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BAHIA COCOA REVIEW
| Showers continued throughout the week in
the Bahia cocoa zone, alleviating the drought since early
January and improving prospects for the coming temporao,
although normal humidity levels have not been restored,
Comissaria Smith said in its weekly review.
The dry period means the temporao will be late this year.
Arrivals for the week ended February 22 were 155,221 bags
of 60 kilos making a cumulative total for the season of 5.93
mln against 5.81 at the same stage last year. Again it seems
that cocoa delivered earlier on consignment was included in the
arrivals figures.
Comissaria Smith said there is still some doubt as to how
much old crop cocoa is still available as harvesting has
practically come to an end. With total Bahia crop estimates
around 6.4 mln bags and sales standing at almost 6.2 mln there
are a few hundred thousand bags still in the hands of farmers,
middlemen, exporters and processors.
There are doubts as to how much of this cocoa would be fit
for export as shippers are now experiencing dificulties in
obtaining +Bahia superior+ certificates.
In view of the lower quality over recent weeks farmers have
sold a good part of their cocoa held on consignment.
Comissaria Smith said spot bean prices rose to 340 to 350
cruzados per arroba of 15 kilos.
Bean shippers were reluctant to offer nearby shipment and
only limited sales were booked for March shipment at 1,750 to
1,780 dlrs per tonne to ports to be named.
New crop sales were also light and all to open ports with
June/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs
under New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs
per tonne FOB.
Routine sales of butter were made. March/April sold at
4,340, 4,345 and 4,350 dlrs.
April/May butter went at 2.27 times New York May, June/July
at 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at
2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and
2.27 times New York Dec, Comissaria Smith said.
Destinations were the U.S., Covertible currency areas,
Uruguay and open ports.
Cake sales were registered at 785 to 995 dlrs for
March/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times
New York Dec for Oct/Dec.
Buyers were the U.S., Argentina, Uruguay and convertible
currency areas.
Liquor sales were limited with March/April selling at 2,325
and 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New
York July, Aug/Sept at 2,400 dlrs and at 1.25 times New York
Sept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith
said.
Total Bahia sales are currently estimated at 6.13 mln bags
against the 1986/87 crop and 1.06 mln bags against the 1987/88
crop.
Final figures for the period to February 28 are expected to
be published by the Brazilian Cocoa Trade Commission after
carnival which ends midday on February 27.
| Commodities and Trade |
COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE
| Computer Terminal Systems Inc said
it has completed the sale of 200,000 shares of its common
stock, and warrants to acquire an additional one mln shares, to
<Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs.
The company said the warrants are exercisable for five
years at a purchase price of .125 dlrs per share.
Computer Terminal said Sedio also has the right to buy
additional shares and increase its total holdings up to 40 pct
of the Computer Terminal's outstanding common stock under
certain circumstances involving change of control at the
company.
The company said if the conditions occur the warrants would
be exercisable at a price equal to 75 pct of its common stock's
market price at the time, not to exceed 1.50 dlrs per share.
Computer Terminal also said it sold the technolgy rights to
its Dot Matrix impact technology, including any future
improvements, to <Woodco Inc> of Houston, Tex. for 200,000
dlrs. But, it said it would continue to be the exclusive
worldwide licensee of the technology for Woodco.
The company said the moves were part of its reorganization
plan and would help pay current operation costs and ensure
product delivery.
Computer Terminal makes computer generated labels, forms,
tags and ticket printers and terminals.
| Commodities and Trade |
N.Z. TRADING BANK DEPOSIT GROWTH RISES SLIGHTLY
| New Zealand's trading bank seasonally
adjusted deposit growth rose 2.6 pct in January compared with a
rise of 9.4 pct in December, the Reserve Bank said.
Year-on-year total deposits rose 30.6 pct compared with a
26.3 pct increase in the December year and 34.5 pct rise a year
ago period, it said in its weekly statistical release.
Total deposits rose to 17.18 billion N.Z. Dlrs in January
compared with 16.74 billion in December and 13.16 billion in
January 1986.
| Other |
NATIONAL AMUSEMENTS AGAIN UPS VIACOM <VIA> BID
| Viacom International Inc said <National
Amusements Inc> has again raised the value of its offer for
Viacom's publicly held stock.
The company said the special committee of its board plans
to meet later today to consider this offer and the one
submitted March one by <MCV Holdings Inc>.
A spokeswoman was unable to say if the committee met as
planned yesterday.
Viacom said National Amusements' Arsenal Holdings Inc
subsidiary has raised the amount of cash it is offering for
each Viacom share by 75 cts to 42.75 dlrs while the value of
the fraction of a share of exchangeable Arsenal Holdings
preferred to be included was raised 25 cts to 7.75 dlrs.
National Amusements already owns 19.6 pct of Viacom's stock.
| Financial Reports |
ROGERS <ROG> SEES 1ST QTR NET UP SIGNIFICANTLY
| Rogers Corp said first quarter
earnings will be up significantly from earnings of 114,000 dlrs
or four cts share for the same quarter last year.
The company said it expects revenues for the first quarter
to be "somewhat higher" than revenues of 32.9 mln dlrs posted
for the year-ago quarter.
Rogers said it reached an agreement for the sale of its
molded switch circuit product line to a major supplier.
The sale, terms of which were not disclosed, will be
completed early in the second quarter, Rogers said.
| Corporate News |
ISLAND TELEPHONE SHARE SPLIT APPROVED
| <Island
Telephone Co Ltd> said the previously announced two-for-one
common share split was approved by shareholders at the annual
meeting.
| Financial Reports |
U.K. GROWING IMPATIENT WITH JAPAN - THATCHER
| Prime Minister Margaret Thatcher said
the U.K. Was growing more impatient with Japanese trade
barriers and warned that it would soon have new powers against
countries not offering reciprocal access to their markets.
She told Parliament that the bid by the U.K.'s Cable and
Wireless Plc <CAWL.L> to enter the Japanese telecommunications
market was being regarded by her government as a test case.
"I wrote to the prime minister of Japan, Mr Nakasone, on the
fourth of March to express our interest on the Cable and
Wireless bid. I have not yet had a reply. We see this as a test
on how open the Japanese market really is," Thatcher said.
Thatcher told Parliament that "shortly ... We shall have
more powers than we have now, when, for example the powers
under the Financial Services Act and the Banking Act become
available, then we shall be able to take action in cases where
other countries do not offer the same full access to financial
services as we do."
Cable and Wireless is seeking a stake in the proposed
Japanese telecommunications rival to Kokusai Denshin Denwa.
But the Japanese minister for post and telecommunications
was reported as saying that he opposed Cable and Wireless
having a managerial role in the new company.
| Financial Reports |
QUESTECH INC <QTEC> YEAR NET
| Shr loss nil vs profit 19 cts
Net loss 3,175 vs profit 284,945
Revs 13.6 mln vs 10.6 mln
Year
Shr profit 13 cts vs profit 56 cts
Net profit 195,202 vs profit 857,006
Revs 47.5 mln vs 42.9 mln
Note: Current year net includes charge against discontinued
operations of 1,060,848 dlrs.
| Financial Reports |
CANADA OIL EXPORTS RISE 20 PCT IN 1986
| Canadian oil exports rose 20 pct in 1986
over the previous year to 33.96 mln cubic meters, while oil
imports soared 25.2 pct to 20.58 mln cubic meters, Statistics
Canada said.
Production, meanwhile, was unchanged from the previous year
at 91.09 mln cubic feet.
Natural gas exports plunged 19.4 pct to 21.09 billion cubic
meters, while Canadian sales slipped 4.1 pct to 48.09 billion
cubic meters.
The federal agency said that in December oil production
fell 4.0 pct to 7.73 mln cubic meters, while exports rose 5.2
pct to 2.84 mln cubic meters and imports rose 12.3 pct to 2.1
mln cubic meters.
Natural gas exports fell 16.3 pct in the month 2.51 billion
cubic meters and Canadian sales eased 10.2 pct to 5.25 billion
cubic meters.
| Financial Reports |
COFFEE, SUGAR AND COCOA EXCHANGE NAMES CHAIRMAN
| The New York Coffee, Sugar and Cocoa
Exchange (CSCE) elected former first vice chairman Gerald
Clancy to a two-year term as chairman of the board of managers,
replacing previous chairman Howard Katz.
