairman of PSE said in a statement. Reuter | PACIFIC EXCHANGE OFFICIALS CONCLUDE CHINA TRIP |
U.K. Chancellor forecast in budget speech GDP growth of 3.0 pct in 1987 |
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LAWSON FORECASTS 2.5 BILLION STG U.K. CURRENT ACCOUNT DEFICIT IN 1987 |
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CAMPBELL RESOURCES INC 2ND QTR SHR PROFIT THREE CTS VS LOSS 10 CTS |
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LAWSON FORECASTS U.K. INFLATION 4.0 PCT AT END 1987 |
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Period ended Jan 31 Net loss 89255 vs loss 277536 Sales 913136 vs 854194 Six mths Net profit 481372 vs loss 555722 Sales 1845532 vs 1754076 Reuter | GENETIC LABORATORIES INC <GENL> 2ND QTR LOSS |
Chancellor of the Exchequer Nigel Lawson presenting his budget for fiscal 1987/88 to Parliament said U.K. Economic growth was forecast at three pct in calendar 1987. He said the Treasury expected a current account balance of payments deficit in 1987 of 2.5 billion stg after a 1.1 billion shortfall in 1986. Inflation is expected to be 4.0 pct at the end of this year Lawson said. As I forecast in the Autumn Statement inflation may continue to edge up for a time perhaps exceeding 4.5 pct by the summer before falling back to 4.0 pct by the end of the year he added. Turning to the Public Sector Borrowing Requirement (PSBR) Lawson said the likely outturn for fiscal 1986/87 was 4.0 billion stg or 1.0 pct of GDP. The planned PSBR for 1987/88 was set at 4.0 billion stg. On monetary policy Lawson confirmed the target range for the narrow M0 measure would be two to six pct in fiscal 1987/88. No explicit target was set for the broad sterling M3 aggregate he said. But broad money will continue to be taken into account in assessing monetary conditions as of course will the exchange rate the Chancellor told Parliament. Lawson said the low outturn of the PSBR in 1986/87 is chiefly attributable to the remarkable buoyancy of non-oil tax revenues in general and the corporation tax paid by an increasingly profitable business sector in particular. On oil prices Lawson said he was sticking to his earlier assumption that North Sea crude prices will average 15 dlrs per barrel in calendar 1987. He said it is clear that the increased flow of non-oil tax revenues coupled with the prospective further growth of the economy in excess of the growth of public expenditure puts the public finances in a very strong position. Lawson said the Treasury would strive to keep the PSBR at 1.0 pct of GDP in future. We have reached what I judge to be the (Medium Term Financial Strategys) appropriate destination - a PSBR of 1.0 pct of GDP. My aim will be to keep it there over the years ahead Lawson said. Inevitably this greatly diminishes the scope I have this year for reducing the burden of taxation which of course remains a major objective of government policy. But I am sure it is right to err on the side of prudence and caution and to build a still firmer base for the future. Lawson said the time had come to strike the Exchange Control Act from the Statute book. On corporation tax he said the rate will remain unchanged at 35 pct in 1987/88. But companies capital gains will be charged at the appropriate corporation tax rate. He said that under the new proposed system companies should be able to set Advanced Capital Tax (ACT) payments against tax on capital gains. Taken together these changes should yield 60 mln stg in 1988/89 Lawson said. Lawson said he will propose that all companies and building societies be treated the same way on payment of corporation tax with all liable to pay corporation tax nine months after the end of the accounting period on which the tax is due. I also propose to legislate now to pave the way for a new method of collecting corporation tax to be known as Pay and File. This would be part of a wider programme of streamlining tax collection and would not come into force until the early 1990s. Lawson said he planned two reliefs on Petroleum Revenue Tax (PRT). As from today companies may elect to have up to 10 pct of the costs of developing certain new fields set