U.S. ASKS JAPAN END AGRICULTURE IMPORT CONTROLS TOKYO, March 3 - The U.S. Wants Japan to eliminate import controls on agricultural products within three years, visiting U.S. Under-Secretary of State for Economic Affairs Allen Wallis told Eishiro Saito, Chairman of the Federation of Economic Organisations (Keidanren), a spokesman for Keidanren said. The spokesman quoted Wallis as saying drastic measures would be needed to stave off protectionist legislation by Congress. Wallis, who is attending a sub-cabinet-level bilateral trade meeting, made the remark yesterday in talks with Saito. Wallis was quoted as saying the Reagan Administration wants Japanese cooperation so the White House can ensure any U.S. Trade bill is a moderate one, rather than containing retaliatory measures or antagonising any particular country. He was also quoted as saying the U.S. Would be pleased were Japan to halve restrictions on agricultural imports within five years if the country cannot cope with abolition within three, the spokesman said. Japan currently restricts imports of 22 agricultural products. A ban on rice imports triggered recent U.S. Complaints about Japan's agricultural policy. Reuter
HARRIS UPS CENTERRE BANCORP < CTBC> STAKE WASHINGTON, March 16 - Harris Associates L.P., a Chicago investment advisor, said it raised its stake in Centerre Bancorporation to 508,062 shares, or 6.6 pct of the total outstanding, from 427,061 shares, or 5.5 pct. In a filing with the Securities and Exchange Commission, Harris said it bought 81,001 Centerre common shares between Jan 2 and March 4 at prices ranging from 36.00 to 39.75 dlrs a share. It said its dealings in the company's stock are on behalf of its clients. Reuter
FRANCE REPAYS SOME OF CURRENCY INTERVENTION DEBT PARIS, March 13 - France today repaid 21.95 billion francs of short-term currency intervention debt to the European Monetary Cooperation Fund, EMCF, the Finance Ministry said. It said the debt was part of a 33.90 billion franc liability incurred through the activation of EMCF swap facilities to defend the franc before the January 11 European Monetary System realignment. The realignment, following several weeks of speculative pressure, produced a three pct revaluation of the West German mark and the Dutch guilder against the French franc and a two pct revaluation of the Belgian franc. REUTER
ALCOA < AA> TO SELL AMERICAN POWDERED METALS PITTSBURGH, March 19 - Aluminum Co of America said it has signed a letter of intent to sell its American Powdered Metals Co subsidiary to R.W. Technology Inc for undisclosed terms, with completion expected in early May. American Powdered makes metal parts for various industries. Reuter
MONTEDISON'S AGRIMONT UNIT 1986 EARNINGS NEW YORK, April 8 - < Montedison SPA> of Italy said net consolidated profit for its Agrimont Group, formed in June 1986, totalled 1.5 billion lire in 1986. Agrimont SPA, the holding company for Montedison's Agro-Industrial businesses, had sales of 810 billion lire and a net profit of about 1.1 billion lire, after amortization costs of 35 billion lire and a 13 billion lire reduction in the value of inventory due to falling market prices, Montedison said. Agrimont, still wholly owned by Montedison, is taking steps to be traded on the Milan exchange, the company said. The company said that 1986 was characterized by an unstable fertlizer market due to the weak dollar and the decline of international prices for products sold in Europe and the U.S where Agrimont operates through its Conserv division. In pesticides and in animal health care products Agrimont maintained its previous level of revenues and market share in 1986, Montedison said. Montedison said it named Ettore dell'Isola to the newly created position of president of Agrimont. Montedison also said it named Renato Picco, managing director of < Eridania SPA> and Gianfranco Ceroni, managing director of < Italiana Olii e Sifi>, both of whom are members of the the Ferruzzi Group's management board, to Argimont's board of directors. Ferruzzi owns about 40 pct of Montedison, the company said. Reuter
SUMITA SAYS HE DOES NOT EXPECT FURTHER DOLLAR FALL TOKYO, March 30 - Bank of Japan governor Satoshi Sumita said he does not expect the dollar to remain unstable and fall further. He told a Lower House Budget Committee in Parliament that the Bank of Japan would continue to cooperate closely with other major nations to stabilize exchange rates. The central bank has been keeping extremely careful watch on exchange rate movements since last week, he said. He said the dollar would not continue to fall because of underlying market concern about the rapid rise of the yen. Sumita said the currency market has been reacting to overseas statements and to trade tension between Japan and the U.S. Over semiconductors. The yen's tendency to rise will prevent Japan from expanding domestic demand and undertaking necessary economic restructuring, he said. REUTER
DE LA RUE RAISES ANNUAL PROFITS BY 12.7 PCT LONDON, June 2 - Year ended March 31, 1987 Fin div 9.25p making 12p vs 10.74p Shr 28.3p vs 27.5p Pretax profit 55.63 mln stg vs 49.36 mln Net 38.80 mln vs 33.64 mln Turnover 444.10 mln vs 309.85 mln Net interest payable 3.50 mln vs 3.79 mln Profit share of related companies 7.62 mln vs 9.64 mln Note - The De La Rue Co. Plc < DLAR.L> proposes to offer ordinary shareholders the opportunity to receive their dividends in the form of new shares as an alternative to cash. REUTER
STATE STREET BOSTON CORP < STBK> SETS QUARTERLY BOSTON, March 19 - Qtly div 10 cts vs 10 cts prior Pay April 15 Record April One Reuter
BIG B INC < BIGB> 4TH QTR JAN 31 NET BIRMINGHAM, Ala., March 5 - Shr 23 cts vs 17 cts Net 1,742,000 vs 1,1512,000 Sales 62.6 mln vs 53.6 mln Avg shrs 7,854,000 vs 6,617,000 Year Shr 61 cts vs 61 cts Net 4,469,000 vs 4,039,000 Sales 209.8 mln vs 175.4 mln Avg shrs 78,369,000 vs 6,610,000 Reuter
BOLIDEN TAKES OVER ALLIS-CHALMERS DIVISION STOCKHOLM, April 1 - Swedish mining and metals group Boliden AB said it would buy the mining equipment operations of the U.S. Allis-Chalmers Corp, amounting to more than 50 pct of group sales, for 600 mln crowns. Boliden president Kjell Nilsson told a news conference the acquisition of the Allis-Chalmers unit, which he described as the world's leading producer of equipment for the mineral processing industry, would yield positive synergy effects for Boliden mining, metals and engineering operations. Nilsson said the takeover will provide opportunities to cooperate with the mining and materials handling operations of Boliden's parent company, Trelleborg AB. He said Allis-Chalmers was selling out because it needed new cash after suffering big losses in its farm equipment operation. The deal is subject to approval by Allis-Chalmers' annual meeting, company officials said. REUTER
****** GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40.50 DLRS PER SHARE OFFER
IONICS INC < ION> 4TH QTR NET WATERTOWN, Mass., March 17 - Shr 11 cts vs 24 cts Net 419,000 vs 938,000 Revs 16.2 mln vs 16.9 mln Year Shr 25 cts vs 95 cts Net 952,000 vs 3,001,000 Revs 64.6 mln vs 68.8 mln Backlog 30.3 mln vs 31.9 mln NOTE: 1986 net includes nonrecurring gain 383,000 dlrs in quarter and charge 175,000 dlrs in year. Reuter
CLEVITE < CLEV> GETS 13.50 DLR/SHR OFFER GLENVIEW, ILL., April 9 - Clevite Industries Inc said it received a written proposal from J.P. Industries Inc < JPI> seeking to buy all of its outstanding shares for 13.50 dlrs a share. Clevite's stock was trading on NASDAQ at 13-1/4. J.P. Industries recently completed the acquisition of Clevite's Engine Parts Division. J.P. Industries said its proposed transaction would be financed through borrowings under its available bank lines and a bridge financing facility which Donaldson Lufkin and Jenrette Securities Corp agreed to arrange. To expedite the transaction, J.P. Industries said it would be willing to start a cash tender for Clevite's shares within five days after agreeing upon a definitive merger and confirmation of Clevite's financial results and condition. Reuter
KINDER-CARE INC < KNDR> FIRST QTR NET MONTGOMERY, Ala., March 18 - Qtr ends dec 31 Shr one cent vs 15 cts Net 466,000 vs 6,866,000 Revs 123.1 mln vs 93.5 mln NOTE: the company changed its fiscal year end from Aug 31 to Dec 31. qtr prior ended Jan 17, 1986 and included two more weeks than current qtr. current qtr includes loss 899,000 for accounting change. Reuter
COLONIAL BANCGROUP < CLBGA> BUYS DESTIN BANK MONTGOMERY, Ala., June 19 - Colonial Bancgroup said it agreed to buy < First National Bank of Destin> for an undisclosed sum. The company said if it is approved, the sale will mark its second move to acquire a Florida bank. It said it signed a letter of intent to buy Liberty Bank of Pensacola in April. Reuter
VENDO CO < VEN> 4TH QTR LOSS FRESNO, Calif., March 3 - Shr loss 1.48 dlrs vs loss 36 cts Net loss 4,036,000 vs loss 983,000 Sales 16.6 mln vs 17 mln 12 mths Shr loss 1.88 dlrs vs profit 71 cts Net loss 5,113,000 vs profit 1,904,000 Sales 85.4 mln vs 88.5 mln Note: Prior year net includes extraordinary loss of 298,000 dlrs in qtr and extraordinary profit of 718,000 dlrs in year. Reuter
SNYDER OIL PARTNERS LP < SOI> SETS QUARTERLY FORT WORTH, Texas, April 1 - Qtly div 30 cts vs 30 cts prior Pay April 30 Record April 15 Reuter
WASHINGTON WATER POWER < WWP> 3RD QTR LOSS SPOKANE, Wash., Oct 19 - Shr loss 12 cts vs profit two cts Net loss 2,669,000 vs profit 528,000 Revs 79.8 mln vs 74.9 mln Nine mths Shr profit 64 cts vs profit 1.63 dlrs Net profit 14.3 mln vs profit 35.7 mln Revs 280.0 mln vs 288.8 mln Reuter
MARS STORE < MXXX> SEES QTR, YEAR LOSS AND CHARGE NORTH DIGHTON, MA., March 27 - Mars Store Inc said it expects to report a loss of about 800,000 dlrs for the fourth quarter and about 1.1 mln dlrs for the fiscal year ended January 31. As a result of the loss, the company said it has decided to discontinue the operations of its Big Value Outlets division, which will result in a yet undisclosed one time charge against earnings for the year. The estimated 1.1 mln dlrs year loss or about 50 cts a share, compares with earnings of 871,000 dlrs or 42 cts a share recorded last year. "The fourth quarter loss was affected by an abnormally high inventory shrinkage, lower than planned sales and higher markdowns related to increased promotional activity, all of which reduced fourth quarter gross margins," the company said. In order to concentrate on the company's core business, the operation of discount and promotional department stores, Mars said, it has decided to close the Big Value division. Reuter
CORADIAN CORP < CDIN> 4TH QTR NET ALBANY, N.Y., Feb 26 - Shr profit three cts vs loss three cts Net profit 363,000 vs loss 197,000 Revs 3,761,000 vs 2,666,000 Year Shr profit one cent vs loss 37 cts Net profit 129,000 vs loss 1,715,000 Revs 11.4 mln vs 10.9 mln Avg shrs 10,694,081 vs 4,673,253 Reuter
N.Z. PORTS REOPEN, BUT FURTHER DISRUPTION LIKELY WELLINGTON, March 23 - New Zealand ports reopened at 0730 hrs local time (1930 GMT March 22) after being closed since March 19 because of a strike over pay claims by watersiders, a Waterside Federation spokesman said. But industrial action by other port workers is likely to cause further disruption, Harbour Workers union secretary Ross Wilson told Reuters. Wilson said his members are holding stopwork meetings this morning to consider further stoppages over their pay claim. The two disputes are not related. Harbour Workers around the country went on strike for 24 hours on March 16, but Wilson said any further action will occur on a port-by-port basis. Reuter
BINDLEY WESTERN INDUSTRIES INC < BIND>4TH QTR NET INDIANAPOLIS, Ind., March 16 - Oper shr primary 28 cts vs 17 cts Oper shr diluted 24 cts vs 17 cts Oper net 1,826,000 vs 1,104,000 Revs 205.4 mln vs 171.1 mln Avg shrs primary 6,512,462 vs 6,510,462 Avg shrs diluted 10.3 mln vs 10.3 mln Year Oper shr primary 83 cts vs 76 cts Oper shr diluted 77 cts vs 74 cts Oper net 5,393,000 vs 4,955,000 Revs 719.9 mln vs 633.5 mln Avg shrs primary 6,511,591 vs 6,508,379 Avg shrs diluted 10.3 mln vs 9,122,722 Note: Revs includes investment income 2,323,000 dlrs vs 2,239 dlrs for qtr and 10.1 mln dlrs vs 6,612,000 dlrs for 12 mths. 1986 revs also include unrealized loss on equity securities of 59,000 dlrs for qtr and 1,155,000 dlrs for 12 mths. Oper net excludes extraordinary gain of 875,000 dlrs vs 284,000 dlrs for qtr and 1,053,000 dlrs vs 462,000 dlrs for 12 mths. Reuter
EMHART CORP < EMH> QTLY DIVIDEND FARMINGTON, Conn., FEb 26 - Qtly div 35 cts vs 35 cts prior Payable March 31 Record March nine Reuter
SEVEN OAKS INTERNATIONAL INC < QPON> IN PAYOUT MEMPHIS, Tenn., March 11 - Qtly div four cts vs four cts prior Pay April 15 Record March 23 Reuter
ICO TALKS SET TO END WITH NO QUOTA DEBATE LONDON, April 1 - The International Coffee Organization executive board meeting will end tomorrow without any move to reopen the debate on restoring coffee export quotas, delegates said. Talks have focused on administrative matters and verification of stocks in producer countries, they said. Producers met briefly today to exchange views on the market situation but there seems little chance discussion on quotas will begin much before the ICO's annual council session in September, they said. Delegates earlier thought the meeting would end tonight, but a further session is scheduled tomorrow at 1030 GMT to complete reports on stock verification. Meantime, the executive board will meet May 12 to discuss possible action on the consultancy report on the ICO presented today to the board, consumer delegates said. Reuter
PLANTRONICS INC < PLX> 3RD QTR MARCH 28 NET SANTA CRUZ, Calif., April 13 - Shr 39 cts vs 32 cts Net 2,524,000 vs 2,046,00 Sales 28.5 mln vs 23.5 mln Nine Mths Shr 1.01 dlrs vs 1.09 dlrs Net 6,323,000 vs 6,990,000 Sales 80.6 mln vs 68.8 mln Note: Current qtr and nine mth net include 447,000 dlr gain on asset sales. Prior nine mth net includes 3.4 mln dlr asset sale gain. Reuter
CABLE AND WIRELESS RESTRUCTURES H.K. UNITS HONG KONG, Oct 19 - Cable and Wireless Plc < CAWL.L> said its subsidiary < Hong Kong Telephone Co Ltd> would cease to be a listed company, following the restructure of the company's Hong Kong units. Earlier today the company announced that Hong Kong Telephone and Cable and Wireless Hong Kong, in which the territory's government has a 20 pct stake, would become subsidiaries of a newly formed holding company, Hong Kong Telecommunications. In exchange for the Cable and Wireless Hong Kong capital, Hong Kong Telecommunications will issue 4.18 billion new shares to Cable and Wireless Plc's Cable and Wireless (Far East) Ltd. That subsidiary now holds the group's 80 pct stake in Cable and Wireless Hong Kong and about 22 pct of H.K. Telephone. It will issue an additional 1.05 billion shares to the goverment. That will leave the Cable and Wireless group with an 80 pct stake in Hong Kong Telecommunications, the government 11 pct and nine pct in public hands. But that will be reduced early next year after a placement of 11 pct of the issued shares of Hong Kong Telecommunications by both Cable and Wireless and the government. Reuter
CYCLOPS < CYL> MERGER APPROVED PITTSBURGH, June 29 - Cyclops Corp said shareholders approved a previously announced merger of the company with a subsidiary of dixons Group PLC. It said Dixons held about 83 pct of Cyclops stock following a tender offer and other purchases earlier in the year. With the completion of the transaction, Dixons will proceed to pay 95 dlrs a share to the remaining Cyclops shareholders. Reuter
MONFORT OF COLORADO INC < MNFT> 2ND QTR NET GREELEY, Colo., March 20 - Qtr ended Feb 28 Shr 1.03 dlrs vs 1.34 dlrs Net 4,385,000 vs 5,792,000 Revs 474.4 mln vs 381.4 mln Six mths Shr 2.46 dlrs vs 2.71 dlrs Net 10.5 mln vs 11.7 mln Revs 906.0 mln vs 757.6 mln Reuter
DELTA GROUP < DLTL.L> YEAR TO JAN 3. LONDON, March 25 - Shr net basis 24.8p vs 24.5p Shr nil basis 22.7p vs 20.9p Div 5p making 7.6p vs 6.5p Pretax profit 57.78 mln stg vs 50.61 mln Net after tax 37.47 mln vs 36.49 mln Outside shareholders interests 1.75 mln vs 1.32 mln Extraordinary debit 370,000 vs 1.93 mln Turnover 533.59 mln vs 555.81 mln Profit breakdown by activity - Electrical equipment 28.59 mln stg vs 27.60 mln Engineering 10.75 mln vs 11.13 mln Industrial services 18.78 mln vs 16 mln Corporate finance 340,000 vs 4.12 mln Making total pre-tax profit 57.78 mln vs 50.61 mln. REUTER
SECOND NATIONAL BUILDING < SNBL> RAISES DIVIDEND SALISBURY, Md., March 13 - Qtrly seven cts vs six cts Pay April 20 Record March 31 NOTE: full name of company is Second National Building and Loan. Reuter
KAUFMAN AND BROAD INC < KB> 1ST QTR FEB 28 NET LOS ANGELES, April 1 - Shr 41 cts vs 17 cts Net 8,824,000 vs 4,555,000 Revs 301.9 mln vs 196.4 mln NOTE: Housing backlog 135 mln dlrs, up over 33 pct from a year earlier. Reuter
< CHAUVCO RESOURCES LTD> YEAR NET CALGARY, Alberta, March 3 - Shr 16 cts vs 35 cts Net 476,000 vs 929,000 Revs 3,000,000 vs 3,600,000 Reuter
PERU TO SELL 40 STATE FIRMS TO CUT BUDGET DEFICIT Lima, march 17 - 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 government's 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 conade's 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 conade's 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
REDSTONE DETAILS SWEETENED VIACOM < VIA> OFFER WASHINGTON, March 2 - Investor Sumner Redstone, who leads one of the two groups vying for control of Viacom International Inc, offered to sweeten his bid for the company by 1.50 dlrs a share cash and 1.50 dlrs in securities. In a filing with the Securities and Exchange Commission, Redstone, who controls Dedham, Mass.,-based National Amusements Inc, a theater chain operator, offered to raise the cash portion of its Viacom offer to 42 dlrs a share from 40.50 dlrs. Redstone also raised the face value of the preferred stock he is offering to 7.50 dlrs from six dlrs. The Redstone offer, which is being made through Arsenal Holdings Inc, a National Amusements subsidiary set up for that purpose, which also give Viacom shareholders one-fifth of a share of Arsenal common stock after the takeover. Viacom said earlier today it received revised takeover bids from Redstone and MCV Holdings Inc, a group led by Viacom management which is competing with Redstone for control of the company and already has a formal merger agreement with Viacom. The company did not disclose the details of the revised offers, but said a special committee of its board would review them later today. The Redstone group, which has a 19.5 pct stake in Viacom, and the management group, which has a 5.4 pct stake, have both agreed not to buy more shares of the company until a merger is completed, unless the purchases are part of a tender offer for at least half of the outstanding stock. The two rivals also signed confidentiality agreements, which give them access to Viacom's financial records provided they keep the information secret. In his SEC filing, Redstone, who estimated his cost of completing the takeover at 2.95 billion dlrs, said Bank of America is confident it can raise 2.275 billion dlrs. Besides the financing it would raise through a bank syndicate, Bank of America has also agreed to provide a separate 25 mln dlr for the limited purpose of partial financing and has committed to provide another 592 mln dlrs, Redstone said. Merrill Lynch, Pierce Fenner and Smith Inc has increased its underwriting commitment to 175 mln dlrs of subordinated financing debt for the Viacom takeover, from the 150 mln dlrs it agreed to underwrite earlier, Redstone said. Redstone said his group would contribute more than 475 mln dlrs in equity toward the takeover. The Redstone equity contribution to the takeover would consist of all of his group's 6,881,800 Viacom common shares and at least 118 mln dlrs cash, he said. The new offer, the second sweetened deal Redstone has proposed in his month-long bidding war with management, also contains newly drawn up proposed merger documents, he said. Last week, the management group submitted what it called its last offer for the company, valued at 3.1 mln dlrs and consisting of 38.50 dlrs a share cash, preferred stock valued at eight dlrs a share and equity in the new company. Redstone's previous offer had been valued at 3.2 billion dlrs. Reuter
FIRST AMERICAN BANK AND TRUST < FIAMA> YEAR NET NORTH PALM BEACH, Fla., March 6 - Shr 91 cts vs 1.25 dlrs Net 8,710,000 vs 11.7 mln Avg shrs 9,526,287 vs 9,362,379 NOTE: Share adjusted for 10 pct stock dividend in May 1986. Net includes loan loss provisions of 12.7 mln dlrs vs 2,400,000 dlrs. Reuter
CHARMING SHOPPES INC < CHRS> 4TH QTR JAN 31 NET BENSALEM, Penn., March 3 - Shr 28 cts vs 22 cts Net 14 mln vs 10.6 mln Revs 163.8 mln vs 127.3 mln Year Shr 81 cts vs 59 cts Net 40.5 mln vs 28.7 mln Revs 521.2 mln vs 391.6 mln Reuter
CDC LIFE SCIENCES < LSI.TO> STAKE SOLD TORONTO, June 29 - Canada Development Corp < CDC.TO> said it agreed to sell its 25.2 pct interest in CDC Life Sciences Inc to Caisse de depot et placement du Quebec, the provincial pension fund manager, and Institut Merieux, a French biological laboratory company, for 169.2 mln dlrs. It said the caisse and Institut Merieux will each buy 2.75 mln common shares of the company for 30.76 dlrs a share. It said following the transaction the caisse will hold about 19.3 pct of CDC Life Sciences. Canada Development said the purchasers do not plan to acquire the remaining publicly-held shares. Reuter
THATCHER DEFENDS UK OIL POLICY IN SAUDI INTERVIEW JEDDAH, March 25 - British Prime Minister Margaret Thatcher denied in an interview published in Saudi Arabia today that her government's oil policy contributed to weakness in world oil prices. She said the government was determined not to intervene to influence production decisions by oil companies operating in the North Sea. "We believe these must be a matter for the commercial judgment of the oil companies," she told the Arabic language daily al-Sharq al-Awsat in an interview coinciding with a visit to London by King Fahd of Saudi Arabia. Thatcher said this policy had not contributed to the fall in oil prices as North Sea production was now about the same as in 1984 when prices were close to 30 dlrs a barrel. British production was on a plateau and was unlikely to increase in the future, she said. "We naturally share the concern of Saudi Arabia and other OPEC members about the harmful effects of oil market volatility for both producer and consumer countries," Thatcher said. "On our part, we are careful to avoid any actions which might add to such volatility." REUTER
DAVIS MINING REVISES OFFER FOR BECOR < BCW> SOUTH MILWAUKEE, Wis., June 19 - Becor Western Inc said < Davis Mining and Manufacturing Inc> has amended its offer for the company. Becor said the cash portion of the offer remains unchanged at 10.45 dlrs a share but the principal amount of debentures would increase to 3.50 dlrs from 3.00 dlrs a Becor share. The amended offer also includes 1.50 dlrs face value of the surviving corporation's 12.5 pct nonvoting cumulative preferred not included in the previous offer, and reduces the amount of the surviving corporation's common to be held by present shareholders to 55 pct from 60 pct. Becor Western the amended Davis Mining offer is suject to confirmation of certain due diligence information. Becor also said discussions continue with one other possible bidder which it still has not been identified. Again, the company said it expects discussions with the other possible investor to conclude shortly. At that time, the board will evaluate all the then existing offers for Becor, it added. Reuter
AMERICUS TRUST < BYU> < BYP> INITIAL QTRLY DIV NEW YORK, March 9 - Americus Trust For Bristol Myers shares announced an initial dividend of 68.75 cts payable May 12 for shareholders of record April 3. Reuter
< OSHAWA GROUP LTD> 4TH QTR NET Toronto, March 20 - Shr 52 cts vs 51 cts Net 16.5 mln vs 16.2 mln Revs 870.2 mln vs 800.7 mln Year Shr 1.48 dlrs vs 1.29 dlrs Net 47.3 mln vs 41.0 mln Revs 3.53 billion vs 3.10 billion Avg shrs 31,867,658 vs 31,831,050 Reuter
ECUADOR CRUDE OIL OUTPUT TO RESUME NEXT MONTH QUITO, April 9 - Ecuador is due to resume limited crude oil output on May 8 when a new 43 km pipeline to neighbouring Colombia should be finished, an energy ministry spokesman said. Oil output was halted on March 5 by an earthquake which damaged 50 km of the main pipeline linking jungle oilfields at Lago Agrio to the Ecuadorean port of Balao on the Pacific. About 13 km of the new link, capable of carrying some 50,000 barrels per day (bpd), has been built, he said. Ecuador pumped 245,000 to 250,000 bpd before the earthquake. The new link will connect Lago Agrio to Puerto Colon in Colombia, the starting point of Columbia's pipeline to the Pacific ocean port of Temuco. The government estimates it will take about four more months to repair the Lago Agrio to Balao pipeline and return output to normal levels, the spokesman said. REUTER
DAINIPPON INK TO INVEST IN QUIXOTE < QUIX> CHICAGO, March 12 - Quixote Corp said Dainippon Ink and Chemicals Inc of Japan will buy 526,315 shares of Quixote common stock, a 6.7 pct stake, for 10 mln dlrs, or 19 dlrs a share. It said the two companies also agreed to share the results of their research and development activities in optical disc technology. Dainippon Inc's optical disc technology focuses on the development of a new Direct-Read-After-Write optical disc and an advanced erasable optical disc. Quixote said its wholly owned subsidiary, LaserVideo Inc, is making advancements in the art of mastering and manufacturing Compact Discs, CD-ROMs and laser-read videodiscs. Quixote said the agreement with Dainippon, which has annual sales of more than two billion dlrs, provides for a Dainippon representative to sit on the LaserVideo board of directors. Reuter
ALTUS BANK < ALTS.O> 3RD QTR NET MOBILE, Ala., Oct 19 - Oper shr three cts vs 48 cts Oper net 170,000 vs 2,324,000 Nine mths Oper shr 1.26 dlrs vs 1.84 dlrs Oper net 6,157,000 vs 8,907,000 NOTE: Operating net excludes extraordinary gains of 231,000 dlrs, or four cts a share, vs 2,657,000 dlrs, or 55 cts a share, in quarter and 1,341,000 dlrs, or 28 cts a share, vs 4,637,000 dlrs, or 95 cts a share, in the nine months Reuter
ARAB FOREX ASSOCIATION ELECTS NEW CHAIRMAN ABU DHABI, March 28 - The Inter-Arab Cambist Association (ICA) elected Abdullah al-Dakhil of Kuwait's Burgan Bank its new chairman, succeeding Hani Ramadan of Beirut Riyad Bank for a three-year term, ICA officials said The annual meeting elected three Vice-Chairmen -- Ezzedine Saidane of Banque Internationale Arabe de Tunis, Mohammed Osman of Societe Bancaire du Liban and Walid Nasouli of Morgan Guaranty Trust Co of New York. Ibrahim Buhindi of the Saudi National Commercial Bank in Bahrain and Imad Bata of Finance and Credit Corp of Jordan were elected Secretary and Treasurer, respectively. REUTER
GENCORP < GY> BIDDER PLANS SALE OF AEROSPACE UNIT WASHINGTON, March 18 - < General Partners>, controlled by privately-held Wagner and Brown and by AFG Industries Inc, said plans to sell GenCorp Inc's aerospace and soft drink bottling divisions if it succeeds in acquiring the company. In a filing with the Securities and Exchange Commission, General Partners said proceeds from the sale of GenCorp's aerospace division would help it repay some of the debt it would incur in the 100 dlr a share cash tender offer. General Partners, which launched the surprise tender offer today, said it already 2,180,608 shares of GenCorp, or 9.4 pct of the total outstanding common stock. General Partners, which estimated the total cost of the takeover at 2.5 billion dlrs, also said it plans to continue GenCorp's policy of trying to settle Federal Communications Commission charges against two of its television and 12 radio station licenses. It said it would also continue GenCorp's policy of trying to sell its New York-area television station WOR to MCA Inc < MCA> for 387 mln dlrs and its Los Angeles station KHJ to Walt Disney Co < DIS> for 217 mln dlrs. But General Partners said it plans to keep GenCorp's headquarter in Akron, Ohio. General Partners also said it would maintain GenCorp's plastics and industrial products division as well as tires and related products. But it left open that it might make other changes in GenCorp's operations after it completes the merger. Besides using 250 mln dlrs of its own equity for the tender offer, General Partners said it would seek one billion dlrs under a secured margin facility from Wells Fargo Bank N.A. and other banks. It also said it would seek 1.25 billion dlrs from the sale to Shearson Lehman Brothers Holdings Inc or its affiliates of senior subordinated promissory notes. In a March 18 letter to GenCorp Chairman William Reynolds, which was included in the SEC filing, General Partners officials said they were "confident of our ability to promptly obtain the remaining funding as described in our offer materials." "For this reason, we do not forsee any obstacles to a prompt consummation of the transaction," General Partners said. Shearson is dealer manager of the General Partners offer for GenCorp. Reuter
****** ROYAL/BANK CANADA UPS U.S. BASE RATE 1/4 PCT TO 8-1/4 PCT
COOPER LASERSONICS INC < ZAPS> 1ST QTR LOSS PALO ALTO, Calif., March 16 - Period ended January 31. Shr loss 22 cts vs profit one ct Net loss 4,700,000 vs profit 150,000 Sales 15.0 mln vs 16.7 mln Avg shrs 21,538,000 vs 19,259,000 Note: Prior qtr figures include gain of 1.1 mln dlrs, or six cts per share, from discontinued operations. Reuter
PORSCHE HALF-YEAR EARNINGS CALLED SATISFACTORY STUTTGART, March 19 - Dr. Ing. H.C.F. Porsche AG < PSHG.F> said earnings in first half year 1986/87 were "satisfactory" despite burdens caused by the dollar's weakness against the mark and stagnating domestic demand. In its semi-annual shareholders' report, Porsche said first half turnover fell six pct to 1.71 billion marks from 1.83 billion in the same period of 1985/86. However, earnings were satisfactory, it said, without giving absolute figures. Domestic turnover fell 26 pct to 283 mln marks from 380 mln. Foreign turnover dipped to 1.43 billion marks from 1.45 billion in the first half of last year, although the export quota rose to 83 pct from 79 pct. The car sector accounted for 1.51 billion marks of turnover, against 1.63 billion the year earlier, it said. Production dropped five pct to 25,876 cars from 27,381. Manufacture of the 911 and 928 models rose six pct to 11,122 from 10,533 units but production of 924 and 944 models was cut by 12 pct to 14,754 units from 16,848 and would be cut further, the report said. Car sales fell four pct to 25.269 units from 26,414 in the comparable half year, the report said. U.S. Demand continued for all models but demand fell in other markets. Domestic sales were 39 pct down at 3,267 units from 5,397, while sales abroad rose five pct to 22,002 from 21,017. Share of exports in sales rose to 87 pct from 80 pct. Investments were reduced to 108 mln marks from 125 mln. Earnings were hit by lower sales and by the lower value of the dollar and currencies in other important markets. Nevertheless, sales and turnover would finish the July 11 year at a "high level," Porsche said. REUTER
QUADREX CORP < QUAD> 4TH QTR JAN 31 LOSS CAMPBELL, Calif., March 16 - Shr loss eight cts vs loss 20 cts Net loss 586,000 vs los 1,497,000 Revs 13.8 mln vs 14.4 mln Year Shr loss 15 cts vs loss 18 cts Net loss 1,135,000 vs loss 1,377,000 Revs 57.7 mln vs 55.1 mln Reuter
SHADOWFAX RESOURCES LTD < SHFXF> YEAR LOSS TORONTO, March 11 - Shr loss three cts vs profit 14 cts Net loss 79,778 vs profit 458,176 Revs 1,063,623 vs 1,165,186 Note: 1986 year includes 400,000 dlr writedown on Utah oil and gas properties Reuter
SANTA FE ENERGY PARTNERS < SFP> 3RD QTR LOSS HOUSTON, Oct 20 - Shr loss 18 cts vs loss 3.61 dlrs Net loss 5,600,000 vs loss 100.2 mln Revs 33.5 mln vs 22.3 mln Avg units 30.9 mln vs 27.5 mln Nine mths Shr loss 22 cts vs loss 4.20 dlrs Net loss 6,800,000 vs loss 113.6 mln Revs 97.3 mln vs 83.4 mln Avg units 30.0 mln vs 26.8 mln NOTE: full name is sante fe energy partners l.p. Reuter
< AGRA INDUSTRIES LTD> SIX MTHS JAN 31 NET SASKATOON, Saskatchewan, March 13 - Oper shr 35 cts vs 34 cts Oper net 2,313,000 vs 1,646,000 Revs 100.1 mln vs 77.3 mln Note: 1986 net excludes extraordinary loss of 294,000 dlrs or four cts vs shr vs yr-ago loss of 579,000 dlrs or 12 cts shr. 1986 net includes non-cash loss of 1,436,000 dlrs or 22 cts shr vs yr-ago loss of 1,922,000 dlrs or 39 cts shr from depreciation and amortization allowances on U.S. cable TV operation. Fewer shrs outstanding. Reuter
U.S. SUGAR IMPORTS DOWN IN WEEK - USDA WASHINGTON, Feb 26 - Sugar imports subject to the U.S. sugar import quota during the week ended January 9, the initial week of the 1987 sugar quota year, totaled 5,988 short tons versus 46,254 tons the previous week, the Agriculture Department said. The sugar import quota for the 1987 quota year (January-December) has been set at 1,001,430 short tons compared with 1,850,000 tons in the 1986 quota year, which was extended three months to December 31. The department said the Customs Service has reported that weekly and cumulative imports are reported on an actual weight basis and when final polarizations are received, cumulative import data are adjusted accordingly. Reuter
AQUINO SAYS MANILA WATCHING INTEREST RATES CLOSELY MANILA, Oct 20 - President Corazon Aquino said the Philippines was closely monitoring interest rates in the wake of Monday's record drop on Wall Street and steep declines in Manila and other Asian stock markets. "We will monitor these developments closely and will continue to hope that they do not precipitate large declines in economic activity around the world," Aquino told a meeting of 13 major Philippine business groups. "The Philippines, as a trading country in the world economy, depends on the continued health and growth of both the world economy and the world trading system," she said. The Manila Stock Exchange composite index plunged 105.49 points or 11.79 pct by the midday close to 789.54, depressed by the record 508 point fall of the Dow Jones industrial average on Monday. "The Philippines, in addition, as a large borrower nation, is affected by developments in interest rate levels around the world and will carefully monitor the impact of these developments on interest rates, on gold and on commodity prices," Aquino said. "We welcome the statements from world leaders that urge calm in the present difficult situation," she added. REUTER
ECHLIN INC < ECH> 2ND QTR FEB 28 NET BRANFORD, Conn., March 20 - Shr 24 cts vs 20 cts Net 11,784,000 vs 8,302,000 Rev 269.1 mln vs 211.9 mln Six months Shr 48 cts vs 40 cts Net 23,191,000 vs 16,556,000 Rev 517.5 mln vs 429.3 mln Reuter
MOORE MEDICAL CORP < MMD> TO MAKE ACQUISITION NEW BRITAIN, Conn., April 1 - Moore Medical Corp said it plans to acquire privately-held Penta Products, a wholesale distributor of generic durgs, for undisclosed terms. Reuter
SHEPPARD RESOURCES TO MERGE WITH CANCER CLINIC FORT LAUDERDALE, Fla, March 13 - Sheppard Resources Inc said it signed a letter of intent to merge with Breast Centers Inc, an owner, operator and franchiser of clinics that provide services for the early detection of breast cancer. Terms were not disclosed. After the merger, Breast Centers shareholders would become the majority shareholders of the combined company. Also, if approved, Sheppard will change its name to Breast Centers. Reuter
MOBIL PLANS TO OPEN OFFICE IN PEKING PEKING, March 3 - Mobil Oil Corp of U.S. Plans to open an office in Peking to develop oil exploration opportunities in China, the China Daily said. It quoted Mobil president Richard Tucker, currently in Peking, as saying he is optimistic about investment prospects in China and that Peking will continue to encourage foreign private businesses to invest here. It said Mobil bought 73 mln dlrs of crude oil and oil products from China in 1986 and sold it lubricant and fertiliser, but gave no more details. Reuter
MACNEAL-SCHWENDLER CORP < MNS> 4TH QTR JAN 31 NET LOS ANGELES, March 26 - Shr 16 cts vs 11 cts Net 1,888,000 vs 1,307,000 Revs 7,365,000 vs 5,877,000 Year Oper shr 58 cts vs 40 cts Oper net 7,005,000 vs 4,866,000 Revs 27.1 mln vs 21.1 mln NOTE: Prior year net excludes 263,000 dlr loss from discontinued operations and 2,073,000 dlrs on disposal. Share adjusted for stock dividends. Reuter
TANDEM COMPUTERS < TNDM> SEES HIGHER NET NEW YORK, March 5 - Tandem Computers Inc said it expects higher earnings and revenues in its second fiscal quarter ending March 31 against a year ago. "We feel we will continue to see higher growth in the quarter," James Treybig, president and and chief executive officer, told a meeting of securities analysts. In the second fiscal quarter last year, Tandem earned 9,950,000 dlrs or 29 cts per share on revenues of 176.3 mln dlrs. Treybig declined to offer specific projections for the quarter but he said the results might be lower than those for the first quarter of fiscal 1987, when Tandem earned 27.1 mln dlrs or 58 cts a share. He said Tandem's second quarter is traditionally slower than the first. L.F. Rothschild Unterberg Towbin analyst Frederic Cohen estimated Tandem's second quarter net at 40 to 45 cts per share. For the full year, he said he expects the computer maker to earn about 2.40 dlrs a share. In fiscal 1986, Tandem earned 1.44 dlrs a share. Treybig, who founded the Cupertino, Calif.-based company, said he has seen a rebound in computer orders in the United States. "The U.S. economy is picking up, and buying decisions are being made. We didn't see that a year ago," he said. The executive said Tandem will increase its research and development spending to about 100 mln dlrs this year from 87 mln dlrs in fiscal 1986. He said the company plans to introduce several products, including two low-end systems and a data base that uses the SQL programming language, an industry standard. Tandem also won a major order from the < Bank of Tokyo>. Reuter
APPLIED BIOSYSTEMS INC < ABIO.O> 1ST QTR SEPT 30 FOSTER CITY, Calif., Oct 20 - Shr 22 cts vs 20 cts Net 2,963,000 vs 2,696,000 Sales 26.5 mln vs 19.4 mln Reuter
BHP TO MERGE BHP MINERALS AND UTAH INTERNATIONAL MELBOURNE, March 16 - The Broken Hill Pty Co Ltd < BRKN.S> said it will merge its BHP Minerals division and < Utah International Inc> into a single business unit under a common management structure. The merger will be effective June 1, coinciding with the retirement of Utah International chairman and chief executive Bud Wilson, BHP said in a statement. The new BHP-Utah Minerals International Group will be headed by Jim Curry as executive general manager and chief executive officer. Curry is currently executive vice-president of Utah International, BHP said. < BHP Petroleum (Americas) Inc>, formerly part of Utah International, will become a subsidiary of BHP's renamed < BHP Petroleum International>, now < BHP Petroleum Pty Ltd>, the company said. BHP will also bring its Queensland coal operations under one management structure and consolidate minerals marketing and sales offices in various markets throughout the world. BHP acquired Utah from General Electric Co < GE> in 1984. Utah's assets include stakes of 40.25 to 52.25 pct in seven large Central Queensland coking mines, 49 pct of the Samarco iron ore operation in Brazil, 60 pct of La Escondida copper deposit in Chile, the Island Copper mine at Port Hardy in Canada, 70 pct of a coal mine and 30 pct of a gold mine in South Africa and coal and other mines in the U.S. BHP Minerals' assets include wholly and partly-owned iron ore mines, coal mines, manganese and base-metal operations or prospects and 30 pct of the Ok Tedi gold-copper project in Papua New Guinea. REUTER
NIGERIAN CURRENCY FIRMS AT LATEST AUCTION LAGOS, March 5 - The Nigerian naira firmed 2.6 pct against the dollar after 17 banks were disqualified from bidding at today's weekly foreign exchange auction, the central bank said. The naira finished at 3.8050 to the dollar, against 3.9050 last week. Only 38.39 mln dlrs of the 50 mln dlrs on offer was sold, with all 27 bidding banks successfully obtaining hard currency. The effective rate, including a central bank levy, for transactions in the coming week, was 3.8241 against 3.9246 last week. The failure to sell the whole allocation was due to the central bank's unprecedented disqualification of 17 banks as punishment for inadequate documentation in previous transactions. Banks are required to submit proof that their bids are based on valid commercial transactions and the central bank has complained in the past that many are failing to produce the right paperwork within the specified time. REUTER
HONDURAS SEEKS PL480 VESSELS FOR TALLOW DELIVERY WASHINGTON, March 24 - Honduras will tender March 26 under PL480 for U.S. and non-U.S. flag vessels to import 1,500 tonnes of tallow in bulk, an agent for the country said. The agent said delivery includes laydays of April 5-15. Offers are due by 1200 hrs EST, March 26, and will remain valid until the close of business the following day, the agent said. Reuter
BUDGET RENT A CAR CORP < BDGT.O> 3RD QTR NET CHICAGO, Oct 20 - Shr 51 cts vs 36 cts Net 5,600,000 vs 4,000,000 Revs 115.4 mln vs 91.2 mln Nine mths Shr 1.13 dlrs vs 61 cts Net 10.7 mln vs 5,800,000 Revs 308.2 mln vs 249.5 mlln NOTE: 1986 resutls restated on pro forma basis to reflect comparable treatment of Budget's leveraged buyout on September 30, 1986, and initial common stock offering on May 22, 1987. Reuter
AMERICAN VANGUARD CORP < AMGD> YEAR NET LOS ANGELES, March 3 - Shr 57 cts vs 27 cts Net 1,002,000 vs 470,000 Sales 15.9 mln vs 12.0 mln Note: 4th qtr figures not given. Reuter
LOUVRE ACCORD STILL IN EFFECT, JAPAN OFFICIAL SAYS By Kunio Inoue TOKYO, Oct 19 - The Group of Seven (G-7) industrial nations still comply with last February's Louvre accord to stabilize currencies, a senior Bank of Japan official said. And U.S. Treasury Secretary James Baker's remarks at the weekend indicating the need to revise it do not herald a lower range for the dollar, other senior officials from the Bank of Japan and Finance Ministry agreed in interviews. "The exchange market is apparently reacting too much, and anyone who sold the dollar on the Baker comment will regret it later on," the Bank of Japan official told Reuters. The Bank official said Baker did not mean to talk the dollar down. A lower dollar would harm the U.S. Economy, he noted. A Finance Ministry official who was directly involved in monetary talks with other nations also said the U.S. Would never attempt to lower the reference range for the dollar against the mark or the yen. The market assumes the dollar reference range to be between 140-150 yen and between 1.70 and 1.90 marks. The dollar closed in Tokyo today at 1.7730/35 marks and 141.35 yen. "Behind Baker's remark was U.S. Frustration over higher interest rates abroad, especially in West Germany, but this does not represent its readiness to scrap the basic framework of the Louvre accord," the Finance Ministry official said. He said that on the contrary Baker wanted to avoid any further rise in U.S. Interest rates because it would not only hurt the U.S. Economy but aggravate the Third World debt problem. Higher U.S. Interest rates would merely raise their interest payment burden and depress U.S. Stock and bond markets further, the monetary officials said. Both the ministry and central bank officials, who declined to be named, noted the U.S. No longer wants to see a further decline of the dollar because that could also fan inflationary expectations in the U.S. "That's why Baker did not fail to add that the Louvre agreement is still operative," the senior ministry official said. Baker said in a U.S. Television interview on Sunday that Washington would reexamine the Louvre accord because of West Germany's increase in short-term interest rates. The market at first interpreted this as indicating the U.S. Would be ready to scrap the Louvre accord and let the dollar decline further unless surplus countries, notably West Germany, try harder to stimulate their economies as pledged in the accord, foreign exchange dealers said. But the market on reflection also noted Baker's additional statement that "the Louvre agreement is still operative," and this caused some dollar short-covering in Tokyo today, the dealers said. Uncertainty, however, remained the flavour of the day in Tokyo currency markets. The Japanese monetary officials said Baker's undisguised pressure on West Germany to refrain from guiding interest rates higher may be part of a process of multilateral surveillance, or international economic policy coordination. The G-7, comprising the U.S., Japan, West Germany, Britain, France, Italy and Canada, have agreed to monitor each other's economic policies and from time to time apply "peer pressure" to persuade others to change their policies to a desired course, they noted. "Without such a basic agreement of multilateral surveillance, Baker would never have criticized the West German policy so openly," the ministry official said. The U.S.-West German squabble over Bonn's monetary policy should thus be regarded as a process of healthy policy coordination and not as any indication of a possible collapse of the Louvre agreement, the official said. He also said Japan has not received any specific request from the U.S. On its monetary policy, although its short-term money rates have been edging higher. "This is because we, unlike the Germans, are not taking policy to guide interest rates higher, and the marginal rate rise in recent days is primarily for seasonal reasons," he added. REUTER
GERMAN FEBRUARY CENTRAL BANK MONEY GROWTH STEADY FRANKFURT, March 16 - West German central bank money stock was growing at an annualized 7.5 pct in February, unchanged from the 7.5 pct reported in January, provisional data from the Bundesbank showed. The figure was thus outside the three to six pct range set by the Bundesbank for 1987. In absolute terms, the measure rose to 223.2 billion marks in February from 221.8 billion in the prior month. The data showed that the stock grew at an annualized 8.6 pct over the six months to February, slower than the 9.4 pct rise in the same period to January. Of the two components comprising central bank money stock, cash in circulation rose to 111.7 billion marks in February from 110.9 billion in January, the Bundesbank data showed. This gave an annualized 8.3 pct rise over the six months to February, down from a 10.2 pct increase over the six months to January. Minimum reserve requirements on domestic liabilities grew to 111.5 billion marks in February from 110.9 billion in January. This yielded an annualized 8.8 pct rise over the six month to February, up slightly from an 8.6 pct increase over the same period to January. REUTER
SOMERSET BANCORP INC < SOMB.O> 3RD QTR NET SOMERVILLE, N.J., Oct 20 - Net 1,137,000 vs 1,185,000 Nine mths Shr 2.17 dlrs vs 2.03 dlrs Net 3,645,000 vs 3,384,000 Assets 374.4 mln vs 355.4 mln NOTE: Per shr data in qtr not disclosed. Reuter
U.K. MONEY MARKET SHORTAGE FORECAST AT 250 MLN STG LONDON, March 9 - The Bank of England said it forecast a shortage of around 250 mln stg in the money market today. Among the factors affecting liquidity, it said bills maturing in official hands and the treasury bill take-up would drain around 1.02 billion stg while below target bankers' balances would take out a further 140 mln. Against this, a fall in the note circulation would add 345 mln stg and the net effect of exchequer transactions would be an inflow of some 545 mln stg, the Bank added. REUTER
ALLEGHENY < AG> PREFERED SHAREHOLDERS FILE SUIT NEW YORK, April 7 - Allegheny International Inc, which has agreed to a merge with a jointly-formed First Boston Inc affiliate in a deal worth 500 mn dlrs, said shareholders of its preferred stock have filed a class action complaint against the company. The complaint alleges, among other things, that the company and its board agreed to pay First Boston an illegal seven mln dlr topping fee if it received a higher offer for the company prior to the buyout. The suit contends that this fee hampers Allegheny's ability to attract other offers or take other actions that would benefit holders of preferred stock. The complaint also alleges federal securities laws violations and breach of fiduciary duty. The suit requests an injunction against proceeding with the pending offer being made by Sunter Acquisition to acquire Allegheny. Sunter Acquisition Corp and Sunter Holdings Corp were formed by First Boston and Allegheny. Allegheny said it and the Sunter concerns intend to vigorously defend the complaint's charges. The complaints were filed by Robert Moss and other parties who are believed to own about 230,000 shares of Allegheny's preferred stock. Reuter
BAKER/STOLTENBERG MEETING SOOTHES MARKETS By Jonathan Lynn and Anthony Williams FRANKFURT, Oct 19 - News of a meeting between U.S. Treasury Secretary James Baker and West German Finance Minister Gerhard Stoltenberg on Monday soothed currency markets, allowing the dollar to recoup much of the day's losses, dealers said. News of the meeting, which took place in Frankfurt in great secrecy, came after the dollar fell sharply on criticism by Baker of West German monetary policy, which had provoked fears that the Louvre pact on currency stability was in jeopardy. The dollar reacted immediately to the news, rising over two pfennigs in after hours New York trading, dealers there said. The announcement of the meeting, also attended by Bundesbank President Karl Otto Poehl, was made simultaneously in Bonn and Washington, timed for after the closure of New York markets. Baker, Stoltenberg and Poehl agreed to pursue the policies accepted under the February Louvre accord, a finance ministry spokesman in Bonn said. The dollar rose to 1.7970/90 marks from New York's close of 1.7730/40. It had closed there on Friday at 1.7975/85 marks. The dollar had tumbled nearly three pfennigs as the market reacted to Baker's criticism of rising West German interest rates, and stock markets crashed worldwide. Baker had said that West Germany was apparently breaching the Louvre accord. Under the accord, leading industrial democracies pledged to coordinate economic policies to foster currency stability, with the surplus countries, West Germany and Japan, stimulating their economies and the U.S. promising to cut its budget deficit. West German government sources said rising West German money market rates could not be seen as a breach of the Louvre pact. They were rather a direct reaction to higher interest rates in the United States. U.S. Bond yields have been rising since May on inflationary fears and in early September the Fed raised the discount rate to 6.00 pct from 5.50. German yields have also risen over this period, but less markedly, and since late September the Bundesbank has nudged up short-term rates by changing the terms on its security repurchase pacts, its principal instrument for steering the money market. The allocation rate on the last facility was 3.85 pct, compared with 3.60 pct. This was partly due to West Germany's inability to uncouple itself from U.S. interest rate trends, but also reflected concern among monetary conservatives in the Bundesbank central bank council about excessive monetary growth, which raised fears of domestically produced inflation, bank economists said. This monetary tightening reflected a switch from the pragmatic line pursued by Bundesbank President Karl Otto Poehl since early this year to stabilise the mark externally, to the more cautious approach of Vice President Helmut Schlesinger. In an apparent gesture to Baker, coinciding with his visit, the Bundesbank repeatedly added money market liquidity this morning. Dealers said this was clearly a move to appease U.S. anger over the most recent West German interest rate rises. "They (the Bundesbank) just don't want to come too much under American fire," said Chris Zwermann, currency adviser at Swiss Bank Corp here. "It seems to me that this is the Bundesbank beating quite a significant retreat from its position," added Giles Keating, economist at Credit Suisse First Boston Ltd in London. The significance that retreat will emerge from the terms of the Bundesbank's next tender for a securities repurchase pact on Tuesday, and its result on Wednesday, money market economists said. Today's injection of liquidity shows that the Bundesbank does not want a further strong rise in the tender allocation rate, which is likely to turn out at between 3.80 and 3.90 pct, little changed from the 3.85 pct on the last facility. The Bundesbank and Finance Ministry had given no indication that the meeting would take place, although the Finance Ministry spokesman said it had been arranged last week. Earlier on Monday the Finance Ministry spokesman, asked to comment on the apparent U.S.-German clash over the Louvre accord, went no further than quoting Stoltenberg as saying he assumed monetary cooperation would continue. The spokesman said he believed Baker had already left West Germany for Sweden on Monday. This week he is also due to visit Denmark and Belgium. Reuter
PRINCEVILLE < PVDC> GETS LETTER OF CREDIT NEW YORK, March 24 - < Qintex Ltd> of Brisbane said < Westpac Banking Corp> of Australia has issued a commitment letter to provide Princeville Development Corp with the letter of credit required under Qintex's proposed acquisition of Princeville. The letter of credit would ensure payment of Princeville's contingent subordinated notes to be distributed to shareholders of record on the day immediately following completion of Qintex's tender for 3,300,000 Princeville share. It said issuance of the letter of credit is still subject to conditions including appropriate documentation, but the letter is expected to be issued around April Three. Qintex said as a result it has extended its tender offer for Princeville shares until April Three. It said through yesterday it had received 7,424,292 shares under the offer. Reuter
SHARED MEDICAL SYSTEMS CORP < SMED> SETS PAYOUT MALVERN, Pa., March 13 - Qtly div 18 cts vs 18 cts prior Pay April 15 Record March 31 Reuter
BANGLADESH'S TRADE GAP TO WIDEN IN 1987/88 DHAKA, June 28 - Bangladesh's trade gap is expected to widen in fiscal 1987/88 beginning on July 1 after the government relaxed restrictions on some imports including luxury cars. The country has set its export target for the year at 1.1 billion U.S. Dlrs against imports of 1.805 billion dlrs, compared with 1986/7's one billion dlrs of export earnings and 1.113 billion dlrs of imports. Commerce Minister Mohammad Abdul Munim said the changes were aimed at encouraging export oriented industries to boost foreign exchange earnings and imports of essential machinery and raw materials, to increase industrial production. The government was easing procedures to enhance incentives especially for exporters of textiles and frozen food and importers of industrial machinery and raw materials, Munim told reporters. Commerce Ministry officials told Reuters the import policy covered only commercial imports amounting to 1.805 billion dlrs. Imports of capital machinery and foodgrains by the government were not included in the policy, they added. They said the country's total import bill (both commercial and other imports) was expected to reach 2.7 billion dlrs in the new year compared with 2.4 billion dlrs in 1986/87. The minister said ending restrictions on imports of cars and dropping 50 pct sales tax on small cars would not harm the economy. Munim said Bangladesh feared a further drop in prices for its main export jute, "which will certainly affect our export earnings" in the coming year. Bangladesh's jute exports fell to 410 mln dlrs from 500 mln in 1986/87, according official figures. But Munim said exports of non-traditional items, which accounted for over 40 pct of total exports this year, would play a key role in achieving the 1987/88 export target. REUTER
SUMITA SAYS BANK WILL INTERVENE IF NECESSARY TOKYO, March 24 - Bank of Japan Governor Satoshi Sumita said in a statement the central bank will intervene in foreign exchange markets to stabilise exchange rates if necessary in close cooperation with other major industrial nations. Sumita said the Bank will take adequate measures including market intervention, if necessary, in line with the February 22 Paris agreement by six major industrial nations. Canada, Britain, France, Japan, the U.S. And West Germany agreed to cooperate in stabilising exchange rates around current levels. Sumita's statement was issued after the dollar slipped below 150 yen to hit a record low of 148.40. "It is inevitable that exchange rates fluctuate under the system of floating rates," Sumita said. The fact the dollar plunged below 150 yen does not mean anything significant under the floating system, he said. The six nations agreed in Paris exchange rates prevailing then were broadly consistent with underlying economic fundamentals and further substantial rate shifts could damage growth and adjustment prospects in their countries, the Paris statement said. Reuter
B.F. SAUL REAL ESTATE INVESTMENT < BFS> PAYOUT CHEVY CHASE, Md., March 25 - Qtly div five cts vs five cts prior Pay April 30 Record April 10 NOTE: B.F. Saul Real Estate Investment Trust. Reuter
SPRINGS INDUSTRIES INC < SMI> 3RD QTR OCT THREE FORT MILL, S.C., Oct 20 - Shr 99 cts vs 42 cts Net 17.6 mln vs 7,528,000 Sales 424.2 mln vs 376.8 mln Nine mths Shr 2.21 dlrs vs 94 cts Net 39.3 mln vs 16.8 mln Sales 1.20 billion vs 1.10 billion NOTE: Share adjusted for two-for-one stock split in April 1987. Reuter
DEAN FOODS CO < DF> 3RD QTR NET CHICAGO, March 27 - Shr 35 cts vs 40 cts Net 9,246,000 vs 10,719,000 Sales 367.9 mln vs 315.1 mln Nine mths Shr 1.03 dlrs vs 1.13 dlrs Net 27,490,000 vs 30,160,000 Sales 1.06 billion vs 915.3 mln Reuter
EXPLOSION AT BP OIL REFINERY IN SCOTLAND GRANGEMOUTH, Scotland, March 22 - An explosion followed by a fire ripped through a British Petroleum (BP) oil refinery, killing one man. A BP spokesman said the fire was confined to one plant at the 700-acre refinery at Grangemouth, 25 miles west of Edinburgh. The cause and extent of the damage had yet to be determined. Two people were killed in a previous explosion and fire at the plant on March 13. That incident is still being investigated, the spokesman said. REUTER
CANON INC (CANN.T) YEAR ENDED DECMEBER 31 TOKYO, March 5 - Group shr 18.34 yen vs 58.72 Net 10.73 billion yen vs 37.06 billion Pretax 27.76 billion yen vs 84.78 billion Operating 30.06 billion yen vs 88.81 billion Sales 889.22 billion vs 955.78 billion Note - The company attributed the profit fall largely to the yen's appreciation during the period. Domestic sales rose 0.4 pct to 274.17 billion yen from a year earlier while exports declined 9.9 pct to 615.04 billion. REUTER
ALEX BROWN INC < ABSB> 1ST QTR MARCH 27 NET BALTIMORE, April 8 - Shr primary 78 cts vs 68 cts Shr diluted 75 cts vs 68 cts Qtrly div six cts vs five cts Net 7,929,000 vs 6,569,000 Revs 78.7 mln vs 61.9 mln NOTE: Pay date for the qtrly div is April 28 for shareholders of record April 20. Reuter
IDEAL SCHOOL SUPPLY CORP < IDEL> 4TH QTR NET OAK LAWN, Il., March 4 - Oper shr 10 cts vs eight cts Oper net 325,000 vs 228,000 Sales 7,070,000 vs 6,483,000 Avg shrs 3,313,000 vs three mln Year Oper shr 69 cts vs 51 cts Oper net 2,124,000 vs 1,536,000 Sales 31.2 mln vs 22.7 mln Avg shrs 3,071,000 vs three mln NOTE: 1986 net both periods includes 72,000 dlr tax credit. Reuter
CONAGRA INC < CAG> REGULAR DIVIDEND SET OMAHA, NEB., March 27 - Qtly div 14-1/2 cts vs 14-1/2 cts prior Pay June One Record April 24 Reuter
ATICO FINANCIAL < ATFC> TO MAKE ACQUISITION MIAMI, March 17 - Atico Financial Corp said it has executed a definitive agreement to acquire 93.5 pct of Intercontinental Bank of Dade County, Fla., from Intercontinental Bank Holding Co for an undisclosed amount of cash and common stock. It said closing is subject to regulatory approval. Atico said in connection with the acquisition it will apply to become a registered bank holding company and convert its 99 npct owned Atico Savings Bank subsidiary to a state-chartered commercial bank. Intercontinental had year-end assets of about 487 mln dlrs. Atico had year-end assets of about 534 mln dlrs. Reuter
STANADYNE < STNA>, UNITED TECHNOLOGIES END TALKS WINDSOR, Conn, March 24 - Stanadyne Inc said it terminated discussions about its proposed purchase of United Technologies Corp's Diesel Systems < UTX> unit. The reason was not disclosed. Reuter
INDONESIA PRESSING FOR COMPROMISE OVER COFFEE By Jeremy Clift, Reuters JAKARTA, March 12 - Indonesian coffee exporters are preparing for a period of depressed prices while urging their government to lobby for a resolution of the deadlocked issue of export quotas, the chairman of the Association of Indonesian Coffee Exporters (AICE) told Reuters. Dharyono Kertosastro said in an interview that Indonesia, the world's third largest producer, is trimming costs and improving its marketing while seeking a compromise on quotas. "But as long as Brazil sticks to its hardline position, we can never bridge the gap," Dharyono said. Indonesia was one of a group of eight producing countries, along with Costa Rica, the Dominican Republic, Ecuador, Honduras, India, Papua New Guinea and Peru, which proposed a new quota system at last month's failed International Coffee Organistion (ICO) talks in London. Brazil, which would have had its quota reduced under the Group of Eight scheme, blocked the proposal. AICE officials are now hoping Colombia can use its contacts with Brazil to suggest a compromise. Edward Muda, an AICE official who attended the ICO negotiations, said Latin American members of the Group of Eight were in contact with Colombia, the world's second largest producer, but gave no details. "Colombia has shown interest because they will gain from a compromise. Without one, they will suffer if the present market stays like it is," Muda said. He said Indonesia was in contact with consumers such as the U.S., Japan, the Netherlands, West Germany and Canada ahead of an ICO executive board meeting scheduled for April 1. Dharyono said the AICE will send delegations to the U.S. And Japan to brief Indonesian embassy officials there and press them to present Indonesia's case more firmly. He urged the Indonesian government to do more to help the country's coffee traders through the ICO negotiations. Muda said the Group of Eight had some common ground with the big consumers because they agreed on the need for basing quotas on what he termed "realistic criteria." The breakaway group believes the old quota system, which gives Brazil a 30 pct share of the quota exports, does not reflect up-to-date supply and demand trends. Brazil has stuck rigidly to its insistence that the old system be applied. Export quotas were suspended in February 1986 when market prices surged because of the failure of the Brazilian crop. Although prices have long since come down to a point where export controls could be reintroduced, producers and consumers at the 75-member ICO have not been able to agree on new guidelines. Brazil and the U.S., The largest consumer, are both refusing to alter their positions. Dharyono said if new quotas are not agreed he believed Indonesia was well placed to survive low prices. Indonesian farmers are trimming production costs and the AICE is improving its marketing system, Dharyono said. Indonesia's coffee output in 1986/87, ending September 30, is expected to stagnate or fall slightly from last year's level of 360,000 tonnes, he said. He said stocks, at 90,000 tonnes, were about average for the time of year. REUTER
HOMESTEAD FINANCIAL CORP < HFL> 3RD QTR NET BURLINGAME, Calif., Oct 20 - Shr 30 cts vs 73 cts Net 3,992,000 vs 8,526,00 Nine Mths Shr 1.72 dlrs vs 1.74 dlrs Net 22,110,000 vs 20,379,000 Avg shrs 13,459,000 vs 11,740,000 Note: Prior nine month figures include extraordinary after-tax loss of 10.9 mln dlrs, or 93 cts per share. Reuter
NATIONAL PIZZA CO < PIZA> TO ACQUIRE RESTAURANTS PITTSBURGH, March 13 - National Pizza Co said it reached an agreement in principle to buy seven Straw Hat pizza restaurants and certain related real estate for approximately three mln dlrs in cash. The acquisitions will be converted to Pizza Hut restaurants, said National Pizza, and are expected to generate annual sales of approximately eight mln dlrs. When the sale is complete, it will bring to 24 the number of restaurants operated by National Pizza, the company said. Reuter
SAUDI ROLE IN GULF PRAISED BY U.S. OFFICIALS WASHINGTON, Oct 20 - Saudi Arabian Crown Prince Abdullah bin Abdul Aziz was thanked by the Reagan administration for his country's close, and closed-mouthed, cooperation with Washington in the Gulf, a senior U.S. official said. "The Saudis are being very cooperative. It would be nice if the Saudis would go more public, but it's their real estate," said the official who asked not to be named. He declined to describe what sort of help the Saudis were providing, saying that Saudi officials are reluctant to acknowledge their role in the Gulf where the United States has stationed forces to protect shipping lanes. The prince met Vice President George Bush on Monday after U.S. naval forces attacked offshore Iranian oil platforms in what Washington said was retaliation for an Iranian attack on a ship moored off Kuwait and flying the U.S. flag. Asked at the start of the meeting how he felt about the attack, the prince, who is here on an official visit, replied, "I believe what the United States has done is their responsibility as a superpower." The senior U.S. official said his remark was an endorsement of the U.S. attack. Reuter
U.S. SEES NO NEW COFFEE AGREEMENT TALKS SOON WASHINGTON, March 30 - The United States does not expect the executive board meeting of the International Coffee Organization, ICO, to call for a new round of negotiations on reinstating coffee quotas, a U.S. government official said. The official, a member of the U.S. delegation to ICO talks earlier this year, said no new coffee agreement talks are expected because there is no indication the negotiating positions of major producers and consumers have changed. The U.S. still demands, as a condition of reimposition of coffee quotas, that "objective criteria" be set for establishing quotas, said the U.S. official, who asked not to be identified. Brazil, the major producer, insists on quotas based on a traditional formula. The U.S. remains open to a negotiating meeting but only if some new flexibility is apparent from major countries, the official said. The ICO executive board meets tomorrow in London. Reuter
GEMINA HAS NO COMMENT ON AMBROSIANO REPORT Milan, April 9 - Holding company < Gemina Spa> said it had no comment on an Italian press report today that it has acquired a 12 pct stake in < Nuovo Banco Ambrosiano Spa>. Italian daily La Repubblica said that Gemina paid 205 billion lire for the shareholding from several Italian banks. A Gemina spokeswoman told Reuters, "We have nothing to say about the report." A spokeswoman for Milan-based Ambrosiano said, "We have no information at this time." In February, Ambrosiano chairman Giovanni Bazoli said foreign and domestic firms have expressed interest in buying stakes in the bank. REUTER
CELINA < CELNA> SHAREHOLDERS APPROVE SALE CELINA, OHIO, March 20 - Celina Financial Corp said shareholders at a special meeting approved a transaction in which the company transferred its interest in three insurance companies to a wholly owned subsidiary which then sold the three companies to an affiliated subsidiary. It said the company's interests in West Virginia Fire and Casualty Co, Congregation Insurance co and National Term Life Insurance Co had been transferred to First National Indemnity Co, which sold the three to Celina Mutual for cash, an office building and related real estate. Reuter
RESORTS INT'L < RT.A> RECEIVES TAKEOVER OFFER ATLANTIC CITY, N.J., March 24 - Resorts International Inc said it received a proposal from < KSZ Co Inc> under which holders of Resorts class B stock would receive 140 dlrs a share in cash and one share of common stock in a new company to be formed through the takeover. Under the offer, Resorts said holders of its class A shares would receive 15 dlrs a share in cash and three shares of common stock in the new company. Resorts said the offer from KSZ calls for a merger of Resorts with RI Acquisition Co Inc, a newly formed Delaware corporation. Resorts said that prior to the merger, RI Acquisition would be capitalized with about 100 mln dlrs of debt and about 220 mln dlrs of equity. It said 200 mln dlrs of the equity would be in the form of special preferred stock. The KSZ offer, Resorts said, indicates that KSZ has a commitment from < M. Davies Cos> to buy all of the special preferred stock. Resorts said the offer will expire at 1700 EST on March 27. It said it asked its investment advisor, Bear, Stearns and Co, to advise its board on the offer. Earlier this month, the estate of James M. Crosby and certian members of his family agreed to sell their class B shares to New York real estate tycoon Donald Trump for 135 dlrs a share. The estate and family members hold 78 pct of the 752,297 class B shares outstanding. Trump also agreed to pay 135 dlrs a share for the remaining class B shares outstanding. Resorts also has about 5,680,000 shares of outstanding class A stock. These shares carry one one-hundredth the voting power of the class B shares. Trump's offer beat out a rival bid of 135 dlrs a share made by Pratt Hotel Corp < PRAT>. Resorts said that under the proposal made by KSZ, existing class A and class B shareholders would control about 96 pct of the outstanding common of the new company formed to acquire Resorts. Resorts said the new company, upon completion of the merger, would hold the 220 mln dlrs of debt and that the special preferred stock would immediately be converted into exchangeable participating preferred of the new company. This preferred, Resorts said, would pay a dividend based on the net cash flows from the new company's Paradise Island operations. A Resorts spokesman said the KSZ offer was made in a two-page letter and that Resorts could not comment on it because it did not contain enough information. Resorts has asked Bear, Sterns to obtain complete data, he said. The spokesman said Resorts is not familiar with KSZ but that it believes the company is controlled by Marvin Davis, the Denver oilman. Calls to Davis were referred to Lee Solters, who handles public relations for Davis. Solters, said to be travelling, was not immediately available for comment. Donald Trump was also unavailable for comment, as was a spokesman for the Crosby estate. Reuter
ADTEC INC < JAIL> 3RD QTR FEB 28 NET SAN ANTONIO, Texas, March 19 - Oper shr 11 cts vs 11 cts Oper net 164,000 vs 161,000 Revs 2,598,000 vs 2,241,000 Nine mths Oper shr 28 cts vs 18 cts Oper net 419,000 vs 276,000 Revs 6,983,000 vs 5,019,000 NOTE: Net excludes tax loss carryforwards 11,876 dlrs vs 83,045 dlrs in quarter and 36,684 dlrs vs 144,590 dlrs Reuter
SOFTWARE SERVICES OF AMERICA INC < SSOA.O> NET LAWRENCE, Mass., April 13 - 3rd qtr Feb 28 Shr profit 14 cts vs loss four cts Net profit 311,994 vs loss 66,858 Revs 2,229,273 vs 645,753 Nine mths Shr profit 51 cts vs profit two cts Net profit 1,126,673 vs profit 42,718 Revs 7,277,340 vs 1,378,372 Reuter
U.K. MONEY MARKET GIVEN 75 MLN STG ASSISTANCE LONDON, April 13 - The Bank of England said it had provided the money market with 75 mln stg help in the morning session. This compares with the Bank's estimate that the system would face a shortage of around 400 mln stg today. The central bank bought bank bills outright comprising two mln stg in band two at 9-13/16 pct, 15 mln stg in band three at 9-3/4 pct and 58 mln stg in band three at 9-11/16 pct. REUTER
FED EXPECTED TO ADD RESERVES NEW YORK, March 11 - The Federal Reserve is expected to intervene in the government securities market to add temporary reserves via customer or system repurchase agreements, economists said. Most economists said the Fed will inject reserves indirectly via customer repurchases, but they added that the Fed might opt for a direct injection of reserves via overnight system repurchases. Federal funds opened at 6-3/8 pct and eased to 6-5/16 pct in early trading. Funds averaged 6.29 pct yesterday. Reuter
J. BILDNER AND SONS INC < JBIL.O> YEAR JAN 25 NET BOSTON, April 17 - Shr 13 cts vs three cts Net 617,000 vs 112,000 Sales 31.3 mln vs 11.4 mln Avg shrs 4,877,057 vs 3,310,585 NOTE: 1987 net includes 87,000 dlr tax credit. Reuter
TW SERVICES INC < TW> 3rd qtr net NEW YORK, Oct 20 - Shr 38 cts vs 28 cts Net 18.6 mln vs 14.5 mln Revs 574.2 mln vs 493.3 mln Avg shrs 48,602,000 vs 50,487,000 Nine months Shr 85 cts vs 61 cts Net 41.5 mln vs 32.8 mln Revs 1.62 billion vs 1.40 billion Avg shrs 48,622,000 vs 51,670,000 NOTE: 1987 results do not include September acquisiton of Denny's Inc. Reuter
TRADE INTERESTS READY FOR BATTLE IN U.S. HOUSE By Jacqueline Frank, Reuters WASHINGTON, March 16 - U.S. lawmakers are gearing up for a showdown between protectionists and free traders as a major trade bill winds its way through committees to a vote by the full House of Representatives in late April. In a move to toughen U.S. enforcement of trade laws, a key House subcommittee last week approved a toned-down version of legislation to require President Reagan to retaliate against foreign countries that follow unfair trade practices. The bill will be the cornerstone of congressional efforts to restore competitiveness of American industries and turn around last year's record 169 billion dlrs trade deficit. Generally, the bill's provisions toughen U.S. enforcement of trade laws. The trade bill forces the administration to act rapidly on complaints of unfair trade practices, such as dumping products in the United States at prices below cost of production. It also forces the administration to act rapidly when an industry complains that a surge in imports threatens its existence. In writing the bill, the subcommittee rejected calls for trade relief for specific industries such as textiles. Several lawmakers have argued the new trade bill made too many concessions to Reagan and said they intend to back amendments to "get tough" with countries that violate trade agreements or keep out U.S. products. But congressmen known for their allegiance to free trade said the bill ties Reagan's hands too much in trade disputes and they will seek to restore his negotiating powers. Bill Frenzel, R-MI., said the subcommittee's bill was not one "that a free trader like me could endorse in all respects," but he emphasized there was a consensus among lawmakers to work toward a bill Reagan and Republicans would ultimately endorse. The goal of trade legislation was "to make our trade policy stronger without violating our international trade agreements," he said. In a key concession made at the urging of Ways and Means Committee chairman Dan Rostenkowski, D-IL., the trade subcommittee backed off a requirement that would have forced Reagan to impose automatically quotas or tariffs on imports from countries that engage in unfair trade practices. It also agreed the president may waive any retaliation if it would hurt the U.S. economy. Rostenkowski insisted the more moderate approach was necessary if the House wanted to pass a bill Reagan would sign into law. Reagan last year blocked Senate consideration of a tough House trade bill he branded as protectionist and this year he only reluctantly agreed to support a trade bill when he saw Democratic leaders were determined to pass such legislation. White House spokesman Marlin Fitzwater told reporters late last week that the administration still did not like some of the bill's provisions, but he added, "Generally we feel very good about the bipartisan consideration of the trade legislation. I think we are progressing very well." The first battle will take place next week when the full House Ways and Means Committee considers an amendment by Rep. Richard Gephardt, D-MO., to force countries like Japan, South Korea and Taiwan to cut their trade surpluses with the U.S. The subcommittee limited the Gephardt plan to provide only that the existence of a large trade surplus with the United States will trigger an investigation of unfair trade practices, but would not automatically set off retaliation. Organized labor has pressed lawmakers for more relief from imports where jobs have been lost to foreign competition. AFL-CIO president Lane Kirkland this year angered the administration when he said any trade bill Reagan would sign would not be worth passage in Congress. But Rostenkowski set the tone of the trade debate by saying, "I'm not trying to write legislation to please Lane Kirkland. I'm trying to write legislation that will be signed by the president." Rep. Ed Jenkins (D-GA.) intends to push separately a bill to protect the domestic textile and shoe industry, an aide said. Reagan vetoed a similar measure last year. House Speaker Jim Wright of Texas, one of the most influential proponents of aid for specific industries beset by low-priced foreign competition, last week renewed his call for import relief for the domestic oil industry and announced his support for a Senate plan to trigger a temporary oil import tariff when imports reach half of domestic consumption. Reuter
PRECAMBRIAN SHIELD TAKES 51 MLN DLR WRITEDOWN CALGARY, Alberta, March 3 - < Precambrian Shield Resources Ltd>, earlier reporting a large loss against year-ago profit, said the 1986 loss was mainly due to a 51,187,000 dlr writedown on its U.S. operations, uneconomic coal and other mineral properties. Precambrian, which is 89 pct owned by < Mark Resources Inc>, said it took the writedown in accordance with new Canadian Insititute of Chartered Accountants guidelines for full cost method accounting by oil and gas companies. Precambrian earlier reported a 1986 loss of 53.4 mln dlrs, compared to profit of 4.5 mln dlrs in the prior year. Reuter
ROYEX GOLD MINING < RGM.TO> 2ND QTR MARCH 31 NET TORONTO, June 1 - Oper shr loss three cts vs loss one ct Oper net loss 1,796,000 vs loss 381,000 Revs 2,501,000 vs 2,695,000 SIX MTHS Oper shr loss eight cts vs loss four cts Oper net loss 3,235,000 vs loss 1,123,000 Revs 4,850,000 vs 4,551,000 Note: 1987 net excludes 2nd qtr extraordinary gain of 87 mln dlrs or 1.54 dlrs shr from sale of 51 pct stake of Mascot Gold Mines Ltd < MSG.TO>. Full name Royex Gold Mining Corp. Reuter
WESTERBEKE CORP < WTKB> 1ST QTR JAN 31 LOSS AVON, Mass., March 17 - Shr loss 11 cts vs profit six cts Net loss 217,200 vs profit 83,200 Revs 3,564,200 vs 3,171,900 Avg shrs 2,033,750 vs 1,334,950 Reuter
UK MINISTER LOOKS TO EASE TENSION WITH JAPAN LONDON, April 3 - The U.K. government hopes for a breakthrough on the deadlock with Japan over trade policies during next week's visit to Tokyo by Corporate Affairs Minister Michael Howard, political sources said. Howard, who leaves for Japan tomorrow, told Reuters he will try to promote understanding on trade issues during his visit. Meanwhile, Britain will re-examine a letter from Japanese Prime Minister Yasuhiro Nakasone promising personal help in solving the row over a U.K. firm's bid to win a significant role in Japan's telecommunications market, government sources said. Tensions have risen following Britain's decision to arm itself early with new statutory powers which it says could be used against certain Japanese financial institutions. Britain reacted optimistically at first to the letter from Nakasone to Prime Minister Margaret Thatcher, seeing it as a signal that he would work towards ensuring a satisfactory outcome to the bid launched by Cable and Wireless Plc, government officials said. But this view has since been clouded by reports from Tokyo that Nakasone's assurances really constituted little more than politeness in the face of British anger, they added. Reuter