Katz, chairman since 1985, will remain a board member.
Clancy currently serves on the Exchange board of managers
as chairman of its appeals, executive, pension and political
action committees.
The CSCE also elected Charles Nastro, executive vice
president of Shearson Lehman Bros, as first vice chairman.
Anthony Maccia, vice president of Woodhouse, Drake and Carey,
was named second vice chairman, and Clifford Evans, president
of Demico Futures, was elected treasurer.
| Financial Reports |
MOST EC STATES SAID TO BE AGAINST OILS/FATS TAX
| A majority of European Community (EC)
member states are either against or have strong reservations
over a tax on both imported and domestically-produced oils and
fats proposed by the European Commission, senior diplomats
said.
They said a special committee of agricultural experts from
EC member states had voiced strong objections over the measure
during a meeting charged with preparing the ground for the
annual EC farm price-fixing which begins next Monday.
They added that only France and Italy had indicated they
would support the Commission proposal which would lead to a tax
initially of 330 Ecus per tonne during the 1987/88 price round.
| Other |
GOULD<GLD> COMPLETES SALE OF FRENCH BATTERY UNIT
| Gould Inc said it has
completed the sale of its French battery business, Compagnie
Francaise D'Electro Chimie, to a group of investors including
the unit's employees and <GNB Inc> of Minnesota.
Gould did not disclose terms of the deal.
Gould said the move is part of its previously announced
plan to divest assets unrelated to its computer and electronics
businesses.
| Other |
SHOE TOWN INC <SHU> YEAR ENDED JAN THREE 1987
| Shr 51 cts vs 75 cts
Net 5,524,000 vs 8,094,000
Revs 142.4 mln vs 137.2 mln
NOTE: 1986 and 1985 year net includes loss 785,000 dlrs or
eight cts a share and 59,000 dlrs or one ct a share,
respectively, for discontinued operations.
1985 year ended December 28, 1985.
| Financial Reports |
FIRST WISCONSIN <FWB> TO BUY MINNESOTA BANK
| First Wisconsin Corp said it
plans to acquire Shelard Bancshares Inc for about 25 mln dlrs
in cash, its first acquisition of a Minnesota-based bank.
First Wisconsin said Shelard is the holding company for two
banks with total assets of 168 mln dlrs.
First Wisconsin, which had assets at yearend of 7.1 billion
dlrs, said the Shelard purchase price is about 12 times the
1986 earnings of the bank.
It said the two Shelard banks have a total of five offices
in the Minneapolis-St. Paul area.
| Financial Reports |
AMERICAN NURSERY PRODUCTS <ANSY> 3RD QTR NET
| Period ended Feb 28
Shr profit five cts vs profit four cts
Net profit 191,000 vs profit 108,000
Sales 6,561,000 vs 5,896,000
Nine mths
Shr loss 28 cts vs loss 40 cts
Net loss 871,000 vs loss 990,000
Sales 9,310,000 vs 8,894,000
Avg shrs 3,086,386 vs 2,465,996
NOTE: Full name is American Nursery Products Inc
| Financial Reports |
NATIONAL FSI INC <NFSI> 4TH QTR LOSS
| Shr loss six cts vs profit 19 cts
Net loss 166,000 vs profit 580,000
Revs 3,772,000 vs 5,545,000
Year
Shr loss 13 cts vs profit 52 cts
Net loss 391,000 vs profit 1,425,000
Revs 15.4 mln vs 16.6 mln
NOTE: 1985 year figures pro forma for purchase accounting
adjustments resulting from March 1985 reeacquisition of company
by its original shareholders before August 1985 initial public
offering.
| Other |
DISCUS CORP <DISC> 4TH QTR LOSS
| Shr loss six cts vs loss seven cts
Net loss 125,000 vs loss 140,000
Rev 2.4 mln vs 2.2 mln
Year
Shr loss 13 cts vs loss 14 cts
Net loss 271,000 vs loss 211,000
Rev 10.1 mln vs 8.2 mln
| Market and Economy |
ENTERTAINMENT PUBLICATIONS SEES 31 CTS/SHR 3RD QTR LOSS ON UNITS DISPOSAL
|
ENTERTAINMENT PUBLICATIONS SEES 31 CTS/SHR 3RD QTR LOSS ON UNITS DISPOSAL
| Financial Reports |
PAY 'N PAK STORES INC <PNP> 4TH QTR FEB 28 NET
| Shr 11 cts vs 13 cts
Net 1,129,000 vs 1,301,000
Revs 83.2 mln vs 74.5 mln
Year
Shr 57 cts vs 82 cts
Net 5,686,000 vs 8,168,000
Revs 398.4 mln vs 333.8 mln
| Financial Reports |
(CORRECTED) - MOBIL <MOB> TO UPGRADE REFINERY UNIT
| Mobil Corp said it will spend over 30
mln dlrs to upgrade a gasoline-producing unit at its Beaumont,
Texas, refinery.
It said the unit is a catalytic reformer, which converts
low-octane components of gasoline into high-octane components
for use in Super Unleaded gasoline.
The company said the modernization will allow the unit to
regenerate catalysts on a continuous basis without shutdown.
Currently, it must be shut twice a year. The unit produces
46,000 barrels of gasoline components a day. Construction will
start late this year, with completion set for mid-1989.
(Correcting unit's output to barrels/day from barrels/year)
| Financial Reports |
AMERICAN NURSERY PRODUCTS <ANSY> 3RD QTR NET
| Qtr ends Feb 28
Shr profit five cts vs profit four cts
Net profit 191,000 vs profit 108,000
Revs 6,561,000 vs 5,896,000
Avg shrs 3.6 mln vs 2.5 mln
Nine mths
Shr loss 28 cts vs loss 40 cts
Net loss 871,000 vs loss 990,000
Revs 9,310,000 vs 8,894,000
Avg shrs 3.1 mln vs 2.5 mln
NOTE: Full name American Nursery Products Inc.
| Financial Reports |
VOLVO 1986 RESULT OFF SLIGHTLY FROM 1985
| AB Volvo <VOLV.ST> said the weakening
dollar caused the drop in its 1986 profits, but company chief
executive Pehr Gyllenhammar said 1986 was one of Volvo's best
years ever.
In its final report released earlier, the company said the
group's 1986 profits before allocations and taxes was 7.53
billion crowns compared with 1985's 7.60 billion.
Despite the fall, Gyllenhammar said, "Sales of industrial
products have never been higher, and Volvo Cars and Volvo
Trucks were both completely sold out at year-end. Operating
income was slightly higher than a year earlier."
He said the company's financial strength gave it
exceptional opportunities to invest for the future.
Although industrial sales were up, the company's yearend
report said total sales were 84.09 billion crowns against
1985's 86.19 billion.
| Financial Reports |
<MERIDIAN ENERGY>, CASTONE END LETTER OF INTENT
| <Meridian Energy Inc> and Castone
Development Corp, a privately-held company, jointly announced
that they have decided to terminate the letter of intent under
which Meridian would have acquired Castone.
| Commodities and Trade |
REPORT EXPECTS SHARP DROP IN WORLD IRON IMPORTS
| World seaborne iron ore imports will
fall sharply by the year 2000 with declining imports to the EC
and Japan only partially offset by increased demand from South
East Asia, a report by Ocean Shipping Consultants said.
The report predicts annual world seaborne iron ore imports
of 267.7 mln tonnes by 2000 versus 312.4 mln tonnes in 1985.
It estimates that total bulk shipping demand from the iron
ore sector will fall by almost 10 pct, or 200 billion tonne
miles, with shipping demand associated with the coking trade
down about 17 pct or 130 billion tonne miles.
The report sees EC imports falling to 91.7 mln tonnes in
2000 from 123.6 mln in 1985 with Japanese imports falling to 89
mln from 124.6 mln tonnes. Imports to South East Asia are seen
rising to 58.6 mln from 32.6 mln tonnes in 1985.
It predicts that EC steel production will fall to 109 mln
tonnes in 2000 from 135.7 mln in 1985 with Japanese production
falling to 92 mln from 105.3 mln.
