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The U.K. Government forecasts that oil revenues will fall to four billion stg in the fiscal year 1987/88 from 4.75 billion in 1986/87 and 11.5 billion in 1985/86. The forecast came in the Treasurys Financial Statement and Budget Report issued after the Chancellor of the Exchequer Nigel Lawsons annual budget statement to parliament. The government is assuming the price of oil will average 15 dlrs a barrel in line with its earlier forecasts and its oil revenue calculation is based on an exchange rate remaining close to current levels the Treasury document said. The Treasury said the 1987/88 oil revenue shortfall will reflect the oil price fall of 1986 as North Sea corporation tax is paid after a time lag. The statement calculated that a one dlr a barrel difference in oil prices this year will change revenue by about 350 mln stg for the current fiscal year and 400 mln stg in a full year. Oil production is forecast to fall slightly in 1987 according to the statement. A change in one mln tonnes in production would alter revenue by about 45 mln stg in 1987/88 and 50 mln stg in a full year it added. Total general government receipts for 1986/87 are now estimated to be 159.2 billion stg 2.75 billion more than the 1986 Budget forecasts and above the Autumn Statement forecasts despite a shortfall of 1.25 billlion in oil receipts. Additional non-North Sea corporation tax of 1.75 billion stg and VAT of 750 mln stg account for the bulk of the overshoot. Total general government receipts were forecast to rise to 168.8 billion stg in fiscal 1987/88 and among the main items besides diminishing oil revenues were projected income tax of 40 billion stg up from 38.4 billion in the current year. Non-North Sea corporation tax is forecast to bring in 13.5 billion stg in 1987/88 after the revised 11.2 billion in 1986/87 and VAT revenue should amount to 23.3 billion compared with upwardly revised estimated 21.5 billion this fiscal year. The general government expenditure for the coming fiscal year is expected to total 173.5 billion stg up from a revised 164.9 billion in the current year. A repayment of 800 mln on public corporations market and overseas borrowings is forecast to bring the total Public Sector Borrowing Requirement down to 3.9 billion stg in 1987/88 from this years revised 4.1 billion the Treasury said. REUTER | U.K. OIL REVENUE FORECAST TO FALL IN 1987/88 |
Shares of Reynolds Metals Co rose sharply after Wall Street firm Furman Selz Mager Dietz and Birney issued a report focusing on the strong earnings potential from the companys Australian gold holding traders familiar with the report said. Traders said the report notes that earnings from Australian gold holdings could be worth about 35 cts to 55 cts a share this year and 1.40 dlrs to two dlrs a share in 1988. Reynolds Metals rose three points to 59-5/8 on volume of 729500 shares. Reynolds owns stakes in the Mount Gibson gold project and the Boddington gold project both located in Australia. An analyst familiar with the two mines said the properties together have a potential value of 20 dlrs to 40 dlrs a share for Reynolds. The analyst who asked not to be identified said the rise in the stock today was likely the result of U.S. investors that were not completely cognizant of the size or the importance of the (Reynolds) holdings in Australia. Traders said the Furman Selz report indicates that gold was discovered mixed with bauxite in the Boddington mine. Boddington is principally a bauxite mine. The traders said the report goes on to say that the profits from the Boddington gold with substantially reduce the production costs of the other metals mined at Boddington. Traders said Furman Selz also boosted its earnings estimates expecting Reynolds Metals to earn 4.10 dlr a share in 1987 and eight dlrs a share in 1988. Last year Reynolds reported net earnings of 8.18 dlrs a share which included 3.09 dlrs a share for adoption of new accounting rules 1.01 dlrs a share for tax loss carryforwards and other extraordinary items. Reuter | REYNOLD METALS <RLM> UP ON FURMAN SELZ REPORT |
Alcan Aluminium Ltd said it may issue up to two mln first preferred shares in addition to an unlimited number of additional common shares and an unlimited number of additional preference shares at any time after its proposed reorganization. In a proxy statement the company said shareholders are to vote on the reorganization which would result in Alcans wholly-owned Aluminum Co of Canada Ltd unit replacing Alcan Aluminium as the groups parent company at the April 23 annual meeting. The new company will keep the Alcan Aluminium Ltd name. Alcan said it has no plans to immediately issue any of the additional shares. The company has said it is undertaking the reorganization mainly to streamline management and give Alcan a stronger and more stable financing base by making the new Alcan a major operating company as well as a holding and management company. In an increasingly global capital market this new structure should also provide for greater flexibility in financing the Alcan group the company said. Alcans current only outstanding securities are common shares while the new company would have outstanding securities of common preferred and preference shares and its debt. Each shareholder would automatically become a shareholder in the new company without exchanging share certificates. Alcan later said it has a provision identical to the one detailed in the proxy statement allowing for the issue of preferred common and preference shares in its existing corporate structure. Reuter | ALCAN <AL> MAY MAKE SHARE ISSUES |
 CORRECTION - SIMMONS AIRLINES INC <SIMM> LOSS In CHICAGO item headlined Simmons Airlines Inc <SIMM> 2nd qtr loss please reverse qtrs for which figures are reported. Reuter  | |
Qtly div 15 cts vs 12-1/2 cts prior Pay April 15 Record March 31 Reuter | WESTERN FEDERAL SAVINGS BANK <WFPR> UPS PAYOUT |
NASDAQ HALT - ALLEGHENY BEVERAGE CORP <ABEV>, NEWS PENDING,LAST 4-3/4 |
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Hydro-Quebec the provincially-owned utility said it is appearing this week before the National Energy Board to defend its application to export about five billion Canadian dlrs worth of electricity to the New England states. The contract with the New England Power Pool was signed in 1985 and runs from 1990 to 1999. A spokesman for the Quebec utility said hearings are normally held on major contracts up to two years after the deal is signed. Hydro-Quebec which last month agreed to sell 15 billion dlrs worth of power to Maine starting in 1992 has to convince the board the electricity is surplus to Canadian needs. Utilities in at least three Canadian provinces have said they are opposing the New England deal. The Ontario and New Brunswick utilities said they are objecting because Hydro-Quebec did not offer them the electricity before going to the New England Power Pool. New Brunswick said it is also concerned that Hydro-Quebec is taking all the U.S. export markets. Hydro-Quebec spokesman Maurice Hebert said several provinces including Newfoundland which wants to renogotiate a power agreement with Quebec routinely oppose the Quebec utilitys export contracts. Hebert said the National Energy Board has ordered changes to contracts in the past but has always left the agreements essentially intact. He said the utility was not prepared to comment on whether it believed the board would call for substantial changes to the agreement with New England. He said the hearings which began today will probably last two or three days and a decision made in about two weeks. Hydro-Quebec has recently been trying to move from export contracts for surplus energy to contracts for guaranteed amounts of energy such as the deal signed with Maine. Reuter | HYDRO-QUEBEC IN HEARINGS FOR U.S. POWER EXPORTS |