DYNASCAN < DYNA.O> COMPLETES MANAGEMENT BUYOUT CHICAGO, Oct 19 - Dynascan Corp said it completed the sale of its industrial electronic products group and expects to recognize about a 3.0 mln dlr pretax gain on the transaction in the fourth quarter. It said the group was sold October 15 for 13.5 mln dlrs to Maxtec International Corp, a privately held company created by the company's management team. It said the purchase price was 12 mln dlrs in cash and 1.5 mln dlrs in five-year notes plus warrants to buy 7.0 pct of the stock of Maxtec. Dynascan said the group was projected to provide about 12 pct of its consolidated sales in 1987. Reuter
FEDERAL CO < FFF> SETS REGULAR PAYOUT MEMPHIS, Tenn., March 25 - Qtly 29-1/2 cts vs 29-1/2 cts prior Payable June 1 Record May 1. Reuter
FRUEHAUF POSTS 20.3 MLN DLR 1986 LOSS DETROIT, March 26 - Fruehauf Corp, which went private in December through a leveraged buyout, said the predecessor company had a 1986 loss of 60.9 mln dlrs compared to earnings of 70.5 mln dlrs in 1985. Sales of the predecessor company were 2.68 billion dlrs compared to 2.56 billion dlrs in 1985, including the sales by the operations which are divestiture candidates. Fruehauf said in connection with the buyout acquisition, the predecessor company incurred about 97 mln dlrs in expenses charged against 1986 operations. In addition to the direct expenses, Fruehauf said operating results were adversely affected by an unquantifiable amount due to the disruption related to a proxy contest and attempted hostile takeover which started in early 1986. Fruehauf said its board rescheduled the annual meeting to June 18 from May 7 to allow for completion and distribution of the 1986 results to shareholders. Reuter
RAYTHEON CO < RTN> 1ST QTR NET LEXINGTON, Mass., April 8 - Shr 1.37 dlrs vs 1.19 dlrs Net 101.8 mln vs 92.3 mln Revs 1.750 billion vs 1.725 billion Avg shrs 74.2 mln vs 77.8 mln Reuter
CORRECTION - MACANDREWS AND FORBES HOLDINGS In New York story headlined "MacAndrews and Forbes Holdings bids for Revlon," pls read in headline and first paragraph, "MacAndrews and Forbes considers bid for Revlon," and in first paragraph, "MacAndrews and Forbes holdings Inc said it is considering making a proposal." (Corrects from "bids for Revlon," in headline and "will offer"in first paragraph)
JAPAN'S CHIP MAKERS ANGERED BY U.S. SANCTION PLANS TOKYO, March 28 - Japanese computer chip makers reacted angrily to news the United States plans to take retaliatory action against them for allegedly failing to live up to an agreement on trade in computer microchips. Electronic Industries Association of Japan (EIAJ) Chairman Shoichi Saba stated: "EIAJ believes that it is premature and even irrational to attempt an assessment of the impact of the agreement and our efforts to comply with it only six months after concluding the agreement." "We urge U.S. Governmental authorities to reconsider the decision made, to evaluate fairly the results of Japanese efforts in implementing the objectives of the agreement, and to resist emotional biases," he said. Yesterday, Washington announced plans to slap as much as 300 mln dlrs in tariffs on Japanese imports in retaliation for what is sees as Japan's failure to comply with the terms of the pact. The agreement, struck late last year after months of heated negotiations, called on Japan to stop selling cut-price chips on world markets and to buy more American-made semiconductors. To salvage the pact, Tokyo has instructed its chip makers to slash production and has helped establish a multi-lateral organisation designed to promote chip imports. Saba said that Japanese chip companies have pledged three mln dlrs over the next five years to the new organisation and expressed regret that no American company has seen fit to join. "This suggests that American semiconductor manufacturers may not be really interested in participating in the Japanese market," he said. REUTER
U.S. TREASURY'S BAKER SEES EXPANSION CONTINUING WASHINGTON, March 31 - Treasury Secretary James Baker said that the current expansion, which he noted was in its fifth year, will continue in the period ahead. He told the House Appropriations Committee that "there is every prospect that the current expansion will continue unabated through 1987 and the years beyond." Baker said interest rates over the period have continued to decline and that "policies of the Federal Reserve assure that ample credit was available. He said that the administration's longer term forecast envisioned that "we will maintain and improve upon our progress in bringing down the rate of inflation." Reuter
CB AND T < CBTB> COMPLETES ACQUISITION COLUMBUS, Ga., April 2 - CB and T Bancshares Inc said it has completed the acquisition of First Community Bancshares Inc Of Tifton, Ga., which as assets of 62 mln dlrs. Reuter
GENERAL INSTRUMENT CORP < GRL> 1ST QTR MAY 31 NEW YORK, June 18 - Shr 37 cts vs eight cts Net 12.0 mln vs 5.1 mln Revs 280.1 mln vs 155.9 mln Backlog 625.7 mln vs 451.6 mln Reuter
INSITUFORM < IGLSF> RAISES STAKE IN UNIT NEW YORK, March 6 - Insituform Group Ltd of Guernsey, Channel Islands, said it has exercised an option to convert a 250,000 stg loan to affiliate Insituform Permaline Ltd to common shares, raising its stake in the unit to 75 pct from 50 pct. The remainder is held by Permaline's management and an investment group. Insituform also said James Colclough has resigned from its board for health reasons and secretary Scott Saltpeter has resigned, effective June Five. Reuter
CARTER-WALLACE INC < CAR> SETS REGULAR PAYOUT NEW YORK, April 2 - Qtly div 20 cts vs 20 cts prior Pay June 1 Record April 16 Reuter
ARMTEK < ARM> COMPLETES SALE OF ASSETS GREENWICH, Conn., March 16 - Armtek Corp, formerly Armstrong Rubber Co, completed the previously announced sale of its Natchez, Miss., tire plant and other assets to < Condere Corp>, Condere said. Condere, formed to acquire the Armstrong assets, said it named Dennis Terwillger, formerly vice president and controller of Armstrong's Tire Division, president. Reuter
PROVIDENCE ENERGY CORP < PVY> REGULAR DIVIDEND PROVIDENCE, R.I., April 3 - Qtly div 45 cts vs 45 cts prior Pay May 15 Record April 24 Reuter
GREYHOUND < G> BUYS GENERAL MOTORS < GM> BUS UNIT PHOENIX, Ariz., March 19 - Greyhound Corp said it has signed a definitive agreement to buy General Motors Corp's U.S. Transit Bus and Parts business for an undisclosed sum. The agreement, tentatively set in January, includes production tooling, design and equipment for urban transit buses, inventories and trademark identification. The agreement also incudes the right to buy GM's Canadian Transit Bus and Parts business, contingent on a satisfactory labor agreement. Greyhound said it will relocate the production facilities, currently in Pontiac, Michigan, to an undetermined location. Reuter
RYKOFF-SEXTON INC < RYK> 3RD QTR JAN 31 NET LOS ANGELES, March 4 - Shr 21 cts vs 28 cts Net 1,456,000 vs 1,925,000 Sales 258.7 mln vs 290.2 mln Nine Mths Shr 77 cts vs 1.10 dlrs Net 5,384,000 vs 7,658,000 Sales 804.3 mln vs 760.1 mln Reuter
GREAT AMERICAN < GTAM> SEES CHARGE, WRITEDOWN BATON ROUGE, LA., March 26 - Great American Corp said preliminary findings by regulatory examiners of its AMBANK subsidiary will result in a first quarter charge of 14.1 mln dlrs and a writedown of 1.4 mln dlrs. The charge will be made against the allowance for possible loan losses, and the writedown is of other real estate. Great American said the examiners were conducting a regular examination and a final report is not expected for several weeks. Management intends to include the charge and writedown in response to the preliminary findings. Great American said regulatory authorities are not requiring an adjustment of the previously reported financial results for Great American for 1986. However, Great American has revised its previous estimates of provisions for possible losses and has added 9.9 mln dlrs to the allowance account as of December 31, 1986. It said it took the action since the charge-offs will significantly deplete its allowance for possible loan losses and the economic environment does not show signs for significant improvement in the near future. It said the additional provision increases the allowance to 26.4 mln dlrs, representing 6.63 pct of the outstanding loan portfolio and 83.2 pct of non-performing loans at year-end. Great American said its revised net loss for the fourth quarter is 14.1 mln dlrs, or 6.36 dlrs per share, compared to a net loss of 2.4 mln dlrs or 1.06 dlrs per share the year earlier. Reuter
TELEX < TC> MAY SEEK OTHER PURCHASERS TULSA, Oct 19 - Telex Corp said its board has directed management and financial advisor Drexel Burnham Lambert Inc to investigate possible alternatives to the tender offer of Asher Edelman's TLX Partners for all Telex shares that may include seeking other purchasers for Telex. The company said the board at an October 16 meeting decided to defer until a board meeting later this week a recommendation on the Edelman offer and said the board expects to make a recommendation by October 23. Reuter
DST SYSTEMS INC < DSTS> REGULAR PAYOUT SET KANSAS CITY, MO., March 5 - Qtly div five cts vs five cts prior Pay April 17 Record March 16 Reuter
PEPSICO < PEP> UPGRADED BY KIDDER PEABODY NEW YORK, March 5 - Kidder Peabody and Co analyst Roy Burry issued a strong buy recommendation on Pepsico Inc, citing an improved profit outlook for both domestic soft drinks and Frito-Lay snack foods. Pepsico climbed 7/8 to 34-3/4 on 615,000 shares by midmorning. Burry forecast earnings of 2.00 dlrs per share in 1987 and 2.30 dlrs in 1988. In 1986 the company earned 1.75 dlrs per share. Burry previously had a sell recommendation on Pepsico. "We're looking at 10 to 15 pct earnings growth for Frito-lay in 1987, a trend that should continue through the decade." Reuter
CRA SOLD FORREST GOLD FOR 76 MLN DLRS - WHIM CREEK SYDNEY, April 8 - < Whim Creek Consolidated NL> said the consortium it is leading will pay 76.55 mln dlrs for the acquisition of CRA Ltd's < CRAA.S> < Forrest Gold Pty Ltd> unit, reported yesterday. CRA and Whim Creek did not disclose the price yesterday. Whim Creek will hold 44 pct of the consortium, while < Austwhim Resources NL> will hold 27 pct and < Croesus Mining NL> 29 pct, it said in a statement. As reported, Forrest Gold owns two mines in Western Australia producing a combined 37,000 ounces of gold a year. It also owns an undeveloped gold project. REUTER
DI GIORGIO < DIG> TO EVALUATE GABELLI OFFER SAN FRANCISCO, June 29 - Di Giorgio Corp said it plans to respond to an unsolicited recapitalization plan proposed by Gabelli and Co Inc after the company, its board and its investment bankers evaluate the proposal. Earlier, Gabelli said in a filing with the Securities and Exchange Commission that it holds a 28.5 pct stake in DiGiorgio and that it, together with Gamco Investors Inc may seek control of the company. In addition, on June 25 the Gabelli group proposed to acquire all of Di Giorgio's common shares for a combination of 20 dlrs per share in cash, a subordinated note with a face value of eight dlrs and one common share of the post-buyout company. The June 25 buyout proposal remains open until July 17. Reuter
MIDIVEST ACQUIRES ASSETS OF BUSINESS AVIATION ROANOKE, Va., March 24 - < Midivest Inc> said it acquired all the assets of < Business Aviation Inc> of Sioux Falls, S.D., for an undisclosed amount of stock. Midivest said it expects to sell 10 to 20 of the renovated Beechcraft planes next year. It said management will also lease these airborne intensive care units to hospitals and government subdivisions through Metropolitan Leasing, a wholly-owned subsidiary of Midivest. Reuter
GENERAL PARTNERS TO RAISE BID FOR GENCORP < GY> AKRON, Ohio, April 3 - < General Partners> said it was prepared to raise its bid for GenCorp Inc to 110 dlrs cash per share from 100 dlrs per share. In a letter from General Partners to A. William Reynolds, chairman and chief executive officer of GenCorp, the company stated that if GenCorp could prove the company was worth more, General Partners would be willing to consider an even higher price. General Partners also left open the possibility of an alternative to an all-cash offer. General Partners told GenCorp if it believed shareholders would be better served by a smaller cash price with a security representing a continuing long-term interest in GenCorp's prospects, it would be willing to discuss an alternative. Specifically, General Partners said it was prepared to discuss an acquisition giving shareholders a continuing interest in Aerojet General, a valued business of GenCorp. Reuter
SHELL FRANCAISE RETURNS TO PROFIT IN 1986 PARIS, March 5 - Shell Francaise < SFMF.PA>, a subsidiary of < Shell Petroleum NV>, returned to the black last year for the first time since 1982, with parent company net profit of 43 mln francs against losses of 968 mln in 1985 and 1.07 billion in 1984. In 1982 it posted a profit of 329 mln. The company said in a statement that cash flow had improved strongly although it remained negative at 182 mln francs against 1.34 billion in 1985, due largely to improved performances by its main profit centres. It said the results could have been even better had it not been for the collapse of refining and sales profit margins in the last quarter of the year. In 1986 Shell sold 14.74 mln tonnes of oil products against 14.52 mln tonnes in 1985. The company said the results were in line with its targets for the second year of its three-year recovery programme. Meanwhile, < Societe Shell Chimie) said it also returned to profit in 1986, for the first time since 1976, posting net profit of 160 mln francs against a 1985 loss of 57 mln. No other details were available. Reuter
PUBLIC SERVICE ENTERPRISE < PEG> TWO MTHS NET NEWARK, N.J., March 17 - Periods ended February 28 Shr 89 cts vs 87 cts Net 119.5 mln vs 114.6 mln Revs 872.3 mln vs 917.4 mln Avg shrs 134.9 mln vs 131.7 mln 12 mths Shr 2.87 dlrs vs 3.32 dlrs Net 383.4 mln vs 413.5 mln Revs 4.5 billion vs 4.4 billion Avg shrs 133.7 mln vs 124.7 mln NOTES: Year ago results restated to reflect application of new accounting for disallowances Full name is Public Service Enterprise Group Inc Reuter
****** STIFEL FINANCIAL SAID IT RECEIVED UNSOLICITED MERGER PROPOSAL
EC MAY OFFER INTERVENTION SUGAR TO LOCAL MARKET LONDON, March 19 - Sugar which EC producers plan to sell into intervention may be offered by the European Commission for sale within the Community, broker C. Czarnikow says in its latest sugar review. The Commission will propose to offer the sugar at a very nominal premium of 0.01 European Currency Unit (Ecu) to the intervention price, with detrimental consequences for producers' returns, Czarnikow says. The move is seen as an attempt to persuade the producers to take back the surrendered sugar. The Commission may also take other steps to dissuade producers from their chosen course, such as removing the time limit on storage contracts, which presently means that intervention stocks have to be removed by the end of September, Czarnikow says. There is also the possibility of production quotas being reduced. If the Commission decided to offer the sugar to traders for export, the restitutions would have to be higher than those at recent export tenders, Czarnikow notes. To match the difference between the EC price and the world market price, the extra costs might be as much as 20 Ecus per tonne, it says. The producers might have to repay these costs through production levies and the proposed special elimination levy, Czarnikow says, but it would be several months before any costs could be recovered under EC rules. The primary cause of the plan to sell 775,000 tonnes of sugar into intervention in France is dissatisfaction with the EC export program as the restitution has increasingly failed to bridge the gap between the EC price and the world market price, Czarnikow notes. The French move is thus seen as a form of protest designed to force the Commission's hand. In West Germany, 79,250 tonnes have been tendered for intervention, but Czarnikow says the motive here is to ensure that the 1986/87 price is paid for sugar that was produced in 1986. In addition to a two pct cut in the intervention price, West German producers face a further price reduction in July with a probable revaluation of the "green" mark. Even if the immediate crisis is resolved, the problem is not expected to disappear permanently. It has appeared to traders for some years that the EC's export policy is insufficiently responsive to changing patterns of demand, it says. The weekly tenders should respond to fluctuating demand by increasing or reducing the tonnage awarded, Czarnikow says, suggesting that the Commission might also take steps to cut down the amount of "unnecessary bureaucracy" surrounding the export tender system. Reuter
< ANTHES INDUSTRIES INC> 4TH QTR NET TORONTO, March 13 - Oper shr 16 cts vs nine cts Oper net 2,281,000 vs 1,319,000 Revs not given Year Oper shr 13 cts vs six cts Oper net 2,635,000 vs 1,775,000 Revs 31.9 mln vs 31.7 mln Note: 1986 qtr excludes extraordinary loss of 1,155,000 dlrs or nine cts share, versus gain of 607,000 dlrs or five cts shr Note continued: 1986 year excludes extraordinary loss of 3,101,000 dlrs or 25 cts share, versus extraordinary loss of 265,000 dlrs or two cts share Reuter
PAINT COMPANY HAS METEX < MTX> STAKE, MAY BUY MORE WASHINGTON, March 13 - Metropolitan Consolidated Industries Inc, a New York paint company, said it has acquired 278,709 shares of Metex Corp, or 21.2 pct of the total, and left open the possibility that it might acquire more through a merger. In a filing with the Securities and Exchange Commission, Metropolitan said it bought the Metex stock as an investment. It also said it may buy additional shares, or sell some or all of its current stake. If it buys more shares, Metropolitan said it would consider doing so in the open market, in private deals, or through an exchange offer, tender offer or merger. Metropolitan said it may acquire an option on or may buy some or all of the Metex shares owned by William Hack, a Metex director, who, together with this wife, holds 149,750 of the company's common shares, or 11.4 pct of the total. Metropolitan said it already has an option to buy another 42,750 Metex common shares at 11.25 dlrs each. The option is not exercisable until April 12, 1988, it said. If Metropolitan were to exercise the option and acquire all of Hack's stake, it would have 471,208 Metex common shares, or 35.9 pct of the total. Metropolitan's SEC filing was made as a shareholder group with Hack. Metropolitan, which said it spent 3.1 mln dlrs to acquire its Metex stake, listed its recent stock purchases as 54,993 common shares on March 67 at 10 dlrs each and 83,916 shares on March 11 at 11.25 dlrs. Reuter
****** SOUTHLAND CORP RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19 DLRS/BBL
MISCHER CORP < MSHR> 4TH QTR LOSS HOUSTON, March 30 - Shr loss 67 cts vs profit 60 cts Net loss 1,398,000 vs profit 1,250,000 Revs 8,834,000 vs 20.9 mln Year Shr loss 2.81 dlrs vs loss 15 cts Net loss 5,864,000 vs loss 310,000 Revs 52.1 mln vs 82.7 mln Reuter
ECONOMIC SPOTLIGHT - DUTCH EXCHANGE RATE POLICY By Marcel Michelson, Reuters AMSTERDAM, March 27 - Recent slackness on Dutch capital markets has led some bankers to question the Central Bank's policy of pegging the guilder firmly to the West German mark and to ask for more flexiblility in exchange rate policy. While agreeing with the Bank's commitment to defend the guilder strongly, some bankers want the Bank to make more use of the range within which the guilder and the mark can fluctuate against each other in the European Monetary System (EMS). Roelof Nelissen, chairman of Amsterdam-Rotterdam Bank NV (Amro) said the Central Bank's policy was overcautious. "I would like to suggest that the Bank use more freely the range given to the guilder in the EMS," Nelissen said at the presentation of Amro's 1986 annual report last week. Within the EMS, the mark is allowed to fluctuate against the guilder between 110.1675 and 115.235 guilders per 100. The Central Bank maintains a stricter policy and tries to keep the mark below the 113.00 guilders per 100. It regards a stable exchange rate as its main target, using interest rate policies to influence the exchange rate. The preference of exchange rate goals above interest rate aims goes almost undisputed in the Netherlands. Critics say the Bank keeps the reins unnecessarily short. Rabobank Nederland said in its latest economic bulletin: "By maintaining the 113.00 limit, the Central Bank raises the expectation it will always intervene above that level. If it suddenly needs more flexibility it will find it very hard to obtain." Amro's Nelissen said relatively small changes in interest rates and exchange rates could cause substantial flows of securities business and sharp fluctuations on the Dutch capital market. Large interest rate changes were often needed to bring about small changes in the guilder/mark exchange rate, he added. Unlike Amro, Algemene Bank Nederland NV (ABN) says this is a price the Dutch have to pay. It fully agrees with the Central Bank's policy, director-general Julien Geertsema told Reuters, noting a 1983 decision not to revalue the guilder fully with the mark in the EMS hurt confidence in the Dutch currency. "It is a pity we need such a wide interest rate difference between West Germany to maintain the exchange rate," he added. Interest rate differentials between West Germany and the Netherlands are the main factors that trigger capital flows between the two countries, as the economic performance of the two does not differ much, economists said. Data on 1986 capital flows between West Germany and the Netherlands have not yet been released, but in 1985 they accounted for only 10 pct of total trade flows between the two countries, put at 110 billion guilders for 1986 by the Dutch-German Chamber of Commerce earlier this month. Economists say capital flows are more sensitive to interest and exchange rates. West Germany is the Netherlands' largest single trading partner, taking 28 pct of Dutch exports and providing 26 pct of imports in the last quarter of 1986, Central Bureau of Statistics figures show. At the moment, the rates for three month euromark deposits trade around 4.0 pct while the same deposits in guilders have a rate of around 5-7/16 pct. Amro bank argues that the Dutch real interest rate will even rise further because of expectations of deflation here in 1987, contrasting with slight inflation in West Germany. In the Netherlands, the cost of living is expected to decrease by 1.5 pct at a GNP growth rate of two pct, the Dutch Central Planning Agency said in its 1987 forecast last month. German GNP is seen rising by two to 2.5 pct, but with inflation between zero and 1.0 pct, according to most German forecasts. But despite this upward push on real Dutch rates, money dealers do not expect the Central Bank to cut official rates independently without prior moves by the Bundesbank. Following the West German interest rate cuts on January 22, the Dutch Central Bank did not lower its rates but set a 0.5 pct lower tariff for special advances and abandoned its credit surcharge. Most traders were surprised by this move as they had expected the Bank to follow suit unconditionally, they said. The Bank said it lowered the rate with the largest impact on the money market as far as the exchange rate permitted. While not entirely unsympathetic to critics of its policies, the Central Bank keeps its grip firm and the range narrow. "The European Monetary System is not only a relationship between the guilder and the mark. Many times widening of the margin between the two would implicate we have to buy or sell large amounts of a third currency," Central Bank vice-director Jan-Hendrik Du Marchie Sarvaas said. "If we allowed the guilder to become a little cheaper, the markets would start to believe it was weak. We don't want that. We want to make clear that the guilder is just as strong as the mark," he said. REUTER
VaALIAN BALANCE OF PAYMENTS IN DEFICIT IN MAY ROME, June 18 - Italy's overall balance of payments showed a deficit of 3,211 billion lire in May compared with a surplus of 2,040 billion in April, provisional Bank of Italy figures show. The May deficit compares with a surplus of 1,555 billion lire in the corresponding month of 1986. For the first five months of 1987, the overall balance of payments showed a surplus of 299 billion lire against a deficit of 2,854 billion in the corresponding 1986 period. REUTER
AGENCY REPORTS 39 SHIPS WAITING AT PANAMA CANAL WASHINGTON, Feb 26 - The Panama Canal Commission, a U.S. government agency, said in its daily operations report that there was a backlog of 39 ships waiting to enter the canal early today. Over the next two days it expects -- 2/26 2/27 Due: 27 35 Scheduled to Transit: 35 41 End-Day Backlog: 31 25 Average waiting time tomorrow -- Super Tankers Regular Vessels North End: 13 hrs 15 hrs South End: 4 hrs 26 hrs Reuter
ST LAWRENCE SEAWAY OPENING STILL MARCH 31 CHICAGO, March 26 - The St Lawrence Seaway between Lake Ontario and Montreal is still scheduled to open for the shipping season on March 31, a Seaway official said. The Great Lakes could have been open for traffic earlier this month due to the mild Winter, but scheduled repairs to the Welland Canal joining Lake Erie with Lake Ontario will keep that section closed until the April 1 opening, she said. One lock system in the four-lock Soo Canal joining Lake Superior with Huron was opened on the morning of March 22, but only three commercial vessels have been locked through so far, according to an U.S. Army Corps of Engineers official. The Soo Canal is currently only open for daylight vessel movement, with 24 hour movement allowed beginning March 29, she added. Reuter
D.H. HOLMES CO LTD < HLME> 4TH QTR NET NEW ORLEANS, March 13 - Shr 39 cts vs 1.34 dlrs Net 1,392,000 vs 4,686,000 Sales 81.9 mln vs 81.7 mln Year Shr 10 cts vs 97 cts Net 355,000 vs 3,375,000 Sales 270.4 mln vs 272.8 mln NOTE: Share adjusted for three pct stock dividend in January 1987. Pretax net profits 3,052,000 dlrs vs 4,498,000 dlrs in quarter and loss 572,000 dlrs vs profit 2,922,000 dlrs in year. Latest year net includes pretax gains of 166,000 dlrs in quarter and 4,420,000 dlrs in year from pension plan reversions. Prior year net includes gain 1,549,000 dlrs on sale of property. Reuter
MOLECULAR GENETICS INC < MOGN> 4TH QTR LOSS MINNETONKA, Minn., March 4 - Oper shr loss 22 cts vs loss 13 cts Oper net loss 1,712,916 vs loss 769,539 Revs 2,292,972 vs 2,157,895 Avg shrs 7,961,602 vs 6,200,293 Year Oper shr loss 53 cts vs loss 45 cts Oper net loss 3,562,151 vs 2,543,366 Revs 9,117,311 vs 8,251,136 Avg shrs 7,169,871 vs 6,186,51 NOTE: Current year net both periods excludes charge 430,649 dlrs from cumulative effect of accounting change for patents. 1986 net both periods includes charge of about 458,000 dlrs from severance obligations. 1986 year net includes charge 156,000 dlrs from writeoff of seed commitments. Reuter
PANCANADIAN TO SELL BRITISH INTERESTS CALGARY, Alberta, March 3 - < PanCanadian Petroleum Ltd> said it agreed to sell its working interest in its North Sea properties and its British unit, Canadian Pacific Oil and Gas of Canada Ltd, to Whitehall Petroleum Ltd, a private British company. PanCanadian, 87 pct-owned by Canadian Pacific Ltd < CP>, said it would receive 1.7 mln British pounds cash (3.5 mln Canadian dlrs) at closing, expected in two to three months. It said the deal is subject to approval by regulators and its partners in the properties, which consist of exploration wells. It will also retain a royalty interest in the properties. Reuter
VISUAL GRAPHICS SETS DIVIDENDS NEW YORK, MARCH 11 - Visual Graphics Corp < VGCA> < VGCB> said its board declared a quarterly dividend of 7-1/2 cts per share on its class "B" common stock and 8-1/4 cts per share on class "A" common stock payable April Three to shareholders of record as of March 23. The company set up the two classes of common stock in February. Previously, the company had paid a 7-1/2 cent per share quarterly dividend on one class of common stock. Reuter
ROTTERDAM GRAIN HANDLERS STAGE LIGHTNING STRIKES ROTTERDAM, April 1 - Lightning strikes hit the grain sector of the port of Rotterdam today after employers turned down union demands for shorter working hours in a new labour agreement, transport union FNV spokesman Bert Duim said. Around 140 grain handlers stopped work, 125 of them at the two Europoort locations of Graan Elevator Mij (GEM), which handles about 95 pct of grain, oilseeds and derivatives passing through Rotterdam. GEM managing director Pieter van der Vorm said the facilities were 40 pct operational. The employers had invited the unions for talks later today, but details of the labour agreement would not be on the agenda, Van der Vorm said. It is barely one month since the end of an eight-week campaign of lightning strikes against redundancies in Rotterdam's general cargo sector, which stevedoring companies said cost them millions of guilders. REUTER
UNICORP CANADA < UNI.A> CUTS PUROLATOR < PCC> STAKE WASHINGTON, March 4 - Unicorp Canada Corp told the Securities and Exchange Commission it cut its stake in Purolator Courier Corp to 286,500 shares, or 3.7 pct of the total outstanding, from 962,400 shares, or 12.4 pct. Unicorp, a management and investment holding company controlled by its chairman, George Mann, said it sold 675,900 Purolator common shares on March 2 and 3 at 34.782 and 34.750 dlrs a share. Purolator agreed this past weekend to be acquired by managers of its U.S. courier business and E.F. Hutton LBO Inc in a leveraged buyout valued at 265 mln dlrs. Reuter
FINLAND REVISES CURRENCY BASKET HELSINKI, April 1 - The Bank of Finland said it has revised the weightings in its currency basket with effect from today. Weightings match the respective country's share in Finland's foreign trade. Weights in percentages compared with former weights. Dollar 9.0 (8.8) Sterling 14.3 (13.8) Swedish crown 20.4 (20.6) Norwegian crown 5.2 (5.2) Danish crown 5.2 (5.3) German mark 19.3 (19.6) REUTER^M
PETROLANE PARTNERS L.P. < LPG> 3RD QTR LOSS LONG BEACH, Calif., Oct 20 - Shr loss five cts vs profit six cts Net loss 1.2 mln vs profit 1.4 mln Revs 114.9 mln vs 109.3 mln Nine months Shr profit one dlrs vs profit 84 cts Net profit 23.7 mln vs profit 19.9 mln Revs 430.9 mln vs 435.4 mln NOTE: Results are in pro forma form. Partnership became public on March 19, 1987. Previous results reported from Texas Eastern Corp's < TET> Petrolane Inc domestic division. Reuter
RHODES INC < RHD> DECLARES DIVIDEND ATLANTA, Ga., April 8 - Qtly div nine cts vs nine cts prior Pay July 15 Record June 15 Reuter
BANCROFT < BCV> FILES SUIT AGAINST ZICO NEW YORK, March 9 - Bancroft Convertible Fund Inc said it filed a lawsuit in federal court in Newark, N.J., seeking to block a hostile 30 dlr a share takeover offer by < Zico Investment Holdings Inc.> Bancroft said the suit also names Michael B. Javett, principal officer of Zico, and First Fidelity Bancorp's < FFB> First Fidelity Bank unit, the depositary for Zico's offer. Bancroft said the suit also names < Georgeson and Co Inc>, Zico's information agent, and < Luthie Intercontinentale Inc>, a Panamanian corporation. Bancroft said its complaint alleges that Zico's tender offer materials include false and misleading information and that the offer violates the Investment Company Act of 1940. The company said its stockholders approved proposals that will insure that it remains independent. Reuter
USF AND G CORP < FG> RAISES QUARTERLY DIVIDEND BALTIMORE, Md., March 4 - Qtly div 62 cts vs 58 cts in the prior quarter Payable April 30 Record March 20 Reuter
LLE ROYALTY < LRT> SETS MONTHLY PAYOUT HOUSTON, March 30 - LL and E Royalty Trust said its monthly dividend, for January, to unitholders will be 8.37 cts per unit payable April 15 to holders of record April six. As previously reported, pending a ruling from the Internal Revenues Service, the trust's distribution may be reduced by 1.09 dlr per unit, plus interest, spread out over the life of the productive properties in which the trust has an interest. LLE said the working interest owner, to which the IRS sent a notice about a deficiency in the owner's 1983 tax return, is evaluating the necessity of escrowing some funds, which would significantly reduce royalties paid to the trust. Reuter
SEAL INC < SINC> 1ST QTR JAN 31 NET NAUGATUCK, Conn., March 12 - Shr 29 cts vs 16 cts Net 610,000 vs 329,000 Sales 6,714,000 vs 4,582,000 Reuter
TEXACO < TX> UNIT RAISES CRUDE OIL PRICES New York, Oct 20 - Texaco Inc said it raised the contract price it will pay for most grades of crude oil by 50 cts a barrel, effective October 16. The company said the increase brings its posting for the U.S. benchmark grade, West Texas Intermediate, to 19.00 dlrs a barrel. The West Texas Sour and Light Louisiana Sweet grades were also raised 50 cts to 18.10 and 19.35 dlrs a barrel, respectively. Texaco last changed its crude oil postings on September 15. Reuter
NORTH AMERICAN < NAHL> SEES RECORD FOURTH QTR EAST HARTFORD, Conn, March 12 - North American Holding Corp said it expects to have record fourth quarter earnings and for sales to exceed 10 mln dlrs. For the fourth quarter ended March 30, 1986 the company reported net income of 631,720 dlrs on sales of 5.2 mln dlrs. It also said it expects revenues for the year to exceed 30 mln dlrs. For fiscal 1986, North American reported a net loss of 126,900 dlrs on sales of 12.8 mln dlrs. Reuter
PHLCORP < PHX> HAS BREAKEVEN RESULTS PHILADELPHIA, March 26 - PHLCORP Inc said for November 14 through December 31, its first reporting period after emerging from reorganization proceedings, it earned 86,000 dlrs on revenues of 47 mln dlrs, excluding 2,300,000 dlrs in gains on the sale of real estate and 800,000 dlrs in tax credits. The company is the successor to Baldwin-United Corp. Reuter
WAVEHILL INTERNATIONAL TO MAKE ACQUISITION NEW YORK, March 2 - < Wavehill International Ventures Inc> said it has agreed to acquire Personal Computer Rental Corp of Coral Gables, Fla., in a transaction in which shareholders of Personal Computer will receive shares respresenting about a 25 pct interest in the combined company. The company said it will have about two mln shares outstanding on a fully-diluted basis after the transaction. It said after the acquisition it will infuse Perconal computer with cash for expansion. It said Personal Computer now has 26 franchised locations and plans to add over 30 in 1987, seeking eventually to expand into 420 markets in the U.S. and abroad. Reuter
COASTAL < CGP> RAISES OIL POSTED PRICES NEW YORK, Oct 19 - Coastal Corp said that effective October 16 it had raised posted prices for crude oil by 50 cts a barrel. The increase brings West Texas Intermediate to 9.00 dlrs a barrel and West Texas Sour to 18.10 dlrs a barrel. Sun Co < SUN> announced that it would make a 50 cts a barrel increase late Friday bringing WTI to 19.00 dlrs a barrel and traders said that other oil companies could be expected to increase prices. Reuter
SAFEGUARD SCIENTIFIC < SFE> IN EQUITY DEAL KING OF PRUSSIA, Pa., March 12 - Safeguard Scientifics Inc said it made a 2.5 mln dlr equity investment in < Sanchez Computer Associates Inc>, a private computer software firm based in Malvern, Pa. Safeguard said the investment gives it a "major ownership position" in Sanchez, which specializes in software products for financial institutions. Reuter
U.S. WARNS OF DEPENDENCE ON FOREIGN OIL WASHINGTON, March 17 - A White House-ordered report said that growing U.S. reliance on foreign oil into the year 2000 could have potentially damaging implications for national security. The Energy Department study discusses several options to curb reliance on foreign oil, but makes no recommendations. President Reagan and most Congressmen have previously ruled out a tax on foreign oil as a way to curb imports and to help the depressed domestic oil industry. Energy Secretary John Herrington said in a statement that "although we have made gains in energy security in the last six years, this report shows that there is justification for national concern both over declining competitiveness of our domestic oil and gas industry and over rising oil imports." The report said imports last year were 33 pct of U.S. consumption and by the mid-1990s could rise to 50 pct. Among the report's options to ease U.S. reliance on foreign oil are several already advocated by the Reagan Administration. President Reagan ordered the study last September, citing a determination that the country never again become captive to a foreign oil cartel, referring to the OPEC-led oil shortages and sharp prices increases of the 1970s. The report said an import fee would raise prices and help make it economical for U.S. oil firms to find and produce new oil, as well as to cut imports, but on the whole the tax would depress the nation's economy. The study was outlined in a New York Times report today. Reuter
INVERNESS BUYS ASSETS FROM PARENT SILVERTON CALGARY, Alberta, March 31 - < Inverness Petroleum Ltd> said it acquired the oil and gas assets of its controlling shareholder < Silverton Resources Ltd> for 26.4 mln dlrs, effective March 3, 1987. Inverness said it issued 2,640,000 class A convertible retractable redeemable preferred shares in exchange for the assets, which include all Silverton's oil and gas properties, undeveloped acreage and its shares of Australian subsidiary S.R.L. Exploration Pty Ltd. The preferred shares were immediately retracted for cash, the company said. The transaction resulted in a discharge of Silverton's bank debt of 21.0 mln dlrs and a three mln dlr loan to Inverness from Silverton, Inverness said. As a result of the acquisition, Inverness has bank debt of 18.0 mln dlrs, it said. Reuter
INTERNATIONAL PROTEINS CORP < PRO> YEAR NET NEW YORK, March 30 - Oper shr 49 cts vs 22 cts Oper net 1,018,000 vs 468,000 Sales 95.0 mln vs 98.3 mln NOTE: Net excludes tax credits of 284,000 dlrs vs 310,000 dlrs. Reuter
FINANCIAL PERFORMANCE < FPCC> PURSUES EXPANSION NEW YORK, March 19 - Financial Performance Corp said it continued its rapid expansion with a signing of a partnership agreement with Gold Sierra Financial Advisors, founded by former Bank of America officers in capital markets. It said the agreement, under which it owns 50 pct of the partnership, enables it to move into the mergers and acquisitions business. Reuter
REYNOLD METALS < RLM> UP ON FURMAN SELZ REPORT NEW YORK, March 17 - 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 company's 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 729,500 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
LONDON FREIGHT MARKET FEATURES GRAIN OUT OF U.S. LONDON, April 9 - Moderately active grain fixing was reported out of the U.S. But none of the business involved the significant voyages to the Continent or Japan, ship brokers said. A steady 13.50 dlrs was paid from the U.S. Gulf to Morocco and 23.25 dlrs was paid for 27,000 long tons from the Gulf to Taiwan. A vessel carrying 13,500 long tons of bagged wheat flour from the Gulf to Aqaba received a lump sum of 472,500 dlrs. Grain from the Great Lakes to Algeria made 28 dlrs against 27.75 paid for similar fixing towards the end of March. Market talk suggested a Federal Commerce vessel had been booked to move grain from the Great Lakes to Morocco on Comanav account at about 22 dlrs and 15.50 had been paid for a cargo of oilseeds from British Columbia to Japan, but no confirmation was obtainable. On the Continent, shippers agreed 19 dlrs for wheat from La Pallice to Buenaventura and 10.75 dlrs for grain from Ghent to Naples/Venice range. Elsewhere, maize from East London to Japan paid 22 dlrs. Soviet charterers reappeared in the timecharter sector and secured a 30,000 tonner from Savona for a trans-Atlantic round trip at 4,450 dlrs daily and a 31,000 tonner from Antwerp-Hamburg for a similar voyage at 4,250 dlrs daily. Reuter
NORTH AMERICAN GROUP < NAMG> 4TH QTR OPER LOSS CHICAGO, March 30 - Oper shr loss 12 cts vs loss 10 cts Oper net loss 474,270 vs loss 369,848 Revs 202,500 vs 111,210 Avg shrs 3,904,373 vs 3,495,579 Year Oper shr loss 28 cts vs loss 46 cts Oper net loss 1,069,550 vs loss 893,612 Revs 408,031 vs 438,933 Avg shrs 3,785,607 vs 1,944,627 NOTE: Full name is North American Group Ltd Earnings exclude losses on reorganization expenses of 33,453 dlrs, or one ct a share vs 59,520 dlrs, or two cts a sh are in the quarter and losses of 237,859 dlrs, or six cts a share vs 413,444 dlrs, or 21 cts a share for the year Earnings exclude gains on discontinued operations of 147,671, or four cts a share in the 1985 quarter and gains of 760,603 dlrs, or 20 cts a share vs 520,200 dlrs, or 27 cts a share for the year Reuter
RITE AID CORP < RAD> 1ST QTR MAY 30 HARRISBURGH, Pa., June 29 - Oper shr 50 cts vs 40 cts Oper net 20.8 mln vs 16.4 mln Revs 531.7 mln vs 418.7 mln NOTE: 1987 1st quarter net excludes a gain of 47.1 mln dlrs or 1.14 dlrs a share for discontinued operations. Reuter
WICKES COS INC < WIX> 4TH QTR LOSS SANTA MONICA, Calif., March 19 - Shr loss two cts vs profit 14 cts Net loss 2,515,000 vs profit 28,569,000 Sales 1.41 billion vs 885.2 mln Avg shrs 239.2 mln vs 104.4 mln Year Shr profit 33 cts vs profit 47 cts Net profit 83,750,000 vs profit 76,130,000 Sales 4.77 billion vs 2.81 billion Avg shrs 198.8 mln vs 98.3 mln Note: Current qtr and year figures include gains on securities sales of 3.9 mln dlrs and 38 mln dlrs, respectively. Prior qtr and year figures include gain on securities sales of 3.9 mln dlrs. Current qtr and year figures include extraordinary loss of 6.9 mn dlrs and gain of 9.9 mln dlrs, respectively. Prior qtr and year figures include operating loss carryforward gains of 7.6 mln dlrs and 35.5 mln dlrs, respectively. Prior qtr and year figures include gains from discontinued operations of 6.6 mln dlrs and 12.6 mln dlrs, respectively. Reuter
CENTRAL ILLINOIS < CIP> 12 MTHS FEB 28 NET SPRINGFIELD, ILL., March 18 - Shr 2.04 dlrs vs 1.83 dlrs Net 76,172,000 vs 71,101,000 Revs 621.7 mln vs 670.3 mln NOTE: Central Illinois Public Service Co is full name of company. Most recent 12 months net excludes preferred dividends of 6.4 mln dlrs compared with 8.6 mln dlrs last year. Reuter
LINDBERG CO < LIND.O> 3RD QTR NET CHICAGO, Oct 19 - Shr profit 10 cts vs profit eight cts Net profit 477,853 vs profit 348,384 Sales 17.7 mln vs 17.3 mln Nine mths Shr loss 35 cts vs profit 45 cts Net loss 1,639,216 vs profit 2,305,700 Sales 56.2 mln vs 57.1 mln Avg shrs 4,698,501 vs 5,075,717 NOTE: Earnings in the 2nd Qtr of 1987 were reduced by 3,262,000 dlrs, or 69 cts a share from a charge reflecting elimination or transfer of certain product lines and operations at the company's Racine, Wis. foundry Reuter
KEVLIN MICROWAVE CORP < KVLM> 3RD QTR FEB 28 NET WOBURN, Mass., March 30 - Shr profit nil vs profit five cts Net profit 9,879 vs profit 118,852 Revs 1,581,894 vs 1,878,052 Avg shrs 2,627,952 vs 2,617,090 Nine mths Shr loss two cts vs profit 24 cts Net loss 51,001 vs profit 619,860 Revs 4,006,024 vs 6,646,587 Avg shrs 2,532,959 vs 2,621,397 NOTE: Nine mth orders 4,601,463 dlrs, up 39 pct, and backlog at end of period 4,906,670 dlrs, up 83 pct from a year before. Reuter
CARE ENTERPRISES < CRE> 4TH QTR LOSS LAGUNA HILLS, Calif., April 17 - Oper shr loss 64 cts vs profit 11 cts Oper net loss 7,229,000 vs profit 902,000 Revs 67.6 mln vs 66.7 mln Avg shrs 11.3 mln vs 8,507,000 Year Oper shr loss 63 cts vs profit 43 cts Oper net loss 6,177,000 vs profit 3,604,000 Revs 264.8 mln vs 238.5 mln Avg shrs 9,827,000 vs 8,403,000 NOTE: 1986 quarter net includes 731,000 dlr tax credit. 1986 net excludes charges from debt restructuring of 1,976,000 dlrs in quarter and 3,800,000 dlrs in year. Reuter
SSMC < SSM> TO BUY CUTTERS EXCHANGE DIVISION STAMFORD, Conn, June 29 - SSMC Inc said it has executed a letter of understanding to acquire the Parts Catalog Division of < Cutters Exchange Inc> for an undisclosed amount. SSMC, spun off from the Singer Co < SMF> a year ago, said that the Parts Catalog Division wholesales parts and needles to the industrial sewing trade in the U.S. Under the agreement, key managers and employees of the Parts Catalog Division in Nashville, Tenn, will relocate to the SSMC facility in Murfreesboro, SSMC said. Reuter
HUGHES SUPPLY INC < HUG> SETS QUARTERLY ORLANDO, Fla., March 24 - Qtly div 10 cts vs 10 cts prior Pay May 22 Record May 8 Reuter
MARINE CORP < MCOR.O> 3RD QTR NET SPRINGFIELD, Ill., Oct. 19 - Shr 30 cts vs 30 cts Net 1,804,000 vs 1,800,000 Nine mths Shr 89 cts vs 79 cts Net 5,334,000 vs 4,496,000 Reuter
BANK OF ENGLAND DOES NOT OPERATE IN MONEY MARKET LONDON, March 25 - The Bank of England said it had not operated in the money market during the morning session. Earlier, the Bank revised its forecast of the liquidity position in the system today to a surplus of 150 mln stg from its original estimate of a flat position. REUTER
AETNA < AET> REACHES AGREEMENT TO BUY COMPANY HARTFORD, Conn., March 6 - Aetna Life and Casualty Co said it reached an agreement to acquire a 49 pct interest in Universal Life and General Insurance Sdn Bhd < ULG>, a Malaysian composite insurance company. The company said the 51 pct balance will continue to be owned by Malaysia Apera Group of private investors. The transaction is valued at approximately 37.8 mln dlrs and is expected to be completed by March 31, 1987. Reuter
< ROYAL BANK OF CANADA> 1ST QTR JAN 31 NET MONTREAL, March 3 - Shr basic 88 cts vs 1.22 dlrs Shr diluted 83 cts vs 1.10 dlrs Net 114,108,000 vs 140,389,000 Avg shrs 107.5 mln vs 100.5 mln Loans 66.4 billion vs 65.9 billion Deposits 82.8 billion vs 84.4 billion Assets 98.7 billion vs 96.7 billion. Reuter
WESTWORLD COMMUNITY HEALTH < WCHI> 4TH QTR LOSS LAKE FOREST, Calif., March 23 - Shr loss 15.23 dlrs vs profit 12 cts Net loss 124,634,000 vs profit 882,000 Revs 38.4 mln vs 41.0 mln Year Shr loss 15.46 dlrs vs profit 48 cts Net loss 126,434,000 vs profit 3,555,000 Revs 187.0 mln vs 133.2 mln Avg shrs 8,177,000 vs 7,450,000 Note: Current year results include charges related to closing or divestitures of facilities and other assets. Full name Westworld Community Healthcare Inc. Reuter
STRATUS COMPUTER INC < STRA.O> 3RD QTR NET MARLBORO, Mass., Oct 19 - Shr 26 cts vs 18 cts Net 5,281,000 vs 3,496,000 Revs 48.8 mln vs 32.1 mln Nine mths Shr 64 cts vs 51 cts Net 12.9 mln vs 9,822,000 Revs 129.0 mln vs 89.2 mln Reuter
BRITISH LAND OF AMERICA INC < BLA> YEAR MARCH 31 NEW YORK, June 1 - Shr loss 36 cts vs loss 57 cts Net loss 4,589,000 vs loss 7,339,000 Revs 19.9 mln vs 19.6 mln Avg shrs 14.7 mln vs 13.3 mln NOTE: Company is a subsidiary of < British Land Co PLC> Reuter
U.K. MONEY MARKET DEFICIT FORECAST AT 400 MLN STG LONDON, April 13 - The Bank of England said it forecast a shortage of around 400 mln stg in the money market today. Among the main factors affecting liquidity, bills maturing in official hands and the take-up of treasury bills will drain some 1.085 billion stg. Partly offsetting these outflows, a fall in note circulation will add some 340 mln stg, exchequer transactions around 300 mln and bankers' balances above target about 50 mln. REUTER
< OXOCO INC> YEAR LOSS HOUSTON, March 30 - Oper shr loss 6.68 dlrs vs loss 9.95 dlrs Oper net loss 53.9 mln vs loss 69.8 mln Revs 16.5 mln vs 33.2 mln Avg shrs 8,329,492 vs 7,271,668 NOTE: 1986 excludes loss 12.9 mln for discontinued compressor operations vs loss 14.9 mln year prior. 1986 excludes gain of 98.7 mln for extinguishment of debt from company's chapter 11 filing and subsequent reorganization. Reuter
SINGAPORE BANK CREDIT RISES IN JANUARY SINGAPORE, March 30 - Total loans and advances extended by banks in Singapore rose in January to 36.01 billion Singapore dlrs from 35.79 billion in December but fell from 36.93 billion a year ago, the Monetary Authority of Singapore said. It said the increase was concentrated in loans to the manufacturing and real estate sectors, while loans to the commerce sector declined. Deposits of non-bank customers also fell in January to 30.44 billion dlrs from 30.61 billion in December but rose from 28.33 billion in January, 1986. Total assets and liabilities of banks rose to 77.60 billion dlrs in January from 76.83 billion in the previous month and 69.45 billion a year ago. Assets and liabilities of finance companies fell to 6.87 billion dlrs from 6.95 billion and compared with 6.85 billion, respectively. Loans extended by finance companies rose to 4.77 billion dlrs from 4.74 billion in December and against 5.34 billion in January last year, while deposits placed with them dropped to 4.68 billion against 4.89 and 4.79 billion. REUTER
BP SAYS NO PLANS TO CLOSE SWEDISH REFINERY LONDON, April 2 - The British Petroleum Co Plc < BP.L> said it had no plans to close its refinery in Gothenburg, despite forecasts by a Swedish finance ministry committee that it might be planning such a move. The committee said the refinery's future looked bleak because the Swedish petroleum industry's competitiveness was expected to worsen unless it invested, and because of the effects of a possible tightening of rules on sulphur content. But BP said the unit, in which Sweden's < OK Petroleum AB> has a 22 pct stake, had performed well both technically and financially up to and including the first quarter of 1987. Current restrictions on sulphur emissions and known future plans for both Sweden and export markets did not cause it any serious problems, it said in a statement. The refinery started up in 1967 and has an annual capacity of 4.7 mln tonnes. REUTER
ATCOR < ATCO.O> SEEKS BUYERS FOR CONSUMER BUSINESS CHICAGO, June 1 - Atcor Inc said that Roth-American Inc, which had signed a letter of intent on May 1 to acquire its Turco and Charmglow operations of its consumer products segment, has decided against buying Charmglow. While Roth-American said it is still interested in acquiring Turco, Atcor said it is now reviewing its options with other potential buyers who have expressed interest in its consumer products businesses. Reuter
LIEBERT CORP < LIEB> APPROVES MERGER COLUMBUS, Ohio, Feb 26 - Liebert Corp said its shareholders approved the merger of a wholly-owned subsidiary of Emerson Electric Co < EMR>. Under the terms of the merger, each Liebert shareholder will receive .3322 shares of Emerson stock for each Liebert share. Reuter
GULF BOND, STOCK MARKETS LAG BEHIND, GIB SAYS BAHRAIN, March 1 - Gulf money markets have grown reasonably well during the past decade, but bond and stock markets remain to a large extent fragmented and lag behind, < Gulf International Bank BSC> (GIB) said. The bank's economist Henry Azzam said in a review of Gulf capital markets that investors have to relinquish traditional investment vehicles such as real estate, foreign currency bank accounts and precious metals. "Greater financial sophistication is needed coupled with more diversified capital market instruments and a change in the disclosure requirements on company accounts," he said. The GIB study reviewed capital markets under three categories -- money markets, stock and bond markets. Azzam said Gulf states had been making greater use of short-term money market instruments and banks in the region had floated various euronotes and underwriting facilities. "Nevertheless, bond and stock markets remain, to a large extent, fragmented and lagging behind," he said. Most debt in the region is still raised by syndicated loans and bank facilities and very few companies had made use of stock or bond issues. Only Kuwait has an official stock exchange, while other Gulf nations have yet to establish exchanges. But with dwindling financial surpluses in the Gulf, governments are actively pursuing ways to develop capital markets and set up domestic stock exchanges, Azzam said. He said recession stemming from sliding oil prices had "clearly had a negative impact on the development of capital markets in the region." In addition, family firms are reluctant to go public, financial awareness among investors is still lacking and investment analysis and corporate reporting standards lack depth. A sharp fall in share prices in the early 1980s prompted investors to hold on to shares hoping for an eventual recovery. Azzam said the absence of proper commercial law in some Gulf countries and authorities' apparent reluctance to adopt financial innovations had also hampered capital markets. He called for clearly defined laws governing incorporation of joint stock companies and the flotation of debt instruments. Azzam said capital market instruments should be made available to all citizens and institutions of Gulf Cooperation Council (GCC) states -- Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates (UAE). Some moves had been taken in this direction, with Bahrain allowing GCC nationals to own up to 25 pct of locally incorporated companies. Azzam said Gulf money markets had received greater depth from the introduction of treasury bill offerings in Bahrain and the expansion of securities repurchase regulations in Saudi Arabia. But he added there is "no bond market to speak of" in Saudi Arabia, Qatar, Oman or the UAE, with the last Saudi riyal denominated bond issued in 1978. While Bahrain plans an official stock exchange and trading in Saudi Arabia has picked up, establishment of formal exchanges in Qatar, Oman and the UAE does not appear imminent, Azzam said. REUTER
RAI RESEARCH CORP < RAC> 3RD QTR FEB 28 HAUPPAUGE, N.Y, April 9 - SHr one cts vs 14 cts Net 17,806 vs 328,290 Revs 1.3 mln vs 2.2 mln Nine months Shr 27 cts vs 26 cts Net 640,156 vs 622,251 Revs 5.6 mln vs 5.6 mln NOTE:1986 net includes loss of 49,040 in nine months from discontinued and gain of 15,598 dlrs in 3rd qtr. Reuter
INTERNCHANGE FINANCIAL SERVICES < ISBJ> PAYOUT UP SADDLE BROOK, N.J., March 2 - Qtly div 10 cts vs 8-1/3 cts prior Pay April 21 Record March 20 NOTE: Interchange Financial Services Corp. Reuter
NEW YORK STATE ELECTRIC/GAS CORP < NGE> 3RD QTR BINGHAMTON, N.Y., Oct 20 - Oper shr 71 cts vs 78 cts Oper net 42.9 mln vs 46.6 mln Revs 294.0 mln vs 274.9 mln Avg shrs 55.5 mln vs 54.0 mln Nine mths Oper shr 2.88 dlrs vs 3.07 dlrs Oper net 169.2 mln vs 181.5 mln Revs 993.4 mln vs 961.4 mln Avg shrs 55.2 mln vs 54.0 mln 12 mths Oper shr 3.67 dlrs vs 3.76 dlrs Oper net 216.2 mln vs 224.4 mln Revs 1.31 billion vs 1.26 billion Avg shrs 54.9 mln vs 53.9 mln NOTE: 1987 nine month and 12 month operating net excludes charges of 269 mln dlrs and 25 mln dlrs reflecting disallowed costs of utility's 18 pct share of Nine Mile Point Number two nuclear power plant and the abandoned Jamesport nuclear project, respectively. The charges resulted in nine month share loss of 2.44 dlrs and 12 month share loss of 1.68 dlrs. Reuter
INFO-DATA TO ACQUIRE USA OUTDOOR ADVERTISING DEERFIELD BEACH, Fla., June 1 - < Info-Data Inc> said it will acquire < USA Outdoor Advertising Inc> of Jacksonville, Fla., in exchange for stock. USA Outdoor Advertising was acquired for 62.4 pct of the outstanding shares of Info-Data Inc, the company said. Info-Data said it plans to change its name to USA Outdoor Advertising Inc to reflect the change in the company's operations. Reuter
VISTA CHEMICAL < VC> SEES YEAR NET HIGHER NEW YORK, March 18 - Vista Chemical co said it expects earnings for the year ending September 30 to be up substantially, but extensive planned downtime at two of its plants is expected to affect third quarter results. It said it is looking at a number of financial options for increasing shareholder value but did not elaborate. The company earned 30.2 mln dlrs or 1.66 dlrs per share before an extraordinary item in fiscal 1986. Vista said sales for the year are expected to be "comparable" to fiscal 1986's 550.1 mln dlrs. Reuter
U.S. IMMIGRATION RULES SPARK CONGRESS OBJECTIONS WASHINGTON, April 7 - New immigration rules relating to alien farm workers and reportedly being drafted by the U.S. Agriculture Department are meeting with objections in Congress, sources on Capitol Hill said. USDA is drafting regulations, required by a 1986 law, that would offer amnesty to illegal aliens if they worked in the cultivation of fruits, vegetables and other perishable commodities. The department is considering including in its definition of perishable commodities such farm products as tobacco, hops, Spanish reeds and Christmas trees, while excluding sugar cane, the New York Times reported yesterday. Rep. Howard Berman, D-Calif., would like to see the definition extended to include sugar cane, cultivation of which is "a breeding ground for one of the scandals of the nation," Gene Smith, a spokesman for Berman, said. Livestock, dairy and poultry producers have been lobbying USDA hard to have their products covered by the amnesty provision, farm industry sources said. Chuck Fields of the American Farm Bureau Federation said livestock producers were "desperate" because they fear they will be unable to retain the many illegal aliens who have joined that industry. A House staff member involved in drafting the landmark 1986 immigration law who asked not to be identified said Congress did not mean to extend special amnesty provisions to workers who helped cultivate tobacco, and that inclusion of hops and Spanish reeds was "marginal." In addition, lawmakers made it clear during consideration of the bill that lumber workers were not to be covered by the the amnesty provisions, making the inclusion of Christmas trees "a tough call," this source said. USDA officials declined to comment on the draft regulation except to say it was subject to change before it will be released, probably some time later this month. While lawmakers may object to the USDA rule under consideration relating to perishable commodities, Congress is not likely to reopen debate on the controversial immigration question, congressional sources said. The amnesty provision specially designed for farm workers was crucial to passage of the overall immigration bill. Congressional staff members estimate the special farm worker amnesty provision would apply to between 250,000 to 350,000 aliens. The law would allow eligible farm workers who worked for 90 days during the year ending May 1, 1986, to apply for temporary, then permanent, resident status. Reuter
HAWAIIAN ELECTRIC < HE> TO BUY HAWAIIAN INSURANCE LOS ANGELES, April 9 - Hawaiian Electric Industries said it has entered a letter of intent to buy the Hawaiian Insurance Companies. The transaction is subject to a definitive agreement, and government and board approvals. The Hawaiian Insurance Companies ad assets at the end of 1986 of 137.4 mln dlrs and earned premiums of 46.1 mln dlrs. Hawaiian Electric said it plans to operate the comapny, which has 226 employees, with current management. Reuter
COURT PUTS INJUNCTION ON DUTCH PORT REDUNDANCIES ROTTERDAM, March 13 - Employers in Rotterdam port's strike-hit general cargo sector have been served with an injunction until May 7 preventing them from continuing with plans for 350 redundancies this year, an employers' organisation spokesman said. An Amsterdam court yesterday ruled there had been a legal fault in the employers' redundancy procedure. The employers' spokesman said they were likely to restart the redundancy procedure afresh next week in an attempt to pre-empt the May 7 final court ruling. Port and transport union representative Paul Rosenmuller described the court ruling as a victory for the union, but added there was still a long way to go before the dispute that has hit the general cargo sector for the past eight weeks was resolved. Rosenmuller said there would be a meeting of the sector's 4,000 workers this afternoon to decide on further action in the campaign of lightning strikes that began on January 19 in protest at planned redundancies of 800, starting with 350 this year. The employers said there were no immediate plans for meetings with the union either on the proposed redundancies or on a new work practice agreement in the sector. Meanwhile, discussions on a new work agreement in the port's grain sector, due to resume next week, are stalemated, although agreement could be close in the coal and ore sector, the employers' spokesman added. Reuter
COMPUTER TERMINAL SYSTEMS < CPML> COMPLETES SALE COMMACK, N.Y., Feb 26 - 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. Reuter
LIFESTYLE < LIF>, BOMBAY AMEND MERGER AGREEMENT NEW YORK, March 18 - Lifestyle Restaurants Inc said it reduced the number of Bombay Palace Restaurants inc common shares to be received in its previously announced merger agreement. Under the amended deal, Lifestyle shareholders will get one Bombay share for each six instead of five Lifestyle shares. Under the amended offer, Bombay will issue about 900,000 shares, currently 7.2 mln dlrs. The amendment also increases the cash consideration to be offered on Lifestyle's 13 pct convertible subordinated debentures from 55 pct of the principal amount to 57.5 pct. Reuter
ELCOR < ELK> UPS QTLY DIV, SETS STOCK SPLIT MIDLAND, Texas, March 31 - Elcor Corp said it raised its quarterly common stock dividend to 11 cts a share from nine cts and declared a two-for-one common stock split. The company said the increased dividend will be paid on May 13 to shareholders of record April 16. The stock split, Elcor said, will paid in the form of a 100 pct stock dividend on May 28 to shareholders of record may 14. Reuter
TALKING POINT/BORG-WARNER CORP < BOR> By Patti Domm, Reuters New York, March 31 - Borg-Warner Corp will vigorously resist GAF Corp's 46-dlr-per-share takeover offer, but the Midwest conglomerate may fall prey to another offer, either from GAF or its own management, analysts believe. Analysts also said Borg-Warner may attempt to escape GAF through a restructuring. The speculation pushed Borg-Warner's stock up 1-3/8 to 48-1/2 in heavy trading. Analysts predicted feisty GAF Chairman Samuel Heyman will stage a tough campaign to gain control of Borg-Warner so he can add its profitable plastics and chemical business to GAF. "It seems from at least their dealing with (raider Irwin) Jacobs that they don't want to be taken over. The question is now do they acquiesce to GAF. I think instinctively, they want to remain independent," said Dudley Heer of Duff and Phelps. Borg-Warner has been under siege by takeover speculation for almost a year. Last week, Jacobs' investment vehicle, Minstar Inc, and an investor group sold its 10.1 mln Borg-Warner shares. The same day, GAF Corp raised its stake by 9.1 mln shares to 19.9 pct of the outstanding. Jacobs was interested in buying the company, but took no steps toward a transaction. "Their (Borg-Warner) policy has been to stonewall them for the last nine months. It's been one of the dullest corporate battles I've seen," said one analyst. The battle, however, has heated up, and the range of breakup values on Wall Street span from the current market price to almost 60 dlrs per share. Most analysts said they think a price in the low 50s would be appropriate. Arbitragers speculate that GAF will not give up easily on its 3.16 billion dlr offer to buy the balance of Borg-Warner. Analysts who know GAF predict Heyman will either end up with Borg-Warner or enrich his chemicals and building materials company in some other way. Heyman two years ago attempted an unsuccessful takeover of Union Carbide Corp, but GAF benefited from that company's restructuring. "Borg Warner can't quibble that it's not a legitimate offer. It seems to me the short of it is Borg Warner is kind of between a rock and a hard place. They either have to accept a 46 dlr proposal or perhaps work a deal where it's sweetened. I personally think the company is (worth) around 55 dlrs per share," said Pershing analyst Richard Henderson. Henderson also speculated the company might attempt a restructuring such as the one carried out by Goodyear Tire and Rubber Co last year when it was being courted by Sir James Goldsmith. The company bought back the financier's stock and carried out a wider share repurchase. Arbitragers, however, said they do not believe Heyman is seeking "greenmail," or the repurchase of his stock by the company at a premium. Analysts noted that Heyman seems to have no problems with financing the transaction. Previously associated with "junk bond" experts, Drexel Burnham Lambert Inc, GAf said it would finance its Borg-Warner takeover with bank financing. GAF said it would make a tender offer following a merger agreement approved by the Borg-WArner board and conditioned on the board's recommendation of the tender offer and merger. Heyman said in a letter to Borg-Warner that he expects a merger would provide job security for Borg-Warner employees since the two companies businesses overlap. Analysts, however, believe Heyman would sell off assets he did not want to repay debt from the transaction. GAF's stock rose 1-5/8 today, to 48-5/8. "I believe, obviously, if GAF takes over Borg-Warner at the level it is proposing it would enhance GAF share values substantially," said Oppenheimer analyst Charles Rose. He said at 46 dlrs per share, Heyman's average cost for the company's stock would be 44 dlrs per share based on GAF's current holdings. Rose said the Borg-Warner plastics and chemical business, which makes thermo-plastics is the asset attracting Heyman. Analysts said it accounts for a third of Borg's earnings. The plastics are used in telephone equipment, office equipment and appliances. "Borg has half the market in the U.S. and is the leading technical player and the leading innovator," Rose said. Its competitors are Dow Chemical Co < DOW> and Monsanto Corp < MTC>, he said. Borg-Warner also has an automotive parts business, and a protective systems business, which includes Wells Fargo security guards. It also has an information services business, and is trying to sell its financial services business. Borg-Warner earned 206.1 mln dlrs or 2.35 dlrs per share on revenues of 3.62 billion dlrs in 1986. Smaller GAF, in 1986, earned on an operating basis 80.7 mln dlrs or 2.22 dlrs per share on sales of 753.8 mln dlrs. GAF's net earnings included an after tax gain of 201.4 mln from its participation in a Union Carbide exchange offer, a special union carbide dividend, and the sale of its Union Carbide shares. Reuter
NODAWAY VALLEY CO < NVCO> 4TH QTR JAN 31 NET CLARINDA, Ia., March 31 - Shr 16 cts vs 23 cts Net 385,747 vs 549,928 Revs 10.5 mln vs 9,037,596 Year Shr 40 cts vs 58 cts Net 946,024 vs 1,352,709 Revs 36.2 mln vs 30.6 mln Reuter
INVESTMENT CRUCIAL TO U.S. TEXTILE RECOVERY WASHINGTON, June 2 - With more private investment, not more protection, the U.S. textile industry could become competitive with the most modern foreign producers, analysts from two congressional agencies said today. The Office of Technology Assessment, a nonpartisan arm of Congress told a House Ways and Means Trade Subcommittee hearing there was still concern for the future of parts of the U.S. textile and apparel industry, but there was more reason for optimism than a few years ago. "While textile producers are making significant investments, they could do more," OTA analyst Henry Kelly said. The Congressional Budget Office (CBO), the nonpartisan budget analysis arm of Congress, said federal loans or loan guarantees would be preferable options for Congress rather than increased trade protection which could lead to foreign retaliation. CBO analyst Edward Gramlich said past trade protections, first imposed in the 1950's have had only a small benefit for profits and investments of domestic firms. Trade Subcommittee chairman, Rep. Sam Gibbons, said the agencies analyses seemed to agree with his opinion against congressional approval of protectionist textile quota legislation aimed mainly at Western Europe, Japan and other Asian textile producing countries. President Reagan last year vetoed a textile protection bill but it was reintroduced in this session of Congress and is expected to be voted on in the House this year. However, approval this year is in doubt because passage of a major trade bill without specific protections for textiles showed a weakening of support for the legislation. Most U.S. producers have fallen behind other foreign producers in the use of modern textile and apparel production equipment and net imports are growing faster than the domestic markets, Kelly said. He added that private investment in the textile and clothing industry in 1983 of 0.5 pct was less than one-seventh the average manufacturing investment of 3.9 pct. Despite existing import quotas and tariffs, imports of textiles grew 26 pct in 1986 and imports of apparel grew 14 pct while U.S. production rose only 1.9 pct. "The traditional industry seems destined to be replaced by new technology, imports, or some combination of both. While the industry may not be able to compete in all domestic markets that it enjoyed twenty years ago, the results of our research indicate that portions of the domestic market can be recovered, and that exports can be expanded," Kelly said. Reuter
HIGHLAND SUPERSTORES INC < HIGH> 4TH QTR NET TAYLOR, MICH., April 9 - Period ended Jan 31 Shr 38 cts vs 61 cts Net 7,012,000 vs 11,193,000 Revs 223.0 mln vs 200.3 mln Year Shr 1.11 dlrs vs 1.36 dlrs Net 20,214,000 vs 23,602,000 Revs 656.5 mln vs 520.5 mln Avg shrs 18,257,631 vs 17,376,480 Reuter
JUSTIN INDUSTRIES INC < JSTN> SETS DIVIDEND FORT WORTH, March 20 - Qtly div 10 cts vs 10 cts prior Pay April 10 Record March 27 Reuter
RESTAURANT ASSOCIATES < RA.A> SETS 1ST QTR GAIN NEW YORK, March 27 - Restaurant Associates Industries Inc said it expects to record a pretax gain of 3.3 mln dlrs in the first quarter from the sale and lease of real estate. The company said it received a 2.5 mln dlrs partial payment in connection with the sale of property in Manhattan and an additional one mln dlrs for early termination of the lease for its headquarters, which was relocated in February. The outstanding balance of about 8.5 mln dlrs on the sale of the property will be paid at closing scheduled for Sept 28, 1987, it said. In the first quarter ended March 31, 1986, Restaurant Associates reported net income of 313,000 dlrs or seven cts a share on sales of 40.8 mln dlrs. Reuter
HONEYWELL < HON> CITES COST CUTTING FOR GAIN MINNEAPOLIS, MINN., April 13 - Honeywell Inc said a gain of 20.1 pct in its 1987 first quarter operating earnings was the result of cost cutting efforts which began last year. Honeywell reported 1987 first quarter operating earnings rose to 43.7 mln dlrs or 96 cts a share from 36.4 mln dlrs or 79 cts in the same period a year ago. Better operating results in each of the company's three sectors offset higher interest costs in the first quarter due to financing the December acquisition of Sperry Aerospace and the sharing of the Federal Systems subsidiary pre-tax profit with Honeywell Bull Inc, Honeywell said. "Our first quarter results show clear benefits of our restructuring," chairman Edson Spencer said. "All of our businesses are producing better results than last year, even though we do not see significant improvement in the external market environment," he said. Total orders in the first quarter were up substantially, with a sharp increase in aerospace and defense orders in addition to those of the new Sperry Aerospace group, it said. Domestic industrial automation and control orders were modestly higher than the same period in 1986, it said. Orders in Honeywell's home and building automation and control business were flat in the U.S. and up in international markets, it said. International orders increased, with the greatest strength in Europe, Honeywell said. The company said that by year-end 1987, it intends to complete the repurchase of 3.3 mln shares remaining of a five mln share buyback program which began in 1986. Reuter
CONCORD FABRICS INC < CIS> 3RD QTR OPER NET NEW YORK, June 29 - Period ended May 31 Oper shr 31 cts vs 29 cts Oper net 552,035 vs 525,729 Sales 36.7 mln vs 29.1 mln Nine mths Oper shr 1.08 dlrs vs 1.04 dlrs Oper net 1,931,488 vs 1,864,075 Sales 104.9 mln vs 87.6 mln NOTE: 1986 period ended June One NOTE: Earnings exclude gain on disposal of discontinued operations of 162,000 dlrs, or nine cts a share vs loss of 585,175 dlrs, or 33 cts a share in the quarter and a gain of 432,000 dlrs, or 24 cts a share vs a loss of 585,175 dlrs, or 33 cts a share for the nine months 1986 earnings exclude losses from discontinued operations of 111,024 dlrs, or six cts a share in the quarter and 237,773 dlrs, or 13 cts a share for the nine months Reuter
ROCHESTER GAS AND ELECTRIC CORP < RGS> IN PAYOUT ROCHESTER, N.Y., March 18 - Qtly div 55 cts vs 55 cts prior Pay April 25 Record March 31 Reuter
FILTERTEK INC < FTK> SETS QUARTERLY HEBRON, Ill., March 13 - Qtly div 11 cts vs 11 cts prior Pay May 15 Record May One Reuter
BECOR WESTERN < BCW> TALKS TO FOURTH BIDDER SOUTH MILWAUKEE, Wis., June 18 - Becor Western Inc said it is talking with a possible fourth bidder for the company. The company also said Lynch Corp < LGL> has renewed its offer for Becor which was withdrawn last week. Talks with the possible bidder are expected to be concluded shortly, Becor said, adding its board will evaluate all then existing offers at that time. In the meantime, the company said, it plans today to adjourn further its meeting of stockholders to June 30. That meeting was called to act on a merger agreement calling for a buyout by BCW Acquisitions Inc. The third identified Becor suitor is < Davis Mining and Manufacturing Inc>. In Fairfield, N.J., Lynch said its latest proposal calls Lynch to own 75 pct of Becor's stock and Becor holders to retain the other 25 pct. Peviously, Lynch would have held about 25 pct, with Becor holders receiving 25 pct and Becor management about half. Lynch said the proposal was changed because it believes Becor's management "needs more guidance in terms of financial structuring. Reuter
U.S. BUSINESS LOANS RISE 377 MLN DLRS WASHINGTON, March 13 - Business loans on the books of major U.S. banks, excluding acceptances, rose 377 mln dlrs to 279.085 billion dlrs in the week ended March 4, the Federal Reserve Board said. The Fed said that business loans including acceptances increased 484 mln dlrs to 281.546 billion dlrs. Reuter
ITALIAN 1987 GDP GROWTH FORECAST AT THREE PCT MILAN, March 27 - Italy's gross domestic product (GDP) will grow three pct in real terms this year and 2.7 pct in 1988, said economic information company Data Resources Europe Inc (DRI). Michel Girardin, DRI Europe's senior economist, said at a conference that Italian GDP growth this year "will be mainly driven by consumption and especially investment." Girardin said the driving force behind GDP growth next year will shift from domestic demand to exports as a result of expected depreciation of the lira against the major currencies. Italy's budget ministry said yesterday that GDP rose 2.7 pct in real terms in 1986. DRI forecast that inflation, which was an average 6.3 pct in 1986, will be under five pct this year and that interest rates should drop two pct. Girardin said the lira is expected to appreciate 14 pct against the dollar this year following last year's 22 pct appreciation. An expected German mark appreciation against the dollar means that the lira should lose about six pct of its value relative to the German currency, he said. DRI estimates that foreign demand for Italian products should grow by a 3.2 pct this year following last year's 6.2 pct increase. REUTER
ASBESTEC TO BUY CONTRACTOR, RECEIVES CONTRACT PENNSAUKEN, N.J., March 4 - < Asbestec Industries Inc> said it signed a letter of intent to buy asbestos abatement contractor < P.W. Stephens> for three mln dlrs in cash, stock and notes. The transaction is expected to be completed early in the third quarter of its fiscal year ending September 30, 1987. Asbestec also said it expects to sign March six a 900,000 dlr contract to remove asbestos from a major apartment complex in Washington, D.C. The project is scheduled to begin on March nine. Reuter
ALMI GROUP ACQUIRES INTEREST IN CLEARVIEW BAKING NEW YORK, June 29 - < ALMI Group L.P.> said its co-chairmen, Michael Landes and Albert Schwartz, and its vice chairman, Michael Spiegler, have acquired a 50 pct equity interest in < Clearview Baking Corp> for undisclosed terms. A. Dale Mayo, Clearview's president and chief executive officer, will retain a 50 pct interest in the company, ALMI Group said. Reuter
ARMTEK < ARM> SELLS TIRE, TRUCK TIRE BUSINESS NEW HAVEN, March 5 - Armtek Corp, formerly known as Armstrong Rubber Co, said it signed agreements with < Condere Corp> for the sale of its Natchez, Miss. tire plant and its S and A Truck Tire Sales and Services Corp. Terms were not disclosed. Armtek spokesman John Sievers said S and A is a 50 mln dlr business. Earlier this week, Armtek announced the sale of its industrial tire and assembly business division to Dyneer Corp of Scotsdale, Ariz. Cash proceeds from both sales will be used to reduce outstanding debt. Under a long term supply agreement with Condere, it is anticipated that truck tires produced at the Natchez plant will be supplied to the Armstrong Tire Co, an Armtek operating company, the company said. The closing is scheduled to be concluded by March 31, it said. Reuter
PHOTRONICS CORP < PHOT> YEAR FEB 28 NET HAUPPAUGE, N.Y., April 7 - Shr 64 cts vs 38 cts Net 1,062,000 vs 585,000 Sales 13.6 mln vs 9,262,000 Reuter
METROBANC < MTBC> SHAREHOLDERS APPROVE MERGER GRAND RAPIDS, Mich., March 25 - Metrobanc, a federal savings bank, said its shareholders approved the previously announced merger with Comerica Inc < CMCA>, a bank holding company. Metrobanc said the merger is still subject to regulatory approval. Reuter
PENNSYLVANIA ENTERPRISES < PENT.O> BID STANDS WILKES-BARRE, Pa., June 1 - Utilities Investment Inc said it still is offering to acquire Pennsylvania Enterprises Inc for 55 dlrs per share. It said it is prepared to negotiate its offer. The Pennsylvania Enterprises board rejected the offer two weeks ago as being inadequate. Utilities said it has the financial commitments required to ensure that Pennsylvania Enterprises' facilities would be upgraded to insure an adequate supply of safe drinking water. It said its representatives will be attending Pennsylvania Enterprises' annual meeting tomorrow in Wilkes-Barre, Pa. Reuter
LIBYA REPORTEDLY BOUGHT WHITE SUGAR ****LONDON, March 26 - Libya is reported to have recently bought two cargoes of white sugar from operators at around 229/230 dlrs a tonne cost and freight, traders said. The shipment period required was not specified. Reuter
GOLDEN NUGGET INC < GNG> 4TH QTR LOSS LAS VEGAS, March 16 - Oper shr loss 20 cts vs loss 19 cts Oper net loss 7,001,000 vs loss 6,761,000 Revs 93.0 mln vs 90.6 mln Avg shrs 35.2 mln vs 34.8 mln Year Oper shr profit 10 cts vs profit 65 cts Oper net profit 3,419,000 vs profit 22.6 mln Revs 381.7 mln vs 385.0 mln Avg shrs 33.8 mln vs 34.9 mln NOTE: Net excludes debt retirement gain 2,001,000 dlrs vs loss 316,000 dlrs in quarter and losses 15.9 mln dlrs vs 1,714,000 dlrs in year. 1986 net includes tax crdits of 2,942,000 dlrs in quarter and 2,729,000 dlrs in year. Reuter
OIL PRICES SAID NOW BASED ON FUTURES PRICE SAN ANTONIO, TEXAS, March 31 - Energy futures now set the standard for oil pricing, said Arnold Safer, president of The Energy Futures Group Inc, a consulting firm. "Petroleum futures trading at the New York Mercantile Exchange literally set spot market prices in the U.S.," he said, adding that some oil products sellers now offer contracts based on a daily average of NYMEX prices. He also said that petroleum futures are a major market for oil companies as well as for commodity traders. His remarks were made at the National Petroleum Refiners Association. Reuter