South Korea and Taiwan are expected to double their output
to 40 mln tonnes with Chinese production increasing by 25 mln
tonnes to 80 mln, it added.
| Corporate News |
GOLDFIELD CORP <GV> 4TH QTR NET LOSS
| Shr loss four cts vs loss five cts
Net loss 527,065 vs loss 1,204,080
Revs 622,470 vs 613,205
Year
Shr profit four cts vs loss 13 cts
Net profit 1,099,778 vs loss 3,282,478
Revs 7,579,547 vs 6,068,254
NOTE: 1985 excludes loss from discontinued operations of
four cts per share in the quarter and loss 10 cts in the year.
1986 year excludes extraordinary gain of two cts a share.
| Corporate News |
BRITISH, FRENCH MINISTERS DISCUSS PUBLIC SPENDING
| French Finance Minister Edouard Balladur
discussed the need to control public spending in talks here
today with British Chancellor of the Exchequer Nigel Lawson, a
Treasury spokesman said.
The spokesman said the ministers reviewed their economies,
and public spending, domestic and European Community-wide.
He declined to comment on whether the subject of concerted
action to shore up the dollar had arisen. The U.S. Currency
dipped sharply earlier this week after a month of relative
stability after an agreement by six major industrialised
nations in Paris on February 22 to stabilise their currencies.
| Commodities and Trade |
FED'S HELLER URGES BROAD REFORM TO AID BANKING
| Federal Reserve Board Governor
Robert Heller said the banking system could be strengthened by
permitting formation of financial services holding companies
involved in areas like banking, insurance, real estate and
securities.
In a speech prepared for delivery in New York to the Bank
and Financial Analysts' Association, Heller said, "I believe
that increased diversification along geographic and product
lines is the key to strengthening the American banking system."
He said he supported the idea of financial services holding
companies advocated by the Association of Bank Holding
Companies in which regulation of various bank, thrift,
insurance, investment, securities and real estate subsidiaries
would be handled on functional lines.
"Limits would be placed on the extension of credit by the
bank to the associated institutions, and all transactions would
have to be on an arms-length basis," Heller said.
Measures would be necessary to avoid abuse of the banks'
special position by such holding companies or subsidiaries.
Heller said he "would require the holding company to serve
as a 'source of strength' to the bank by making a commitment to
maintain the bank's capital.
"In other words, the bank would not be allowed to fail as
long as the holding company has a positive net worth."
Heller also said commercial enterprises should be permitted
to own a financial services holding company, again with the
provision that capital would flow to the financial enterprise
if necessary.
Heller said the effects of these actions "would be banks
that are at least as strong as the corporations holding them" in
which customer deposits were assured while any incentive to
"loot the bank" was removed.
Such diversification would give access to national and
international financial services to corporations across the
United States.
Heller said that would mean "the steady decline of America's
banks in the world financial league tables would be arrested" by
permitting them to become more competitive.
| Market and Economy |
FEDERATED DEPARTMENT STORES INC UPS QTLY DIV BY 10.5 PCT, SETS 2-FOR-1 STOCK SPLIT
|
FEDERATED DEPARTMENT STORES INC UPS QTLY DIV BY 10.5 PCT, SETS 2-FOR-1 STOCK SPLIT
| Other |
GOULD <GLD> SELLS FRENCH BATTERY UNIT
| Gould Inc said it sold its
French Battery unit, Cie Francaise d'Electro Chimie, to a group
of investors including the unit's employees and <GNB Inc> of
Minnesota.
Terms of the sale were not disclosed. The unit had 1986
sales of 65 mln dlrs.
| Industrial and Sector News |
ADVANCED GENETIC SCIENCES <AGSI> YEAR LOSS
| Shr loss 30 cts vs loss 73 cts
Net loss 3,895,267 vs loss 8,250,222
Revs 3,237,235 vs 234,745
Note: 4th qtr data not available
| Financial Reports |
FEDERATED DEPARTMENT <FDS> RAISES QTLY DIVIDEND
| Federated Department Stores Inc said
it raised its quarterly common stock dividend to 74 cts a
share, from 67 cts, an increase of 10.5 pct.
The company said it also approved a two-for-one stock split
in the form of a 100 pct stock dividend.
At the same time, Federated said it will ask shareholders
to approve an increase in the number of authorized shares to
400 mln, from 200 mln.
Federated said the dividend is payable on a pre-split basis
on April 24 to shareholders of record April 10.
New shares from the stock split will be distributed May 11,
it said.
| Financial Reports |
DANZAR INVESTMENT <DNZR> SETS SPECIAL DIVIDEND
| Danzar Investment Group Inc said it
received 60 mln shares of <Commonwealth Capital Ltd> in
settlement of a debt and that it will distribute the shares to
its stockholders as a dividend.
Danzar said the dividend will also include 18,750,000
Commonwealth shares it already holds.
The dividend of 39.9 shares per Danzar share held will be
paid to shareholders of record April 15, the company said.
| Financial Reports |
FIDELITY <FNF> UNIT ACQUIRES CALIFORNIA CONCERN
| Fidelity National Financial
Inc said its Fidelity National Title Insurance Co subsidiary
acquired the operations of Safeco Title Insurance Co in the
northern California counties of Alameda, Contra Costa and San
Mateo.
Terms of the acquisition were not disclosed.
| Commodities and Trade |
HOME SAVINGS BANK <HMSB> SETS INITIAL DIVIDEND
| Qtly div nine cts
Pay April 30
Record April six
| Market and Economy |
FINAL 1986 CROP U.S. COTTON GINNINGS
| Final 1986 crop U.S. cotton ginnings
totaled 9,438,425 running bales, vs 12,987,834 bales at the end
of the 1985 season and 12,544,866 bales at end-1984 season, the
U.S. Census Bureau said.
The bureau said upland cotton ginnings from the final 1986
crop totaled 9,237,296 bales, vs 12,837,088 bales in 1985 and
12,418,749 bales in 1984.
American Pima ginnings from the final 1986 crop totaled
201,129 bales, vs 150,746 bales in the 1985 crop and 126,117
bales in 1984, the bureau said.
| Industrial and Sector News |
AMERICAN BRANDS SEES RECORD FIRST QUARTER RESULTS
|
AMERICAN BRANDS SEES RECORD FIRST QUARTER RESULTS
| Financial Reports |
BP MANAGING DIRECTOR SAYS COMPANY DOES NOT PLAN TO HIKE 70 DLRS STANDARD OFFER
|
BP MANAGING DIRECTOR SAYS COMPANY DOES NOT PLAN TO HIKE 70 DLRS STANDARD OFFER
| Financial Reports |
SECURITY <SPC>, USERS, END MERGER TALKS
| Security Pacific Corp and
<Users Inc>, a credit union data processing concern, said they
have mutually agreed to withdraw from further merger
negotiations.
Users said that since it signed a letter of intent to merge
with Security in November, it has received a strong show of
support for continuing the credit union ownership of the
company with credit unions committing themselves to purchase
additional Users common.
Users also said it is in the strongest financial position
in its 24-year history.
| Financial Reports |
ENTERTAINMENT PUBLICATIONS <EPUB> SEES LOSS
| Entertainment Publications
Inc said it expects an after-tax loss of 31 cts a share in its
third quarter from the disposal of three units it closed.
The company said its board approved a plan to discontinue
the operations of three subsidiaries, which are primarily
involved in direct mail marketing.
"The discontinued units were not likely to meet the growth
and profit goals of the company in the future," Entertainment
Publications said.
The three units lost 900,000 dlrs, or 19 cts a share in the
six months ended December 31.
| Corporate News |
CHRIS-CRAFT INDUSTRIES INC <CCN> REGULAR PAYOUT
| Chris-Craft Industies Inc said it
declared a regular two pct stock dividend on both its common
stock and class B common stock, which is equal the two pct
stock dividends the company paid for the prior quarter.
The dividends are payable on April 20 to shareholders of
record April six.
| Other |
<PRECAMBRIAN SHIELD RESOURCES LTD> YEAR LOSS
| Shr loss 1.93 dlrs vs profit 16 cts
Net loss 53,412,000 vs profit 4,479,000
Revs 24.8 mln vs 32.7 mln
Note: 1986 shr and net include 51,187,000 dlr writedown on
U.S. operations, uneconomic coal operations and other mineral
properties
| Financial Reports |
DENNISON MANUFACTURING <DSN> TO SELL PAPER UNIT
| Dennison Manufacturing Co
said it has signed a letter of intent to sell its Dunn Paper Co
subsidiary to James River Corp <JR> for an undisclosed amount
of cash, resulting in a first quarter charge against earnings.