OPEC believes world oil prices should be set around a fixed average price of 18 dlrs a barrel OAPEC Assistant General Secretary Abdelaziz Al-Wattari said. In a speech to a European Community/OAPEC/OPEC seminar in Luxembourg released here Al-Wattari said OPEC believes ...the world energy trade should be kept without restrictions and should be built around a fixed average price of 18 dlrs. Al-Wattari noted that total OPEC output was below the organizations agreed ceiling for all member countries in February although this had meant sacrifices. The effect of these sacrifices meant that market stability though restored to a good level was still under pressure Al-Wattari said. A lasting stability in the world market requires a wider scope of international cooperation he said. Reuter | OPEC WANTS 18 DLR OIL PRICE - OAPEC OFFICIAL |
The House of Representatives approved a bill to enable 1987 winter wheat and feedgrains farmers hit by midwestern flooding last year to receive at least 92 pct of their federal income support payments even if they did not plant. The one-time pilot 0/92 program designed to assist farmers in Kansas Oklahoma Michigan and parts of Missouri was passed by a 304-100 vote and sent to the Senate. Although the bill includes a narrow version of the 0/92 provision endorsed by the Reagan administration the U.S. Agriculture Department withheld its support from the measure. USDA said the bill would discourage farmers from buying crop insurance and fall short of the administrations proposed broad-scale revision of farm programs. The bill would permit winter wheat producers prevented from planting their 1987 crop last fall to receive 92 pct of the deficiency payments they would have received. To be eligible winter wheat farmers could not plant a different crop on that land this spring although they could use the land for grazing or to plant hay. USDA estimated this provision would save 30 mln dlrs largely because of reduced crop forfeitures. The bill also would aid about 200 feedgrains producers along the Missouri and Mississippi Rivers who were prevented from planting crops this year because of residual damage from last falls flooding. In addition the measure would require USDA to make full payment to farmers eligible for emergency assistance approved by Congress last fall. Currently because claims have outstripped the 400 mln dlrs in appropriated funds USDA plans to offer farmers in the region 74 cents for every dollar in disaster losses. The administration said it opposed the bill because by expanding the 400 mln dlrs in disaster relief it would thwart efforts to encourage farmers to buy crop insurance as an alternative to federal disaster assistance. USDA also said the 0/92 provisions in the bill were narrower than the administrations proposal to offer the option to all major commodities and would produce insignificant savings. USDA said the 0/92 option for 1987 winter wheat farmers would produce a net savings of about 30 mln dlrs while the requirement to compensate fully disaster-struck farmers would cost about 135 mln dlrs which must be appropriated by Congress. The feedgrains provision would cost about five mln dlrs. USDA estimated the overall cost of the bill to be 111 mln dlrs. In January the Senate approved a bill that would make 1987 winter wheat farmers eligible for disaster assistance payments. But the Senate bill would not offer the 0/92 option to wheat and feedgrains producers or raise the 400-mln dlr ceiling on the disaster assistance program. Reuter | U.S. HOUSE APPROVES PILOT 0/92 DISASTER PROGRAM |
Simmons Airlines Inc said its load factor for February declines to 41.8 pct from 46.1 pct a year ago. Traffic increased 31.3 pct to 15 mln revenue passenger miles from 11.4 mln while capacity increased 45.1 pct to 35.8 mln available seat miles from 24.7 mln. Reuter | SIMMONS <SIMM> FEBRUARY LOAD FACTOR DECLINES |
Shr profit one cts vs profit four cts Net profit 27490 vs 89687 Sales 2899189 vs 2785931 Nine mths Shr loss four cts vs profit nine cts Net loss 78038 vs profit 184062 Sales 8785918 vs 8273913 Reuter | DIODES INC <DIO> 3RD QTR JAN 31 NET |
ALLEGHENY BEVERAGE SAYS GROUP INTERESTED IN ACQUIRING ITS SERVICE AMERICA CORP UNIT |
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Oper shr nine cts vs 128 cts Qtly div 18 cts vs 22 cts prior Oper net 951000 vs 1817000 Total income 5010000 vs 5575000 Nine mths Oper shr 39 cts vs 59 cts Oper net 4014000 vs 5936000 Total income 15.2 mln vs 16.7 mln NOTE: Current year net both periods includes 750000 dslr provision for possible losses. Net excludes gains from sale of investment of 1461000 dlrs vs 346000 dlrs in quarter and in nine mths. Dividend pay April 15 record March 31. Reuter | MONY REAL ESTATE INVESTORS <MYM> 3RD QTR FEB 28 |
Hilton Hotels Corp expects earnings per share for first quarter fiscal 1987 to March 31 to be about 90 cts compared with 70 cts a year earlier Hilton Hotels division president Carl Mottek said. He told a news conference the company expected costs for its first 10 all-suite hotels announced today to be about 150 mln dlrs. Initial financing would come from the companys cash flow. Later Hilton plans to use borrowings from traditional sources he added. Hilton which hopes to build 50 all-suite hotels within five years may take in partners in the new venture he added. Reuter | HILTON <HLT> SEES IMPROVED FIRST QUARTER PROFITS |
H.J. Heinz Co is within sight of our 22nd consecutive year of new records in financial growth for the fiscal year ending April 30 Chairman and Chief Executive Officer Anthony OReilly told investment analysts. OReilly who declined to make a specific projection said the food company is stronger than at any time in its 118-year history. Last week Heinz reported third-quarter earnings rose to 55 cts a share from 46 cts a share. Sales rose to 1.08 billion dlrs from 1.01 billion dlrs a year earlier. OReilly said Heinz will concentrate on backing its big brands new products and services new geography internal growth and acquisitions. He said Heinz Ketchup has its highest market share in history 55 pct. But in response to a question the executive said a volume falloff in the overall product category is a concern to us. OReilly said Weight Watchers continues to perform well and will generate revenue in fiscal 1987 of approximately 940 mln dlrs. OReilly told analysts Heinz is in active negotiations to build a second plant in China where it entered a joint venture with the government in 1984 forming Heinz-UFE Ltd which produces dry baby food cereal. He said Heinz-Japan is making a profit and generating its first substantial dividends and implementation of a new partnership Seoul-Heinz Ltd is moving ahead with a new manufacturing plant targeted for completion by June in Seoul South Korea. To increase its competitiveness OReilly said Heinz implemented a lowest cost imaginable program targeted at manufacturing sales and marketing and procurement. He said a modernization program is in effect at the companys United Kingdom operations where the labor force trimmed to 4000 from 10000 is expected to be further reduced to 2500 in 1988. Reuter | H.J. HEINZ <HNZ> POISED FOR RECORD YEAR |
An attorney was named today in a 24-count federal indictment alleging he initiated an insider trading scheme which allowed friends and relatives to make nearly 1.5 mln dlrs in illegal profits on non-public knowledge of a corporate restructuring. Israel G. Grossman 34 who had been a pension specialist for the New York firm of Kramer Levin Nessen and Kamin allegedly stole information from the firm involving the recapitalization of Colt Industries Inc <COT> last July. Grossman who was arrested February 17 allegedly enabled three individuals whom he alerted to purchase 1006 colt call options for 33938 dlrs. July 21 the day after the Colt recapitalization was announced its common stock rose almost 27 points. The options increased to a value of about 1.5 mln dlrs according to Rudolph Giuliani U.S. Attorney in Manhattan who announced the indictment today. Grossman is charged with 12 counts of mail fraid and 12 counts of securities fraud. If convicted he could be sentenced to a maximum of 120 years in jail and fined a total of six mln dlrs. Grossman resigned from the law firm following his arrest. He is scheduled to enter a plea March 26. Reuter | U.S. ATTORNEY INDICTED IN INSIDER SCHEME |