AFG INDUSTRIES INC < AFG> QUARTERLY DIVIDEND IRVINE, Calif., Feb 26 - Qtly div four cts vs four cts Pay April 3 Record March 23 Reuter
BOLIDEN TAKES OVER ALLIS-CHALMERS DIVISION STOCKHOLM, April 1 - Swedish mining and metals group Boliden AB < BLDS ST> said it would buy the mining equipment operations of the U.S. Allis-Chalmers Corp < AH.O>, amounting to more than 50 pct of group sales, for 600 mln crowns. Boliden president Kjell Nilsson told a news conference the acquisition of the Allis-Chalmers unit, which he described as the world's leading producer of equipment for the mineral processing industry, would yield positive synergy effects for Boliden mining, metals and engineering operations. Nilsson said the takeover also will provide opportunities to cooperate with the mining and materials handling operations of Boliden's parent company, < Trelleborg AB>. He said Allis-Chalmers was selling out because it needed new cash after suffering big losses in its farm equipment operation. The deal is subject to approval by Allis-Chalmers' annual meeting, company officials said. REUTER
UGANDA RE-ROUTES COFFEE EXPORTS THROUGH KISUMU NAIROBI, March 13 - Long delays at the railway crossing on the Kenyan border have led Uganda to re-route its coffee exports through a ferry link with the Kenyan port of Kisumu across Lake Victoria, Ugandan officials based in Kenya said. Uganda has a direct rail link with the Kenyan port of Mombasa through which it conducts 70 pct of its external trade but there is a chronic shortage of railway wagons, they said. Customs at Kisumu take less than a day compared with two to three at the Malaba rail border crossing, a Ugandan Railways official said. "Malaba is now handling only 10 pct of the trade and all the coffee and oil goes through Kisumu," he said. However, an accident recently damaged the wagon ferry which plies between Kisumu and the Ugandan port of Jinja, causing bottlenecks on the lake route too. Sources at the Coffee Marketing Board in Kampala reported delays in coffee export shipments last January due to congestion on the lake ferries. Coffee accounts for about 95 pct of Uganda's export earnings and last November President Yoweri Museveni ordered all coffee shipments to be carried by rail in order to avoid the higher costs of road haulage. Reuter
ALDERSHOT AGREES TO ACQUIRE INTRACOASTAL REFINING Calgary, Alberta, March 16 - Aldershot Resources Ltd said it signed an interim agreement to acquire 100 pct of the outstanding shares of Intracoastal Refining Inc of Conroe, Texas. Aldershot will pay a certain number of shares of common stock based on book value, and up to a maximum of one mln shares under a formula linked to the next five years' pre-tax net revenues. The transaction is subject to completion of a definitive agreement and to regulatory approval. Reuter
THERMO ELECTRON < TMO> CONSIDERS UNIT STAKE SALE WALTHAM, Mass., March 16 - Thermo Electron Corp said it has entered into talks with underwriters on the possible public sale of a minority interest in its packaged cogeneration systems subsidiary, Tecogen Inc. The company also said it plans to offer convertible subordinated debentures publicly. It gave no further details. Reuter
SOUTHERN < SO> TO TAKE CHARGE ON VOGTLE COST ATLANTA, March 9 - Southern Co said it will take an after-tax charge of 226 mln dlrs against earnings no later than January 1988 because the projected cost of the Vogtle nuclear power plant has risen abover the amount which retail customers in Georgia will be asked to pay. The company's largest subsidiary, Georgia Power Co, said the budget for the plant has increased by 6.3 pct, or 522 mln dlrs, to 8.87 billion. However, because of a pledge the made last year to Georgia's Public Service Commission, the increased cost will not be included in the utility's retail electric rates. Geogia Power also said its board has delayed the scheduled completion of Vogtle's Unit Two to June 1989 from September 1988. Unit Two is about 60 pct complete, it added. The utility said fuel loading has been completed at Unit One and the unit is being put through a series of low-power tests before the Nuclear Regulatory Commission is asked for a full-power license. The nuclear power plant, located near Waynesboro, Ga., is co-owned by < Oglethorpe Power Corp>, the Municipal Electric Authority of Georgia and the city of Dalton. Georgia Power said the revised Vogtle budget estimate was due to several factors, including additional labor costs incurred to keep the plant's first unit on schedule for commercial operation by June. The new figure represents the first change in the plant's budget since August 1985, when it was estimated at 8.35 billion dlrs. In March 1986, the utility told Georgia regulators it would "cap" the price of Vogtle its customers would be asked to pay at 3.56 billion dlrs, the company's share of the then projected 8.35 billion dlr total. Under the new budget, Georgia Power said, its share amounts to 3.87 billion dlrs. Noting that Georgia Power's share of the Vogtle increase is 313 mln dlrs, Southern said this will result in a charge against earnings of 177 mln dlrs after taxes. In addition, the company said, Georgia Power's contracts with the joint owners require the utility to buy back significant amounts of Vogtle capacity during the plant's initial years of operation. Under terms of the cap on costs, it will not attempt to recover the portion of the budget increase that applies to the buybacks. This bings the total amount that must be charged against earnings to 2326 mln dlrs after taxes, Southern said. Southern said new rules of the Financial Accounting Standards Board, which are effective in January 1988, require any costs that are determined nonrecoverable to be charged against earnings once that determination is made. The company also said its board has approved a capital budget of 2.1 billion dlrs in 1987, including work on the Vogtle project. It said a 5.9 billion dlr capita budget for the three-year period 1987-1989 was also outlined at the board meeting, noting this is 700 mln dlrs below the comparable figure for the years 1986-1988. Reuter
****** CPC INTERNATIONAL TO SELL STAKES IN ASIAN UNITS FOR 340 MLN DLRS TO AJINOMOTO
BANK OF NEW YORK REAFFIRMS TERMS FOR IRVING < V> NEW YORK, Oct 20 - The Bank of New York Corp < BK> said it reaffirmed the terms of its offer for Irving Bank Corp despite the drop in the Bank of New York's share price to 30-1/8, a Bank of New York spokesman said. "The offer still stands, we have not changed our offer," a Bank of New York spokesman said. Irving would not comment on how the drop in the market affects its position on the bid or whether it would buy back any of its own shares. Earlier this month, Irving rejected the bid as inadequate and said it wanted to retain its independence. In late September, Bank of New York offered 80 dlrs per share in cash for 47.4 pct of Irving. For the remaining 52.6 pct, it offered an exchange of 1.9 shares of its shares for one Irving share. At that time, the stock purchase portion was worth close to 80 dlrs per share, but now that portion is worth 53 dlrs per share for a net price of 68 dlrs, one analyst said. According to the prospectus offer, shareholders may tender for all cash or all shares on a first come, first serve basis. Analysts were mixed about how the stock price drop would affect the acquisition. "If it gets to the Irving shareholders, they would approve it, but Irving hopes the offer won't go to the shareholders," said Mark Alpert, banking analyst with Bear Stearns Cos Inc. "And the market is saying the deal won't go through," Alpert said. "The transaction looks highly unlikely to be completed at present. If Irving wouldn't go with the offer at 80 dlrs a share, then they won't go at a lower price," another analyst said. The analyst also doubted that Bank of New York could afford to retain its original offer. However, industry sources were more uncertain about prospects for the deal. "With Irving's price so low, Bank of New York's offer will look good to Irving shareholders," said Michael Flores, a consultant at Bank Earnings International, a consulting firm. The drop of Irving's share to 44 dlrs per share, which is about a 26 dlr drop from the beginning of last week, increases the chance that Bank of New York will succeed, Flores said. Analysts said that the drop in bank stock prices is likely to depress the level of mergers and acquisition in the banking industry. "Bank takeovers are less likely because banks can't use their own stock to make acquisitions because their share price is too depressed," Alpert said. Since only banks can buy another bank, the only other possible acquirors would be a foreign bank, Alpert said. "In the market drop the stock of acquirors got clobbered more than the acquirees," another analyst said. Reuter
PHOTRONIC LABS INC < PLAB> 1ST QTR JAN 31 NET BROOKFIELD CENTER, Conn., March 20 - Shr 10 cts vs seven cts Net 249,143 vs 175,476 Sales 3,034,010 vs 2,745,288 Reuter
DYNAMIC HOMES INC < DYHM> 4TH QTR NET DETROIT LAKES, Minn., March 23 - Shr nil vs loss two cts Net profit 2,900 vs loss 43,500 Revs 1,660,300 vs 950,000 12 mths Shr loss 30 cts vs loss 37 cts Net loss 578,900 vs loss 713,300 Revs 5,112,100 vs 3,659,600 Reuter
< MARK RESOURCES INC> YEAR LOSS CALGARY, Alberta, March 3 - 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 Reuter
LINCOLN NATIONAL CORP < LNC> SETS QUARTERLY FORT WAYNE, Ind., March 12 - Qtly div 54 cts vs 54 cts prior Pay May One Record April 10 Reuter
BANK OF JAPAN BUYS SMALL QUANTITY DOLLARS -DEALERS TOKYO, March 26 - The Bank of Japan was thought to have bought a small amount of dollars at around 149.30/40 yen, dealers said. The dollar fluctuated marginally after the small-scale intervention, believed to total several tens of mlns of dlrs, they said. Large-scale buying by foreign banks or by a life insurance company earlier pushed the dollar upwards, they said. Trading was not very active and dealers were watching for further central bank intervention to smooth out any sharp movements, but underlying dollar sentiment is still bearish. REUTER
DIVISION SEEN ON HOW TO HELP U.S. OIL INDUSTRY By TED d'AFFLISIO, Reuters NEW YORK, March 18 - The U.S. Congress and the oil industry are deeply divided on ways the government should assist the industry, hurt by the sharp fall in oil prices, and the subsequent growth in oil imports, industry analysts said. "The industry is deeply divided between those who support an oil tariff and those who believe tax incentives are better," said Daniel Yergin, director of Cambridge Energy Research Associates, which recently completed a survey of the U.S. Congress on energy issues. Yergin said he saw mounting support within Congress for tax incentives rather than an oil tariff or import fee. Today U.S. Energy Secretary John Herington said he will propose tax incentives to increase edomestic oil and natural gas exploration and production to the Reagan Administration for consideration. White House spokesman Marlin Fitzwater said the proposal would be reviewed. Herrington said, "I would like to shoot for one mln barrels a day (addition) to U.S. production." U.S. oil output was off to 8.4 mln bpd in the week of March 13, down six pct from last year, the American Petroleum Institute said. Oil industry analysts have forecast oil prices to average about 18 dlrs a barrel for the year and many believe that a move above that level will be unlikey for the near term. Paul Mlotok, oil analyst for Salomon Brothers Inc said that "even with the rise in prices for the last week or two we've only altered our average price scenerio to about 17.50 dlrs for the year." Analysts said that at that price renewed drilling and exploration to reverse the decline in U.S. crude oil output will not take place as the companies are waiting for stable prices over 20 dlrs to renew exploration. John Lichtblau, president of the Petroleum Industry Research Foundation Inc in New york in recent testimony to Congress said "The continuing decline in U.S. oil production is virtually inevitable under any realistic price scenario. But the future rate of decline is very much a function of world oil prices and U.S. government policy." Lichtbalu said that tax breaks could be used to raise oil production but would only work over time. "Lowering the producing industry's tax burden would probably be a slower stimulant (to output) than a price increase but would not raise energy costs." Lichtblau said. But the small independent oil companies who do much of the drilling in the U.S. are looking for the more immediate relief which could be brought on by an oil import fee. Ronald Tappmeyer, president of the International Association of Drilling Contractors, said, "The members of our trade asssociation are convinced that only a variable oil import fee that sets a minimum price trigger can protect our nation." The association represents some 1,300 drilling and oil service companies. The CERA survey of Congress shows that the oil import fee will face a stiff uphill battle. Yergin said that the poll which was conducted in January by a former Congressman, Orval Hansen, showed support for the oil import fee from 22 pct of the Congressmen surveyed largely as a means of protecting the domestic petroleum industry. At the same time 48 pct of the Congressmen surveyed opposed the fee with the respondents saying the tariff would hurt consumers and some regional interests. But 80 pct of the sample said support for a fee could grow if production continued to fall and imports to rise. Yergin said that imports above 50 pct of U.S. requirements "is a critical, symbolic level. If they (imports) move above that level, a fee may not be legislated but there will certainly be pressure for some form of action." But Lichtblau, in a telephone interview, said, "a 50 pct rate of import dependency is not likely to happen before 1990. In 1986 U.S. oil imports rose to 33 pct of u.s. energy requirements and shopuld be about 34 pct in 1987, he added. Reuter
UNITED TECH < UTX> SEES NO EARNINGS IMPACT HARTFORD, Conn., April 8 - United Technologies Corp said the decision by an international consortium not to develop a new engine would have no impact on 1987 or 1988 earnings. < International Aero Engines>, IAE, 30 pct owned by United Technologies' Pratt and Whitney division, has decided not to launch a superfan version of its V2500 engine. "We've told analysts that IAE's decision not to launch a full development program of the IAE superfan for certification in 1991 will have no short term impact on earnings," a United Technologies spokesman told Reuters. Short term refers to 1987 and 1988, the spokesman said. He declined to elaborate. IAE's other owners are Rolls Royce PLC, < Japanese Aero Engines Corp>, Fiat SPA and < MTU> of West Germany. Analysts are estimating United Technologies will earn 3.75 dlrs to 4.50 dlrs a share in 1987. It reported earnings of 36 cts a share in 1986, which included two large writeoffs. Reuter
STURM, RUGER SUBMITS BID FOR SMITH AND WESSON SOUTHPORT, Conn, APril 3 - Sturm, Ruger and Co Inc said it submitted a bid in excess of 60 mln dlrs for Smith and Wesson, a manufacturer of law enforcement firearms, and a unit of Lear Siegler. Smith and wesson is among a number of companies being sold by Forstman and Little after its recent acquisition of Lear Siegler. Reuter
SOVIET TIMECHARTERING BOOSTS GRAIN FREIGHT RATES By Colin Brinsden, Reuters. LONDON, March 19 - Current interest by Soviet charterers in taking Panamax vessels on timecharter, mainly from the U.S. To carry grain, is seen as the chief factor behind the recent surge in values on the Baltic International Freight Futures Exchange (BIFFEX), dealers said. Futures soared through the 1,000 points barrier today for the first time in the spot position since the market opened in May 1985. However, the market tends to be nervous, with values some 100 points above the Baltic Freight Index, which is calculated on spot physical rates. No specific figure has been put for Soviet bookings but they have been sufficient to drain Panamax tonnage (about 50,000 to 65,000 tonnes dw) from the U.S. Gulf which would normally operate on the trip to Japan, dealers said. "It appears that the Chernobyl disaster had a worse effect on its (the Soviet) grain harvest than reported," one said. Freight rates on the Gulf/Japan grain route have subsequently been the main beneficiary of current chartering conditions, with very few, if any, Panamax sized ships left for the remainder of this month in the Gulf. Rates have risen steadily for vessels loading next month. Dealers said there is even talk that owners are considering taking older vessels out of lay-up to meet current demand. Sentiment has also been aided by suggestions that Chinese operators may be in the market for similar timecharter business later in the year, they said. They anticipate this would appear around June and it has prompted keen demand in the July BIFFEX contract, despite it normally being a slack time in the shipping year. Market sentiment has fluctuated in recent weeks. Rates turned down as an earlier rise in bunker prices, which had supported the market at the start of the year, faltered but then recovered on the reported Soviet interest. Reuter
MARCOM TELECOMMUNICATIONS < MRCM> 2ND QTR JAN 31 WEST PALM BEACH, Fla., March 20 - Oper shr loss five cts vs loss six cts Oper net loss 157,688 vs loss 96,573 Revs 1,094,331 vs 1,378,973 Avg shrs 3,315,654 vs 1,661,023 Six mths Oper shr loss seven cts vs loss 24 cts Oper net loss 198,555 vs loss 394,589 Net 2,243,377 vs 2,440,850 Avg shrs 2,796,848 vs 1,637,592 NOTE: Current year 2nd qtr and six mths excludes a loss 10,767 dlrs for discontinued operations. Prior year 2nd qtr and six mths excludes a loss of 54,686 dlrs and 112,565 dlrs for discontinued operations. Full name of company is Marcom Telecommunications Inc. Reuter
LUKMAN SEES STABLE OIL PRICE FOR NEXT COUPLE YEARS STOCKHOLM, June 2 - The current crude oil price of between 18 and 20 dlrs a barrel will remain stable over the next couple of years, rising only one to two dlrs a barrel per annum to keep up with inflation, OPEC President Rilwanu Lukman said. Lukman, who was speaking during talks with Swedish trade officials, said the stable price depended upon output restraint by both OPEC and non-OPEC oil producers, Swedish government officials said. They said Lukman, who is also Nigerian oil minister, made the remarks whilst talking about the connection between Third World debt and industrialised nations. Crude oil output controls did not necessarily mean higher energy bills for the world's industrial nations, Lukman said. Although very low oil prices, such as those seen around the beginning of the year, may appear beneficial for the industrial countries that depend on imported energy, they would only lead to wastage and overdependence on the fuel in the long term, he said. This in turn would bring a swing back to extremely high prices, he added. Sweden, heavily dependent on imported oil, suffered a major crisis in the mid-1970s, when oil prices spiralled. REUTER
FAIRCHILD INDUSTRIES < FEN> SETS REGULAR PAYOUT CHANTILLY, Va., March 18 - Qtrly div five cts vs five cts Pay Apirl 10 Record March 30 Reuter
POREX < PORX.O> TO MERGE WITH MEDCO < MCCS.O> FAIRLAWN, N.J., June 1 - Porex Technologies Corp said it has agreed to merge with its partly-owned subsidiary Medco Containment Services Inc in a deal worth about 380 mln dlrs in cash and common stock to Porex shareholders. The company said under the agreement, Prex holders would receive new Medco shares representing a pro rata share of the 9,159,552 Medco shares now owned by Porex plus a pro rata shares of the cash value of other porex assets, which is estimated at 60 mln dlrs subject to adjustment. Medco now has 16.9 mln shares outstanding. While exact terms may not be determined until the transaction becomes effective, Porex said each Porex share is expected to be exchanged for 0.82 Medco share and 5.38 dlrs in cash, subject to approval by sharehoilders of both companies. As part of the deal, Medco will split its stock five for two. The company said the merger will be accounted for as a corporate reorganization and be recorded at historical book values. Reuter
U.S. SHOE CORP < USR> 4TH QTR JAN 31 NET CINCINNATI, March 25 - Shr 31 cts vs 56 cts Net 13.7 mln vs 25.2 mln Sales 610.9 mln vs 575.9 mln Avg shrs 45.0 mln vs 44.8 mln Year Shr 57 cts vs 1.46 dlrs Net 25.5 mln vs 64.9 mln Sales 2.00 billion vs 1.92 billion Avg shrs 45.0 mln vs 44.5 mln NOTE: Current year net both periods includes gain five cts shr from sale of Just for Kids! and Giggletree mail order catalogs and charges of 10 cts shr from writedowns of assets related to the closing of linens and domestics stores and leased departments and of leased shoe departments. Year net includes LIFO inventory charges six cts shr vs two cts shr. Reuter
STRATA < STATA> 1986 EARNINGS REPORT QUALIFIED COLUMBUS, Ohio, April 8 - Strata Corp said its 1986 earnings report contained a qualified opinion from its independent auditors. Strata said it owed 1.4 mln dlrs in overdue interest to its lender at the end of 1986, and the entire 10.9 mln dlr principle has been classified as a liability. The company, which has an agreement to merge with < Lomak Petroleum Inc>, lost 7.1 mln dlrs in 1986 against a loss of 8.8 mln dlrs a year earlier. Reuter
DENNING MOBILE ROBOTICS INC < GARD> 4TH QTR LOSS WOBURN, Mass., March 27 - Shr loss nine cts loss 12 cts Net loss 585,866 vs loss 455,866 Avg shrs 6,841,638 vs 3,651,505 Year Shr loss 34 cts vs loss 54 cts Net loss 2,158,709 vs loss 1,931,397 Avg shrs 6,296,701 vs 3,586,914 Note: Company has no revs as it is in product development stage. Shr and avg shrs data reflect 1-for-25 reverse split in November 1986. Reuter
SOVIET SUGAR IMPORTS HIGHER IN OCT/NOV LONDON, March 24 - Soviet sugar imports in October and November were significantly higher than in the same period of the year before, according to figures received by the International Sugar Organization. Imports in October totalled 23,803 tonnes, compared with 4,685 tonnes in the same month of 1985, while November imports were up to 136,029 tonnes from 46,541. For the first 11 months of 1986, Soviet imports totalled 5.12 mln tonnes, against 4.30 mln in the same period of 1985. The October 1986 import figure consisted entirely of whites from Cuba, while the November total was made up of 84,037 tonnes Cuban whites and 51,992 tonnes whites from Thailand. Of the imports in the January/November period, those from Cuba were up to 3.81 mln tonnes from 3.65 mln and from Thailand to 292,808 tonnes from 22,800. Soviet exports also increased in 1986. The January/November export total of 289,232 compares with 165,859 tonnes in the first 11 months of 1985. Exports in October 1986 were 20,064, down from 38,853 a year earlier, while November exports were up from 32,796 to 50,855 tonnes. REUTER
INTERNATIONAL CORONA < ICR.TO> 2ND QTR NET TORONTO, June 1 - Period ended March 31 Oper shr profit four cts vs loss 17 cts Oper net profit 584,000 vs loss 2,165,000 Revs 7,493,000 vs not given SIX MTHS Oper shr profit eight cts vs loss 14 cts Oper net profit 1,177,000 vs loss 1,778,000 Revs 14.8 mln vs not given. reuter
C.O.M.B. < CMCO> MAKES ACQUISITION PLYMOUTH, Minn., April 9 - C.O.M.B. Co said it has acquired the principal assets of National Tech Industries Inc and Telkom Corp, which are engaged in the sale and telemarketing of consumer electronic merchandise and do business as House of Imports and N.L. Industries respectively. The company said it paid a total of 8,700,000 dlrs, including the assumption of liabilities. National Tech had sales of about 23 mln dlrs for 1986, it said. Reuter
BELL RESOURCES BOOSTS STAKE IN BHP PERTH, March 23 - < Bell Resources Ltd> said it has executed an underwriting agreement with < Equiticorp Tasman Ltd> to acquire 57.6 mln ordinary shares in The Broken Hill Pty Co Ltd < BRKN.S> for 540 mln dlrs. Bell said in a statement that it now holds 29.93 pct of BHP's 1.2 billion shares. REUTER
GILLETTE < GS> SEEN OBJECT OF GLOBAL BIDDING WAR By Cal Mankowski, Reuters NEW YORK, June 18 - Ronald Perelman, head of Revlon Group Inc < REV>, may be trying to ignite a bidding war for Gillette Co that could draw some big international players and in the process make a lot of money for himself, Wall Street analysts said. Several hours before a regularly scheduled board of directors meeting, Gillette disclosed that Perelman requested consent of its board for an offer of at least 40.50 dlrs per share. Perelman needed the consent because he agreed in November not to buy stock for 10 years without permission. "I think Ronald Perelman is less interested in Gillette and more interested in putting Gillette into play because he stands to make a ton of money," said Andrew Shore, analyst at Shearson Lehman Brothers Inc. "In play" is a term used on Wall Street to describe what happens when a company becomes an unwiling takeover target. Shore noted that according to the 1986 agreement Revlon gets paid if there is any acquisition of Gillette through November of this year at a price higher than 29.75 dlrs per share. Gillette rose three to 40 today, following a gain of three yesterday. The agreement would be calculated on the basis of Perelman's previous holding of 18.4 mln shares, adjusted for a split. For example, a deal between Gillette and some other company at 44 dlrs per share would make Revlon richer by 262 mln dlrs under the formula. Neither Perelman nor his spokesmen returned telephone calls seeking comment. "Revlon stands to make a substantial amount of money if someone else takes over Gillette," said Analyst Deepak Raj of Merrill Lynch and Co. "I'm not saying that is going to happen but Gillette is an undervalued stock with a breakup value of 45 dlrs per share." Shore of Shearson Lehman said there are a couple of reasons why Perelman may not be really interested in acquiring Gillette. He said Perelman, in the process of taking Revlon private after acquiring control of the cosmetics company two years ago, probably wants to concentrate on improving Revlon's operations. "He's trying to overhaul and improve the image of the dearptment store business." Another reason is that Revlon has recently made two other acquisitions. Under those circumstances, Shore would not be surprised if some company such as Unilever plc < UN.AS> or Procter and Gamble Co < PG> decided to take a look at Gillette. Shore mentioned half a dozen other potential buyers for Gillette including Sir James Goldsmith, Hanson Trust plc < HAN>, RJR Nabisco Inc < RJR>, American Brands Inc < AMB> and Ralston Purina Co < RAL>. "Perelman is trying to put the company in play," said a Wall Street arbitrageur. "He gets to share in the upside if the company is sold." Another arbitrageur said he expects Gillette to resist Perelman's overture. "I can't see the board consenting, what has changed between November and now," he said. Another arbitrageur said he was not sure what was going on. "Perelman never does anything without a fair amount of calculation," he said. But he added, "The Gillette board has to be careful. They just can't say no or they'll be sued by shareholders." Gillette's board was still meeting at 1700 EDT, three and one-half hours after the scheduled starting time. According to a copy of Perelman's letter released by Gillette, he would be prepared to sign a defnitive merger agreement without any financing condition. He said Citibank N.A. is his lead lender and First Boston Inc is his financial adviser. Reuter
CLARK EQUIPMENT < CKL> STAKE ACQUIRED SOUTH BEND, IND., March 16 - Clark Equipment Co said it was informed by Arthur M. Goldberg acting on behalf of a group of investors that the group had accumulated 1,262,200 shares, or about 6.7 pct of Clark's outstanding common stock. It said Goldberg recently approached Clark to repurchase the shares. However, negotiations for the block repurchase were unsuccessful and have been terminated. Reuter
TOWN AND COUNTRY JEWELRY < TNC> FIRST QTR NET NEW YORK, June 29 - Shr 15 cts vs 12 cts Net 1,240,939 dlrs vs 989,714 dlrs Revs 32.9 mln dlrs vs 21.1 mln dlrs Note: first quarter ended May 31. The company's full name is Town and Country Jewelry Manufacturing Corp Reuter
HEALTH-MOR INC < HMI> SETS DIVIDEND LOMBARD, Ill., March 13 - Qtly dividend 17 cts vs 17 cts Pay April 10 Record March 26 Reuter
ROSTENKOWSKI OPPOSES PROTECTIONIST TRADE BILL WASHINGTON, March 3 - House Ways and Means Committee Chairman Dan Rostenkowski said Congress must avoid a temptation to pass a protectionist trade bill this year. In remarks prepared for delivery before the National Press Club, Rostenkowski, D-Ill., predicted major trade legislation will be sent to President Reagan by the end of this year. But he warned that his "conciliatory message" on the trade bill did not mean he would oppose a proposal that would warn other countries their access to the American market would be curtailed unless they opened their markets to U.S. goods. "Complaints about (foreign trade) restraints are not a smoke screen for protectionism, they a plea for fairness," Rostenkowski said. "It is only reasonable to ask the nations that have denied us access to open up in return for continued freedom in the American market," he added. However, he said there would likely be changes in the market access proposal from the plan which cleared the House last year. That plan would have set a specific time table for foreign countries to ease import restraints or they would face a 25 pct cut in exports to the United States. Reuter
CANADA'S AIRLINE PROFITS SEEN HIGHER By Claudia Van Riesen, Reuters TORONTO, March 31 - Canada's airline industry, shaken up by a recent merger that creates a powerful new competitor for government-owned Air Canada, has begun its first serious drive for profitability in 50 years, industry analysts said. "Now we've got a company that can compete with Air Canada," said Thomas Bradley of Richardson Greenshields of Canada Ltd. "Clearly, it can go head-to-head in any market." The new airline, which arose from the 300-mln-Canadian-dlr takeover of Canadian Pacific Air Lines Ltd by the small but cash-rich Pacific Western Airlines Corp, was launched last week as Canadian Airlines International Ltd. Canadian Airlines will have 35-40 pct of the 6-billion-Canadian-dlr domestic market, against Air Canada's 50-55 pct. Wardair International Ltd is third with about nine pct. Analysts believe Pacific Western's aggressive and cost-conscious chairman Rhys Eyton will develop the true potential of the former CP Air, which floundered for four decades inside the bureaucracy of conglomerate Canadian Pacific Ltd. They said CP Air's management style had been not much different from that of Air Canada, formed 50 years ago, because neither airline was held accountable to its owners. "Not that long ago, maybe even just six months ago, these two airlines were totally fiscally irresponsible. Neither seemed that concerned about the bottom line," said Bradley. "But with CP Air being run by Eyton, it will be very conscious of profitability and shareholder return. And Air Canada is on the verge of going that way," he said. CP Air, always fighting for market share rather than profits, was "a perennial money-loser," analyst Wilfred Hahn of Bache Securities Inc said in a recent report. Prior to its takeover in December, it had accumulated long-term debt of 600 mln Canadian dlrs. From 1981 to 1985, its losses totaled 87 mln Canadian dlrs. Air Canada, widely expected to be privatized later this year in a public share offering, lost 14.8 mln Canadian dlrs on revenues of 2.72 billion dlrs in 1985. It has a debt of more than 2 billion dlrs. Although only a minority interest is likely to be sold to the public, the prospect of privatization at a time of increased competition is forcing Air Canada to pay more attention to finances, analysts said. It recently disclosed that it expects to report a profit "in excess of 35 mln to 40 mln dlrs" for 1986. However, this profit recovery was due less to management skill than the fact that all Canadian airlines had a good year in 1986, analysts said. Tourists came to Canada in record numbers last year, attracted by the relatively weak Canadian dollar and Expo 86 in Vancouver, which alone had more than 22 mln visitors. For the next few years, most analysts see three-six pct air traffic growth, and they expect profits will come from cost-cutting and careful spending. Peter Friend of Walywn Stodgell Cochran Murray Ltd said institutional buyers will be eager to add Air Canada to their portfolios as a blue-chip investment, but warned that new competition makes profit growth less certain. "The airline with something to lose will be Air Canada. At one time, it had a fixed system which was theirs and nobody else's," Friend said. Many analysts recommend that investors buy and hold airline shares for at least a year. Analysts said Air Canada's immediate concern ahead of a public stock offering will be unloading unprofitable air routes without setting off a political storm. It also will be faced with an expensive but necessary updating of its aging fleet of 111 aircraft. Wardair, preferring strong medicine now instead of later, already has embarked on a one-billion-Canadian-dlr purchase of a dozen aircraft from Europe's Airbus Industrie. Canadian Airlines, which has 81 aircraft, last week ordered six commuter planes from British Aerospace and said it would soon buy as many as six wide-bodied aircraft from Airbus or the Boeing Co. Analysts said Canadian Airlines, with its newer fleet, needs to make fewer replacements and can afford these without hurting profits. Steven Garmaise of Wood Gundy Inc expects Canadian Airlines' profit in 1988 will more than double last year's 29.8 mln Canadian dlrs by Pacific Western. Reuter
MOBIL < MOB> CAPITAL EXPENDITURES LOWER IN 1987 NEW YORK, March 13 - Mobil Corp chairman Allen E. Murray said in the annual report issued today that the company's total 1987 capital expenditures would be lower than the three billion dlrs spent in 1986. "Overall capital and exploration expenditures will fall slightly below the level for 1986 although we'll be ready to increase spending whenever the outlook becomes more promising," Murray said. Mobil data in the annual report shows capital expenditures have been cut every year since 1984's 3.6 billion dlrs to 3.5 billion dlrs in 1985. Murray told shareholders that despite the cuts "the company has promising acreage to explore as well as major oil and gas reserves to develop in the U.S., Canada, Europe, Africa and Indonesia. Over the past two weeks Mobil has announced restructuring of its domestic exploration and development organization and this week a restructuring of its oil services units, which support the new affiliate. "Mobil's chairman has explained this change by saying we need a leaner organization to get more efficient usage from our assets," said John Lord, a Mobil Corp spokesman. Murray said in announcing the first reorganization, which will combine its current three exploration and producing affiliates into one organization, Mobil Exploration and Production U.S. Inc, that it is more effective than the present organization and will improve the company's upstream competitive position. Yesterday the company said that it will restructure its Mobil Exploration and Producing Services Inc, MEPSI, to enhance the development and transfer of technology supporting critical areas of exploration, drilling, resevoir management and computer systems. Earnings from Mobil's upstream operations in 1986 were 827 mln dlrs, down 54 pct from the previous year's 1.8 billion dlrs in earnings. Mobil's strategy in the exploration and production sector will be to give most attention to exploration possibilities with the greatest long term potential, the company said. In its annual report, Mobil said that this will include greater emphasis on "frontier plays that, although riskier, fit our strengths of technology and size...This probably also means a shift toward emphasis in the foreign area since selective overseas exploration offers greater potential." Reuter
STANDARD < SRD> REFERRING BP < BP> BID TO GROUP CLEVELAND, March 26 - Standard Oil Co said British Petroleum Co Plc's proposed offer of 70 dlrs a share for the 45 pct of Standard's stock not held by BP is being referred to a special committee of the company's board. This committee, which is composed of the independent, non-exective directors of the company, was formed in April 1986 for the purpose of monitoring the relationship between Standard Oil and BP. Standard said the group will consider BP's offer in due course noting the committee has retained the First Boston Corp and Cravath Swaine and Moore as advisers. Reuter
MSA REALTY CORP < SSS> 4TH QTR NET INDIANAPOLIS, March 16 - Shr profit four cts vs loss two cts Net profit 247,970 vs loss 57,341 Revs 2,393,622 vs 2,627,612 Avg shrs 5,958,432 vs 2,440,100 Year Shr profit 71 cts vs loss 35 cts Net profit 3,213,310 vs loss 849,180 Revs 14.6 mln vs 9,099,767 Avg shrs 6,177,666 vs 2,440,083 NOTE: 1986 4th qtr and yr net includes a loss of 85,000 dlrs and a gain of 250,000 dlrs, respecitvely, for extraordinary item. 1986 net assumes all warrants exercised for the 2nd qtr only. The adjustment to second quarter income for earnings per share was 1,175,000 dlrs. Reuter
OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT PORTLAND, Ore., Oct 19 - Kaiser Steel Corp's plant in Napa, Calif, has been purchased by Oregon Steel Mills for 16 mln dlrs, the privately owned Portland company said. The transaction was approved by the U.S. bankruptcy judge in Denver who is hearing Kaiser Steel's Chapter 11 reorganization case. James Mccaughey, former vice president of sales for Kaiser, has been named general manager for the plant, which will be called Napa Pipe Corp, Oregon Steel said. Reuter
INVESTMENT FIRM RAISES CERTRON < CRTN> STAKE WASHINGTON, March 9 - Louart Corp, a Los Angeles investment firm, said it raised its stake in Certron Corp to 237,000 shares, or 7.8 pct of the total outstanding common stock, from 164,000 shares, or 5.4 pct. In a filing with the Securities and Exchange Commission, Louart said it bought 73,000 Certron shares between Sept 9 and March 6 at a total of 109,315 dlrs a share. It said its dealings in Certron were for investment only, but said it might increase its stake. It said it has no plans to seek control of the company. Reuter
BILZERIAN PREPARED TO TENDER FOR PAY N'PAK < PNP> NEW YORK, June 1 - Investor Paul Bilzerian said if Pay N' Pak Stores Inc enters into a merger accord with him he will immediately begin a tender offer for 7.5 mln shares for 20 dlrs per share in cash. Bilzerian told Reuters he believes his offer is superior to a leveraged buyout proposal disclosed in an announcement by the company this morning. The company said it is evaluating both proposals. Bilizerian said he was optimistic his offer will be accepted at a meeting of the board of directors Wednesday. Officials of Pay N' Pak did were not immediately available for comment. Bilzerian said he has a pool of 150 mln dlrs raised by Shearson Lehman Brothers Inc available for the tender and "we may add a bank to that." "We've submitted an agreement we're prepared to sign," he said. Shares not accepted in Bilzerian's tender would be exchangeable for 20 dlrs in convertible preferred stock. Asked what would happen if the leveraged buyout group, which the company did not identify, topped his offer between now and the board meeting, Bilzerian said he expected an opportunity to respond. Pay N' Pak gave no details about the buyout group, but did say the offer was contingent on financing and on an agrreement regarding management's equity participation. Bilzerian said it was his understanding that the management particpation was "nominal." Pay N' Pak fell 1-1/2 to 19. Arbitrageurs said there was disappointment that neither of the offers topped 20 dlrs. "We were expecting an offer north of (above) 21 or 22 dlrs," said one arbitrageur. The leveraged buyout plan was for 17.50 dlrs per share in cash and 2.50 dlrs in 13-1/2 pct cumulative preferred stock. Robert Cheadle, analyst at Montgomery Securities, said "you have to ask yourself why no one in the industry made a bid." Scott Drysdale, analyst at Birr Wilson Securities, said the company has not made the best strategic moves over the years. "They have not done the right things at the right time," he said, and as a result earnings per share have steadily declined since 1984. The 57 cts per share in earnings reported for the fiscal year ended in February was lower than 1978's earnings, he said. Earnings totaled 5.7 mln dlrs on revenue of 398.4 mln dlrs. Drysdale said Pay N' Pak has better trained sales people than many competitors, but it competes on price even though competitors have lower costs. The result is squeezed margins. He noted that there have been no other publicly identified bidders stepping forward since the company rejected an earlier Bilzerian proposal in mid-April. Another arbitrageur said it might not be too late for another bidder to get in the game. He speculated that someone in the same home improvement business might be able to offer a deal for stock that would top both the buyout proposal and Bilzerian's plan. Reuter
ASIAN DOLLAR ASSETS EXCEED 200 BILLION DLRS SINGAPORE, March 9 - The Asian dollar market continued to expand in December with total assets and liabilities rising to 200.60 billion U.S. Dlrs from 188.54 billion in November and 155.37 billion in December 1985, the Monetary Authority of Singapore said. It said the increase came mainly from interbank activity, with interbank lending rising to 146.61 billion dlrs in December from 134.76 billion in November and 104.93 billion in December 1985. Interbank deposits increased to 158.52 billion dlrs against 147.95 billion and 120.03 billion, respectively. Loans to non-bank customers increased in December to 38.74 billion dlrs from 38.64 billion in November and 37.44 billion in December 1985. Deposits by non-bank customers rose to 33.81 billion dlrs against 33.60 billion and 28.02 billion. REUTER
GERMAN FEBRUARY IMPORT PRICES FALL WIESBADEN, March 24 - Import prices in West Germany fell 0.7 pct in February from January to stand 15.6 pct below their level in February 1986, the Federal Statistics Office said. In January the import price index, base 1980, was unchanged compared with December but 17.8 pct lower against January 1986. February export prices, same base as import prices, were unchanged compared with January and 2.5 pct lower than in February 1986. In January export prices fell 0.3 pct against December to stand 3.0 pct lower than in January 1986. REUTER
HARSCO CORP < HSC> SETS REGULAR PAYOUT CAMP HILL, Pa., March 26 - Qtrly div 25 cts vs 25 cts Pay May 15 Record April 15 Reuter
< TRUMP PLAZA> 4TH QTR NET ATLANTIC CITY, N.J., April 9 - Net profit 2,529,000 vs loss 1,066,000 Revs 59.0 mln vs 52.6 mln Year Net profit 15.4 mln vs profit 865,000 Revs 247.0 mln vs 231.1 mln NOTE: Company became wholly owned and operated by Donald Trump in May 1986, when he acquired 50 pct interest that had been owned by former operator Holiday Corp < HIA>. Reuter
LEASEWAY TRANSPORTATION < LTC>COMPLETES UNIT SALE CLEVELAND, June 18 - Leaseway Transportation Corp said it has completed the previously-announced sale of its Leaseway of Puerto Rico Inc subsidiary to Caguas Central Federal Savings Bank for undisclosed terms. The company said the sale satisfied a condition for its proposed acquisition by an investor group led by Citicorp < CCI>. Reuter
< CLARK COPY INTERNATIONAL> BUYS W. GERMAN STAKE ELK GROVE VILLAGE, Ill., April 13 - Clark Copy International Corp said it acquired a majority interest in Datagraph GMBH of Lich, West Germany. The acquisition was made through Clark Copy's majority owned subsidiary Interactive Computer Aids of Norway. No price was disclosed for the acquisition. Clark Copy said worldwide sales for Datagraph, which makes color graphics workstations, were 10 mln dlrs for the year ended Dec. 31, 1986. Reuter
COMPUTER IDENTICS CORP < CIDN> 4TH QTR CANTON, Mass, March 24 - Shr loss 44 cts vs loss 20 cts Net loss 2.4 mln vs loss 880,000 Revs 2.4 mln vs 2.6 mln Year Shr loss 87 cts vs loss 11 cts Net loss 4.3 mln vs loss 494,000 Revs 9.0 mln vs 12.0 mln NOTE:1986 includes restructuring charges of 2.1 mln dlrs and loss of foreign affiliates of 2.0 mln dlrs. 1985 includes loss from foreign affiliates of 173,000 dlrs. Reuter
VENEZUELA TO ANNOUCE PARTNER FOR COAL VENTURE CARACAS, March 24 - Petroleos de Venezuela S.A will announce within two weeks the name of a foreign consortium it has chosen to help exploit the coal deposits at Guasare in western Zulia state, PDVSA president Juan Chacin Guzman said. Chacin told reporters the foreign partner will provide capital as well as technical and marketing expertise to the Carbozulia project, which the state oil company will manage. PDVSA officials said that among those who bid for the partnership is a consortium between Agip Carbone, a subsidiary of Italy's Ente Nazionale Idrocarburi (ENI), and Atlantic Richfield < ARC> of the United States. Minister of Energy and Mines Arturo Hernandez Grisanti said discussions are currently taking place to finalize the terms of the contract with the foreign partner. PDVSA vice-president Pablo Reimpell said last week the first shipment of coal from the Carbozulia project should be made during the final quarter of 1987, and would measure between 100-150,000 metric tons. Plans call for production to eventually reach 500,000 mt annually. Reimpell said the original investment in the project will be approximately 8 billion bolivars. Reuter
EC AGREES TRADE DEAL WITH ARGENTINA LUXEMBOURG, Oct 20 - The European Community (EC) agreed a trade deal with Argentina designed to compensate the country following the entry of Spain and Portugal into the group, EC officials said. Under the deal agreed by EC foreign ministers, Argentina will gain additional trading rights on a series of products including meat, fish and cereals by-products. But ministers failed to agree on new trade deals with Canada and Japan and are due to study these again, the officials said. The deal with Argentina was agreed by a majority of EC states after West Germany withdrew objections to increased quotas for Argentina on high-quality beef. Ireland and France continued to oppose the deal on meat, saying that the main dispute was over sales of cereals substitutes, but they were outvoted by the other states, the officials said. Under the deal, Argentina will benefit from improved quotas on exports of beef to the EC. In particular the quota on high-quality Hilton beef will be raised by 4,500 tonnes to 34,300 tonnes and quotas on frozen boneless beef will be increased by 3,000 tonnes to 53,000 tonnes. Argentina will also benefit from an additional quota of 5,000 tonnes of frozen hake fillets at 10 pct duty and reduced levies on 550,000 tonnes of wheat bran, the officials said. The improved trade terms were offered after Argentina said that Spain and Portugal's entry into the EC affected their exports of cereals substitutes to these two countries. They have been negotiated under the rules of GATT (General Agreement on Tariffs and Trade). But officials said ministers had been unable to resolve Canadian claims that its sales of certain fish to Spain had been affected by the country's EC membership. Officials said the EC had asked GATT to arbitrate on the fish dispute with Canada. Ministers also decided to continue talks with Japan. The EC claims that Spain and Portugal's entry into the group has improved trade conditions for Japan but has been unsatisfied with Japanese offers of compensation. Japan's main offers were to improve inspection systems on citrus fruits to aid EC exports, to improve tariffs for some other farm produce, to increase tariffs for leather footwear and to offer better trade terms for Spain and Portugal. EC External Trade Commissioner Willy De Clercq told journalists: "We maintain our position that the (Japanese) concessions were not enough." "We hope that there will be an improvement," he said. Reuter
TAIWAN'S SECOND QUARTER IMPORTS SEEN RISING TAIPEI, April 1 - Taiwan's imports in the second quarter of 1987 are expected to rise to 7.75 billion U.S. Dlrs from 5.82 billion a year earlier and from 6.95 billion in the first quarter of this year, the statistics department said. A department official attributed the increase to growing domestic investment by the private and public sectors. It is expected to rise to 4.68 billion U.S. Dlrs from 3.79 billion a year earlier and 3.41 billion during the first quarter. Taiwan's exports in the April-June quarter are expected to rise to 12.03 billion U.S. Dlrs from 9.63 billion a year earlier and 11.28 billion in the first quarter. The official said Taiwan's trade surplus is expected to climb to 4.28 billion U.S. Dlrs in the second quarter of 1987 from 3.81 billion a year earlier. It was 4.33 billion in the first quarter of this year. Most of the surplus is expected to come from trade with the U.S., Taiwan's largest trading partner and importer of nearly 50 pct of Taiwan's total exports, he said. He said he expected Taiwan's imports, including grains, machinery and power plant equipment, from the U.S. To rise sharply because of government efforts to balance trade with Washington. He declined to give figures. REUTER
PHELPS DODGE CORP < PD> 3RD QTR NET PHOENIX, Ariz., Oct 19 - Shr 1.77 dlrs vs 60 cts Net 58.2 mln vs 19.4 mln Revs 377.4 mln vs 188.0 mln Nine mths Shr 3.10 dlrs vs 1.51 dlrs Net 100.3 mln vs 50.6 mln Revs 1.11 billion vs 639.7 mln NOTE: 3rd qtr 1987 net includes about 3,000,000 dlrs after-tax extraordinary gain on retirement of debt. Reuter
VENEZUELA-ECUADOR OIL LOAN UNDER DISCUSSION CARACAS, March 17 - Venezuela has still to work out final details of its plan to supply Ecuador with 50,000 barrels per day of crude oil to compensate that country for lost exports caused by earthquake damage, a senior Petroleos de Venezuela (PDVSA) official said. "We have yet to finalize details on how the compensation will be carried out and how OPEC production quotas will be affected," he said during the signing of a joint venture deal with Union Pacific Corp today. He said an agreement was initialled on a visit last week by Ecuador's deputy energy minister Fernando Santos Alvite. He pointed out that there are some contractual points to be considered. Venezuela, possibly unique among oil exporters, requires its clients to sign final destination clauses to ensure its oil is not resold on the spot market. Ecuador's oil minister Javier Espinosa was quoted today as saying Venezuela will export the oil on Ecuador's account and remit the revenues to Quito. Ecuador would pay back the oil at a rate of 35,000 bpd. He said Venezuela's oil would be traded through Ecuadorean state oil company Cepe, but the PDVSA official said the company never allows third parties to trade its oil. Reuter
HANSON TRUST SHOWS SHARPLY HIGHER HALF-YEAR PROFIT LONDON, June 2 - Six months ended March 31, 1987 Share 6.0p vs 4.1p, diluted Interim dividend 1.4p vs 1.05p Pre-tax profit 312 mln stg vs 158 mln Net profit 234 mln vs 114 mln Sales 3.47 billion vs 1.55 billion Operating profit 296 mln vs 164 mln Interest and other income less central expenses credit 16 mln vs debit six mln Company's full name is Hanson Trust Plc < HNSN.L>. U.K. Operating profit by sector - Consumer goods 123 mln stg vs 32 mln Building products 31 mln vs 26 mln Industrial 14 mln vs same Food 20 mln vs nil. U.S. Sectors - Consumer goods 25 mln stg vs 20 mln Building products 29 mln vs 25 mln Food seven mln vs two mln Businesses owned in 1986 and sold during 1987 nil vs nine mln. Reuter
COMPUTERLAND TO BE ACQUIRED BY INVESTOR GROUP OAKLAND, Calif., June 1 - Computerland Corp said an investor group led by the financial services firm E.M. Warburg Pincus and Co Inc has agreed to acquire Computerland's business. Computerland, a privately-held company said to be the world's largest retailer of personal computers, declined to provide details of the arrangement. But the company said it expects to close the acquisition over the next 60 to 90 days. In announcing the transaction, Computerland said the acquisition will provide it with resources and support to maintain and expand its leadership position in the computer retail industry. Computerland also said its network retail sales in 1986 totalled 1.45 billion dlrs. Reuter
COMMERCIAL METALS CO < CMC> SETS QTLY DIVIDEND DALLAS, March 30 - Qtly div eight cts vs eight cts prior Pay April 24 Record April 10 Reuter
VERNITRON < VRN> SETS NEW RECORD DATE DEER PARK, N.Y., June 29 - Vernitron Corp said it has set a new record date of July 10 for shareholders entitled to vote on the proposed merger of Vernitron with < SB Holding Corp>. The original record date was May 26. Vernitron said that it currently expects the special shareholder meeting concerning the merger will be held in August. Following its tender offer in November 1986, SB Holding holds 55.2 pct of Vernitron, a maker of electromechanical components and related products and services. Reuter
DUAL-LITE INC < MDT> SETS QUARTERLY NEWTOWN, Conn., March 5 - Qtly div eight cts vs eight cts prior Pay May 11 Record April 24 Reuter
LOMAK < LOMK>, STRATA < STRATA> IN MERGER PACT HARTVILLE, Ohio, March 26 - 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. Reuter
U.K. MONEY MARKET GIVEN 25 MLN STG LATE ASSISTANCE LONDON, June 1 - The Bank of England said it provided the money market with late assistance of around 25 mln stg. This takes the Bank's total help today to some 137 mln stg and compares with its latest forecast of a 150 mln stg shortage. REUTER
PITTWAY CORP < PRY> 4TH QTR NET NORTHBROOK, Ill., March 2 - Shr 1.35 dlrs vs two dlrs Net 6,195,000 vs 9,202,000 Sales 157.5 mln vs 151.6 mln Year Shr 6.02 dlrs vs 6.78 dlrs Net 27,608,000 vs 31,117,000 Sales 585.7 mln vs 541.3 mln Reuter
SALOMON RAISES CATERPILLAR < CAT> OPINION NEW YORK, March 16 - Salomon Brothers Inc said it raised its opinion on Caterpillar Inc's stock to an aggressive buy from a hold because of a brighter earnings outlook for 1988. Salomon analyst David Sutliff said in a statement he sees 1988 earnings of 3.35 dlrs a share, up from an earlier forecast of three dlrs for the year. The outlook for 1987 remains at 2.50 dlrs to three dlrs. Caterpillar's stock was down 1/2 points at 46-1/4. "Although earnings will be poor for the next two quarters, we believe that profits could begin to improve in the second half - perhaps significantly - and should surge sharply through 1988 and 1989," he said. Sutliff said improved results should come from four factors - higher prices, improved market share, reduced costs, and improved demand. The higher prices will stick because its Japanese competitor, Komatsu, has had to raise prices because of the increased value of the yen, he said. Reuter
WESTLB LUXEMBOURG REPORTS LOWER 1986 NET PROFIT DUESSELDORF, April 2 - Westdeutsche Landesbank Girozentrale < WELG.F> said its wholly-owned Luxembourg subsidiary WestLB International SA posted a decline in 1986 net profit to 12.6 mln marks from 48.5 mln a year earlier. WestLB International will pay a 12.5 mln mark dividend to WestLB, down from 47.7 mln a year earlier. The dividend was lower than in 1985 because the record profit of the previous year could not be repeated, due to changed market conditions, it said. Increased funds were also allocated for provisions. Business in the first three months of 1987 developed positively, it added. WestLB International set aside 115.3 mln marks for international credit risks in 1986, up from 97.4 mln marks in 1985, bringing the total amount of provisions shown in the balance sheet to 580.3 mln marks. Operating profit fell to 122 mln marks in 1986 from 150 mln in 1985. Balance sheet total fell to 9.7 billion marks from 10.8 billion, reflecting the lower dollar and the fact that credit business redemptions were not fully offset by new lending. The statement said WestLB International's business with private customers showed a pleasing expansion last year. This development was aided by cooperation between the bank and the savings banks in the West German state of North Rhine-Westphalia, where parent bank WestLB is based. Deposits by non-banks rose more than 40 pct to a total of 1.1 billion. WestLB International said it plans to expand its range of services for private clients. REUTER
COMBUSTION ENGINEERING INC < CSP> REGULAR DIV STAMFORD, Conn., Feb 26 - Qtly div 25 cts vs 25 cts prior Pay April 30 Record April 16 Reuter
FIDELCOR < FICR.O> BUYS NEW ENGLAND < BKNE.O>STAKE PHILADELPHIA, June 19 - Fidelcor Inc said it has acquired a substantial portion of the assets of Bank of New England Corp's Lazere Financial Corp subsidiary for undisclosed terms. The company said the transaction includes most of Lazere's loan portfolio and other assets, including Lazere's Miami office. Reuter
KAY CORP < KAY> 4TH QTR NET NEW YORK, March 3 - Oper shr 25 cts vs 1.21 dlrs Oper net 1,366,000 vs 6,287,000 Revs 251.3 mln vs 107.1 mln Year Oper shr 1.10 dlrs vs 1.06 dlrs Oper net 5,552,000 vs 4,982,000 Revs 827.5 mln vs 434.4 mln NOTE: Oper net excludes results of Kay Jewelers Inc, a former subsidiary. On Dec 31, 1986 company distributed remaining 80.4 pct interest in subsidiary to Kay Corp holders. 1985 amts restated in connection with company's distribution of investment in Kay Jewelers Inc. 1986 4th qtr and yr oper net excludes 8,308,000 dlrs or 1.52 dlrs per share, and 7,774,000 dlrs or 1.54 dlrs per share, respectively, for equity in net income of spun-off unit. 1985 4th qtr and yr oper net excludes 6,806,000 dlrs or 1.28 dlrs per share and 5,770,000 dlrs or 1.09 dlrs per share, respectively, for equity in net earnings of spun-off unit. 1985 oper net also excludes 2,778,000 or 52 cts per share for adoption of new pension accounting rules and ine cts per share for gain from assets sales. Reuter
U.K. MONEY MARKET GIVEN 40 MLN STG LATE HELP LONDON, April 2 - The Bank of England said it had provided the money market with around 40 mln stg late assistance. This takes the Bank's total help today to some 537 mln stg and compares with its estimate of a 700 mln stg shortage. REUTER
IROQUOIS BRANDS < IBL> REBUFFS LYON FOODS CLAIMS GREENWICH, Conn, APril 3 - Iroquois Brands Ltd said it has been sued by Lyon Food Cos Inc which is seeking 2.3 mln dlrs in damages in connection with the April 1986 nine mln dlrs purchase of Iroquois' former specialty food products segment. Iroquois said that based upon the defenses it will assert, it does not believe that any charge against income is required as a result of the claim. Reuter
MCDONALD'S < MCD> UP ON REAFFIRMED RECOMMENDATION NEW YORK, MARCH 23 - McDonald's Corp rose sharply today after receiving a second recommendation in as many sessions, traders said. Today, analyst Richard Simon of Goldman Sachs and Co reaffirmed his recommendation of the stock and put it on his "focus list," traders familiar with the recommendation said. Simon was unavailable for comment. The stock jumped 2-3/4 to 79-7/8. On Friday, analyst Daniel Lee of Drexel Burnham Lambert Inc reiterated a recommendation of the stock focusing on increased comparable store sales and consistent annual earnings growth. Friday, the stock closed 1-5/8 points higher. Wendy's, another operator of fast food restaurants, rose one to 12-3/4 in active trading. Vague rumors that Wendy's is a takeover candidate continued to circulate Wall Street, traders said. Reuter
PANTASOTE INC < PNT> 4TH QTR LOSS GREENWICH, Conn., March 3 - Oper shr loss four cts vs loss 33 cts Oper net loss 154,000 vs loss 1,301,000 Sales 30.0 mln vs 27.0 mln Year Oper shr profit 60 cts vs loss 16 cts Oper net profit 2,364,000 vs loss 608,000 Sales 113.5 mln vs 132.8 mln NOTE: Net excludes extraordinary charges from provision for roofing products warranties and costs from sale of printing/laminate division of 320,000 dlrs vs 10.3 mln dlrs in quarter and 4,3200,000 dlrs vs 12.7 mln dlrs in year. Net excludes tax credits of 62,000 dlrs vs 41,000 dlrs in quarter and 127,000 dlrs vs 88,000 dlrs in year. Reuter
SOUTHMARK < SM> COMPLETES ACQUISITION DALLAS, April 1 - Southmark Corp said it has completed the purchase of Georgia International Life Insurance Co from Capital Holding Corp < CPH> for cash and Southmark securities worth over 85 mln dlrs. Reuter
USAIR < U> HAS NO COMMENT ON TWA < TWA> OFFER New York, March 4 - USAir Group Inc said it had no comment on an offer it received from Trans World Airlines to buy USAir for 52 dlrs cash per share. USAir spokesman David Shipley also declined comment on Piedmont Aviation Inc < PIE>. USAir has offered 71 dlrs cash per share for half of Piedmont's stock, and 73 dlrs in its own stock for the balance. Piedmont also received an offer from Norfolk Southern Corp < NSC> of 65 dlrs cash per share. Piedmont's board was meeting today, but the company declined to say what was on the agenda. A spokesman said he could not comment on the twa action. A Norfolk Southern Corp < NSC> spokesman said the company had no comment on TWA's offer for USAir or on its proposal to negotiate a three-way merger between TWA, USAir and Piedmont. "We don't have all the details," a Norfolk Southern spokesman said. The company's 65 dlr-a-share cash offer for Piedmont stands, he said. In its offer, TWA said as an alternative to a merger with USAir, it would be interested in discussing a three-way combination among USAir, Piedmont and TWA. It said the three-way merger would serve the best interests of the shareholders of all three companies, employees and consumers. Reuter
GTS CORP < GTSC> 4TH QTR DEC 31 LOSS HOUSTON, March 13 - Shr loss 48 cts vs loss 10 cts Net loss 1,234,000 vs loss 259,000 Revs 715,000 vs 1,941,000 Year Shr loss 1.26 dlrs vs loss 34 cts Net loss 3,229,000 vs loss 870,000 Revs 3,001,000 vs 9,767,000 NOTE: 1986 net both periods includes 672,300 dlr writedown of value of seismic laboratory and 165,000 dlr increase in reserve for doubtful accounts. Reuter
UNION NATIONAL CORP < UNBC.O> 3RD QTR NET PITTSBURGH, Oct 19 - Shr 80 cts vs 70 cts Shr diluted 76 cts vs 67 cts Qtly div 33 cts vs 33 cts prior Net 7,879,000 vs 7,007,000 Nine mths Shr 2.33 dlrs vs 2.01 dlrs Shr diluted 2.22 dlrs vs 1.92 dlrs Net 23.0 mln vs 20.0 mln Avg shrs 9,890,148 vs 10.0 mln NOTE: Dividend pay Dec 10, record Nov 20. Reuter
STARS TO GO < STAR> GETS STORES, AGREEMENT LOS ANGELES, April 3 - Stars to Go Inc said it completed its acquisition of 650 video centers previously owned by CVS International Inc and located in Circle K Corp < CKP> stores. In conjunction with the acquistion, Circle K also granted it the exclusive right to install video cassette rental centers in all existing 3,500 Circle K stores, as well as in future stores, for a period of seven years, Stars to Go said. The company also said it currently has a total of 4,650 centers in operation and expects to increase the total to 6,000 by June 30. Reuter
JAPANESE ECONOMIST SEES STABLE YEN/DOLLAR RATES KUALA LUMPUR, March 3 - The yen should stabilize at around 152 to 153 to the U.S. Dollar for about a year, the Bank of Tokyo's economic adviser Koei Narusawa said. "Both sides are showing clear interest to secure stability of the currencies. The major target of the Japanese government is to maintain the yen at above 150, at least for the rest of the year," he told reporters during a brief visit to Malaysia. Narusawa said the U.S. Is unlikely to push the yen up further because this might spark off inflation and depress the U.S. Economy before the 1988 presidential election. The yen is trading at around 153.70 to the dollar. REUTER
SWISS CAPITAL EXPORTS RISE IN JANUARY ZURICH, March 3 - Swiss capital exports rose to 4.64 billion francs in January after 2.54 billion in December and a year earlier 3.64 billion, the Swiss National Bank said. New bond issues accounted for 4.12 billion of the total after December's 2.15 billion, and credits 525.1 mln after 389.9 mln. In January 1985, before the National Bank ended the distinction between notes and bonds, bond issues totalled 1.66 billion francs, notes 1.39 billion and credits 597.5 mln. REUTER
ZAYRE < ZY> PLANS MORE STORE OPENINGS IN 1987 FRAMINGHAM, Mass., March 5 - Zayre Corp said it plans to open 25 additional Zayre Stores, 35 new T.J. Maxx stores and 50 Hit or Miss Shops in 1987. In addition, Zayre said it plans to add six new BJ's Wholesale Clubs and eight new HomeClubs to its warehouse group. Earlier, the company reported 1986 earnings, ended January 31, of 89.0 mln dlrs, or 1.49 dlrs per share, versus 94.6 mln dlrs, or 1.61 dlrs per share, in fiscal 1985. It also reported fourth quarter net of 43.8 mln dlrs, or 73 cts a share, versus 36.5 mln dlrs, or 60 cts a share in 1985's fourth quarter. Reuter
PHILIPPINES CRITICISES EC FOR VEGETABLE OIL LEVY TAUPO, New Zealand, March 23 - Philippines Trade and Industry Secretary Jose Concepcion told world trade ministers he wondered if their agreement was of any real value after the European Community (EC) imposed a levy on vegetable oils. Concepcion, speaking at an informal meeting of the General Agreement on Tariffs and Trade (GATT) here, said ministers declared in Uruguay last September that the trade of less-developed nations should not be disrupted. He said the EC not only ignored Manila's request for lower tariffs on coconut oil but introduced a levy on vegetable oils and fats that are vital exports for Southeast Asian countries. Concepcion said while the levy might be rejected by the EC Council of Ministers, he noted that "I cannot help but wonder whether the agreements we produce in meetings like this are of any real value." He also said industrialised nations saved about 65 billion U.S. Dlrs in 1985 through low commodity prices, but this had affected the ability of developing nations to import goods and services. "The health and the growth of world trade requires that the new development of developing countries losing their share of world trade be arrested and reversed," he said. REUTER
GOODY < GOOD> TO SELL UNIT TO UNION CAMP < UCC> KEARNY, N.J., March 20 - Goody Products Inc said it entered into an agreement to sell its J. and P.B. Myers packaging business to Union Camp Corp to focus on its consumer products and automated distribution system businesses. Terms of the agreement were not disclosed. Reuter
ATLANTIC RESEARCH CORP < ATRC.O> 3RD QTR NET ALEXANDRIA, Va., Oct 20 - Shr primary 60 cts vs 42 cts Shr diluted 57 cts vs 41 cts Net 5,590,000 vs 3,721,000 Revs 103.5 mln vs 91.8 mln Nine mths Shr primary 1.55 dlrs vs 1.41 dlrs Shr diluted 1.48 dlrs vs 1.34 dlrs Net 14.3 mln vs 12.7 mln Revs 300.5 mln vs 269.3 mln Reuter
WAXMAN INDUSTRIES INC < WAXM> REGULAR PAYOUT BEDFORD HEIGHTS, Ohio, April 1 - Qtly div class A two cts vs two cts prior Qtly div class B one ct vs one ct prior Pay April 17 Record April 10 Reuter
U.S. TREASURY'S BAKER MEETS WEST GERMAN MINISTER WASHINGTON, Oct 19 - U.S. Treasury Secretary James Baker met West German Finance Minister Gerhard Stoltenberg and Bundesbank President Karl Otto Poehl today in West Germany and agreed to support the Louvre pact, the Treasury Department said. The Treasury described the meeting as "a very positive, private meeting in Frankfurt, West Germany which had been agreed upon last week. "The parties agreed to continue economic cooperation under the Louvre agreement and its flexible application including cooperation on exchange rate stability and monetary policies," the Treasury said. The Treasury said Baker and Stoltenberg "are consulting with their G-7 colleagues and are confident that this will enable them to foster exchange rate stability around current levels." The Louvre pact is an agreement between the Group of Seven leading industrial countries including the United States and West Germany to promote currency stability. Baker was scheduled to visit Scandinavia and Belgium this week and the department earlier refused to release details of his travel itinerary, citing security considerations. Reuter
< CGEE ALSTHOM> YEAR TO END-DECEMBER 1986 PARIS, March 31 - Dividend 24 francs vs 30 Consolidated net profit 115.7 mln francs vs 108.3 mln of which attributable to group 110.8 mln vs 102.5 mln Consolidated net turnover 11.16 billion francs vs 11.42 billion Parent company net profit 115.5 mln vs 95.0 mln Parent co net turnover 9.99 billion vs 9.91 billion Note - The electrical contracting company is 99.9 pct owned by the state-run Compagnie Generale d'Electricite < CGE>. REUTER
SHELL CANADA < SHC> RAISES CRUDE 32 CTS CANADIAN NEW YORK, June 18 - Shell Canada < SHC>, whose majority interest is owned by the Royal Dutch/Shell Group of companies, raised the postings of light sweet and sour crude oil from Edmonton/Swann Hills 32 Canadian cts a barrel, effective today. The new price for light sweet crude oil is 25.60 Canadian dlrs a barrel while the new price for light sweet sour crude is 24.08 Canadian dlrs a barrel. The Royal Dtuch/Shell Group owns 72 pct of Shell Canada and public shareholders, primarily Canadian, own the remaining 28 pct of the company, a Shell Canada spokesman said. Reuter
GENERAL MINING UNION CORP LTD (GENM.J) YEAR NET JOHANNESBURG, March 12 - Shr 616 cts vs 481 Final div 150 cts vs 140, making 230 vs 195 Pre-tax 705.4 mln rand vs 485.2 mln Net 591.7 mln vs 458.0 mln Tax 79.2 mln vs 82.2 mln Attrib to outside shareholders 123.7 mln vs 52.3 mln Reuter
ODETICS INC < OA/OB> 4TH QTR MARCH 31 NET ANAHEIM, Calif., June 1 - Shr seven cts vs eight cts Net 278,000 vs 340,000 Revs 11.4 mln vs 8,871,000 Year Shr three cts vs one ct Net 113,000 vs 33,000 Revs 39.7 mln vs 33.1 mln Reuter
VOLVO 1986 RESULT OFF SLIGHTLY FROM 1985 STOCKHOLM, March 26 - 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. Reuter
ROTHMANS DENIES SHARE SALE SPECULATION LONDON, April 13 - < Rothmans Holdings (Tobacco) Ltd> said in a sttement there was "no foundation" to press speculation that it would sell its stake in Rothmans International Plc < ROT.L> to Philip Morris Inc < MO.N>, or that it would buy Morris' stake. In the 1986 report, Rothmans International said RHT, which is controlled by < Rupert Foundation SA>, owned 18.25 mln ordinary and 64.37 mln B ordinary shares, or 99.9 pct and 26.1 pct respectively. Morris owns 79.8 mln B ordinary shares, or 32.4 pct. Rothmans B shares, which firmed on the speculation to close at 273p from 241p on Friday, eased to 245.5p at 0838 GMT. REUTER
BASS GROUP CUTS NATIONAL DISTILLERS < DR> STAKE WASHINGTON, June 1 - An investor group led by members of the Bass family of Fort Worth, Texas, said it lowered its stake in National Distillers and Chemical Corp to 1,159,400 shares, or 3.6 pct of the total common, from 1,727,200, or 5.3 pct. In a filing with the Securities and Exchange Commission, the Bass group said it sold 567,800 National Distillers common shares between May 15 and 29 at prices ranging from 59.94 to 63.44 dlrs a share. As long as the group's stake is below five pct, it is not required to disclose its further dealings in National Distillers' common stock. Reuter
WEATHERFORD < WII> SUSPENDS PREFERRED PAYOUTS HOUSTON, March 23 - Weatherford International said it suspended indefinitely payment of its regular quarterly dividend of 65.6 cts per share on its 2.625 convertible exchangeable cumulative preferred stock. Weatherford said this will be the sixth non-payment of the dividend on the stock. It said payment would have been on April 15, 1987. Weatherford also said the holders of the preferred stock will have the right to elect two additional directors to the board of directors. Reuter
WARNER < WCI> HAS 8.2 PCT BERKEY INC < BKY> STAKE WASHINGTON, Oct 19 - Warner Communications Inc said its Warner Communications Investors Inc unit acquired stock and warrants representing 416,668 shares of Berkey Inc common stock, or the equivalent of 8.2 pct of the company's common stock outstanding. In a filing with the Securities and Exchange Commission, Warner Communications Investors said it paid about one mln dlrs to Berkey on September 23 to acquire 104,167 shares of Berkey Series B convertible preferred stock. The preferred stock is convertible into 208,334 Berkey common shares, and warrants to buy another 208,334 shares. Warner Communications and its subsidiary said the Berkey stock is held as an investment which they will review and evaluate from time to time. Reuter
AMERICAN NETWORK INC < ANWI> DEC 31 YEAR NET PORTLAND, Ore., March 24 - Shr profit 16 cts vs loss 1.40 dlrs Net profit 3,000,000 vs loss 6,570,000 Revs 91.7 mln vs 66.9 mln Avg shrs 19,078,072 vs 4,708,896 Note: Current year net includes nine mln dlr net gain from settlement of litigation. Reuter
****** COASTAL RAISES CRUDE OIL POSTINGS 50 CTS/BBL YESTERDAY, WTI TO 19 DLRS
DANISH CROPS TWO WEEKS BEHIND, OFFICIAL REPORT COPENHAGEN, June 29 - Danish crops are up to two weeks behind normal growth levels due to the cold weather in May and June, when mean temperatures were up to four centigrade below average, the State Plant Cultivation Bureau said in a report. At the season's first crop test on June 26, the bureau rated crops at an overall 94, the same as on June 20 last year. The figure of 100 represents normal in a year of average growth conditions with no crop damage. The test gave ratings expressed as a factor of 100, as follows - winter wheat 96 (last year 91), winter rye 97 (98), winter barley 92 (90), spring barley 94 (98), oats 96 (98), fodder and sugar beets 87 (96), winter rapeseed 98 (94), spring rapeseed 94 (98). Final harvest figures for 1986 were not yet available. Reuter
ERICSSON < ERICY.O> TO BUY REST OF SPANISH UNIT NEW YORK, April 13 - L.M. Ericsson of Sweden said it agreed in principle to buy the 49 pct of Intelsa, its Spanish unit, that it does not already own from < Telefonica>, Spain's telecommunications administration. Terms of the agreement were not disclosed. Ericsson said Intelsa, which controls about 40 pct of the Spanish telephone switch market, has 2,400 employees and annual sales of 800 mln crowns, or 117 mln dlrs. "The purchase will not affect the close working relationship between Telefonica and Intelsa," Ericsson said. Reuter
ESSEX COMMUNICATIONS CORP < ESSXA> YEAR LOSS GREENWICH, Conn., March 27 - Shr loss 47 cts vs loss 63 cts Net loss 1,450,000 vs loss 1,930,000 Revs 14.7 mln vs 13.3 mln Note: Year-ago resulted restated to exclude Michigan cable systems sold in 1985. Reuter
OMNICOM GROUP < OMCM> SETS REGULAR PAYOUT NEW YORK, March 3 - Qtlry div 24.5 cts vs 24.5 cts Pay April 6 Record March 16 Reuter
AMERICAN NURSERY < ANSY> BUYS FLORIDA NURSERY TAHLEQUAH, OKLA., March 2 - American Nursery Products Inc said it purchased Miami-based Heinl's Nursery Inc, for undisclosed terms. Heinl's Nursery has sales of about 4.5 mln dlrs and owns 100 acres, of which 75 are in shade houses and about 58,300 square feet cover greenhouses, shipping and office facilities. Reuter
QUAKER OATS CO < OAT> REGULAR DIVIDEND CHICAGO, March 11 - Qtly div 20 cts vs 20 cts previously Pay April 15 Record March 23 Reuter
TENERA LTD < TLPZZ.O> 3RD QTR NET BERKELEY, Calif., Oct 20 - Shr 25 cts vs 26 cts Net 2,200,000 vs 2,100,000 Revs 8,500,000 vs 9,600,000 Nine mths Shr 77 cts vs 63 cts Net 6,900,000 vs 4,800,000 Revs 27.9 million vs 25.3 million Reuter
DAVIS WATER < DWWS> RELEASES PRE-SPLIT EARNINGS THOMASVILLE, Ga., March 13 - Davis Water and Waste Industries Inc said it has restated its earnings on a pre- stock split basis for fiscal 1987's third quarter and nine months ended January 31, which were reported March 10 on a post four-for-three stock split basis. The company said its earnings per share for the third quarter on a pre-split basis, converts to 16 cts from 12 cts post-split, versus three cts pre-split from two cts post-split for fiscal 1986's third quarter. For the nine months, Davis said, earnings per share would convert to 77 cts and 44 cts for fiscal 1987 and 1986 respectively, from 58 cts and 33 cts, respectively. Reuter
UNITED PRESIDENTIAL CORP < UPCO> 4TH QTR NET KOKOMO, Ind., Feb 26 - Shr 39 cts vs 50 cts Net 1,545,160 vs 2,188,933 Revs 25.2 mln vs 19.5 mln Year Shr 1.53 dlrs vs 1.21 dlrs Net 6,635,318 vs 5,050,044 Revs 92.2 mln vs 77.4 mln NOTE: Results include adjustment of 848,600 dlrs or 20 cts shr for 1986 year and both 1985 periods from improvement in results of its universal life business than first estimated. Reuter
KUWAITI DINAR RATES FIRM, AID WINDOW OPEN KUWAIT, June 2 - Interest rates on Kuwaiti dinar deposits held firm in scattered trading despite a Central Bank decision to revive limited funding lines, dealers said. The Central Bank, which last Tuesday shut a daily aid window through which it lent funds of up to one year, reopened the facility for three month money, which was available at seven pct, they said. It offered one month funds at seven pct through swap facilities, dealers said. Today's Central Bank action, combined with sales of dollars by some banks, helped ease a recent credit squeeze engineered by the monetary authority to stem a rush for the U.S. Currency arising from attractive U.S. Interest rates and Gulf tension, dealers said. However, as one dealer noted: "The market is still unsettled." Overnight funds, bid at 20 pct at the outset of business, traded up to 30 pct before easing as liquidity dragged offers down to 10 pct by the close. Tomorrow-next, for which buy/sell quotes started at 30, 20 pct, ended at 14, eight. Spot-next was indicated at 8-1/2, seven after opening bids of 10. Dealers quoted one-week at eight, seven against an early 9-1/2, 7-1/2. One month rates were at the same level after trade at eight then 8-1/2. Dealers quoted three months at seven, 6-3/4 pct and six-month to one year funds at seven, six pct. They reported offshore offers of overnight at 10, tomorrow-next at eight and one year at 6-1/2 pct towards the close. The Central Bank fixed its dinar exchange rate steady at 0.27933/67 to the dollar, against yesterday's 0.27939/73. The spot dinar was 0.27930/40. REUTER
TDK GROUP NET UP 17.6 PCT IN NINE MONTHS TOKYO, Oct 19 - Nine months ended August 31 Group shr 118.66 yen vs 100.89 yen Group shr per ADS 237.32 vs 201.78 Net 14.28 billion vs 12.14 billion Pretax 34.48 billion vs 29.45 billion Sales 288.08 billion vs 278.50 billion Company's full name is TDK Corp < TDK.T>. REUTER
N.Z. TRADE SURPLUS 119.1 MLN DLRS IN FEBRUARY WELLINGTON, March 25 - Preliminary trade figures for February show an excess of exports over imports of 119.1 mln N.Z. Dlrs, a Statistics Department statement said. This compares with a 3.3 mln dlr deficit (revised from 1.7 mln) in January and a 36.1 mln dlr deficit in February 1986. Exports rose to 998.4 mln dlrs, from 889.2 mln (revised from 889.5) in January and 903.2 in February 1986. Imports dropped to an estimated 879.4 mln dlrs from 892.5 (revised from 891.2) in January and 939.3 in February 1986. The deficit for the eight months to the end of February was 15.3 mln dlrs, as against 1.057 billion dlrs in the same period a year ago. REUTER