The company saiud the loss on the sale may be partly
reduced by contingent payments over the next five years and
will in the first quarter be more than offset by the gain from
the previously-announced sale of its Hygeia Sciences Inc
shares.
Dunn had sales last year of about 65 mln dlrs.
In Richmond, Va., James River said closing is expected by
the end of April, subject to approval by both boards and on the
reaching of satisfactory labor agreements.
| Financial Reports |
PILLSBURY <PSY> FILES FOR SECOND BURGER KING MLP
| The Pillsbury Co said it
filed a registration statement with the Securities and Exchange
Commission for the sale of limited partnership interests in a
second master limited partnership of its Burger King unit's
restaurant properties.
Pillsbury said it expects the offering to yield 73-82 mln
dlrs, resulting in an after-tax gain of 20-23 mln dlrs.
A spokesman for Pillsbury said the company is aiming to get
this after-tax gain in the fourth fiscal quarter ending in May.
Pillsbury said the sale will occur as soon as practicable,
considering the business and legal contigencies.
The company said Burger King and another Pillsbury unit,
QSV Properties, will be the master limited partnership's
general partner.
Pillsbury said it expects the interests to be sold to
public investors and listed for trading on the New York Stock
Exchange.
Merrill Lynch will lead the underwriting, Pillsbury said.
Pillsbury first sold limited partnership interests in
Burger King Investors L.P. in February 1986.
| Commodities and Trade |
OLD REPUBLIC INT'L CORP <OLDR> HIKES DIVIDEND
| Qtly div 20 cts vs 19-1/2 cts prior
Pay June 20
Record June 5
| Market and Economy |
FED'S HELLER SAYS DOLLAR'S CURRENT LEVEL IS APPROPRIATE
|
FED'S HELLER SAYS DOLLAR'S CURRENT LEVEL IS APPROPRIATE
| Market and Economy |
CARSON PIRIE SCOTT AND CO <CRN> SETS DIVIDEND
| Qtly div 17-1/2 cts vs 17-1/2 cts prior
Pay June 5
Record May 22
| Market and Economy |
BP <BP> DOES NOT PLAN TO HIKE STANDARD <SRD> BID
| British Petroleum Co Plc does not
intend to raise the price of its planned 70 dlr per share offer
for the publicly held 45 pct of Standard Oil Co, BP Managing
Director David Simon said.
"We don't seen this as any progressive bidding game," he
told reporters at a news conference. BP now owns 55 pct of
Standard's stock.
Simon said BP had carefully considered the amount of its
planned bid and he quoted an oil analyst, whom he would not
identify, as saying BP's careful evaluation means the company
is not going to raise its offer.
"I think that (an increase) would be totally wrong. I think
the price is very fair and it is much to early to speculate
about ligigation," he said. "Let's wait and see how the offer
runs."
Another official declined to speculate under what
circumstances BP might raise its bid.
The BP official said the 70 dlrs a share offer is 7.2 times
Standard's 1986 cash flow and 56 pct above an independent
evaluation of the company's assets, including the value of its
oil, natural gas liquids and natural gas reserves.
He said the price Royal Dutch/Shell Group <RD> <SC> paid
for publicly held Shell Oil Co shares in 1985 was 5.1 times
cash flow.
The BP official also said the 70 dlr bid is a 40 pct
premium over Standard's stock price over the past year.
BP Group Treasurer Rodney Chase said more than half to as
much as two-third's of the 7.4 billion dlrs BP needs for its
offer will come from existing sources. The rest will be
financed by new debt.
BP will draw in cash from its operating companies around
the world and is also arranging a five billion dlr line of
credit, he explained.
The company's debt to equity ratio will rise 11 or 12
percentage points from the current 33 pct if the offer is
completed, Chase said. But the ratio will be back below 40 pct
within 12 months, he added.
Chase also said 50 to 60 pct of Standard Oil's publicly
held shares are held by financial institutions.
Simon said Standard's board was informed of the offer on
March nine and has been considering it since that time.
He said BP does not expect any regulatory problems that
would delay completion of the acquisition. "We have informed
Washington of our intentions and we've already been an integral
part of ownership of U.S. oil reserves," he pointed out.
Simon said there is a good chance that current world oil
prices of about 18 dlrs a barrel could be maintained, and that
the more stable market is due mostly to changes in policy in
Saudi Arabia and other OPEC members to control oil production.
"We think there are signals that current conditions are
more favorable than they have been for sometime," Simon said.
"We have hopes for greater stability, but we do not see
prices going much higher," he added.
| Market and Economy |
MONEY MARKET MUTUAL FUNDS FALL 1.19 BILLION DLRS IN LATEST WEEK, ICI SAYS
|
MONEY MARKET MUTUAL FUNDS FALL 1.19 BILLION DLRS IN LATEST WEEK, ICI SAYS
| Market and Economy |
U.K. MONEY MARKET GIVEN FURTHER 437 MLN STG HELP
| The Bank of England said it had provided the
money market with a further 437 mln stg assistance in the
afternoon session. This brings the Bank's total help so far
today to 461 mln stg and compares with its revised shortage
forecast of 450 mln stg.
The central bank made purchases of bank bills outright
comprising 120 mln stg in band one at 10-7/8 pct and 315 mln
stg in band two at 10-13/16 pct.
In addition, it also bought two mln stg of treasury bills
in band two at 10-13/16 pct.
| Financial Reports |
BP<BP> OFFER RAISES EXPECTATIONS FOR OIL VALUES
| British Petroleum Plc's plan to pay
7.4 billion dlrs for less than half of Standard Oil Co has
signalled higher values in the U.S. oil patch, analysts said.
"I think that BP's bid is a very strong affirmation and
clear signal that they have confidence in the U.S., and they
think the barrel of oil in the ground is going to go higher,"
said Sanford Margoshes of Shearson Lehman Brothers Inc.
BP earlier today said its U.S. unit planned to tender at 70
dlrs per share for the 45 pct of Standard it does not already
own.
"It's a 7.4 billion dlr price that (shows) OPEC has won the
war and oil prices are not going to crack," said Prescott, Ball
and Turben analyst Bruce Lazier.
"Behind that is a huge implication for the rest of the
energy issues out there in the stock market, particularly those
that are acquisition targets," Lazier said.
One of those mentioned by Lazier was USX Corp, an
energy-steel concern which had been courted by investor Carl
Icahn and drew the attention of Australian Robert Holmes a
Court last year. Rumors continue to swirl around its stock.
Margoshes said he does not foresee major U.S. oil firms
falling into takeover situations for several years, with the
exception of possibly Amerada Hess Corp <AHC>. He said most of
the majors found partners in the last round of matchmaking
which ended two years ago, and others restructured to the point
that they have become unattractive.
U.S. oil stocks rallied in response to the offer. Exxon
Corp <XON> rose 1-1/8 to 88-1/2. Chevron Corp <CHV> jumped
1-1/8 to 58-7/8, and Texaco <TX> climbed 1/4 to 37-3/4. Unocal
Corp <UCL> rose 1-3/4, while Occidental Petroleum Corp <OXY>
climbed 1-1/8 to 34-3/4. Amoco Corp <AN> rose 1-3/8 to 83-3/4.
Standard Oil's stock was up 6-1/4 in heavy trading to
71-1/8. Earlier in the session it had been at a high of 72-1/4.
Wall Street has speculated British Petroleum may boost its
offer by several dlrs per share, but the company maintained it
would not raise the 70 dlr bid.
British Petroleum stock rose 2-1/4 to 59-5/8.
Analysts said the fact British Petroleum made such a bid in
the first place indicates that the British oil giant has
changed its outlook for the oil industry.
Analysts said last year British Petroleum held one of the
more bearish positions on oil prices.
"They said the real price of oil would stay at 15 dlrs (a
barrel) for several years, and I think they beat a hasty
retreat from that point of view," Margoshes said.
"They are more appropriately today looking more
optimistically. I believe they are looking at 18 dlrs
(long-term)...also in their heart of hearts they believe that
will be exceeded," Margoshes said.