against their (PRT) liabilities in existing fields until the income of those new fields exceeds the costs incurred. Second there will be a new relief against PRT for spending on research into U.K. Oil extraction that is not related to any particular field. On business employment Lawson said employers will receive tax relief for retraining workers. Lawson said that in future traders registered for Value Added Tax (VAT) would be able to choose to account for the tax on the basis of cash paid and received. Small businesses may account for VAT annually instead of quarterly. The VAT compulsory registration period was being extended to 30 days he added and VAT registration thresholds are to be raised to 21300 stg. New measures are planned to combat VAT avoidance he added. The capital gains tax retirement relief limit would now be set at 125000 stg. Lawson said he proposed to change the law so that companies in multinational groups with dual residence will no longer be able to secure tax relief twice on the same interest payment. The change will take effect on April 1 1987 but genuine trading companies will not be affected. He also planned to end the present treatment of tax credit relief for foreign withholding tax paid on interest on bank loans also from April 1. In future banks will be able to offset this tax credit only against tax on the profit on the relevant loan he said. The standard rate of taxation is being reduced by two pence to 27 pct from 29 pct. Lawson reiterated the governments aim of reducing basic taxation to 25 pence in the pound but added given my decision to use the greater part of the fiscal scope I now have to reduce the PSBR that goal cannot be achieved in this budget. Small companies corporation tax is also being reduced to 27 pct he said. On the Lloyds insurance market Lawson said he planned to change the tax treatment of Lloyds syndicates bringing it into line with that of provisions for outstanding liabilities made by ordinary insurance companies and of comparable provisions made by financial traders. The Inland Revenue would be told to consult urgently with Lloyds about the details of the legislation he said. The new rules will first apply to premiums payable for the Lloyds account which closes on December 31 this year Lawson said. MORE | U.K. BUDGET SEES 1987 GDP GROWTH AT THREE PCT |
Royal Resources Corp said it has exercised its optioon to purchase Montagu Mining Investments Inc from <Samuel Montagu Ltd> of London for 3600000 dlrs in cash and 200000 common shares. The company said Montagus main asset is a 10 pct interest in the Hog Ranch Joint Venture which operates the open cut heap leach Hog Ranch gold mine in Washoe County Nev. The mine now produces gold at over 50000 ounces a year. It said after nine months following closing Montagu may require Royal to register the 200000 shares for sale. Royal said from six months after closing until one year after Montagu also has the right to require Royal to repurchase any or all of the 200000 shares at 4.50 dlrs each. Reuter | ROYAL RESOURCES <RRCO> MAKES ACQUISITION |
Harley-Davidson Inc said it is asking the International Trade Commission to terminate import relief for heavyweight motorcycles. The company said it has regained the leadership in sales of the premium segment of the heavyweight motorcycle market and no longer needs special tariffs to compete with overseas competitors. Harley is the only U.S. motorcycle maker. The tariffs were imposed in 1983 when the ITC found that Japanese competitors had been flooding the market. Reuter | HARLEY-DAVIDSON <HDI> SEEKS IMPORT RELIEF END |
Waxman Industries Inc is raising 25 mln dlrs through an offering of convertible subordinated debentures due 2007 with a 6-1/4 pct coupon and par pricing said sole underwriter Drexel Burnham Lambert Inc. The debentures are convertible into the companys common stock at 14.375 dlrs per share representing a premium of 25 pct over the stock price when terms on the debt were set. Moodys Investors Service Inc rates the debentures B-2. Proceeds will be used to repay short and long-term indebtedness. Reuter | WAXMAN <WAXM> SELLS CONVERTIBLE DEBENTURES |