ROWNTREE REPORTS PRETAX PROFIT AT 84 MLN STG LONDON, March 12 - Rowntree Mackintosh Plc < RWNT.L> announced it made a pretax profit of 84 mln stg in the 53 weeks ending January 3, 1987, compared with 79.3 mln stg in the previous year. Turnover was up to 1.29 billion stg from 1.2 billion. A final dividend of 9.2p was proposed, after a final 8.2p last year. Earnings per share rose to 35p from 34.8p. The results were broadly in line with market expectations, leaving shares at 499p in early trading, up one pence from yesterday's close, but slightly off pre-announcement opening levels. Profit on ordinary activities after tax was 66.2 mln stg, up from the previous year's 60.7 mln. The U.K. Remained Rowntree's largest centre for trading profits, accounting for 47.9 mln stg, up from 45.3 mln in 1985. Profit from its second largest geographical area, North America, slipped to 34.7 mln stg from 37.2 mln. North American profits were affected by the fall of the value of the dollar. Operations in continental Europe made 7.8 mln stg in trading profit, up from 3.4 mln, with 4.0 mln stg made in Australasia, up from 2.3 mln, and 11.3 mln stg from the rest of the world, against 13.1 mln in the previous year. Extraordinary items amounted to a 11.3 mln debit after a 16.5 mln debit previously. A company spokesman said this represented additional provisions for the cost of rationalisation plans announced in earlier years. Rowntree expects North American operations will this year, ahead of company expectations, be of the same order as those from the U.K. And the rest of Europe combined, the statement said. A spokesman said no specific figures had been forecast. Acquisitions will continue to be sought worldwide, including further moves in the speciality retailing business which Rowntree first entered in 1983, the statement said. Rising profit from Europe this year was forecast by chairman Kenneth Dixon in a statement. He added the performance of seven businesses bought last year was encouraging. The U.K. Confectionery side gained market share and increased trading margins. The Sun-Pat British grocery concern increased profit and Rowntree's small health food business, Holgates, raised earnings 10-fold, the statement said. Offsetting factors included currency movements, which cost the company nearly 5.0 mln stg. Sales tax hurt Canadian profits on confectionery operations, and the company faced strong competition in the U.K. Snack and Mid East export markets. REUTER
LSB < LSB> IN PACT TO ACQUIRE NORTHWEST FEDERAL OKLAHOMA CITY, OK., March 27 - LSB Industries Inc said it entered into an agreement to acquire Northwest Federal Savings and Loan Association of Woodward, Oklahoma. Upon completion of the acquisition, LSB would pay about 1.5 mln dlrs to the shareholders of Northwest and transfer to Northwest Federal certain assets having a net current appraised value of not less than 30 mln dlrs. At completion of this transaction, Northwest Federal would be a subsidiary of LSB's non-consolidated wholly-owned financial subsidiary. The acquisition is subject to obtaining approvals, waivers and forbearances from the Federal Home Loan Bank Board and other government approvals. Reuter
COMMUNITY SAVINGS BANK < CSBN> QTLY DIVIDEND HOLYOKE, Mass., March 18 - Qtly div six cts vs six cts prior Pay April 17 Record April 3. Reuter
PUBLIC SERVICE CO OF COLORADO < PSR> IN PAYOUT DENVER, March 24 - Qtly div 50 cts vs 50 cts prior Pay May One Record April 10 Reuter
EC SUGAR TENDER SEEN AS FURTHER CONCESSION BRUSSELS, March 26 - The rebates granted at yesterday's EC sugar tender represent a further concession to producers' complaints that they are losing money on exports outside the bloc, trade sources said. They said the maximum rebate of 45.678 European currency Units (Ecus) per 100 kilos was 0.87 Ecus below what producers claim is needed to obtain the equivalent price to that offered for sales into intervention. The rebate at last week's tender was 1.3 Ecus short of the level producers thought necessary and that of the previous week was 2.5 Ecus below this level. But the sources said producers who have offered a total of 854,000 tonnes of sugar into intervention in an apparent attempt to persuade the Commission to set higher maximum rebates have given no formal indication to the Commission that they intend to withdraw these offers. The French and German operators involved would be able to withdraw the offers up to five weeks after April 1 when the sugar will officially enter intervention stores. The five-week period is the normal delay between sugar going into intervention and payment being made for it. EC officials have said that if the Commission has to buy the sugar, it is determined immediately to resell it, a move which could drive down market prices further. REUTER
RICHARDSON < RELL>TO BUY ITALIAN SEMICONDUCTOR FIRM LAFOX, ILL., March 19 - Richardson Electronics Ltd said it agreed to buy for undisclosed terms, G.E.B., Giant Electronics Brand, a Florence, Italy-based distributor of electron tubes and semiconductors. Reuter
FAR WEST FINANCIAL < FWF> TO BUY PROGRESSIVE ALHAMBRA, Calif., March 18 - Progressive Savings and Loan Association < PRSL> said it has agreed in principle to be purchased by Far West Financial Corp's Far West Savings and Loan Association. The acquisition would be a cash merger, with Progressive shareholders receiving up to three dlrs per share, the company said. Progressive Savings has assets of about 500 mln dlrs and operates ten offices in Los Angeles and Orange counties. The agreement is subject to federal and shareholder approval. Reuter
CHELSEA < CHD> SEES LOWER 2ND QTR NET BOSTON, March 31 - Chelsea Industries Inc said earnings for its fiscal second quarter ended March 30 will be "sharply lower" than the 1,414,000 dlrs or 55 cts a share it earned for the same quarter last year. It also said it lowered its earnings forecasts for the remainder of the fiscal year. In fiscal 1986, the company earned 7,206,000 dlrs or 2.78 dlrs a share. The company cited intensely competitive market conditions in its polyethelyne trash liner business and startup costs related to its acquisition of Artisan Plastic for the reduced earnings outlook. Reuter
NATIONAL MEDICAL ENTERPRISES INC < NME> 3RD QTR LOS ANGELES, March 27 - Periods ended Feb 28 Oper shr 46 cts vs 51 cts Oper shr diluted 43 cts vs 50 cts Oper net 34.2 mln vs 39.8 mln Revs 823.3 mln vs 794.3 mln Avg shrs 74.9 mln vs 78.7 mln Nine mths Oper shr 1.29 dlrs vs 1.46 dlrs Oper shr diluted 1.20 dlrs vs 1.43 dlrs Oper net 99.4 mln vs 114.5 mln Revs 2.50 billion vs 2.22 billion Avg shrs 77.0 mln vs 78.3 mln NOTE: Year ago nine months operating net excludes loss of 2.0 mln dlrs, or two cts a share, from discontinued operations Reuter
< OCELOT INDUSTRIES LTD> YEAR LOSS CALGARY, Alberta, April 1 - Shr loss 15.29 dlrs vs loss 2.80 dlrs Net loss 221.3 mln vs loss 40.4 mln Revs 146.3 mln vs 260.7 mln Note: 1986 loss includes extraordinary loss of 171.6 mln dlrs or 11.85 dlrs shr related to writedown of certain petrochemical assets and reduced by tax gain of 4.2 mln dlrs or 28 cts shr. 1985 results restated. Reuter
U.K. MONEY MARKET SHORTAGE FORECAST AT 300 MLN STG LONDON, March 11 - The Bank of England said it forecast a liquidity shortage of around 300 mln stg in the market today. Among the main factors, the Bank said bills maturing in official hands and the treasury bill take-up would drain 483 mln stg from the system while below target bankers' balances and a rise in the note circulation would take out 50 mln and 100 mln stg respectively. Partially offsetting these, exchequer transactions would add around 355 mln stg, the Bank added. REUTER
DOMINION CALLS BURLINGTON < BUR> REPORT RUMOR MONTREAL, April 8 - < Dominion Textile Inc> considers a published report that it has bought a stake in Burlington Industries Inc and is considering making a joint bid for the company to be a rumor, a company spokesman said. "As far as I am concerned and the company is concerned, they are rumors and we're not commenting on rumors," spokesman Michel Dufour told Reuters in response to a query. "All the information that has been given out publicly is that, yes, Dominion Textile is interested in making an acquisition that big...probably based on that people are starting all sorts of rumors," he said. Dufour said yes when asked whether the report was only a rumor, but said the company was not prepared to comment further. Dominion Textile president and chairman Thomas Bell was out of town and unavailable for comment. Dominion Textile last year made an unsuccesful 104-mln- U.S.-dlr bid for Avondale Mills and has maintained a 120-mln- U.S.-dlr line of credit to be used for an American acquisition. Dufour said the company has been negotiating with "many" U.S. textile companies but would not say whether Burlington Industries was one of them. Burlington's stock rose sharply this morning on the report, which said Dominion Textile had joined with U.S. investor Asher Edelman to buy a stake in the company and to consider making a takeover offer. Dominion Textile, which reported operating profit of 11.1 mln Canadian dlrs last year on sales of 926.5 mln dlrs, has repeatedly said it will concentrate on expanding into the U.S. The company has said it plans to diversify into new product and market areas in addition to expanding its textile operations. Reuter
CITY RESOURCES TO SELL GOLD PROPERTY STAKE VANCOUVER, March 30 - City Resources Ltd said it has agreed in principle to sell a 50 pct interest in a group of mineral properties in the southwest Pacific to a buyer it did not name for 30 mln Canadian dlrs. The company said a preliminary estimate of the geological resources of one of the properties to a depth of 200 meters indicates a potential of 1.2 mln ounces of gold, and by the middle of 1987 it expects to establish proven ore reserves containing at least 500,000 ounces of gold. Mining could start in 1988, subject to a satisfactory feasibility study. The company said completion of the transaction is subject to regulatory and shareholder approvals. City Resources is controlled by City Resources Ltd of Australia. Reuter
GROUP RAISES TEXSTYRENE < FOAM> STAKE TO 11.7 PCT WASHINGTON, April 7 - An investor group led by Dart Container Corp, a Sarasota, Fla., plastic utensil maker, told the Securities and Exchange Commission it raised its stake in Texstyrene Corp to 420,500 common shares or 11.7 of the total outstanding. The group said it bought the shares for investment and intends to continue to buy Texstyrene stock in the future. The group said its most recent purchases included 106,000 shares bought March 10-31 in ordinary brokerage transactions. Reuter
EQK GREEN ACRES LP < EGA> RAISES QUARTERLY BALA CYNWYD, Pa., March 5 - Qtly div 26-1/4 cts vs 25 cts prior Pay Aug 14 Record June 30 Reuter
GEBRUEDER SULZER 1986 PROFIT UP ALMOST 60 PCT WINTERTHUR, Switzerland, April 9 - Year 1986 Consolidated net profit 67 mln Swiss francs vs 42 mln. Dividend 100 francs per registered share vs 80 francs and 10 francs per participation certificate vs eight. Consolidated turnover 4.55 billion francs vs 4.54 billion. Parent company net profit 38.2 mln francs vs 26.4 mln. Parent company turnover 2.20 billion francs vs 2.29 billion. Note - Company's full name is Gebrueder Sulzer AG < SULZ.Z> REUTER
BAKER < BKO> TO SELL OILWELL PUMP UNIT HOUSTON, March 17 - Baker International Corp said it has signed a definitive agreement to sell the assets and business of the electric submersible oilwell pump product line in the continental U.S. of its Baker Oil Tools Inc subsidiary to Trico Industries Inc < TRO> for an undisclosed amount of cash and other consideration. The company said the transaction is subject to Hughes Tool Co < HT> and Baker shareholder approval of the Baker/Hughes merger. The U.S. Justice Department has announced that it will require divestiture of the product line for approval of the merger. Baker said the transaction is subject to approval by the Justice Department and the boards of Baker, Hughes and Trico. Reuter
TRIANGLE HOME PRODUCTS INC < THP> 4TH QTR LOSS CHICAGO, March 20 - Shr loss 17 cts vs loss 19 cts Net loss 213,000 vs loss 217,000 Sales 6,788,000 vs 6,254,000 Year Shr loss 22 cts vs loss five cts Net loss 270,000 vs loss 61,000 Sales 27.0 mln vs 27.0 mln Reuter
NORTON < NRT> TO SELL SOUTH AFRICAN OPERATIONS WORCESTER, Mass., March 3 - Norton co said it has agreed to sell its remaining South African business, Norton co Pty Ltd, to < Global Mining and Industrial Corp> of South africa for undisclosed terms. The company said the unit accounts for less than two pct of Norton revenues and is being sold because "Growing societal pressures in the United States and the unsettled situation in south Africa had required a disproportionate amount of management tiome to oversee." Norton said the unit is profitable. Norton said it will provide the South Afrcian unit with future technical support, and products makde under that agreement will continue to be marketed under the Norton trademark. Reuter
COMPREHENSIVE CARE CORP < CMPH> 3RD QTR NET IRVINE, Calif., March 24 - Qtr ended Feb 28 Shr 17 cts vs 22 cts Net 2,041,000 vs 3,329,000 Revs 46.6 mln vs 48.9 mln Nine mths Shr 65 cts vs 82 cts Net 9,290,000 vs 12.7 mln Revs 142.7 mln vs 139.8 mln Reuter
MITCHELL ENERGY AND DEVELOPMENT CORP < MND> NET WOODLANDS, Texas, March 11 - 4th qtr Jan 31 Shr five cts vs 28 cts Net 2,448,000 vs 13.3 mln Revs 156.1 mln vs 225.5 mln Avg shrs 47.3 mln vs 47.8 mln Year Shr 18 cts vs 1.01 dlrs Net 8,430,000 vs 48.2 mln Revs 587.9 mln vs 843.9 mln Avg shrs 47.4 mln vs 47.9 mln Reuter
ZIEGLER CO INC < ZEGL> SETS QUARTERLY WEST BEND, Wis., March 16 - Qtly div 13 cts vs 13 cts prior Pay April 17 Record April 3. Reuter
DOME PETE < DMP> SAID TO BE PRESSED TO SELL ENCOR By Larry Welsh, Reuters TORONTO, March 6 - Dome Petroleum Ltd is under pressure from one of its largest creditors, < Canadian Imperial Bank of Commerce>, to sell its 42 pct stake in < Encor Energy Corp Ltd>, energy industry analysts said. Dome has pledged its 42.5 mln Encor shares as security for part of its debt to Commerce Bank, estimated last year at 947 mln Canadian dlrs, and the bank wants Dome to sell the stock to pay down debt, analysts said. "The Commerce has been slowly but surely moving Encor in the direction that might make it a saleable asset," said one analyst who asked not to be named. Dome earlier said it was not considering selling Encor Energy, but reaffirmed the company's 23.3 pct interest in Canadian gold producer Dome Mines Ltd < DM> is up for sale "at the right price." Dome, now negotiating a plan to restructure more than 6.10 billion dlrs in debt, sees Encor as a strategic investment that it does not intend to sell, spokesman David Annesley said. The Encor shares do not pay dividends. A Commerce Bank spokesman also declined comment when asked whether it is pressing Dome to sell its Encor stake. At current market prices, Dome's stake in Encor would be valued at about 308 mln dlrs, while its 20.9 mln Dome Mines shares would be worth about 319 mln dlrs. Recent strength in the price of Encor shares may also prompt Commerce Bank to press Dome to divest its holding in the Canadian oil and gas producer, analysts said. "Encor's stock price has improved quite substantially in recent weeks with a runup in crude prices," Peters and Co Ltd oil analyst Wilf Gobert commented. "The possibility is that Commerce Bank would like to see it sold at these levels because they can get more for it now than they have been able to in recent years," he added. Encor traded earlier on the Toronto Stock Exchange at 7-1/8, near its 52-week high of 7-1/2 and up from around six dlrs in early February. The company also recently set up its own operating management, which was previously carried out by Dome Petroleum, Maison Placements Canada Inc analyst Denis Mote commented. Dome and Encor "are actually going to get farther apart. So (the sale) does make a lot of sense," Mote said. However, analysts said Dome will resist any moves to divest Encor in favor of retaining the operating assets since sale proceeds would likely go directly to pay down Dome's debt to Commerce Bank. "I think they'll probably try to hang onto Encor as long as they can," said Bache Securities Inc analyst Doug Weber. Some of Dome's group of 56 major creditors might move to block such a sale, arguing they have a claim on company assets. "Other creditors generally all want to make sure that something they might be able to get a piece of is not being sold out from under them," said analyst Gobert. Another stumbling block would be Encor's 225 mln dlr joint liability in loans to Dome Petroleum advanced by Arctic Petroleum Corp of Japan for Beaufort Sea exploration. Analysts said a similar hurdle could also hinder the possible sale of Dome Petroleum's interest in Dome Mines. Dome Mines has guaranteed 225 mln dlrs of Dome Petroleum's debt and has a "right of consent" to the sale of Dome Petroleum's holding. Presumably, a potential buyer of the Dome Mines shares would seek some type of relief on the company's debt obligations connected with Dome Petroleum, Gobert said. Dome spokesman Annesley earlier declined to specify at what price the company would consider selling its Dome Mines shares, but said current prices of more than 15 dlrs a share "are very attractive." Reuter
INDIA AGAIN IN MARKET FOR SUGAR - TRADE LONDON, March 6 - India has called a fresh buying tender for up to four 13,000 tonne cargoes of white sugar on March 11, traders here said. The tender calls for one cargo of prompt sugar and two to three with March/April shipment sugar, or the same as the eight cargoes bought at a tender two days ago. That tender originally only sought two to three cargoes but resulted in the sale of eight. India also granted the sellers options to sell twice that amount at the same price but for April/May shipment. Depending on prices, traders said it would be likely for India again to buy more than the tonnage formally sought. Reuter
PHILADELPHIA SUBURBAN < PSC> BUYS SOFTWARE FIRM BRYN MAWR, Pa., March 31 - Philadelphia Suburban Corp said it acquired Mentor Systems Inc, a Lexington, Ky., computer software company, for common stock. Detailed terms were not disclosed. Mentor specializes in public sector accounting systems. It has 73 employees at its Lexington facility, four branch offices in the Midwest and one in New York. Reuter
BOLIDEN AB < BLDS ST> 1986 RESULTS STOCKHOLM, Mar 12 - Group loss after financial income and expenses 1.08 Billion vs loss 71 mln crowns Sales - 12.38 billion crowns vs 6.16 billion. No proposed dividend vs 10 crowns. Note - The company this year consolidated wholesale and investment conglomerate Ahlsell AB. REUTER
API PRESIDENT SEES OPTIONS TO AVERT OIL CRISIS NEW YORK, March 9 - American Petroleum Institute President Charles DiBona said no options should be rejected to combat growing U.S. dependence on foreign oil. "No action should be ruled out--import fees or quotas, floor prices, tax incentives or other alternatives--while a national dialogue on the issue continues," DiBona said at a paper institute conference in New York today. DiBona said there is no unanimity within the industry on how to stimulate energy production but there is consensus on removing several government policies that hinder investments in new prospects. DiBona said the windfall profit tax should be abolished immediately and current proposals for increased environmental regulations on acid rain and waste disposal should be not adopted. He also suggested that the Arctic National Wildlife Refuge in Alaska should be opened up for leasing to oil companies, DiBona said. "This is a battle the industry cannot afford to lose if the nation is to continue to benefit from Alaskan oil," DiBona said. Since 1986 U.S. oil production has fallen while consumption rose and that has raised dependence on imported oil, particularly from OPEC, DiBona said. Reuter
SPIE BATIGNOLLES COULD INCREASE COMSTOCK HOLDING PARIS, April 8 - Construction group < Spie Batignolles> is negotiating to increase its holding in U.S. Engineering and electrical installations firm < Comstock>. Spie Batignolles, a subsidiary of Schneider SA < SCHN.PA>, said in a statement it was negotiating to invest 20 mln dlrs in Comstock in the form of bonds convertible into shares. Spie Batignolles has held a 20 pct stake in Comstock since February 1986. A spokesman said if Spie Batignolles converted all the new bonds, it could open the way for the French company to take control of Comstock but he gave no other details. Reuter
AMERICAN EXPRESS < AXP> TO DISCUSS SHEARSON DEAL New York, March 20 - American Express Co's board of directors Monday will discuss the company's arrangement to sell 13 pct of Shearson Lehman Brothers Inc to Nippon Life Insurance Co, a company spokesman said. The spokesman would not say whether the board is planning to vote on the understanding between American Express and Nippon Life. The Shearson stake is to be sold for 530 mln dlrs, American Express has said. The spokesman also would not comment on speculation that the board was to discuss a sale of securities to the public. Monday's board meeting is a regular monthly meeting. The plan to sell part of Shearson to Nippon Life must be approved by the American Express board and Japan's Ministry of Finance. Earlier, American Express and Shearson said they were subpoenaed by the Securities and Exchange Commission. American Express said it was subpoenaed for documents pertaining to securities transactions of American Express and Fireman's Fund. Shearson was subpoenaed for documents related to transactions with Jefferies and Co and others. The American Express spokesman said he could not comment on whether any officials of the firm were subpoenaed. Reuter
FRENCH JANUARY M-3 MONEY SUPPLY RISES ONE PCT PARIS, March 9 - French money supply, measured in terms of M-3, rose a provisional one pct in January after falling 0.7 pct in December, the Bank of France said. M-3 is the main money supply aggregate used by the French monetary authorities. It has been joined as a second main money supply aggregate for 1987 by M-2, which rose a provisional 1.2 pct in January after falling a confirmed 0.9 pct in December. Calculated on a three-month moving average basis, M-3 rose 4.4 pct year-on-year in the quarter based on December after rising 5.4 pct in the quarter centred on September. The M-2 aggregate, centred on a three-month moving average, rose year-on-year by four pct, within a 1987 target range of four to six pct. M-1 rose 2.5 pct after a 1.1 pct fall in December. M-1 measures notes and coins in circulation plus sight deposits. M-2 adds in short-term bank deposits and M-3 adds in other short-term deposits. The central bank's widest measure of liquidity, L, rose 1.5 pct in January after one pct fall in December. The bank said the money supply growth reflected a net increase of sight deposits and renewed interest in money market instruments. REUTER
< NOVA> WINS GOVERNMENT OKAY FOR HUSKY < HYO> DEAL CALGARY, Alberta, Feb 26 - Nova, the Canadian company that owns 56 pct of Husky Oil Ltd, said it received government approval for a transaction under which < Union Faith Canada Holding Ltd> would buy a 43 pct stake in Husky. Nova said the Minister of Regional and Industrial Expansion, Michel Cote, ruled that Union Faith's purchase of the Husky stake would not result in Husky ceding control to a non-Canadian company. It said this ruling was a key condition in completing the deal. Union Faith is equally owned by < Hutchison Whampoa Ltd> and < Hong Kong Electric Holdings Ltd>. Under the agreement with Union Faith, Husky will become a private company with Union Faith and Nova each holding 43 pct of its stock. Nine pct of Husky would be owned by relatives of Li Ka-Shing, chairman of Hutchison, and five pct by the Canadian Imperial Bank of Commerice. Reuter
KEY CENTURION < KEYC> TO BUY BANK OF BUCKHANNON CHARLESTON, W. VA., April 3 - Key Centurion Bancshares Inc said it reached an agreement in principle to acquire Central National Bank of Buckhannon, in W. Virginia. Terms call for an exchange of 2.75 shares of Centurion shares for each share of Central National. The transaction is valued at 16.2 mln dlrs. Reuter
PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER NEW YORK, April 13 - U.S. roastings of green coffee in the week ended April 4 were about 275,000 (60-kilo) bags, including that used for soluble production, compared with 215,000 bags in the corresponding week of last year and about 320,000 bags in the week ended March 28, George Gordon Paton and Co Inc reported. It said cumulative roastings for calendar 1987 now total 4,440,000 bags, compared with 4,540,000 bags by this time last year. Reuter
GAMMA BIOLOGICALS INC < GAMA.O> 4TH QTR MARCH 31 HOUSTON, June 2 - Shr profit four cts vs loss 47 cts Net profit 209,000 vs loss 2,164,000 Sales 4,849,000 vs 3,682,000 Year Shr loss 10 cts vs loss 52 cts Net loss 451,000 vs loss 2,378,000 Sales 18.0 mln vs 15.8 mln Reuter
JACOBS SUCHARD AG < JACZ.Z> 1986 YEAR ZURICH, March 12 - Net 190.9 mln Swiss francs vs 150.4 mln Turnover 5.24 billion vs 5.38 billion Dividend 160 per bearer vs 155 francs, 32 francs per registered vs 31 francs, 16 francs per participation certificate vs 15.50 francs Cash flow 294.3 mln vs 242.6 mln Note - Confirms forecast of results issued in January. Operating profit 337.6 mln vs 265 mln Depreciation 103.4 mln, up 12.2 pct Capital spending 84.6 mln, down 15.7 pct. REUTER
< CANADIAN IMPERIAL BANK OF COMMERCE> 1ST QTR TORONTO, March 5 - Period ended January 31 Shr 61 cts vs 64 cts Shr diluted 60 cts vs 60 cts Net 96.5 mln vs 87.0 mln Loans 44.87 billion vs 48.07 billion Deposits 69.86 billion vs 68.45 billion Assets 83.92 billion vs 78.93 billion Note: shr after preferred dividends Reuter
HUSKY < HYO> SETS MEETING TO APPROVE MERGER CALGARY, Alberta, March 25 - Husky Oil Ltd said the board called a special meeting for April 22 for shareholders to vote on its previously announced agreement for Hong Kong-based Hutchison Whampoa Ltd and Hongkong Electric Holdings Ltd to acquire a 43 pct interest in the company. The acquisition requires two-thirds approval by Husky shareholders other than < Nova, An Alberta Corp>, which owns a 57 pct interest in Husky. If approved by shareholders, the amalgamation will take effect April 30, Husky said. Following completion, Oil Term Holdings Ltd, a new company controlled by Nova, will hold a 43 pct stake in Husky. Hutchison and Hongkong will indirectly hold 43 pct, Victor T.K. Li will own nine pct and < Canadian Imperial Bank of Commerce> will have a five pct interest. Husky said a special committee of five outside directors recommended the board approve the transaction after determining that the deal was in the best interests of Husky and fair to shareholders. Husky previously announced shareholders will have the option to receive 11.80 Canadian dlrs cash for each common, or 6.726 dlrs cash and one common share of Oil Term Investment Ltd, which will be controlled by Nova through Oil Term Holdings and own an insterest in Husky. U.S. shareholders will be restricted to the right to receive 11.80 Canadian dlrs cash per share, which will be paid in U.S. funds, the company said. Reuter
FIRSTCORP < FCR> SEES GAIN ON CONDEMNATION RALEIGH, N.C., March 3 - Firstcorp Inc said it weill report an after-tax gain of 1,827,000 dlrs or 56 cts per share primary and 42 cts fully diluted from the proposed condemnation and acquisition of a parking deck it operates by Wake County. The company said if it reinvested proceeds in a similar property within 24 months, the gain on the sale would be deferred for tax purposes. Reuter
AMERICANTURE < AAIX> BUYS AMERICAN ADVENTURE LOS ANGELES, March 26 - 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. Reuter
****** GEORGIA-PACIFIC TO HAVE 60 MLN DLR PRETAX GAIN FROM SALE OF GEORGIA GULF STAKE
PHH < PHH> BUYS TWO DESIGN FIRMS HUNT VALLEY, MD, March 23 - PHH Group Inc said it acquired two design firms for undisclosed terms. In 1986, the two firms, Neville Lewis Associates of New York and Walker Associates Inc of L.A., produced 15.6 mln dlrs in total fees. Reuter
EASTEK CORP < ESTK.O> 1ST QTR SEPT 30 LOSS PINE BROOK, N.J., Oct 20 - Shr loss 24 cts vs loss four cts Net loss 874,986 vs loss 56,182 Revs 402,855 vs not available NOTE: The company made its initial offering in March 1987 and before then had been a development stage company so no sales were posted in 1986. Reuter
MAJOR U.S. PIPELINE MAY BE CLOSED SEVERAL DAYS By BERNICE NAPACH, Reuters NEW YORK, June 2 - The operator of a major U.S. crude oil pipeline, shutdown because of flood damage, said it may be several days before repairs are made and the system is functioning again. Dan Stevens, manager of public and government affairs at Texaco Inc < TX>, operator of the pipeline through its subsidiary Texaco Pipeline Co, said the company hopes repairs will begin in about five days and expects it to take several more days to complete. "At this point we are lining up what we know we need, to get the job done," Stevens said, adding that the timing for repairs will depend on the damage to the pipeline which is difficult to assess because of flooding on the Red River. The pipeline was shipping roughly 225,000 barrels of crude oil per day, or about 55 pct of its capacity during the 30 days preceding its shutdown on Saturday, Stevens said. The pipeline was shut down from Cushing, Okla, to Witchita Falls, Kan, on Saturday due to an undetermined leak at the Red River crossing, near the Oklahoma/Texas border, because of severe rains, a spokesman for Texaco said. Stevens said it was reasonable to suggest the pipeline could operate at full capacity when it reopens in order to make up for the shortfull but cautioned they will talk with customers to determine their requirements. Oil analysts and traders said they were not sure if the shutdown will continue to raise U.S. oil prices. Monday, after Texaco confirmed that the pipeline had been closed, West Texas Intermediate crude in the spot market and on New York Mercantile Exchange's energy futures complex rose 20 cts a barrel. Stevens said it was reasonable to suggest the pipeline could operate at full capacity when it reopens in order to make up for the shortfull but cautioned they will talk with customers to determine their requirements. Oil analysts and traders said they were not sure if the shutdown will continue to raise U.S. oil prices. Monday, after Texaco confirmed that the pipeline had been closed, West Texas Intermediate crude in the spot market and on New York Mercantile Exchange's energy futures complex rose 20 cts a barrel. Reuter
AMERICAN AIRCRAFT BUYS INTO HELICOPTER BUILDER SAN FRANCISCO, March 3 - < American Aircraft Corp> said it has acquired a 51 pct interest in privately-owned < Hunter Helicopter of Nevada Inc> for an undisclosed amount of stock. An American Aircraft official said the company has an option to acquire the remaining 49 pct. Hunter Helicopter is in the business of building a two passenger helicopter retailing for about 50,000 dlrs each which is certified by the Federal Aviation Administration. The helicopters will be manufactured in American Aircraft's Uvalde, Texas, plant, it added. Reuter
MUSICLAND GROUP INC < TMG> 3RD QTR NET MINNEAPOLIS, Oct 20 - Shr 28 cts vs 14 cts Net 3,110,000 vs 1,286,000 Revs 112.7 mln vs 93.8 mln Avg shrs 11.2 mln vs 9,148,000 Nine mths Shr 58 cts vs 15 cts Net 6,377,000 vs 1,332,000 Revs 307.8 mln vs 233.8 mln Avg shrs 10.9 mln vs 9,148,000 NOTE: Company 81.4 pct owned by Primerica Corp < PA>. Reuter
LANCE INC < LNCE> 1ST QTR NET CHARLOTTE, N.C., April 17 - Shr 56 cts vs 46 cts Qtly div 29 cts vs 27 cts prior Net 9,089,000 vs 7,585,000 Sales 86.8 mln vs 83.0 mln NOTE: Pay May 15, record May One. Reuter
HEINEKEN SEES HIGHER PROFITS, WIDER PENETRATION By Emma Robson, Reuters AMSTERDAM, April 8 - Dutch brewer Heineken NV said it hoped to maintain for a number of years a similar earnings growth to the 7.5 pct increase in net profit achieved in 1986, despite continuing investments in a reorganization program and efforts to extend world penetration. Heineken last month reported a 1986 net profit of 285 mln guilders, after 265 mln in 1985. Chairman Freddie Heineken said the company, Europe's leading beer producer with six pct of market share in 1986, said sales increased by 6.3 pct to 42.1 mln hectoliters. The volume increase was due mainly to a rise in the U.S., Where the brand Amstel Lite saw great demand, and in Europe, where sales accounted for 25.5 pct of the total. Turnover, despite losses in guilder terms due to weaker foreign currencies, rose by 4.4 pct, to 6.7 billion guilders. Further consolidation of foreign companies, including the increase of its stake in leading Spanish brewery < El Aguila S.A.> to 51.2 pct, new ventures and modernization, particularly in French and Spanish interests, eroded profit margins. The company still planned to invest 700 mln guilders this year in restructuring and marketing, Heineken said. Heineken's Spanish activities should start yielding profit next year, Heineken said, adding that its French operations had already turned to profit after vast rationalization last year. Vice Chairman Gerard van Schaik said the decision by the European Court of Justice in Luxembourg to allow foreign beer into the closed West German market -- Europe's biggest beer market -- offered interesting possibilities for Heineken. "We have the beer, but distribution and sales is the important point," van Schaik said, adding that since the ruling Heineken had been inundated by German traders seeking joint ventures. "The question is not if we want to penetrate the German market, but how we are to do it," van Schaik said, adding that while the widely traveled Germans seemed to be developing a taste for foreign beer, the internal structure was very regionalized. Heineken board member Hans Coebergh, responsible for African operations, said he saw Africa as one of the most important beer growth markets in the long term. He said the company, present in Africa since 1932 and with majority stakes in six breweries and interests in 25, was hampered by the lack of hard currencies there. Africa, where beer consumption averages only nine liters per head per year and sales are limited by import restrictions and currency risks, nonetheless accounted for 6.5 pct of total 1986 sales. On-site production is rendered expensive by the high price of imports of essential ingredients. But Heineken scientists have been looking at other possibilities. To balance the costs of imported malt, Heinken launched on the Nigerian market a new beer made of 50 pct sorghum, which had sold successfully, Coebergh said. Heineken is urging farmers to grow the traditional raw materials, but Coebergh noted that banana and palm beer were popular in Rwanda . "This is a possibility, but we could not possibly achieve the Heineken flavor," Coebergh said. Chairman Heineken said the company's seven year efforts to penetrate the Soviet market had finally resulted this week in a contract that relaxed some of the restrictions they faced. But again, a lack of hard currencies limited Heineken's market potential. Heineken now has seven bars in Moscow that are enjoying good sales, but the bars only accept western money. Reuter
PHILLIPS < P> RAISES CRUDE OIL PRICES NEW YORK, Oct 20 - Phillips Petroleum Corp said it raised the contract price it will pay for all grades of crude oil by 50 cts a barrel, effective Oct 16. The increase brings the company's postings for the West Texas Intermediate and West Texas Sour grades to 19.00 dlrs a barrel. Phillips last changed it crude oil postings on Sept 9. Reuter
FRANKLIN INSURED TAX-FREE SETS PAYOUT SAN MATEO, Calif., March 2 - Mthly div 7.1 cts vs 7.1 cts prior Pay March 31 Record March 16 NOTE: Franklin Insured Tax-Free Income Fund. Reuter
U.S. BUSINESS LOANS FELL 896 MLN DLRS WASHINGTON, June 19 - Business loans on the books of major U.S. banks, excluding acceptances, fell 896 mln dlrs to 275.61 billion in the week ended June 10, the Federal Reserve Board said. The Fed said that business loans including acceptances fell 546 mln dlrs to 278.12 billion dlrs. Reuter
KROGER < KR> TO BUY EIGHT FOOD STORES DALLAS, April 3 - Kroger Co said it agreed to buy nine retail food stores from the Dallas division of < Safeway Stores Inc>, which announced it was closing the 141-store division as part of a restructuring. Terms were not disclosed. Kroger expects to take over operation of the stores, one of which is under construction, in late April. The addition of the stores will bring Kroger's Dallas division to 75 stores, it said. It operates more than 1,300 stores in 20 states. Reuter
MIDLANTIC < MIDL.O> TO ACQUIRE COUNTY BANCORP EDISON, N.J., April 13 - Midlantic Corp said it agreed to acquire County Bancorp for about 23 mln dlrs in an agreement calling for County Trust Co, a County Bancorp subsidiary, to merge into Midlantic National Bank/North. Midlantic said it will pay 83.73 dlrs a share in cash, or 2.36 times County Bancorp's March 31 book value, for each of County's about 276,0000 shares outstanding. It said it received an option from three principal shareholders for 40 pct of County's outstanding. The acquisition is expected in the third quarter of 1987 and is subject to regulatory and shareholder approvals. Reuter
AMERICAN AIRCRAFT CORP BUYS PRIVATE FIRM SAN FRANCISCO, March 3 - < American Aircraft Corp> said it has acquired a 51 pct interest in privately-held < Hunter Helicopter of Nevada, Inc>. The purchase was made for an undisclosed amount of American Aircraft stock, the company said. It said the acquisition will increase shareholder equity in American Aircraft to 45 cts per share from 18 cts per share. Hunter Helicopter builds two-passenger helicopters that retail for about 50,000 dlrs. Reuter
BURLINGTON < BUR> HEARING TO CONTINUE TOMORROW Greensboro, N.C., June 1 - U.S. District Court Judge Eugene A. Gordon said he plans to issue a decision tomorrow on Burlington Industries Inc's request for an injunction to stop Samjens Acquisition Corp's takeover bid for the company. Wall Street sources have said the outcome of the case could be pivotal in determining the winner in the fierce takeover battle for Burlington, the largest u.s. textile maker. Gordon presided over six hours of argument today by lawyers for Burlington and Samjens, a partnership formed by Dominion Textile Inc and New York investor Asher Edelman. Hearings are scheduled to continue tomorrow. A preliminary injunction would hold up Samjens 2.47 billion dlr offer until the case is decided. Burlington had previously agreed to a 2.44 billion dlr buyout from Morgan Stanley Group Inc < MS>, one dlr per share lower than a sweetened 77 dlr per share bid made by Samjens last week. Burlington has not responded to the new Samjens offer. Burlington has alleged in its lawsuit that Edelman and Dominion used illegally obtained confidential information about the company in making their takeover attempt. That information, Burlington said, was provided by James Ammeen, a former Burlington executive, through PaineWebber Group Inc < PWJ>. Ammeen, who had worked for Burlington for 23 years, had as many as 12 divisions with 50 pct of Burlington's sales reporting to him. When he left Burlington in November, 1985, Burlington said he signed a contract promising never to divulge inside information about the company. Burlington lawyers said shortly after he left he began working with a PaineWebber employee on a hostile plan to "takeover the company, dismember the company and displace its management," Burlington lawyer Hubert Humphrey said. Samjens lawyers acknowledged it received information from PaineWebber, but argued the information was public information and could be obtained either from texitle industry analysts or Burlington's public financial statements. Burlington lawyers said PaineWebber and Ammeen met with Edelman and Dominion in November and continued to meet with them until a couple of days before Edelman and Dominion went public April 24 with their intention to take over the company. Burlington lawyers claim Dominion's board decided to attempt a takeover of Burlington after Ammeen met with the board in February. Burlington lawyers said Edelman and Dominion held discussions with PaineWebber and Ammeen about acting as financial advisers to Samjens. But they allege talks broke off because Painewebber and Ammeen could not satisfy Edelman and dominion with a written statement that they did not provide inside information. Lawyers for Samjens contended that Painewebber and Ammeen withdrew as potential advisers because Burlington chairman Frank Greenberg had called a PaineWebber executive and threatened legal action if PaineWebber got involved in an effort to takeover Burlilgnton. "The ultimate question is not the price per share or the profit, but rather the permissable standards of conduct for those who would takeover an American company," said burlington lawyer Humphrey. Burlington lawyers also contended that Burlington, as the largest manufacturer of denim in the United States, would be in violation of anti-trust laws if it acquired Dominion, Canada's largest textile maker. Dominion has denim manufacturing plants in Georgia, which would reduce competition in the denim market, the lawyers said. Samjens' lawyers discounted the concern. They said the market for denim is more fragmented than Burlington contends and that Burlington has the ability to switch between light weight and heavy weight denim production as demand and price dictate. Samjens lawyers also pointed to a lawsuit filed by Burlington in Canada, in which it said it was considering a bid for Dominion. "Surely, what would have been sauce for the goose would have been sauce for the gander," said Sidney Rosdeitcher, a Samjens lawyer. Reuter
NATIONAL CAPITAL < NCETS> TO MAKE SALE SAN FRANCISCO, March 19 - National Capital Real Estate Trust said it has entered into a definitive agreement to sell its Irvine Commercial Center in Irvine, Calif., to Shuwa Corp of California for 10.85 mln dlrs. It said the buyer has pl;aced 250,000 dlrs into an escrow account as a nonrefundable deposit. The trust said existing debt secured by the property of about 6,700,000 dlrs in due on completion of the transaction, which is expected in early April. Reuter
NATIONALE NEDERLANDEN PROFITS, SALES STEADY THE HAGUE, April 9 - Year 1986 Net profit 635.5 mln guilders vs 603.4 mln. Revenues 17.35 billion guilders vs 17.27 billion. Net profit per nominal 2.50 guilder share 5.79 guilders vs 5.67, corrected for capital increase. (1985 uncorrected figure 5.73). Dividend 2.50 guilders vs 2.38, corrected. (2.40 uncorrected.) Note - Full name is Nationale Nederlanden NV < NTNN.AS> REUTER
GROUP OF FIVE MEETING ENDS WASHINGTON, April 8 - A meeting of finance ministers and central bankers of the Group of Five ended after nearly three and a half hours. West German Finance Minister Gerhard Stoltenberg and British Chancellor of the Exchequer Nigel Lawson declined to comment on the meeting as they emerged from the U.S. Treasury. A European monetary official said the ministers of the Group of Seven countries would gather at about three p.m. local (1900 GMT) at the Treasury. Reuter
UNITED OVERSEAS BANK LTD < UOBM.SI> YEAR SINGAPORE, March 28 - Shr 26.9 cts vs 25.1 cts Fin Div 8.0 pct gross vs 8.0 pct Group net 106.1 mln dlrs vs 99.0 mln Note - Fin div pay May 25, record April 18. REUTER
HENLEY < HENG> TO ISSUE SUBSIDIARY'S SHARES LA JOLLA, Calif., March 16 - Henley Group Inc said it plans to issue 20 pct of the common stock of its Fisher Scientific Group Inc unit to Henley Group shareholders. The company said it intends to issue one share of Fisher Scientific for each 16 Henley shares held to shareholders of record March 26. The distribution is scheduled for April six, the company also said. It said the Fisher shares will trade in the over-the-counter market under the symbol FSHG. Reuter
CAROLINA POWER AND LIGHT CO < CPL> QTLY DIV RALEIGH, N.C., March 18 - Qtly div 69 cts vs 69 cts prior Payable May one Record APril 10 Reuter
CHAMBERS DEVELOPMENT CO INC < CDV> 3RD QTR NET PITTSBURGH, Oct 19 - Shr 23 cts vs 15 cts Net 2,641,000 vs 1,295,000 Revs 15.6 mln vs 7,925,000 Avg shrs 11.6 mln vs 8,900,000 Nine mths Shr 65 cts vs 37 cts Net 6,805,000 vs 3,308,000 Revs 42.7 mln vs 20.6 mln Avg shrs 10.5 mln vs 8,900,000 Reuter
AMCA < AIL> TO SELL SOME DOMINION BRIDGE ASSETS TORONTO, March 2 - AMCA International Ltd said it finalized agreement to sell certain assets and inventories of its Dominion Bridge steel service center operations to < Federal Industries Ltd>'s Russelsteel Inc unit. Terms were undisclosed. It said the sale involved assets and operations of the general line of steel service centers in Toronto and Edmonton, Alberta and steel from inventories of closed AMCA branches. The company said the sale was part of a previously announced restructuring program to allow it to focus on certain core businesses and generate cash to cut debt. Reuter
< PLUM HOLDING INC> STARTS HOILLY SUGAR < HLY> BID NEW YORK, Oct 20 - Plum Holding Inc said it has started its previously-announced offer to purchase 664,400 common shares of Holly Sugar Corp at 95 dlrs each. In a newspaper advertisement, the firm said the offer, proration period and withdrawal rights expire November 17 unless extended. The offer, which has been approved by the Holly board and is to be followed by a merger in which remaining shares are to be exchanged for cumulative redeemable exchangeable preferred stock, is conditioned on receipt of at least 664,400 shares, which would give Plum a two thirds interest, and the receipt of financing. Reuter
REPUBLIC SAVINGS AND LOAN < RSLA> 3RD QTR NET MILWAUKEE, WIS., April 9 - Shr 89 cts vs not available Net 1,163,000 vs 466,000 Nine Mths Net 3,696,000 vs 1,624,000 NOTE: Company converted to stock ownership effective August 1986. Periods end March 31, 1987 and 1986 respectively. Reuter
MORRISON INC < MORR> ACQUIRES CUSTOM MANAGEMENT MOBILE, Ala., March 30 - Morrison Inc, a diversified food service company, said it acquired Custom Management Corp, based in Kingston, Penn., for an undisclosed amount. Custom manages some 215 food contract management operations and about 65 environmental service accounts, producing about 100 mln dlrs in annual revenues. Reuter
QUEENSLAND PRESS BOARD RECOMMENDS MURDOCH OFFER BRISBANE, March 11 - The < Queensland Press Ltd> (QPL) board said it unanimously recommended the one billion dlr takeover bid by < Cruden Investments Pty Ltd>, a family company of News Corp Ltd < NCPA.S> chief executive Rupert Murdoch. The 23 dlrs a share cash-only offer is nearly double the market price before News announced its now-completed bid for The Herald and Weekly Times Ltd < HWTA.S> in early December and no other offer is likely, it said in a statement. Independent adviser, < Wardley Australia Ltd>, had also concluded the offer was fair and reasonable, it added. QPL is already owned 48.3 pct by HWT. REUTER
OPEC PRESIDENT SAYS OUTPUT WELL BELOW CEILING By Judith Matloff, Reuters LONDON, March 5 - Opec Conference President Rilwanu Lukman said the group was producing well below the 15.8 mln bpd ceiling it set in December, partly because liftings had been delayed or postponed by customers unwilling to pay fixed Opec prices. Lukman, during a brief visit to London on his way home from Jamaica, told Reuters in a telephone interview that in February, Opec had underproduced partly because members were strictly abiding by production quotas and partly because they were resisting the temptation to sell at discounts to official prices of around 18 dlrs a barrel. "We are determined to stand firm by the (December) accord," he said. "I have spoken to every other Opec minister and they are committed to making the accord work," he said. Lukman gave no specific figures for February output. He said the Opec secretariat in Vienna was finalizing these figures. Told of a Reuters survey published today which estimated that Opec output so far this week was below 15 mln bpd, he said; "That could well be correct." Opec"s news agency Opecna today issued a statement saying group output was "well below" its ceiling in February. But it gave no figures. But one source close to Opec indicated that February output may have been between 15.3 and 15.5 mln bpd. The Reuter survey estimated Opec February output at around 16 mln bpd. Opec agreed in December to cut output by 7.25 pct to 15.8 mln bpd and to return to fixed prices starting February 1. Lukman said Qatar, Nigeria, Saudi Arabia and Iran had all produced in February below their Opec quotas. Iraq, which said it would not honour its 1.466 mln bpd quota under the December pact, had produced less than had been anticipated, he said. Lukman said that some industry reports "may be correct" that in February, Nigeria propuced 75-100,000 bpd below its 1.238 mln bpd quota, Saudi Arabia 500,000 bpd less than its 4.133 mln allocation and Qatar 20 to 30 pct under its 285,000 bpd quota. He said that sweet crudes such as those produced by his country were coming under price pressure because they were currently officially priced above sweet North Sea grades and the United States" West Texas Intermediate (WTI) crude. However, he said Opec in December had anticipated that demand would be slack at this time of year for seasonal reasons and expected the market to firm in two to three weeks. "We have to be patient for two or three weeks. The market is now firming on actual fundamentals," he said, adding that he expected it to go "up and up" even beyond official prices after early April. This is when, traditionally, there is more demand for gasoline-rich crudes such as Nigeria"s. The Opec President said producers such as Kuwait, Venezuela and Indonesia were having less problems with output than producers like his own country because they exported oil products. Also, some of Venezuela"s heavy grades were outside the Opec pricing system, he said. Lukman said that if refiner-buyers, now refusing to lift some Opec oil at official prices, instead used their own stocks and ran them down to "dangerous levels," they would eventually have to buy Opec oil. "When they realise it is not a free-for-all (in the market) they will realise they should buy now instead of paying more later on," he said. Lukman, asked about industry reports that Nigeria was being pressured by equity producers for better terms, said it was important to know that terms with them were negotiable, flexible and under constant review, not only when the market seemed weak. He said that so far, no meeting of the seven-nation ministerial differentials committee had been scheduled and that such a meeting, now twice-postponed, was not a high priority for Opec at the moment. "At this time, we have to get our priorities right," he said. "The most important thing now is ensuring that the accord is working, not dealing with a differential of cents between grades." But if any Opec member raised concerns or objections over the differential system, a meeting would be called, he said. Reuter
HARTFORD STEAM < HBOL> SETS SPLIT, DIVIDEND HIKE HARTFORD, Conn., March 18 - Hartford Steam Boiler Inspection and Insurance Co said its board declared a two-for-one stock split and raised the quarterly dividend to 25 cts postsplit from 20 cts, both payable April 30 to holders of record April 10. Reuter
SOUTHMARK < SM> ACQUIRES BERG VENTURES DALLAS, June 18 - Southmark Corp said it acquired Berg Ventures Inc, which manages 84 apartment complexes with over 18,000 units and 12 shopping centers stretching from New Jersey to Florida that are controlled or affiliated with Berg Harmon Associates. Terms were not disclosed. Southmark said the acquisition makes it the nation's largest apartment management firm with over 100,000 units under its wing. Southmark also said it has become the managing partner of Berg Harmon Associates. Over 3,000 Berg Harmon Limited partners have made capital investments of over 300 mln dlrs in the properties now managed by Southmark. Reuter
SOUTHAM INC < STM.TO> 1ST QTR NET TORONTO, April 23 - Oper shr 32 cts vs 37 cts Oper net 18.9 mln vs 21.6 mln Revs 352.1 mln vs 323.0 mln Note: 1987 net excludes extraordinary gain of 2.8 mln dlrs or five cts shr from sale of surplus property. Reuter
AUSIMONT COMPO NV < AUS> RAISES QUARTERLY WALTHAM, Mass., March 16 - Qtly div eight cts vs five cts prior Pay April 24 Record April Three Reuter
BERLINER BANK SUFFERS LOSSES ON STUTTGART LOANS WEST BERLIN, March 20 - < Berliner Bank AG> has suffered losses of between 10 and 100 mln marks through credits granted by its Stuttgart branch by officials there exceeding their powers, a bank spokesman said in answer to queries. The spokesman declined to say exactly how large the losses were. Berliner Bank has suspended the three managers of its Stuttgart branch and is continuing an investigation into the case, in which state prosecutors are also participating. The fact that powers had been exceeded emerged in a routine check at the branch. The City of West Berlin owns 74 pct of Berliner Bank and the rest is held by small shareholders. REUTER
RUGBY WELL PREPARED FOR NEW CEMENT COMPETITION LONDON, March 30 - Rugby Portland Cement Plc < RBYL.L> said it was well placed to operate in the new circumstances following the ending in February of the 53-year old cement manufacturers common price and marketing arrangements. In a statement following the release of its 1986 results, IT stated that the current year had started well. It reported that pretax profits in the year rose to 35.46 mln stg from 21.84 mln previously on turnover higher at 313.3 mln after 252.2 mln. The strong recovery of the first six months continued into the second half, although U.K. Cement demand rose only modestly. Results benefitted from cost cutting and higher volumes. The decision by the Cement Makers Federation to end the pricing agreement reflected pressure from higher competition due to growing imports and the possibility that the system would be taken to the Restrictive Practices Court by the U.K. Government. It stated that its John Carr unit benefitted from strong organic growth, although overseas its Cockburn operation had a difficult period with high maintenance costs and increased depreciation charges. The company is proposing to change its name at the next annual meeting to < Rugby Group Plc>. Rugby said it spent 27 mln stg on acquisitions in 1986. It noted that its Western Australia hotels company had agreed to sell the Parmelia hotel for 31.5 mln Australian dlrs, some seven mln stg above end-1986 book value. The results were largely in line with forecasts and Rugby shares were little changed at 242p after 241 at Friday's close. REUTER
DESPTP OMC < DSO> 1ST QTR NET DES PLAINES, ILL., April 13 - Shr 54 cts vs 51 cts Net 2,151,000 vs 2,439,000 Sales 90.3 mln vs 96.8 mln Avg shrs 3,960,000 vs 4,782,000 Reuter
US STUDY DISCUSSES DROPPED COMSAT-CONTEL MERGER WASHINGTON, April 23 - A congressional study today said the proposed, but now apparently abandoned, merger of the Communications Satellite Corp < CQ> and Contel Corp < CTC> would technically be legal but could violate the spirt of the law setting up COMSAT. Two weeks ago before the study was completed, Contel announced it would seek to terminate the proposed merger. The study by the non partisan Congressional Research Service (CRS) said "the proposed merger appears to comply, technically, with the mandates or letter of statutes, if may nevertheless violate the spirit of the law." Comsat, created by a 1962 act of Congress, and Contel, a corporation of local telephone and communications firms, filed with the Federal Communications Commission last November 3 an application for merger. Several firms had protested the proposed merger. In an analysis of the law, the research service issued several critical comments about the structure of the new firm and said apparent domination by Contel of a restructured COMSAT would have broken the spirit of the law setting up COMSAT.COMSAT is the U.S. arm of Intelstat, the international satellite communications firm. Reuter...^M
MICRON TECHNOLOGY INC < DRAM> 2ND QTR MARCH FIVE BOISE, March 20 - Shr loss 46 cts vs loss 51 cts Net loss 10.9 mln vs loss 9,782,818 Revs 20.1 mln vs 9,437,270 Avg shrs 23.5 mln vs 19.3 mln 1st half Shr loss 90 cts vs loss 1.11 dlrs Net loss 20.6 mln vs 21.4 mln Revs 38.9 mln vs 14.5 mln Avg shrs 22.8 mln vs 19.2 mln Reuter
CHRYSLER < C> UNIT BUYS BENEFICIAL < BNL> UNIT ALLENTOWN, PA., March 13 - Chrysler Corp said its Chrysler First Inc acquired a major portion of the commercial lending portfolio of Beneficial Business Credit Corp, a subsidiary of Beneficial Corp. It said the acquisition involves about 84 mln dlrs of net receivables. Chrysler First, a subsidiary of Chrysler Financial Corp, had receivables of 4.3 billion dlrs at the end of 1986. Reuter
JAPAN DENIES PLANS TO CUT DUTIES ON CHOCOLATE TOKYO, April 2 - Agriculture Ministry officials said they are not considering cuts in import duties on chocolate to help ease friction with the United States over agricultural trade. Japan has already lowered the duties sharply and we must consider domestic market conditions, an official said. Duties on chocolate were cut to 20 pct from 31.9 pct in April 1983. Washington has been demanding a cut to seven pct, equivalent to its own duties, ministry sources said. Japanese chocolate imports rose to 8,285 tonnes in calendar 1986 from 5,908 in 1985, official statistics show. However, the ministry sources added it is possible the government may make further cuts in response to strong U.S. And European demand. "Due to concern about the farm trade row with the U.S., Top-level government officials may press the ministry to cut the duties," one said. But he said it would be difficult for Japan to resolve its overall trade row with Washington and reduce its trade surplus, which reached 58.6 billion dlrs in 1986. Agricultural trade issues between Japan and the U.S. Include Japanese import restrictions on 12 farm products. REUTER
VIACOM < VIA> RECEIVES TWO REVISED OFFERS NEW YORK, March 2 - Viacom International Inc said it received revised merger offers from < National Amusements Inc> and < MCV Holdings Inc>. The company said the special committee plans to meet later today to review both offers. Viacom said National Amusements' Arsenal Holdings Inc raised the value of its offer for the Viacom shares not held by National Amusements in three areas. National Amusements holds 19.6 pct of Viacom's stock. The cash value of the offer was raised to 42.00 dlrs from the 40.50 dlrs a Viacom share offered February 23 while the value of the fraction of a share of exchangeable preferred being offered was increased to 7.50 dlrs a share from six dlrs. The interest rate to be used to increase the cash value of the merger, if delayed beyond April 30, was raised to nine pct from eight pct and 12 pct after May 31. A Viacom spokesman said the Arsenal Holdings's offer continues to include a 20 pct interest in Arsenal for present Viacom shareholders. Viacom said MCV Holdings, a group which includes the company's senior management and the Equitable Life Assurance Society of the United States, raised the value of its offer by increasing the value of the preferred being offered to 8.50 dlrs from 8.00 dlrs a share and raising the ownership in the new company to be held by present Viacom shareholders to 45 pct from 25 pct. MCV called its previous offer, made February 26, the "final" proposed revision of its agreement with Viacom. Reuter
CHEMICAL FABRICS < CMFB> AGREEMENT TERMINATED MEWRRIMACK, N.H., April 1 - Chemical Fabrics Corp said an agreement in principle under which OC Birdair Inc would have purchased assets related to the architectural structures business of Dow Corning corp's ODC Inc division has been terminated. Under that agreement, Chemical Fabrics would also have become distributor of Dow Corning's Vestar silicone-coated fiberglass architecural fabrics. OC Birdair is a joint venture of Chemical Fabrics and Owens Corning Fiberglas Corp < OCF> and Down Corning a venture of Dow Chemical Co < DOW> and Corning Glass Works < GLW>. Chemical Fabrics said once the current project backlog of Dow Corning's ODC division is completed, Dow Corning plans to discontinue its design-engineering, fabrication and installation services. Chemical Fabrics said the companies will cooperate on the development of new products for architectural and industrial applications and may supply architectural materials to each other. Reuter
BANGLADESH SUGAR PRODUCTION ALMOST DOUBLES DHAKA, March 7 - Bangladesh's sugar production increased by nearly 60,000 tonnes over last year's season to total 140,000 tonnes at the end of this year's season, the Sugar and Food Industries Corp said. The increased output will enable Bangladesh to cut imports. Corporation officials told Reuters the country has already imported 37,000 tonnes of sugar and will buy 113,000 tonnes more to make up shortfall in the 1986/87 year ending June 30. Imports in 1985/86 totalled 224,000 tonnes, of which nearly 100,000 tonnes are still in stock, they said without giving further details. REUTER
BOLT BERANEK AND NEWMAN INC < BBN> 1ST QTR NET CAMBRIDGE, Mass., Oct 20 - ended sept 30 Shr 22 cts vs 18 cts Net 4,127,000 vs 3,177,000 Sales 70.2 mln vs 48.6 mln NOTE: Share adjusted for July 1987 two-for-one stock split. Reuter
PHOTOGRAPHIC SCIENCIES CORP < PSCX> 4TH QTR LOSS ROCHESTER, N.Y., March 17 - Oper shr loss six cts vs profit four cts Oper net loss 165,000 vs profit 83,000 Sales 2,413,000 vs 921,000 Avg shrs 2,908,770 vs 2,203,462 Year Ope shr profit five cts vs profit five cts Oper net profit 124,000 vs profit 106,000 Sales 5,652,000 vs 1,623,000 Avg shrs 2,369,949 vs 2,061,102 NOTE: Net excludes losses from discontinued operations of 548,000 dlrs vs 14,000 dlrs in quarter and 696,000 dlrs vs 21,000 dlrs in year. 1985 year net excludes 35,000 dlr tax credit. 1985 year includes only six months of operations due to change in fiscal year. Reuter
TALKING POINT/PIEDMONT < PIE> By Patti Domm, Reuters NEW YORK, March 5 - Carl Icahn's bold takeover bid for USAir Group < U> has clouded the fate of Piedmont Aviation Inc, which was being courted by USAir. Yesterday, Icahn's Transworld Airlines Inc < TWA> made a 1.4 billion dlr offer for USAir Group. The move complicated a USAir takeover offer for Piedmont, which was believed to be close to accepting the bid. Today, USAir rejected Icahn's 52 dlr per share offer and said the bid was a last-minute effort to interfere in its takeover of Piedmont. Icahn was unavailable for comment. Piedmont fell one to 68-5/8 on volume of 963,000. TWA was off 3/8 to 31-1/2. USAir fell 1-3/8 to 47-3/4 as doubt spread it would be taken over. Analysts and market sources view the TWA bid as an attempt to either trigger a counter offer from USAir or to attract a suitor who might want both airlines once they merged. "The next move is either Icahn starts a tender offer or Piedmont and USAir announce a deal," speculated one arbitrager. Some arbitragers said there is now some risk in the current price of Piedmont since it is not clear that USAir's bid will succeed. Piedmont's largest shareholder and other suitor, Norfolk Southern Corp < NSC> has offered 65 dlrs per share for the company. USAir offered 71 dlrs cash per share for half of Piedmont stock, and 73 dlrs per share in stock for the balance. Some arbitragers, however, believe the depressed price of Piedmont offers a buying opportunity since the airline is destined to be acquired by someone. USAir, they said, is the least likely to be bought. Icahn, who has long talked about further consolidation in the airline industry, also offered USAir the alternative of a three-way airline combination, including TWA and Piedmont. But Wall Street has given little credibility to Icahn's offer, which lacked financing and was riddled with contingencies. Still, he has succeeded in holding up a merger of two airlines - both of which analysts said would fit well with TWA. "You can't discount him," said one arbitrager. Analysts, however, said Icahn would have to prove he is serious by following through with his threats or making a new offer. In making the offer for USAir, Icahn threatened to go directly to shareholders for 51 pct of the stock at a lower price if USAir rejected his offer. "It's clear Icahn wants to sell and he's bluffing," said one arbitrager. Analysts said the 52 dlr per share offer was underpriced by about six dlrs per share. Some analysts believe Icahn's proposed three-way airline combination might face insurmountable regulatory hurdles, but others believe it could be cleared if the companies are acquired separately. "TWA would have to be the surviving company for the deal to work," said one analyst. Analysts said such a merger would be costly and complicated. TWA has the best cost structure, since Icahn succeeded in winning concessions from its unions. In order for the other carriers to come down to TWA's wage scale in a merger, TWA would have to be the surviving entity, analysts said. Such a move does not necessarily free Icahn of TWA, they said. They said he showed skill in reducing Ozark Airlines' costs when he merged it into TWA last year, and he might be a necessary ingredient for a merger to work. However, other analysts speculated the managements of Piedmont and USAir would not tolerate Icahn as head of a new company. They said a USAir acquisition of TWA might be a way for him to exit the company if USAir's airline is then merged into TWA. Reuter
TAIWAN FURTHER RELAXES FOREIGN GOODS IMPORT CURBS TAIPEI, March 12 - Taiwan said it would soon relax import controls on some 400 foreign items, including stationery and books, in a further effort to allow trading partners, especially the U.S., Greater access to its markets. Taiwan announced the easing of import curbs on some 600 farm and industrial products last month, a Council for Economic Planning and Development spokesman told Reuters. He said the new move was intended to balance trade between Taiwan and its trading partners. The island's trade surplus reached a record 15.6 billion U.S. Dlrs last year, up from 10.62 billion in 1985. In January, Taiwan cut import tariffs on some 1,700 foreign products and allowed imports of U.S. Wine, beer and cigarettes. "We hope the measures will help reduce our trade surplus this year, especially with that of the U.S.," the spokesman said. Washington is pressing Taiwan to open its markets wider as a way of cutting its trade deficit with the island, which rose to 2.35 billion U.S. Dlrs in the first two months of 1987 from 1.87 billion in the year-earlier period. REUTER
NATIONAL CONVENIENCE < NCS> TO HAVE 3RD QTR LOSS HOUSTON, March 5 - National Convenience Stores Inc said it expects to report a loss for the third quarter ending March 31 due to continued poor sales in Texas, especially in Houston. In last year's third quarter, National Convenience earned 1,788,000 dlrs or eight cts per share, including a gain of 2,883,000 dlrs from the sale of 186 stores to another operator. It said the results also included earnings from gasoline operations of 2,500,000 dlrs or 11 cts per share caused by unusually high gross margins on gasoline sales of 12.7 cts per gallon that were caused by rapidly falling oil prices. National Convenience said its third quarter is usually weak due to winter weather. Reuter
AFG < AFG>, WAGNER/BROWN BID FOR GENCORP < GY> NEW YORK, March 18 - < General Partners>, controlled by privately-held Wagner and Brown and by AFG Industries Inc, said it has started a tender offer for all common shares of GenCorp Inc and associated defensive preferred share purchase rights for 100 dlrs a share. GenCorp stock closed yesterday in composite tape trading at 90.50 dlrs a share, up two dlrs on the day. In a newspaper advertisement, General Partners said the offer and withdrawal rights expire April 14 unless extended. General Partners said the offer is conditioned on receipt of sufficient financing to buy all shares on a fully diluted basis and receipt of enough shares to give General Partners at least 51 pct voting power, again fully diluted. It said the offer is also conditioned on GenCorp redeeming the defensive rights or General Partners being satisfied that the rights have been invalidated and General Partners obtaining from the Federal Communications Commission a special temporary authorization allowing completion of the acquisition of GenCorp shares. General Partners said it would set up voting trust arrangements pending review of its long-form application for FCC approval of its acquisition of control of GenCorp's broadcasting subsidiary. The partnership said the offer is further conditioned on GenCorp management withdrawing its proposals to amend the company's articles of incorporation and code of regulations to provide for an increase in authorized common shares, a classified board of directors and the elimination of cumulative voting. The latter two changes would make it harder for minority shareholders to elect directors. General Partners said it is asking GenCorp for its shareholder lists for help in disseminating the offer. GenCorp has about 22.3 mln shares outstanding, making the value of the offer about 2.23 billion dlrs. Last fall, AFG and Wagner and Brown offered to acquire < Lear Siegler Inc> for about 1.44 billion dlrs but withdrew the offer when higher bids emerged and due to complications of the Tax Reform Act of 1986. Lear Siegler eventually went private for 1.66 billion dlrs. GenCorp is involved in tire and plasticmaking and aerospace as well as broadcasting. The company faces challenges to its two television and 12 radio station licenses, partly becuase it failed to inform the FCC about allegedly improper foreign payments and political contributions. GenCorp has agreed to sell its New York-area television station WOR to MCA Inc < MCA> for 387 mln dlrs and its Los Angeles station KHJ to Walt Disney Co < DIS> for 217 mln dlrs. An investor group challenging the Los Angeles license would also receive 103 mln dlrs from Disney. For the year ended November 30, GenCorp earned 130 mln dlrs on sales of 3.10 billion dlrs. A GenCorp spokesman said the offer came as a surprise and the company was not yet in a position to comment on the bid. Reuter
JAPAN SAYS OECD STUDY ON SUBSIDIES STILL ONGOING TOKYO, March 20 - Japanese Agriculture Ministry officials said a study of agriculture subsidies by the Organisation for Economic Cooperation and Development, OECD, is still under way and will be completed sometime next month. The officials said the study has been inaccurate so far, and they said Japan would comment on the final results. A Reuter report from Washington yesterday said the study has found that Japan has the highest agriculture subsidies in the world and that dairy farmers benefit more than any other commodity producers from subsidies. The study has not been officially released due to objections from some countries. Japan has withdrawn its objection and decided to accept the release of the study, the agriculture ministry officials said. OECD directors are expected to approve the release at a meeting in mid-May. One agriculture ministry source said the study so far was based on the years 1979-81. Japanese subsidies have dropped sharply since then, partly because of tight budgetary policy, and foreign currency factors have also changed, he said. "The study is ... Unfair and unacceptable because it does not take account of various differences in farming conditions in each country, such as geography," the source said. He said it is highly likely that the final study will show Japan has the highest farm subsidies in the world. "This would increase foreign pressure to open Japan's farm market further, but this would have little impact on Japan's agriculture policy," he said, without giving further details. A main purpose of the study is to clarify export subsidies by major exporting nations like the United States and the European Community, but Japan is a major importer, he said. Reuter
INDIANA FEDERAL < IFSL> 4TH QTR NET VALPARAISO, Ind., March 25 - Net 492,000 vs 677,000 Year Net 2,650,000 vs 2,566,000 NOTE: Company's full name is Indiana Federal Savings and Loan Association. Per share information not available. Bank went public on February 11, 1987. Reuter
CRI INSURED II < CII> ESTIMATES DIVIDENDS ROCKVILLE, Md., March 31 - CRI Insured Mortgage Investments II Inc said it expects to distribute about 1.55 to 1.65 dlrs per share from operations for all of 1987 and about 1.68 to 1.75 dlrs including the proceeds of the gain from the sale of the Brighton Meadows mortgage through January 31. The company today paid a dividend of 1.1646 dlrs per share. Its first two quarterly payments, in September and December, were 42.5 cts each. CRI said it has not yet declared a distribution on the Park Meadows loan disposition. Reuter
AUTOSPA < LUBE> TO BUY CONTROL OF CARDIS < CDS> NEW YORK, April 1 - Autospa Corp said it has signed an agreement to purchase 2,400,000 shares of eight pct convertible preferred stock of Cardis Corp -- representing voting control -- for 15 mln dlrs. The company said the preferred purchase will be financed by an investment group led by Autospa. It said it will also receive from Cardis five-year options to buy 2,400,000 Cardis common shares at 6.25 to seven dlrs each, depending on the time of exercise, and warrants to purchase about 3,200,000 shares at 6.60 to 7.60 dlrs each. The company said the exercise of all options and warrants by Autospa would result in a tital investment of 50 to 55 mln dlrs. Execution of a definitive agreement is expected by April 22, it said, subject to the completion of financing arrangements, and closing is expected by May 15. Reuter
< THORATEC LABORATORIES CORP> YEAR LOSS BERKELEY, Calif., April 3 - Shr loss 1.64 dlrs vs loss 2.08 dlrs Net loss 9,761,000 vs loss 10,977,000 Revs 4,409,000 vs 2,697,000 Reuter
FREEDOM < FRDM> TO RECOGNIZE GAIN ON UNIT SALE TAMPA, Fla., June 2 - Freedom Savings and Loan Association said it will record a net gain of 13.5 mln dlrs on the sale of certain assets of its Freedom Mortgage Co subsidiary to Chase Home Mortgage Corp, a subsidiary of Chase Manhattan Corp < CMB>. Freedom also said it had completed the sale. The company said about 9.5 mln dlrs of the gain will be recnogized in the quarter ending June 30 with the remainder derferred and recognized over the remaining life of the serviced mortgage porfolio. Reuter
JAMESWAY CORP < JMY> 4TH QTR JAN 31 NET SECAUCUS, N.J., March 17 - Shr primary 64 cts vs 45 cts Shr diluted 60 cts vs 44 cts Net 4,524,000 vs 3,212,000 Revs 202.5 mln vs 171.9 mln Avg shrs primary 7,112,480 vs 7,052,964 Avg shrs diluted 8,034,223 vs 8,008,763 Year Shr primary 1.70 dlrs vs 1.31 dlrs Shr diluted 1.65 dlrs vs 1.30 dlrs Net 12.1 mln vs 9,252,000 Year Revs 612.4 mln vs 523.4 mln Avg shrs primary 7,112,480 vs 7,052,964 Avg shrs diluted 8,034,223 vs 7,732,544 Note: Includes after-tax LIFO charges of 441,000 dlrs vs 359,000 dlrs for qtr and 539,000 dlrs vs 407,000 dlrs for year. Reuter
LENNAR < LEN> SEES STRONG EARNINGS FOR 1987 YEAR MIAMI, March 30 - Lennar Corp chairman and president, Leonard Miller, said the current backlog of orders and the strong economy point to strong revenues and earnings for the balance of fiscal 1987. He said the company's backlog of sales deposits on Feb 28 was 2,416, an increase of 976 units over the previous year. Lennar recorded net earnings for the first quarter 1987 of 4,403,000, or 51 cts per share, compared to 1,775,000, or 20 cts per share the prior first quarter. It recorded net earnings of 12.5 mln dlrs, or 1.43 dlrs per share, for fiscal 1986. The company also said that at its April 29 annual meeting, shareholders will vote on increasing the company's authorized common stock to 45 mln shares from 15 mln. This will include 30 mln shares of common stock and 15 mln shares of class B common stock, it added. Those shareholders who elect to convert their shares into class B stock will be entitled to 10 votes per share while other shareholders will retain one vote per share, Lennar said. The company said if this is approved, it intneds to pay holders of Class B stock a quarterly cash dividend of five cts per share and holders of the other common stock a quarterly cash dividend of six cts per share. Reuter
OWENS-CORNING FIBERGLAS < OCF> SELLS FOAM UNIT TOLEDO, Ohio, March 25 - Owens-Corning Fiberglas Corp said it sold its controlling interest in its French foam insulation producing subsidiary to a Lafarege Corp < LAF> subsidiary. Owens-Corning said it sold its interest in Sentuc Porxpan SA for an undisclosed price. Reuter
U.S. BUSINESS LOANS FELL 822 MLN DLRS WASHINGTON, April 3 - Business loans on the books of major U.S. banks, excluding acceptances, fell 822 mln dlrs to 277.94 billion dlrs in the week ended March 25, the Federal Reserve Board said. The Fed said that business loans including acceptances fell 971 mln dlrs to 280.22 billion dlrs. Reuter
****** WHIRLPOOL CORP 1ST QTR SHR 66 CTS VS 67 CTS
API SAYS DISTILLATE, GASOLINE STOCKS UP IN WEEK WASHINGTON, April 7 - Distillate fuel stocks held in primary storage rose by 628,000 barrels in the week ended April three to 106.96 mln barrels from a revised 106.33 mln the previous week, the American Petroleum Institute said. In its weekly statistical bulletin, the oil industry trade group said gasoline stocks rose 2.29 mln barrels to 247.91 mln barrels from a revised 245.62 mln, and crude oil stocks were up 8.52 mln barrels to 337.73 mln from a revised 329.21 mln. It said residual fuel stocks rose 28,000 barrels to 38.25 mln from a revised 37.98 mln barrels. API said refinery runs in the week rose to 12.54 mln barrels per day from 12.21 mln and refinery use of operating capacity was 80.4 pct, up from 78.3 pct. Crude oil imports in the week fell to 3.40 mln bpd from a revised 3.60 mln, API added. Reuter
SOCIETY FOR SAVINGS BANCORP INC < SOCS.O> 3RD QTR HARTFORD, Conn., Oct 19 Shr 75 cts vs 55 cts Net 8,031,000 vs 5,819,000 Nine mths Shr 2.16 dlrs vs 1.42 dlrs Net 23.2 mln vs 15.1 mln Reuter
UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM NEW YORK, April 1 - Upland Minerals and Chemicals Corp said it agreed to acquire Consolidated Brazilian Mines International Inc, a public company with one mln acres of diamond and gold properties in Brazil. Terms were not disclosed. Consolidated owns 42 mining concessions in three regions of eastern and northern Brazil -- Gammara, Santo Antonio and Diamazon, the company said. Upland also said the previously announced acquisition of Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining concern, will produce revenues of 9.6 mln dlrs a year for the next 25 years. Reuter
FORD < F> SHARES RISE ON HIGHER EARNING ESTIMATE NEW YORK, MARCH 9 - Ford Motor Co's stock rose 1-1/4 to 82-1/4 after analyst Maryann Keller of Furman Selz Mager Dietz and Birney raised earnings estimates on the company, traders said. Keller said that she expects the company's 1987 earnings to rise to between 13.50-to-14 dlrs a share as compared to 12.32 dlrs a share earned last year. She said Ford's already good market share is expected to remain favorable and earnings from overseas are expected to improve. In addition, Keller said, the company is selling more of its expensive model cars, which are more profitable. The non-automotive operations, including Ford Motor Credit, are also expected to post improved earnings this year. Keller said she expects the company to split its stock and raise its dividend to at least three dlrs a share this year. She noted that Chrysler Corp's < C> announcement of a merger proposal for American Motors Corp < AMO> should have no short term effect on Ford but could cut into Ford's share of the truck market in the long term. Reuter
PETROLANE PARTNERS L.P. < LPG> 3RD QTR LOSS LONG BEACH, Calif, Oct 20 - Shr loss five cts vs profit six cts Net loss 1,200,000 vs profit 1,400,000 Nine mths Shr profit 1.00 dlrs vs profit 84 cts Net profit 23.7 mln vs profit 19.9 mln NOTE: Year ago results are pro forma since the company was created in March by the transfer to a master limited partnership of all domestic assets of Petrolane Inc's liquefied petroleum gas division. Reuter
AMERICAN TRAVELLERS < ATVC> TO MAKE ACQUISITION WARRINGTON, Pa., March 18 - American Travellers Corp said it has entered into an agreement to purchase ISL Life Insurance Co of Dallas, a corporate shell with active licenses to operate in 12 states, for about 400,000 dlrs. The company said closing is expected by late spring and will result in American Travellers being licensed in seven new states. Reuter