The U.S. benchmark crude West Texas Intermediate was
trading today around 18.60 dlrs per barrel.
Analysts said British Petroleum might have been able to buy
up the rest of Standard Oil for about 50 dlrs per share when
oil prices were falling last year.
They said Standard Oil's brightest asset is its slightly
more than 50 pct ownership of the Alaskan Prudhoe Bay oil
field. Analysts also said the company has other interests in
the Alaskan North Slope.
Analysts said the Standard investment is extremely
attractive to BP because the U.S. is the largest oil market and
has hard-to-replace reserves.
"I think it just fits in with their long-range plans to
increase their position in the U.S. market," Dean Witter
analyst Eugene Nowak said.
Analysts said it also raises BP's visibility ahead of the
British government's announced disposal of 31.7 pct of BP
stock. The U.K. government said it would dispose of the holding
sometime in the year beginning April one.
After acquiring all of Standard, most of BP's reserves
would be in the U.S., but only about six pct of its stock is
held in the U.S.
"The only way they can sell all that stock is to move it
into the United States. No other market can handle all that
stock," said L.F. rothschild analyst Rosario Ilacqua.
In 1986, Standard Oil had net losses of 345 mln dlrs on
revenues of 10.02 billion dlrs, compared to a profit the year
earlier of 308 mln dlrs on revenues of 13.82 billion dlrs.
| Financial Reports |
FED'S HELLER SAYS DOLLAR'S LEVEL IS APPROPRIATE
| Federal Reserve Board governor Robert
Heller said that the dollar's current level is appropriate but
declined to comment on widespread market reports of concerted
central bank intervention this week.
"The dollar is stable again... The current level is the
appropriate level," Heller told reporters after a speech to a
meeting of financial services analysts.
He said last month's six-nation currency accord in Paris
did not include target ranges for the dollar in an "academic
way."
Heller also said that it was too early to determine whether
the parties to the six-nation accord were taking appropriate
steps to carry out the longer-term economic adjustments agreed
to in Paris.
"Clearly, they've not been implemented yet... No one
expects implementation within a week or two," he said.
Earlier today, U.S. Treasury assistant secretary told a
Senate banking subcommittee that he did not believe that West
Germany and Japan have yet carried out their international
responsibilities.
| Financial Reports |
FALCON CABLE SYSTEMS <FAL> 4TH QTR LOSS
| Shr loss 3.49 dlrs vs loss 15 cts
Net loss 10.8 mln vs loss 459,000
Revs 4,384,000 vs 2,542,000
Year
Shr loss 4.41 dlrs vs loss seven cts
Net loss 13.7 mln vs loss 218,000
Revs 13.9 mln vs 8,864,000
Note: net losses included extraordinary losses of 4,904,000
in 4th qtr vs 232,000 year ago and extraordinary losses for
year of 2,056,000 vs 460,000 a year ago.
| Financial Reports |
HOME SAVINGS BANK <HMSB> SETS INITIAL QUARTERLY
| Home Savings Bank said its board
declared an initial quarterly dividend of nine cts per share,
payable April 30, record April Six.
| Financial Reports |
LOUISIANA-PACIFIC <LPX> TO SELL SAWMILL
| Louisiana-Pacific Corp said it
plans to sell its sawmill in Lakeview, Oregon and 18,000 acres
of timberland to Ostrander Construction Co.
The company said the transaciton shoould be finalized in
early April. Terms were not disclosed.
| Financial Reports |
SUBURBAN BANCORP <SUBBA> MERGER APPROVED
| Suburban Bancorp Inc said it
received approval from the Federal Reserve Board to acquire
<Valley National Bank of Aurora> for an undisclosed price.
Suburban said it has received shareholder tenders for 100
pct of Valley National's stock.
| Market and Economy |
UNIVERSAL HOLDING CORP <UHCO> 4TH QTR LOSS
| Shr profit nil vs profit nine cts
Net profit 2,000 vs profit 195,000
Revs 2,623,000 vs 2,577,000
Year
Shr loss 21 cts vs profit 13 cts
Net loss 425,000 vs profit 278,000
Revs 15.4 mln vs 8,637,000
Note: Net includes capital gains of 63,000 vs 211,000 for
qtr and 304,000 vs 292,000 for year. Current year net includes
charge of 716,000 from contract obligation to former chairman.
| Financial Reports |
GREASE MONKEY HOLDING CORP <GMHC> YEAR NOV 30
| Shr nil vs nil
Net 130,998 vs 30,732
Revs 1,568,941 vs 1,0053,234
| Market and Economy |
FREEDOM FEDERAL <FRFE> TO RECOGNIZE GAIN
| Freedom Federal Savings Bank
said it will recognize in its first-quarter earnings a
previously deferred 1.5 mln dlr gain which resulted from the
sale of an apartment complex in 1983.
It said the recognition comes as a result of repayment of a
loan which was granted when the complex was sold.
| Market and Economy |
PARIS G-6 MEET SET NO TARGETS - LEIGH-PEMBERTON
| Bank of England Governor Robin
Leigh-Pemberton said the Paris pact agreed between six leading
industrialised nations set no nominal exchange rate targets.
Leigh-Pemberton said in oral evidence to a select committee
that "we did not swap numbers - we reached an understanding" on
how to cooperate towards stabilizing currencies at around their
current levels.
He said the accord had brought Britain into a form of joint
currency float - but one which let it still purse an
independent monetary policy. "I would concede that, since the
Louvre Accord, we are acting as if we are in something,"
Leigh-Pemberton said.
"The Louvre and Plaza accords show there is a very effective
role for the (Group of) seven central banks to operate together"
towards stabilising exchange rates," Leigh-Pemberton said.
He did not mention this week's intervention by central
banks to support the dollar, after markets decided to test the
accord.
Leigh-Pemberton said that "the effectiveness of this
(cooperation) is actually larger than many of us had thought in
the pre-Plaza days" before September 1985.
He did not indicate what exchange rate levels were broadly
sought by the six nations, and noted that "we are more effective
in our agreement if we can leave the markets guessing."
He did not indicate what exchange rate levels were broadly
sought by the six nations, and noted that "we are more effective
in our agreement if we can leave the markets guessing."
Leigh-Pemberton said that, in principle, the Bank of
England favoured full EMS membership for sterling, provided
such a move did not endanger U.K. Anti-inflation monetary
policy. Asked whether he wanted to see U.K. Interest rates
lower, he said "the two half point cuts (this month in banks'
base lending rates) have been appropriate up until now."
Leigh-Pemberton said he preferred a "cautious step-by-step
approach" to reducing short term interest rates, not least
because "we have a potential problem with inflation."
Underlying U.K. Inflation was currently around 4.0 pct, "one
of the highest" among industrialised nations, he added.
Leigh-Pemberton said the Bank of England had not wanted
base rates to fall before the unveiling of the 1987/88 budget
on March 17, but he said pressure from financial markets for
such a move had proved irresistible. Base rates are now at 10
pct.
Regarding sterling's relationship with oil, Leigh-Pemberton
said that the pound could be seen being undervalued overall.
He said the current oil price of some 18 dlrs a barrel
might suggest a level of 74 on the Bank of England's sterling
index, when compared with the index's level before oil prices
dropped from around the 30 dlr level. The index, base 1975,
closed here today at 72.1, unchanged from the previous close.
| Corporate News |
COMMERCE CLEARING HOUSE INC <CCLR> HIKES DIV
| Qtly div 32 cts vs 30 cts prior
Pay April 29
Record April 10
| Commodities and Trade |
QUANTECH ELECTRONICS CORP <QANT> 3RD QTR DEC 31
| Shr loss 28 cts vs loss six cts
Net loss 561,029 vs loss 114,712
Revs 3,464,269 vs 4,083,833
Nine mths
Shr loss 56 cts vs loss 13 cts
Net loss 1,104,472 vs loss 261,791
Revs 10.5 mln vs 11.6 mln
NOTE: Prior year net includes losses from discontinued
operations of 99,209 dlrs in quarter and 202,097 dlrs in nine
mths.
| Financial Reports |
QUANTECH <QANT> NEEDS ADDITIONAL FUNDS
| Quantech Electronics Corp said
it is investigating available means of raising additional funds
needed to finance continuing operations, but there is no
assurance that it will succeed.