Allegheny Beverage Corp said it has been approached by a group interested in acquiring its foodservice unit Service America Corp. The group includes senior management of Service America but no officers of Allegheny Beverage the company said. The company has agreed to permit the group and its potential lenders to perform a due diligence review of Service America it said. Allegheny noted it had previously cancelled plans to spin off the foodservice subsidiary. The company said the groups review is preliminary and there is no assurance that an acquisition proposal will be made or if made accepted. Service America had fiscal 1986 revenues of about 934 mln dlrs or about 83 pct of Allegheny Beverages total revenues of 1.13 billion dlrs for the year ended March 29 1986 a spokesman for Allegheny Beverage said. He declined to identify the Service America officials in the acquisition group. On Feb 18 1987 Allegheny said it was cancelling the spin off of Service America but gave no reason for doing so. It said it would place major emphasis on managing Service America to improve operations and increase earnings at the unit. Service America which Allegheny acquired in May 1985 operates cafeterias and food and beverage vending machines. Through other subsidiaries Allegheny provides coin-operated laundry services building maintenance services and retail office and furniture operations. In fiscal 1986 Allegheny reported earnings from continuing operations of 8.2 mln dlrs or 1.09 dlrs a fully diluted share excluding income of 59.7 mln dlrs from discontinued operations and an extraordinary loss of 8.1 mln dlrs. In May 1985 Allegheny sold its Pepsi-Cola Bottling Co unit to Pepsico Inc <PEP> for 160 mln dlrs. Including discontinued operations and the special item net income was 59.8 mln dlrs or 6.21 dlrs a share fully diluted. Reuter | ALLEGHENY BEVERAGE <ABEV> EXPLORES UNIT SALE |
Inspiration Resources Corp said a gold project in northern Manitoba in which it has a 44.8 pct interest has yielded estimated total reserves of 1580000 short tons grading an average 0.185 ounce of gold per ton. The company said <Manitoba Mineral Resources Ltd> owns the remaining interest in the project which is located about 25 miles east of Lynn Lake. Inspiration said the project has proven reserves of 538000 tons assayed at 0.212 ounce of gold per ton probable reserves of 686000 tons at 0.166 ounce and possible reserves of 355000 tons at 0.183 ounce. Inspiration said a production decision is expected to be made in 1988. Reuter | INSPIRATION <IRC> IN CANADIAN GOLD FIND |
Standard and Poors Corp said it raised to B from B-minus Valero Energy Corps preferred stock. Also the rating agency affirmed Valeros BB-minus industrial revenue bonds and B-rated debentures. About 950 mln dlrs of long-term debt is outstanding. S and P said Valeros financial flexibility would improve as the company plans to use proceeds of roughly 760 mln dlrs from a proposed sale of natural gas operations to reduce debt. Pro forma debt leverage drops to about 30 pct from 67 pct at September 30 1986. But S and P said Valeros refining segment has been unable to consistently generate operating profits. Reuter | VALERO <VLO> PREFERRED STOCK UPGRADED BY S/P |
MarCor Development Co Inc said it expects to post a profit for its fiscal year ended February 28 of about two mln dlrs compared to a year earlier loss of 3.2 mln dlrs. During the prior year the company operated as F and M Importing a publicly-held wholesale food distributor. During March last year privately-held Marcor acquired a controlling interest in F and M Importing divested the food business renamed the company and began operating as a real estate investment and service company. Reuter | MARCOR <MAAR> EXPECTS FISCAL YEAR PROFIT |
Honduras has been authorized to buy about 75000 tonnes of U.S. wheat about 15000 tonnes of U.S. corn and about 6000 tonnes of U.S. tallow under an existing PL 480 agreement the U.S. Agriculture Department said. The department said it may buy the wheat valued at 8.5 mln dlrs the corn valued at 1.5 mln and the tallow valued at 2.0 mln dlrs between March 24 and August 31 1987 and ship it from U.S. ports and/or Canadian transshipment points by this September 30. The purchase authorizations cover the entire quantity provided under the agreement signed March 11. Reuter | HONDURAS AUTHORIZED TO BUY PL 480 COMMODITIES |
Valley Resources Inc said its board declared a three-for-two stock split and raised the quarterly cash dividend on the pre-split shares to 42 cts from 38 cts. The company said both the split and the dividend are payable April 15 to holders of record March 31. Reuter | VALLEY RESOURCES (VR) SETS STOCK SPLIT, UPS PAYOUT |
A shareholder group led by New York investor Theodore Cross said in a Securities and Exchange Commission filing that it boosted its stake in Frost and Sullivan Inc common stock to 208800 shares or 13.7 pct of the total outstanding. The group said Cross bought 17000 shares in the open market between Feb. 17 and March 10. The group had said previously that its Frost and Sullivan share purchases were for investment. Reuter | CROSS BOOSTS FROST AND SULLIVAN <FRSL> HOLDINGS |
Champion Home Builders Co as part of a previously announced reorganization said it set up a subsidiary to handle two of its operations. The company transferred its recreational vehicle and commercial bus manufacturing operations to a new wholly owned subsidiary Champion Motor Coach Inc. Total sales from the three manufacturing plants comprising the new unit totaled 50 mln dlrs for the fiscal year ended February 27. Champion Home previously said it was reorganizing its business units into a new holding company structure. The holding company will be called Champion Enterprises Inc subject to shareholder approval at the companys late June annual meeting. Reuter | CHAMPION HOME <CHB> SETS UP UNIT |
peru will sell about 40 state-owned firms to trim a projected 740 mln dlrs loss this year among government-owned companies. Some companies would be sold in their entirety and others would be privatised only partially according to jose palomino president of the governments state company holding firm the national development council (conade). He told reporters in a radio interview that the aim was to slim a projected public sector firm deficit of 11 billion intis. He did not say if foreigners would be allowed to buy all or part of the companies. Independent economists warn that the deficit could push inflation to between 60 and 100 pct in 1987 against the govenment target of 40-50 pct. Palomino said aeroperu the government flagship airline with a 10-jet fleet would issue stock for purchase by private investors. The company in 1986 registered its first profit in eight years earning about 44.6 mln intis in pre-tax profits. Peru has about 140 non-financial state firms. Palomino said the government would soon publish a list of those to be sold including those whose shares would be offered on the lima stock exchange. Last november palomino said conades plans included the possible sale of a company producing palm oil and another manufacturing electrical appliances. Shares could also be sold in a copper mine empresa nacional tintaya sa in the southern state of arequipa. Neither Palomino nor conades general manager enrique estremadoyro were available for comment on whether foreigners would be allowed to purchase the companies. Their secretaries said they were out of their offices. Jose antonio almenara the general manager of the lima stock exchange where shares of the state-owned firms could be sold told reuters that the only foreigners who could purchase stock at the exchange had to be tax-paying residents of peru. He said foreign stockholders cannot remit profits abroad until at least july 1988. Reuter | PERU TO SELL 40 STATE FIRMS TO CUT BUDGET DEFICIT |
Diebold Inc said it signed an original equipment manfacturing agreement with Wang Laboratories Inc. Terms of the agreement were not disclosed. Diebold said the agreement gives Wang the right to sell and support a variety of Diebold retail and electronic funds transfer systems to selected markets worldwide. In a press release Wang hailed the agrement as a major milestone in Wangs strategy to become a supplier of both transaction and data processing systems to the financial market. Reuter | DIEBOLD <DBD> IN PACT WITH WANG <WAN> |