GIBRALTAR < GFC> TO BUY THRIFT FOR 12 MLN DLRS BEVERLY HILLS, Calif., June 29 - Gibraltar Financial Corp said its Gibraltar Savings unit has agreed in principle to buy < First Federal Savings and Loan of Ridgecrest> for about 12.1 mln dlrs cash. The company said the actual price will be determined at the close, based on net book value at May 31. It said First Federal is located in Kearn County northeast of Los Angeles and has assets of 130 mln dlrs. It said the transaction is subject to a definitive agreement, shareholder and regulatory approval. Reuter
CCIC FINANCE LTD - YEAR TO DEC 31 HONG KONG, March 17 - Net profit 16.66 mln H.K. Dlrs vs 11.28 mln Total divs to shareholders 7.5 mln vs nil Note - Firm underwrote 23 capital market issues in 1986. Next industrial transaction in May is syndication of a 35 mln U.S. Dlr loan to the Shanghai Ta Chun Tyre Project. The company is a joint venture merchant bank between the < Bank of China>, < First National Bank of Chicago> and the Industrial Bank of Japan < IBJT.T> REUTER
FISHER SHAREHOLDER INDECISIVE OVER STOCK BUY BEDFORD HEIGHTS, Ohio, June 1 - Fisher Foods Inc < FHR> said < 5300 Richmond Road Corp>, its largest shareholder, has not yet reached a definitive decision about whether it will buy more Fisher stock through a possible merger, tender offer or another acquisition proposal. 5300 is a Delaware corporation formed by < American Seaways Foods Inc>, < Rini Holding Co> and < Rego Companies> which owns 1.5 mln shares of Fisher, or about 44 pct of its outstanding common stock. Fisher said 5300 had announced on April 20 that they would make a decision on June 1 about the move. Fisher said 5300 also told it they will continue to explore possible advantages and disadvantages of various acquisition proposals. 5300 also said it is continuing to discuss with various financial groups about possible financing for such a move, but gave no indication of when any financing or proposal would be finalized, Fisher said. Reuter
< GEN TERM CORP> ACQUIRES PRIVATE FIRM SAN FRANCISCO, April 13 - Gen Term Corp said it entered into escrow for the 5.2 mln dlr purchase of Lewis-Westco and Co, a privately-held bottler and distributor of wines and distilled spirits. Lewis-Westco had sales of more than 45 mln dlrs for its fiscal year ended June 30, Gen Term also said. Separately, Gen Term, which trades over-the-counter, said it plans to apply for NASDAQ listing after it completes the acquisition. Reuter
FRANKLIN INSURED SETS MONTHLY PAYOUT SAN MATEO, Calif., April 13 - Mthly div 7.1 cts vs 7.1 cts prior Pay April 30 Reord April 15 NOTE: Franklin Insured Tax-Free Income Fund. Reuter
CAROLINA POWER AND LIGHT CO < CPL> SETS PAYOUT RALEIGH, N.C., March 18 - Qtly div 69 cts vs 69 cts prior Pay May One Record April 10 Reuter
WEIS MARKETS INC < WMK> 1ST QTR MARCH 28 NET SUNBURY, Pa., April 8 - Shr 59 cts vs 51 cts Net 18.0 mln vs 15.6 mln Revs 278.6 mln vs 272.2 mln Reuter
NOVELL INC < NOVL> 1ST QTR JAN 31 NET PROVO, Utah, March 4 - Shr 31 cts vs 20 cts Net 3,541,000 vs 2,071,000 Sales 29.9 mln vs 14.5 mln Avg shrs 11.6 mln vs 10.4 mln NOTE Fourteen vs 13-week periods. Reuter
INVESTMENT GROUP RAISES ROBESON < RBSN> STAKE WASHINGTON, Feb 26 - A group of affiliated Miami-based investment firms led by Fundamental Management Corp said it raised its stake in Robeson Industries Corp to 238,000 shares, or 14.6 pct of the total, from 205,000 or 12.8 pct. In a filing with the Securities and Exchange Commission, the group said it bought 32,800 Robeson common shares between Jan 26 and Feb 9 for 175,691 dlrs. The group said it may buy more shares and plans to study Robeson's operations. Afterwards it may recommend that management make changes in its operations. Fundamental Management Chairman Carl Singer was recently elected to the Robeson board. Reuter
BUNDESBANK SETS NEW REPURCHASE TENDER FRANKFURT, June 2 - The Bundesbank set a new tender for a 28-day securities repurchase agreement, offering banks liquidity aid at a minimum bid rate of 3.50 pct, a central bank spokesman said. Banks must make their bids by 1400 GMT today and funds allocated will be credited to accounts tomorrow. Banks must repurchase securities pledged on July 1. REUTER
BROKERAGE FIRM UPS STAKE IN ALLEGHENY < AG> WASHINGTON, April 7 - The New York brokerage firm of Spear, Leeds and Kellogg told the Securities and Exchange Commission it had increased its preferred stock in Allegheny International Inc to 8.6 pct, from 7 pct. It said it may buy additional shares, but had not decided whether to offer its shares in response to a tender offer by Sunter Acquisition Corp, a unit of First Boston Inc. The brokerage firm said it bought the Allegheny shares March 30-April 2 for 86.50-87.25 dlrs each. reuter
BUTLER < BTLR> TO BUY SKYLIGHT MANUFACTURER KANSAS CITY, MO., March 31 - Butler Mfg Co said it signed a memorandum of intent to acquire Naturalite Inc, a manufacturer of skylights. It said Garland, Texas-based Naturalite had sales in 1986 of about 20 mln dlrs. Terms were not disclosed. Reuter
PARKWAY CO < PKWY> SETS QUARTERLY JACKSON, Miss., March 20 - Qtly div 20 cts vs 20 cts prior Pay May 20 Record May Four Reuter
U.S. SUGAR IMPORTS DOWN IN LATEST WEEK - USDA WASHINGTON, March 30 - Sugar imports subject to the U.S. sugar import quota during the week ended March 6 totaled 25,192 short tons versus 29,043 tons the previous week, the Agriculture Department said. Cumulative imports now total 130,804 tons, it said. The sugar import quota for the 1987 quota year (January-December) has been set at 1,001,430 short tons compared with 1,850,000 tons in the 1986 quota year, which was extended three months to December 31. The department said the Customs Service reported that weekly and cumulative imports are reported on an actual weight basis and when final polarizations are received, cumulative import data are adjusted accordingly. Reuter
SOUTHAM UNIT ACQUIRES WINNIPEG COMMUNITY PAPERS TORONTO, March 13 - < Southam Inc> said its Flyer Force unit acquired three community newspapers in Winnipeg with a combined circulation of 65,000 for undisclosed terms. Southam said the newspapers, The Herald, The Lance and Metro One, will be printed at its Canadian Publishers division in Winnipeg. Flyer Force intends to expand distribution of the newspapers to begin improved service to the Winnipeg market, Southam said. Reuter
TRADE SURPLUS CUT WOULD BENEFIT JAPAN - SUMITA TOKYO, March 26 - Bank of Japan Governor Satoshi Sumita said it is in Japan's national interest to make greater efforts to reduce its trade surplus. He told business executives the most important issues for the world economy are the correction of international trade imbalances and a solution to the world debt problem. To this end, Japan and the U.S. Must make medium- and long-term efforts to alter economic structures which have expanded the trade gap between the two nations. World economic growth and therefore an expansion of debtor countries' export markets are needed to solve the debt issue, he added. REUTER
ADVANCED SYSTEMS INC < ASY> 2ND QTR APRIL 30 NET CHICAGO, June 1 - Shr 32 cts vs 22 cts Net 2,022,000 vs 1,355,000 Revs 16.0 mln vs 13.2 mln Avg shrs 6,237,000 vs 6,052,000 Six mths Shr 58 cts vs 42 cts Net 3,561,000 vs 2,525,000 Revs 30.0 mln vs 26.1 mln Avg shrs 6,180,000 vs 6,017,000 Reuter
HOLIDAY < HIA> RECAPITALIZATION APPROVED MEMPHIS, Tenn., April 2 - Holiday Corp said the New Jersey Casino Control Commission has approved its recapitalization plan, providing the final regulatory approval needed. The company said it expects to announce next week the record date for the special 65 dlr per share dividend shareholders will receive under the plan and to pay the dividend during the month of April, with the exact timing depending on the closing of financing arrangements. Holiday operates Harrah's Marina Hotel and Casino in Atlantic City, N.J. Reuter
BANK OF ENGLAND FORECASTS SURPLUS IN MONEY MARKET LONDON, March 30 - The Bank of England said it forecast a liquidity surplus of around 100 mln stg in the money market today. Among the main factors affecting liquidity, exchequer transactions will add some 985 mln stg to the system today while a fall in note circulation and bankers' balances above target will add around 360 mln stg and 110 mln stg respectively. Partly offsetting these inflows, bills for repurchase by the market will drain some 785 mln stg while bills maturing in official hands and the treasury bill take-up will remove about 546 mln stg. REUTER
PAINEWEBBER GROUP INC < PWG> 3RD QTR NET NEW YORK, Oct 19 - Shr 44 cts vs 71 cts Net 14.8 mln vs 21.1 mln Revs 628.6 mln vs 605.6 mln Avg shrs 30,743,000 vs 26,969,000 Nine mths Shr 2.01 dlrs vs 1.93 dlrs Net 65.0 mln vs 57.4 mln Revs 1.89 billion vs 1.81 billion Avg shrs 30,782,000 vs 26,619,000 Reuter
****** FED APPROVES CITICORP PURCHASE OF SOME ASSETS OF SEARS CALIF. THRIFT
MANOR CARE INC < MNR> 3RD QTR FEB 28 NET SILVER SPRING, Md., March 19 - Shr 24 cts vs 21 cts Net 9,700,000 vs 8,286,000 Revs 120.6 mln vs 115.7 mln Avg shrs 40.0 mln vs 39.9 mln Year Shr 69 cts vs 68 cts Net 27.8 mln vs 27.1 mln Revs 374.9 mln vs 358.8 mln Avg shrs 40.0 mln vs 39.9 mln NOTE: 1986 year net includes charge of 2,396,000 dlrs, or six cts a share, for debt redemption Reuter
KURZWEIL MUSIC SYSTEMS INC < KURM> 4TH QTR LOSS WALTHAM, Mass., March 11 - Shr loss 21 cts vs loss 29 cts Net loss 1,246,000 vs loss 1,420,000 Revs 2,120,000 vs 1,186,000 Avg shrs 5,853,587 vs 4,880,427 Year Shr loss 85 cts vs loss 1.21 dlrs Net loss 4,968,000 vs loss 5,274,000 Revs 6,536,000 vs 5,056,000 Avg shrs 5,854,543 vs 4,367,864 Reuter
****** LAIDLAW DECLARES THREE FOR TWO SPLIT, BOOSTS PAYOUT to 5-1/4 CTS/SHR FROM FOUR CTS
LLC < LLC>, AMALGAMATED REPORT SIX MONTHS NET DALLAS, March 27 - Valhi Inc reported earnings of LLC Corp and the Amalgamated Sugar Co for the six month period ended December 31. Effective March 10, Amalgamated merged into LLC, which changed its name to Valhi. The following results reflect the operations of the companies prior to the merger. LLC Corp reported net income of 18.4 mln dlrs or 60 cts a share on revenues of 55.6 mln dlrs compared to 23.2 mln dlrs or 75 cts a share on revenues of 79.3 mln dlrs a year ago. This year's net includes an extraordinary loss of 201,000 dlrs and a gain of 4.7 mln dlrs. 1985's net included an extraordinary gain of 6.3 mln dlrs, Valhi said. Amalgamated reported net income of 10.65 dlrs per share or 69.7 mln dlrs on revenues of 371.3 mln dlrs compared to a net loss of 700,000 dlrs or 10 cts a share on revenues of 254.7 mln dlrs last year. Valhi said effective December 31, it changed its fiscal year-end from June 30 to December 31. Reuter
PENTAGON HAS NO INFORMATION ON IRAN ATTACK RUMORS WASHINGTON, Oct 19 - A U.S. Defense Department spokesman said he had no information on London oil and stock market rumors that the United States had launched a retaliatory strike against Iran for an attack on Friday that damaged a U.S. shi "I don't have anything," Major Randy Morger said. "I have no information at all." President Reagan said on Sunday he had already made a decision on the U.S. response to Friday's Iran attack but would not say what the decision was. Defense Secretary Caspar Weinberger said on Saturday the attack on a U.S.-flagged ship in Kuwaiti waters on Friday was almost certainly by an Iran Silkworm missile. Some of the rumors in the London markets were that the United States had launched an offshore strike against Iranian missile installations. Reuter
MFS MUNICIPAL INCOME TRUST < MFM> SETS PAYOUT BOSTON, March 2 - MFS Municipal Income Trust said it declared a monthly income distribution of 5.7 cts a share compared with 5.5 cts a share paid in the previous month. It said the distribution is payable March 27 to shareholders of record March 13. Reuter
RABBIT SOFTWARE < RABT> TO MAKE ACQUISITION MALVERN, Pa., March 18 - Rabbit Software Corp said it has agreed in principle to acquire privately-held communications hardware maker Micro Plus II Corp for about two mln common shares, with closing expected by May. Reuter
< SYSTEMS FOR HEALTH CARE INC> YEAR LOSS CHICAGO, April 1 - Shr loss 33 cts vs nil Net loss 603,430 vs profit 4,295 Revs 748,628 vs 5,730 NOTE: Per-share results give retroactive effect to one-for-50 reverse stock split in March 1987 1986 loss includes recurring expenses of 317,062 dlrs related to acquisitions and initial advertising campaigns Reuter
CSCE PUTS ADDITIONAL MARGIN ON JULY COFFEE New York, March 19 - An additional margin of 1,000 dlrs will be required on all July 1987 delivery coffee "C" contracts as of the opening of trade Monday, March 23, the Coffee, Sugar and Cocoa Exchange, CSCE, said. The March contract ends trading this week, making May and July the two "spot," or unlimited, contract months next week. Members will then have to obtain a minimum 3,500 dlrs for net long or net short positions in the May and July contracts, including a 2,500 original margin plus the additional 1,000 dlr spot charge. Reuter
REUTER INC < REUT> 4TH QTR HOPKINS, Minn., March 12 - Shr 67 cts vs six cts Net 1.6 mln vs 131,630 Revs 6.5 mln vs 4.5 mln Year Shr 85 cts vs 19 cts Net 2.0 mln vs 427,749 Revs 25.1 mln vs 17.4 mln NOTE: 1986 net includes 1.4 mln dlrs in tax loss carryback. Reuter Inc is a spindle maker. It is not connected with Reuters Holdings PLC. Reuter
< MSE CABLE SYSTEMS INC> 4TH QTR NET ROCHESTER HILLS, Mich., April 9 - Shr nil vs nil Net 18,534 vcs 27,431 Revs 270,032 vs 188,326 Avg shrs 6,598,871 vs 6,090,576 Year Shr nil vs nil Net 47,299 vs 21,570 Revs 1,004,392 vs 677,909 Avg shrs 6,618,063 vs 5,931,324 NOTE: Share adjusted for one-for-11 reverse split. Reuter
UK MAY REVOKE JAPANESE FINANCIAL LICENSES By Sten Stovall, Reuters London, March 27 - The British government may revoke the licences of selected Japanese banks and securities companies operating in London's financial City when they come up for renewal next summer if progress is not made towards opening up Japan's markets to foreign competition, government sources said. "We can't say "yes, we are going to do it (revoke licences)" but this is definitely being considered," an official said. His comments came after the government was formally urged today by a cross-section of influential MPs to take joint retaliatory action with the United States against Japan. Britain has grown increasingly impatient with Japanese trade practices. "There's a sense of urgency here now, but the emphasis is on securing - not undermining - our interests in Japan," another government official told Reuters. Prime Minister Margaret Thatcher said on Thursday that Britain would not hesitate to use new powers contained in the Financial Services Act 1986 and the Banking Bill to retaliate against countries that do not offer reciprocal market access. She clearly had Japan in mind, government sources said. The U.K. Last year showed a trade defict with Japan of 3.7 billion stg, official figures show. A parliamentary motion, signed by 98 MPs, today urged the U.K. Government to "coordinate action with the President of the United States, and through the Department of Trade and Industry, to suspend all further applications from Japanese communications companies for equipment approval by the British Approvals Board for Telecommunications, and all further applications from Japanese financial institutions for licences" until authorities in Japan stopped imposing what the MPs called "restrictive conditions" on the bid by (Cable and Wireless PLC) (cawl.L) and its U.S. And Japanese partners for a stake in Japan's international telecommunications market. The motion for retaliatory steps came from a cross-section of MPs, reflecting the strength of feeling inside Parliament. Parliamentarians said their action would increase pressure on the Conservative government to take firm action. Officials said another option now being considered by the U.K. Is to refuse issuing new banking licences to Japanese institutions. That could be done under the government's proposed Banking Bill now moving through parliament. 58 Japanese financial institutions are authorised to deal in London, of which 29 are banks. In Tokyo, 14 London-based firms are authorised to do financial business, officials said. The new financial services and banking acts offer Britain an alternative for retaliation which would be otherwise denied under legally-binding international trade agreements. "The Financial Services Act gives (Trade and Industry Secretary Paul) Channon power to stop firms from engaging in investment, banking and insurance," one official said. "This point has been made to the Japanese at official level a number times," the official added. Britain and France are now working together to urge that the European Community take collective action against Japan, but by working within EC treaties, another official said. British Trade Minister Alan Clark said this week in a radio interview that the European Community should build barriers against Japanese imports through certification procedures similar to those facing European exporters in Japan. "There comes a point where you cannot resist any longer," he said, adding "(such barriers) can't be put in place overnight." Clark said the issue of reciprocity regarding visible trade "strikes at the basis of whether British industry is to have a fair access to an extremely large market (Japan) which is itself in a very dominant position (in) certain aspects of our own domestic market ... It is really a question of fairness." The situation is only likely to worsen following news that Japan's trade surplus with the rest of the world rose by more than 70 pct in February, year-on-year, to 8.14 billion dlrs from 5.7 billion in January, political sources said. But Clark said in his interview that the issues of visible trade and access to financial markets should be kept separate. Should Britain decide to act against Japanese financial institutions, it would most likely focus on the smaller, rather than larger ones, to minimise any risks to its role as a global business centre, government sources said. Japan's four largest securities houses are members of the London Stock Exchange. In Washington, White House officials said President Reagan was ready to impose retaliatory trade action against Japan for breaking its semiconductor agreement with the United States. There was no immediate indication when Reagan might act on the recommendations of his Economic Policy Council to curb Japanese exports to the United States but officials said the move could come today or early next week. Trade sources said the actions being weighed by Reagan included tariffs on a wide variety of Japanese exports which use semiconductors. REUTER
PERU COFFEE CROP UNAFFECTED BY RAINS LIMA, March 3 - Recent heavy rains have not affected the Peru coffee crop and producers are looking forward to a record harvest, the president of one of Peru's four coffee cooperative groups said. Justo Marin Ludena, president of the Cafe Peru group of cooperatives which accounts for about 20 pct of Peru's exports, told Reuters a harvest of up to 1,800,000 quintales (46 kilos) was expected this year. He said Peru exported 1,616,101 quintales in the year to September 1986. A spokesman for the Villa Rica cooperative said flood waters last month had not reached coffee plantations, and the crop was unaffected. Floods in early February caused extensive damage in Villa Rica, whose coffee cooperative exported 59,960 quintales last year, according to the state-controlled coffee organisation. Marin said the rains would only affect the coffee crop if they continued through to next month, when harvesting starts. He said Peruvian producers were hoping for an increase this year in the 1.3 pct export quota, about 913,000 quintales, assigned to them by the International Coffee Organisation, ICO. He said Peru exported 1,381,009 quintales to ICO members last year with a value of around 230 mln dlrs, and another 235,092 quintales, valued at around 35 mln dlrs, to non-ICO members. Reuter
STAODYNAMICS INC < SDYN> 4TH QTR NET LONGMONT, Colo., April 1 - Shr three cts vs six cts Net 54,965 vs 106,147 Revs 2,124,983 vs 1,915,928 Avg shrs 2,206,017 vs 1,878,438 Year Shr 14 cts vs eight cts Net 302,388 vs 157,690 Revs 7,952,360 vs 7,495,936 Avg shrs 2,139,991 vs 2,051,178 Reuter
ZAMBIA TO RETAIN CURRENCY AUCTION, SAYS KAUNDA LUSAKA, March 2 - Zambia will retain its foreign-exchange auction system despite the suspension of weekly auctions since January 24, President Kenneth Kaunda said. "We have not run away from the auction. It hasn't been abolished at all," he told Reuters in an interview. He said the system would be reintroduced after current talks with the World Bank and the International Monetary Fund and, he hoped, would be backed by fresh foreign aid funds. Kaunda dismissed central bank statements the new auction system would be used to allocate foreign exchange to private bidders but not to fix the exchange rate. Kaunda said the auction system had faltered because of the government's shortage of foreign exchange to meet demand. It was suspended when the kwacha's rapid devaluation and strong fluctuations made economic planning almost impossible for the government and the private sector, he said. Weekly foreign-exchange auctions began in October 1985. The kwacha fell from 2.20 to the dollar to about 15 in 16 months. In January 1987 the government was more than two months in arrears in paying foreign currency to successful bidders, and the auction was suspended and replaced with a fixed exchange rate of nine kwacha to the dollar. REUTER
DEALERS WARY OVER STERLING INTERVENTION RUMOUR LONDON, March 11 - Foreign exchange market rumours that the the Bank of England has been selling sterling to halt its rise prompted a wary response from dealers who said they saw no obvious confirmation, market sources said. Bank of England officials were not immediately available for comment. Earlier this week, the Bank sanctioned a cut in bank interest rates in a surprise move, which aimed at limiting sterling's rise ahead of the March 17 budget. But today the pound has strengthened to 72.7 on its trade-weighted index from 72.1 last night, though the U.K. Currency is below its day's high against the dollar. REUTER
HEALTHMATE INC < HMTE> 4TH QTR LOSS NORTHBROOK, ILL., March 26 - Shr loss five cts vs loss six cts Net loss 473,784 vs loss 489,257 Revs 268.8 mln vs 81.7 mln Avg shrs 9,245,247 vs 8,035,326 Year Shr loss 17 cts vs loss 20 cts Net 1,512,534 vs loss 1,553,592 Revs 1,448,310 vs 515,225 Avg shrs 8,745,132 vs 7,619,863 Reuter
SOROS GROUP HAS B.F. GOODRICH < GR> STAKE WASHINGTON, March 17 - An investor group led by New York investor George Soros said it acquired a 6.1 pct stake in B.F. Goodrich Co common stock as an investment. The group said it paid about 69 mln dlrs for the 1,389,600 Goodrich shares, which are being held by Quantum Fund N.V., a Netherlands Antilles investment firm advised by Soros. It said all the shares were bought between Dec. 29 and March 9. The group said it reserved the future right to buy additional shares and to formulate other purposes or plans regarding its Goodrich investment. Reuter
JAPAN CONCERNED AT EC TRADE THREATS - MINISTER TOKYO, June 2 - Japan is disappointed at the recent threats of trade retaliation from the European Community (EC) just as the trade situation between the two is improving, Japanese Trade and Industry Minister Hajime Tamura said. "I am deeply concerned that the EC has moved to take a harsher line toward Japan despite this tangible improvement," he said in a speech prepared for delivery at the opening of a new centre designed to improve understanding between the two sides. Last week, foreign ministers of the 12 EC nations agreed to impose tariffs on a range of unspecified Japanese electrical goods unless Tokyo opened its markets more to EC exports. Tamura referred to a 55 pct rise in Japanese imports of EC manufactured goods in the year ended March 31. "I feel this is a strong step on the road to balance through expansion." "While I do not deny the existence of the trade deficit between Japan and the EC, I believe it should be rectified not by reducing trade through import restrictions or export restraints, but by expanding the (overall) trade," Tamura said. REUTER
STANDARD LOGIC INC < STDL> 1ST QTR LOSS CORONA, Calif., March 12 - Qtr ends Jan 30 Oper shr loss 45 cts vs profit 44 cts Oper Net loss 225,815 vs profit 219,593 Revs 175,247 vs 827,748 NOTE: oper net 1987 excludes loss from discontinued operations of 125,047 vs loss 34,055 for prior qtr. excludes tax carryforward 150,000 for prior qtr. Reuter
GOLDSIL AND GOLDEN RULE AGREE TO MERGE Calgary, Alberta, April 7 - < Golden Rule Resources Ltd> and Goldsil Resources Ltd said they had agreed to merge. The merged company will issue to each Golden Rule shareholder 1-1/2 shares and one warrant. The warrant will be for a term of two years. Payment of 3.10 dlrs and delivery of two warrants will entitle the shareholder to one additional share of the merged company, the companies said. Each Goldsil shareholder will receive one share and one-half warrant. The warrant will be for a term of two years. Payment of 3.10 dlrs and delivery of two warrants will entitle the shareholder to one additional share of the merged company. Reuter
QUANTUM CORP < QNTM.O> 2ND QTR SEPT 27 NET MILPITAS, Calif., Oct 19 - Shr 44 cts vs 30 cts Net 4,057,000 vs 2,716,000 Sales 49.5 mln vs 29.6 mln Six Mths Shr six cts vs 55 cts Net 518,000 vs 5,167,000 Sales 89.7 mln vs 54.9 mln Reuter
HEPWORTH SELLS U.S. UNIT TO GLOBE MACHINE LONDON, April 13 - Hepworth Ceramic Holdings Plc < HEPC.L> said it had agreed to sell its < Western Plastics Corp> unit to < Globe Machine Manufacturing Co> for 16.25 mln dlrs cash. Western, which makes polystyrene foam and container products, has net assets of 19.3 mln dlrs and reported a 1986 pre-tax profit of 0.9 mln. The proceeds of the sale would be used to reduce borrowings and develop activities in the U.K. Hepworth shares eased 0.5p on the announcement to 227.5p. REUTER
BROADVIEW FINANCIAL CORP < BDVF> 4TH QTR LOSS CLEVELAND, March 13 - Shr loss 5.67 dlrs vs loss 5.17 dlrs Net loss 17 mln vs loss 15.4 mln Year Shr loss 12.42 dlrs vs loss 9.60 dlrs Net loss 37.0 mln vs loss 28.5 mln NOTE: 1986 4th qtr and year net includes 11.9 mln dlr and 43.8 mln dlr provision, respectively, for possible land and real estate losses. 1985 4th qtr and year net includes 5.1 mln dlr and 13.4 mln dlr provision, respectively, for possible losses. Reuter
SEC CLARIFIES POSITION ON TENDER OFFER CHANGES WASHINGTON, April 3 - The Securities and Exchange Commission reminded corporate raiders and others tendering for the shares of companies that they must extend the period their offers are open if key conditions are changed. Specifically, the agency said those making tender offers for companies' stock must extend the offers if they decide to eliminate conditions requiring a minimum number of shares to be tendered in order for the offers to be valid. Tender offers typically include minimum share conditions. As a result, a purchaser would not be bound to buy the shares that were tendered if the minimum level were not reached. In an interpretation of current rules, which officials said clarifies the SEC's present position, the agency said a tender offer must be extended if a minimum share condition is waived, even if the purchaser reserved the right to do so. The interpretation makes clear that waiving a minimum share condition is a "material change" of the tender offer under U.S. securities law, SEC officials said. The SEC has already said that other specific material changes, such as changes in the percentage of securities being sought or the price being offered, made during the course of a tender offer require a 10-day extension of the offer. The length of the extension, which is aimed at giving shareholders an adequate chance to assess revisions of a tender offer, was not specified in cases where the minimum share conditions were waived. SEC officials said the length of the extension in such cases would depend on the facts and circumstances surrounding each case, but would generally be between five and 10 days. The agency cited two recent tender offers in which waivers of a minimum share conditios were tried on the last day of each offer, denying shareholders the chance to react to the new information. Officials declined to identify the two offers. "If a bidder makes a material change near or at the end of its offer, it will have to extend the offer to permit adequate dissemination," the SEC said. Federal securities law requires that all tender offers remain open for at least 20 business days. Reuter
TOFUTTI BRANDS < TOF> SEES PROFIT FOR NEW YEAR RAHWAY, N.J., March 16 - Tofutti Brands Inc said it is changing its fiscal year to a calendar year from a year ending July 31, and it expects to be profitable on higher sales in 1987. The company lost 658,000 dlrs on sales of 11.6 mln dlrs in the year ended July 31. A company spokesman said Tofutti will be reporting earnings for the last five months of calendar 1986 by the end of March and will then report calendar first quarter results. Reuter
BURR-BROWN CORP < BBRC.O> 3RD QTR NET TUCSON, Ariz., Oct 19 - Shr 16 cts vs 13 cts Net 1,538,000 vs 1,288,000 Sales 35.3 mln vs 29.5 mln Nine Mths Shr 27 cts vs 37 cts Net 2,601,000 vs 3,586,000 Sales 102.0 mln vs 84.2 mln Reuter
PHH GROUP INC < PHH> 4TH QTR APRIL 30 NET HUNT VALLEY, Md., June 2 - Shr 71 cts vs 47 cts Net 12.1 mln vs 7.8 mln Revs 369.8 mln vs 307.9 mln 12 mths Shr 2.35 dlrs vs 2.33 dlrs Net 39.5 mln vs 39 mln Revs 1.36 billion vs 1.24 billion NOTE: Prior year restated to reflect results from current year acquisitions. Reuter
NEW ENGLAND ELECTRIC SYSTEM < NES> TWO MONTHS NET WESTBOROUGH, Mass., March 20 - ended February Shr 69 cts vs 66 cts Net 37.7 mln vs 34.9 mln Revs 255.8 mln vs 288.8 mln Avg shrs 54.7 mln vs 53.2 mln 12 mths ended Feb Shr 3.23 dlrs vs 3.17 dlrs Net 174.8 mln vs 166.3 mln Revs 1.4 billion vs 1.5 billion Avg shrs 54.1 mln vs 52.4 mln Reuter
COPLEY PROPERTIES INC < COP> 4TH QTR NET BOSTON, March 5 - Shr 30 cts vs 36 cts Net 1,211,000 vs 1,428,000 Revs 1,536,000 vs 1,743,000 Year Shr 1.36 dlrs vs 62 cts Net 5,438,000 vs 2,498,000 Revs 6,567,000 vs 2,971,000 NOTE: Company began operations after its July 29, 1985 public offering, therefore annual data are not directly comparable. Reuter
WARWICK INSURANCE MANAGERS INC < WIMI> 4TH QTR MORRISTOWN, N.J., March 2 - Oper shr 17 cts vs 19 cts Oper net 636,000 vs 358,000 Revs 10.6 mln vs 7,024,000 Avg shrs 3,808,000 vs 1,924,000 Year Oper shr 73 cts vs 65 cts Oper net 2,467,000 vs 1,199,000 Revs 31.5 mln vs 22.9 mln Avg shrs 3,372,000 vs 1,785,000 NOTE: Net excludes investment gains 20,000 dlrs vs 86,000 dlrs in quarter and 586,000 dlrs vs 195,000 dlrs in year. 1985 year net excludes 304,000 dlr tax credit. Share adjusted for one-for-two reverse split in November 1985. Reuter
< GEMINI FOOD CORP> SIX MTHS JANUARY 31 NET TORONTO, March 12 - Shr profit one ct vs loss one ct Net profit 150,594 vs loss 55,352 Revs 19.0 mln vs 12.4 mln Reuter
TM COMMUNICATIONS < TMCI> COMPLETES PURCHASE DALLAS, March 17 - TM Communications Inc said it has completed the acquisition of radio station KNSS-FM of Reno, Nev., for about 2,500,000 dlrs in cash. Reuter
TRANSPORT DEVELOPMENT GROUP PLC < TDGL.L> 1986 YEAR LONDON, March 16 - Shr 17.15p vs 12.37p Final dividend 5.5p, making 7.5p vs 6.2p Pre-tax profit 39.4 mln stg vs 29.7 mln. Turnover 543.2 mln stg vs 481.5 mln Operating profit 48.2 mln stg vs 38.2 mln Net interest 8.9 mln vs 8.6 mln Tax 14.3 mln vs 11.2 mln Profit after tax 25.1 mln vs 18.4 mln Minority interest 300,000 vs 615,000 Net tangible assets per ordinary shr 111.3p vs 101.6p REUTER
NORANDA BUYS SHARES OF SANIVAN GROUP Toronto, April 6 - < Noranda Inc> said it agreed to buy an initial 1,000,501 treasury shares of < Sanivan Group Inc> at 5.25 dlrs per share. Noranda also has an option until June 30, 1988, to acquire an additional 1,000,501 Sanivan treasury shares at 5.75 dlrs per share. Sanivan is the largest hazardous waste management company in Canada. Reuter
TELCO SYSTEMS INC < TELC> 2ND QTR MARCH ONE LOSS NORWOOD, Mass., March 16 - Shr loss nine cts vs profit 14 cts Net loss 773,000 vs profit 1,618,000 Revs 16.3 mln vs 26.7 mln Six mths Shr loss 56 cts vs profit 27 cts Net loss 4,763,000 vs profit 3,398,000 Revs 29.3 mln vs 49.9 mln Reuter
MILTON ROY CO < MRC> SETS REGULAR DIVIDEND ST. PETERSBURG, Fla., April 7 - Qtly div 11 cts vs 11 cts prior Pay June 15 Record May 15 Reuter
COMMUNICATIONS AND CABLE INC < CCAB> 1ST QTR NET WEST PALM BEACH, Fla., March 25 - Oper shr seven cts vs loss nil Oper net 988,000 vs loss 52,000 Revs 2,267,000 vs 791,000 NOTE: Net excludes gains from discontinued operations of 65,000 dlrs vs 75,000 dlrs. Current year net includes gain 1,025,000 dlrs from sale of cellular telephone investment. Prior year figures restated for discontinued operations. Reuter
CURRENCY INSTABILITY WILL NOT LAST - SUMITA TOKYO, April 1 - Bank of Japan Governor Satoshi Sumita said the present foreign exchange market instability will not last long as there is caution in the market regarding the rapid decline of the U.S. Unit. He told reporters the major currency nations are determined to continue their concerted intervention whenever necessary to stave off speculative dollar selling in line with their February 22 currency stability agreement in Paris. Sumita also said he did not see the recent dollar drop as anything like a free-fall. REUTER
****** UNION PACIFIC RAISES CRUDE OIL POSTINGS 50 CTS A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.
PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS MANILA, March 19 - Liquidity in the Philippines rose in December while loan demand and short-term lending rates fell, the Central Bank said. A bank official said M-3 rose 9.72 pct to a provisional 149.80 billion pesos at the end of December from a month earlier for a year-on-year gain of 12.72 pct. She said short-term bank lending rates fell to an annualised 13.88 pct at the end of December, from 14.58 pct a month earlier and 19.82 pct at the end of December 1985. Poor loan demand was illustrated by a rise in commercial bank reserves, the official said. The bank official said commercial bank reserves were 22.19 billion pesos at the end of December, when reserves required were 21.59 billion. She said the surplus of 597 mln pesos, compared with a deficit of 390 mln pesos a month earlier and a deficit of 1.64 billion at the end of 1985, reflected political uncertainty in the last quarter of 1986. Reserve money, the total available to monetary authorities, was a provisional 52.58 billion pesos at the end of 1986. This was 5.19 pct up from 49.98 billion at the end of November and 41.85 pct up from 37.09 billion in December 1985. The bank official noted M-3, which includes M-1 money supply, plus savings, time deposits and deposit substitutes. Was 132.88 billion pesos at the end of December 1985. M-1 money supply rose a provisional 17.3 pct to 42.86 billion pesos at the end of December 1986 from 36.52 billion a month earlier. The year-on-year rise was 19.64 pct, up from 35.83 billion at the end of December 1985. Reuter
< EXECUTIVE HOUSE INC> YEAR LOSS CHICAGO, March 31 - Shr loss 26 cts vs loss six cts Net loss 535,110 vs loss 129,433 Revs 787,000 vs 622,130 Reuter
FLORIDA COMMERCIAL BANKS INC < FLBK> QTLY DIV MIAMI, Fla, March 3 - Qtly div 14 cts vs 14 cts prior Payable March 31 Record March 16 Reuter
NEWPORT PHARMACEUTICALS < NWPH> 3RD QTR LOSS NEWPORT BEACH, Calif., March 11 - Period ended January 31. Shr loss six cts vs profit one ct Net loss 536,000 vs profit 166,000 Revs 2,099,000 vs 3,149,000 Avg shrs 10,429,000 vs 9,943,000 Nine Mths Shre loss nine cts vs loss five cts Net loss 790,000 vs loss 377,000 Revs 7,089,000 vs 7,646,000 Avg shrs 10,406,000 vs 9,351,000 Note: Full name Newport Pharmaceuticals International Inc. Reuter
U.K. MONEY MARKET DEFICIT FORECAST AT 450 MLN STG LONDON, March 19 - The Bank of England said it forecast a shortage of around 450 mln stg in the money market today. Among the main factors affecting liquidity, bills maturing in official hands and the take-up of treasury bills will drain some 650 mln stg while a rise in note circulation will take out around 30 mln stg. Partly offsetting these outflows, bankers' balances above target and exchequer transactions will add some 200 mln stg and 35 mln stg to the system respectively. REUTER
LAND'S END INC < LEYS> VOTES INITIAL PAYOUT DODGEVILLE, WIS., APril 3 - Land's End Inc said its board declared a dividend of 10 cts a share payable April 30, record April 13. It is the company's first dividend since it became a public entity last October. Reuter
JAPAN BUSINESS DECLINE SEEN BOTTOMING OUT TOKYO, March 16 - The extended decline in Japan's overall business performance was likely to bottom out in the current January-March quarter, the Finance Ministry said. Improved corporate earnings and better prospects for the stability of the yen had made companies more optimistic, it said after carrying out a quarterly survey. The survey, conducted in February, was based on questionnaires returned by 8,328 large and small firms in all sectors except the finance and insurance industries. The survey said overall corporate earnings were expected to turn positive with an estimated 0.4 pct year on year increase in the second half of fiscal 1986 ending on March 31 after a 5.4 pct decrease in the first half. Corporate earnings will grow further in the first half of fiscal 1987, rising an estimated 10.7 pct, it added. Manufacturers' earnings, hit hard by the yen's steady rise against the dollar, will rise 7.7 pct in first-half fiscal 1987 after falling 10.7 pct in the second half of fiscal 1986, it said. Overall earnings of non-manufacturing companies will rise 11.8 pct year on year in the first half of fiscal 1987 after growing 9.8 pct in the second half of fiscal 1986, the survey said. It said this figure was bolstered by profits of firms such as electric power and gas companies which have benefitted from the yen's appreciation. REUTER
POCO PETROLEUMS LTD < POC.TO> 2ND QTR NET CALGARY, Alberta, June 18 - Period ended April 30 Shr not given Net 2,600,000 vs 1,600,000 Revs 18.1 mln vs 15.1 mln SIX MTHS Shr 21 cts vs 42 cts Net 3,800,000 vs 5,500,000 Revs 32.9 mln vs 35.8 mln Reuter
BANGLADESH'S PAYMENTS DEFICIT NARROWS IN OCTOBER DHAKA, March 25 - Bangladesh recorded an overall balance of payments deficit of 8.3 mln U.S. Dlrs in October against a 10.33 mln deficit in September and a 6.67 mln surplus in October 1985, Central Bank officials said. The country's current account deficit narrowed to 10.69 mln dlrs in October from 79 mln in September and 11.75 mln in October 1985. The October trade deficit narrowed to 36.36 mln dlrs from 160 mln in September and 83.79 mln in October 1985. REUTER
FRENCH CGE UNIT TAKES 34 PCT STAKE IN ESCA CORP PARIS, March 31 - State-owned < Cie Generale d'Electricite>'s electrical contracting unit < CGEE ALSTHOM> has taken a 34 stake in the U.S. Computer firm < ESCA Corp>, CGEE ALSTHOM chairman Philippe Boisseau told a press conference. According to an agreement in principle between the two companies CGEE ALSTHOM could take a majority stake in the future but no time-scale has been set, he added. ESCA, which had a turnover of 13.6 mln dlrs in 1986 and is expected to see this rise to 20 mln this year, is one of the leading U.S. Suppliers of electric despatching and telecontrol systems. REUTER
CPC INTERNATIONAL < CPC> SELLS SOUTH AFRICAN UNIT ENGLEWOOD CLIFFS, N.J., April 2 - CPC International Inc said it has completed the sale of its South African subsidiary Robertsons Pty Ltd to a consortium of European and South African investors for an undisclosed amount in excess of book value due to the increasing difficulty of operating there. It said the operation accounted for less than two pct of worldwide sales of 4.5 billion dlrs in 1986. The company said small royalties expected to result from use of CPC trademarks by the new owners will be utilized for social programs in south Africa." It said no significant impact on earnings is expected from the sale. Reuter
TAIWAN DOLLAR AND RESERVES SEEN RISING MORE SLOWLY By Chen Chien-Kuo, Reuters TAIPEI, June 19 - Recent government moves to curb capital inflow have temporarily helped to slow the rise of Taiwan's foreign exchange reserves and to stabilise the local dollar against the U.S. Currency, officials and bankers said. Central bank governor Chang Chi-Cheng told reporters the reserves rose only about 500 mln U.S. Dlrs in the past two weeks and the local dollar appreciated more slowly against the U.S. Dollar. Chang said, "The pace of increase in our reserves is much slower now than before and our currency is getting more stable." He said the reserves, mainly the result of the trade surplus with the U.S., Rose at the rate of two to three billion U.S. Dlrs a month between January and May. The reserves, the world's third largest after Japan and West Germany, now total well over 60 billion U.S. Dlrs. On June 2 the central bank froze overseas borrowings of local and foreign banks and cut the limit on central bank purchases of forward U.S. Dollars from banks to 40 pct from 90 pct of the value of a contract. Local and foreign bankers said the June 2 measures had drastically limited their ability to lend foreign exchange to importers and exporters. They said their overseas borrowings and forward dollar transactions showed a drastic decline with some banks registering a fall of up to 30 pct. Bank dealers said the Taiwan dollar has stabilised against the U.S. Currency this week after rising two to five Taiwanese cents a day between June 2 and 13 compared with a rise of five to eight cents in May. The bank dealers said the central bank, which had previously bought U.S. Dollars heavily, sold at least 1.1 billion U.S. Dlrs in the past two weeks to meet commercial demand. They said they expected the government to keep the local dollar stable in the near term to give breathing space to businesses experiencing slower exports because of the rise of more than 23 pct in the value of the Taiwan dollar since September 1985. The Taiwan dollar opened at 31.09 to the U.S. Dollar today, unchanged from yesterday. Keh Fei-Lo, vice president of First Commercial Bank, said, "It appears the central bank's move to curb the capital inflow is quite successful." Vice economic minister Wang Chien-Shien said the slower rise in foreign exchange reserves would help ease pressure from Washington over the large U.S. Trade deficit with Taiwan. Over the past year Taiwanese businessmen have delayed imports of machinery and production equipment because of exchange rate uncertainty, he said. The stable exchange rate would help boost imports, particularly from the United States. REUTER
****** PETRO-CANADA RAISES CRUDE POSTINGS 32 CTS CANADIAN/BBL. SWEET CRUDE AT 25.60 DLRS CANADIAN/BBL.
ESSO SAF < ESSF.PA> YEAR ENDED DEC 31 1986 PARIS, March 20 - Net profit 305 mln francs vs 258 mln. Net dividend 25 francs vs 20 francs. Operating loss 696 mln francs vs 1.46 billion. Note - The company, which is the French subsidiary of Exxon Corp. < XON.N>, said its net profit result included the reintegration of 1.2 billion francs of provisions for exchange fluctuations. Reuter
IC INDUSTRIES < ICX> UNIT TO SELL OFF MORE TRACK CHICAGO, April 1 - Illinois Central Gulf Railroad, a subsidiary of IC Industries Inc, said it will complete the sale to the Chicago, Missouri and Western Railway of its 631-mile line from Joliet, Ill., to St. Louis by April 30. The Chicago, Missouri is a wholly owned subsidiary of the Venango River Corp, a transportation holding company. It said the purchase price of the line is 81 mln dlrs. The Chicago, Missouri will employ 625 workers and start operation immediately upon closing of the transaction. Reuter
INTERMARK < IMI> SEEKS MAJORITY PIER 1 < PIR> STAKE WASHINGTON, March 19 - Intermark Inc, which together with one of its subsidiaries already holds a 43.4 pct stake in Pier 1 Imports Inc, told the Securities and Exchange Commission it plans to acquire a majority of the company's voting stock. Intermark said it already holds 6,839,827 Pier 1 common shares, or 35.66 pct, and its Pier 1 Holdings Inc holds 1,484,516 shares, or 7.74 pct. Intermark said it also has 341,991 shares of Pier 1 preferred stock, or 35.2 pct of the outstanding, while Pier 1 Holdings has 74,225 shares, or 7.6 pct. Reuter
REID-ASHMAN < REAS> TO DIVEST TEST PRODUCT UNIT SANTA CLARA, Calif., March 3 - Reid-Ashman Inc said it has decided to divest its test products division, located in Santa Clara. The company said it will entertain offers through March 30. It also said Steven Reid, a company founder and president of the test division, has made an offer to purchase the unit. The company's test division accounted for about ten pct of total revenues in the year ended Sept 30, 1986 and is currently running a revenue rate of under two mln dlrs per year, it said. Reuter
CHAVIN RAISES STAKE IN MYERS (MYR) WASHINGTON, March 26 - Chicago real estate developer Leonard Chavin told the Securities and Exchange Commission he had raised his stake in the L.E. Meyers Co Group to 11 pct from 9.7 pct. He also said an investment banker repesenting him met with Myers' officers, telling them of his plans for a takeover and that he may solicit proxies for a seat on Myers' board. Chavin also said if he takes control of the firm, it could result in delisting Meyers' from the New York Stock Exchange. He told the SEC that while he is trying to buy or acquire the firm, he still may only hold the shares for an investment. reuter
METRO MOBILE CTS INC < MMCT> FIRST QTR LOSS NEW YORK, March 5 - Qtr ends Dec 31 Shr loss 33 cts vs loss 16 cts Net loss 5,632,426 vs loss 2,373,358 Revs 3,277,976 vs 1,535,550 Avg shrs 16.9 mln vs 14.4 mln Reuter
TAIWAN SAID CONSIDERING CURRENCY LIBERALISATION TAIPEI, March 17 - Taiwan's central bank is considering proposals to ease currency restrictions to reduce foreign exchange reserves of 51 billion U.S. Dlrs, a local newspaper reported today. The China Times, which has close ties with the government, quoted central bank governor Chang Chi-cheng as saying the government had agreed in principle to liberalise financial restrictions. The bank was considering proposals to allow firms and individuals to hold foreign exchange and invest in foreign stocks for the first time, Chang was quoted as saying. All foreign exchange must now be handed to local banks and exchanged for local currency. Firms and individuals may only invest in foreign government bonds, treasury bills and certificates of deposit. Central bank and other government officials were not available to comment on the report. Economists said it was likely that the government would ease foreign exchange controls, but only gradually. They said vast foreign currency reserves, earned mainly from huge trade surpluses with the United States, made Taiwan a target for U.S. Protectionism. Taiwan's trade surplus with the U.S. Rose to 13.6 billion U.S. Dlrs last year compared with 10.2 billion in 1985. "The central bank has to go in this direction," said Su Han-min, chief economist with the International Commercial Bank of China. "If they don't quicken the pace, Washington could retaliate and really damage Taiwan." REUTER
MFS MANAGED SECTORS TRUST DIVIDEND INCREASED BOSTON, March 2 - Semi-annual div from income of 7.3 cts vs 1.0 cent in prior period Payable March 27 Record February 27 Reuter
PETROLEUM AND RESOURCES CORP < PEO> DIVIDEND NEW YORK, March 12 - Interim income dividend 20 cts. Last paid 1.14 dlrs February 27, including capital gains of 50 cts. Pyable April 20 Record April eight Reuter
COLUMBIA FIRST < CFFS> TAKES OVER BANK WASHINGTON, March 24 - Columbia First Federal Savings and Loan Association said it has acquired the insured deposits of first Federal of Maryland, based in Hagerstown, from the Federal Savings and Loan Insurance Corp and reopend First Federal's six former offices as Columbia First branches. The Federal Home Loan Bank Board had closed First Federal on March 20 because it was insolvent. First Federal had assets of 115.2 mln dlrs. Reuter
< ATLANTIC EXPRESS INC> 1ST HALF DEC 31 NET NEW YORK, March 17 - Shr not given Net 788,099 Revs 15.5 mln NOTE: Company went public during 1986. Reuter
MARBLE FINANCIAL CORP < MRBL> 1ST QTR NET RUTLAND, Vt., April 8 - Oper shr 26 cts vs not given Oper net 866,000 vs 480,000 NOTE: 1987 net excludes 157,000 dlr gain from termination of pension plan. Company went public in August 1986. Reuter
AGENCY RENT-A-CAR INC < AGNC> 4TH QTR JAN 31 NET CLEVELAND, March 19 - Shr 26 cts vs 21 cts Net 5,553,000 vs 4,307,000 Revs 45.1 mln vs 34.2 mln Year Shr 86 cts vs 67 cts Net 18.2 mln vs 14.0 mln Revs 161.1 mln vs 118.3 mln NOTE: Share adjusted for stock dividends. Reuter
CHINA'S CITIC BUYS H.K. HOTEL FROM CHEUNG KONG HONG KONG, March 31 - The Peking-owned China International Trust and Investment Corp (Citic) bought the unfinished City Garden Hotel in Hong Kong from a subsidiary of Cheung Kong (Holdings) Ltd < CKGH.HKG> for 235 mln H.K. Dlrs, Cheung Kong director Albert Chow said. Cheung Kong's subsidiary < International City Holdings Ltd> will complete work on the hotel by the end of 1988, when it will be handed over to Citic. The deal does not include the decoration or fitting out of the interior of the hotel. The 600-room hotel stands on a 26,700 sq ft site on the eastern side of Hong Kong island. REUTER
JAPAN TELECOM MERGER COULD INVOLVE U.K.,U.S. FIRMS TOKYO, March 18 - Cable and Wireless PLC < CAWL.L> and the Pacific Telesis group < PAC.N> may take part in a proposed merger of two rival firms seeking to enter Japan's international telecommunications market, a senior industry official said. Fumio Watanabe, head of a telecommunications committee with the Federation of Economic Organisations (Keidanren), told a news conference Japanese shareholders in the two consortiums agreed that the U.S. And British companies will be invited to participate in the new merged firm. The planned linkup will satisfy Tokyo's request that only one private company should enter the market. The two consortiums, < International Digital Communications Planning Inc> (IDC) and < International Telecom Japan> (ITJ), were set up in 1986 to compete with monopoly < Kokusai Denshin Denwa Co> (KDD) after the market was deregulated in 1985. Watanabe said the Post and Telecommunications Ministry wanted only one competitor for the time being because of the size of the Japanese telcommunications market and that foreign investors will only be allowed to hold a minority stake. He estimated the two foreign firms' share in the merged consortium at less than three pct and added that even the largest shareholders could own only some five pct . Cable and Wireless and Japanese trading house < C. Itoh and Co.> each have a 20 pct stake in the IDC consortium while Pacific Telesis and Merrill Lynch and Co. Inc. < MER.N> jointly hold 13 pct . ITJ is headed by a rival group of trading houses. Several firms including Toyota Motor Corp. < TOYO.T> belong to both. Watanabe said progress was being made towards a merger agreement and added that Japanese industry agreed with the government on having only one private consortium as two companies might invest "excessive" amounts. He said talks with Cable & Wireless will continue this week. REUTER
U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS WASHINGTON, April 13 - The February monthly merchandise trade figures to be reported Tuesday by the Commerce Department will be on a new basis reflecting more recent data, so avoiding future revisions of the monthly figure, Commerce officials said. The overall January deficit of 14.8 billion dlrs will be revised, but the February figure will be a final one, officials said. Previously, the initial monthly figure has had to be revised in subsequent months because of the time lag between the report and the compiling of final estimates on imports and exports. The reporting of the February trade data was delayed several weeks to permit gathering latest figures on imports and exports to give a clearer picture of the monthly trade balance. Reuter
FIRST BANK < FBS> AGREES TO SELL ANOTHER BANK MINNEAPOLIS, March 16 - First Bank System Inc said it has found a potential buyer for First Bank Luverne and its office in Pipestone, Minnesota. The bank holding company said 215 Holding Co, a corporation controlled by the family of the late Robert Short, will buy First Bank Luverne. The bank has 59.2 mln dlrs in assets. First Bank, which announced plans in 1985 to restructure its banking assets by offering to sell 28 of its banks with a total of 45 offices, said agreements have now been signed for 43 of these offices. Reuter
CHINA TRADE DEFICIT FALLS IN JANUARY PEKING, March 12 - China's trade deficit in January fell to 310 mln dlrs from 460 mln in January 1986, the China Daily Business Weekly said. Quoting customs figures, the paper said exports fell to 1.75 billion dlrs from 1.84 billion and imports fell to 2.06 billion from 2.3 billion. REUTER
U.K. TO SELL OFF REMAINING 31.7 PCT STAKE IN BP LONDON, March 18 - The British Conservative government said it would sell off its remaining 31.7 pct shareholding in British Petroleum Co Plc < BP.L> during the next financial year which starts on April 1. Treasury Financial Secretary Norman Lamont made the announcement to Parliament. He said, "The government's policy is to sell its minority holdings in companies as and when circumstances permit. "As part of this policy I am now able to announce that, subject to market conditions, the government will sell its remaining shares in BP during the 1987/88 financial year." The last sale of British government shares in BP was in September 1983. The government currently holds some 578.5 mln ordinary shares in the company. Lamont said the Treasury would appoint financial advisers for the sale. Merchant banks and stockbrokers interested in being considered for this would be interviewed in early April. In September 1983, the U.K. Government sold 150 mln shares in an underwritten offer for sale by tender. The striking price then was 435 pence - 7.5 pct above the minimum tender price, a Treasury spokesman said. He said the sale of BP shares would not cut across the government's plans to privatise Rolls-Royce, in either April or May, or the sale of BAA Plc, the British airports authority which is slated for privatisation in either June or July. Reuter
WILLIAMS COS < WMB> COMPLETES SALE OF UNIT TULSA, Okla., March 11 - Williams Cos said it completed the sale of its Agrico Chemical Co unit to Freeport-McMoRan Resource Partners L.P. < FRP> for an initial 250 mln dlrs cash. The company said it will also receive an additional 100 to 250 mln dlrs in five years based on the operating performance of the unit. It said the cash proceeds will be used to lower its debt costs. Reuter
HERSHEY OIL CORP < HSO> 4TH QTR LOSS PASADENA, Calif., March 25 - Shr loss 19 cts vs loss 2.37 dlrs Net loss 1,140,000 vs loss 13,608,000 Revs 1,069,000 vs 1,940,000 Year Shr loss 53 cts vs loss 2.34 dlrs Net loss 3,012,000 vs loss 13,433,000 Revs 4,945,000 vs 6,705,000 Reuter
< FRANKLIN NEW YORK TAX-FREE INCOME FUND> PAYOUT SAN MATEO, Calif., March 2 - Mthly div 7.3 cts vs 7.3 cts prior Pay March 13 Record March Two Reuter
ALLEGHENY INT'L < AG>, FIRST BOSTON SET MERGER PITTSBURGH, March 9 - Allegheny International Inc said it has entered into an agreement to merge with an affiliate of First Boston Inc's < FPC> First Boston Corp in a transaction valued at about 500 mln dlrs. Allegheny said the agreement calls for holders of its common to receive 24.60 dlrs a share. Holders of the company's 2.19 dlrs cumulative preference shares will receive 20 dlrs a share and those owning its 11.25 dlrs convertible preferred will receive 87.50 dlrs a share. Allegheny International said the agreement calls for the First Boston affiliate to start a cash tender offer for all outstanding shares of Allegheny's common, cumulative preferred and convertible preferred. The company said First Boston has committed to provide all financing necessary to acquire such securities in the tender offer which is estimated to be about 500 mln dlrs. It said the agreement is also subject to the waiver by March 13 of certain conditions under the company's existing bank credit agreement. Allegheny International's statement did not name or describe the First Boston affiliate involved in the agreement. It did say the offer for the company's stock will be conditioned also on the valid tender of securities representing at least a majority of the voting power for the election of directors of the company and the valid tender of at least two third's of the outstanding cumulative preferred and convertible preferred shares. Reuter
TRUMP MAKES BID FOR CONTROL OF RESORTS < RTB> NEW YORK, March 9 - Casino owner and real estate developer Donald Trump has offered to acquire all Class B common shares of Resorts International Inc, a spokesman for Trump said. The estate of late Resorts chairman James M. Crosby owns 340,783 of the 752,297 Class B shares. Resorts also has about 6,432,000 Class A common shares outstanding. Each Class B share has 100 times the voting power of a Class A share, giving the Class B stock about 93 pct of Resorts' voting power. More
LTX CORP < LTXX> 2ND QTR JAN 31 LOSS WESTWOOD, Mass., March 5 - Shr loss 28 cts vs loss 32 cts Net loss 2,585,000 vs loss 2,885,000 Sales 27.6 mln vs 23.5 mln Avg shrs 9,352,000 vs 9,049,000 1st half Shr loss 63 cts vs loss 94 cts Net loss 5,867,000 vs loss 8,405,000 Sales 51.9 mln vs 43.7 mln Avg shrs 9,349,000 vs 8,966,000 NOTE: Prior year net includes tax credits of 1,827,000 dlrs in quarter and 5,347,000 dlrs in half. Reuter
< WAVEHILL INTERNATIONAL INC> MAKES PURCHSE NEW YORK, March 17 - Wavehill International Ventures Inc said it has completed the previously-announced acquisition of Personal Computer Rental corp for 500,000 restricted common shares, giving former shareholders of Personal Computer a 25 pct interest in the combined company. Reuter
STE-GENEVIEVE UPS OFFER FOR SULLIVAN < SUM.TO> MONTREAL, June 29 - Ste-Genevieve Resources Ltd said it increased its cash takeover bid for Sullivan Mines Inc shares to 7.25 dlrs a share. It did not give the original bid. The offer is for a minimum five mln common shares and a maximum six mln shares, the company said. It gave no further details. Reuter
BRITISH POLITICIANS URGE JAPAN TRADE SANCTIONS LONDON, March 26 - One hundred members of Britain's ruling Conservative Party have signed a motion calling for trade sanctions against Japan to force Tokyo to open its domestic market to British goods. The government announced last week that Japan had a 5.9 billion dlr trade surplus with Britain in 1986. The Department of Trade and Industry said the government was drawing up contingency plans to force Japan into opening up its domestic markets but a spokesman said such moves were very much a last resort. Ideas being considered included blocking Japanese companies from trading in Britain and revoking licenses of Japanese operations in the London financial district. Reuter
JOE FRANKLIN AND ASSETS DEVELOPMENT TO MERGE NEW YORK, June 19 - Privately-held Joe Franklin Productions Inc said it entered into a preliminary agreement to merge with Assets Development Corp, a public company. Terms were not disclosed. The companies said they expected the merged group to qualify for listing on NASDAQ. Reuter
JEPSON CORP < JEPS.O> 3RD QTR NET CHICAGO, Oct 19 - Shr 22 cts vs 20 cts Net 4,033,000 vs 3,398,000 Sales 125.3 mln vs 99.1 mln Avg shrs 18.4 mln vs 17.5 mln Nine mths Shr 89 cts vs 78 cts Net 15.9 mln vs 13.6 mln Sales 413.7 mln vs 345.0 mln Avg shrs 17.8 mln vs 17.5 mln NOTE:1987 3rd qtr per share reflects issuance of two mln shares in initial public offering. 1986 nine mth results include extraordinary gain of 3,843,000 dlrs or 22 cts Reuter
DCNY CORP < DCY> HIKES QTLY DIVIDEND NEW YORK, March 18 - Discount Corp of New York said its board of directors increased its quarterly cash dividend to 20 cts a share from 15 cts a share. DCNY said the dividend is payable April 15, 1987 to shareholders of record April 1 , 1987. Since the last two-for-one stock split in May 1985, the corpoartion has customarily declared 15-cnt-per-share dividends for the first three quarters and a final fourth quarter dividend based on its total earnings for the year. As previously announced, DCNY said its board has also recommended a two-for-one common stock split to shareholders. If the split is approved at the May 13 annual meeting, the quarterly dividend rate will be adjusted to 10 cts a share, DCNY said. Reuter
ICN < ICN> HAS FIVE PCT OF SYNCOR < SCOR.O> WASHINGTON, April 17 - ICN Pharmaceuticals Inc told the Securities and Exchange Commission it has acquired 556,500 shares of Syncor International Corp, or 5.0 pct of the total outstanding common stock. ICN said it bought the stake for 3.9 mln dlrs as an investment and has no plans to seek control of the company or to participate in the management of it. Reuter
PULITZER PUBLISHING CO < PLTZC> 4TH QTR NET ST. LOUIS, March 11 - Shr 47 cts vs 40 cts Net 4,258,000 vs 5,942,000 Revs 92.6 mln vs 77.1 mln Avg shrs 8,977,000 vs 15.0 mln Year Shr 1.22 dlrs vs 1.34 dlrs Net 16.4 mln vs 20.0 mln Revs 329.1 mln vs 272.1 mln Avg shrs 13.5 mln vs 15.0 mln NOTE: Interest expense 4,384,000 dlrs vs 545,000 dlrs in quarter and 6,979,000 dlrs vs 2,425,000 dlrs in year. 1986 year net reflects undisclosed amount of expenses for defense of takeover effort. Reuter
HMO AMERICA < HMOA> AGREES TO BE ACQUIRED CHICAGO, April 13 - HMO America Inc said it signed a letter of intent with Mount Sinai Medical Center here and an affiliate, providing that all of its common and preferred stock be acquired by a new not-for-profit company to be controlled by Mount Sinai and other Chicago area not-for-profit hospitals who may elect to participate in the acquisition. The form of the transaction has not yet been determined, it said. According to terms, HMO's shareholders would receive a combination of cash and debt securities to be issued by the buyer in exchange for their outstanding shares of common and preferred stock, it said. The amount of cash per share has not yet been determined, it added. Arrangements for financing have not yet been made and there can be no assurance that any financing will be received, HMO said. Closing of the proposed transaction, if it is completed, is expected on or before November 2, 1987, it said. Reuter
GULF CANADA < GOC> ACQUIRES SUEZ OIL STAKE CALGARY, Alberta, April 13 - Gulf Canada Corp said it acquired a 25 pct working interest in the Gulf of Suez oil concession for undisclosed terms. The company said its agreement with operator Conoco Hurghada Inc and Hispanoil covered the 168,374-acre East Hurghada offshore concession. It said a 15.6 mln U.S. dlr four-well program was planned for 1987. After the acquisition, which is subject to Egyptian government approval, working interests in the Hurghada block will be Conoco Hurghada at 45 pct, Hispanoil 30 pct and Gulf Canada the balance. Reuter
BORG-WARNER < BOR> TELLS OF TALKS WITH JACOBS CHICAGO, March 24 - Borg-Warner Corp said it has had discussions with Irwin Jacobs on his interest in the possibility of Minstar Inc < MNST>, a Jacobs controlled company, being given access to certain non-public information about Borg-Warner. In late February, an investor group headed by Jacobs offered 44 dlrs a share, or 3.29 billion dlrs, to take over Borg-Warner. Borg-Warner said it advised Jacobs that before its board would give Minstar access to company records Minstar would have to provide satisfactory evidence that sufficient financing was committed to carry out whatever transaction was proposed. A Borg-Warner spokesperson said the discussions with Jacobs and other Minstar officials focused on terms and conditions under which the company would consider granting Minstar access to the information it was seeking. The Borg-Warner spokesperson said the company has not been able to reach an agreement with Minstar, and Borg-Warner has not granted Minstar access to any records. There can be no assurance that there will be further discussions with Jacobs or that any agreement will be reached, the company added. Reuter
BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE WASHINGTON, March 30 - The United States and Japan will soon settle their trade dispute over semiconductors, U.S. Commerce secretary Malcolm Baldrige said on television. Baldrige, referring to the U.S.-Japan trade agreement on semiconductors, said: "Their government wants to live up to it. Their industries haven't been doing it, and I think we'll have a good settlement to spare both sides." "I think the Japanese understand full well that they haven't lived up to this commitment," he said. He added: "I do not think there will be a trade war at all." On Friday, Washington announced plans to put as much as 300 mln dlrs in tariffs on Japanese electronic goods from April 17, because of Tokyo's failure to observe the agreement. The officials said the tariffs would be ended as soon as Japan started adhering to the agreement. But they said there was little chance Japan could react quickly enough to avert the higher tariffs. Baldrige said the Reagan administration hoped the strong U.S. Action against Japan would convince Congress to tone down protectionist trade legislation now being drafted. He denied the action had been taken for that reason. REUTER
CYCLOPS < CYL> NAMES DIXONS OFFICIALS TO BOARD PITTSBURGH, April 1 - Cyclops corp said it has reconstituted its board to include three < Dixons Group PLC> executives following Dixons' acquisition of 83 pct of Cyclops' 4,061,000 shares in a 95 dlr per share tender offer. Cyclops said remaining on the six-member board are chairman and chief executive W.H. Knoell, president and chief operating officer James F. Will and senior vice president William D. Dickey. Reuter
TURKEY SEEKING 100,000 TONNES SUGAR - TRADE LONDON, March 5 - Turkey is holding a buying tender for 100,000 tonnes of white sugar on March 24, traders here said. The sugar is being sought for early arrival and will probably be met with April/May shipment sugar, they added. Earlier today newspapers in Turkey carried an advertisement from Turkish Sugar Factories inviting offers of 100,000 tonnes of crystal sugar with a 50 pct option to increase or decrease the amount. Over the 1983/85 period Turkey each year has exported between 240,000 and 350,000 tonnes of whites to Iran and between 62,000 and 230,000 tonnes to Iraq. Following lower sugar crops in the past two years analysts said Turkey needs to import sugar now if it is to continue filling these export contracts, and may need to buy more. Last month London broker C Czarnikow estimated Turkish 1986/87 production at 1.42 mln tonnes raw value against 1.4 mln in 1985/86 and an average 1.76 mln in the previous three seasons. The semi-official Anatolian Agency recently quoted Turkish Minister of Industry and Trade Cahit Aral as saying Turkey would export 100,000 tonnes of sugar this year and import the same amount. REUTER
EASTPARK REALTY TRUST < ERT> 4TH QTR NET JACKSON, Miss., March 4 - Shr 1.52 dlrs vs 17 cts Net 1,306,000 vs 144,000 Rev 758,000 vs 670,000 Year Shr 2.68 dlrs vs 2.63 dlrs Net 2,313,000 vs 2,285,000 Rev 2.8 mln vs 2.7 mln NOTE: Fourth qtr and 1986 had gains on real estate investments of 933,000 dlrs, or 1.08 a share, and 970,000 dlrs, or 1.12 a share, respectively. This compares with a loss of 137,000 dlrs, or 15 cts a share, and again of 1.3 mln dlrs, or 1.45 a share, for the fourth qtr and year respectively in 1985. Reuter
ZAMBIAN EXCHANGE AUCTION TO RESUME AT END OF MARCH LUSAKA, March 17 - Zambia will reintroduce a modified foreign exchange auction at the end of this month as part of a new two-tier exchange rate, central bank governor Leonard Chivuno said. Chivuno told a press conference at the end of three weeks of negotiations with the International Monetary Fund (IMF) that there would be a fixed exchange rate for official transactions and a fluctuating rate, decided by the auction, for other types of business. The Bank of Zambia previously held weekly auctions to distribute foreign exchange to the private sector and determine the kwacha's exchange rate, but these were suspended at the end of January. President Kenneth Kaunda said at the time that he was suspending the auction system in view of the rapid devaluation and violent fluctations of the exchange rate which had resulted. Business and banking sources said another reason for suspending the auction was that the central bank was low on foreign exchange and was 10 weeks behind in paying successful bidders. The kwacha stood at 2.2 per dollar when the auction system was first introduced in October 1985, but it slid to around 15 per dollar by the time it was suspended 16 months later. Since then, Zambia has operated a fixed exchange rate of about nine kwacha per dollar. REUTER
SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK TOKYO, March 19 - Sanwa Bank Ltd < ANWA.T> has agreed to buy a two pct stake in Oporto-based < Banco Portugues de Investmento Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official said. Sanwa will purchase the shares from International Finance Corp, a BPI shareholder and sister organisation of the World Bank, for 351 mln yen, he said. The acquisition will be completed this month as both the Japanese and Portuguse governments are expected to give permission soon. This is the first time a Japanese bank has bought a stake in a Portuguese bank. Sanwa plans to increase its stake in BPI to four pct, the ceiling for foreign shareholders, the official said. The bank has also agreed with < Banco Portugues do Atlantico>, a state-owned merchant bank in Oporto, to exchange information on customers and help accelerate Japanese investment and technological transfers to Portugal, he said. REUTER
FARMERS GROUP INC < FGRP> 4TH QTR NET LOS ANGELES, Feb 26 - Shr 80 cts vs 72 cts Net 55,513,000 vs 48,741,000 Revs 290.9 mln vs 264.2 mln Year Shr 3.09 dlrs vs 2.72 dlrs Net 213,470,000 vs 184,649,000 Revs 1.12 billion vs 992.9 mln Avg shrs 69,127,000 vs 68,004,000 Reuter
GAF < GAF> STUDYING BORG-WARNER < BOR> PLAN NEW YORK, April 13 - GAF Corp is studying an agreement under which Merrill Lynch Capital Partners will take Borg-Warner Corp private in a 4.23 billion dlr transaction, a GAF spokesman said. The spokesman had no further comment. Analysts said there was speculation GAF would make a new offer for the Chicago-based plastics and automobile parts company. Borg-Warner's stock rose 7/8 to 49-1/4, above the Merrill Lynch 48.50 dlrs per share tender offer price. Merrill Lynch Capital Partners, a unit of Merrill Lynch and Co, is tendering for 89 pct of Borg-Warner and offering a package of cash and securities for the balance of the shares. GAF had offered 46 dlrs per share previously. It holds 19.9 pct of Borg-Warner's stock. Reuter
ANITEC IMAGE TECHNOLOGY CORP < ANTC> SETS PAYOUT BINGHAMTON, N.Y., March 5 - Qtly div 7-1/2 cts vs 7-1/2 cts prior Pay April 10 Record March 27 Reuter
ARMTEK < ARM> UNIT LEVERAGED BUYOUT COMPLETED GREENWICH, Conn., March 16 - Condere Corp, formed by former managers of Armtek Corp, said it completed the acquisition of a tire plant and other assets of Armtek for undisclosed terms. In addition to a tire manufacturing plant, Condere bought S. and A. Truck Tire Sales and Service Corp, which operates 51 Sears Truck Tire Sales and Service Centers through a licensed agreement with Sears Roebuck and Co < S>. The plant will supply tires to Armtek's Armstrong Tire Co as well as to several Sears Centers. Condere said it expects first year revenues to be 90 mln dlrs. Reuter
TRW INC < TRW> 3RD QTR NET CLEVELAND, Oct 19 - Shr 1.04 dlrs vs 67 cts Shr diluted 1.01 dlrs vs 66 cts Net 63.2 mln vs 40.5 mln Sales 1.70 billion vs 1.43 billion Nine mths Shr 2.91 dlrs vs 2.88 dlrs Shr diluted 2.85 dlrs vs 2.82 dlrs Net 176.5 mln vs 172.7 mln Sales 5.08 billion vs 4.49 billion Avg shrs 60.3 mln vs 59.6 mln Avg shrs diluted 62.0 mln vs 61.3 mln Reuter
NORTHERN AIR FREIGHT < NAFI> GETS, REJECTS, BID LIMA, Pa., March 16 - Privately-held < Pilot Air Freight> said it met with officials of Northern Air Freight Inc to try to negotiate a friendly acquisition of Northern, but Northern's management had no interest in the proposal. Northern has annual revenues of about 60 mln dlrs and is based in Seattle. Reuter
IF DOLLAR FOLLOWS WALL STREET JAPANESE WILL DIVEST By Yoshiko Mori TOKYO, Oct 20 - If the dollar goes the way of Wall Street, Japanese will finally move out of dollar investments in a serious way, Japan investment managers say. The Japanese, the dominant foreign investors in U.S. Dollar securities, have already sold U.S. Equities. But "if the dollar falls steeply, which did not happen yesterday, Japanese investors will definitely try to withdraw significant funds from U.S. Shares," said Akira Kawakami, deputy manager of Nomura Investment Trust and Management Co Ltd's international investment department. An unstable, lower dollar would also affect Japanese investment in U.S. Bonds. "Japan-U.S. Interest rate differentials, which currently look wide enough, mean nothing in the absence of dollar stability," said Kawakami. U.S. Bonds could benefit due to a gloomy economic picture following the estimated huge losses in stocks by major U.S. Institutional and individual investors, he said. The effect should be to rule out any U.S. Interest rate rise. But most Japanese investors in U.S. Bonds are still wiating to see if the dollar really is stable, he said. The dollar was holding firm at above 142 yen on Tuesday morning. "Although Japanese investors sold huge amounts of stocks in New York yesterday, most are still looking for chances to lighten their U.S. Stock inventories," Hiromitsu Sunada, manager of Meiji Mutual Life Insurance Co's international investment department said. Their sales helped send Wall Street stocks down 508 points to 1,738, the market's biggest percentage drop since 1914. "Investment in U.S. Stocks and bonds is difficult, considering the dangers," said Katsuhiko Okiyama, deputy general manager and chief adviser of Yamaichi Securities Co Ltd's fixed income securities marketing group. Japanese investment at home could start to pick up once markets have stopped reacting to Wall Street, the managers said. The Tokyo yen bond market is likely to stabilise in one or two weeks, which is what investors have been waiting for. The bottom for yen bonds should be around a 6.3 pct yield for the 5.1 pct 89th bond, they said. "The basic background which has supported the stocks and bonds markets has not changed," said Norio Okutsu, assistant general manager of Nikko Securities' bond department. "But new outflows of funds to the U.S. Will be decreasing." However, this was already evident three months ago, he said. REUTER
EQUITABLE OF IOWA COS < EQICA> 4TH QTR NET DES MOINES, Iowa, March 4 - Oper shr 78 cts vs 51 cts Oper net 7,030,000 vs 4,944,000 Revs 126.6 mln vs 120.9 mln Year Oper shr 1.59 dlrs vs 89 cts Oper net 14.7 mln vs 9,864,000 Revs 425.1 mln vs 416.9 mln NOTE: Net excludes realized gains on investment of 73,000 dlrs vs 4,224,000 dlrs in quarter and 6,253,000 vs 14.5 mln dlrs in year. Net excludes discontinued Massachusetts Casualty operations loss 5,180,000 dlrs vs gain 778,000 dlrs in quarter and gain 9,214,000 dlrs vs gain 3,504,000 dlrs in year. Reuter
KEATING REVISES DOWN AUSTRALIAN GROWTH FORECAST CANBERRA, March 26 - Treasurer Paul Keating forecast economic growth at slightly under two pct in the financial year ending June this year, down from the 2.25 pct forecast contained in the 1986/87 budget delivered last August. Australia's terms of trade also fell, by 18 pct, over the past two years, he told Parliament. Terms of trade are the difference between import and export price indexes. Despite the figures, the budget forecast of about 1.75 pct annual growth in employment would be met, Keating said. Unemployment is currently at 8.2 pct of the workforce. "This government is dragging Australia through a trading holocaust the kind of which we have not seen since the Second World War," Keating said. "We are not pushing this place into a recession. We are not only holding our gains on unemployment, we are bringing unemployment down," he said, adding that the government had help the country avoid recession. REUTER
CULLINET SOFTWARE INC < CUL> 4TH QTR EARNINGS WESTWOOD, Mass., June 18 - April 30 end Shr loss 13 cts vs shr profit 12 cts Net loss 4,116,000 vs net profit 3,672,000 Revs 61.1 mln vs 55.5 mln Avg shrs 32,263,000 vs 31,640,000 12 months Shr loss 86 cts vs shr profit 42 cts Net loss 27.6 mln vs net profit 13 mln Revs 174.9 mln vs 189.3 mln Avg shrs 32,184,000 vs 30,938,000 NOTE: Both 1987 and 1986 figures restated to reflect April 21, 1987 acquisition of Distribution Management Systems Inc, accounted for as a pooling of interests. 1987 results include a first quarter non-recurring charge of 7 mln dlrs with an after-tax impact of 11 cts per share attributable to the write-off of the remaining assets acquried from Computer Pictures Corp in November 1982. Reuter
CHUBB CORP < CB> COMPLETES ACQUISITION NEW YORK, March 31 - The Chubb Corp said it completed the previously-announced merger of its subsidiary with and into Sovereign Corp < SOVR>, a life insurance holding company. Under the terms of the merger, Sovereign stockholders wil receive, in a tax free exchange, 0.1365 of a share of Chubb common stock for each share of Sovereign held, the company said. This equals 9.11 dlrs per share of Sovereign stock based on the closing price of Chubb common stock on March 30. Reuter
NEW CONTAINER CRANES ARRIVE AT TANZANIA PORT DAR ES SALAAM, Oct 20 - Two large container cranes donated by the Danish International Development Agency (DANIDA) have arrived in Dar es Salaam where they will help to increase the port's cargo handling capacity, port officials said. The two new container cranes join one Danish container crane already installed in the port, which is an important trade outlet for Tanzania, Zambia, Malawi and eastern Zaire. Five more cranes from Finland are due to arrive soon, increasing the container terminal's handling capacity to 120,000 units per year from 30,000 at present, the officials said. Reuter
MORE AMERICAN BRANDS < AMB> ACQUISITIONS SEEN By PATTI DOMM, Reuters NEW YORK, April 8 - American Brands Inc's 545 mln dlrs acquisition of National Distillers and Chemical Corp's liquor business is expected to be one of a series of acquisitions by the tobacco company, analysts said. "They were very frustrated with their inability to get Chesebrough. They said they were looking for an acquisition. It doesn't surprise me that they came up with another one," said Allan Kaplan of Merrill Lynch and Co. American Brands failed late last year in its 2.9 billion dlrs bid for Chesebrough-Ponds Inc when Unilever N.V. agreed to buy the company. But since then, Wall Street has been speculating that American Brands would find another candidate to help reduce its earnings exposure to tobacco. "This is just typical," said George Thompson of Prudential-Bache securities. "There's going to be more to come here. American Brands had to make an acquisition because tobacco is still a significant part of earnings. Their position is a little less favorable than Philip Morris and RJ Reynolds," he said. cash flow from its low growth tobacco, but the tobacco business does require great amounts of capital expenditures. It can therefore use its funds to make acquisitions. Analysts said the National Distillers' spirits company, which makes Gilbey's gin and vodka, Old Grandad and Old Crow whiskey, is not quite the type of acquisition they envisioned. "The distilled spirits business has been in a steady gradual decline for sometime, as has the tobacco business," said Thompson. REUTER...