The company said it continues to experience negative cash
flow. Today it reported a loss for the third quarter ended
December 31 of 561,029 dlrs, compared with a 114,712 dlr loss a
year before.
Quantech said it has received waivers from Marine Midland
Banks Inc <MM> through May 26 on covenants in its loan
agreement.
The company said Marine Midland has agreed to advance it an
additional working capital loan that will be personally
guaranteed by chairman Henry Ginsburg. Loans from Marine
Midland are secured by substantially all company assets.
Quantech also said Bernard Weinblatt has rsigned as
president and a director, and until a replacement is found,
Ginsberg will act as chief executive and Leonard N. Hecht,
formerly chief executive, will act as chief operating officer.
| Market and Economy |
PDA ENGINEERING <PDAS> HALTS SOFTWARE SHIPMENTS
| PDA Engineering said it has
temporarily deferred shipmetns of its PATRAN software for IBM
computers, due to a technical problem with the program.
The company said the deferral will reduce its thrid quarter
revenues and earnings.
PDA said it anticipates resuming shipments in the fourth
quarter.
| Market and Economy |
P AND F INDUSTRIES INC <PFINA> 4TH QTR NET
| Oper shr 16 cts vs 29 cts
Oper net 453,924 vs 726,816
Revs 12.0 mln vs 11.2 mln
Avg shrs 2,695,206 vs 2,562,160
Year
Oper shr 50 cts vs 50 cts
Oper net 1,365,655 vs 1,268,847
Revs 40.1 mln vs 33.1 mln
Avg shrs 2,695,206 vs 2,562,160
NOTE: Net excludes tax credits of 571,000 dlrs vs 496,000
dlrs in quarter and 1,347,000 dlrs vs 1,107,000 dlrs in year.
Share adjusted for one-for-five reverse split in October
1986.
| Market and Economy |
FAIR LANES <FAIR> SHAREHOLDERS APPROVE MERGER
| Fair Lanes Inc said its shareholders
approved the previously announced merger with Maricorp Inc, a
unit of <Northern Pacific Corp>.
Under terms of the merger, Fair Lanes said each of its
shares of common stock will be converted into the right to
receive 1.3043 shares of <BTR Realty Inc>, which is owned by
Fair Lines.
| Market and Economy |
ALLIED RESEARCH ASSOCIATES INC <ARAI> YEAR NET
| Shr 63 cts vs 64 cts
Net 2,463,214 vs 2,509,832
Sales 34.4 mln vs 30.6 mln
NOTE: Backlog as of February 28 47.4 mln dlrs vs 34.9 mln
dlrs a year before.
| Market and Economy |
26-FEB-1987
| 26-FEB-1987
| Other |
ACCEPTANCE INSURANCE HOLDINGS INC <ACPT> YEAR
| Oper shr profit 1.80 dlrs vs loss 2.28 dlrs
Oper net profit 2,048,0000 vs loss 1,318,000
Revs 25.4 mln vs 12.3 mln
Avg shrs 1,135,000 vs 576,000
NOTE: Net excludes realized investment gains of 40,000 dlrs
vs 13,000 dlrs.
1986 net excludes 729,000 dlr tax credit.
| Commodities and Trade |
CARDENAS SEES NO MAJOR DECISIONS AT ICO MEETING
| Jorge Cardenas, manager of Colombia's
coffee growers' federation, said he did not believe any
important decisions would emerge from an upcoming meeting of
the International Coffee Organization (ICO).
The ICO executive board is set to meet in London from March
31 and could decide to call a special council session by the
end of April to discuss export quotas.
"It's going to be a routine meeting, an update of what has
been happening in the market, but it's unlikely any major
decisions are taken," Cardenas told journalists.
Earlier this month, talks in London to re-introduce export
quotas, suspended in February 1986, ended in failure.
Colombian finance minister Cesar Gaviria, also talking to
reporters at the end of the weekly National Coffee Committee
meeting, said the positions of Brazil and of the United States
were too far apart to allow a prompt agreement on quotas.
Brazil's coffee chief Jorio Dauster said yesterday Brazil
would not change its coffee policies.
Cardenas said the market situation was getting clearer
because the trade knew the projected output and stockpile
levels of producers.
He said according to ICO statistics there was a shortfall
of nine mln (60-kg) bags on the world market between October,
the start of the coffee year, and February.
| Commodities and Trade |
CB AND T <CBTB> TO MAKE ACQUISITION
| CB and T Bancshares Inc said the
board of Carrolton State Bank of Carrolton, Ga., has approved a
merger into CB and T for an undisclosed amount of stock,
subject to approval by regulatory agencies and Carrolton
shareholders.
Carrolton has 26 mln dlrs in assets.
| Financial Reports |
AMERICAN BRANDS <AMB> SEES HIGHER 1ST QTR NET
| American Brands Inc said it expects
first quarter net earnings to exceed the record 118.7 mln dlrs
or 1.05 dlrs a share it earned for the year-ago quarter.
The company also said it believes sales in the first
quarter will surpass record sales of 2.1 billion dlrs last
year.
The company said unit sales of American Tobacco's Lucky
Strike Filter line rose 20 pct last year, which led to a gain
for he Lucky franchise.
American Brands said it will introduce a new low-priced
brand of cigarettes called Malibu.
The company's U.K.-based Gallaher Ltd unit had a strong
performance in 1986 and became the second-largest contributor
to operating earnings, American Brands said.
| Market and Economy |
USX <X> SAYS TALKS ENDED WITH BRITISH PETROLEUM
| USX Corp chairman David Roderick said
the company had ended talks with British Petroleum Co Plc <BP>
about the possible sale of some energy assets and said USX has
no immediate restructuring plans for its oil businesses.
"We have terminated our discussions," Roderick told Reuters
after a speech to the Petroleum Equipment Suppliers Association
here. He said USX was not conducting talks with any other
possible buyer of its energy assets.
Earlier today, BP said it planned to offer 70 dlrs per
share for the Standard Oil Co's <SRD> publicly held stock.
USX said in December the company had held formal
discussions with BP about the potential sale of some of its
overseas oil assets and USX had received expressions of
interest from a half dozen other oil companies.
Roderick, in response to a question, said USX had no
immediate plans to restructure its Marathon Oil Co, or Texas
Oil and Gas Corp. He said USX also did not plan to sell any of
its 49 pct interest in the giant Yates Field in west Texas.
"We want to maintain our production in the Yates Field
during these difficult times," Roderick added.
In response to a question, Roderick also said he did not
know whether Australian investor Robert Holmes a Court was
accumulating USX stock. In recent days, traders have suggested
Holmes a Court was buying additional shares.
Roderick said Carl Ichan, who terminated an eight billion
dlr hostile takeover plan for USX in January, continued to hold
a sizable interest in the company. "Mr. Ichan still apparently
has 11.4 pct. He hasn't bought any more stock or sold any,"
Roderick said. "He's a very satisfied shareholder right now. I
talk with him monthly."
In his speech, Roderick predicted the fall in the value of
the dollar would set the stage for the U.S. to solve its trade
deficit problem which totaled 170 billion dlrs in 1986.
"I expect by the early 1990s the U.S. will be running a net
trade surplus," Roderick said. "I think the worst is over and
we can look forward to stability and upward movement ahead."
However, the USX chairman warned that European trading
partners may resist the turn in the U.S. trade deficit. "Some
economic discomfort must be transferred from the United States
to our friends, trading partners and allies."
| Corporate News |
NY TRADERS SAY SOVIETS MADE LARGE SUGAR PURCHASE
| The Soviet Union bought almost 90,000
tonnes of raw sugar from international trade houses last night,
with some of the sugar changing hands at discounts to the spot
May world sugar contract, according to trade sources.
They said Japanese trade houses sold up to three cargoes of
Thai sugar for relatively nearby delivery.
British and European-based trade houses sold the remaining
six cargoes for shipment between April/May/July, they said.
Traders said this week's sharp fall in world sugar prices
helped to provoke the Soviet Union into covering nearby needs.