Shr loss 28 cts vs loss 80 cts Net loss 2150000 vs loss 3722000 Sales 1478000 vs loss 2097000 Reuter | INTERDYNE CO <IDYN> 1ST QTR FEB 1 LOSS |
The Coldwell Banker Commercial Real Estate Services unit of Sears Roebuck and Co said it recorded 1986 real estate sales and leases totaling 17.7 billion dlrs compared with 15.4 billion in 1985. Some 62.1 pct of the volume was in leases and the remainder in sales the company said. It also said sales and leases in office building properties accounted for about about 7.8 bilion dlrs industrial sales and leases accounted for about 4.9 bilion and commercial/retail 3.5 billion. Reuter | SEARS <S> REAL ESTATE UNIT BUSINESS IMPROVES |
<Terumo Corp of Tokyo> has committed 75 mln dlrs to the expansion of its medical products manufacturing and research development facility in Elkton Md. said Gov. William Donald Schaefer in a press release. Terumo which operates in Maryland as Terumo Medical Corp is the largest manufacturer of disposable medical products in Japan. The release said Terumo bought a 25-acrte site and will build a 300000-square-foot plant to manufacture its line of digital therometers. It said the company plans to add 166 new employees when the facility is completed later this year. Reuter | TERUMO CORP IN 75 MLN DLR EXPANSION IN MARYLAND |
Moodys Investors Service Inc said it may downgrade 700 mln dlrs of debt of Dana Corp and its unit Dana Credit Corp. The agency said its review would focus on the implications of Danas aggressive balance sheet management on liquidity and financial flexibility. Moodys will also take into account intensifying competition and pricing difficulties in Danas highly cyclical core truck and industrial markets. Dana currently carries A-2 senior debt and industrial revenue bonds. The Prime-1 commercial paper of Dana and its credit unit are also under review for possible downgrade. Reuter | DANA <DCN> DEBT MAY BE DOWNGRADED BY MOODY'S |
Qtr ends Jan 31 Shr 23 cts vs eight cts Net 309963 vs 110356 Revs 2503451 vs 1351076 Nine mths Shr 62 cts vs 25 cts Net 851776 vs 331666 Revs 6739351 vs 4107713 Reuter | KILLEARN PROPERTIES INC <KPI> 3RD QTR NET |
Period end Jan 31 Shr loss one cts vs profit eight cts Net loss 52198 vs profit 602766 Revs 18.6 mln vs 7833424 Nine mths Shr profit 10 cts vs profit six cts Net profit 809243 vs profit 393372 Revs 36.3 mln vs 18.7 mln Reuter | <GATEWAY MEDICAL SYSTEMS INC> 3RD QTR LOSS |
Shr two cts vs three cts Net 369000 vs 347000 Revs 21.3 mln vs 14 mln NOTE: Per shr reflects payment of preferred dividends. Reuter | SPARTECH CORP <SPTN> 1ST QTR JAN 31 NET |
Shr profit two cts vs loss 1.05 dlrs Net profit 1666000 vs loss 18306000 Revs 29.1 mln vs 28.3 mln Avg shrs 69.1 mln vs 17.5 mln Year Shr loss 21 cts vs loss 2.72 dlrs Net loss 7571000 vs loss 45517000 Revs 117.4 mln vs 123.3 mln Avg shrs 35.4 mln vs 16.7 mln NOTE: Results include losses of nil vs 473000 dlrs or three cts a share in quarter and 921000 dlrss or three cts a share vs 1137000 dlrs or seven cts a share in year from discontinued operations Reuter | ACADEMY INSURANCE GROUP INC <ACIG> 4TH QTR NET |
Qtly div 15 cts vs 15 cts in prior qtr Payable May 11 Record April 10 Reuter | ESSEX CHEMICAL CORP <ESX> REGULAR DIVIDEND |
U.S. EXPORTERS REPORT 350,000 TONNES CORN SOLD TO UNKNOWN DESTINATIONS FOR 1986/87 |
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Calumet Industries Inc said it raised 4.2 mln dlrs from holders exercising company warrants. The program expired February 27. It issued 420000 shares to holders who had exercised options to exchange four warrants and 10 dlrs for each share of common stock. About 87 pct of its warrants were exercised. These proceeds and another 14 mln dlrs from the sale of notes will provide long term financing for its HydroCal 2 heavy hydrotreating system under construction at its Princeton La. refinery. Reuter | CALUMET <CALI> GETS 4.2 MLN DLRS FROM WARRANTS |
The Financial Times newspaper said it has launched a new international share index which represents more than 70 pct of the worlds total stock market value. The FT-Actuaries World Indices published for the first time today feature a main world share index and indices plotting the movement of share prices in different regions and individual countries the FT said. The first world share indices will be published on an up-to-date daily basis. The indices are based on the prices of around 2400 equity securities from 23 countries. Calculated on the same basis as the FT-Actuaries Indices for UK securities the indices will be produced daily and published in the Financial Times. The daily tables have a series of regional indices together with the overall world index. The FT said its main aim was to provide a set of measurements against which the performance of international fund managers could be judged. Markets companies and securities have been included only when direct holdings of shares by foreign nationals are allowed it said. The FT said to keep the whole series manageable it has kept the number of companies from the U.S. To 600. The indices are calculated in three seperate currencies - the US dollar sterling and the appropriate local currency. The regional indices are calculated in a way that takes into account the relative weight of local capitalisations.The gross dividend yield is also published on the basis of what foreign shareholders are entitled to receive before withholding taxes. The FT said it has decided to calculate these numbers after the enourmous growth in the volume of cross-border equity investment in recent years. REUTER...^M | FINANCIAL TIMES LAUNCHES NEW WORLD SHARE INDEX |
The U.S. Agriculture Department said private U.S. exporters reported sales of 350000 tonnes of corn for delivery to unknown destinations during the 1986/87 marketing season. The marketing year for corn began September 1. This is the second day running that exporters have reported corn sales to unknown destinations. Yesterday they reported sales of 150000 tonnes to unknown. Reuter | USDA REPORTS 350,000 TONNES CORN TO UNKNOWN |
Shr 38 cts vs 47 cts Net 2253664 vs 2806820 Revs 5173318 vs 5873904 NOTE: 1987 qtr includes 126117 dlrs or two cts per share from gains on sale of property vs gain 29812 or less than one cent per share for prior qtr. Reuter | HRE PROPERTIES <HRE> 1ST QTR ENDS JAN 31 NET |
Moodys Investors Service Inc said it upgraded 475 mln dlrs of debt of Continental Airlines Inc a unit of Texas Air Corp. Raised were the units senior secured Denver industrial revenue bonds to B-1 from Ca and subordinated debt to B-3 from C. Moodys said the action recognizes the airlines reorganization under Chapter 11 of the bankruptcy code risks associated with its substantial financial leverage and unpredictable cash flow. Reuter | MOODY'S UPGRADES TEXAS AIR <TEX> UNIT'S DEBT |
Shr nil vs nil Net loss 77879 vs loss 65501 Revs 3895741 vs 4872163 Nine mths Shr profit nine cts vs profit two cts Net profit 488898 vs profit 118208 Revs 13.0 mln vs 15.8 mln Reuter | JAYARK CORP <JAYA> 3RD QTR ENDS JAN 31 LOSS |
Shr loss three cts vs profit two cts Net loss 54791 vs profit 28866 Sales 1379810 vs 338886 Avg shrs 1602717 vs 1331739 Reuter | <BIO-VASCULAR INC> 1ST QTR JAN 31 LOSS |
Period ended Jan 31 Shr loss 89 cts vs loss 82 cts Net loss 5187000 vs loss 5362000 Revs 128.4 mln vs 50.3 mln Six mths Shr loss 1.27 dlrs vs loss 1.04 dlrs Net loss 7015000 vs loss 6790000 Revs 264.7 mln vs 97.3 mln NOTE: Full name is Great American Management and Investment Inc Reuter | GREAT AMERICAN MANAGEMENT <GAMI> 2ND QTR LOSS |
Newmont Gold Co said it filed a registration statement with the Securities and Exchange Commission for the proposed public offering of five mln shares of common plus an over-allotment option of 500000 shares. Newmont Gold said the newly registered shares would represent about 5.2 pct of the 105 mln shares outstanding after the share issue. It said it will use proceeds to repay the long-term debt it owes to its parent Newmont Mining Corp <NEM> and for general corporate purposes. Newmont Mining will continue to own about 90 pct of Newmont Gold after the offering. Newmont Gold said four mln shares will be offered initially in the U.S. by a U.S. underwriting group and one mln shares will be offered initially outside the U.S by an international underwriting group. It said Kidder Peabody and Co Inc Lazard Freres and Co and Salomon Brothers Inc and their affiliates will be co-managers of both underwriting groups. Reuter | NEWMONT GOLD <NGC> FILES FOR PUBLIC OFFERING |