GRUMMAN CORP < GQ> IN PAYOUT BETHPAGE, N.Y., April 17 - Qtly div 25 cts vs 25 cts prior Pay May 20 Record May Eight Reuter
PREFERRED HEALTHCARE LTD < PHCC> 4TH QTR NET WILTON, Conn, March 2 - Shr six cts vs four cts Net 383,189 vs 241,857 Revs 1,506,756 vs 793,459 12 mths Shr 24 cts vs 15 cts Net 1,520,797 vs 929,017 Revs 5,268,486 vs 2,617,995 Reuter
OPPENHEIMER HAS SIX PCT OF CYCLOPS < CYL> WASHINGTON, March 30 - Oppenheimer, the brokerage and investment subsidiary of Oppenheimer Group Inc, told the Securities and Exchange Commission it has acquired 243,400 shares of Cyclops Corp, or 6.0 pct of the total outstanding. Oppenheimer said it bought the stake in connection with risk arbitrage and other investment activities in the ordinary course of its business. It said it has no plans to seek control of the company. As of Friday, < Dixons Group PLC> had acquired 2,455,000 Cyclops shares, giving it 83 pct of the total. Reuter
BROKER BOOSTS ZONDERVAN < ZOND> STAKE TO 7.1 PCT WASHINGTON, April 8 - An investor group headed by Minneapolis, Minn., broker Jeffrey Wendel said it raised its stake in Zondervan Corp to 292,900 shares, or 7.1 pct of the total outstanding, from 238,900 shares, or 5.8 pct. In a filing with the Securities and Exchange Commission, the Wendel group said it bought 54,000 Zondervan common shares between March 24 and April 3 at prices ranging from 27.87 to 29.96 dlrs a share. The Wendel group has acted in cooperation with another shareholder group headed by London investor Christopher Moran, who sought unsuccessfully last year to take over Zondervan. Reuter
HOVNANIAN ENTERPRISES INC < HOV> QTR EARNINGS NEW YORK, June 29 - May 31 end Shr 27 cts vs 14 cts Net 5,664,000 vs 2,812,000 Revs 68.2 mln vs 54.7 mln Avg shrs 21,254,054 vs 20,167,714 NOTE: First quarter report Reuter
USACAFES LP < USF> 3RD QTR NET DALLAS, Oct 19 - Shr 33 cts vs 13 cts Net 2,272,000 vs 880,000 Revs 6,399,000 vs 5,912,000 Chainwide sales 142.0 mln vs 126.7 mln Nine mths Shr 1.07 dlrs vs 44 cts Net 7,369,000 vs 2,868,000 Revs 19.1 mln vs 16.1 mln Chainwide sales 402.9 mln vs 357.1 mln Avg shrs 6,918,000 vs 6,569,000 Reuter
TRADE SURPLUS CUT WOULD BENEFIT JAPAN - SUMITA TOKYO, March 26 - Bank of Japan Governor Satoshi Sumita said it is in Japan's national interest to make greater efforts to reduce its trade surplus. He told business executives the most important issues for the world economy are the correction of international trade imbalances and a solution to the world debt problem. To this end, Japan and the U.S. Must make medium- and long-term efforts to alter economic structures which have expanded the trade gap between the two nations. World economic growth and therefore an expansion of debtor countries' export markets are needed to solve the debt issue, he added. REUTER
PUERTO RICAN CEMENT CO < PRN> SETS PAYOUT NEW YORK, March 25 - Qtly div five cts vs five cts prior Pay May 13 Record April 14 NOTE: Company said up to 20 pct of dividend payment may be withheld in accordance with Puerto Rico tax law. Reuter
ECUADOR TO PRODUCE ABOVE OPEC QUOTA - MINISTER QUITO, June 29 - Ecuador will produce crude oil in excess of its 221,000-bpd OPEC quota during the second half of this year, Energy Minister Fernando Santos Alvite told a news conference. Ecuador plans to produce 280,000 bpd in August, rising to 320,000 bpd next January, the minister said. "We will be producing more than the quota to pay off the crude and products we have been lent by Venezuela, Nigeria and Kuwait and to compensate for the crude we have been unable to produce during the past few months," he said. Earthquake damage to a pipeline sharply cut Ecuadorean production from March to May this year. Santos said the move had been explained to fellow OPEC members during last week's meeting in Vienna, when an increase in Ecuador's quota to 221,000 bpd from 210,000 was approved. "They understood our position and we believe we remain within the spirit of the (quota) agreement," he said. Immediately before the March quake Ecuadorean production was 250,000-260,000 bpd, with 144,000 bpd exported. While its production was down, Venezuela, Nigeria and Kuwait loaned Ecuador a total 12 mln barrels of crude and four mln barrels of products, Santos said. Reuter
COOPER < CBE> ASKS FTC TO END ACQUISITION LIMITS WASHINGTON, March 20 - Cooper Industries Inc asked the Federal Trade Commission to vacate a 1979 order that requires the company to get FTC approval before making certain acquisitions, the FTC said. The order was issued as part of a settlement of FTC charges that Cooper's merger with Gardner-Denver Co would lessen competion and increase concentration in the gas compressor and industrial air tool industries, the FTC said. The order requires that, until 1989, Cooper must get FTC approval before acquiring companies in the natural gas compressor or hand-held industrial pneumatic tool businesses. Reuter
WILLCOX AND GIBBS < WG> TO MAKE ACQUISITION NEW YORK, March 30 - Willcox and Gibbs Inc said it has agreed to acquire Atlantia electric parts distributor B and W Electric Supply Co for an undisclosed amount of cash. B and W had sales of about eight mln dlrs in its most recent year. Willcox said it plans further expansion in the Atlanta area. Reuter
TRILLIUM TELEPHONE < TLM.TO> 2ND QTR NET OTTAWA, Oct 2- Shr profit seven cts vs loss 1.77 dlrs Net profit 446,000 vs loss 9,370,000 Revs 15.0 mln vs 13.3 mln Six mths Shr profit eight cts vs loss 1.87 dlrs Net profit 523,000 vs loss 9,883,000 Revs 27.1 mln vs 27.1 mln Avg shrs 5,324,464 vs 5,324,350 Note: Trillium Telephone Systems Inc Reuter
HOUSE OF FABRICS INC < HF> 1ST QTR NET APRIL 30 SHERMAN OAKS, Calif., June 1 - Shr 27 cts vs 18 cts Net 1,757,000 vs 1,201,000 Revs 73.5 mln vs 71.2 mln Reuter
SOME SHIPPING RESTRICTIONS REMAIN ON RHINE BONN, March 6 - Limited shipping restrictions due to high water remain in force on parts of the West German stretch of the Rhine river between the Dutch border and the city of Mainz but most are expected to be lifted this weekend. water authority officials said The restrictions, caused by high water levels, include speed limits and directives to keep to the middle of the river to prevent damage to the river banks. The high water was expected to recede within two days to below levels at which the restrictions come into force. Traffic was halted briefly late Tuesday night, Wednesday and parts of Thursday on stretches of the Rhine between Bonn and Koblenz but the shipping bans were lifted, the officials said. Shipping is now permitted on all parts of the West German section of the Rhine, with restrictions in some areas. Reuter
ENRON < ENE> TO PAY DIVIDENDS ON PREFERRED HOUSTON, March 8 - Enron Corp said it will pay accrued second quarter dividends on the three series of preferred stock it will redeem on May 1. The company said it will pay second quarter accrued dividends to the redemption date of 53 cts per share on the 6.40 pct stock, 56 cts on 6.84 pct and 70 cts on 8.48 pct. Reuter
ROYEX MAKES BID FOR INTERNATIONAL CORONA TORONTO, March 31 - < Royex Gold Mining Corp> said it is making an offer for < International Corona Resources Ltd> of 50 dlrs per share and 40 dlrs per warrant. The offer covers four mln Corona common shares and all outstanding 9.50 dlr Corona share purchase warrants expiring August 31, 1987, Royex said. Royex said that if it gains four mln Corona common shares, its interest in Corona will increase to 50 pct from 38 pct. It also said that if more than four mln shares are tendered, it will pay for them on a pro rata basis. Royex said the purchase price for each Corona share consists of one Royex convertible retractable zero coupon Series B first preference share at 20 dlrs nominal value, one Royex convertible 6-1/2 pct Series C first preference share at 20 dlrs nominal value, one five-year 7.50 dlr Royex share purchase warrant and four dlrs in cash. The price for each Corona warrant consists of 1.75 convertible retractable zero coupon Series B first preference share at 35 dlrs nominal value and one five-year 7.50 Royex share purchase warrant. Royex said both series of preference shares will be convertible into Royex common shares, initially on a basis of 3.33 common shares for each preference share converted. Reuter
ALTEX < AII> SETS ACQUISITION OF COMPUTER FIRMS DENVER, April 3 - Altex Industries Inc said it has agreed in principle to buy 82 pct of two privately-held affiliated computer retail companies for an undisclosed amount. Altex said the Denver-based companies had revenues of over seven mln dlrs last year. They are Integrated Management Data Systems Inc, which sells accounting software systems to the oil and gas industry, and Integrated Management Systems Micro Distribution Division Inc, which distributes micro-computer products. Altex said it expects to close the transaction, which is subject to financing, in July. Reuter
COFFEE TRADERS EXPECT SELLOFF AFTER ICO TALKS FAIL By Lisa Vaughan, Reuters LONDON, March 3 - The failure of the International Coffee Organization (ICO) to reach agreement on coffee export quotas could trigger a massive selloff in London coffee futures of at least 100 stg per tonne today, coffee trade sources said. Prices could easily drop to as low as 1.00 dlr or even 80 cents a lb this year from around 1.25 dlrs now, they said. A special meeting between importing and exporting countries ended in a deadlock late yesterday after eight days of talks over how to set the quotas. No further meeting to discuss quotas was set, delegates said. Quotas, the major device used to stabilize prices under the International Coffee Agreement, were suspended a year ago after prices soared following a damaging drought in Brazil. With no propects for quotas in sight, heavy producer selling initially and a price war among commercial coffee roasting companies will ensue, the trade sources predicted. Lower prices are sure to trickle down to the supermarket shelf this spring, coffee dealers said. The U.S. And Brazil, the largest coffee importer and exporter respectively, each laid the blame on the other for the breakdown of the talks. Jon Rosenbaum, U.S. Assistant trade representative and delegate to the talks, said in a statement after the council adjourned, "A majority of producers, led by Brazil, were not prepared to negotiate a new distribution based on objective criteria. "We want to insure that countries receive export quotas based on their ability to supply the market, instead of their political influence in the ICO." Brazilian Coffee Institute (IBC) President Jorio Dauster countered, "Negotiations failed because consumers tried to dictate quotas, not negotiate them." Previously, quotas were determined by historical amounts exported, which gave Brazil a 30 pct share of a global market of about 58 mln 60-kilo bags. A majority of producers wanted quotas to continue under this basic scheme. But most consumers and a maverick group of eight producers proposed carving up the export market on the basis of exportable production and stocks, which would reduce Brazil's share to 28.8 pct. Consumer delegates said this method would reflect changes in many countries' export capabilities and make coffee more readily available to consumers when they need it. A last-minute attempt by Colombia, the second largest exporter, to rescue the talks with a compromise interim proposal could not bring the two sides together. Delegates speculated Brazil's financial problems, illustrated by its recent suspension of interest payments on bank debt, have increased political pressure on the country to protect its coffee export earnings. Developing coffee-producing countries that depend heavily on coffee earnings, particularly some African nations and Colombia, are likely to be hurt the most by the ICO's failure to agree quotas, analysts said. The expected drop in prices could result in losses of as much as three billion dlrs in a year, producer delegates forecast. The ICO executive board will meet March 31, but the full council is not due to meet again until September, delegates said. REUTER
INTERSTATE SECURITIES INC < IS> 4TH QTR SEPT 30 CHARLOTTE, N.C., Oct 19 - Shr 11 cts vs 22 cts Qtly div 10 cts vs 10 cts prior Net 548,254 vs 1,138,978 Revs 28 mln vs 31.1 mln Year Shr 50 cts vs 1.34 dlrs Net 2,527,846 vs 6,822,293 Revs 111.7 mln vs 118.9 mln NOTE: Qtly div payable December 4 to shareholders of record November 13. Reuter
GROUP RAISES SCANDINAVIA FUND < SCF> STAKE WASHINGTON, April 13 - A shareholder group consisting of foreign investment firms and investors said it raised its stake in Scandinavia Fund Inc to 2,607,900 shares, or 40.0 pct of the total outstanding from 2,309,700 shares, or 35.4 pct. In a filing with the Securities and Exchange Commission, the group also said it is considering an informal offer made by Scandinavia Fund President Bjorn Carlson on March 31 which would grant it representation on the company's board. The group includes VBI Corp, a Turks and Caicos Islands investment firm, and Ingemar Rydin Industritillbehor AB, a Swedish investment firm, and Erik Martin Vik, a Norwegian investor, and Vik's son, Alexander. The group said VBI and the elder Vik bought a combined 298,200 Scandinavia Fund common shares since March 13 at prices ranging from 9.500 to 10.000 dlrs a share. Reuter
TWA < TWA> TANGLES PIEDMONT < PIE> SITUATION By Patti Domm, Reuters New York, March 4 - Trans World Airlines Inc complicated the bidding for Piedmont Aviation Inc by offering either to buy Piedmont suitor USAir Group or, alternatively, to merge with Piedmont and USAir. Piedmont's board was meeting today, and Wall Street speculated the board was discussing opposing bids from Norfolk Southern Corp and USAir. The TWA offer was announced shortly after the Piedmont board meeting was scheduled to begin. TWA offered to buy USAir for 52 dlrs cash per share. It also said it was the largest shareholder of USAir and threatened to go directly to USAir shareholders with an offer for 51 pct of the stock at a lower price. TWA also said it believed its offer was a better deal for USAir shareholders than an acquisition of Piedmont, but it said it alternatively would discuss a three-way combination of the airlines. Market sources and analysts speculated that TWA chairman Carl Icahn made the offer in order to put his own airline into the takeover arena. "We're just wondering if he's not just trying to get TWA into play. There's speculation on the street he just wants to move onto somthing else," said one arbitrager. "We think TWA might just be putting up a trial balloon." Analysts said the offer must be taken seriously by USAir, but that the airline will probably reject it because the price is relatively low compared to other airline deals. They also said Icahn must prove his offer credible by revealing financing arrangements. "They need to show their commitment and their ability to finance. I think it's a credible offer," said Timothy Pettee, a Bear Stearns analyst. "I think it's certainly on the low end of relative values of airline deals," said Pettee. Pettee estimated 58 dlrs would be in a more reasonable range based on other airline mergers. USAir stock soared after TWA made public its offer. A spokesman for USAir declined comment, and said USAir had not changed its offer for Piedmont. USAir offered of buy 50 pct of that airline's stock for 71 dlrs cash per share and the balance for 73 dlrs per share in USAir stock. USAir closed up 5-3/8 at 49-1/8 on volume of 1.9 mln shares. Piedmont, which slipped 1/2 to close at 69-5/8, also remained silent on the TWA action. Piedmont has an outstanding 65 dlr cash per share offer from Norfolk Southern Corp. Norfolk Southern declined comment, but said it stuck with its offer for Piedmont. Norfolk owns about 20 pct of Piedmont and opened the bidding when it said it would propose a takeover of Piedmont. Some analysts said Icahn may be trying to acquire USAir to make his own airline a more attractive takeover target. "Icahn I think had wanted to sell his airline and there were no takers. I think the strategy might have called for making his investment more attractive. One way to accomplish that specific objective is to go out and acquire other airlines," said Andrew Kim of Eberstadt Fleming. "I don't know whose going to buy them, but at least this way it becomes a much more viable package," said Kim. But Icahn's financing ability for such a transaction remains in doubt, in part because of TWA's heavy debt load. Wall street sources said TWA has some cash with which to do the offer. The sources said Icahn has not lined up outside financial advisers and plans to make his own arrangements. Icahn earlier this year abandoned plans to buy USX Corp < X> and still retains 11 pct of that company's stock. Some Wall street sources said the financier's USX plan was impacted by the cloud hanging over his adviser, Drexel Burnham Lambert Inc, because of Wall Street's insider trading scandal. Industry sources also predicted USAir might reject the TWA offer on price and financing concerns. "It's littered with contingencies and it doesn't even have a financing arrangement," said one executive at another major airline. But the executive conceded a merged TWA-USAir would be a strong contender with USAir's east coast route system and planned west coast presence from PSA. USAir could feed the intenrational flights of TWA, which has a midwest presence in its St. Louis hub. Adding Piedmont, dominant in the southeast, to the mix would develop an even stronger force. The combined entity would also have TWA's pars reservation system. Such a merger would be complex and analysts said it would result in an airline iwth an 18 pct market share. Reuter
FED ADDS RESERVES VIA CUSTOMER REPURCHASES NEW YORK, March 30 - The Federal Reserve entered the U.S. Government securities market to arrange two billion dlrs of customer repurchase agreements, a Fed spokesman said. Dealers said Federal funds were trading at 6-3/8 pct when the Fed began its temporary and indirect supply of reserves to the banking system. Reuter
ANECO REINSURANCE CO LTD < ANECF> YEAR NET NEW YORK, March 30 - Shr profit 80 cts vs loss 1.60 dlrs Net profit 1,673,960 vs loss 3,292,663 NOTE: 1986 net includes gain on bond portfolio of 1,160,000 dlrs and 5,600,000 dlr provision for losses on discontinued liability and multi-peril lines of reinsurance. Reuter
A AND P < GAP> SETS HIGHER CAPITAL SPENDING MONTVALE, N.J., March 18 - The Great Atlantic and Pacific Tea Co said its three-year 345 mln dlr capital program will be be substantially increased to accommodate growth and expansion plans for Waldbaum Inc and Shopwell Inc over the next two years. A and P said the acquisition of Shopwell in August 1986 and Waldbaum in December "helped us achieve better than expected results in the fourth quarter" ended February 28. Its net income from continuing operations jumped 52.6 pct to 20.7 mln dlrs, or 55 cts a share, in the latest quarter as sales increased 48.3 pct to 1.58 billion dlrs. A and P gave no details on the expanded capital program, but it did say it completed the first year of the program during 1986. A and P is 52.4 pct owned by < Tengelmann Warenhandelsgesellschaft> of West Germany. Reuter
PENTRON CORP < PEN> UNIT TO BUY ICE CREATIONS WALNUT CREEK, Calif., March 17 - Pentron Corp said its Rotational Molding Inc unit has purchased privately held Ice Creations Unlimited for an undisclosed amount of cash and other considerations. The company said Ice Creations had sales of 1.2 mln dlrs in the year ended May 31, 1986. Ice creations is a molder of plastics. Reuter
DOME MINES LTD < DM> 4TH QTR NET TORONTO, March 30 - Shr profit 17 cts vs loss three cts Net profit 14,918,000 vs loss 2,732,000 Revs 74.8 mln vs 54.7 mln YEAR Shr profit 80 cts vs profit 15 cts Net profit 71.6 mln vs profit 12.2 mln Revs 293.4 mln vs 222.8 mln Note: 1986 fl-yr net includes extraordinary gain of 56.3 mln dlrs from investment sales, gain on share issue by 57 pct-owned Campbell Red Lake Mines Ltd < CRK> and provision for decline in value of marketable securities. 1985 fl-yr net includes gain of 10.1 mln dlrs. 1985 revs restated to exclude revenues from discontinued coal mining operations. Under U.S. accounting practises, Dome Mines would have reported 1986 loss of 192.9 mln dlrs or 2.17 dlrs shr vs yr-ago loss of 24.9 mln dlrs or 32 cts shr, reflecting different principles in accounting for 22 pct stake in Dome Petroleum Ltd < DMP> and 1986 oil and gas writedown. Reuter
AMOCO REPORTS SOUTH CHINA SEA OIL FIND PEKING, March 9 - The U.S. < Amoco Petroleum Corp> has reported an offshore oil find at its Pearl River basin concession in the South China Sea, the New China News Agency said. It said the Liu Hua 11-1-1 A well produced at around 2,240 barrels per day at a depth of 305 metres. The news agency said Amoco plans to drill a second well in the area this year, but gave no further details. REUTER
CETEC CORP < CEC> QUARTERLY DIVIDEND KAHULUI, Hawaii, March 3 - Qtly div five cts vs five cts Pay May 22 Record May 8 Reuter
U.K. RESERVES LIFT HOPES OF FURTHER BASE RATE CUT By Rowena Whelan, Reuters LONDON, June 2 - The record 4.9 billion dlrs rise in U.K. Reserves in May to a total 34.7 billion has lifted hopes for a further cut in bank base lending rates after the June 11 general election, market analysts said. Sterling would have risen on the much better than expected number but for market nerves about the poll outcome, they said. But the weight of foreign currency and gold reserves now available to the authorities to support the pound should curb any market tendency to panic if U.K. Opinion polls show the ruling Conservative Party's lead slipping, they added. "We have been intervening to a very much greater extent than we have done hitherto," Chancellor of the Exchequer Nigel Lawson said at a news conference today, commenting on the news of the record reserves rise. He put the U.K. Intervention in the context of the Louvre accord between leading industrial nations to stabilise the dollar, partly through direct intervention on foreign exchanges. "We have been playing a very full part ourselves," he said. But market analysts see the recent upward pressure on sterling, and consequent need for official sales to damp down its rise, more in the light of local factors. Steven Bell, chief economist at Morgan Grenfell Securities, said that corporate money has been flowing back into Britain amid hopes of another Conservative government, after fears last autumn of a Labour election victory sent it flooding out. U.K. Portfolio investment is also returning, while foreign buyers see U.K. Growth propects and high bond yields as attractive. They will be strong buyers of U.K. Assets, notably equities, once the election is out of the way, Bell said. Analysts see this pressure as the main hope for lower interest rates, as the government is expected to try to reverse the loss of export competitiveness caused by a strong pound. Today, however, the pound hardly moved on the reserves news, dipping on its trade-weighted index against a basket of currencies from 73.1 pct of its 1975 value at 1000 GMT to 73.0 pct at 1100 GMT, half an hour after the figures were released. "The market doesn't want to do anything because of the election," commented an economist at a big U.S. Investment bank. Several dealers and analysts added that market forecasts of a rise in reserves of between one and three billion dlrs had overestimated the amount of pound sales that were likely to have been disguised by swap arrangements or transactions on the forward market. The market also seemed to have overestimated the amount of sterling the Bank of England bought at the end of May to smooth the pound's sudden downturn, while some of the intervention reported in May probably occurred in April, they said. The key three months interbank money market rates eased about 1/8 point, reflecting cautious hopes that the downtrend in U.K. Interest rates will be revived following the reserves news, analysts said. Government bond prices initially firmed, but the market was muted as traders worried about the funding implications of another huge rise in reserves, they added. Morgan Grenfell's Bell forecast a half point base rate cut from the current nine pct level soon after the election, so long as poll projections of another Conservative victory prove accurate, with another half point later. Justin Silverton, equity economist at Credit Suisse Buckmaster and Moore, said a full point reduction might be possible. "Sterling will be held down by interest rate cuts in future, rather than this active intervention," he predicted. Kevin Boakes of Greenwell Montagu Gilt-Edged cautioned against over-optimistic forecasts, but agreed a half point cut looked likely. A cut before the election has been virtually ruled out. "The Bank (of England) is both worried about the political problem of cutting rates during an election campaign ... And has signalled some worry about broad money (growth)," said Robin Marshall, chief U.K. Economist at Chase Manhattan Securities. He said the 10 billion dlrs increase in total reserves in the past seven months may foreshadow full U.K. Entry into the European Monetary System. But Bell said the authorities would like to see another 10 or 15 billion dlrs in the reserves before joining, if they did so. But, unlike many analysts, he doubted the U.K. Will go in. REUTER
NATIONAL CITY BANCORP < NCBM.O> 1ST QTR NET MINNEAPOLIS, April 13 - Shr 37 cts vs 27 cts Net 1,194,000 vs 870,000 Reuter
CXR < CXRL.O>,TOROTEL < TRTL.O> TO SETTLE SUIT MOUNTAIN VIEW, Calif, June 29 - CXR Telcom Corp and Torotel Inc agreed in principle to settle pending litigation regarding the sale of Torotel's former Halcyon Communications Inc unit to CXR in March, 1986, the two companies said in a joint statement. The agreement calls for CXR to pay to Torotel 1,350,000 dlrs in exchange for return of a 2.5 mln dlr note and five mln CXR common shares valued at 1,7754,000 mln dlrs, the companies said. In June, 1986 CXR filed the suit in San Francisco federal court, charging that the 10.3 mln dlr price it paid for Halycon was excessive, Torotel said. It also said that in is suit CXR asked for seven mln dlrs in damages, along with an unspecified punitive award. Reuter
< ASTA GROUP INC> UNIT IN LOAN PURCHASE YONKERS, N.Y., March 25 - Asta Group Inc said its 50 pct owned Liberty Service Corp affiliate has purchased about 50 mln dlrs face value of credit card installment receivables from a major financial institution it did not name for a significant discount from face value. It said the portfolio consists mostly of charged off loans. The company also said it expects to realize a profit of about 300,000 dlrs on its 25 pct interest in the Briarcliff Manor condominium project in New York, with about 140,000 dlrs of the profit being reflected in the year ending September 30. Reuter
EXCO BUYS U.S. GOVERNMENT SECURITIES BROKER LONDON, Mar 2 - < Exco International Plc>, a subsidiary of British and Commonwealth Shipping Co Plc < BCOM.L>, said it had agreed in principle to buy an 80 pct stake in < RMJ Holdings Corp> for about 79 mln dlrs. Exco Chairman Richard Lacy told Reuters the acquisition was being made from Bank of New York Co Inc < BK.N>, which currently holds a 50.1 pct, and from RMJ partners who hold the remainder. Bank of New York and the partners will retain about 10 pct each and these stakes will be bought over the next six years. RMJ is the holding company of RMJ Securities, one of the largest U.S. Government securities brokers. It is also involved in broking notes, obligations and other instruments sponsored by U.S. Federal agencies. Lacy said Exco had been considering buying a U.S. Government securities broker for the past four years and had made an offer for RMJ when it was sold by Security Pacific Corp < SPC.N> in 1985. RMJ was then valued at about 50 mln dlrs. B and C managing director Peter Goldie said RMJ would be bought at about the same multiple as Exco, suggesting net income of around 16 mln dlrs. The company's earnings had not been hit by the halving of brokerage fees some 14 months ago as volumes had since doubled. Lacy said that RMJ employed some 300 people, with 200 in the brokerage business and about 70 in its < SMS> unit, which provided computer software for the financial services community. RMJ Securities had offices in New York, where total market turnover of U.S. Government securities was 110 billion dlrs a day, and in London where it has 15 billion. It was also given permission last week to open an office in Tokyo where total market turnover had lifted rapidly to about five billion dlrs a day. The acquisition would contribute between five and 10 pct of B and C's share earnings in 1987 on a proforma basis. REUTER
****** FORD RAISES QTLY PAYOUT 10 CTS/SHR TO 75 CTS
SUMITA SAYS BANK WILL INTERVENE IF NECESSARY TOKYO, March 24 - Bank of Japan Governor Satoshi Sumita said in a statement the central bank will intervene in foreign exchange markets to stabilise exchange rates if necessary in close cooperation with other major industrial nations. Sumita said the Bank will take adequate measures including market intervention, if necessary, in line with the February 22 Paris agreement by six major industrial nations. Canada, Britain, France, Japan, the U.S. And West Germany agreed to cooperate in stabilising exchange rates around current levels. Sumita's statement was issued after the dollar slipped below 150 yen to hit a record low of 148.40. "It is inevitable that exchange rates fluctuate under the system of floating rates," Sumita said. The fact the dollar plunged below 150 yen does not mean anything significant under the floating system, he said. The six nations agreed in Paris exchange rates prevailing then were broadly consistent with underlying economic fundamentals and further substantial rate shifts could damage growth and adjustment prospects in their countries, the Paris statement said. REUTER
ARCO < ARC> SAYS NET TO COVER DIVIDEND PAYOUT LOS ANGELES, March 31 - Atlantic Richfield Oil Co said it expects first quarter net income to cover its dividend requirements in the quarter. The company paid a quarterly dividend of one dlr a share earlier this month. Reuter
MOTEL 6 LP < SIX> SETS CASH DISTRIBUTION SANTA BARBARA, Calif., March 19 - Qtly cash distribution 30.5 cts vs 18.4 cts prior Pay May 15 Record March 31 Note: Prior-quarter dividend was an initial payout based on operations for a partial fourth quarter in 1986. Reuter
CENTRAL ILLINOIS PUBLIC < CIP> 3RD QTR NET SPRINGFIELD, Ill., Oct 20 Shr 89 cts vs 89 cts Net 30,406,000 vs 30,504,000 Revs 163.8 mln vs 172.0 mln Nine Mths Shr 1.89 dlrs vs 2.14 dlrs Net 64,489,000 vs 73,149,000 Revs 603.4 mln vs 646.5 mln NOTE: Central Illinois Public Service Co is full name of company. Reuter
SNAP-ON TOOLS CORP < SNA> 3RD QTR NET KENOSHA, WIS., Oct 20 - Shr 53 cts vs 38 cts Net 22,249,000 vs 15,356,000 Sales 189.1 mln vs 166.5 mln Nine mths Shr 1.56 dlrs vs 1.21 dlrs Net 64,707,000 vs 49,603,000 Sales 559.2 mln vs 492.4 mln Reuter
PIER 1 IMPORTS < PIR> DECLARES STOCK SPLIT FORT WORTH, Tex., March 26 - Pier 1 Imports Inc said its board declared a three-for-two split of its common stock and its 25 cents preferred stock, and declared a regular quarterly dividend of two cents per share on the pre-split shares of common stock outstanding. Pier 1 also declared a 12.5 pct annual dividend increase for the post-split common shares. The split will be effected in the form of a 50 pct stock dividend on both classes. The company said shareholder approval is required for an increase in authorized shares of common stock to 100 mln from 25 mln. It said approval is also needed for an increase in authorized shares of preferred stock from one million to five million. It said voting will be conducted at its annual shareholder meeting on June 24. Pier 1 said there are currently 19.1 million shares of common stock and 960,000 shares of 25 cts preferred stock outstanding. The split shares will be distributed on June 29 to shareholders of record May 13. The two cts per share quarterly cash dividend will be payable May 29 to shareholders of record May 13. "The increase in shares outstanding will broaden the base of stock ownership in the company, and the dividend increase reflects the directors' positive outlook for the future prospects of Pier 1 Imports," said Clark Johnson, president and chief executive officer. Reuter
FRANCE'S BALLADUR SAYS TARGET ZONE NOTION NEARER WASHINGTON, April 9 - French Finance Minister Edouard Balladur said that the financial community is closer to arriving at a system of target zones for currencies despite the fact that little is being said about them. Speaking with reporters at the semiannual meetings of the International Monetary Fund, Balladur said, "We are not very far from the notion of target zones, even if we don't say so." He told reporters that "our ideas are progressing," adding that the finance ministers have been talking about more cooperation on economic policies and on levels around which currencies should stabilize. Reuter
BRITISH MINISTER SAYS HE WARNED TOKYO OF SANCTIONS LONDON, April 11 - A British minister said he had given the Japanese government a clear warning of sanctions against Japanese companies if Tokyo did not allow more access to its internal markets "and it was clearly understood." Corporate Affairs Minister Michael Howard said on his return from a visit to Japan he thought the Japanese were beginning to appreciate the need to be "fair and open" about access to their own markets. At an airport news conference Howard denied opposition charges that his trip had been a failure because he had returned empty-handed. "I did what I set out to do. I was sent to deliver a clear message to the Japanese government, and I delivered it very clearly, and it has been clearly understood." Howard said that under the Financial Services Act the govenment had considerable flexibility in taking sanctions against Japanese companies and finance houses operating in Britain. "It is not simply a question of withdrawing or refusing operating licences. We can ban firms from certain countries from carrying out certain kinds of business, while allowing them to carry out other kinds." "I hope we don't have to use these powers, but I made it clear in Japan that if our timetable isn't met, we shall use them." He said it would be unfortunate if Britain and Japan became involved in a tit-for-tat exchange, adding that Japan gained more than anyone else from an open trading relationship. "I think they are beginning to appreciate that if this relationship is to continue, it is very important for them to be fair and open about access to their own markets." On the question of the British firm Cable and Wireless Plc < CAWL.L>, which is trying to win a significant share of telecommunications contracts in Japan, Howard said he had told the Japanese this was being widely regarded as a test case. He said there were signs of movement on the case. Cable and Wireless was due to take part in talks in Japan next Tuesday, he said. Earlier this week British Prime Minister Margaret Thatcher said Britain could not go it alone on sanctions against Japan, but would have to coordinate action with its European Community partners. Community sources said after a meeting of trade officials yesterday that the group might impose steep new tariffs on a range of Japanese goods to prevent diversion from United States markets if Washington imposes trade sanctions against Tokyo as it has threatened. REUTER
BOLIDEN TO ANNOUNCE MAJOR CORPORATE TAKEOVER - OFFICIAL STOCKHOLM, April 1 - Boliden AB < BLDS ST> mining and metals group said it will announce a major foreign corporate takeover today involving a company with an annual turnover of two billion crowns. A Boliden spokesman told Reuters details of the announcement would be given at a news conference by chairman Rune Andersson at 1030 gmt today. He said the company involved employed 4,000 people, but declined to name the takeover price or say what field the firm operated in. Share analysts said they expected Boliden to announce it will be taking over the U.S. Allis-Chalmers Corp < AH.O> but company officials refused to confirm the reports ahead of the news conference. REUTER
MAYFAIR SUPER MARKETS INC < MYFRA> 2ND QTR FEB 28 LAKEWOOD, Colo, April 8 - Shr 59 cts vs 46 cts Net 2.4 mln vs 1.9 mln Revs 122.5 mln vs 105.9 mln Six months Shr 1.13 dlrs vs 84 cts Net 4.5 mln vs 3.4 mln Revs 242.5 mln vs 210.1 mln NOTE: 1986 share adjusted for 2-for-1 stock split. Reuter
HUGHES < HT> CHANGES STANCE ON MERGER AFTER SUIT by Cal Mankowski, Reuters NEW YORK, March 5 - A one billion dlr lawsuit pushed Hughes Tool Co into an about-face on its rejection of a proposed merger with Baker International Corp < BKO>, Wall Street analysts said. Last night, Hughes said the planned merger with Baker was off. Baker then filed a suit seeking punitive damages from Hughes for calling off the merger. At midday today Hughes said it was still interested in the merger. The analysts also said Hughes may be worried that its troubles could make it a takeover candidate. There was speculation today that Harold Simmons, the Dallas investor, might try to acquire Hughes, but Simmons told Reuters he is not interested. Simmons said he intends to file a 13-D with the Securities and Exchange Monday reporting a stake of five pct or more in some publicly traded company. He declined to identify the target other than to rule out Hughes. One analyst said another factor in the latest Hughes turnabout was Borg-Warner Corp < BOR>, which owns 18.5 pct of Hughes. Borg-Warner ex-chairman J.F. Bere, who serves on the Hughes board, is believed to favor the merger with Baker. Despite the Hughes statement that it is interested in a merger, and Baker's response that a merger is still possibile, analysts said no one could be certain where the situation was going. "I think the merger is not going through," said Phil Pace, analyst at Kidder, Peabody and Co. He said the merger "lost a lot of its appeal" when the U.S. Department of Justice required that Baker sell off its Reed Tool Co operation. Although the Reed operation is relatively small in view of the total size of a combined Baker-Hughes, Pace said "30 to 40 pct of the cost savings are tied up in that." "They (Hughes) are obviously concerned about the lawsuit," said James Crandell, analyst at Salomon Brothers Inc. "Apparently they are willing to continue discussions but whether they will alter their position, I don't know. "It's getting a little confusing," said James Carroll, analyst at PaineWebber Group Inc. He said the arguments cited by Hughes yesterday for not doing the merger "tend to be weak." Hughes said yesterday that as a condition of the merger it wanted Reed Tool and other businesses sold prior to April 22, the projected merger date. A government decree allowed a longer period of time. Hughes contended it was better to formally combine the companies with the status of Reed already settled. Baker apparently sees no reason to speed up the sale. Carroll said Baker had previously estimated 110 to 130 mln dlrs in savings if the companies were combined without selling Reed. But he said Baker now thinks 75 to 85 mln dlrs will be saved while Hughes sees a saving of only 50 to 60 mln dlrs. Carroll also noted that since the merger accord was first signed "the outlook for the industry has improved materially." Hughes may simply feel the pressure on the oil service industry is lifting. Reuter
LIFESTYLE RESTAURANTS < LIF> ADJUSTS REVENUES NEW YORK, March 13 - Lifestyle Restaurants Inc said revenues for the first quarter ended January 24, 1985, were 17.5 mln dlrs and not the 17.8 mln dlrs it had reported earlier. The company also said a note attached to its earnings concerning a gain in 1986 on certain sales was incorrect and should be disregarded. Reuter
SERVOTRONICS INC < SVT> YEAR NET BUFFALO, N.Y., March 31 - Oper shr 50.4 cts vs 48.7 cts Oper net 688,000 vs 665,000 Revs 12.3 mln vs 10.7 mln Note: Oper excludes tax credits of 559,000 vs 537,000 Reuter
< DOUGLAS COMPUTER INTERNATIONAL> YEAR NET SALT LAKE CITY, April 3 - Shr seven cts vs one ct Net 178,919 vs 34,429 Sales 3,148,420 vs 1,912,438 Reuter
REDKIN LABORATORIES INC < RDKN> QTLY DIVIDEND CANOGA PARK, Calif., March 25 - Shr five cts vs five cts prior qtr Pay April 17 Record April 3. Reuter
KASLER CORP < KASL> 1ST QTR JAN 31 NET SAN BERNARDINO, Calif., March 3 - Shr profit three cts vs loss seven cts Net profit 161,000 vs loss 367,000 Revs 24.3 mln vs 26.5 mln Reuter
INDONESIAN SUGAR OUTPUT SEEN SHORT OF TARGET JAKARTA, March 2 - Indonesia's raw sugar output is likely to be 1.8 mln tonnes in calendar 1987, unchanged from 1986 and below the government's 1987 forecast of 2.5 mln, the U.S. Embassy said in its agricultural outlook for 1987. Indonesia bought 162,500 tonnes of raw sugar on world markets in late 1986, the report said. The embassy estimated Indonesia's calendar 1986 raw sugar production at 1.8 mln tonnes, against a government estimate of 1.99 mln. It said that Indonesia's move into sugar self-sufficiency in 1984 may have been short-lived. The report said, "The government continues to promote sugarcane production through its smallholder intensification program and a relatively high guaranteed price to sugarcane producers. "However, there are considerable indications that farmers are reluctant to plant cane because its economic return is not as good as that of other crops." REUTER
OPEC WITHIN OUTPUT CEILING, SUBROTO SAYS JAKARTA, March 3 - Opec remains within its agreed output ceiling of 15.8 mln barrels a day, and had expected current fluctuations in the spot market of one or two dlrs, Indonesian Energy Minister Subroto said. He told reporters after meeting with President Suharto that present weakness in the spot oil market was the result of warmer weather in the U.S. And Europe which reduced demand for oil. Prices had also been forced down because refineries were using up old stock, he said. He denied that Opec was exceeding its agreed production ceiling. Asked what Opec's output level was now, he replied: "Below 15.8 (mln barrels per day)." He did not elaborate. He said there appeared to have been some attempts to manipulate the market, but if all Opec members stick by the cartel's December pricing agreement it would get through present price difficulties. He predicted that prices would recover again in the third and fourth quarters of 1987. He also reiterated that there was no need for an emergency Opec meeting. He said Opec had expected to see some fluctuations in the spot price. "We hope the weak price will be overcome, and predict the price will be better in the third and fourth quarters." Refiners, he said, appeared to have used up old stock deliberately to cause slack demand in the market and the price to fall. But Opec would get through this period if members stuck together. REUTER
HOLIDAY CORP < HIA> SELLS STAKE IN VENTURE WICHITA, Ka., April 17 - Residence Inn Corp said it has agreed to buy Holiday Corp out of their equaly-owned joint venture for 51.4 mln dlrs, with closing expected within the next few weeks. The all-suite Residence Inn system, which is geated to extended stays, currently has 93 open franchised or company-owned hotels nationwide and another 55 in construction or development. Reuter
WALL STREET STOCKS/UAL INC < UAL> New York, April 9 - Takeover speculation continues to fuel heavy trading in UAL Inc, traders said. UAL rose 1-5/8 to 73-5/8 on volume of more than two mln shares, after trading with little upward movement earlier in the session. Traders said rumors, which began yesterday, added to speculation that the company would be the target of a takeover. They said it was believed Coniston Partners and the Pritzker family of Chicago were buying the stock. Coniston declined comment and the Pritzkers had no comment. Traders said there was speculation a bidder might appear, and also that real estate developer Donald Trump, who holds a stake in UAL, might participate in a takeover bid. UAL pilots said they would be willing to pay 4.5 billion dlrs, which includes debt, for the company's United Airlines unit. Reuter
GENERAL INSTRUMENT CORP < GRL> 4TH QTR LOSS NEW YORK, April 8 - Ended Feb 28 Shr loss 2.80 dlrs vs profit 17 cts Net loss 90.5 mln vs profit 5,271,000 Revs 240.9 mln vs 159.4 mln Year Shr loss 2.49 dlrs vs loss 2.07 dlrs Net loss 80.4 mln vs loss 66.5 mln Revs 787.9 mln vs 612.4 mln NOTE: Includes loss of 89.6 mln dlrs vs loss 14.5 mln dlrs in year and loss of 91.6 mln dlrs in current qtr from discontinued operations. 1986 qtr includes pretax gain of five mln dlrs from settlement of litigation and tax gain of 5.1 mln dlrs from change in estimated effective tax rate. Reuter
CALPROP CORP < CPP> 4TH QTR NET LOS ANGELES, March 5 - Shr 40 cts vs 25 cts Net 1,369,602 vs 628,193 Revs 12.5 mln vs 4,909,369 Avg shrs 3,460,217 vs 2,610,913 Year Shr 97 cts vs 54 cts Net 2,952,830 vs 1,414,369 Revs 37.0 mln vs 13.5 mln Avg shr 3,031,494 vs 2,609,313 Note: Prior qtr and year per share figures restated for 10 pct stock dividend of December 1986. Reuter
UNIVERSAL RESOURCES < UVR>HOLDERS APPROVE MERGER DALLAS, March 20 - Universal Resources Corp said its shareholders approved the merger of the company with Questar Corp < STR>. Separately, Universal said it will redeem its 15.75 pct debentures due December 15, 1996, on April 19, at 104.8 pct of face amount plus accrued interest. Universal said it will operate as a wholly owned unit of Questar under its current name. Under terms of the merger, which took effective today, Universal said its shareholders will receive three dlrs a share in cash. It said its stock will no longer trade on the AMEX. Reuter
FRANKLIN HIGH YIELD SETS HIGHER PAYOUT SAN MATEO, Calif., April 13 - Mthly div eight cts vs 7.1 cts prior Pay April 30 Record April 15 NOTE: Franklin High Yield Tax-Free Income Fund. Reuter
DWG < DWG> COMPLETES SALE OF UNIT MIAMI, March 23 - DWG Corp said it has completed the previously-announced sale of its Texsun Corp subsidiary to Texsun Corp subsidiary to Sundor Brands Inc for 27.5 mln dlrs and the assumption of liabilities. It said proceeds have been placed in escrow pending the outcome of talks with lenders. Reuter
MEXICO SUSPENDS OVERSEAS COFFEE SALES MEXICO CITY, March 5 - Mexico has temporarily suspended overseas coffee sales due to falling prices triggered by the failure of the International Coffee Organisation (ICO) meeting to agree a quota system at its latest meeting, the official Notimex news agency said. "We're just waiting a while for prices to improve," an unidentified Mexican trader told the agency. Mexico has already sold 80 pct of its export coffee produced in the year to last September, the source said. The country exports about 3.3 mln 60-kilo bags a year. Reuter
AUGAT INC < AUG> SETS QUARTERLY DIVIDEND MANSFIELD, Mass., March 16 - Qtly div 10 cts vs 10 cts Pay April 30 Record April 10 Reuter
CONTINENTAL BANK INITIAL DISTRIBUTION APPROVED TORONTO, April 8 - Continental Bank of Canada said shareholders approved a capital reorganization to allow an initial payout by the end of May to common shareholders from last year's 200 mln Canadian dlr sale of most Continental assets to < Lloyds Bank PLC>'s Lloyds Bank Canada. The bank said the initial distribution would take the form of a stock dividend of cumulative redeemable retractable class A series two preferred shares entitling holders to monthly floating rate dividends at 72 pct of prime and to 12.75 dlrs a share on retraction. Continental said the initial payout was subject to Canadian government approval. The bank reiterated that total distributions to common shareholders would range from 16.50 dlrs a share to 17.25 dlrs including the initial stock dividend and a final distribution in late 1988 or early 1989. The payout of existing preferred shareholders will be completed just before next month's initial distribution to common shareholders, Continental added. Reuter
H.K. M3 MONEY SUPPLY RISES 1.4 PCT IN FEBRUARY HONG KONG, March 30 - Hong Kong's broadly defined M-3 money supply rose 1.4 pct in February to 615.59 billion H.K. Dlrs from January when it rose 2.2 pct, the government said. Total M3 rose 22.4 pct from February, 1984. Local currency M3 rose 0.6 pct to 282.11 billion dlrs from January, and 16.8 pct on the year. Total M2 rose 2.0 pct to 545.71 billion dlrs in February from January, when it increased by 3.3 pct. Local currency M2 rose 1.0 pct to 251.49 billion dlrs last month after it rose 4.7 pct in January. Total M2 and local M2 rose 32.0 pct and 24.9 pct respectively from February, 1984. Total M1 fell 5.3 pct to 59.52 billion dlrs in February after a 12 pct rise in the previous month. Local M1 dropped 6.0 pct to 54.47 billion dlrs after January's rise of 12.3 pct. Year on year growth in total M1 and local M1 was 26.3 pct and 27.6 pct, respectively. Total loans and advances rose 1.3 pct to 523.74 billion dlrs from January, when they were up 3.3 pct. However, loans for financing Hong Kong's visible trade fell 1.3 pct to 36.23 billion dlrs after a 3.4 pct rise in the previous month. REUTER
MELLON < MEL>, REPUBLIC < RPT> LIFT PRIME RATES NEW YORK, April 1 - Mellon Bank NA of Pittsburgh and Republic Bank of Dallas have both raised their prime lending rates to 7-3/4 pct from 7-1/2, effective immediately. Reuter
****** HUTTON LBO EXTENDS EXPIRATION FOR 35 DLR/SHR OFFER FOR PUROLATOR TO APRIL 6 FROM TODAY
LOWE'S COS INC < LOW> 4TH QTR JAN 31 NET NORTH WILKESBORO, N.C., March 5 - Shr 18 cts vs 31 cts Net 7,168,000 vs 11.3 mln Sales 497.4 mln vs 475.6 mln Avg shrs 39.6 mln vs 37.1 mln Year Shr 1.34 dlrs vs 1.64 dlrs Net 52.2 mln vs 59.7 mln Sales 2.28 billion vs 2.07 billion Avg shrs 39.0 mln vs 36.5 mln NOTE: Current year net both periods includes charge 2,885,000 dlrs or seven cts shr from early note retirement and charge seven cts shr from reversal of tax credits. Current year net both periods includes gain six cts shr from plywood manufacturers litigation settlement. Reuter
MORGAN CRUCIBLE PRETAX PROFIT RISES 6.1 MLN STG LONDON, April 13 - Year to December 28, 1986 Shr 20.1p vs 17.6p Div 5.0p vs 4.6p making 9.2p vs 8.5p Turnover 242.1 mln stg vs 211.5 mln Pretax profit 24.8 mln vs 18.7 mln Tax 6.7 mln vs 5.8 mln Operating profit 28.3 mln vs 21.3 mln Investment income 1.0 mln vs 0.7 mln Net finance charges 4.5 mln vs 3.3 mln Company full name is Morgan Crucible Co Plc < MGCR.L> Minorities and provisions for preference dividends 0.7 mln vs 1.2 mln Extraordinary debit - 0.9 mln vs 1.3 mln credit Operating profit includes - Carbon 8.3 mln vs 7.0 mln Technical ceramics 7.0 mln vs 5.6 mln Thermal ceramics 7.6 mln vs 4.6 mln Speciality chemicals 4.4 mln vs 4.0 mln Electronics 1.0 mln vs 0.1 mln REUTER^M
COMMONWEALTH MORTGAGE < CCMC.O> 4TH QTR NET WELLESLEY, Mass., June 2 - Qtr ends April 30 Shr 32 cts vs 20 cts Net 1,981,681 dlrs vs 1,022,451 dlrs Avg shrs 6,220,000 vs 5,120,000 12 mths Shr 1.22 dlrs vs 59 cts Net 7,005,000 dlrs vs 3,030,000 dlrs Avg shrs 5,737,808 vs 5,120,000 NOTE: full name of company is commonwealth mortgage co inc. Reuter
YEN MAY RISE TO 140 TO THE DLR, NIKKEIREN SAYS TOKYO, March 25 - The yen could rise to 140 yen to the dollar, a leading Japanese businessman said. Bumpei Otsuki, president of the influential Japan Federation of Employers' Associations, (Nikkeiren), told reporters: "The yen might rise as far as 140 (to the dollar). The U.S. Economy is not good, and as long as the U.S. Economy is not good, the U.S. Will put various pressures (on Japan)." "The yen's level depends on the condition of the U.S. Economy rather than Japan's economy, and as long as the American situation is bad, the yen will continue to rise," he said. To cope with the negative impact of the strong yen, Japanese enterprises must strive to cut costs by all means, including holding down wages as much as possible, Otsuki said. He rejected recent calls from some government quarters for wage increases this year as a means of raising private consumption and thus boosting domestic demand. "We have to keep wages as low as possible," he said. He also said the yen's large and rapid rise is depressing the outlook for the Japanese economy, noting that in addition to hurting exporters it is also damaging domestic market manufacturers through cheap imports. Parts of the service sector are also threatened, Otsuki said. Tertiary industries provide services to manufacturers and a downturn in manufacturing profits will adversely affect service industries, he said. It is also doubtful whether the tertiary sector can fully employ those put out of work in the manufacturing sector, he said. Profits of service sector companies are likely to fall in the business year ending in March 1988, leading to a possible recession in the Japanese economy, he said. Otsuki said economic growth is unlikely to pick up beyond levels experienced in 1986. The government's Economic Planning Agency said last week the economy grew at 2.5 pct in 1986, the worst performance since 1974 when the economy shrank 1.4 pct due to the first oil price crisis. In order to stimulate domestic demand and boost the economy, tax reforms aimed at bringing down the cost of land and reforming the nation's housing stock are needed, along with steps to bring down the high cost of commodities, he said. REUTER
< GENDIS INC> 4TH QTR JAN 31 NET WINNIPEG, Manitoba, March 20 - Shr 53 cts vs 61 cts Net 9,909,000 vs 11,489,000 Revs 185.9 mln vs 161.5 mln Year Shr 1.20 dlrs vs 1.37 dlrs Net 22,522,000 vs 25,667,000 Revs 588.5 mln vs 521.7 mln Reuter
COMMUNICATIONS SATELLITE CORP < CQ> 1ST QTR NET WASHINGTON, April 17 - shr 46 cts vs 76 cts div 30 cts vs 30 cts prior net 8.5 mln vs 14.0 mln NOTE: 1987 qtr net is after a 5.5 mln dlr reserve for a potential refund as a result of the Federal Communications Commission's continuing rate investigation. company said it believes any refunds it may have to make would not materially affect its financial position. Reuter
U.K. CENTRAL BANK WARNS OF EXCESSIVE RATE CUTS LONDON, June 19 - Bank of England governor Robin Leigh-Pemberton said lowering interest rates too fast could jeopardise recent economic achievements in the U.K. In remarks prepared for delivery to businessmen in Birmingham, he said prospective returns on real investment are more favourable, relative to those on financial assets, than for a good number of years. "It would surely be foolish to put that favourable conjuncture at risk by lowering interest rates prematurely or excessively," he said. "We might enjoy a short-term boost to activity, but at the risk of a damaging return to the uncertainty and acrimony of high inflation," he added. Leigh-Pemberton said he recognised there are some who would argue that interest rates are still too high and deter investment in industry. "But we should not forget that less than a year ago we were intervening to support sterling and had some temporary difficulty in persuading the markets that a one pct increase in base rates, to 11 pct, was a sufficient tightening of policy at the time," he added. Base rate is currently nine pct. REUTER
IRVING BANK < V> 1ST-QTR NET HURT BY BRAZIL NEW YORK, April 13 - Irving Bank Corp said a six pct drop in first-quarter net income from a year earlier was largely the result of placing medium- and long-term loans to borrowers in Brazil and Ecuador on non-accrual status. Income in the first three months fell to 28.60 mln dlrs from 30.43 mln in the same 1986 period. Earnings per share dropped to 1.51 dlrs from 1.62. Irving put 215 mln dlrs of Brazilian and 33 mln dlrs of Ecuadorean loans on non-accrual, reducing first-quarter net income by a total of 4.4 mln dlrs after tax. Irving estimates full year net would be reduced by 15.3 mln dlrs after tax if no cash interest payments are received on these loans during the remainder of 1987. Also adversely affecting earnings were losses on the trading of securities and higher non-interest expenses, although these were partly offset by increased trust income, profits from foreign exchange trading and investment securities gains, the bank said. The allowance for loan losses was 224.8 mln dlrs, up from 185.2 mln a year earlier. The provision for loan losses was 21.8 mln versus 19.5 mln in the first quarter of 1986. Reuter
CORRECTION - HEINEKEN 1986 YEAR In item headlined "HEINEKEN N.V. < HEIN.AS> 1986 YEAR" please read in first line pre-tax profit 513.2 mln guilders vs 454.5 mln. Corrects year ago comparison to 454.5 mln from 545.5 mln. Reuter
COMBUSTION < CSP> COMPLETES ACCURAY < ACRA> BUY STAMFORD, Conn., March 30 - Combustion Engineering Inc said it has completed the previously-announced acquisition of AccuRay Corp in a merger trasaction that closed Friday at 45 dlrs per share. Reuter
NBI INC < NBI> 1ST QTR LOSS BOULDER, Colo., Oct 19 - Sept 30 end Shr loss 38 cts vs loss three cts Net loss 3,300,000 vs loss 205,000 Revs 63.4 mln vs 72.1 mln Avg shrs 8,966,000 vs 9,741,000 NOTE: 1986 first quarter results include 398,000 gain from repurchase of debentures that had been discounted below market value. Reuter
WEIGH-TRONIX INC < WGHT> 4TH QTR NET FAIRMONT, MINN., March 13 - Shr 18 cts vs 16 cts Net 348,298 vs 308,927 Sales 4,166,750 vs 3,740,970 Year Shr 72 cts vs 52 cts Net 1,409,867 vs 1,020,096 Sales 16.5 mln vs 15.0 mln Avg shrs 1,974,529 vs 1,956,214 Reuter
KAUFEL GROUP LTD (KFL.TO) 4TH QTR AUG 31 NET MONTREAL, Oct 19 - Shr 17 cts vs 13 cts Net 2.1 mln vs 1.03 mln Revs 15.6 mln vs 12 mln Nine mths Shr 58 cts vs 37 cts Net 6.9 mln vs 3.7 mln Revs 56.2 mln vs 27.5 mln Avg shrs 11.9 mln vs 10.0 mln Reuter
AMERICAN INTERNATIONAL < AIG> SELLS AFRICAN UNIT NEW YORK, March 24 - American International Group Inc said it sold its South African subsidiary, American International Insurance Co Ltd, to Johannesburg Insurance Holdings Ltd, a holding company owned by a consortium of shareholders led by Rand Merchant Bank. Terms were not disclosed and company officials were unavailable for comment. With the conclusion of the sale, American International has entirely divested itself of its holdings in South Africa. Reuter
HARCOURT < HBJ> DEBENTURES MAY TRIGGER SUIT NEW YORK, June 1 - Holders of convertible subordinated debentures of Harcourt Brace Jovanovich Inc threatened to sue the company if they do not get more information about how their investment will be affected by the company's proposed recapitalization plan. The holders, none of whom was willing to be identified, said although Harcourt has urged that they convert their shares to common stock by the June eight record date for a special dividend, they were unable to determine if it might be better for them to continue holding the debentures. "There are rumors that various houses will bring litigation if we don't get answers," said a Wall Street source. Officials of Harcourt declined to comment, citing a suit brought by British publisher Robert Maxwell whose has been trying to acquire Harcourt. Executives of First Boston Inc, Harcourt's financial adviser, did not return a telephone call seeking comment. When it announced its recapitalization May 26 Harcourt advised holders of the 6-3/8 pct convertible subordinated debentures due 2011 to convert into common by the June eight record date for the company's special dividend. Harcourt's special dividend pays 40 dlrs per share in cash plus a security worth 10 dlrs. Holders would also retain stock in the recapitalized firm. The debentures had been convertible at 34 dlrs per share. Harcourt's May 26 announcement said the conversion price would be adjusted according to the indenture covering the securities. Arbitrageurs said the conversion formula yielded a "negative number" and thus they needed further information from the company. Reuter
UNITED STATIONERS INC < USTR> SETS DIVIDEND DES PLAINES, Ill., March 12 - Qtly dividend six cts vs six cts Pay April 15 Record March 31 Reuter
FINANCIAL CORP OF AMERICA < FIN> 3RD QTR LOSS IRVINE, Calif., Oct 19 - Shr loss 2.20 dlrs vs profit 24 cts Net loss 75.8 mln vs profit 11.6 mln Avg shrs primary 35.9 mln vs 36.5 mln Avg shrs diluted 39.3 mln vs 39.9 mln Nine mths Shr primary loss 7.04 dlrs vs profit 1.69 dlrs Shr diluted loss 7.04 dlrs vs profit 1.64 dlrs Avg shrs primary 35.9 mln vs 37.2 mln Avg shrs diluted 39.3 mln vs 46.6 mln Net loss 243.4 mln vs profit 72.2 mln Assets 33.4 billion vs 34.1 billion Loans 10.8 billion vs 12.0 billion Deposits 16.9 billion vs 17.0 billion NOTE: Net includes FSLIC sepcial assessment loss of 5,429,000 vs 5,193,000 in qtr 1987 vs 1986, and 16.3 mln vs 16.0 mln in nine mths 1987 vs 1986. Net includes gain from sale of mortgage-backed securities and loans of 12.4 mln vs 93.4 mln, and 139.7 mln vs 264.0 mln in nine mths 1987 vs 1986. Net includes gain from sale of investments of 64,000 in qtr 1987, and 157,000 vs 1,231,000 in nine mths 1987 vs 1986. Net includes provision for losses and discounts of 70.4 mln vs 76.2 mln in qtr 1987 vs 1986, and 315.7 mln vs 161.7 mln in nine mths 1987 vs 1986. Nine mths 1987 included write off of FSLIC secondary reserve of 22.7 mln. Reuter
ACADEMY INSURANCE GROUP INC < ACIG> 4TH QTR NET VALLEY FORGE, Pa., March 17 - Shr profit two cts vs loss 1.05 dlrs Net profit 1,666,000 vs loss 18,306,000 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 7,571,000 vs loss 45,517,000 Revs 117.4 mln vs 123.3 mln Avg shrs 35.4 mln vs 16.7 mln NOTE: Results include losses of nil vs 473,000 dlrs, or three cts a share, in quarter and 921,000 dlrss, or three cts a share, vs 1,137,000 dlrs or seven cts a share, in year from discontinued operations Reuter
COMBINED INTERNMATIONAL < PMA> SEES STRONG 1987 CHICAGO, March 5 - Combined International Corp should have another strong year, President Patrick G. Ryan told analysts, although he declined to forecast earnings specifically. In 1986, the company reported operating income of 5.51 dlrs a share, up from 4.84 dlrs a share a year earlier. Revenues increased to 1.81 billion dlrs from 1.36 billion dlrs. Ryan said Combined is testing a direct response long-term care product through its Union Fidelity Life Insurance Co and has plans to offer it through Ryan Insurance Group. In answer to a question on Combined's possible exposure to AIDS-related health claims, Ryan said it was "minimal" although he conceded that every carrier who provides coverage is vulnerable. Reuter
MIM COMPLETES PART OF NORDDEUTSCHE AFFINERIE BUY BRISBANE, April 3 - MIM Holdings Ltd < MIMA.S> said it has issued 23.33 mln shares to Preussag AG < PRSG.F> to complete the previously announced purchase of 20 pct of < Norddeutsche Affinerie AG> from Preussag. Terms of the acquisition of 10 pct of Norddeutsche Affinerie from Degussa AG < DGSG.F> are currently being resolved, MIM said in a statement. Norddeutsche Affinerie will then be owned 40 pct by Metallgesellschaft AG < METG.F> and 30 pct each by MIM and Degussa, but MIM said it and Metallgesellschaft are proposing a further arrangement to give them 35 pct each. REUTER
U.S. NAVY SAID INCREASING PRESENCE NEAR GULF NEW YORK, April 5 - Defence Secretary Caspar Weinberger has ordered the U.S. Navy to increase its presence near the Gulf in an effort to fulfil President Reagan's pledge to keep oil flowing to Europe and Japan, The New York Times reported. The newspaper quoted Pentagon officials as saying the Navy would keep the aircraft carrier Kitty Hawk on station in the Arabian Sea and the rest of the Indian Ocean until May, three months longer than planned. The Navy would then have a carrier battle group of six to eight warships in the area at all times rather than part of the time, as happens now, the paper said. The paper said that last month U.S. Intelligence sources said they had spotted land-based anti-ship missiles of a Chinese design known in the West as the HY-2 near the Strait of Hormuz. It said their purpose was seen as a signal Iran was ready to continue and perhaps step up the Gulf shipping war against Iraq. U.S. Carriers or battleships would sail out of range of those missiles, but within striking distance, the paper quoted officials as saying. From several hundred miles at sea, carriers could launch aircraft bombing runs or missile strikes, and battleships could fire long-range missiles, the paper said. REUTER
REGIS CORP < RGIS> REGULAR DIVIDEND SET MINNEAPOLIS, March 5 - Qtly div 4-1/2 cts vs 4-1/2 cts prior Pay April 15 Record March 24 Reuter
INTERNATIONAL BIOTECHNOLOGIES < IBIO> 4TH QTR NEW HAVEN, Conn, March 31 - Shr loss 34 cts vs loss 14 cts Net loss 798,000 vs loss 213,000 Revs 1.5 mln vs 1.5 mln Year Shr loss 61 cts vs loss 2.08 dlrs Net loss 1.4 mln vs 1.0 mln Revs 6.8 mln vs 6.0 mln NOTE:1986 net loss includes non-recurring charges of 132,000 dlrs and 270,000 dlrs. Full name is INternational Biotechnologies Inc. Reuter
LOW SUGAR PRICES MAY ATTRACT SOVIET/CHINESE LONDON, March 13 - Any further decline in raw sugar prices is likely to attract buying from the Soviet Union and China, Woodhouse, Drake and Carey said in their latest weekly market report. Present lower terminal values may be a reflection of the lack of renewed prompt offtake, particularly from these two large consumers, the report said. The week has seen good demand for Thai raws, particulary for October/December shipment, which has traded above twenty points premium to the October New York delivery, it said. Reuter
CHASE < CMB> BUYS BORG-WARNER < BOR> UNIT NEW YORK, April 1 - Chase Manhattan Corp said Chase Trans-Info, a subsidiary of its Chase Manhattan Bank N.A. unit, has bought Borg-Warner Corp's Traffic Services business, including an Illinois processing center, for an undisclosed sum. Borg Warner Traffic Services provides freight bill pre-audit, payment and information services to industry through Borg-Warner Acceptance Corp. Chase Trans-Info, which offers similar services, is now the largest provider of information services for the transportation industry. Reuter
ALLIED-SIGNAL < ALD> TO SELL ELECTRONICS UNIT MORRIS TOWNSHIP, N.J., April 3 - Allied-Signal Inc said it agreed to sell its Amphenol Products unit to a subsidiary of LPL Investments Group < LPLI>, a Wallingford, Conn., investment company, for 430 mln dlrs cash. Closing is expected soon, pending appropriate approvals, the company said. LPL indicated that at closing, warrants will be sold which, when exercised, will reduce its stake in the subsidiary, Amphenol Acquisition Co, to 60 pct, the company said. Lisle, Ill.-based Amphenol had 1986 sales of about 500 mln dlrs. It makes brand name interconnection products. LPL also said Merrill Lynch and Co has committed to buy 175 mln dlrs of subordinated and preferred debt in the new LPL unit, according to Allied-Signal. Canadian Imperial Bank of Commerce has committed up to 340 mln dlrs in senior debt financing, it said. Allied-Signal said in December it was offering for sale Amphenol and six other operating units in its electronics and instrumentation sector. Merrill Lynch, Needham and Co and Lazard Freres served as financial advisors, it said. Reuter
GALAXY < GTV> TO SELL WEST TEXAS ASSETS SIKESTON, Mo., June 19 - Galaxy Cablevision L.P. said it signed a letter of intent to sell the assets of its cable television systems in West Texas which serve about 4,600 basic subscribers through nine cable television systems. Terms were not disclosed and the Galaxy did not identify the buyer. The company also said it will make its first cash dividend of 37 cents per unit on or about August 15 to holders of record June 30. In March, Galaxy completed a public offering of 2.2 mln units for 43 mln dlrs and acquired the assets of 132 cable television systems for about 34 mln dlrs. Reuter
NATIONAL GYPSUM CO 4TH QTR NET DALLAS, March 5 - Net 5,521,000 vs NA Revs 358.1 mln vs 359.0 mln Year Net 55.3 mln vs NA Revs 1.43 billion vs 1.34 billion NOTE: Current year includes earnings of 49.6 mln dlrs for the four months ended April 30, 1986. Year-ago earnings not comparable because of acquisition by Aancor Holdings Inc on April 29, 1986. Reuter
INTERCO INC < ISS> 4TH QTR FEB 28 NET ST. LOUIS, April 7 - Shr 99 cts vs 97 cts Net 31,011,000 vs 30,899,000 Sales 651.5 mln vs 583.1 mln Year Shr 3.13 dlrs vs 2.92 dlrs Net 98,643,000 vs 92,347,000 Sales 2.61 billion vs 2.51 billion NOTE: 1986 results reflect two-for-one stock split of July 23, 1986 Reuter
GULF BARGE FREIGHT HIGHER IN NEARBYS ON CALL ST LOUIS, April 1 - Gulf barge freight rates continued to show a firmer tone in the nearbys on the assumption that changes in the Gulf posted prices will encourage increases in both PIK-and-roll activity and barges shipments, with a total of 21 barges traded this morning on the ST Louis Merchants' Exchange call session, versus nine yesterday, dealers said. Quotes included - - This week Mississippi River (Granite City, MLA if P/O) traded at 175 pct of tariff, five percentage points above yesterday's bid. - Next week Mississippi (Alton/Granite City, MLA if P/O) bid five points higher at 175 pct, offered at 190. - Five barges each week April MidMississippi River (Dubuque/south) traded at yesterday's bid of 170 pct. - April Illinois River (ex Chicago) 160 pct bid, offered 10 points higher at 170. - May same section 140 pct bid, offered five lower at 145. - May MidMississippi River (Dubuque/south) bid 2-1/2 points higher at 142-1/2 pct, offered at 145. - June/July lower Mississippi River (Memphis/Cairo) offered at 120 pct, no bids. - June/Aug upper Mississippi River (Lacrosse/Savage) offered at 150 pct, no bids. - Oct/Nov MidMississippi (Dubuque/south, L/H Nov Clinton/south) 170 pct bid/177-1/2 offered - no comparison. - December Illinois River (ex Chicago) 122-1/2 pct bid/127-1/2 offered - down 2-1/2 points on offer. Reuter
HOUSTON INDUSTRIES INC < HII> INCREASES DIV HOUSTON, April 1 - Qtly div 72 cts vs 70 cts prior Payable June 10 Record May 15 Reuter
PILGRIM VENTURE IN MERGER AGREEMENT FORT LAUDERDALE, Fla., March 18 - < Pilgrim Venture Corp> said it signed a letter of intent to merge with < Marketing Technologies Group Inc>, Rockville Center, N.Y. Under terms of the agreement, Pilgrim, a publicly held corporation, said it will issue two mln shares of authorized but unissued restricted common stock to Marketing Technologies shareholders. The company said it expects to complete the merger by June 17. Marketing Technologies is developing a computer-based advertising system geared toward large advertisers, the company said. Reuter
CITYQUEST MAKES 120 MLN STG BID FOR WICKES LONDON, March 23 - < Cityquest Plc>, a newly formed company, is making a recommended 120 mln stg offer for builders merchants and DIY (do-it-yourself) company < Wickes Plc>, Wickes said in a statement. Undertakings to accept what is effectively a management buyout have been accepted by holders of 88.9 pct of the shares. The statement said the offer was due to a decision by Wickes International Corp, a member of the U.S. Wickes Companies < WIX.A> Inc group, which holds an 80.5 pct stake, to realise much of its investment. The offer would enable Wickes to become fully independent and once the bid succeeded all the Wickes directors would become members of the Cityquest board. The offer will be of 345p cash for every Wickes share. Wickes was last quoted at 345p compared with 275p at Friday's close. Wickes shareholders will also have the option of taking one Cityquest share or 205p in loan notes for every 205p of the cash consideration. Henry Sweetbaum is chairman and chief executive of both Cityquest and Wickes, and it was intended that Cityquest's name would be changed to Wickes in due course. Wickes came to the U.K. Unlisted Securities Market in January, 1986 with a capitalisation of about 96 mln stg. Cityquest has a fully paid share capital of one mln stg. S G Warburg Securities has organised commitments from a group of investors to subscribe for 65 mln stg in shares and 28.2 mln stg in subordinated convertible loan stock. Lead investor is Investors in Industry Plc Cityquest also has loan facilities of 30 mln stg. Reuter
< RANCHMEN'S RESOURCES LTD> YEAR LOSS CALGARY, Alberta, March 11 - Shr loss seven cts vs loss 3.83 dlrs Net profit 1,700,000 vs loss 13,900,000 Revs 18.7 mln vs 25.6 mln Note: Current shr after preferred dividends of 2.0 mln dlrs Prior shr and net includes 34.5 mln dlr writedown on oil properties Reuter
PHOTRONICS CORP < PHOT.O> 1ST HALF AUG 31 NET HAUPPAUGE, N.Y., Oct 19 - Shr 38 cts vs 25 cts Net 708,197 vs 404,471 Sales 6,592,736 vs 6,122,133 Avg shrs 1,886,400 vs 1,648,477 Reuter
CAMPBELL RED LAKE MINES LTD < CRK> 4TH QTR NET TORONTO, March 26 - Shr 21 cts vs 10 cts Net 10,798,000 vs 4,704,000 Revs 47.4 mln vs 32.9 mln YEAR Shr 58 cts vs 54 cts Net 29.1 mln vs 25.8 mln Revs 187.7 mln vs 134.7 mln Note: 1986 net includes 2.8 mln dlr extraordinary gain in 4th qtr and 6.5 mln dlr fl-yr extraordinary loss involving provision for decline in market value of marketable securities partly offset by gain from sale of stake in Dome Petroleum Ltd < DMP>. Reuter
METROMAIL < MTML> SEES FLAT YEAR NET LINCOLN, Neb., March 30 - Metromail Corp said it expects earnings for the year to be about flat due to higher expenses caused by an expansion of data processing capabilities and startup costs associated with new cooperative programs that will continue into the fourth quarter. The company today reported earnings for the nine months ended March One of 7,214,900 dlrs, down from 7,752,800 dlrs a year before. For all of last year it earned 10.9 mln dlrs. Reuter
CENTURY TELEPHONE < CTL> TO SELL PROPERTIES MONROE, La., March 12 - Century Telephone Enterprises Inc said it has accepted an offer to sell its cable television properties in Michigan, Tennessee, Florida, Arkansas and Louisiana for a "substantial" gain. The company said details were not disclosed. Reuter
SONY CHAIRMAN FORECASTS LOWER PROFITS THIS YEAR COLMAR, France, April 9 - Sony Corp < SNE.T> chairman Akio Morita said Sony's profits would be sharply down in 1987 as a result of the dollar's decline. Sony Corp posted net consolidated income of 41.89 billion yen (290 million dollars) in 1986, 42.6 pct down on 1985's 73.02 billion yen (506 million dollars). But Morita added that Japan would benefit from the strong yen by saving on its energy import bill and he expected profits to recover from 1988 onwards. He was speaking to reporters at a sony factory opening here. Reuter
BSN CORP < BSN> 4TH QTR NET DALLAS, March 16 - Shr two cts vs eight cts Net 73,000 vs 233,000 Revs 21.0 mln vs 9,510,000 Avg shrs 3,620,000 vs 2,886,000 Year Shr 66 cts vs 37 cts Net 2,246,000 vs 1,064,000 Revs 68.3 mln vs 40.8 mln Avg shrs 3,392,000 vs 2,886,000 NOTE: 1985 year net includes extraordinary gain one ct shr and gain two cts from cumulative effect of accounting change. Reuter
UNION < UEL.TO> ENDS PACT TO SELL CANBRA < CBF.TO> TORONTO, June 29 - Union Enterprises Ltd said its agreement to sell its interest in Canbra Foods Ltd to Macluan Capital Corp has been terminated. Union said Macluan failed to make an offer for Union's 72 pct interest in Canbra before the June 22 deadline. Union said it is no longer bound by the agreement and is continuing to seek a buyer for the interest. Reuter
U.S. SUGAR POLICY MAY SELF-DESTRUCT, CONGRESSMAN By Greg McCune, Reuters WASHINGTON, March 25 - A leading U.S. farm-state Congressman, Jerry Huckaby, D-La., warned he will press next year for legislation to control domestic production of sweeteners, perhaps including corn sweeteners, if the industry fails to voluntarily halt output increases this year. "We're moving toward a direction where we could self-destruct (the U.S. sugar program)," Rep. Huckaby, chairman of the House agriculture subcommittee dealing with sugar issues, told Reuters in an interview. Huckaby, who told U.S. sugarbeet growers earlier this year they must halt production increases, said he will deliver the same message to Louisiana sugarcane growers Friday. He also said he will soon talk with corn refiners on the subject. Huckaby said the campaign to urge a halt to domestic sweetener output increases is an effort to forestall further cuts in the sugar import quota, now at one mln short tons. "I think if we're talking about dropping (the quota) another half mln tons, lets say, you're getting to the point where the program might not work," he said. "Ideally, I'd like to freeze things right where we are," said Huckaby, leading advocate for sugar growers in Congress. A freeze would mean domestic sugar production at about the current level of 6.5 mln tons, the corn sweetener share of the U.S. market staying at just over 50 pct, and U.S sugar imports holding at about 1.2 mln tons, Huckaby said. A decision on whether to seek legislation will not be made until 1987 output numbers are known late this year, he said. "I feel like if we didn't expand production, we could probably hold where we are indefinitely, or at least through the 1985 farm bill without any changes (in the sugar program)," Huckaby said. However, much depends on whether high-fructose corn syrup producers continue to expand their share of the U.S. sweetener market from just over 50 pct, Huckaby said. He noted most estimates are that corn sweeteners will capture at most only another 10 pct of the sweetener market in the U.S. But he said if there were an economic breakthrough in the production of a new crystalline corn sweetener which further expanded the corn sweetener share, then U.S. sugar imports might be eliminated and U.S. sugar output severely reduced. Huckaby said he will deliver this message to corn refiner companies such as A.E. Staley and Archer Daniels Midland soon. "This program is advantageous to the corn users. They have some natural, legitimate self-interest in seeing that the program is preserved," Huckaby said. Huckaby said he has asked sugar industry representatives to think about how domestic output could be controlled, either through production allocations, acreage or marketing controls. Huckaby also said he would be seeking guidance from the Justice Department to determine if it would be legal to ask corn refiners to limit production. "I don't know if we will go this route, but if we do there's a question in my mind at this point in time; can you do that legally?" he said. Asked if he would proceed with production controls without the support of corn refiners, Huckaby said "You build a fragile house if you do it that way." Huckaby said he understands why U.S. cane and beet farmers have expanded production, because high sugar price support means returns from sugar are higher than competing crops such as soybeans and grain. But he said for sugar growers as a whole, expansion would not be good policy. Huckaby said he has tried to stress, in his speeches to sugar industry groups, that if growers continue to expand, they may be penalized retroactively under any production control legislation passed next year. Huckaby said Congress is unlikely to approve any changes in the sugar program this year despite a Reagan administration proposal to drastically slash the program. "The administration proposal is so drastic, that I don't think it will get up a head of steam," Huckaby said. He said even a more moderate proposal to reduce sugar price support is unlikely to be approved. Instead of seeking to slash the domestic sugar program, Huckaby said the Reagan administration should file a complaint with the General Agreement on Tariffs and Trade against the European Community's sugar policy. He said EC policies are the major cause of the depressed world sugar market. Reuter
THOMSON TAKES OVER THORN EMI AUDIOVISUAL PARIS, June 18 - Thomson Grand Public, the subsidiary of Thomson SA < THMP.PA>, has taken over the audiovisual consumer goods division of British group Thorn EMI, Thomson Grand Public chairman Pierre Garcin said. The cost of the deal, signed late yesterday, is around 90 mln stg and Thomson will finance 50 mln of this from its equity. Thorn EMI is a leader in the British audiovisual market with a turnover last year of 300 mln stg. Garcin said the new acquisition would substantially increase Thomson's turnover in the sector. REUTER
BELL PETROLEUM < BPSIO>, REGAL TO FORM PLAN HOUSTON, APril 3 - Bell Petroleum Services Inc said it agreed to begin talks with Regal International Inc to form a plan of reorganization under which Bell would become a subsidiary of Regal. The plan would be subject to Bankruptcy court approval due to Bell's status as a debtor-in-possesion under Chapter 11. the company's expect to file a plan by the end of May. This agreement terminates litigation between the companies concerning previous attempts at a plan of reorganization.. Bell is also free to continue talks with any third parties interested in an acquisition, it said. Reuter
AVON PRODUCTS INC 3RD QTR NET NEW YORK, Oct 20 - Shr 37 cts vs 42 cts Net 26.6 mln vs 30.0 mln Sales 805.4 mln vs 690.6 mln Avg shrs 70.6 mln vs 71.0 mln Nine mths Shr 1.23 dlrs vs 1.23 dlrs Net 86.8 mln vs 88.5 mln Sales 2.30 billion vs 2.01 billion Avg shrs 70.3 mln vs 72.2 mln Reuter
GENCORP < GY> TO STUDY GENERAL PARTNER BID AKRON, Ohio, March 18 - GenCorp Inc chairman William Reynolds said the company's board and its financial and legal advisors will study the unsolicited tender offer from < General Partners>. "Right now, our advice to all our shareholders is to wait until the board advises them of its position ... which will happen on or before March 31," Reynolds said. Earlier today, General Partners, controlled by Wagner and Brown and AFG Industries Inc, said it started a tender offer for all of Gencorp's shares and stock purchase rights for 100 dlrs a share. General Partners said the offer, which is due to expire April 14, is conditioned on receipt of sufficient financing and other conditions. "We are asking our shareholders to postpone any decision on whether to accept or reject the offer until the board finishes its evaluation," Reynolds said in a statement. "The Wagner and Brown-AFG offer does not expire until April 14, so shareholders have time to make their decision," he said. Reuter
DIXONS PLANS TO LET CYCLOPS < CYL> OFFER EXPIRE NEW YORK, March 24 - Dixons Group PLC said it does not plan to extend the expiration date of its tender offer for any and all common shares of Cyclops Corp beyond tonight. Dixons said it would accept shares validly tendered and not withdrawn by midnight tonight. Dixons, which is offering 90.25 dlrs a share for Cyclops, said last week it had about 54 pct of Cyclops common shares. Its offer originally was scheduled to expire March 17 but was extended for one week. Yesterday Citicorp < CCI>, with Audio/Video Affiliates Inc < AVA> an owner of CYACQ, said it had offered to acquire from Dixons after the merger of Cyclops into Dixons, Cyclops' industrial businesses for 12.8 mln dlrs more than Alleghany Corp < Y> is currently scheduled to pay for them. Citicorp said yesterday that its proposal would allow Dixons to raise its tender price to 93.25 dlrs per share. Citicorp said if Dixons accepted the proposal, CYACQ would terminate its competing 92.50 dlr offer for Cyclops. Citicorp had suggested yesterday that Dixons extend its tender until March 31 in connection with the price increase. Reuter
HORN AND HARDART CO < HOR> 4TH QTR NET LAS VEGAS, March 18 - Shr 1.27 dlrs vs two cts Net 18.8 mln vs 357,000 Revs 126.0 mln vs 98.5 mln Avg shrs 14.7 mln vs 12.0 mln Year Shr loss 2.17 dlrs vs loss 65 cts Net loss 28.4 mln vs loss 7,225,000 Revs 405.0 mln vs 356.2 mln Avg shrs 13.1 mln vs 12.2 mln NOTE: 1986 net both periods includes 15.0 mln dlr gain from sale of real estate. 1986 year net includes charge 34.0 mln dlrs from restructuring of Bojangles' restaurant unit and charge 4,090,000 dlrs from exchange of notes for common stock. 1985 year net includes charge 6,900,000 dlrs related to foodservice unit and gain 2,400,000 dlrs from sale of marketable securities. Reuter
GENCORP SUES GENERAL PARTNERS AKRON, OHIO, March 23 - Gencorp Inc said it filed suit against the unsolicited 100 dlr-a-share tender offer of Wagner and Brown and AFG INdustries. Gencorp said it is seeking an injunction against the offer because it is violates federal securities laws and margin regulations. Gencorp also said its board is carefully studying the offer and will make a decision on whether or not shareholders should accept or reject it by March 31. Reuter
JAPAN SET TO RIDE OUT YEN RISE, OFFICIALS SAY By Rich Miller, Reuters TOKYO, March 30 - The government is determined to ride out the latest sharp rise of the yen without taking panic measures because it expects the currency's appreciation to prove temporary, senior officials said. "The market has already located a ceiling (for the yen) and market forces are pushing the dollar back up a bit," one senior Finance Ministry official said. He attributed the dollar's fall in recent days to special factors, in particular, selling by Japanese investors ahead of the March 31 end to their fiscal year. That selling largely came to an end this morning after about one hour of trading here, the senior official said. "They (the investors) became more or less quiet after 10 o'clock (0100 GMT)," he said. After falling to a record low of 144.70 yen this morning, the dollar edged back up in late trading to end at 146.20. Dealers attributed the late rise to remarks by Prime Minister Yasuhiro Nakasone that major nations had agreed to stabilise the dollar above 150 yen. Several officials said they did not see any fundamental reason for the dollar's recent sharp fall. One official even called the market's recent actions irrational. If anything, the U.S. Decision to slap tariffs on Japanese electronics goods should support the dollar against the yen because it will cut Japanese exports to the U.S., He said. As a result, several officials said they saw no reason to alter the broad thrust of government policy agreed to at last month's meeting of major nations in Paris. "We don't see any substantial reason to change our policy stance," one senior official said.