Yesterday, spot May sugar closed at 7.18 cents a pound.
| Market and Economy |
MARTIN LAWRENCE LIMITED EDITIONS <MLLE> YEAR NET
| Shr 20 cts vs six cts
Net 861,000 vs 266,000
Revs 10.2 mln vs 6,036,000
Note: 4th qtr data not given.
| Financial Reports |
COMMONWEALTH ENERGY SYSTEM <CES> DIVIDEND
| Qtly div 68 cts vs 68 cts in prior qtr
Payable May one
Record April 14
| Other |
MINSTAR INC <MNST> 4TH QTR NET
| Oper shr loss 31 cts vs loss 30 cts
Oper net loss 5,429,000 vs loss 5,216,000
Revs 257.5 mln vs 243.6 mln
Avg shrs 17.5 mln vs 13.5 mln
Year
Oper shr loss eight cts vs profit 28 cts
Oper net loss 1,324,000 vs profit 4,067,000
Revs 989.5 mln vs 747.9 mln
Avg shrs 17.6 mln vs 15.7 mln
NOTE: 1986 operating net loss excludes income from
discontinued operations equal to 11 cts in the quarter and 66
cts in the year compared with 1.07 dlrs in the quarter and 1.23
dlrs in the respective periods of 1985.
1986 operating net loss also excludes extraordinary charges
of 14 cts in the quarter and 54 cts in the year.
1985 operating net profit excludes an extraordinary gain of
47 cts.
| Financial Reports |
TRANSWORLD TRUST <TWT> SETS INITIAL PAY DATE
| Transworld Liquidating Trust said it
will distribute proceeds from the sale of Hilton International
Co to UAL Inc <UAL> to its holders on April 8.
The deal is expected to close March 31, the day trading
ceases in the Liquidating Trust shares.
UAL will pay 632.5 mln dlrs cash, 2,564,000 shares of UAL
common stock and 200 mln dlrs worth of UAL debentures to
Transworld, but it may substitute cash for the securities. The
initial distribution will include all the cash, stock and
debentures received in connection with the sale, the company
said.
The shares in the Trust formerly represented shares of
Transworld Corp common stock.
The company said the balance of cash in the Trust will be
used to satisfy all liabilities and obligations of the Trust.
After satisfaction of the payments, the company will make a
second distribution around April 29, it said.
| Commodities and Trade |
ELECTRO-SENSORS INC <ELSE> VOTES EXTRA PAYOUT
| Electro-Sensors Inc said its board
voted an extraordinary cash dividend on its common stock of 10
cts a share payable May 15, record April 30.
The company paid an extraordinary dividend of 10 cts in May
1986.
| Corporate News |
U.S. HOME <UH> SEES BEST FIRST QTR SINCE 1983
| U.S. Home Corp said its first quarter
ending March 31, 1987, will be its most profitable first
quarter since 1983.
The company said in 1983, it recorded a profit of 8,600,000
dlrs for its first quarter. The three following first quarters
resulted in losses of 3,200,000 dlrs, 3,500,000 dlrs and
1,800,000 dlrs, respectively, the company said.
U.S. Home declined to put a specific figure on what its net
earnings would be for the coming first quarter, but said it
would definitely record a profit.
In other news, U.S. Home said its shareholders approved an
amendment to its company's certificate of incorporation
relating to the liability of the company's directors.
| Financial Reports |
ROCKEFELLER CENTER PROPERTIES <RCP> UPS PAYOUT
| Rockefeller Center Properties Inc said
it raised its quarterly dividend to 45 cts from 44 cts a share.
The dividend is payable April 27 to shareholders of record
April 7.
| Commodities and Trade |
SANDUSTRY PLASTICS INC <SPI> 4TH QTR NET
| Shr seven cts vs 26 cts
Net 200,000 vs 450,000
Revs 7,291,000 vs 1,177,000
12 mths
Shr 37 cts vs 77 cts
Net 801,000 vs 1,329,000
Revs 26 mln vs 28.6 mln
NOTE: 1985 year includes extraordinary gain of 10 cts per
share.
| Corporate News |
CHINA SWITCHES U.S. WHEAT TO 1987/88 FROM 86/87
| China has switched purchases of U.S.
wheat totaling 60,000 tonnes from the 1986/87 season, which
began June 1, to 1987/88 season delivery, the U.S. Agriculture
Department said.
The department said outstanding wheat sales to China for
the current season amount to 90,000 tonnes and sales for
delivery in the 1987/88 season amount to 910,000 tonnes.
Total corn commitments for the 1986/87 season total
1,015,800 tonnes, the department said.
| Financial Reports |
COCOA CHAIRMAN WORKS TOWARDS BUFFER COMPROMISE
| International Cocoa Organization's,
ICCO, council chairman Denis Bra Kanon continued work towards a
compromise plan on how the ICCO buffer stock should buy cocoa,
consumer delegates said.
Consumer delegates said Bra Kanon had not formally
presented the compromise plan to producers and consumers, and
it was unlikely he would do so before Friday, they said.
There was widespread confidence a result on the outstanding
items could be reached by Friday, when the council session is
due to end, consumers said.
Bra Kanon completed bilateral consultations with several
delegations today on the main sticking points in the draft
buffer stock rules package, they said.
Certain delegations wanted further discussion on the amount
of non-member cocoa the buffer stock will be permitted to buy,
differentials for different origin cocoas and limits on buffer
stock purchases of nearby, and forward material, the delegates
said.
The buffer stock working group finalized the remaining
buffer stock rules, with only minor modifications to the
original draft buffer stock package produced last week, the
delegates said.
The ICCO council is due to elect a new executive director
when it reconvenes Friday, producer delegates said.
Producers intend to present a single candidate for the
post, and this is most likely to be Edouard Kouame from Ivory
Coast, they said.
Earlier, the existing executive director, Kobena Erbynn
from Ghana, was expected to re-nominated, but he is now likely
to withdraw, the delegates said.
The executive committee is due to meet Friday at 1100 GMT,
with the council unlikely to reconvene until late Friday,
consumers said.
| Financial Reports |
FRANCE WILL FIGHT EC FARM PROPOSALS - MINISTER
| French Agricultural Minister
Francois Guillaume warned that France would flatly reject
proposed reforms of the European Community, EC, cereals, sugar
and oilseeds sectors, which he said would disrupt these
markets.
The EC Commission's proposals to shorten the intervention
period and lower monthly premiums for cereals and increase the
financial burden on the sugar producers will also result in
lower real prices for producers, he told farmers here.
"I give you my word that France, while it will not reject
technical adjustments or serious discussion, will simply reply
in the negative to these bad reforms," Guillaume told the annual
conference of the country's major farm union, FNSEA
(Federation Nationale des Syndicats Dexploitants Agricoles).
Community agricultural ministers are due to meet again
Monday to try and agree a package of reforms to curb spiralling
EC output and fix farm prices for 1987/88.
Relations between the government and farmers have become
strained in France in recent months.
There have been sporadic but frequent demonstrations by
farmers protesting over sharp falls in meat and pork prices and
further cutbacks in Community milk output.
But Guillaume's warning that he would reject reorganisation
of the EC cereal and sugar markets -- France being a major
producer of both crops -- won him warm applause from the
FNSEA's farmers.
His pledge to fight the EC proposals and push for the
complete dismantling of the system of cross border taxes
designed to smooth out currency differences known as Monetary
Compensatory Amounts, MCA's, however, are unlikely to avoid
further protests by producers.
Farm leader Raymond Lacombe said the union planned to go
ahead with a series of major protests both in France and abroad
against the EC Commission's proposals to overhaul the farm
sector.
"The Minister's proposals back up our determination to
organise union action in the coming weeks," he told reporters,
adding that this could also act in Guillaume's favour on a
ministerial level.
Guillaume was head of the FNSEA for many years before being
appointed farm minister last spring.
Lacombe refused to say whether the farmers felt that
Guillaume was doing a good job as farm minister.
There have been certain advances on cutting production
costs, reducing fiscal costs and awarding drought aid, but
there are still areas where more could be done such as on
farmers' indebtedness, he said.
Guillaume told the conference the government will make
available 2.4 billion francs (396 mln dlrs) to help producers
reduce milk output and to encourage older farmers to retire.