Norstar Bancorp said it reached an agreement in principle to buy United National Bank of Callicoon through a stock exchange valued at 20 mln dlrs. Under terms of the agreement Norstar would buy all 201660 shares of Uniteds common stock at a rate of three Norstar shares for each United share. With year-end assets of 90 mln dlrs United has branches six upstate New York cities all of which will become part of Norstar Bank of the Hudson Valley N.A. Norstar is an 11.1 billion dlr multibank financial services company. Reuter | NORSTAR <NOR> TO BUY CALLICOON BANK |
<Majestic Contractors Ltd> said it will purchase up to a maximum of 403828 of its common shares on the Toronto Stock Exchange at the market price. Purchases will begin on April 13 1987 and will end when Majestic has bought 403828 common shares or on April 12 1988 whichever comes first. Reuter | MAJESTIC CONTRACTORS TO PURCHASE SHARES |
Oper shr profit one ct vs loss 1.14 dlrs Oper net profit 435000 vs loss 19.9 mln Year Oper shr loss 28 cts vs loss 2.78 dlrs Oper net loss 10 mln vs loss 46.5 mln NOTE: Excludes investment gains of one ct per share vs 12 cts in the quarter and gains 10 cts per share vs 13 cts in the year. Excludes loss from discontinued operations of three cts per share in fourth quarter 1985 and loss of 21 cts per share vs loss 2.72 dlrs in the year. Reuter | ACADEMY INSURANCE GROUP INC <ACIG> 4TH QTR NET |
The New York stock exchange said its rules for triple expiration Friday permit entering arbitrage-related market-on-close orders in the final 30 minutes of trading providing they are on the other side of imbalances and providing they open positions. The NYSE clarified a statement released yesterday in which it detailed procedures to be followed this Friday when stock index options index futures and individual stock options expire simultaneously. The NYSE said it will not allow a market-on-close order after 1530 EST Friday that increases or liquidates an existing arbitrage position. The NYSE in cooperation with the Securities and Exchange commission will publicize imbalances of 10000 or more shares in the 50 stocks beginning at 1530 EST Friday. In the final 30 minutes of trading Friday any market-on-close orders must be on the other side of the imbalance. Reuter | NYSE CLARIFIES TRIPLE WITCHING PROCEDURE |
House Budget Committee Chairman William Gray D-Pa said he would propose a freeze on all spending for federal government programs for the fiscal 1988 budget to meet budget deficit targets. An outlay freeze -- with no additional revenues -- produces almost enough savings to reach the 108 billion dlr deficit target. For fiscal 1988 this would mean total spending of just over 1 trillion dlrs Gray said in a statement. Gray said his plan would call for a freeze in spending on each individual federal program at fiscal 1987 levels. He said this would mean numerous program cuts lower benefits for recipients of federal assistance and fewer people being served by federal programs. Gray said he would make the budget freeze proposal when the House Budget Committee begins work on the budget resolution this Thursday. The Senate Budget Committee began work on its budget resolution this afternoon. Reuter | U.S HOUSE BUDGET CHAIRMAN PROPOSES SPENDING HOLD |
The U.S. Office of Management and Budget does not have a policy position one way or another on whether the Agriculture Departments commodity certificate program should be expanded or contracted an OMB official said. Speaking at the National Grain and Feed Associations annual convention Ron Landis chief of OMBs agricultural branch said instead of an across the board policy for or against certificates OMB has worked and will continue to work very closely with USDA in determining how many certificates should be sent out in each government farm payment. Recent evidence by the General Accounting Office and the Congressional Budget Office suggest that certificates can and do increase budget exposure Landis said. But Landis also noted that certificates have numerous beneficial impacts. These benefits are helping maintain U.S. price competitiveness freeing up storage space and saving the government storage and handling costs. The major drawback to certificates said Landis is that they increase budget exposure relative to cash through use of the pik and roll marketing strategy. In the pik and roll strategy a farmer puts his grain under loan redeems it with certificates then keeps the difference between the price he paid for certificates and the county loan rate. However if the benefits of certificates outweigh the added costs OMB officials said they will support continuation of the program. OMB says certificates have a very positive effect on the market but the question is do those positive benefits outweigh the added costs. If they do then the certificate program is good an OMB official told Reuters. Landis calculated that the redemption of each certificate worth 1500 bushels results in 176 dlrs in storage savings for wheat farmers 270 dlrs for corn farmers and 92 dlrs for soybean farmers. The pik and roll strategy represents a benefit of about 35 cents per bushel per farmer he said. But Landis also noted that recent studies by CBO suggest that an additional one billion dlrs of certificates released to the market could result in outlays of 1.15 dlrs in cash for every dlr released in certificates. OMB is concerned that too many certificates released onto the market could cause prices to drop too low and government costs to increase too much. But Landis said OMB has not determined what amount of certificates would be excessive. Reuter | NO POLICY FOR OR AGAINST CERTIFICATES -- OMB |
Qtly div 82 cts vs 82 cts prior Pay April 25 Record April one Reuter | MANUFACTURERS HANOVER CORP <MHC> SETS DIVIDEND |
The European Community may decide to increase the cereals co-responsibility levy and extend its scope to cover cereal substitutes if the Commissions 1987/88 farm price package is opposed by member states Edgar Pye vice-president of the British agricultural merchants association UKASTA said. At the moment the Commission is proposing the rate of levy remain unchanged at three pct - but Pye addressing a feed manufacturers dinner in Glasgow said this could change if its controversial plans to cut cereal prices and introduce an oils and fats tax are blocked Pye said UKASTA would continue to fight the cereals levy tooth and nail. However a test case in the European Court of Justice contesting the legality of the current regulation applying the levy which is being backed by the EC feed manufacturers organisation FEFAC was not now expected to be heard until the end of 1987 he said. Reuter | UK TRADE WARY OF HIGHER EC GRAIN LEVY |
Qtr ended Jan 31 Shr 10 cts vs three cts Net 194842 vs 54200 Revs 22.2 mln vs 11.2 mln Six mths Shr 50 cts vs 28 cts Net 965924 vs 502008 Revs 43.8 mln vs 21.6 mln Note: Current six mths revs include 16.8 mln dlrs in revs from John F. Beasley Construction Co a wholly owned unit. Reuter | WILLIAMS INDUSTRIES INC <WMSI> 2ND QTR NET |
The Hydraulic Co said its Bridgeport Hydraulic Co subsidiary had its proposal to use land sales proceeds to help fund capital improvements denied by the Connecticut Department of Public Utility Control. Hydraulic said its proposal also called for a distribution of the finaical benefits to its stockholders and customers. However Hyraulic said the state utility commission would consider similar requests in the future. It said the utility commission felt its request was premature and noted Hydraulic did not specify parcels of land considered for sale. The company said it will submit a detailed plan shortly. Reuter | HYDRAULIC CO <THC> UNIT LAND SALE PLAN DENIED |
Mo-Flo Industries Inc said the federal appeals court has affairmed a trial court ruling that Mor-Flo infringed on patents held by <State Industries Inc> for insulating gas water heaters with polyurethane. Mor-Flo said it intends to seek a rehearing of the decision. If the rehearing is denied further proceedings before the trial court will be held to determine damages. The company said it made provision for a potential award and related litigation expenses by taking an after-tax charge of 384000 dlrs or 15 cts a share against 1986 earnings. Reuter | MOR-FLO <MORF> LOSES INFRINGEMENT APPEAL |