MOUNTAIN STATES < MTSR> ADDES TWO PROPERTIES SALT LAKE CITY, April 1 - Mountain States Resources Corp said it acquired two properties to its strategic minerals holdings. The acquisitions bring to its land position a total of 5,100 acres of titanium, zirconium and rare earth resources, the company said. Both properties, located in southern Utah, consist of approximately 1,430 acres of unpatented mining claims and one state lease, it said. The company also announced the formation of Rare Tech Minerals Inc, a wholly-owned subsidiary. Reuter
MOBIL < MOB> TO RESTRUCTURE EXPLORATION UNIT NEW YORK, March 12 - Mobil Oil Corp said it will restructure its Dallas-based Mobil Exploration and Producing Services Inc operations April one, to provide stronger technological support to its U.S. and overseas operations. Mobil said the operation will consist of two new units, Technical Services and Application Technology, along with the existing Drilling and New Exploration Ventures groups. It said R.C. Mills, president and general manager of its Exploration and Producing Southeast Inc, has been named vice president and general manager of the new operation reporting to P.J. Hoenmans, president of its Exploration and Producing division. Reuter
CONSOLIDATED FREIGHTWAYS INC < CNF> 3RD QTR NET PALO ALTO, Calif., Oct 19 - Shr 43 cts vs 63 cts Net 16,362,000 vs 24,325,000 Revs 589.3 mln vs 549.1 mln Nine Mths Shr 1.40 dlrs vs 1.73 dlrs Net 54,011,000 66,591,000 Revs 1.68 1.58 billion Reuter
EARTHWORM TRACTOR CO INC < WORM> YEAR LOSS ARDSLEY, N.Y., March 31 - Oper shr loss 11 cts vs profit two cts Oper net loss 1,058,585 vs profit 282,998 Revs 24.4 mln vs 23.7 mln Note: 1986 oper includes accrued interest of 686,914 from financing of capital goods transaction with Prudential Bache Trade Corp. Year-ago oper excludes extraordinary gain of 121,000. Reuter
FBX CORP < FBXC> YEAR NOV 30 NET HAUPPAUGE, N.Y., March 16 - Shr 11 cts vs three cts Net 313,000 vs 80,000 Revs 12.5 mln vs 11.3 mln Reuter
KLM DENIES PRESS REPORT OF AIR ATLANTA TAKEOVER AMSTERDAM, March 18 - NV KLM Royal Dutch Airlines < KLM.AS> is "absolutely not" negotiating a takeover of U.S. Regional carrier Air Atlanta, a KLM spokeswoman said in a comment on an article in the leading Dutch evening paper NRC Handelsblad. "U.S. Law requires that at least 75 pct of shares in a U.S. Airline be owned by American firms or persons," the spokeswoman added. The newspaper said that Air Atlanta, which flies to 11 U.S. Cities, has a fleet of five Boeing jets with passenger capacity of 110 and employs 400 people, is making losses. She said KLM had started talks with Vendex International NV < VENN.AS> on their jointly owned courier service XP Express Parcel Systems, but declined to confirm an NRC Handelsblad report saying it wanted to buy the Vendex stake in XP. KLM said last week it is negotiating a minority stake in British courier service < IML Air Services Group Ltd>, a subsidiary of British and Commonwealth Shipping Plc < BCOM.L>, to strengthen its position in the fast-growing worldwide door-to-door delivery market. The KLM spokeswoman said she expected further announcements about the talks with Vendex to be made early next week. REUTER
SWISSAIR < SWSZ.Z> YEAR 1986 ZURICH, March 19 - Net 64.5 mln Swiss francs vs 68.5 mln Div 33 francs per share vs 38 Turnover 4.03 billion vs 4.35 billion. REUTER
MERCURY ENTERTAINMENT CORP < MCRY> YEAR NOV 30 LOS ANGELES, March 2 - Shr loss four cts vs loss one ct Net loss 413,021 vs loss 163,932 Revs 600,971 vs 665,800 Reuter
AUDIO/VIDEO < AVA> TO GET EXPENSES FROM DIXONS DAYTON, Ohio, March 31 - Audio/Video Affiliates Inc said it will receive an undisclosed amount from < Dixons Group PLC> in connection with the termination of Cyacq Corp's 92.50 dlr per share tender offer for Cyclops Corp < CYL>. The company said the amount from Dixons is in lieu of reimbursement expenses for the Cyacq tender. Citicorp < CCI> was the other partner in Cyacq. The payment was in connection with Dixons' previously -announced agreement to increase its tender price for Cyclops to 95.00 dlrs per share, Cycacq's ending of its competing bid and the ending of litigation between the parties. Reuter
SAUDI SUCCESS SEEN IN CURBING OPEC PRODUCTION HOUSTON, March 3 - Saudi Arabia will succeed in pressuring other members of the Organization of Petroleum Exporting Countries to stay within their production quotas, said Morgan Stanley Group managing director John Wellemeyer. Wellemeyer, speaking to reporters at an offshore oil engineering conference, also said he expected OPEC nations to attempt to hold prices under 20 dlrs a barrel for several years to keep industrial demand for residual fuel oil strong. "Over the next few weeks I think you'll see a concerted effort by the Saudis to get production down," Wellemeyer said. "The Saudis are committed to that price level (of 18 dlrs a barrel) and are willing to make it happen again," he said. In recent weeks, oil prices fell to the 16 to 17 dlrs a barrel level on market reports of some OPE members producing above their quota, pushing total OPEC production to 15.8 mln barrels per day. But prices rebounded today, with April U.S. crude prices up about one dlr to over 17 dlrs a barrel on a belief Saudi Arabia is attempting to curb OPEC output. Wellemeyer said that sharp declines in U.S. oil production could push demand for OPEC oil above 20 mln barrels per day as early as 1989 and up to 24 mln barrels per day by 1993. Although the projected increases in demand for OPEC oil should strengthen world prices, Wellemeyer said he believed the organization would hold its official price below 20 dlrs a barrel for some time to prevent residual fuel users from switching to natural gas supplies. The interfuel swing market accounts for about eight mln barrels a day, or 18 pct of the world demand for oil. Reuter
BRITISH AEROSPACE PLC < BAEL.L> 1986 YEAR LONDON, March 24 - Shr 51.4p vs 56.4p Div 11.0p making 17.4p, a 10 pct increase on 1985 Turnover 3.14 billion stg vs 2.65 billion Pretax profit 182.2 mln vs 150.5 mln Tax 53.8 mln vs 23.5 mln Note - comparisons restated. Trading profit 217.2 mln vs 211.1 mln Launching costs 47.6 mln vs 51.6 mln Share of profit of related companies 3.6 mln vs 3.4 mln Net interest receivable 9.0 mln vs 12.4 mln payable Extraordinary debit 44.1 mln vs nil Trading profit includes - Civil aircraft 7.7 mln loss vs 2.5 mln loss Military aircraft and support services 146.0 mln vs 148.3 mln Guided weapon and electronic systems 139.7 mln vs 127.8 mln Space and communications 1.9 mln vs 2.0 mln loss Company funded research and development 62.7 mln loss vs 54.9 mln Reorganisation costs nil vs 5.6 mln loss Launch costs include - BAe 146 17.1 mln vs 27.3 mln Airbus 19.4 mln vs 6.9 mln BAe 125-800 0.3 mln vs 1.5 mln ATP 10.8 mln vs 15.9 mln REUTER
UNIVERSAL HOLDING CORP < UHCO> 4TH QTR LOSS JERICHO, N.Y., March 26 - 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. Reuter
< BRAMALEA LTD> YEAR NET TORONTO, March 27 - Shr 73 cts vs 55 cts Net 26.0 mln vs 17.1 mln Revs 673.3 mln vs 394.5 mln Avg shrs 29.3 mln vs 22.4 mln Reuter
MIDLAND < MLA> SETS STOCK SPLIT CINCINNATI, March 5 - Midland Co said its board declared a two-for-one stock split, subject to approval of a doubling of authorized common shares at the annual meeting on April 9, and an increase in the quarterly dividend to 12 cts pre-split from 10 cts. The dividend is payable April 8, record March 17, and the split would be payable May 7, record April 23. Reuter
BLIZZARD CLOSES BOSPHORUS ISTANBUL, March 5 - Blizzard conditions halted shipping through the Bosphorus waterway and piled snow up to 70 cms deep in central Istanbul, paralysing the city for the second day running. Snow whipped by 48 kph winds continued to fall on Istanbul and northwest Anatolia after 36 hours and weather reports predicted no relief for another two days. Port officials said at least six large vessels in the Black Sea and 13 in the Sea of Marmara were waiting for conditions to improve. Istanbul's Ataturk international airport has been closed since yesterday. Reuter
HENLEY GROUP < HENG> SETS FISHER DISTRIBUTION LA JOLLA, Calif., March 16 - Henley Group Inc said it declared a special dividend distribution of one Fisher Scientific Group Inc share for every 16 Henley shares. Previously, it said it would pay one fisher share for every 20 outstanding, but it changed the ratio because of the reduction in its outstanding shares to 109 mln from 129 mln. It said the distribution of about 20 pct of Fisher's common stock will be made April six to holders of record March 26. Fisher will trade on NASDAQ under the symbol < FSHG>. Reuter
FEDERAL RESERVE WEEKLY REPORT 4 - FEB 26 One week ended Feb 25 Daily avgs-Mlns Foreign deposits.............219 down.......29 Gold stock................11,059 unch......... Custody holdings.........168,348 down......366 Federal funds rate avg......5.95 vs.......6.21 Factors on Wednesday, Feb 25 Bank borrowings............1,239 vs........446 Including extended credits....92 vs........298 Matched sales..............8,250 vs......2,998 Including sales w/cust.....4,392 vs......2,998 Float........................935 vs......2,125 Reuter
PUBLISHERS EQUIPMENT CORP < PECN> YEAR NET DALLAS, March 19 - Shr profit eight cts vs loss 23 cts Net profit 251,000 vs loss 731,000 Revs 29.1 mln vs 25.9 mln Backlog 18.9 mln vs 12.5 mln Reuter
IDEA INC < IDEA> TO BUY PRIVATE FIRM TORRANCE, Calif., March 5 - IDEA Inc said it signed a letter of intent to buy privately-held Structural Instrumentation Inc. The purchase, for an undisclosed sum, will be made mostly with IDEA common stock, the company said. IDEA said the purchase will add about 32 cts per share to its fiscal 1988 earnings. IDEA reported earnings of four cts per share for the quarter ended October 31, 1986. Reuter
HANOVER INSURANCE < HINS> GET SPLIT APPROVAL WORCESTER, Mass., April 8 - Hanover Insurance Co said its stockholders approved a two-for-one stock split. As a result of the split, Hanover said it increases the number of authorized shares of capital stock from 10.4 mln, having a par value of one dlr, to 20.9 mln, also having a par value of one dlr. The stock split is payable April 30 to stockholders of record April 10, Hanover said. Reuter
ECONOMIC SPOTLIGHT - JAPAN PUSHES ITS CHIPMAKERS By Linda Sieg, Reuters TOKYO, March 11 - Japanese microchip makers are being strong-armed into compliance with a U.S.-Japan pact on semiconductors halting predatory pricing and opening Japan's market to foreign chips, industry analysts said. But doubts remain over whether the Ministry of International Trade and Industry (MITI), which is pressuring the firms, can successfully battle market forces and whether the U.S. Industry is geared up to take advantage of any breathing space, they said. U.S. Threats to scrap the agreement signed last September have pushed MITI to try harder to get recalcitrant Japanese chipmakers to abide by the pact, the analysts said. "MITI has been moving hot and heavy throughout the industry to get things done," said Bache Securities (Japan) associate vice president Peter Wolffe. Last month, MITI told chipmakers to cut production for the January to March period by 10 pct to help dry up inexpensive chips that have escaped from Japan to grey markets not subject to the pact's price controls. The ministry also asked electronics firms to provide distributors with certificates designating them as authorised exporters, in an effort to close loopholes through which grey marketeers sneak chips out of Japan, market analysts said. U.S. Trade negotiators here last week said the pact was in jeopardy because of continued dumping in non-American markets and little sign of increased foreign sales in Japan. But major Japanese firms appear to have agreed to the production cuts, several analysts said. Last week, NEC Corp said it would cut production in line with MITI's request. "NEC has been the most aggressive in resisting MITI's demands," said David Keller, analyst at James Capel and Co. "Once NEC cuts production, it means they all have." Still, pressures remain to keep production high. Japanese firms need high output to cut unit prices for U.S. Sales that the Commerce Department assigns them under the pact. "The best way to lower cost is to produce more," said Salomon Brothers Asia Ltd analyst Carole Ryavec. Preparations for a possible upturn in demand could also spur higher production next quarter, Merrill Lynch analyst Matt Aizawa said. Grey marketeers may also be able to outfox any new restrictions, some industry officials said. "It's like tax avoidance schemes," said Steve Donovan, head of MMI Japan K.K. "As soon as you close one route, another opens." MITI's pressure has annoyed some makers, who had earlier shrugged off MITI guidance. "It's getting to be like communism," said one. But analysts said output cuts could help by making it easier to increase prices as planned on April 1 and forcing firms to stop extending market share by selling at a loss. "They're going to have to start running their businesses like businesses," Bache's Wolffe said. MITI has also been conducting a highly public campaign urging chip users to buy foreign-made chips, but U.S. Industry officials said response has been mixed at best. "There has been some change, but it's not across the board," said one U.S. Spokesman. "The companies have a varying degree of urgency." The ultimate impact of all these efforts by MITI on the troubled U.S. Industry remains in doubt, analysts added. Pressure to cut production of 256 kilobit DRAM (dynamic random access memory) chips could merely speed the transition to one megabit chips, where Japan now leads, analysts said. Whether U.S. Firms are able to stage a comeback in memory chips, or interested in doing so, also remains unclear, they said. Analysts are watching with interest the fate of a new U.S. Consortium which hopes to challenge Japan by developing the most advanced technology for microchip manufacturing. Even in the thorny area of access, much depends on U.S. Commitment as well as on Japanese openness, some said. "The SIA (U.S. Semiconductor Industry Association) doesn't even have an office here," a source close to the industry said. "You could question just how committed they are." In addition, some industry analysts question the effectiveness of a bilateral agreement that leaves out third country chipmakers such as those in South Korea. "(South) Korea's gaining market share," said one analyst. "They're the real winners from the agreement." REUTER
OLIN CORP < OLN> 3RD QTR NET STAMFORD, Conn., Oct 20 - Shr 64 cts vs 40 cts Net 14.9 mln vs 8,600,000 Revs 468.5 mln vs 411.7 mln Nine mths Shr 2.64 dlrs vs 2.96 dlrs Net 61.6 mln vs 67.0 mln Revs 1.43 billion vs 1.32 billion Reuter
MAXWELL WOULD NOT RENEW BID IF SUIT FAILS London, June 1 - British press magnate Robert Maxwell said his British Printing and Communication Corp Plc would not renew its bid for Harcourt Brace Jovanovich Inc < HBJ> if the lawsuit filed against Harcourt in New York today fails. Speaking at a press conference, Maxwell denied market rumors that British Printing had approached British institutions to arrange a rights issue with a view to relaunching its bid for the U.S. publishing concern. "I don't believe in chasing mirages," maxwell said. British Printing filed suit in U.S. District Court in Manhattan to block what Maxwell called a fraudulent recapitalization announced by Harcourt last week. Harcourt, in response to a hostile two billion dlr takeover proposal from Maxwell, planned a recapitalization that would pay shareholders 40 dlrs per share. Under the plan, it also said 40 pct of its shares will be controlled by its employees, management, and its financial adviser, First Boston Corp < FBC>. Reuter
IRVING BANK CORP < V> 1ST QTR NET NEW YORK, April 13 - Shr 1.51 dlr vs 1.62 dlr Net 28.6 mln vs 30.4 mln Assets 23.8 billion vs 20.9 billion Deposits 15.5 billion vs 14 billion Loans 13.8 billion vs 12 billion Reuter
MERCURY ENTERTAINMENT < MCRY> SEES BETTER RESULTS LOS ANGELES, March 2 - Mercury Entertainment Corp said it expects improved results in 1987. The company today reported a loss for the year ended November 30 of 413,021 dlrs on revenues of 600,971 dlrs, compared with a loss of 163,932 dlrs on revenues of 665,800 dlrs a year before. Reuter
NORTH AMERICAN HOLDING CORP < NAHL> 3RD QTR NET EAST HARTFORD, Conn., March 12 - Dec 31 end Shr profit nil vs loss four cts Net profit 6,891 vs loss 590,460 Revs 6,518,133 vs 2,521,884 Avg shrs 13.1 mln vs 12.0 mln Nine mths Shr profit six cts vs loss seven cts Net profit 772,703 vs loss 758,620 Revs 20.1 mln vs 7,599,017 Avg shrs 13.2 mln vs 10.9 mln Reuter
COMMONWEALTH ENERGY SYSTEM < CES> DIVIDEND CAMBRIDGE, Mass., March 26 - Qtly div 68 cts vs 68 cts in prior qtr Payable May one Record April 14 Reuter
BANKAMERICA < BAC> TO POST GAIN ON UNIT SALE SAN FRANCISCO, April 1 - BankAmerica Corp said it completed the sale of its Consumer Trust Services division to Well Fargo and Co < WFC>, a transaction that will result in a second quarter pre-tax gain of more than 75 mln dlrs. The sale will not affect the services the bank will continue providing to institutional customers through its Employee Benefit Trust Services Division, BankAmerica also said. In a separate announcement, Wells Fargo said the acquisition will increase the amount of personal trust assets it administers to 25 billion dlrs. Last December BankAmerica and Wells Fargo announced a definitive agreement on the sale at a price of about 100 mln dlrs, subject to adjustment. Reuter
AIR CANADA TO COMMENT ON GELCO < GEC> UNIT REPORT TORONTO, March 18 - State-owned Air Canada said it will make a statement at 1100 EST concerning a published report that the airline has agreed to acquire Gelco Corp's Canadian unit, Gelco Express Ltd, an Air Canada spokesman said. The spokesman declined to comment on the Toronto Globe and Mail report when queried. The sale of Gelco Express, Canada's second largest courier service, is part of the parent company's strategy to repay 350 mln U.S. dlrs of debt by the end of 1987, the report said, quoting a Gelco spokesman. The report did not disclose a price for the sale of Gelco's Canadian unit. Reuter
ENERGY FACTORS < EFAC> TO BUY ALLIED < ALD> UNITS SAN DIEGO, March 23 - Energy Factors Inc said it has signed an agreement to acquire GWF Power Systems Co and Combustion Power Co Inc from Allied-Signal Inc for undisclosed terms. The two Allied units operate and are developing cogeneration projects and small petroleum-coke fueled power plants. Reuter
WALL STREET STOCKS/CHRYSLER < C>, AMC < AMO> DETROIT, March 9 - The proposed 757 mln dlr deal under which Chrysler Corp would acquire American Motors Corp was described by analysts as a reasonable deal for both companies. Ronald Glantz of Montgomery Securities said AMC common stock could be fairly valued at "just under five dlrs a share" given changes brought by tax reform and that Chrysler's offer to pay four dlrs a share of Chrysler stock to AMC holders other than Renault as a "a good price for Chrysler. AMC common shares opened at four dlrs this morning after the Renault-Chrysler announcement, up 3/8, while Chrysler shares lost 1/4 to 52-1/4. Though AMC issued a statement saying that it was studying the proposed buyout and had no other comment, Glantz said he regarded the proposal as a "done deal" because "I can't believe anybody else would make a bid." "It's a reasonable deal for both sides," the analyst told Reuters. "Chrysler gets the jeep franchise and the (new AMC) Bramalea, Ontario, plant and the (new Renault) Premier (mid-sized car) and AMC's sales will go up because buyers will have more confidence that the manufacturer will still be around to service the products," Glantz said. Analyst Thomas O'Grady said Chrysler would be getting more manufacturing capacity, including a brand-new plant in Canada, for a bargain price and Renault would be getting some return after its prolonged loss-making investment in AMC. Reuter
DATAMETRICS CORP < DMCZ> 1ST QTR JAN 31 NET CHATSWORTH, Calif., March 12 - Shr diluted five cts vs 13 cts Net 278,780 vs 442,532 Revs 5,101,747 vs 4,293,393 Avg shrs diluted 6,050,968 vs 3,414,145 NOTE: Net includes tax credits of 123,500 dlrs vs 179,000 dlrs. Reuter
FIRST BANK SYSTEM < FBS> SELLS LEWISTON BANK MINNEAPOLIS, April 17 - First Bank System said it has agreeed to sell its First Bank Lewiston subsidiary, of Lewiston, Mont., to two local bankers for undisclosed terms. First Bank Lewiston has assets of 101.4 mln dlrs at the end of the first quarter. Reuter
WICHITA < WRO> TO BUY FOUNTAIN OIL < FGAS> DENVER, Colo., March 5 - Wichita Industries Inc said it agreed to buy Fountain Oil and Gas Inc. Wichita said it it will acquire all of the outstanding shares of Fountain in an exchange for about 11 mln newly issued Wichita common shares. Wichita presently has about 3.6 mln shares outstanding. The transaction calls for the issuance of 1-1/2 shares of Wichita common for each outstanding Fountain share. Wichita also said it made a number of refinancing agreements in connection with the acquisition. Reuter
PERRY DRUG STORES INC < PDS> 1ST QTR JAN 31 NET PONTIAC, Mich., March 4 - Shr 13 cts vs 37 cts Net 1,300,000 vs 3,700,000 Sales 189 mln vs 163 mln Reuter
CONRAC < CAX> SOARS FOLLOWING MARK IV < IV> BID By Cal Mankowski, Reutersd NEW YORK, March 24 - Heavy buying by speculators boosted Conrac Corp 7-7/8 to 29, higher than a 25-dlr-per-share cash tender offer announced by Mark IV Industries Inc < IV>. "It's a case of ChemLawn euphoria," said one arbitrageur, referring to a recent hostile tender that began at 27 dlrs per share and ended when ChemLawn Corp < CHEM> found a white knight willing to bid 36.50 dlrs. For Conrac, the arbitrageur said, 28 dlrs per share seemed like an "appropriate price." Another said "it's too early to project the outcome." "The market is speaking for itself and saying the 25 dlr offer is inadequate," the second arbitrageur said. But he added it was hard to make a case for Conrac being worth much more than the 29 dlrs where the shares traded today. He noted the stock recently sold in the high teens and there could be a downward risk of 10 dlrs or more if Conrac is able to thwart Mark IV. Conrac urged shareholders to take no action while its board studies the offer and confers with advisers. Conrac said it would make a recommendation by April 17. A third arbitrageur noted Mark IV had been involved in several takeovers previously and has proven itself to be a determined bidder. "They're not beginners," he said. Another said Conrac might have trouble if it tried to find another buyer. "It's a hodge-podge of non-related businesses," he said. "There is only a small universe of people who would want to own the company as it's presently structured." Conrac is involved in video displays, computer software, aircraft instruments, telephone answering machines, welding equipment and other products. "I'm telling retail clients to sell and leave the rest for those who can take the risk," said Rudolph Hokanson, analyst at Milwaukee Co. He called the 25-dlr offer by Mark IV "fair value but on the low side." "I don't think management was looking for a buyer in any way before this offer," he said. Hokanson said Conrac has conservative finances and has developed a reputation for quality products that serve niche markets. He said management has done a good job of turning around the telephone answering machine business. Reuter
ARAB BANKER SAYS TOO SOON FOR SINGLE CURRENCY ABU DHABI, March 29 - Gulf Arab states must coordinate economic policies more closely before moving towards their goal of a unified currency system, the President of the Arab Bankers Association said. Hikmat Nashashibi told a news conference at the end of an Arab currency traders meeting: "We have to start with coordination of fiscal policies as a prerequisite for a common system of currencies ... There is quite a substantial way to go yet." He said only then would a unified Gulf currency system be a plausible project. The six nations of the Gulf Cooperation Council -- Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates -- have held a series of meetings this year to examine linking their currencies to a single peg in a system which bankers say could be modelled on the European Monetary System (EMS). At present, five currencies are linked either officially or in practice to the U.S. Dollar, while the Kuwaiti dinar is pegged to a trade-weighted basket of currencies. A common currency system or EMS-style "grid" would, in theory, foster regional trade by providing a basis for stable exchange rates, but Nashashibi said inter-Arab trade is at a very low ebb and capital flows between Gulf states remain small. "Capital markets in the Arab world are still in their infancy," he said. Nashashibi said lack of experience among Arab banks, a paucity of financial instruments and a legal framework that often does not recognise the western banking concept of interest have hampered the growth of Arab markets. REUTER
WTD INDUSTRIES INC < WTDI> 3RD QTR JAN 31 NET PORTLAND, Ore., March 4 - Shr profit 13 cts vs loss one ct Net profit 853,000 vs loss 22,000 Sales 41.1 mln vs 20.3 mln Avg shrs 6,349,753 vs 4,403,852 Nine Mths Shr profit 57 cts vs profit 28 cts Net profit 2,869,000 vs profit 1,252,000 Sales 119.0 mln vs 67.6 mln Avg shrs 5,054,844 vs 4,403,852 Reuter
MOBILE COMMUNICATIONS CORP < MCCAA> YR NET JACKSON, Miss., March 27 - Shr 77 cts vs 37 cts Net 13.5 mln vs 4.8 mln Revs 70.8 mln vs 60.8 mln Avg shrs 17.5 mln vs 12.9 mln NOTE: 1986 net includes gain of 18 mln dlrs from sale in Dec 1986 of a 50 pct interest in its cellular telephone operations to BellSouth Corp. Net income also reflects non-recurring charges of 8,400,000 dlrs recorded in the fourth qtr 1986, primarily reflecting revaluation of assets. Full name of company is mobile communications corp of america. Reuter
CIS < CISIF.O> AGREES TO SECOND EXTENSION TULSA, Okla., June 1 - CIS Technologies Inc said that it and the Swiss Reinsurance Co of Zurich, Switzerland agreed to a second extension of two dates for the final part of their share purchase agreement. It said the June one election date has been extended to June 15 and the June 30 closing date has been changed to July 31. Reuter
JARDINE MATHESON PROFITS SEEN UP SHARPLY IN 1986 By Joshua So, Reuters HONG KONG, March 25 - A strong performance by its retail businesses and affiliates will enable Jardine Matheson Holdings Ltd < JARD.HKG> to report on Friday a big leap in net profit in 1986, stock analysts said. They told Reuters they expect the firm to show earnings of between 420 mln and 450 mln H.K. Dlrs last year against 157 mln in 1985. The analysts also said they expect Jardine Matheson to pay a total dividend of 15 to 20 cents a share against 10 cents a share in 1985. James Capel (Far East) Ltd estimates Jardine Matheson's 1986 profits at 450 mln dlrs and attributes most of the income to retail sales. Analysts said the group's 7-Eleven retail stores and its franchises, among them Canon cameras, Christian Dior luxury goods and Mercedes Benz cars, produced a strong cash flow. Alan Hargreaves of Hoare Govett Asia Ltd also put Jardine Matheson's 1986 net profits at 450 mln dlrs and said he estimates pre-tax earnings from retail operations at about 465 mln dlrs against 339 mln in 1985. But Hargreaves said Jardine Matheson's earnings from its 35 pct stake in Hong Kong Land Co Ltd < HKLD.HKG> will fall to about 230 mln dlrs from 281 mln dlrs in 1985. The reduced contribution reflects the spin-off from Hong Kong Land of < Dairy Farm International Ltd> last September. Jardine gained a direct holding of 35 pct of Dairy Farm as a result of the spin-off. Analysts said Jardine will book revenues from its Dairy Farm stake for the final months of the year as part of its retail business, which will increase its overall retail income figures. Analysts said Jardine Matheson will also enjoy sharply increased revenues from financial services, mainly its 50 pct share of < Jardine Fleming Holdings Ltd>. Jardine Fleming yesterday reported record profits for 1986 of 209.5 mln dlrs against 104.7 mln in 1985. Analysts said Jardine Matheson made net interest payments of about 200 mln dlrs last year, slightly below the 213 mln dlrs of 1985, while the company's term debt remained at about the 1985 level of 2.7 billion dlrs. But Jardine was also subject to increased taxes of 340 mln dlrs last year against 292 mln in 1985, they said. Jardine Matheson is undergoing a series of reorganisations that will in effect turn it into a holding company for its diverse interests. It previously announced a plan to sell its stakes in both Hong Kong Land and Dairy Farm to newly created < Jardine Strategic Holdings Ltd> in which it has a 41 pct interest. A company statement issued last month said the firm will use the proceeds to repay all debt, leaving it with an additional 500 mln dlrs in cash on hand. Though Jardine Matheson will be deprived of a direct stake in the high-yield Hong Kong Land and Dairy Farm units, it is likely to develop its own business, analysts said. "The future of the stock will depend on the firm's ability to creatively structure some new acquisitions," said Hargreaves of Hoare Govett. He noted the firm has suggested financial services as a key sector, and he said it may add some insurance firms to its existing business. REUTER
NEWHALL INVESTMENT PROPERTIES < NIP> 3RD QTR VALENCIA, Calif., Oct 19 - Shr 1.13 dlrs vs 87 cts Net 5,010,000 vs 3,868,000 Nine mths Shr 4.91 dlrs vs 4.84 dlrs Net 21.8 mln vs 21.5 mln NOTE: Current quarter figures include gain of 4.7 mln dlrs on property sales vs gain of 2.9 mln in prior year's quarter. Current nine month figures include gain of 20.5 mln dlrs on property sales vs gain of 19 mln dlrs. Reuter
ALUSUISSE SHARES SUSPENDED ON CAPITAL CUT NEWS ZURICH, March 13 - Trading in shares of Schweizerische Aluminium AG, Alusuisse, < ALUZ.Z> was suspended on the Zurich stock exchange after today's announcement by the company that it would cut its share capital by 50 pct, the bourse said. The bourse said trading would resume again on Monday. Alusuisse bearer shares closed at 490 francs yesterday, registered shares at 170 francs and the participation certificates at 45.50. REUTER
BELGIAN SAYS EC WOULD REACT TO TEXTILE BILL WASHINGTON, March 3 - Belgian Foreign Trade Minister Herman De Croo said if Congress passed legislation curbing world textile imports the only way the European Community (EC) could react was to retaliate. De Croo said at a news conference "if you limit textile imports, you will re-orient textiles to Europe." And that he said would trigger EC taxes on U.S. goods. Congress passed a textile bill two years ago, but it was vetoed by President Reagan on grounds that curbing imports to protect the domestic textile industry would trigger retaliation U.S. trading partners. A similar bill has been introducted this year, in a Congress with a bigger Democratic majority and with a President weakened by the Iran scandal. De Croo, here for talks with Administration officials and Congressmen, said if a textile bill passed, "the only way we could react would be retaliation, and it would cause more retaliation, which is not a good way to deal with problems." He said if a textile bill was enacted, "we will impose taxes on a lot of American products." He said "it would be stupid. We have to avoid that." He said Congressmen seem upset mosty with Japan, because of its massive trade suprlus with the United States, and not with EC nations, but EC nations will be hurt by the diverted shipments of Asian textiles. De Croo also criticized the way U.S. officials try to solve EC trade issues, saying "each time we come in contact, it a conflict contact. The clouts are coming fom the West." He said it then is a crisis atmosphere with officials cross the Atlantic and dramatized with headlines. "This is not the way to work in a serious way between two big powers," De Croo said. reuter
NO IMMEDIATE PLANS TO CLOSE REFINERY - ESSO SAF PARIS, March 18 - ESSO SAF < ESSF.PA>, the French subsidiary of Exxon Corp < XON>, said it had no immediate plans to shut down one of its two refineries. Exxon's new president Lee R. Raymond said earlier that it could decide to close a French refinery. An ESSO SAF spokesman said a closure was a hypothesis that depended on the evolution of the market and refineries' ability to make money. He said Port Jerome west of Paris and Fos sur Mer on the Mediterranean had benefitted from new investment over 1985-86 and had last year broken even after stock losses. The Port Jerome refinery has an annual production capacity of seven mln tonnes while Fos sur Mer's is five mln, the spokesman added. Industry sources said the easiest plant to dispose of would be Fos sur Mer because it is a single refinery, while the Port Jerome refinery is attached to a wider complex comprising a petrochemical plant and a lubricant production plant. Raymond was quoted as saying in a published interview that Exxon was reviewing its worldwide refinery operations and might decide to close one of its French refineries. Reuter
ENVIROPACT < VIRO> TO MAKE ACQUISITION MIAMI, March 20 - Enviropact Inc said it has signed a letter of intent to acquire Willms Trucking Co Inc for about 12.5 mln dlrs, with completion expected in 45 days. In the year ended September 30, Willms had revenues of about 15 mln dlrs. It transports hazardous waste, sand and gravel. Reuter
INTEK DIVERSIFIED CORP < IDCC> 4TH QTR NET LOS ANGELES, March 3 - Shr three cts vs three cts Net 98,20000 vs 91,898 Revs 2,843,520 vs 2,372,457 Year Shr 13 cts vs 21 cts Net 401,179 vs 681,374 Revs 10.5 mln vs 9,699,535 Reuter
TESCO BUYS 5.4 PCT OF HILLARDS LONDON, March 30 - Tesco Plc < TSCO.L> said < County Bank Ltd> had bought 165,000 shares in < Hillards Plc> on its behalf, increasing its stake to 5.4 pct. The shares were bought at 313.25p each. Tesco is making an opposed 151 mln stg bid for Hillards. Hillards shares at 0900 GMT were quoted one penny firmer at 317p while Tesco was one penny easier at 479p. REUTER
MARGAUX CONTROLS INC < MARGX> 3RD QTR LOSS FREMONT, Calif., March 3 - Shr loss 1.60 dlrs vs loss 45 cts Net loss 9,883,000 vs loss 2,744,000 Revs 1,309,000 vs 3,289,000 Nine mths Shr loss 2.29 dlrs vs loss 98 cts Net loss 14.1 mln vs loss 6,008,000 Revs 4,577,000 vs 11.9 mln NOTE: Current periods include loss of 7.5 mln dlrs from discontinued operations. Reuter
AFFILIATED PUBLICATIONS < AFP> TO BUY BILLBOARD BOSTON, March 20 - Affiliated Publications Inc said it agreed to acquire all the outstanding stock of < Billboard Publications Inc> for 100 mln dlrs in cash from a shareholder group led by < Boston Ventures Limited Partnership.> Affiliated, which owns the company that publishes the Boston Globe, said the acquisition will give it a strong position in the growing market for specialty magazines. Under a separate agreement, Affiliated said that certain members of Billboard's management plan to buy up to 10 pct of the equity in Billboard following Affiliated's acquisition of the company. Billboard publishes eight specialty magazines, including Billboard magazine, and 15 annual directories. It also publishes and distributes speciality books under four imprints and operates two book clubs. Affiliated is the parent company of Globe Newspaper Co, publisher of the Boston Globe. It also has interests in cellular telephone and paging services providers. Reuter
FERRUZZI MAY FLOAT UP TO 49 PCT OF PARIS UNIT RAVENNA, Italy, March 31 - < Gruppo Ferruzzi> is studying a project which could result in a public share offer of up to 49 pct of its French unit < European Sugar (France)> and could raise around 400 mln dlrs, Ferruzzi chairman Raul Gardini said. Gardini told Reuters the operation under consideration was aimed at "international markets" and that the figure of 400 mln dlrs given in some press reports "was probably about right." European Sugar, wholly-owned by Ferruzzi unit Eridania Zuccherifici Nazionali SpA < ERDI.M>, is expected to absorb the European corn wet milling business of CPC International Inc < CPC.N> which Ferruzzi recently agreed to buy. Ferruzzi announced last week it had agreed in principle to buy the CPC operation for 630 mln dlrs. A Ferruzzi spokesman later confirmed that the group was studying the transfer of the CPC business to European Sugar along with a possible share offering in the Paris unit, but gave no details. The flotation plan has been interpreted by financial analysts as a means of helping finance the acquisition of the CPC business. In London yesterday, chairman of Belgian starch producer < Amylum NV> Pierre Callebaut told Reuters that since Ferruzzi was "apparently still organising finance," his company might still succeed with its rival bid for the CPC business. Gardini, commenting on Callebaut's remarks, said the 630 mln dlrs agreed for the CPC acquisition would be paid "at the date foreseen in the preliminary contract." Gardini could not reveal the date in question nor give any indication of the likely timing of an offering of shares in European Sugar, but it was announced last week that Ferruzzi's purchase of the CPC business was expected to be completed by September 30. Callebaut said yesterday that Amylum was surprised and disappointed that its 675 mln dlr bid cash offer for CPC's European business was apparently rejected in favour of Ferruzzi's lower bid. Gardini, commenting on Callebaut's remarks, said "Amylum should know that one succeeds in a bid by making the right offer at the right moment - exactly as Ferruzzi did in the case of the acquisition of CPC's European business." Gardini said it was not Callebaut's business to concern himself with the European Sugar capital raising operation under study, he added. Asked about press reports that Ferruzzi might follow up the European Sugar flotation with the sale of 49 pct of the CPC business, Gardini said: "We do not exclude having minority partners in the CPC business." He declined to elaborate. REUTER
CONT'L ILLINOIS < CIL> SAYS MORATORIUM MAY CUT NET CHICAGO, March 18 - Continental Illinois Corp said if the Brazilian debt moratorium remains in effect, it may place its medium and long term loans to Brazil on a cash basis. This would increase non-performing loans by about 380 mln dlrs and reduce income before taxes and net income by about 10 mln dlrs in the 1987 first quarter and 35 mln dlrs for the full year, company officials told a press briefing. Loans to Brazil at 1986 year end totaled 474 mln dlrs, according to the annual report released at the briefing. In February 1987, the Brazilian government, citing a declining level of foreign currency reserves, declared a moratorium on the payment of interest on the country's medium and long term debt obligations. Continental said it may take similar action on its loans to Ecuador, which total 25 mln dlrs. This would reduce 1987 pre-tax and after-tax net by 800,000 dlrs in the first quarter, and by two mln dlrs for the full year, the bank-holding company's officers said. Reuter
< CLAYTON AND DUBILIER INC> SELLS BURPEE NEW YORK, March 30 - Privately-held Clayton and Dubilier Inc said it has sold W. Atlee Burpee Co to a new company formed by Wicks Capital Corp, Bankers Trust New York Corp < BT> aND Burpee management for undisclosed terms. The garden supply company was acquired from ITT Corp < ITT> in December along with O.M. Scott and Sons Co. Reuter
AMERICAN NURSERY PRODUCTS < ANSY> 3RD QTR NET TAHLEQUAH, OKLA., March 26 - 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 Reuter
SWEDEN SETS OCTOBER DEADLINE FOR S.AFRICA BOYCOTT STOCKHOLM, March 12 - Sweden announced its promised program of unilateral economic sanctions against South Africa and gave firms an October deadline to cut trading links. Foreign Trade Minister Anita Gradin said a trade boycott of South Africa and neighbouring Namibia would take effect from July 1, followed by a three-month period of grace to give companies time to wind down their operations. From October 1, no direct trade would be allowed in either direction, with certain exceptions covering medical supplies and printed matter, Gradin told a news conference. She said exceptions would also be granted in cases where a Swedish trade boycott would benefit South African firms and disadvantage South Africa's black-ruled neighbours, the front-line states. Gradin cautioned that legislation upon which the boycott would be based was not impossible to get round. She said a parliamentary committee would investigate ways of closing some of the bigger loopholes, including indirect trade with South Africa via Swedish subsidiaries in third countries. REUTER
STANDARD FEDERAL < SFB> OFFERS ZERO-POINT LOAN TROY, Mich, March 23 - Standard Federal Bank said it introduced a zero-point fixed rate mortgage loan. The loan program offers borrowers home mortgage financing with no discount fees charged. Standard said that fees charged will include an application fee, commitment fee and out-of-pocket expenses such as title work, survey, recording fees and private mortgage insurance. Reuter
FORMER TREASURY OFFICIAL URGES CURRENCY REFORMS WASHINGTON, March 3 - Former Treasury official C. Fred Bergsten said a new exchange rate system is needed to replace the fixed and flexible exchange rate systems which he said had not worked. "I prefer a move to 'target zones' in which the major countries would determine ranges of 15-20 pct within which they would pledge to hold their exchange rates by direct intervention and, as necessary, by changes in monetary and other policies," Bergsten, now the director of the Institute for International Economics, said in a statement to a House Banking subcommittee. "The substantial correction of the exchange rate that has occurred since early 1985 is enormously welcome, and should produce a sizeable reduction in the U.S. trade deficit this year and next, but the imbalance will not fall much below 100 billion dlrs on present policies, so much more is needed," he said. Reuter
CORNERSTONE FINANICAL CORP < CSTN> SETS PAYOUT DERRY, N.H., March 27 - Qtrly div eight cts vs eight cts prior Pay May 15 Record April 10 Reuter
LEADING INDUSTRIAL NATIONS TO MEET IN APRIL By Peter Torday WASHINGTON, March 16 - Leading industrial nations will meet again next month to review their accord on currency stability, but U.S. Officials said financial markets are convinced for now the countries will live up to commitments to speed up economic growth. The narrow currency movements of recent weeks strongly suggests the six leading industrial countries have tamed the normally unruly financial markets and next month's talks seem likely to build on that stability. A Reagan administration official said the Paris agreement last month was the main reason markets were calm. But he said in an interview that financial markets also understood, "That all six countries concluded that the measures to be taken over a period of time in the future should foster stability of exchange rates around current levels. That is in fact what has happened since Paris." Monetary analysts said stability has been helped in part by the decision of industrial nations to bury the hatchet and cease to quarrel over short-term policy objectives. Instead they have focused on medium-term policy goals, but left room to adjust their agreements with periodic meetings. The official refused to comment, however, on whether the agreement included a secret pact to consider further coordinated interest rate cuts -- a measure industrial nations have taken jointly several times in the past year. On February 22, the United States, Japan, West Germany, France, Britain and Canada agreed that major currencies were within ranges broadly reflecting underlying economic conditions, given commitments by Washington to cut its budget deficit and by Toyko and Bonn to boost economic growth. The shake-up would strengthen the U.S. Position in future international talks. "I think these changes will strengthen the President's hand politically and the stronger he is politically the better off we are with the Congress and the better off we are in international fora," said the official, an Administration economic policymaker. "So it would be beneficial to the continued conduct of our initiatives." But the official also said the Administration would resist calls for a tax increase to cut the budget deficit -- a target Europeans say is crucial to help curb economic instability. Last week, dealers said the Federal Reserve intervened to stop the dollar rising against the mark, which had breached 1.86 to the dollar. British authorities are also understood to have intervened to curb sterling's strength. International monetary sources say finance ministers and central bankers, who will review market performance and their own economic prospects, will reassemble again in Washington just before the April 9 policymaking meeting of the International Monetary Fund. The sources said Italy, which refused to join the Paris pact, was invited back by Treasury Secretary James Baker. Since Paris, there are signs West German growth is slowing, while U.S. Officials said they were giving Japan until April to show that an economic stimulus package was in the offing. Signs of concern about German prospects emerged recently when Bundesbank (central bank) president Karl Otto Poehl told bankers he would consider cutting West German interest rates if the Fed was ready to follow suit. A Reagan Administration official said this would show there had been some change in approach on the part of the central bank in Germany. But he declined to comment on the prospects for action by the Fed and the Bundesbank. "If there is such a provision it is private and if I talked about it, it would no longer be private," said the official, who asked not to be identified. Public comments by Fed officials suggest the central bank is keeping credit conditions broadly unchanged, but if the major economies continue to show sluggish growth and the U.S. Trade deficit remains stubbornly high, further coordinated action could be on the April agenda. REUTER...
SQUARE D CORP < SQD> 1ST QTR NET PALATINE, ILL., April 13 - Shr 79 cts vs 73 cts Net 22,901,000 vs 21,042,000 Sales 336.1 mln vs 334.1 mln Reuter
USX < X> UNIT RAISES SOME CRUDE POSTINGS NEW YORK, March 9 - Marathon Petroleum Company, a subsidiary of USX Corp < X>, said it raised the contract price it pays for three grades of crude oil, effective March 6. Illinois Sweet and Indiana Sweet are both being raised 50 cts a barrel to 16.75 dlrs/bbl, and the Southern Michigan grade is being raised 25 cts/bbl, also to 16.75 dlrs a bbl. The West Texas Intermediate grade was unchanged. Reuter
U.S. HOUSE PLAN SEEKS TO BAR FOREIGN TAKEOVER WASHINGTON, March 18 - A U.S. House subcommittee voted to give President Reagan authority to block foreign takeovers of U.S. companies similar to the takeover of Fairchild Semiconductor Corp. by Fujitsu Ltd which was withdrawn. The Energy and Commerce Subcommittee on Commerce approved as an amendment to the overall House trade bill a provision giving Reagan the power to block sales to foreign companies if the sale was not in the national or economic interest. The subcommittee rejected a proposal requiring the U.S. to pay investors one pct for the right to hold their gold investments in government storage. His amendment called for the government to sell gold coins and gold-backed bonds with maturities of 30 to 50 years to investors to reduce the federal debt. Reuter
MANUFACTURED HOMES INC < MNH> YEAR NET WINSTON-SALEM, N.C., March 13 - Shr 53 cts vs 85 cts Net 2,033,425 vs 3,718,325 Revs 120.6 mln vs 79.5 mln NOTE: 1986 net includes 3,300,000 dlr provision for credit loss. 1985 net includes charge 504,571 dlrs from cumulative effect of accounting change. Reuter
BRAZIL COMPUTER MARKET TO REMAIN CLOSED-MINISTER RIO DE JANEIRO, MARCH 24 - Brazilian Science and Technology Minister Renato Archer said Brazil will keep its computer market closed to foreign goods in order to give its own infant industry time to develop. "Every country establishes laws to protect its interests. The United States closed their borders at a certain stage to some foreign goods and therefore protected its industrial development. Now it is time for Brazil to do likewise," Archer said at the opening of a national software conference. After several meetings, Brazil and the U.S. Have made no major progress in their computer row, which they have been trying to resolve for the past 18 months. The Reagan administration has objected to Brazil protecting its computer industry from imports. Reuter
EXXON < XON> SOUTH AFRICAN UNIT ACQUIRED BY ZENEX JOHANNESBURG, April 9 - < Zenex Oil Pty Ltd> said it acquired the interests of Esso South Africa, the local subsidiary of Exxon Corp < XON), and will use up to 20 mln rand in profits to finance educational and social programs. The profit scheme will begin after Zenex has paid Exxon an undisclosed purchase price for Esso, Zenex chairman John Truscott said in a statement. The acquisition follows the Exxon withdrawal from South Africa announced last December. Reuter
GERMAN INSTITUTES WARN ON MONEY SUPPLY BONN, April 13 - Four of West Germany's five leading economic research institutes warned that excessive monetary growth threatened a resurgence of inflation. But in a dissenting view the DIW institute in West Berlin, echoing recent statements by leading Bundesbank officials, said the expansion seen over the last 1-1/2 years did not necessarily threaten stability. The five institutes issued a joint spring report, in which three -- Kiel, Hamburg and Essen -- forecast a two pct rise in GNP in 1987, while West Berlin and Munich predicted one pct. The four institutes said an expansive policy was welcome in view of the slowdown in economic activity. But experience has shown that strong monetary growth eventually leads to a price rise which undoes the beneficial effects of monetary policy. Given virtual zero inflation in West Germany such fears may seem exaggerated, they said. "But it has often turned out in the past that the price climate can quickly deteriorate, forcing the central bank into a restrictive policy," they said. The economic costs of a preventive stability policy are less than fighting inflation once it has taken hold, they said. The four institutes disputed the view that monetary expansion would slow of its own accord in 1987 as domestic investors switch liquidity into longer term capital market investments following lower interest rates. "Such redispositions may temporarily dampen the expansion of central bank money stock, but do not automatically lead to a smaller expansion of money supply," they said. A return to growth and stability did not require spectacular central bank moves, but could be done quietly with open market operations and repurchase pacts, which would avoid an interest rate rise by dampening inflationary expectations. The DIW institute said monetary policy should not be focused simply on growth of production potential. Because of uncertainty about exchange rate developments and economic weakness other factors should be taken into account. Monetary policy should aim for further interest rate cuts and avoid rises to boost the economy and discourage revaluation speculation. Recent strong monetary expansion was not a threat in itself to price stability. The 1979/81 inflation following strong 1977/78 money growth reflected other causes, such as rising oil prices and the falling mark. REUTER
< TRANS CANADA GLASS LTD> 4TH QTR LOSS Vancouver, British Columbia, March 31 - Shr loss 11 cts vs loss eight cts Net loss 500,000 vs loss 500,000 Sales 47.4 mln vs 37.5 mln Year Shr profit 70 cts vs profit 89 cts Net profit 4.4 mln vs profit 5.3 mln Sales 195.5 mln vs 148.3 mln Reuter
AUSIMONT COMPO NV < AUS> 4TH QTR NET WALAHTAM, Mass., March 3 - Shr 42 cts vs 39 cts Net 12.3 mln vs 9,382,000 Sales 172.0 mln vs 146.00 mln Avg shrs 29.5 mln vs 24.3 mln Year Shr 1.63 dlrs vs 1.35 dlrs Net 45.7 mln vs 30.0 mln Sales 665.5 mln vs 446.2 mln Avg shrs 28.0 mln vs 22.3 mln NOTE: translated at 1,339 Italian lire to dollar. Reuter
EC SAYS U.S. BROKE TRADE RULES IN AKZO-DUPONT ROW BRUSSELS, March 20 - The European Community Commission has charged the United States with breaking international trade rules by excluding Dutch-made fibres from the U.S. Market and said it would take the issue to the world trade body GATT. In the latest of a series of trade disputes with Washington, the executive authority alleged that a section of the U.S. Tariff Act was incompatible with the GATT (General Agreement on Tariffs and Trade) because it discriminated against imported products in favour of domestically-produced goods. The Commission said it would ask Geneva-based GATT to rule on whether the section in question, which officials said had proved a barrier to many EC exporters, conformed to its rules. Commission officials did not rule out retaliatory measures if, after a GATT decision against it, Washington failed to bring the disputed section into line with international rules. The executive's decision to go to GATT follows a complaint to it by the Dutch company Akzo < AKZO.AS>, whose "aramid" synthetic fibres have been banned from the U.S. Market because of charges by the U.S. Firm < Dupont> that the fibres violate the American company's patents. Akzo alleged that the ban, imposed by the U.S. International Trade Commission (ITC), was discriminatory and incompatible with GATT provisions. The dispute centres on the fact that section 337 of the U.S. Tariff Act gives the ITC jurisdiction over imported products. The EC Commission charged that EC producers did not have the same possibilities for defending themselves before the ITC as they would have in a normal U.S. Court. "Consequently the procedure followed...Is less favourable than that which takes places in normal courts of law for goods produced in the United States," it said in a statement. Reuter
****** SUN ALLIANCE PRETAX PROFIT 180.4 MLN STG VS 37.7 MLN FOR 1986
SIEMENS RAISES STAKE IN TELECOM PLUS OF U.S. MUNICH, West Germany, March 26 - Siemens AG's < SIEG.F> fully-owned subsidiary Siemens Informations Systems Inc. Has raised its stake in < Telecom Plus Communications Inc.> by 65 pct to 100 pct, a Siemens spokesman said. He added that Telecom Plus Communications was the largest independent supplier of telephone exchange systems in the U.S. And had turnover of 234 mln dlrs in 1986. The stake had been acquired from Telecom Plus International Inc. The spokesman declined to comment on U.S. Newspaper reports that the purchase price totalled 173 mln dlrs. Reuter
TREASURY'S BAKER SAYS COOPERATION WORKING WASHINGTON, March 31 - Treasury Secretary James Baker said that the agreement in Paris to cooperate in exchange rate changes showed that the process of coordination agreed to at the Tokyo summit was working. He told the House Appropriations Committee the meeting "demonstrated that the process is working." He noted that the industrial surplus countries committed themselves to strengthen their growth prospects while the deficit countries agreed to reduce their domestic imbalances. Baker said that for its part, Japan announced a cut in its discount rate to 2.5 pct and committed itself to prepare a comprehensive economic program to stimulate domestic demand after the Diet completes action on the current budget. He said the United States must also do its share pressing for reductions in the federal budget deficit through spending cuts. "And we must continue to oppose protectionist pressures," he added. Reuter
GREYHOUND CORP < G> COMPLETES BUS LINE SALE PHOENIX, Ariz., March 18 - Greyhound corp said it completed the sale of its Greyhound Lines unit to Dallas-based GLI Holdings Inc for 350 mln dlrs in cash, securities, royalties and other considerations. Greyhound said GLI is authorized to continue using the familiar running dog logo on a red, white and blue shield, while Greyhound Corp will continue to use the running dog alone as its symbol. Reuter
COSTCO WHOLESALE CORP < COST> 2ND QTR FEB 16 NET SEATTLE, March 27 - Oper shr five cts vs six cts Oper net 1,100,000 vs 1,463,000 Revs 177.8 mln vs 331.5 mln Avg shrs 21.9 mn vs 25.7 mln First half Oper shr six cts vs five cts Oper net 1,121,000 vs 1.090,000 Revs 315.3 mln vs 567.4 mln Avg shrs 20.6 mln vs 25.6 mln NOTE: Operating net excludes gains of 659,000 dlrs, or three cts a share, vs 599 dlrs, or two cts a share, in quarter and 676,000 dlrs, or three cts a share, vs 599,000 dlrs, or two cts a share, in year from tax loss carryforward. Reuter
UNIVERSITY PATENTS INC < UPT> 2ND QTR JAN 31 NET WESTPORT, Conn., March 17 - Oper shr 24 cts vs 19 cts Oper net 1,096,332 vs 794,711 Revs 803,085 vs 442,420 Six mths Oper shr 53 cts vs 43 cts Oper net 2,375,844 vs 1,741,437 Revs 1,471,257 vs 768,683 NOTE: Prior year excludes income from discontinued operations of 19 cts per share in the quarter and 17 cts per share in the year. Reuter
AMERON INC < AMN> 1ST QTR FEB 28 LOSS MONTEREY PARK, Calif., March 30 - Shr loss 11 cts vs profit six cts Net loss 515,000 vs profit 294,000 Sales 62.8 mln vs 65.4 mln Reuter
BUFFTON < BUFF> TO POST INVESTIGATION CHARGE FORT WORTH, Texas, April 7 - Buffton Corp said it will conduct an investigation on a plant designated as a Superfund Site, which will result in a charge of about six cts per share in its second quarter. In the year ago second quarter, Buffton reported net income of 10 cts a share or 330,000 dlrs on sales of 10.3 mln dlrs. The study should be completed in nine months and will determine any clean-up or remedial action that may be required. Robintech Inc, the plant's former owner, will split the cost. Buffton said its share will cost 400,000 dlrs. Reuter
NETI TECHNOLOGIES < NETFC.O> SELLS SUBSIDIARY VANCOUVER, June 2 - Neti Technologies Inc said it has sold for over four mln dlrs U.S. in cash, notes and the assumption of liabilities its Huron Leasing Inc subsidiary to a group of investors headed by a former Huron executive. The company said the transaction will yield about two mln dlrs in cash, Huron sells, leases and services computer hardware. The transaction is subject to approval by the Montreal and Vancouver Stock Exchange and the arrangement of financing by June 15. Reuter
ENDOTRONICS < ENDO> EXPECTS LOSS FOR YEAR MINNEAPOLIS, March 16 - Endotronics Inc said it expects to incur "substantial losses" for the second quarter ending March 31 and fiscal year ending Sept 30, 1987. As one factor behind the anticipated loss, Endotronics cited a dispute by one of its Japanese distributors, < Yamaha Inc>, over payment of a 3,686,000 dlr promissory note. In a Form 8-K filing with the Securities and Exchange Commission, Endotronics said the note was for overdue accounts receivable from sales of instruments to Yamaha and another Japanese distributor during the company's 1986 fiscal year. Endotronics said at its present reduced level of operations it will exhaust all currently available cash and credit facilities in early May 1987. It said this assumes full use of the remaining 1,250,000 dlrs available under a line of credit from Celanese Corp, which requires approval of Celanese Corp < CZ>. The company said its ability to obtain funding was adversely affected by a suit filed March 4 by two of its shareholders seeking to represent a class of holders against three officers of Endotronics. Endotronics said the complaint against it alleges violations of the federal securities laws in connection with statements made in the company's annual and quarterly reports. The company also said the Securities Division of the Minnesota Department of Commerce is conducting an inquiry into the company's Japanese sales for fiscal 1986 and trading by insiders and brokers in the company's common shares. It said similar inquiries are being conducted by the Securities and Exchange Commission. The investigations will hurt the company's ability to obtain funding, it said. As a result of the dispute over payment of the promissory note, the law suit challenging its financial data and the various investigations concerning insider trading, the company said it no longer expects that anticipated declines in instrument sales in Japan in fiscal 1987 will be offset by increased instrument sales in other foreign countries and the United States. Reuter
APPLIED SOLAR ENERGY CORP < SOLR.O> 2ND QTR NET CITY OF INDUSTRY, Calif., June 18 - Qtr ended May 2 Oper shr profit three cts vs loss five cts Oper net profit 115,000 dlrs vs loss 152,000 Revs 7,652,000 vs 4,279,000 Six mths Oper shr profit ten cts vs loss 34 cts Oper net profit 342,000 vs loss 1,149,000 Revs 14.0 mln vs 7,398,000 Note: oper data does not include extraordinary gain of 28,000 dlrs, or one ct per shr, in 2nd qtr 1987 or or 118,000 dlrs, or four cts per shr, in six mths. Reuter
SOUTHWESTERN PUBLIC SERVICE CO < SPS> 2ND QTR NET AMARILLO, Texas, March 27 - Shr 42 cts vs 42 cts Net 19.1 mln vs 19.5 mln Revs 184.9 mln vs 185.1 mln 12 mths Shr 2.17 dlrs vs 2.53 dlrs Net 97.0 mln vs 111.8 mln Revs 793.3 mln vs 828.8 mln Avg shrs 40.9 mln vs 40.5 mln NOTE: Year-ago restated. Reuter
BELL GROUP CONFIRMS STANDARD CHARTERED STAKE PERTH, April 8 - The Bell Group Ltd < BLLA.S> said it now holds 14.9 pct of the issued capital of Standard Chartered Plc < STCH.L> after acquiring further shares. The one-sentence statement from Bell's headquarters confirmed what its brokers Warburg Securities told Reuters in London yesterday. Bell previously held 10 pct of Standard. Bell chairman Robert Holmes a Court, who is also a director of Standard, was not available for comment on his company's intentions in boosting its holding and other company officials contacted here by Reuters declined to comment. REUTER
CARLING O'KEEFE < CKB> SELLS OIL UNIT, TAKES GAIN TORONTO, March 6 - Carling O'Keefe Ltd said it sold its Star Oil and Gas Ltd unit to United Coal (Canada) Ltd for about 57 mln dlrs cash. Carling said it will record an extraordinary gain of about two mln dlrs after tax, or nine cts a common share resulting from the sale. The company did not elaborate further on financial terms. A Carling official later said in reply to an inquiry that Carling would record the extraordinary gain in its fourth quarter ending March 31. The move came after Carling's 50 pct-owner < Rothmans Inc> agreed last week to sell its Carling stake to < Elders IXL Ltd>, of Australia, for 196.2 mln Canadian dlrs. Reuter
FIRST FEDERAL < FFBN> MERGING INTO BANKEAST < BENH> NASHUA, N.H., March 20 - First Federal Bank FSB said it has entered into a letter of intent to merge into BankEast Corp for 60 dlrs per First Federal share in BankEast common stock. First Federal said, subject to certain adjustments, including First Federal's earnings prior to the close of the deal, each share of its common stock shall not be converted into less than 2.9 shares or more than 3.5 shares of BankEast common. First Federal said the proposed move is also subject to execution of a definitive agreement, regulatory approval and the approval of First Federal shareholders. Reuter
EC SUGAR TENDER SAID TO MARK NO CHANGE IN POLICY BRUSSELS, April 2 - The maximum rebate granted at yesterday's European Community (EC) sugar tender marked no change in policy towards producers' complaints that they are losing money on exports outside the EC, EC commission sources said. They said this was despite the fact that the commission accepted over 785,000 tonnes of sugar into intervention yesterday from traders protesting that rebates are being set too low. The maximum rebate at yesterday's tender was 46.864 Ecus per 100 kilos, up from 45.678 Ecus the previous week. London traders said yesterday the rebate was the largest ever granted. The commission sources said today the increase was entirely explained by world market conditions. The amount by which the rebate fell short of what producers claim is needed to obtain an equivalent price to that for sales into intervention remained at 0.87 Ecus per 100 kilos, they said. Operators offered a total of 854,000 tonnes of sugar into intervention last month to protest at rebates which they said were too low. The sources said about 706,470 tonnes of French sugar and 79,000 tonnes of German sugar had been accepted, the remainder being rejected as of too low quality. The sources noted the operators could withdraw their offers in the five week period between the acceptance of the sugar and payment for it. They said they saw no sign of planned withdrawals as yet, adding that they would expect operators to wait another week or two to review commission policy before making up their minds. The sources said the commission felt entitled to offer rebates at slightly below the level theoretically justifiable in the light of its 1987/88 farm price package proposal to reduce guaranteed prices for sugar by two pct from the start of the new season in July. REUTER
AGENCY REPORTS 30 SHIPS WAITING AT PANAMA CANAL WASHINGTON, April 3 - The Panama Canal Commission, a U.S. government agency, said in its daily operations report that there was a backlog of 30 ships waiting to enter the canal early today. Over the next two days it expects -- 4/03 4/04 Due: 36 28 Scheduled to Transit: 38 38 End-Day Backlog: 28 18 Average waiting time tomorrow -- Super Tankers Regular Vessels North End: 19 hrs 8 hrs South End: 20 hrs 16 hrs Reuter
STANDARD PACIFIC < SPF> ACQUIRES SOUTH BAY S/L COSTA MESA, Calif, March 9 - Standard Pacific LP said it has acquired substantially all of the assets and liabilities of South Bay Savings and Loan Association of Newport Beach. The firm said over the weekend that it will conduct its savings and loan activities through Standard Pacific Savings FA, a Federal stock association. On Friday, the Federal Home Loan Bank Board in Washington said it approved the acquisition of South Bay S and L, a 62.5 mln dlr state-chartered stock association, by Standard Pacific, which has 312.8 mln dlrs in assets. The Bank Board said that the Federal Savings and Loan Insurance Corp will make a cash contribution, provide capital loss coverage and indemnify Standard Pacific against undisclosed liabilities. Reuter
DYNCORP < DYN> 3RD QTR NET MCLEAN, Va., Oct 20 - Shr 32 cts vs 35 cts Net 3,446,000 vs 3,789,000 Revs 220.9 mln vs 186.9 mln Nine mths Oper shr 77 cts vs 71 cts Oper net 8,301,000 vs 7,298,000 Revs 634.3 mln vs 535.1 mln NOTE: 1987 nine mths net excludes 3,510,000 dlr charge from antitrust litigation. Reuter
< POCO PETROLEUMS LTD> 1ST QTR JAN 31 NET CALGARY, Alberta, March 31 - Shr eight cts vs 30 cts Net 1,100,000 vs 3,900,000 Revs 14.9 mln vs 20.7 mln Reuter
PNEUMATIC SCALE CO < PNU> SETS QUARTERLY NORTH QUINCY, Mass., March 24 - Qtly div 25 cts vs 25 cts prior Pay May 4 Record April 20 Reuter
SCIENCE MANAGEMENT CORP < SMG> 4TH QTR OPER NET BASKING RIDGE, N.J., March 5 - Oper shr profit 14 cts vs loss 31 cts Oper net profit 374,000 vs loss 707,000 Revs 19.1 mln vs 15.5 mln Avg shrs 2,610,000 vs 2,560,000 Year Oper shr profit 20 cts vs loss 69 cts Oper net profit 530,000 vs loss 1,376,000 Revs 69.1 mln vs 64.3 mln Avg shrs 2,603,000 vs 2,565,000 NOTE: Excludes gain of 309,000 dlrs vs loss 72,000 dlrs in qtr and gains of 458,000 dlrs vs 23,000 dlrs in year from tax loss carryforwards. Includes gains of 76,000 dlrs and 378,000 dlrs in 1985 qtr and year, respectively. Reuter
HELEN OF TROY CORP < HELE> 4TH QTR FEB 28 NET EL PASO, Texas, April 8 - Shr 17 cts vs 13 cts Net 598,000 vs 392,000 Sales 10.2 mln vs 7,474,000 Avg shrs 3,432,000 vs 3,045,000 Year Oper shr profit 1.05 dlrs vs loss 47 cts Oper net profit 3,498,000 vs loss 1,427,000 Sales 52.2 mln vs 40.8 mln Avg shrs 3,320,000 vs 3,060,000 NOTE: Latest year net excludes 782,000 dlr tax credit. Reuter
OIL FIRMS CUT 1987 INDONESIAN EXPLORATION SPENDING JAKARTA, March 11 - Foreign oil companies will spend less on exploration in Indonesia this year than last, budgeting 2.7 billion dlrs for calendar 1987 against 1986 spending of 2.8 billion dlrs, the state oil company Pertamina said. Actual spending last year fell short of the budgeted figure of 3.2 billion dlrs, as oil companies slashed expenditure because of the crash in world oil prices. Jumardi Jukardi, head of Pertamina's coordinating board for foreign contractors, said foreign companies will drill 110 exploration wells and 431 development wells this year, against 108 and 330 last year. REUTER
PARTNERSHIP BUYS IPCO < IHS> STAKE OF 6.8 PCT WASHINGTON, April 9 - MP Co, a New York investment partnership, told the Securities and Exchange Commission it bought a 6.8 pct stake in IPCO Corp common stock. The partnership said it acquired 346,600 IPCO shares, paying 4.9 mln dlrs, because it believed the securities to be "an attractive investment opportunity." It said it planned to regularly review its investment and may in the future recommend business strategies or an extraordinary corporate transaction such as a merger, reorganization, liquidation or asset sale. The partnership is controlled by Marcus Schloss and Co Inc, a New York brokerage firm, and Prime Medical Products Inc, a Greenwood, S.C., medical supplies firm. Reuter
< POTASH CO OF AMERICA INC> NINE MTHS LOSS TORONTO, Oct 19 - Shr loss 1.73 dlrs vs nil Net loss 16.3 mln vs profit 2,206,000 Sales 69.1 mln vs 29.1 mln Note: per share is after payment of preferred dividends. Reuter
CENTURY BUSINESS CREDIT CORP < CTY> 4TH QTR NEW YORK, April 1 - Shr 39 cts vs 31 cts Net 232,991 vs 198,185 Revs 2.9 mln vs 2.3 mln Year Shr 2.20 dlrs vs 1.12 dlrs Net 1.3 mln vs 715,113 Revs 11.3 mln vs 10.1 mln NOTE:1986 revs includes 260,000 dlr finder's fee , net includes 112,000 gain from sale of securities, 115,000 dividends, 78,000 dlrs from lease recalculations. 1985 revs includes 700,000 finder's fee and 75,000 gain from sale of asset. Reuter
XICOR INC < XICO> 1ST QTR MARCH 22 NET MILPITAS, Calif., April 9 - Shr profit five cts vs loss 16 cts Net profit 689,000 vs loss 1,910,000 Revs 12.3 mln vs 9,432,000 NOTE: 1987 net includes 276,000 dlr tax credit. Reuter
WAINCO OIL < WOL> COMPLETES WILDCAT WELL HOUSTON, March 17 - Wainco Oil Corp said it has completed a wildcat well on its GrandMarais prspect in Jefferson Davis Parish, La., which is currently producing at a rate of 1.1 mln cubic feet of gas and 40 barrels of condensate daily. The company said it has a 20 pct working interest in the well which is flowing from Lower Frion Tweedel Sand perforations between 10,104 and 10,110 feet. Additional untested but possibly productive zones exist behind the pipe, it added. It said the remaining owners are privately held petroleum companies. Reuter
KIENA PLANS TWO-FOR-ONE STOCK SPLIT TORONTO, March 11 - < Kiena Gold Mines Ltd> said it planned a two-for-one common stock split, pending shareholder approval on April 7. It said approval would require 66-2/3 pct of votes cast. Kiena said 57 pct-owner Campbell Red Lake Mines Ltd < CRK> was expected to vote in favor of the split. Reuter
TREASURY BALANCES AT FED FELL ON MARCH 10 WASHINGTON, March 11 - Treasury balances at the Federal Reserve fell on March 10 to 2.842 billion dlrs from 3.073 billion dlrs the previous business day, the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 9.828 billion dlrs from 11.418 billion dlrs on the same respective days. The Treasury's operating cash balance totaled 12.670 billion dlrs on March 10 compared with 14.490 billion dlrs on March 9. Reuter
SIEBE COMPLETES ACQUISTION OF RANCO < RNI> NEW YORK, March 18 - < Siebe Plc> of the U.K. said it completed the acquisition of Ranco Inc, following approval by Ranco shareholders. According to the terms of the deal, Ranco holders will receive 40 dlrs a share in cash. Ranco will be transferred to one of Siebe's U.S. subsidiaries, Robertshaw Controls Co. Ranco produces automatic control devices and power controls that regulate temperature, pressure, time sequencing, current, fluid flow and humidity. Its Teccor unit makes a specialized line of semiconductors. Reuter
DOE SECRETARY FAVORS HIGHER SPR FILL RATE WASHINGTON, March 18 - Energy Secretary John Herrington said he believes the Reagan Administration will review its decision to cut the fill rate of the Strategic Petroleum Reserve because of a department report issued yesterday warning of growing U.S. dependence on oil imports. "As part of this study, I think the Administration will take the fill rate under review," Herrington said at a House Energy subcommittee hearing. The Administration has proposed cutting the fill rate from 75,000 barrels of oil per day to 35,000 bpd in fiscal year 1988 to save money. "My personal feeling is that is too low. I favor the maximum fill rate (of 100,000 bpd)," Herrington said. Reuter
CALIFORNIA WATER SERVICE CO < CWTR.O> 3RD QTR SAN JOSE, Calif., Oct 19 - Shr 2.10 dlrs vs 1.83 dlrs Net 5,919,000 vs 5,168,000 Revs 35.0 mln vs 34.3 mln Nine Mths Shr 5.09 dlrs vs 3.55 dlrs Net 14,391,000 vs 10,099,000 Revs 88 mln vs 83.7 mln Note: Curent nine mth figures include 2.2 mln dlr, or 79 cts per share, gain resulting from change in accounting method for unbilled revenues. Reuter
TRITON GROUP LTD < TRRO> 4TH QTR JAN 31 NET LA JOLLA, Calif., March 23 - Oper shr profit nil vs loss nil Oper net profit 671,000 vs loss 138,000 Sales 104.3 mln vs 70.8 mln Avg shrs 101.2 mln vs 66.8 mln Year Oper shr profit six cts vs profit five cts Oper net profit 6,309,000 vs profit 5,144,000 Sales 349.8 mln vs 303.4 mln Avg shrs 85.0 mln vs 76.3 mln NOTE: Net excludes discontinued operations nil vs gain 196,000 dlrs in quarter and loss 293,000 dlrs vs gain 407,000 dlrs in year. Net excludes tax loss carryforward 1,423,000 dlrs vs reversal of tax credit 625,000 dlrs in quarter and credits 5,437,000 dlrs vs 7,261,000 dlrs in year. Results include U.S. Press Inc from November Three acquisition. Reuter
BALTEK CORP < BTEK> 4TH QTR NET NORTHVALE, N.J., March 11 - Oper shr 21 cts vs 34 cts Oper net 480,000 vs 765,000 Revs 6,386,000 vs 5,862,000 Year Oper shr 1.20 dlrs vs 78 cts Oper net 2,692,000 vs 1,732,000 Revs 25.2 mln vs 20.3 mln NOTEL Net excludes tax credit 35,000 dlrs vs reversal of credit 40,000 dlrs in quarter and credits 79,000 dlrs vs 72,000 dlrs in year. Reuter
MARINE CORP < MCRP.O> 3RD QTR NET MILWAUKEE, Oct 20 - Shr 1.24 dlrs vs 1.16 dlrs Net 10.1 mln vs 8,910,000 Nine mths Shr 2.42 dlrs vs 3.30 dlrs Net 19.8 mln vs 25.4 mln Assets 4.3 billion vs 3.8 billion Deposits 3.4 billion vs 3.1 billion Loans 2.6 billion vs 2.3 billion Reuter
FOUR SUGAR CARGOES SOLD TO CHINA YESTERDAY -TRADE LONDON, June 18 - Four cargoes of raw sugar were sold to China yesterday via the London trade to supplement the country's current nearby buying programme, traders said. The sugar was reported sold at around 160 dlrs a tonne c and f for July/August shipment or arrival in September, they said. Some traders said recent Chinese purchases could total as much as 300,000 tonnes, but others, while agreeing a heavy volume had been taken, said an amount less than that figure was involved. China was still believed to be in the market for more sugar, traders said. REUTER
CONSOLIDATE CAPITAL TRUST < CIOTS> 4TH QTR NET EMERYVILLE, Calif., March 25 - Shr 32 cts vs nil Net 1.2 mln vs 100,000 Avg shrs 3,692,000 vs 3,148,000 Year Shr 1.02 dlrs vs 54 cts Net 3.7 mln vs 800,000 Avg shrs 3,607,000 vs 1,461,000 Note: Net is after depreciation. Full name is Consolidated Captial Income Opportunity Trust/2. Reuter
BANKERS TRUST CO RAISES BROKER LOAN RATE NEW YORK, March 11 - Bankers Trust Co said it raised its broker loan rate to 7-1/4 pct from seven pct, effective immediately. U.S. Trust Co, which also quotes its broker loan rate publicly, is posting a 7-1/2 pct rate. Reuter
CLEOPATRA KOHLIQUE INC < CLEO.O> YEAR NET ELMONT, N.Y., June 29 - year ended March 31 Shr three cts vs 11 cts Net 384,723 vs 800,137 Revs 5.1 mln vs 3.5 mln Reuter
CATHAY PACIFIC AIRWAYS LTD < CAPH.HK> YEAR 1986 HONG KONG, March 18 - Shr 46.5 H.K. Cents vs 29.3 Final div 14 cents, making 20 cents (no comparison) Net 1.23 billion dlrs vs 777.5 mln Turnover 9.06 billion dlrs vs 7.52 billion Note - Dividend payable May 29, books close May 11 to 22. Note - Company floated in April 1986 and is now 50.23 pct owned by Swire Pacific Ltd < SWPC.HK>, 16.43 pct by Hongkong and Shanghai Banking Corp < HKBH.HK> and 12.5 pct by < China International Trust and Investment Corp>. REUTER
MARATHON PETROLEUM REDUCES CRUDE POSTINGS NEW YORK, Feb 26 - Marathon Petroleum Co said it reduced the contract price it will pay for all grades of crude oil one dlr a barrel, effective today. The decrease brings Marathon's posted price for both West Texas Intermediate and West Texas Sour to 16.50 dlrs a bbl. The South Louisiana Sweet grade of crude was reduced to 16.85 dlrs a bbl. The company last changed its crude postings on Jan 12. Reuter
XIDEX CORP < XIDX.O> 1ST QTR SEPT 30 NET PALO ALTO, Calif., Oct 19 - Shr 13 cts vs 22 cts Net 5,452,000 vs 9,789,000 Sales 155.7 mln vs 135.1 mln NOTE: Prior year net includes gain 6,556,000 dlrs from sale of shares of Seagate Technology Corp < SGAT.O>. Reuter
MICRO MASK INC < NMS.O> 2ND QTR MAR 31 OPER LOSS SUNNYVALE, Calif., April 13 - Oper shr loss 20 cts vs loss 63 cts Oper net loss 439,000 vs loss 1,347,000 Sales 6,303,000 vs 5,062,000 Six mths Oper shr loss 43 cts vs loss 1.02 dlrs Oper net loss 934,000 vs loss 2,333,000 Sales 12.1 mln vs 9,878,000 Note: oper data does not include 1986 losses from discontinued operations of 60,000 dlrs, or three cts per shr, in qtr and 151,000 dlrs, or seven cts per shr, in six mths. Reuter
GENERAL REFRACTORIES < GRX> TO SELL OPERATIONS BALA CYNWYD, Pa., March 5 - General Refractories Co said it agreed to sell its European refractories and building products operations for about 62 mln dlrs to an Austrian investor group. The European operations had sales of 186 mln dlrs in 1985, the last year for which results have been released, the company said. The sale, to a group headed by Girozentrale Bank of Austria, is subject to shareholder approval by April 24, 1987, it said. Its board has approved the deal, it said. General Refractories' mineral operations are not affected. Reuter
TOTAL SYSTEM SERVICES INC < TSYS> 1ST QTR NET COLUMBUS, Ga., April 7 - Shr nine cts vs seven cts Net 1,356,000 vs 1,041,000 Revs 9.7 mln vs 8.4 mln Reuter
AKZO PLANNING US INVESTMENTS ARNHEM, Netherlands, March 31 - Dutch chemicals group Akzo NV < AKZO.AS> said it hoped to consolidate its core activities this year by making small acquisitions in the US. Akzo chairman Aarnoud Loudon told a news conference on its 1986 report that the company wanted to achieve the same level of US investments it had before it divested its fibre firm American Enka in December 1985, when US investments represented 20 pct of Akzo's total capital. The US expansion plans were not an attempt to compensate for losses in guilder income through the lower dollar, Loudon said. He said a more important factor was the speed of growth in the US, adding "It's the largest industrial market in the world." But he said the company would also be looking at possible acquisitions in Europe. Despite its highly liquid cash flow, Akzo did not plan acquisitions on a scale that would negatively influence the company's debt/equity ratio, Loudon said. The chairman said in the past two years Akzo had spent 1.1 billion guilders on acquisitions, of which nearly two thirds were in the United States. REUTER...