LAWSON SETS U.K. PUBLIC SECTOR BORROWING REQUIREMENT AT 4.0 BILLION STG FOR 1987/88 |
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City of Bergen Norway is issuing an 80 mln Canadian dlr eurobond due April 13 1994 priced at 101-1/2 with an 8-5/8 pct coupon lead manager Bank of Tokyo International Ltd said. The issue will be sold in denominations of 5000 dlrs and listed in Luxembourg. Fees are 1-1/4 pct for selling and 5/8 pct for management and underwriting combined. Payment date is April 13 1987. There will be two co-lead managers. REUTER | CITY OF BERGEN LAUNCHES 80 MLN CANADIAN DLR BOND |
Shr profit three cts vs loss 10 cts Net profit 765000 vs loss 2600000 Revs 9259000 vs 14479000 SIX MTHS Shr profit three cts vs loss 11 cts Net profit 875000 vs loss 2303000 Revs 17.7 mln vs 29.2 mln Note: Campbell changing its yr-end to Dec 31 from June 30. Reuter | CAMPBELL RESOURCES INC <CCH> 2ND QTR DEC 31 NET |
IOWA-SO MINN DIRECT HOGS ACTUAL RCPTS 102,000 head vs yesterday's estimate of 95,000 head. |
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Oper shr 15 cts vs eight cts Oper net 517333 vs 276240 Revs 22.4 mln vs 14.0 mln Note: 1986 shr and net exclude extraordinary gain of 1333760 dlrs or 40 cts share. 1985 shr and net exclude extraordinary gain of 294859 dlrs or 10 cts share Reuter | AMERTEK INC <ATEKF> YEAR NET |
Shr 33 cts vs 27 cts Net 3588000 vs 2981000 Revs 37.8 mln vs 31.6 mln Nine mths Shr 72 cts vs 76 cts Net 7843000 vs 8344000 Revs 103.3 mln vs 90.8 mln Reuter | SYSTEMATICS INC <SYST> 3RD QTR FEB 28 NET |
Systemed Inc said it changed its name to Knowledge Data Systems Inc. It will now trade under the NASDAQ symbol KDSI. Its previous symbol was <SYMD>. Reuter | SYSTEMED CHANGES NAME TO KNOWLEDGE DATA <KDSI> |
Royal Resources Corp said it exercised an option to buy all of the common stock of Montagu Mining Investments Inc whose primary asset is a ten pct interest in Hog Ranch gold mine in Washoe County Nevada. Royal said it paid 3.6 mln dlrs in cash plus 200000 shares of Royal Resources common stock for the interest. Montagu Mining is a subsidiary of London-based Samuel Montagu Ltd. Hog Ranch is a joint venture gold mine which has been in operation since March 1986 and is currently producing gold at a rate of more than 50000 ounces a year it said. Reuter | ROYAL RESOURCES <RRCO> TO BUY GOLD MINE STAKE |
LTV Corp said it has received a 23.5 mln dlr fixed-price contract to rebuild 923 M54 five-ton cargo trucks into more modern M813 cargo trucks. It said it will deliver 120 conversion kits a months starting late in the second quarter and ending early in the first quarter of 1988. Reuter | LTV <QLTV> GETS MARINE CORPS CONTRACT |
There is a slightly better than even chance that the Federal Reserve will enter the U.S. Government securities market to add temporary reserves economists said. They said the Fed would supply the reserves indirectly via around 1.5 billion dlrs of customer repurchase agreements. Federal funds which averaged 6.25 pct yesterday opened at 6-1/16 pct and moved in a narrow range between there and six pct in early trading. Reuter | FED MAY SUPPLY RESERVES IN THE MONEY MARKETS |
Spains citrus management committee said it was suspending lemon exports from Thursday in view of the likelihood of new European Community tariffs. A committee spokesman said the body would meet next week to review the situation and decide whether to lift the suspension. Reuter | SPAIN TO SUSPEND LEMON EXPORTS FROM THURSDAY |
Commerce Secretary Malcolm Baldrige predicted 1987 will be the fifth successive year for growth in housing starts after a 2.6 pct rise overall in February starts to a seasonally adjusted annual rate of 1.851 mln units. This year should be the fifth solid year in a row for homebuilding activity -- with single-family units stronger than multi-family units he said in a statement. Single-family starts rose last month from January levels by 5.6 pct to 1.317 mln units on a seasonally adjusted basis while multi-family unit starts fell 4.1 pct to 534000 units the department said. Reuter | BALDRIGE PREDICTS SOLID U.S. HOUSING GROWTH |
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