Oper shr loss 26 cts vs profit 22 cts Oper net loss 672879 vs profit 596760 Revs 2188678 vs 2364280 Nine mths Oper shr loss 1.60 dlrs vs profit 92 cts Oper net loss 4278055 vs profit 2472532 Revs 5896322 vs 7497782 Note: Oper net excludes tax gains of 596000 dlrs for year-ago qtr and 2173000 dlrs for year-ago nine mths. Reuter | <HANOVER COS INC> 3RD QTR JAN 31 LOSS |
U.S. SELLING 12.8 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 23 TO PAY DOWN 2.875 BILLION DLRS |
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From April through December 1986 the Commodity Credit Corporation (CCC) issued 3.85 billion dlrs worth of generic certificates and about 1.8 billion had not been exchanged by January 1 1987 the U.S. Agriculture Department said. The department said an additional 4.3 billion dlrs in certificates has been authorized for issuance during January-August 1987. These certificates will provide ample free supplies of corn and wheat for the remainder of the crop year the department said in a summary of its Agricultural Outlook report. Freeing of stocks through certificates is making U.S. grain more competitive on world markets it said. The department said last summer for example certificates were exchanged for 215 mln bushels of corn. This helped increase marketable supplies so farm-level corn prices averaged about two dlrs per bushel -- somewhat lower than they would have otherwise. The lower prices probably led to an increase in usage of 40 to 50 mln bushels it said. The department said government spending on farm programs in fiscal year 1987 is projected to fall half a billion dlrs from 1986s 25.8 billion dlrs. During 1988 and 1989 the cost escalation of the first half of the 1980s will reverse. If current policy remains in force annual farm program spending by 1992 will be down from last years record by more than eight billion dlrs it said. The department said the Presidents budget proposals for 1988-1992 would cut farm program spending an additional 24 billion dlrs. In 1987 foreign economic growth is expected to remain close to 2.6 pct the same as in 1986 but above the 2.4 pct average of 1980-86 it said. Partially because of this improvement U.S. export volume is expected to rise in fiscal 1987 for the frist time in seven years the department said. Reuter | U.S. CERTIFICATES TO PROVIDE WHEAT/CORN SUPPLIES |
First Capital Holdings Corp said it and Robert M. Bass Group formed a joint venture called FCB Partners to acquire and manage real estate investments. The joint venture partners also intend to create new products which will be offered through its Pilgrim Group Inc mutual funds subsidiary First Capital said. Reuter | FIRST CAPITAL <FCH> ENTERS JOINT VENTURE |
SkyWest Airlines Inc said its revenue passenger miles rose to 10.3 mln from 8.5 mln its available seat miles rose to 24.2 mln from 18.9 mln and load factor decreased to 42.6 pct from 44.9 pct. Skywest said Februarys traffic includes two new EMB-120 aircraft manufactured by Embraer Corp of Brazil. For the year to date revenue passenger miles rose to 20.6 mln from 17.3 mln available seat miles rose to 49.0 mln from 39.2 mln and load factor decreased to 42 pct from 44.1 pct. Reuter | SKYWEST AIRLINES <SKYW> FEBRUARY TRAFFIC ROSE |
An Inland Revenue ruling accompanying todays U.K. Budget would eliminate a favourable tax treatment on certain foreign loans by British banks and may be a nightmare of practical application banking sources said. This is because banks will only be able to offset the tax credit for foreign withholding tax paid on the interest they receive against the corporation tax on the profit of a specific loan. Currently the tax credit is calculated against a banks profits as a whole. For banks compliance with the ruling could indeed be a nightmare since they dont fund loans on a individual basis. Many of the loans that would be affected by the tax change are those to less developed countries such as those in Latin America. Bankers could not estimate how many loans were involved expect to suggest it was a sizable number. In a statement the Inland Revenue said that on loans made on or after April 1 the new measures would apply to interest arising from that date. On existing loans at that date the measures would apply to interest arising from April 1 1988. Government sources noted that the existing treatment of withholding tax on interest has enabled some banks to reduce interest rates on overseas loans thereby lowering the revenue to the U.K. Treasury. The new measures they said are designed to reduce the subsidy given to overseas lending through the tax system and bring the U.K. System more into line with those of overseas competitors. The Inland Revenue estimated that the income to the Treausry would be negligible in 1987/88 but could build up over time from about 20 mln stg in 1988/89 to 60 mln stg in 1990/91. But while compliance with the new measures could necessitate hours of clerical work bankers said the end return to the Treasury may not prove as lucrative as anticipated. They noted that most documentation accompanying these loans contains a clause allowing for a loan to be restructured if the tax treatment changes. However they were unsure to what extent the loans would and could be changed. Bankers said they would seek clarification from the Inland Revenue particularly on how to calculate the cost of these loans. Revenue said it hopes to keep costs of compliance to a minimum. Reuter | FAVOURABLE TAX TREATMENT GONE ON CERTAIN UK LOANS |
The U.S. Treasury said it will sell 12.8 billion dlrs of three and six-month bills at its regular auction next week. The March 23 sale to be evenly divided between the three and six month issues will result in a paydown of 2.875 billion dlrs as maturing bills total 15.68 billion dlrs. The bills will be issued March 26. Reuter | U.S. TO SELL 12.8 BILLION DLRS IN BILLS |
Sen. Pete Domenici a main sponsor of legislation to set an oil import fee said the administrations energy security report was based on flawed economic assumptions. The New Mexico Republican said the report did not take into account the last few weeks drop in domestic oil production in its statement that an oil fee would raise prices for consumers. The report said a decline in economic growth as a result of the fee would reduce tax revenues. A five dlr (per barrel) oil import fee will provide the stimulus to create jobs and investment and raise revenues he said. Reuter | SENATOR SAYS ENERGY REPORT ASSUMPTIONS FLAWED |
Upcoming changes being considered in the U.S. Agriculture Departments transportation and loan programs were outlined by a USDA official today. Addressing the annual meeting of the National Grain and Feed Association Tom VonGarlem assistant deputy administrator for USDAs state and county operations said the following changes are under consideration by USDA. Termination of USDAs Transportation Assistance Program for wheat barley and sorghum would be proposed this week. Changes in USDAs reserve rotation program are also under consideration VonGarlem said. While the department has not made any final decision banning the use of pik and roll grain in reserve rotation is under heavy consideration he said. Changes in loan rates will definitely be looked at for next years crop he said with the option of making soybean loans partially in cash and in certificates under consideration. VanGarlem said he will definitely not extend the 1987 crop program signup saying he sees no reason to do so at this time. He also said wheat will not be considered for a cash bonus under the Conservation Reserve Program. Reuter | FARM PROGRAM CHANGES OUTLINED BY USDA OFFICIAL |
<Davox Corp> said it filed a registration statement with the Securities and Exchange Commission covering a proposed initial offering of 1.6 mln common shares. The company said Kidder Peabody and Co Inc and Hambrecht and Quist Inc will co-manage the underwriters adding they anticipate the initial offering price will be between 8.50 and 10 dlrs a share. Davox produces and markets computer-aided communications systems which automate amd integrate telephone and data communications functions. Reuter | DAVOX REGISTERS 1.6 MLN SHARE INITIAL OFFERING |