The government has already announced financial aid for the
milk sector and it was not clear how much of the package
announced today was new aid, Lacombe said.
| Market and Economy |
FIRST FINANCIAL <FFMC> BUYS CONFIDATA
| First Financial Management Corp said it
acquired Confidata Corp, a unit of <North Ridge Bank>, paying
500,000 dlrs in cash and pledging a guarantee on a 500,000 dlr
Confidata note held by North Ridge.
First Financial, which provides data processing services to
community banks and other financial institutions, said the
acquisition will expand its customer base.
| Market and Economy |
COMBUSTION ENGINEERING <CSP> UNIT IN BUYOUT
| Combustion Engineering Inc said
its C-E Environmental Systems and Services Inc unit agreed in
principle to acquire <E.C. Jordan and Co>, a privately held
firm based in Portland, Me.
Terms of the acquisition were mot disclosed.
Combustion Engineering said C-E Environmental, which
provides environmental sciences and management services, had
1986 sales of about 24 mln dlrs.
| Corporate News |
<MARK RESOURCES INC> YEAR LOSS
| Shr not given
Loss 54.9 mln
Revs 27.2 mln
Note: Prior year results not given. 1986 results include
accounts of 89 pct owned <Precambrian Shield Resources Ltd>,
acquired November 5, 1986
| Corporate News |
PEPCO <POM> TWO MTHS FEB 28 NET
| Shr 49 cts vs 57 cts
Net 25.1 mln vs 28.9 mln
Revs 202.8 mln vs 220.9 mln
12 mths
Shr 4.05 dlrs vs 3.66 dlrs
Net 223.9 mln vs 186.4 mln
Revs 1.35 billion vs 1.34 billion
NOTE: Full name Potomac Electric Power Co
1987 year includes extraordinary gain of 21.7 mln, or 46
cts per share, for the June 1986 sale of the company's Virginia
service territory to Virginia Power.
| Commodities and Trade |
ITALIAN 1986 GDP UP 2.7 PCT, UNEMPLOYMENT RISES
| Extracts from a report by Italy's Budget
Ministry on the country's economic development in 1986 showed
gross domestic product (GDP) 2.7 pct higher in real terms than
in 1985 but a rise in unemployment.
GDP calculated at 1980 prices rose to 434,682 billion lire
last year from 423,064 billion in 1985. On a current prices
basis, GDP was up 11 pct, totalling 894,362 billion lire in
1986 against 805,754 billion in 1985.
But growth was insufficient to prevent a rise in
unemployment to 11.1 pct last year from 10.3 pct in 1985, the
ministry said.
The report said falling oil prices and the depreciation of
the dollar during 1986 had favoured oil-importing countries
such as Italy.
These factors helped Italy cut inflation to an average 6.3
pct in 1986, down from 9.3 pct in 1985.
They also helped a major improvement in the trade balance.
On the basis of data recently recalculated by the national
statistics institute Istat, Italy had a trade deficit in 1986
of 3,722 billion lire, the report said. This slightly revises a
previous deficit figure of 3,717 billion issued by Istat and
compares with a negative balance of 23,085 billion for 1985.
| Financial Reports |
26-MAR-1987
| 26-MAR-1987
| Financial Reports |
FERRUZZI PARIS UNIT SEEN ABSORBING CPC PURCHASE
| Sources close to Italy's <Gruppo
Ferruzzi> said <European Sugar (France)>, a French company
owned by Ferruzzi, would take over control of <CPC Industrial
Division>, the corn wet milling business acquired by the
Italian group earlier this week from CPC International Inc
<CPC>.
The sources told Reuters that European Sugar, owned by
Ferruzzi subsidiary Eridania Zuccherifici Nazionali SpA
<ERDI.MI>, planned to seek a listing on the Paris bourse and
make a share offering there.
CPC International announced Tuesday it had agreed in
principle to sell its European corn wet millng business to
Ferruzzi. The deal is worth 630 mln dlrs.
| Financial Reports |
DECISION INDUSTRIES <DIC> SEES 1ST QTR LOSS
| Decision Industries Corp said it
expects to report an operating loss of 19-24 cts a share for
the first quarter ending March 31 mainly due to lower profit
margins and higher sales and marketing costs.
In the 1st quarter of last year, when the company's quarter
ended Feb 28, 1986, it earned 957,000 dlrs or 10 cts a share on
revenues of 45 mln dlrs.
Decision also said it entered into an agreement to sell its
International Computerized Telemarketing Inc subsidiary to an
investor group headed by the unit's senior management. Terms
were not disclosed.
Decision also said it consolidated its Decision Development
Corp subsidiary into Decision Data Computer Corp, the unit
which designs, manufactures and sells its System/3X peripheral
products.
It said this restructuring will adversely affect its first
quarter earnings, but it said it expects to realize a
"significant savings" in operating expenses through the
remainder of the year.
| Financial Reports |
LOMAK <LOMK>, STRATA <STRATA> IN MERGER PACT
| Lomak Petroleum Inc and Strata
Corp, based in Columbus, Ohio, jointly said they entered into a
merger agreement for Strata to become a wholly owned subsidiary
of Lomak.
Under the merger's terms, Strata shareholders will receive
5.7 cts per share of Strata common and warrants to buy about
.06 shares of Lomak common at 37.5 cts per share on or before
December 31, 1990, for each Strata common share.
The merger is subject to approval by the companies' boards
and shareholders and agreement of certain Strata creditors,
among other things, said the companies.
| Financial Reports |
TRANSFORM LOGIC <TOOG> REVISES RESULTS DOWNWARD
| Transform Logic Corp said it
has revised downward its previously reported fourth quarter and
year, ended October 31, results to reflect compensation expense
for employee stock options.
The company said resolution of this disagreement with its
auditors came as a result of Securities and Exchange Commission
involvement. The company will amend its option-granting
procedure to conform to the SEC decision which will eliminate
future charges, it added.
Transform said its fourth quarter profit was revised to
305,082 dlrs, or two cts a share, from the previously reported
580,955 dlrs, which left the company with a fiscal 1986 loss of
249,814 dlrs, or two cts a share, instead of the reported
26,195 dlrs profit.
| Commodities and Trade |
CALIFORNIA MICRO <CAMD>, GRUMMAN <GQ> SET PACT
| California Micro Devices Corp
said it has signed an agreement with Grumman Corp's Tachonics
Corp unit to develop and product gallium arsenide
seminconductor chips.
Under the pact, California Micro Devices will design the
chips and Tachonics will manufacture them.
Initial products to be developed will be gate arrays with
500 to 2,500 gate complexity and radiation hardening
capabilities, the company said.
| Financial Reports |
N.Y. BUSINESS LOANS FALL 222 MLN DLRS IN MARCH 18 WEEK, FED SAYS
|
N.Y. BUSINESS LOANS FALL 222 MLN DLRS IN MARCH 18 WEEK, FED SAYS
| Financial Reports |
U.S. COMMERCIAL PAPER RISES 35 MLN DLRS IN MARCH 18 WEEK, FED SAYS
|
U.S. COMMERCIAL PAPER RISES 35 MLN DLRS IN MARCH 18 WEEK, FED SAYS
| Financial Reports |
NEW YORK BUSINESS LOANS FALL 222 MLN DLRS
| Commercial and industrial loans on the
books of the 10 major New York banks, excluding acceptances,
fell 222 mln dlrs to 64.05 billion in the week ended March 18,
the Federal Reserve Bank of New York said.
Including acceptances, loans fell 390 mln dlrs to 64.74
billion.
Commercial paper outstanding nationally rose 35 mln dlrs to
339.04 billion.
National business loan data are scheduled to be released on
Friday.
| Financial Reports |
N.Y. BANK DISCOUNT BORROWINGS NIL IN WEEK
| The eight major New York City banks
did not borrow from the Federal Reserve in the week ended
Wednesday March 25, a Fed spokesman said.
It was the second half of a two-week bank statement period
that ended on Wednesday. The banks did not borrow in the first
week of the period.
| Financial Reports |
AMERICANTURE <AAIX> BUYS AMERICAN ADVENTURE
| Americanture Inc said it has
purchased American Adventure Inc <GOAQC> for cash, the
assumption of liabilities and the issuance of American
Adventure Inc common and preferred stock to creditors,
shareholders and members.
The acquisition was pursuant of a Chapter 11 reorganization
plan of American Adventure.
The company said the transaction involved assets valued at
more than 83 mln dlrs.
| Corporate News |