There will be seven to eight billion dlrs of generic certificates on the market by the end of harvest an Agriculture Department official said. The Commodity Credit Corp will depend heavily on certificates to relieve storage problems this year Ralph Klopfenstein Deputy Administrator for Commodity Operations USDA told participants at the National Grain and Feed Associations annual convention. Klopfenstein said that CCC will not be able to relocate grain in any significant amount this fall so certificates will be used in various programs to relieve storage tightness. Klopfenstein said certificates meet the goal of allowing prices to go below loan levels and providing USDA with an inventory management tool. Reuter | USDA OFFICIAL SEES 7-8 BILLION DLRS CERTIFICATES |
Brazilian Planning Minister Joao Sayad resigns - Globo television reports |
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Seven major U.S. farm groups took the unusual step of releasing a joint statement urging congressional leaders not to tinker with existing farm law. Following meetings with House Agriculture Committee Chairman Kika de la Garza (D-Tex.) and Senate Agriculture Committee Chairman Patrick Leahy (D-Vt.) the groups issued a statement saying lawmakers should resist efforts to overhaul the 15-month-old law which is operating in its first crop marketing year. The farm groups included the American Farm Bureau Federation American Soybean Association National Cattlemens Association National Corn Growers Association National Cotton Council National Pork Producers Council and the U.S. Rice Producers Legislative Group. The statement said Congress should not modify the 1985 farm bill so the law might have its intended impact of making agriculture more competitive in export markets while at the same time maintaining farm income. We strongly believe American farmers now need predictability and certainty in farm legislation in order to have any opportunity of making proper production and marketing decisions the groups said. Reuter | MAJOR U.S. FARM GROUPS OPPOSE POLICY CHANGES |
The Senate Budget Committee at its first budget drafting meeting of the year discarded President Reagans economic assumptions upon which he claims his budget would show a 108 billion dlr deficit. In its place the committee agreed to accept the non partisan Congressional Budget Office (CBO) economic assumptions in its deliberations for drafting a 1988 budget. The CBO says Reagans budget--even if it were adopted without change --would show a 134.4 billion dlr deficit in fiscal 1988 and thereby miss the Gramm-Rudman budget law target of 108 billion dlrs. Reuter | SENATE BUDGET GROUP SHELVES REAGAN ECONOMIC DATA |
Shr profit six cts vs profit 17 cts Net profit 269000 vs profit 833000 Revs 28.0 mln vs 30.8 mln Nine mths Shr loss 4.16 dlrs vs profit 74 cts Net loss 20.0 mln vs profit 3543000 Revs 93.1 mln vs 117.7 mln Note: Current qtr net includes writedown of 20.4 mln dlrs of net investment in companys oil and gas properties. Year-ago results restated to reflect reclassification of coal mining and marketing segment as ongoing operation rather than discontinued operation. Reuter | HOWELL CORP <HWL> 4TH QTR LOSS |
Brazil presidential spokesman confirms resignation of Planning Minister |
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Shr one ct vs five cts Net 42469 vs 226791 Sales 7963620 vs 6886414 Nine mths Shr 12 cts vs 22 cts Net 490927 vs 949650 Sales 24.0 mln vs 18.7 mln Reuter | SIGMAFORM CORP <SGMA> 3RD QTR JAN 31 NET |
Shr 14 cts vs 15 cts Net 733000 vs 788000 Revs 31.9 mln vs 28.9 mln Nine Mths Shr 1.08 dlrs vs 1.20 dlrs Net 5560000 vs 6162000 Revs 104.5 mln vs 97.2 mln NOTE: 1987 net includes tax credits of 25000 dlrs in the third quarter and 100000 dlrs in the nine months compared with 370000 dlrs and 910000 dlrs in the 1986 periods. Reuter | MARCUS CORP <MRCS> 3RD QTR FEB FIVE NET |
Qtly div class A nine cts vs 7.5 cts prior Qtly div class B nine cts vs 7.5 cts prior Pay April 30 Record March 31 Reuter | FIRSTCORP INC <FCR> RAISES QTLY DIVIDENDS |
Healthvest said it acquired the Eastwood Hospital medical complex in Memphis from Healthcare International Inc for 50 mln dlrs cash. Healthcare International will continue to operate the hospital under a lease agreement the company said. Reuter | HEALTHVEST <HVT> BUYS TENNESSEE MEDICAL COMPLEX |
Ventra Management Inc an over the counter company said it acquired Joint Venture Leasing Inc for 60 mln Venture shares valued at 3.6 mln dlrs. Joint Venture was organized in September 1986 to establish leasing joint ventures with manufacturers and vendors of computer equipment. As a result of the acquisition and Joint Ventures backlog Ventra said it expects 1987 sales to be 30 mln dlrs with net profits of 1.5 mln dlrs. Ventra was organized in September 1986 and completed a public offering of 30 mln shares in January 1987. Reuter | VENTRA BUYS JOINT VENTURE LEASING |
<Oxford Financial Inc> said it acquired <Clancy Systems International Inc> for an undisclosed sum. The company said Clancy has developed a fully automated parking citation system currently in use in Oklahoma City the University of California at Sacramento and in a pilot program in San Francisco. Reuter | OXFORD FINANCIAL BUYS CLANCY SYSTEMS |
Shr 1.03 dlrs vs 82 cts Net 1982296 vs 1359273 Revs 2403481 vs 1494304 Investments 22.4 mln vs 11.5 mln NOTE: Shr figures adjusted for 3-for-2 split Feb 23 1987. 1985 results reflect operations for eight months ended Dec 31 1985. Company began operating May 1985. Reuter | REALTY SOUTH INVESTORS INC <RSI> YEAR NET |
Qtly cash distribution 20 cts vs 20 cts prior Pay April eight Record March 27 Reuter | TURNER EQUITY INVESTORS INC <TEQ> PAYOUT |
Harley-Davidson Inc said it is petitioning the International Trade Commission to lift import taxes on Japanese motorcycle manufacturers. Harley-Davidson said it no longer needed tariff relief to compete with the Japanese. It said President Reagan imposed the tariff in April 1983 after Harley-Davidson convinced the administration the Japanese were eroding the U.S. motorcycle industry by flooding the market with its own models. Harley-Davidson said it has increased its market share of the heavyweight motorcycle to 19.4 pct in 1986 from a record low 12.5 pct in 1983. Reuter | HARLEY-DAVIDSON <HDI> WANTS TARIFFS LIFTED |
W.R. Grace and Co said it completed the sale of its Bermans The Leather Experts retail business to a new company in a management led buyout. Grace received 99.3 mln dlrs cash and will record a pretax gain of about 37 mln dlrs in the first quarter the company said. An additional pretax gain of 19 mln dlrs will be deferred until realization is more fully assured it said. The diversified chemical and industrial company said the sale completes its program to divest retail operations. In addition to the cash payment Grace received warrants to buy up to 47.5 pct of the new company and has reinvested about 19 pct of the proceeds in debt of the new firm. Financing was provided by Prudential Insurance Co of America and affiliates. Reuter | GRACE <GRA> COMPLETES RETAIL UNIT SALE |
Period ended Feb 28 Shr 61 cts vs 56 cts Net 2764000 vs 2540000 Sales 60.4 mln vs 55.8 mln Six mths Shr 1.27 dlrs vs 1.15 dlrs Net 5741000 vs 5269000 Sales 122.8 mln vs 109.9 mln NOTE: Per-share data restated for 10 pct stock dividends paid to holders of record Dec 26 1986 and Dec 26 1985 Reuter | WAUSAU PAPER MILLS CO <WSAU> 2ND QTR NET |
The Director-General of the Food and Agricultural Organisation (FAO) Edouard Saouma signed an agreement to aid peru with 160000 dlrs in technical asistance to draw up studies for farm development in the country. Saouma also formally offered the country 200000 dlrs in aid for technicians to draft studies to aid the estimated 25000 made homeless by mudslides last week on the outskirts of Lima a FAO spokesman said. Peru would be able to use the studies to present to multilateral organisations to request more assistance in grants and loans the spokesman aid. Saouma also discussed agricultural projects with president Alan Garcia last night for one hour. The FAO official returns to Rome on thursday. Reuter | FAO DIRECTOR GENERAL SIGNS PERU AID AGREEMENT |
Brazilian Planning Minister Joao Sayad resigned a presidential spokesman said. His resignation was accepted during a meeting with President Jose Sarney this afternoon the spokesman said. No official reasons for the resignation were immediately available but sources close to the government said Sayad had pressed for a three-month price freeze and sharp government spending cuts to combat inflation. Neither Sarney nor Finance Minister Dilson Funaro accepted the proposals the sources said. Sayad was one of the architects of last years Plano Cruzado program which froze prices ended widespread indexation of the economy and introduced the new cruzado currency to replace the cruzeiro in a bid to cut the 250 pct annual inflation rate. After holding prices for nearly nine months the plan was unable to withstand the inflationary pressures of booming consumer demand and widespread shortages. In the first two months of this year prices rose by around 30 per cent. A sharp deterioration in Brazils foreign trade surplus caused President Sarney to announce last month the suspension of interest rate payments on 68 billion dollars of commercial debt. Finance Minister Funaro told reporters last week new measures to correct the economy would be announced within a month although he gave no further details. Earlier today U.S. Treasury secretary James Baker said Brazil should come up with a new economic plan if it hopes to get additional assistance from commercial banks and others. Sayads resignation might foreshadow other changes in the Brazilian cabinet. Presidential spokesman Frota Netto told journalists earlier today the government was considering a suggestion by the Chief of Civilian Staff at the Presidency Marco Maciel that a new multi-party cabinet be formed to deal with the countrys current economic difficulties. Reuter | BRAZILIAN PLANNING MINISTER RESIGNS |
American Exploration Co said it is offering units in New York Life Oil and Gas Producing Properties Program II. It said the offer consists of 75 mln dlrs of preformation units representing limited partnership interests. The unit which will acquire producing oil and gas properites is being formed by a unit of American Exploration and NYLIFE Equity Inc a unit of <New York Life Insurance Co>. Both companies will be general partners. Reuter | AMERICAN EXPLORATION <AXO> OFFERS UNITS |
Taunton Savings Bank said its board declared an initial cash dividend of six cts per share. Taunton which went public last June said the rate was based on 3220000 outstanding shares. It said the dividend was payable April 15 to shareholders of record March 31. The company said it did not know if it would pay regular dividends in the future. Reuter | TAUNTON SAVINGS BANK <TSBK> SETS FIRST DIVIDEND |
Shr loss 14 cts vs loss one ct Net loss 836327 vs loss 34926 Revs 8939390 vs 8136160 Year Shr loss 34 cts vs loss nil Net loss 2008103 vs loss 14078 Revs 30.1 mln vs 28.0 mln Note: Year-ago results restated to reflect acquisition of Spartacus Inc in Febaruary 1986. Reuter | FIBRONICS INTERNATIONAL INC <FBRX> 4TH QTR LOSS |
IBM Corp is being awarded a 120.3 mln dlr Navy contract modification to a previously awarded contract for equipment and work related to the AN/UYS-1 Advanced Signal Processors. Work on the contract which combines purchases for the U.S. Navy and Spain under the Foreign Military Sales program is expected to be completed in July 1989. Reuter | IBM <IBM> GETS 120.3 MLN DLR NAVY CONTRACT |
Firstcorp Inc said its board has increased the maximum number of Class A shares in its repurchase program to 250000 from 200000 shares. The program was first adopted in June 1986 and provided for a maximum of 100000 shares to be repurchased through June 1987. In June 1986 the company increased the shares to 200000 and extended the period to end September 1987. Reuter | FIRSTCORP <FCR> INCREASES REPURCHASE PROGRAM |
California Micro Devices Corp said its common stock is now listed on the expansion of the Nasdaq National Market System. The company said entry into NMS provides shareholders and other investors with last sale information and up-to-the-second volume information through stockbrokers. Reuter | CALIFORNIA MICRO DEVICES <CAMD> TRADES ON NMS |
Texas Air Corps Continental Airlines and Eastern Air Lines said they will combine their frequent flyer programs in late April. Frequent flyer members will begin receiving one monthly statement that reflects combined earnings from both Continental and Eastern the companies said. Continental said reciprocity between the two programs was established in June 1986 and allowed members of either program to earn miles and redeem points for rewards from the other carrier. Reuter | CONTINENTAL, EASTERN <EAL> COMBINE PROGRAMS |
Oper shr 94 cts vs 93 cts Oper net 8889000 vs 8570000 Revs 155.0 mln vs 123.4 mln Avg shrs 9450000 vs 9174000 NOTE: Net excludes discontinued operations a gain of 4679000 dlrs or 50 cts a share vs a loss of 720000 dlrs or seven cts a share. 1986 net includes charge of 865000 dlrs from repeal of investment tax credits Company corrects 1985 year per-share operating net in table which originally ran march 10 Reuter | TELEPHONE AND DATA SYSTEMS INC <TDS> YEAR NET |
API SAYS DISTILLATE STOCKS OFF 7.35 MLN BBLS, GASOLINE OFF 2.89 MLN, CRUDE OFF 4.39 MLN |
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Shr 31 cts vs 31 cts prior Payable April 24 Record March 31 Reuter | CPC INTERNATIONAL INC <CPC> QTLY DIV |
Kansas Republican Congressman Pat Roberts urged the Reagan administration to offer export enhancement program eep subsidies to the Soviet Union. Speaking at a House foreign agriculture subcommittee Roberts said the U.S. has offered eep to China and Poland and should also include the Soviet Union. Rep. Roberts said there had been some talk that the issue of an eep to Moscow had not been raised within the Reagan administration recently because Secretary of State George Shultz was out of the country. That very well may be the case said Tom Kay U.S. Agriculture Department Foreign Agricultural Service administrator. However Kay told Reuters later that his reply to Roberts was not based on any particular knowledge. Rep. Roberts urged Kay to convey to top officials of the USDA that some in Congress favor a wheat eep to Moscow. Id be delighted to deliver the message Kay replied. Earlier Kay had repeated Agriculture Secretary Richard Lyngs statement last week that the door is not yet closed on an eep to the Soviet Union. Reuter | CONGRESSMAN URGES WHEAT EEP TO SOVIET UNION |
Period ends February 28 Shr 89 cts vs 87 cts Net 119.5 mln vs 114.6 mln Revs 872.3 mln vs 917.4 mln Year Shr 2.87 dlrs vs 3.32 dlrs Net 383.4 mln vs 413.6 mln Revs 4.45 billion vs 4.45 billion NOTE: Full name Public Service Enterprise Group Inc. Reuter | PUBLIC SERVICE ENTERPRISE <PEG> TWO MONTHS NET |
Shr profit 49 cts vs loss 41 cts Net profit 543000 vs loss 457000 Revs 10.4 mln vs 14.2 mln Year Shr loss 71 cts vs loss 2.11 dlrs Net loss 781000 vs loss 2325000 Revs 38.9 mln vs 44.9 mln Reuter | DAMON CREATIONS INC <DNI> 4TH QTR JAN THREE NET |
Shr loss 12 cts vs loss 99 cts Net loss 1476000 vs loss 11965000 Sales 83.4 mln vs 110.9 mln Year Shr loss 1.79 dlrs vs loss 1.90 dlrs Net loss 21720000 vs loss 22969000 Sales 259.0 mln vs 317.3 mln Reuter | GATES LEARJET CORP <GLJ> 4TH QTR LOSS |
Standard and Poors Corp said it raised to BBB-plus from BBB Hechinger Cos 86 mln dlrs of convertible subordinated debentures of 2009. S and P cited Hechingers outstanding record of sales and earnings growth as well as what it termed the companys position as one of the best operators in the retail home improvement industry. It also said the firms financial performance as measured by profitability and debt leverage underscore strong credit quality. S and P assigned a BBB-plus rating to Hechingers planned 100 mln dlr issue of convertible debt due 2012. Reuter | HECHINGER <HECHA> CONVERTIBLES UPGRADED BY S/P |
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