COMSTOCK GROUP INC < CSTK> 4TH QTR LOSS DANBURY, Conn., March 26 - Shr loss 60 cts vs loss 43 cts Net loss 3,012,000 vs loss 2,114,000 Revs 102.8 mln vs 134.9 mln Year Shr loss 1.48 dlr vs loss four cts Net loss 7,338,000 vs loss 180,000 Revs 354.9 mln vs 469.2 mln NOTE: 1986 4th qtr and year net includes a loss of 623,000 dlrs and a gain 1,910,000 dlrs or 39 cts per share for an extraordinary item. Reuter
JACOR < JCOR> TO BUY TWO DENVER RADIO STATIONS CINCINNATI, April 9 - Jacor Communications Inc said it agreed to buy two Denver radio stations from A.H. Belo Corp < BLC> for 24 mln dlrs in cash and notes. Jacor said the two stations are KOA-AM and KOAQ-FM. The acquisitions must be approved by the Federal Communications Commission, Jacor added. Reuter
COASTAL < CGP> CRUDE POSTING UP 50 CTS/BBL NEW YORK, June 18 - Coastal Corp < CGP> said it raised the postings of crude oil 50 cts a barrel across the board, effective yesterday, June 17. The new price for West Texas Intermediate is 19.00 dlrs a barrel. For West Texas Sour the new price is 18.10 dlrs a barrel. Reuter
STRIKE TO CLOSE NEW ZEALAND PORTS ON MONDAY WELLINGTON, March 13 - Harbour workers said they will strike for 24 hours on Monday, effectively closing all New Zealand's ports. The strike is over deadlocked wage negotiations. A Harbour Employees Workers' Union spokesman told reporters there will be no ship movements in and out of ports from midnight on Sunday (1200 hrs GMT March 15). There will be no loading or unloading involving harbour board workers and the Cook Strait ferries, which provide a vital link between New Zealand's North and South Islands, will not run, he added. Reuter
UNIFORCE TEMPORARY PERSONNEL INC < UNFR> 4TH QTR NEW HYDE PARK, N.Y., March 11 - Shr 18 cts vs 14 cts Net 556,036 vs 403,945 Sales 15.6 mln vs 13.6 mln Avg shrs 3,132,555 vs 2,934,285 Year Shr 60 cts vs 48 cts Net 1,805,229 vs 1,400,247 Sales 60.1 mln vs 52.3 mln Avg shrs 3,012,917 vs 2,940,219 NOTE: 1985 share data adjusted to reflect three for two stock split effective June 30, 1986 Reuter
EDELMAN DETAILS BURLINGTON < BUR> OPTIONS SALE NEW YORK, June 1 - A tender offer of Asher Edelman and Dominion Textile Ltd < DTX.TO> for Burlington Idustries Inc is not affected by the investors' sale of options to buy Burlington stock, according to an associate of Edelman. Noting that "our tender offer is definitely in place" the aide said the investors are prohibited by Securities and Exchange Commission regulations from exercising options as long as a tender offer is open. The options are due to expire at the end of June. He said the May 28 sale of options to buy 258,800 Burlington shares was thus a "non-event." Reuter
IRISH OIL CONCERN BOOSTS CENERGY < CRG> STAKE WASHINGTON, March 13 - Bryson Oil and Gas plc, a Belfast, Northern Ireland, oil company which has said it is considering seeking control of Cenergy Corp, said it raised its stake in the company to 1,281,887 shares, or 13.2 pct of the total. In a filing with the Securities and Exchange Commission, Bryson said it bought 440,000 Cenergy common shares on March 10 at eight dlrs each. Previously it had held 841,887 shares, or 8.5 pct. Bryson has request detailed shareholder information from Cenergy in case it decided to communicate with shareholders. But it said Cenergy has made legal challenges to the request. Reuter
ENTERTAINMENT PUBLICATIONS < EPUB> SEES LOSS BIRMINGHAM, Mich., March 26 - 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. Reuter
BLUE ARROW TO ACQUIRE RICHARDS CONSULTANTS NEW YORK, April 13 - Blue Arrow PLC said it signed an agreement to acquire Richards Consultants Ltd for 29 mln dlrs in cash and securities. Richards is a privately-owned New York-based executive recruitment firm. As part of the agreement, Blue Arrow said the four principal shareholders who manage Richards will enter into long-term service contracts with it. The agreement is subject to approval of Blue Arrow shareholders. Reuter
FHLBB REPORTS THRIFT RESULTS IN FOURTH QUARTER WASHINGTON, April 17 - The Federal Home Loan Bank Board said its insured savings and loan associations (thrifts) that made a profit in the fourth quarter of 1986 reported moderate increases in net earnings. It said that the 74 pct of the thrifts reporting profits had net after-tax income of 2.3 billion dlrs, up from 2.0 billion dlrs earned by 77 pct of the profitable industry in the third quarter. For 1986 as a whole, the profitable firms had a net income of 9.2 billion dlrs, up from 7.3 billion dlrs in 1985. It said the 26 pct of the industry that made no profit in the fourth quarter had losses of 3.2 billion dlrs. The figure for the unprofitable firms was up from 2.1 billion dlrs in the third quarter of 1986, it said. Over the year, these firms had total losses of 8.3 billion dlrs, up from 3.6 billion dlrs in 1985. Reuter
NO INTERVENTION, DOLLAR FIXED AT 1.8218 MARKS FRANKFURT, April 7 - The Bundesbank did not intervene as the dollar was fixed lower at 1.8218 marks after 1.8243 yesterday, dealers said. Dealers said dollar trading was very quiet over the European morning, with operators made wary by today's meeting of the Group of Five finance ministers and central bank chiefs ahead of the full IMF/World Bank session in Washington. It was undermined by remarks from U.S. Council of Economic Advisers Chairman Beryl Sprinkel who told Iowa bankers the U.S. Had no objective regarding the value of the dollar. Sprinkel also called the reference to stabilizing exchange rates at about current levels, made at the Paris meeting on February 22, a "vague statement," casting doubt on operators' assumptions that a secret target level had been set. Sprinkel added that if West Germany and Japan made progress to stimulate their economies as the Paris agreement envisaged, "there would not be the necessity of significant declines in the dollar." One dealer for a U.S.-based bank noted the dollar tended easier after the remarks. "They were obviously regarded as being negative. And if the market starts regarding anything that comes out negatively then it means that the underlying sentiment is negative," he said. Some early selling pressure softened the dollar's undertone. Most operators overlooked intervention by the Bank of Japan to support the dollar against selling in favour of the yen by institutional investors and overseas operators, dealers said. After the strong focus on the dollar/yen rate in recent weeks up to the end of the Japanese financial year on March 31, interest and activity was likely to switch, dealers said. "We can start to look at a point in time where the interest shifts away from dollar/yen and more into dollar/mark and the other European currencies," the U.S. Bank dealer said. Despite the softer undertone, traders would remain wary of taking significant new positions during the Washington meetings, dealers said. Aside from the G-5 session today, Bundesbank President Karl Otto Poehl is due to meet the German Affairs group on international monetary issues later. The mark gained some strength from news the Bundesbank set a new securities repurchase tender to add money market liquidity at a fixed 3.80 pct, unchanged from those over the last several weeks. Some expectation had been growing that it might cut the rate or move to a minimum interest rate tender, signalling a desire for a slight easing in credit policy. Bundesbank central bank council member Lothar Mueller said the Bundesbank had not given up its focus on money supply. A monetary policy which took into account exchange rates and capital flows could not be confused with an exchange-rate oriented policy, he said, contradicting some growing sentiment. Sterling eased a touch to 2.950 marks at the fixing from 2.957. The yen's unabated strength, despite the intervention, brought it up to 1.2555 marks per 100 from yesterday's 1.2480. The Swiss franc rose to a fix of 120.515 marks per 100 from 120.180. The French franc eased to 30.055 marks per 100 after 30.060, Belgian franc was little changed at 4.829 marks per 100. REUTER
LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT LONDON, March 9 - Lloyds Bank Plc < LLOY.L> said it is cutting its base lending rate to 10.5 pct from 11 pct, effective tomorrow. The reduction follows similar moves from the three other British clearing banks. National Westminster Bank Plc < NWBL.L> led the way this morning after the Bank of England lowered its dealing rates in a signal that it would tolerate a half percentage point reduction. The central bank's surprise signal followed its strenuous efforts last week to prevent market forces from bringing down base rates before the U.K. Budget on March 17. Reuter
U.S. ENERGY CHIEF SEES PROMISE IN OIL-TAX CHANGE WASHINGTON, March 19 - Energy Secretary John Herrington said his proposed option to raise the oil depletion allowance to 27.5 pct was probably the most economically promising way to spur domestic production. The White House has said it would consider the option although it was generally opposed to any revisions in the new tax code. Herrington told a meeting of the Mid-Continent Oil and Gas Association that the higher depletion allowance on new oil and enhanced oil recovery would cost taxpayers about 200 mln dlrs a year. The option was one of many contained in a report on oil and the national security the Energy Department sent to the White House on Tuesday. Herrington said of the increased depletion allowance option: "that is one that could significantly increase production at a very low cost to the American taxpayer." He again rejected an oil import fee as far too costly to the overall U.S. economy. Reuter
PHILIPPINE TRADE GAP WIDENS IN JANUARY-AUGUST MANILA, Oct 19 - The Philippines' trade deficit widened to 542 mln dlrs in the eight months to end-August from 159 mln dlrs in the same 1986 period, the National Statistics Office said. It said exports in the eight-month period rose to 3.58 billion dlrs from 3.18 billion in 1986, while imports rose to 4.12 billion dlrs from 3.34 billion a year earlier. The country's trade deficit totalled 202 mln dlrs in 1986. REUTER
TAIWAN 1986 BALANCE OF PAYMENTS SURPLUS IS RECORD TAIPEI, March 17 - Taiwan's balance of payments surplus widened to a record 16.62 billion U.S. Dlrs in calendar 1986 from 9.35 billion in 1985, the central bank said. A bank official attributed the increase mainly to Taiwan's growing trade surplus, which increased to a record 16.8 billion U.S. Dlrs in 1986 from 11.2 billion in 1985. He said the deficit on invisible trade narrowed to 740 mln U.S. Dlrs from 1.97 billion. Invisible earnings rose to 6.77 billion from 5.09 billion while invisible spending climbed to 7.51 billion from 7.06 billion, he said. REUTER
ALMOST 200 DEAD IN FERRY DISASTER ZEEBRUGGE, March 7 - There are no more survivors from a British cross-Channel ferry disaster off the Belgian coast and almost 200 people seem certain to have perished, a senior Belgian official said. Jacques Thas, in charge of rescue for the Herald of Free Enterprise, said his men had searched all of the ship except some inaccessible cabins and the control room. "I am afraid there are no more survivors," he said. Thas said 32 of the 543 passsengers and crew were confirmed dead and 160 were missing, bringing the total of dead or presumed dead to 192. REUTER
RECOMMENDATION REITERATED ON WANG LABS < WANB> NEW YORK, MARCH 20 - Analyst Thomas McCrann of Merrill Lynch said he reiterated a "buy" recommendation of Wang Laboratories Inc, noting that a successful cost cutting campaign could reduce the earnings loss expected for the third quarter ending in March. Wang was the most actively traded stock on the American Stock Exchange, rising 3/4 to 16-5/8. McCrann said that "Wang is a little bit ahead of where they were expected to be in their cost reductions, and as a result, the odds have increased that the loss for the quarter will be less than had been expected." McCrann said he expects Wang to report break even earnings per share or only a small loss per share for the third quarter. He said for the year, however, the company should report a loss of about 50 cts a share compared with earnings of about 35 cts a share a year ago. Reuter
U.S. CHIPMAKERS URGE SANCTIONS AGAINST JAPAN WASHINGTON, March 25 - The Semiconductor Industry Association urged the U.S. government to impose trade sanctions against Japan for violating the U.S.-Japan Semiconductor Trade Agreement. In a letter to Treasury Secretary James Baker the group said sanctions should be imposed against Japanese chipmakers as of April 1 and should continue until the United States is satisfied that there is full compliance with the agreement. The group said action by Japan to cut back on semiconductor exports is not what is required. "America's interests require that agreements be honored and that U.S. industries not bear the burden for the persistent unwillingness or inability of the government of Japan to deliver on its commitments," the trade group said. The White House Economic Policy Council is expected to discuss possible sanctions against Japan at a meeting scheduled for Thursday. The trade group said Japan has not lived up to the terms of the agreement last year which was aimed at ending Japanese dumping of semiconductors and at opening Japanese markets to foreign-based manufacturers. Reuter
BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED PARIS, April 9 - The Bank of France said it left its intervention rate unchanged at 7-3/4 pct when it injected funds in the market against first category paper in today's money market intervention tender. Money market dealers had earlier expressed mixed views on the possibility of quarter point cut. The rate was last adjusted on March 9, when it was cut to 7-3/4 pct from the eight pct rate set in January. REUTER
GANTOS INC < GTOS> 4TH QTR JAN 31 NET GRAND RAPIDS, MICH., March 17 - Shr 43 cts vs 37 cts Net 2,276,000 vs 1,674,000 Sales 31.9 mln vs 23.9 mln Avg shrs 5.3 mln vs 4.5 mln Year Shr 90 cts vs 69 cts Net 4,508,000 vs 3,096,000 Sales 98.4 mln vs 75.0 mln Avg shrs 5.0 mln vs 4.5 mln Reuter
SAUDI ARABIA WANTS TO INCREASE OIL SALES TO JAPAN TOKYO, April 17 - Saudi Arabia hopes to increase the volume of its oil exports to Japan through expanding bilateral trade, Saudi Arabian Interior Minister Naif bin Abdul-Aziz said. He told a Tokyo reception his country hopes to raise crude and products exports to Japan to earlier levels, but did not elaborate. To promote trade, Saudi Arabia is inviting Japanese industries to do business there, he said. Japanese firms now have long-term contracts to import a total of 150,000 barrels per day of Saudi crude. REUTER
KENNER PARKER TOYS INC < KPT> 3RD QTR OPER BEVERLY, Mass., Oct 20 - Oper shr 1.22 dlrs vs 88 cts Oper net 13.5 mln vs 11.7 mln Revs 139.1 mln vs 160.5 mln Nine mths Oper shr 2.00 dlrs vs 1.15 dlrs Oper net 22.8 mln vs 15.4 mln Revs 348.8 mln vs 385.9 mln NOTE: 1987 3rd qtr and nine mths oper net excludes gains from tax loss carryforwards of 3,067,000 dlrs and 8,548,000 dlrs respectively. 1986 3rd qtr and nine mths oper net excludes tax carryforward gains of 7,446,000 dlrs and 9,814,000 dlrs, respectively. Reuter
UNOCAL < UCL> RAISED CRUDE OIL POSTINGS BY 50 CTS/BBL NEW YORK, June 18 - Unocal said it raised its postings for crude oil by 50 cts a barrel, effective June 17. The company said it is now posting West Texas Intermediate and West Texas Sour at 19 dlrs a barrel. Unocal said its new Light Louisiana Sweet posted price is 19.35 dlrs a barrel. the price move follows a wave of increases initiated by Sun Co yesterday. Reuter
DEL E. WEBB INVESTMENT PROPERTIES INC < DWPA.O> PHOENIX, June 2 - 1st qtr Shr seven cts vs nine cts Net 166,000 vs 201,000 Revs 801,000 vs 687,000 Reuter
ARKANSAS BEST CORP < ABZ> 3RD QTR NET FORT SMITH, Ark., Oct 20 - Shr diluted 31 cts vs 60 cts Net 3,276,776 vs 6,846,367 Revs 187.7 mln vs 181.3 mln Nine mths Shr diluted 52 cts vs 1.51 dlrs Net 5,301,876 vs 16.4 mln Revs 535.7 mln vs 513.0 mln Reuter
WALLENBERG GROUP RAISES STAKE IN ERICSSON STOCKHOLM, March 30 - Sweden's Wallenberg group said it raised its holding in telecommunications maker Telefon AB L.M. Ericsson < eric.St.> to 37.5 of the voting rights from 28.9 pct. The move by the Knut and Alice Wallenberg Foundation, one of the institutions at the core of the group of companies formed by the late industrialist Marcus Wallenberg, further consolidated group control over one of its key firms, analysts said. The foundation now controls 14.1 pct of Ericsson's voting rights with 22.3 pct held by the group's investment companies < AB Investor> and < Forvaltnings AB Providentia>. The move comes after the Wallenberg group fought off a hostile takeover bid earlier this month for match and packaging conglomerate Swedish Match AB < smbs.St> from arms and chemical concern Nobel Industrier AB < NOBL.ST> by increasing its stake in Swedish Match to 85 pct from 33 pct. REUTER
FEDERATED DEPARTMENT STORES INC < FDS> 4TH QTR CINCINNATI, March 17 - Jan 31 end Shr 3.64 dlrs vs 3.16 dlrs Net 171.3 mln vs 154.0 mln Sales 3.44 billion vs 3.23 billion Avg shrs 47.1 mln vs 48.8 mln Year Oper shr 6.23 dlrs vs 5.88 dlrs Oper net 301.9 mln vs 286.6 mln Sales 10.51 billion vs 9.98 billion Avg shrs 48.5 mln vs 48.8 mln NOTE: Latest year net excludes 14.3 mln dlr charge from loss on early debt extinguishment. Net includes charges 15.7 mln dlrs in both periods of latest year vs charges 23.9 mln dlrs in both periods of earlier year from merger of divisions. Investment tax credits three mln dlrs vs 8,900,000 dlrs in quarter and 4,900,000 dlrs vs 16.4 mln dlrs in year. Latest year net includes nine mln dlr provision for loss on disposition of two Abraham and Strauss stores and preopening expenses for another. Latest year net includes gain from sale of interest in Fort Worth, Texas, shopping center of 9,500,000 dlrs. Latest year net both periods includes gain 9,100,000 dlrs from sale of interest in Memphis, Tenn., shopping center. Prior year net includes gain 6,600,000 dlrs on sale of Boston Store division. Reuter
****** TEXACO CANADA RAISES CRUDE OIL POSTINGS 24 CANADIAN CTS/BBL, LIGHT SWEET NOW 25.60 DLRS/BBL
GENCORP < GY> GROUP TO SEEK ANTI-GREENMAIL VOTE New York, March 18 - GAMCO Investors Inc, an affiliate of Gabelli and Co, plans to propose an anti-greenmail provision at the GenCorp Inc annual meeting March 31, according to GAMCO Chairman Mario Gabelli. Greenmail often involves the repurchase of shares at a premium by a company from an unwanted investor. GenCorp today received a surprise tender offer from a group that holds 9.8 pct of its stock. Gabelli also said GAMCO has sent a 13-D filing to the Securities and Exchange Commission on the 6.5 pct of GenCorp stock held by GAMCO and its affiliates. The stock amounts to 1,462,000 shares and most of it was reported in an earlier 13-G filing. A 13-G is filed by passive investors to show holdings of more than five pct. Earlier today, General Partners, owned by Wagner and Brown and AFG Industries Inc, launched a 100 dlr per share tender offer for GenCorp. Analysts said the offer was between 10 and 20 dlrs per share too low. GenCorp has made no comment on the offer. Gabelli said he also proposes that management consider spinning off all assets, other than the GenCorp broadcast properties, to shareholders. The licenses of the broadcast properties have long been entangled in a series of challenges. "One thing is going to be clear and that is I'm going to the meeting and putting up "no greenmail," Gabelli said. Gabelli said he fears that greenmail might be a motivation in the offer. The annual meeting is to be held in Akron, Ohio. Reuter
ENZO BIOCHEM INC < ENZO> 2ND QTR JAN 31 NET NEW YORK, March 13 - Shr one ct vs three cts Net 123,000 vs 371,000 Revs 2,944,000 vs 2,138,000 Avg shrs 11.4 mln vs 11.6 mln Six mths Shr five cts vs six cts Net 531,000 vs 725,000 Revs 6,200,000 vs 4,128,000 Avg shrs 11.4 mln vs 11.6 mln Reuter
CADILLAC FAIRVIEW SAYS IT RECEIVED TAKEOVER BIDS Toronto, April 9 - < Cadillac Fairview Corp Ltd> said it received proposals to acquire the company, following its announcement last August that it had retained investment dealers to solicit offers for all outstanding common shares. Cadillac Fairview said the offers are subject to clarification and negotiation and offered no further details. Reuter
HRE PROPERTIES < HRE> 1ST QTR ENDS JAN 31 NET NEW YORK, March 17 - Shr 38 cts vs 47 cts Net 2,253,664 vs 2,806,820 Revs 5,173,318 vs 5,873,904 NOTE: 1987 qtr includes 126,117 dlrs, or two cts per share, from gains on sale of property, vs gain 29,812, or less than one cent per share, for prior qtr. Reuter
AMERITECH < AIT> REGULAR DIVIDEND SET CHICAGO, March 18 - Qtly div 1.25 dlrs vs 1.25 dlrs Pay May 1 Record March 31 NOTE: Full name is American Information Technologies Corp Reuter
SUPERMARKETS GENERAL < SGL> GETS UNSOLICITED BID WOODBRIDGE, N.J., March 9 - Supermarkets General Corp said it received an unsolicited proposal from a third party to acquire the company at 41.75 dlrs per share in cash. Supermarkets also said it retained Shearson Lehman Brothers Inc to advise its board of directors on the proposal. Supermarkets General currently has about 38.5 mln shares outstanding. Its stock is currently trading at 34-1/4 on the New York Stock Exchange. The Woodbridge, N.J., supermarket operator of over 180 supermarkets and other specialty retail stores, convenience food stores and drug stores. For the nine months ended November 30, Supermarkets reported net income of 41.7 mln dlrs. Reuter
TOKYO DEALERS SEE DOLLAR POISED TO BREACH 140 YEN By Rie Sagawa TOKYO, Oct 19 - Tokyo's foreign exchange market is watching nervously to see if the U.S. Dollar will drop below the significant 140.00 yen level, dealers said. "The 140 yen level is key for the dollar because it is considered to be the lower end of the reference range. If the currency breaks through this level, it may decline sharply," said Hirozumi Tanaka, assistant general manager at Dai-ichi Kangyo Bank Ltd's international treasury division. The dollar was at 141.10 yen at midday against Friday closes of 142.35/45 in New York and 141.35 here. The dollar opened at 140.95 yen and fell to a low of 140.40. It was 1.7733/38 marks against 1.7975/85 in New York and 1.8008/13 here on Friday, after an opening 1.7700/10. The currency's decline was due to remarks on Sunday by U.S. Treasury Secretary James Baker, dealers said. "The dollar fell over the weekend on increased bearish sentiment after Baker's comments," said Dai-ichi's Tanaka. He said this stemmed from mounting concern that cooperation among the group of seven (G-7) industrial nations to implement the Louvre accord to stabilise currencies might be fraying. The dollar's fall was also prompted by a record one-day drop in the Dow Jones industrial average on Friday and weakness in U.S. Bond prices, dealers said. Baker said the Louvre accord was still operative but he strongly criticised West German moves to raise key interest rates. Operators took Baker's comment to indicate impatience with some G-7 members for failing to stick to the Louvre accord due to their fears of increasing inflation. Rises in interest rates aimed at dampening inflationary pressures also slow domestic demand. West Germany and Japan had both pledged at G-7 meetings to boost domestic demand to help narrow the huge U.S. Trade deficit, Tanaka said. U.S. August trade data showed the U.S. Deficit at a still massive 15.68 billion dlrs. But if West Germany raises interest rates, this would run counter to the pledge, he said. "Operators are now waiting to see if the G-7 nations coordinate dollar buying intervention," said Soichi Hirabayashi, deputy general manager of Fuju Bank Ltd's foreign exchange department. The target range set by the Louvre accord is generally considered to be 140.00 to 160.00 yen, dealers said. "The market is likely to try the 140 yen level in the near future and at that time, if operators see the G-7 nations failing to coordinate intervention, they would see the Louvre accord as abandoned and push the dollar down aggressively," Hirabayashi said. He said the U.S. Currency could fall as low as 135 yen soon. REUTER
SENATOR SAYS ENERGY REPORT ASSUMPTIONS FLAWED WASHINGTON, March 17 - Sen. Pete Domenici, a main sponsor of legislation to set an oil import fee, said the administration's 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
< TEMCO SERVICE INDUSTRIES INC> MERGER ENDED NEW YORK, March 17 - Temco Service Industries Inc said its proposed buyout by chairman Herman J. Hellman and president Harvey Newwman has been terminated by mutual consent, and Temco has no present intention of being acquired by any other party. Reuter
DOLLAR SEEN FALLING UNLESS JAPAN SPURS ECONOMY By Rie Sagawa, Reuters TOKYO, March 17 - Underlying dollar sentiment is bearish, and operators may push the currency to a new low unless Japan takes steps to stimulate its economy as pledged in the Paris accord, foreign exchange analysts polled by Reuters said here. "The dollar is expected to try its psychological barrier of 150.00 yen and to fall even below that level," a senior dealer at one leading bank said. The dollar has eased this week, but remains stable at around 151.50 yen. Six major industrial countries agreed at a meeting in Paris in February to foster currency stability. Some dealers said the dollar may decline in the long term, but a drastic fall is unlikely because of U.S. Fears of renewed inflation and fears of reduced Japanese purchases of U.S. Treasury securities, needed to finance the U.S. Deficit. Dealers generally doubted whether any economic package Japan could adopt soon would be effective enough to reduce its trade surplus significantly, and said such measures would probably invite further U.S. Steps to weaken the dollar. Under the Paris accord, Tokyo promised a package of measures after the fiscal 1987 budget was passed to boost domestic demand, increase imports and cut its trade surplus. But debate on the budget has been delayed by an opposition boycott of Parliamentary business over the proposed imposition of a five pct sales tax, and the government has only a slim chance of producing a meaningful economic package in the near future, the dealers said. If no such steps are taken, protectionist sentiment in the U.S. Congress will grow, putting greater downward pressure on the dollar, they said. The factors affecting the U.S. Currency have not changed since before the Paris accord, they added. "Underlying sentiment for the dollar remains bearish due to a still-sluggish U.S. Economic outlook, the international debt crisis triggered by Brazil's unilateral suspension of interest payments on its foreign debts and the reduced clout of the Reagan administration as a result of the Iran/Contra arms scandal," said a senior dealer at a leading trust bank. "There is a possibility that the dollar may decline to around 140.00 yen by the end of this year," said Chemical Bank Tokyo branch vice president Yukuo Takahashi. But operators find it hard to push the dollar either way for fear of possible concerted central bank intervention. Dealers said there were widespread rumours that the U.S. Federal Reserve telephoned some banks in New York to ask for quotes last Wednesday, and even intervened to sell the dollar when it rose to 1.87 marks. The Bank of England also apparently sold sterling in London when it neared 1.60 dlrs on Wednesday, they said. But other dealers said they doubted the efficacy of central bank intervention, saying it may stimulate the dollar's decline because many dealers are likely to await such dollar buying intervention as a chance to sell dollars. However, First National Bank of Chicago Tokyo Branch assistant manager Hiroshi Mochizuki said "The dollar will not show drastic movement at least to the end of March." Other dealers said the U.S. Seems unwilling to see any strong dollar swing until Japanese companies close their books for the fiscal year ending on March 31, because a weak dollar would give Japanese institutional investors paper losses on their foreign holdings, which could make them lose interest in purchases of U.S. Treasury securities. U.S. Monetary officials may refrain from making any comments this month to avoid influencing rates, they said. REUTER
SPAIN CARGO FIRMS HIRE DOCKERS TO OFFSET STRIKE BARCELONA, June 19 - Cargo handling companies said they were hiring twice the usual number of dockers to offset an intermittent strike in Spanish ports. Spanish dockers began a nine-day strike on Wednesday in which they only work alternate hours in protest at government plans to partially privatize port services. Reuter
CPL REAL ESTATE < CNTRS> SEES LOWER DIVIDENDS DAVENPORT, Iowa, March 31 - CPL Real Estate Trust Investment said its regular quarterly dividend distribution will be lower than its present 26 cts per share, and could be significantly lower starting with the third quarter of 1987. The company, which lowered the payout from 27 cts to 26 cts this current quarter, said it did not know how low the payout would go. The company said the reason for the cutbacks was because it would not be purchasing a property it had anticipated, and alternative investments will produce significantly lower yields than anticipated. Reuter
FRIEDMAN INDUSTRIES INC < FRD> QUARTERLY DIV HOUSTON, March 25 - Qtly div seven cts vs seven cts prior Pay June one Record May four Reuter
CHRYSLER < C> IN DEAL TO BUY AMC < AMO> DETROIT, March 9 - Chrysler Corp said it agreed in principle with French state-owned Renault to acquire American Motors Corp., in which Renault is controlling shareholder, under a deal in which AMC stockholders other than Renault would receive Chrysler common stock with a market value of four dlrs for each AMC common share they hold. Chrysler said the letter of intent for the deal, which needs government and AMC shareholder and board approval, provides that AMC holders will receive not more than .0840 or less than .0687 of a share of Chrysler common for each share of AMC common they hold. more
HEALTH/REHABILITATION < HRP> SETS FIRST PAYOUT CAMBRIDGE, Mass., April 9 - Health and Rehabilitation Properties Trust said its board declared an initial dividend of 55 cts, including 50 cts for the first quarter just ended and five cts from its initial operating period that began December 23. The dividend is payable May 30, record April 20. Reuter
FRANKLIN CALIFORNIA TAX-FREE SETS PAYOUT SAN MATEO, Calif., March 2 - Mthly div 6.5 cts vs 6.5 cts prior Pay March 31 Record March 16 NOTE: Franklin California Insured Tax-Free Income Fund. Reuter
OHIO MATTRESS CO < OMT> 1ST QTR FEB 28 NET CHICAGO, April 7 - Shr 15 cts vs 15 cts Net 2,407,000 vs 2,393,000 Revs 117.2 mln vs 67.1 mln Note: Aggregate judgments in antitrust and other suits of 77 mln dlrs not included in year-ago or 1987 1st qtr results. Company said any portion of this amount, including related interest or attorneys' fees, would be proportionately reflected as a reduction in its minority interest of Sealy recorded on its consolidated balance sheet upon final settlement of litigation. Note: Consolidated balance sheet as of end of 1st qtr reflects after-tax impact of 50 mln dlr settlement won by Sealy licensee in Michigan. 1987 results include all operations of all acquired Sealy-brand licensees and 82 pct of Sealy. Remaining 18 pct of Sealy is recorded as minority interest. Proceeds of 170 mln dlrs from sale of stock and debt were used to reduce balance of revolving credit agreement to 80 mln dlrs. Accordingly, 250 mln dlr obligation to banks under credit agreement was recorded as a long-term liability as of end of 1st qtr. Note: In April, company intends to acquire Michigan Sealy licensee and fund transaction with 25 mln dlrs in cash and borrow balance required from banks. Reuter
TORONTO SUN PLANS TWO-FOR-ONE STOCK SPLIT TORONTO, March 4 - < Toronto Sun Publishing Corp> said it planned a two-for-one split of its common shares, subject to regulatory approval and approval by shareholders at the April 21 annual meeting. Reuter
NATNED FORECASTS 1987 RESULTS IN LINE WITH 1986 THE HAGUE, April 9 - The Netherlands' largest insurer Nationale Nederlanden NV < NTTN.AS> (NatNed) said it expected at least unchanged results in 1987 after reporting 1986 net profits up 5.3 pct to 635.5 mln guilders from 603.4 mln in 1985, Revenues increased by 0.5 pct to 17.35 billion guilders after 17.27 billion the previous year, and the dividend was raised to 2.50 guilders per share from 2.38 guilders in 1985, corrected on a capital increase. The company said guilder revenue and profit were pressured by falls in exchange rates, particularly in the US and Australian dollar and sterling. Without these currency fluctuations, net profit would have been 30.7 mln guilders higher and revenue 1.97 billion higher, NatNed said. The international share in turnover was 50 pct in 1986 compared with 52 pct in 1985. The company's life insurance result fell to 365.7 mln guilders after 428.4 mln in 1985 due to currency influences, tighter interest margins and increased investment. Claim payouts fell to 9.9 mln guilders after 66.6 mln the previous year. The company's total assets reached 69.87 billion guilders in 1986 against 67 billion the year before. Assets per share equalled 65.68 guilders against 65.53. Without these currency fluctuations, net profit would have been 30.7 mln guilders higher and revenue 1.97 billion higher, NatNed said. The international share in turnover was 50 pct in 1986 compared with 52 pct in 1985. The company's life insurance result fell to 365.7 mln guilders aft INTERRUPTED
SANDUSTRY PLASTICS INC < SPI> 4TH QTR NET NEW YORK, March 26 - 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. Reuter
CAROLCO < CRC> MAY BID FOR LIEBERMAN < LMAN.O> MINNEAPOLIS, June 2 - Lieberman Enterprises Inc said Carolco Pictures Inc is negotiating for the acquisition of the 50 pct of Lieberman shares held by the families of chairman David Lieberman and president Harold Okinow at 20.50 dlrs each, and if the deal were concluded, public shareholders would be offered the same price for their shares. Lieberman said the Carolco bid to its public shareholders would be in cash or shareholders could be offered securities as an alternative. The offer would occur within about 90 days after the closing of the sale of the initial 50 pct stake, the company said. The company said a final agreement has not yet been reached on the first transaction, but negotiations are expected to be concluded in early June. Present management is expected to continue to operate Lieberman, the company said. Lieberman distributes prerecorded music, video movies and other products. Reuter
NL INDUSTRIES INC < NL> SET REGULAR PAYOUT NEW YORK, March 4 - Qtly div five cts vs five cts prior Pay March 31 Record March 16 Reuter
KOREANS TO BUY 1.8 BILLION DLRS IN U.S. GOODS WASHINGTON, March 9 - South Korean Foreign Trade Minister Rah Woon Bae said his country's firms have agreed to buy 1.8 billion dlrs worth of U.S. goods during his two-week buying trip to the United States. Rah said most of the purchases represented shifts from Japanese firms to U.S. firms as part of South Korea's effort to reduce its seven billion dlr trade surplus with the United States. South Korea has a five billion dlr trade deficit with Japan. Reuter
FRANKLIN MINNESOTA SETS MONTHLY PAYOUT SAN MATEO, Calif., April 13 - Mthly div 6.6 cts vs 6.6 cts prior Pay April 30 Reord April 15 NOTE: Franklin Minnesota Insured Tax-Free Income Fund. Reuter
FED MAY ADD RESERVES, ECONOMISTS SAY NEW YORK, March 24 - The Federal Reserve may intervene in the government securities market to add reserves today, some economists said, although others felt that the Fed was likely to refrain from any action. Those who believed the Fed will intervene said it would probably add temporary reserves indirectly via 1.5 to two billion dlrs of customer repurchase agreements. But others noted the Fed's current add-need is not large. They also expected the federal funds rate to edge lower. Fed funds, which averaged 6.21 pct on Monday, opened at 6-1/8 pct and remained at that level in early trading. Reuter
REAGAN CALLS FOR VIGILANCE ON CERTAIN EXPORTS WASHINGTON, Oct 19 - President Reagan said the Commerce Department should be vigilant in preventing the flow of strategic technology from reaching the the Soviet Union and other communist countries. He was speaking at the swearing in of C. William Verity as Secretary of the Commerce Department. Verity said the U.S. should make certain that militarily sensitive high technology does not wind up in communist nations. But he also said the U.S. must reduce the list of products of a nontechnological nature, thereby allowing manufacturers to increase exports and jobs. Reuter
SAGE ANALYTICS < SAII> SETS STOCK SPLIT PROVO, Utah, March 30 - Sage Analytics International Inc said its board has declared a three-for-two stock split, payable June 22 to holders of record on June Eight. The company also said it will redeem warrants till outstanding on June Two at 10 cts each. Each two warrants allow the purchase of one common share at six dlrs through June One. There are presently 800,000 warrants outstanding. Reuter
GREECE SAYS IT HAS RIGHT ON AEGEAN OIL DRILLING ATHENS, March 2 - Greece, responding to a warning by Turkey against conducting oil activities in the Aegean Sea, said today it had the right to decide where and how to do research or drilling work in the area. A government spokesman said the Greek position was made clear to Turkey's ambassador Nazmi Akiman when he met Greek Foreign Affairs Undersecretary Yannis Kapsis last week. Acting Turkish Prime Minister Kaya Erdem said earlier today Greek activities in the northern Aegean contravened the 1976 Berne Agreement which set the framework for talks on the Aegean continental shelf disputed between Ankara and Athens. The Greek statement today said, "Greece is not prepared to give up even a trace of its sovereignty rights to the seabed. It has been stressed to...Mr Akiman that the decision where or how to drill belongs exclusively to the Greek government." "The Greek government has repeatedly let the Turkish side know that it considers the 1976 Berne protocol as inactive through the fault of Turkey," it said. The Greek statement said Athens was ready to put the continental shelf issue before international courts. Reuter
INVESTMENT GROUP UPS STAKE IN SCANDINAVIA < SCF> WASHINGTON, March 26 - A multinational shareholder group told the Securities and Exchange Commission it increased its stake in Scandinavia Fund Inc to 35.5 pct, from 30.5 pct. The investors include Ingemar Rydin Industritillbehor AB, of Sweden, and VBI Corp, of the West Indies. Reuter
BOOKER SAYS 1987 STARTS WELL LONDON, March 23 - Booker Plc < BOKL.L> said 1987 had started well and the group had the resources to invest in its growth business both organically and by acquisition. It was commenting on figures for 1986 which showed pretax profits rising to 54.6 mln from 46.5 mln previously. Profits from the U.S. Accounted for 39 pct of the total. The results were broadly in line with analysts' forecasts and the company's shares firmed in morning trading to 421p from 413p at Friday's close. The group ended the year with a cash surplus higher at 54 mln stg, compared to 26 mln previously, after capital expenditure which rose to 54 mln from 43 mln. In a statement, the company said the U.K. Agribusiness group reported excellent profits growth while health products profits rose to 6.5 mln from 5.4 mln. REUTER
JANNOCK < JN.TO> ACQUIRES HALF-STAKE IN PRINTER TORONTO, April 13 - Jannock Ltd said its Jannock Imaging Co Ltd unit acquired a 50 pct stake in Arthurs-Jones Lithographing Ltd, of Toronto, for undisclosed terms. It said the acquisition would lift Jannock Imaging revenues to 50 mln dlrs this year. It did not specify Arthurs-Jones' 1986 revenues. Reuter
COKE AFFILIATE TO SELL DELAURENTIIS < DEG> STAKE WASHINGTON, March 11 - De Laurentiis Entertainment Group Inc said Embassy Communications, a Californai general partnership affiliated with Coca-Cola Co < KO>, plans to sell its 10.1 pct stake in the company. In a filing with the Securities and Exchange Commission for a secondary offering, De Laurentiis said Embassy will offer its entire stake in the company of 964,936 shares of common stock in the public sale. De Laurentiis said it has 9.6 mln shares outstanding. PaineWebber Inc will underwrite the offering. Reuter
NATIONAL DISTILLERS < DR> CLOSES ALMADEN SALE FARMINGTON Conn., March 9 - National Distillers and Chemical Corp said it completed the sale of Almaden Vineyards Inc to Heublein Inc for about 128 mln dlrs. Heublein, a former subsidiary of RJR Nabisco Inc < RJR>, was recently acquired by < Grand Metropolitan PLC>. Almaden, based in San Jose, Calif., makes and sells table wines, champagnes and brandies as well as some premium wines under the Charles Lefranc Cellars label. Reuter
SHIP PREPARES TO LOAD WHEAT FOR FIJI AT GEELONG SYDNEY, June 2 - The French ship Capitaine Wallis, 13,847 dwt, berthed at the port of Geelong in Victoria today to load 8,000 tonnes of urgently needed wheat for Fiji after Australian port unions partly lifted a trade embargo, shipping sources said. The wheat is expected to be loaded tomorrow, an Australian Wheat Board spokesman said. Reuter
WESBANCO < WSBC.O> ACQUIRING BANK OF SISSONVILLE WHEELING, W. Va., June 2 - Wesbanco Inc said its board executed a merger agreement with the < Bank of Sissonville>. When the merger is completed, each of the 50,000 shares of the Bank of Sissonville common stock outstanding will be converted into 2.75 shares of Wesbanco common stock, the company said. The Bank of Sissonville has total assets of 25.5 mln dlrs as of Dec 31, 1986, the company said. Reuter
BALANCE COMPUTER CORP 3RD QTR JAN 31 LOSS BALTIMORE, March 20 - Shr loss one ct vs profit five cts Net loss 34,496 vs profit 207,165 Rev 102,691 vs 297,813 Nine months Shr profit one ct vs profit five cts Net profit 69,018 vs profit 230,188 Rev 641,823 vs 666,319 NOTE: The company was delisted from the NASDAQ in November 1985. Third qtr 1986 net includes extraordinary credit of 76,400 dlrs, or four cts a share. Reuter
GANTOS INC < GTOS> 4TH QTR JAN 31 NET GRAND RAPIDS, MICH., March 20 - Shr 43 cts vs 37 cts Net 2,276,000 vs 1,674,000 Revs 32.6 mln vs 24.4 mln Year Shr 90 cts vs 69 cts Net 4,508,000 vs 3,096,000 Revs 101.0 mln vs 76.9 mln Avg shrs 5,029,000 vs 4,464,000 NOTE: 1986 fiscal year ended Feb 1, 1986 Reuter
GERMAN CALL MONEY EASES AFTER LIQUIDITY INJECTION FRANKFURT, March 11 - Call money eased to 3.75/80 pct from 3.80/85 yesterday following a net injection of 6.7 billion marks at a rate of 3.80 pct in fresh funds from this week's securities repurchase agreement, dealers said. But rates were expected to rise toward the end of the week. A major tax payment period by banks on behalf of customers, payments for the federal railways loan stock and repayments of mark liabilities incurred by foreign central banks with the Bundesbank in the framework of the European Monetary System (EMS) are likely to significantly burden the system. Banks built up minimum reserves today, ahead of the expected outflow. The Bundesbank credited banks with a gross 15.2 billion marks, but some 8.5 billion left the system at the same time as an earlier securities repurchase pact matured. Dealers estimated the EMS related outflow as high as six billion marks. The Bundesbank declined to comment, but a spokesman said yesterday although the funds now due may be allowed to roll over, the possibility that other central banks may choose to redeem them meant a net infusion was needed. Dealers forecast tax payments of 25 and 30 billion marks, but much of it is expected to burden the system only next week. Banks' minimum reserve holdings at the Bundesbank totalled 53.6 billion marks on Monday, averaging 54.0 billion over the first nine days of March. Dealers said although the figure was well above an expected requirement of around 51 billion marks, the expected outflow of funds was so large that banks might find it difficult to meet the requirement toward the end of March. No securities repurchase agreement is expiring next week, but dealers said the Bundesbank could offer fresh liquidity if conditions significantly tighten. "The Bundesbank wants to keep rates around 3.80 pct," one dealer said. REUTER
TELECOM < TELE> SAYS SALE CLOSING DELAYED BOCA RATON, Fla., March 19 - Telecom Plus International Inc said the closing of the sale of its 65 pct interest in Tel Plus Communications Inc to < Siemens AG> has been delayed. The company said it will be continuing its talks with Siemens and based on current circumstances believes the transaction could close next week. Closing had been scheduled for March 16. Reuter
****** GE CREDIT SAYS IT WILL BUY KRAFT INC'S D AND K FINANCIAL CORP
SAUDI RIYAL DEPOSIT RATES REMAIN FIRM BAHRAIN, March 1 - Saudi riyal interbank deposits were steady at yesterday's higher levels in a quiet market. Traders said they were reluctant to take out new positions amidst uncertainty over whether OPEC will succeed in halting the current decline in oil prices. Oil industry sources said yesterday several Gulf Arab producers had had difficulty selling oil at official OPEC prices but Kuwait has said there are no plans for an emergency meeting of the 13-member organisation. A traditional Sunday lull in trading due to the European weekend also contributed to the lack of market activity. Spot-next and one-week rates were put at 6-1/4, 5-3/4 pct after quotes ranging between seven, six yesterday. One, three, and six-month deposits were quoted unchanged at 6-5/8, 3/8, 7-1/8, 6-7/8 and 7-3/8, 1/8 pct respectively. The spot riyal was quietly firmer at 3.7495/98 to the dollar after quotes of 3.7500/03 yesterday. REUTER
UAL < UAL> HAS NO COMMENT ON STOCK RISE NEW YORK, April 8 - UAL Inc, citing company policy, told the New York Stock Exchange it would not comment on the unusual rise in its stock. UAL, parent of United Airlines, closed up 6-1/4 at 72 on volume of 3.9 mln shares. Wall Street traders said UAL's stock soared in response to the the proposed 4.6 billion dlr buyout offer by United Air's pilots union and on a general rise in air fares throughout the industry. Reuter
WICHITA INDUSTRIES INC < WRO> 4TH QTR NET DENVER, March 30 - Shr profit 32 cts vs profit eight cts Net profit 936,000 vs profit 249,000 Revs 348,000 vs 1,150,000 Year Shr loss 2.15 dlrs vs loss 19 cts Net loss 6,095,000 vs loss 469,000 Revs 1,554,000 vs 4,254,000 NOTE: Results include credits of 556,000 and 1,141,000 for the latest qtr and yr vs 112,000 and 656,000 for prior periods from tax loss carryforwards. Results include after-tax gains of 567,000 for both 1986 periods vs loss of 45,000 for prior periods on disposal of discontinued operations. Prior periods restated to reflect sale of discontinued operations. Reuter
DIGITECH INC < DGTC> 1ST QTR JAN 31 NET ST. LOUIS, March 16 - Shr two cts vs eight cts Net 270,000 vs 1,212,000 Revs 1,858,000 vs 1,420,000 Avg shrs 16,817,618 vs 12,507,671 Reuter
QUAKER STATE < KSF> ARRANGES 100 MLN DLR CREDIT OIL CITY, Pa, March 19 - Quaker State Oil Refining Corp said it signed a 100 mln dlr revolving credit and term loan agreement with a group of six banks, for which Mellon Bank N.A. is agent. The four-year arrangement has an additional four-year term loan amortization agreement, Quaker said. Quaker said the credit line will be used to finance expansion plans. Quaker's total capital spending program for 1987 is expected to exceed 125 mln dlrs, it said. In 1986, the company's capital spending totaled 71.0 mln dlrs. Quaker also said costs of new store openings and new product introductions will depress earnings in the first half. For the first half of 1986, Quaker reported net income of 26.0 mln dlrs on sales of 473.5 mln dlrs. In the first two months, Quaker opened about 25 new stores. It said it expects to add 150 Minit-Lube fast lubrication service centers in 1987 at a cost of 75 mln dlrs. The company said it is optimistic it will recover in the second half and report higher earnings for full year fiscal 1987. The company reported net income of 50.3 mln dlrs on sales of 899.1 mln dlrs for 1986. Reuter
UAW SAYS IT BACK CHRYSLER < C>, AMC < AMO> MERGER DETROIT, March 9 - The United Auto Workers < UAW> union said it supports Chrysler Corp's proposal to buy American Motors Corp as creating "a good match that potentially points the way to a more secure future for workers at both companies." "We believe our members' interests can be well served within the Chrysler family, and we are committed to making that happen," UAW president Owen Bieber and vice president Marc Stepp said in a statement. "We believe Chrysler's purchase is a logical and sound step for all concerned," the union said. The UAW is negotiating with AMC over the carmaker's demand for economic concessions covering workers at its Wisconsin operations, without which AMC has said it would cease vehicle production at its Kenosha, Wisconsin, assembly plant by 1989. Reuter
PERINI CORP < PCR> SETS QUARTERLY FRAMINGHAM, Mass., March 11 - Qtly div 20 cts vs 20 cts prior Pay June 16 Record May 22 Reuter
ATCOR < ATCO> CUTS DIVIDEND HARVEY, Ill., March 26 - Atcor Inc said it cut its quarterly dividend to three cts per share from 12 cts because of depressed earnings. The dividend is payable April 15 to holders of record April 6. It said it will continue to review the dividend on a quarterly basis. Reuter
WOOLWORTH < Z> COMPLETING TENDER OFFER NEW YORK, Oct. 19 - FW Woolworth and Co said that 2,223,996 shares of Armel Inc's < AML> common stock were tendered to and accepted for payment by Woolworth, under the terms of the previosuly announced cash tender offer which expired at 2400 midnight EDT on October 16. In addition, Woolowrth said 137,367 Armel shares have been tendered subject to guaranteed delivery. Woolowrth said as a result of the tender offer and options which it has exercised to purchase Armel stock, FWW Acquisiton Corp, a Woolworth unit, today expects to own about 91.75 pct of Amrel's outstanding stock. Woolworth said the percent it owns does not include 583,650 Class A shares of Armel, which were tendered or will be purchased pursuant to the options. As previuosly announced, FWW will now proceed with the cash merger in which all shares of Armel, other than those held by FWW or Woolworth, will be entitled to receive 7.75 dlrs per share. Woolworth said it expects to consummate the deal later this year. Armel is a specialty retailer of a broad line of athletic and leisure footwear, accessories and other sportswear. Reuter
THAILAND TO RENEW LONG TERM SUGAR CONTRACTS -TRADE LONDON, April 9 - Thailand is to negotiate tomorrow with selected trade houses for renewal of long term raw sugar sales contracts, to cover the next five years at a rate of 60,000 tonnes annually, traders said. They also reported vague talk Algeria may be seeking 50,000 tonnes of raws tomorrow but details are unclear. REUTER
GREAT AMERICAN MANAGEMENT < GAMI> 2ND QTR LOSS CHICAGO, March 17 - Period ended Jan 31 Shr loss 89 cts vs loss 82 cts Net loss 5,187,000 vs loss 5,362,000 Revs 128.4 mln vs 50.3 mln Six mths Shr loss 1.27 dlrs vs loss 1.04 dlrs Net loss 7,015,000 vs loss 6,790,000 Revs 264.7 mln vs 97.3 mln NOTE: Full name is Great American Management and Investment Inc Reuter
SUBROTO SEES OIL MARKET CONTINUING BULLISH JAKARTA, March 13 - Indonesian Energy Minister Subroto said he sees the oil market continuing bullish, with underlying demand expected to rise later in the year. He told a press conference in Jakarta at the end of a two-day meeting of South-East Asian Energy Ministers that he saw prices stabilizing around 18 dlrs a barrel. "The sentiment in the market is bullish and I think it will continue that way as demand will go up in the third or fourth quarters," Subroto said. Asked about the prospect for oil prices, he said: "I think they will stabilise around 18 dlrs, although there is a little turbulence ..." "Of course the spot price will fluctuate, but the official price will remain at 18 dlrs," he added. REUTER
TELEBYTE TECHNOLOGY INC < TBTI> YEAR GREENLAWN, N.Y., APril 3 - Shr loss 10 cts vs loss 13 cts Net loss 197,779 vs loss 245,190 Revs 4.0 mln vs 3.1 mln Reuter
U.S. TRADE DEFICIT 38.37 BILLION DLRS IN 4TH QTR WASHINGTON, March 11 - The U.S. merchandise trade deficit on a balance of payments basis was a record 38.37 billion dlrs in the October to December fourth quarter, the Commerce Department said. The record trade shortfall came after a revised 37.15 billion dlr third quarter deficit. The department previously reported the third quarter deficit was 37.67 billion dlrs. For the full year 1986, the merchandise trade deficit was a record 147.7 billion dlrs, up from 124.4 billion dlrs in 1985, the department said. During the final quarter last year imports rose 2.78 billion dlrs or three pct to 95.7 billion dlrs, while exports rose 1.56 billion dlrs or three pct to 57.33 billion dlrs. The trade report on a balance of payments basis excludes such factors as military sales and the costs of shipping and insurance. The Commerce Department said non-petroleum imports in the quarter were up 2.7 billion dlrs or three pct to 87.7 billion dlrs, with the largest increases in consumer goods, which rose 1.2 billion dlrs, and in non-monetary gold and passenger cars from Canada, up 900 mln dlrs each. Lumber imports from Canada fell 300 mln dlrs or 33 pct because of a 15 pct duty on imports from Canada, the department said. Passenger car imports fell 600 mln dlrs because of an 18 pct decrease in the number of South Korean-made imported cars and a nine pct decrease from Japan. On the exports side, agricultural exports rose 600 mln dlrs or nine pct to 7.1 billion dlrs, primarily because of a 104 pct or 600 mln dlr increase in soybean exports. Soybean shipments to Western Europe rose sharply because supplies from Brazil, a traditional major exporter, were limited by drought. Commerce said the U.S. trade deficit with Latin America rose 900 mln dlrs to 2.6 billion dlrs, with Japan increased 700 mln dlrs to 14.8 billion dlrs and with Western Europe rose 200 mln to 7.2 billion dlrs in the quarter. The deficit with newly industrialized Far East countries, including Hong Kong, South Korea, Singapore and Taiwan, fell 500 mln dlrs to eight billion dlrs and with Canada the deficit decreased 200 mln dlrs to 3.3 billion dlrs in the quarter. In the full year 1986, imports rose 30.6 billion dlrs or nine pct to 369.5 billion dlrs. Exports increased by only 7.3 billion dlrs or three pct to 221.8 billion dlrs. Commerce said petroleum imports during 1986 fell 16.6 billion dlrs or 33 pct to 33.9 billion dlrs because of lower prices. The average price per barrel decreased to 14.72 dlrs from 26.41 dlrs. Agricultural exports fell by 2.6 billion dlrs or nine pct to 26.9 billion during the year. The average price of rice fell 27 pct, cotton was down 22 pct, corn 18 pct, wheat 16 pct and soybeans nine pct. The trade deficit with Japan for all of 1986 rose 11.1 billion dlrs to 54.6 billion dlrs and with Western Europe increased 7.2 billion dlrs to 28.6 billion dlrs. Reuter
WALLACE COMPUTER SERVICES INC < WCS> DIVIDEND HILLSIDE, ILL., March 11 - Qtly div 15 cts vs 15 cts previously Pay June 19 Record June One Reuter
NO INTERVENTION, DOLLAR FIXED AT 1.8063 MARKS FRANKFURT, March 30 - The Bundesbank did not intervene as the dollar was fixed lower at 1.8063 marks after 1.8231 on Friday, dealers said. Business calmed down after a hectic start, with European operators sidelined because of uncertainty about the short-term direction of the dollar, dealers said. "At the moment, all the action is taking place in New York and Tokyo," one said. The U.S. Currency traded within a 145 basis point range in Europe, touching a low of 1.7940 and a high of 1.8085 marks. But it remained within a narrow 40 basis point span around 1.8050 marks after the first hour of European trading. Comments by Japanese officials and Bank of Japan dollar support had pushed it above 145 yen and 1.80 marks after falling as low as 144.50 and 1.7860 respectively in Tokyo. REUTER
VENEZUELA TO LEND ECUADOR 50,000 BPD OF CRUDE CARACAS, March 12 - Venezuela will lend Ecuador 50,000 barrels per day of crude oil over the next few months to help it meet its export commitments, Energy and Mines Minister Arturo Hernandez Grisanti said today. He said that under the terms of this loan, agreed during a visit here this week by Ecuador's Deputy Energy Minister Fernando Santos Alvite, Ecuador will begin repaying the loan in August. Hernandez Grisanti said the loan will go part way to offsetting the loss of Ecuador's 140,000 in exports caused by earthquake damage to 25 miles of pipeline last week. Ecuador was forced to suspend exports after the pipeline connecting its jungle oil fields with the pacific port of Balao was put out of action. Venezuela has an output quota of 1.495 bpd, while Ecuador's is 210,000 bpd. Santos Alvite said Ecuador will ask OPEC to allow it to produce 100,000 bpd above its quota when the pipeline is repaired to offset present production losses. Hernandez Grisanti said also a first 300,000 barrels shipment of Venezuelan crude oil will leave for Ecuador this weekend to help meet domestic consumption needs. The oil, part of a five mln additional crude oil loan by Venezuela, will be processed at Guayaquil refineries. "If we had not supplied oil to Ecuador the life of this country would have ground to a halt," he said. Reuter
AETNA < AET> TO SELL CANADIAN OPERATIONS HARTFORD, Conn., March 5 - Aetna Life and Casualty Co said its Aetna Life and Casualty of Canada Ltd subsidiary has agreed in prnciple to sell its casualty-property subsidiary, Aetna Casualty Co of Canada to < Laurentian Group> of Montreal for undisclosed terms. The company said the agreement is subject to Canadian government approval. Reuter
RENOUF EXTENDS BENEQUITY HOLDINGS < BH> OFFER repeat NEW YORK, March 16 - Renouf Corp International said it has extended the expiration of its offer to pay 31 dlrs a unit to buy all outstanding units of Benequity Holdings a California Limited Partnership to March 24 from March 13. As of March 13, Renouf said, about 3,847,375 units had been tendered. Renouf pointed out this exceeds the minimum number sought in the offer, but its statement gave no reason for the extention. Benequity has 5.7 mln units outstanding. Reuter
U.K. AND GERMANY LEAD ATTACK ON EC FARM REFORMS By Paul Mylrea, Reuters BRUSSELS, March 16 - Britain and West Germany told their European Community partners they would strongly oppose major elements of proposals to rid the EC of its farm surpluses. At a meeting of EC foreign ministers, Britain called for a full debate on a proposed tax on edible oils and fats that has already angered EC consumer groups and unleashed Washington-led protests from exporters to the EC, diplomats said. West Germany, also opposed to the oils and fats tax, will advise the meeting formally later today it cannot countenance other proposals that could hit German farmers, they added. They said West Germany's objections were put in a letter this weekend from Chancellor Helmut Kohl to Jacques Delors, the president of the EC's Executive Commission which had put forward the proposals last month in a bid to avoid a new EC cash crisis. Kohl reiterated German objections to proposed cereals production curbs but reserved his harshest criticism for a proposed dismantling of Monetary Compensatory Amounts (MCAs) - a system of cross-border subsidies and taxes which level out foreign exchange fluctuations for farm exports. Kohl made clear the dismantling would mainly hit German farmers who, without MCAs, would find it much more difficult to export to weaker currency states, which means virtually all other 11 EC states, diplomats said. Britain initiated the discussion on the proposal to impose a hefty tax on domestic and imported oils and fats because it could seriously damage EC trade relations. The diplomats said the United States had been the most outspoken among foreign critics of the proposal, describing it as a breach of the EC's obligations under the world trade body GATT. But protests had also come from other exporters to the EC, such as Senegal, Malaysia, Indonesia, Brazil, Argentina, Iceland and Norway, they added. Britain has often lined up against West Germany on the farm reform issue in the past but is keen to avoid measures that could spark a damaging trade war with the U.S. Foreign ministers were unlikely to take a decision on either the oils and fats tax or the MCA proposals today, diplomats said. But their discussion should make clear that neither has a chance of surviving when it comes up for substantive consideration by EC farm ministers later this month, they added. REUTER
HARRIS CUTS STAKE IN BELL INDUSTRIES < BI> WASHINGTON, March 3 - Harris Associates L.P., a Chicago investment advisory limited partnership, said it lowered its stake in Bell Industries Inc to 1,015,800 shares, or 18.7 pct of the total outstanding, from 1,083,800 shares, or 20.0 pct. In a filing with the Securities and Exchange Commission, Harris said it sold 68,000 Bell common shares between Dec 18 and Feb 20 at prices ranging from 20.25 to 25.24 dlrs each. Harris said its dealings in Bell stock are on behalf of its advisory clients. Reuter
DOCUGRAPHIX INC < DOCX> 3RD QTR JAN 31 LOSS CUPERTINO, Calif., March 16 - Shr loss six cts vs loss 18 cts Net loss 31,896 vs loss 753,518 Revs 840,075 vs 716,361 Avg shrs 5.45 mln vs 4.17 mln Nine mths Shr loss 25 cts vs loss 55 cts Net loss 1,271,972 vs loss 2,115,662 Revs 2,071,676 vs 1,933,562 Avg shrs 5.02 mln vs 3.85 mln Reuter
REAGAN SAYS U.S. NEEDS TO LESSEN OIL IMPORTS WASHINGTON, March 19 - President Reagan said the United States must do more to lessen its reliance on imported oil. President Reagan said during a nationally televised news conference that the rising U.S. reliance on foreign oil is a problem that the administration is studying. "We have to study this more," Reagan said. "This is why we increased the Strategic (Petroleum) Reserve, but we have to do more," he said. Reagan said his administration has already proposed deregulating natural gas and eliminating the windfall profits tax on crude oil production. However, he complained that Congress had not yet approved those measures. The Department of Energy earlier this week released a report that warned of rising U.S. reliance on foreign oil imports at a time when domestic production is declining. It suggested options for the administration to consider, but made no specific recommendations. Reuter
PIONEER-STANDARD ELECTRONICS INC < PIOS> PAYOUT CLEVELAND, March 25 - Qtly div three cts vs three cts prior Pay May One Record April Eight Reuter
LVI GROUP INC < LVI> 4TH QTR NET NEW YORK, March 12 - Oper shr profit two cts vs loss 19 cts Oper net profit 523,000 vs loss 2.2 mln Revs 102.5 mln vs 39.9 mln 12 mths Oper shr profit 11 cts vs loss 29 cts Oper net profit 2.2 mln vs loss 2.9 mln Revs 304.4 mln vs 50.3 mln NOTE: All 1986 and last two months of 1985 include results of NICO Inc acquired Oct 1985. Prior year excludes discontinued operations loss of 14 cts per share in the quarter and loss 18 cts a share in the year. 1986 excludes extraordinary gain of two cts per share in the quarter and four cts per share in the year. Reuter
TELEPHONE AND DATA SYSTEMS INC < TDS> YEAR NET CHICAGO, March 17 - Oper shr 94 cts vs 93 cts Oper net 8,889,000 vs 8,570,000 Revs 155.0 mln vs 123.4 mln Avg shrs 9,450,000 vs 9,174,000 NOTE: Net excludes discontinued operations a gain of 4,679,000 dlrs, or 50 cts a share vs a loss of 720,000 dlrs, or seven cts a share. 1986 net includes charge of 865,000 dlrs from repeal of investment tax credits Company corrects 1985 year per-share operating net in table which originally ran march 10 Reuter
ARMSTRONG WORLD < ACK> UNIT BUYS PLANT THOMASVILLE, N.C., March 20 - Armstrong World Industries Inc said its Gilliam Furniture affiliate has purchased a 130,000 square foot building in Troutman, N.C., for undisclosed terms. It said the new plant is expected to be in operation before year-end and and will more than double Gilliam's production capacity for upholstered furniture. Reuter
CANADA SEEKS FIVE YEAR FARM REFORM PLAN OTTAWA, Oct 20 - Canada will propose at the new round of international trade talks that most trade-distorting farm subsidies be phased out over a five year period, Trade Minister Pat Carney said. "Agricultural subsidies and trade barriers have created a vicious circle which continues to cause problems of overproduction and low commodity prices," Carney told the House of Commons. Carney was outlining the government's new position on the farm trade problem that was tabled on Tuesday in Geneva in the multilateral talks under the GATT (General Agreement on Tariffs and Trade). While few details were released, Carney said the government would also be pressing for an improvement in market access and new measures to ensure countries do not erect artificial barriers. "Under the Canadian proposal, all countries would have to ensure that domestic policies and programs to address the specific needs of their farm sectors do not distort trade," a government background paper said. "Furthermore, in assessing the trade impact of programs, credit could be given to countries which effectively control the output of farm products," the papers said. Reuter
NEW ZEALAND PRESS GROUP BUYS MORE TEXAS NEWSPAPERS WELLINGTON, March 17 - < Independent Newspapers Ltd> (INL) said it bought two more community newspapers in Houston, Texas, through a subsidiary there, for an undisclosed sum. INL said in a statement < Houston Community Newspapers Inc> bought the South West Advocate and the South Bend Advocate, with combined circulation of 74,000 copies, and associated assets, from < The Advocate Communications Corp Inc>. INL publishes Wellington's morning and evening newspapers as well as New Zealand provincial dailies and newspapers in Rhode Island. Just under 40 pct of INL is owned by < News Ltd>, an Australian subsidiary of News Corp Ltd < NCPA.S>. Production and administration of the two publications would be transferred to the company's existing centre in Houston. INL said the acquisition took effect on March 1. INL chairman Alan Burnet said the purchase would enable the subsidiary to offer advertisers a combined distribution of nine community newspapers to 340,000 homes in the greater Houston area. Trading conditions in the area are particularly difficult because the city's economy depends to a large extent on the fortunes of the petroleum industry, but the situation should improve in the medium to long term and the investment will prove to be sound, he said. REUTER
BROCKWAY INC < BRK> 3RD QTR NET JACKSONVILLE, Fla., Oct 19 - Shr 98 cts vs 70 cts Net 12.3 mln vs 8,699,000 Sales 284.7 mln vs 280.7 mln Nine mths Shr 2.83 dlrs vs 2.23 dlrs Net 35.3 mln vs 27.6 mln Sales 824.6 mln vs 818.4 mln NOTE: Share adjusted for December 1986 three-for-two split. Reuter
EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE By Richard Murphy, Reuters ZURICH, April 9 - European currency markets reacted quietly to the G-7 communique, with comments from bankers and dealers ranging from disappointment that it was not more concrete to surprise that the markets should have expected so much. The dollar opened lower against virtually all currencies and traded in a narrow range after the communique, which reaffirmed support for the Paris accord on currency stabilisation but contained no moves to strengthen it. Dealers in Frankfurt and Zurich saw the dollar remaining broadly entrenched in its current trading range. "The dollar is likely to stay within a range of 1.80 to 1.84 marks," said Gisela Steinhaeuser, senior dealer at Chase Bank AG. She said there was some resistance to further climbs. However, she said the dollar could break out of the range with major surprises such as a worse-than-expected U.S. Merchandise trade deficit, due next Tuesday. Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd in Zurich, said he expects the dollar to hold steady against the mark and Swiss franc but to weaken further against the yen, possibly to 140 yen. A Milan banker shared Stadelmann's view, saying he expects a dollar-yen range of 140-150 in the short term. London traders said the G-7 communique failed to curb underlying bearishness toward the dollar but this negative sentiment was not yet strong enough to tempt interbank operators to test the downside. Concern that finance ministers and officials still in Washington could issue more concrete statements in favour of currency stabilisation kept players sidelined, along with worries about provoking fresh central bank intervention in the long term, the traders said. Most Paris dealers expressed disappointment at the communique, saying nothing has changed to reverse the dollar's downward trend. Traders in several centres said the market would look for fresh opportunities to test the willingness of central banks to defend current ranges, which the communique said were "broadly consistent with economic fundamentals and the basic policy intentions outlined at the Louvre meeting." Dave Jouhin, senior dealer at Midland Bank in London, said "They're going to put somebody's resolve to the test soon." The U.S. February trade data may provide the trigger, dealers said. However, some dealers said London-based operators would be unlikely to open major positions next week ahead of the long Easter weekend. They saw near-term technical support at 1.825 marks and 145 yen and resistance about 1.83 marks and 146 yen. Chase Bank's Steinhaeuser and other Frankfurt dealers said the G-7 communique guaranteed a relatively calm and stable market for the foreseeable future compared with the extreme volatility seen in the first few months of this year. One dealer at a German bank said the wording of the communique made clear the leading nations did not want a further dollar drop, and this was supporting the dollar. The German dealer saw the dollar gradually appreciating to 1.87 marks, broadly seen as its upper limit within the Louvre accord's supposed currency target range. A Swiss bank economist said he believed the markets were ready for a period of "mainly sideways movement." But Milan dealers were sceptical about the communique contributing to greater stability. "Nothing has changed substantially to give the dollar a big boost," said one dealer, while another Italian banker said he expects the dollar to trade between 1.77 and 1.87 German marks in the next three months. Reuter
< DAEWOO CORP> CALENDAR 1986 SEOUL, March 2 - Div 50 won vs 50 won Net profit 35.4 billion won vs 34.2 billion Sales 4,214.9 billion won vs 3,779.2 bilion Note - company has set 1987 sales target of 5,200 billion. REUTER
MACGREGOR SPORTING GOODS INC < MGS>2ND QTR JAN 31 EAST RUTHERFORD, N.J., March 17 - Shr one cent vs nine cts Net 51,057 vs 554,878 Sales 24.5 mln vs 21.3 mln First half Shr 15 cts vs five cts Net 1,026,479 vs 313,676 Sales 48.4 mln vs 37.4 mln NOTE: Net includes gains of 28,000 dlrs, or one cent a share, vs 61,000 dlrs, or seven cts a share, in quarter and 453,000 dlrs, or seven cts a share, vs 61,000 dlrs, or one cent a share, in half from tax loss carryforward Reuter
ADVANCED TELECOMMUNICATIONS < ATEL.O> TO BUY CO ATLANTA, Ga., June 1 - Advanced Telecommunications Corp said it reached an agreement in principle to purchase < Teltec Savings Communications Co>, a long distance telephone service in Florida. The proposed acquisition price is approximately 17.5 mln dlrs in cash, the company said. Reuter
SNET < SNG> SEES GOOD 1987 EARNINGS NEW YORK, April 1 - Southern New England Telecommunications Corp, SNET, said it expects to have good earnings in 1987 against 4.46 dlrs per share or 139.2 mln dlrs in 1986. The company also said it expects capital spending to rise to about 355 mln dlrs in 1987, up from 289 mln dlrs a year ago. However, senior vice president of finance Daniel Miglio told a meeting of analysts that there was some uncertainty in its earnings outlook because SNET is currently involved in negotiations with state regulators on its rate of return on equity which currently stands at 16.2 pct. The company also said it expects its SNET Systems business, which is composed of some of its non-regulated businesses, to be profitable by the end of the year. Reuter
TALKING POINT/WENDY'S INTERNATIONAL < WEN> By Patti Domm, Reuters New York, March 23 - Takeover speculation buoyed Wendy's International Inc's stock, even after Coca Cola Co took the fizz out of market rumors by denying it was an interested suitor. Wendy's retreated from an earlier high of 13-3/8, and lost a point when Coca Cola < KO> said the rumors were untrue. However, Wendy's remained up 5/8 at 12-3/8 on volume of more than three mln shares. Several analysts were skeptical of the rumors, yet they said they could not conclude a takeover of the fast food restaurant chain was impossible. Wendy's declined comment on takeover rumors of all kinds. Yet, a Wendy's spokesman said the company was aware of a Business Week article, which named Coke as a potential suitor and which market sources said helped ignite the rumor mill. Market sources mentioned Anheuser-Busch Inc < BUD> and Pepsico Inc < PEP> as alternatives to Coke as acquirers. Neither of those companies would comment, nor would the Wendy's official. "It doesn't happen every day, every week, every month, but its not unusual for us to be linked with those companies," said Denny Lynch, Wendy's vice president of communications. However, Lynch would not comment specifically on the current market rumors. Even before Coke denied the rumors, analysts had been skeptical of a takeover since Atlanta-based Coke has stated it views fast food chains as customers and does not want to become a competitor to them. "I can't put another name on it," said Kidder peabody analyst Jay Freedman as vaguer rumors continued to hold up Wendy's stock. "It very well could be someone's interested." But Freedman said he doesn't believe now is the right time for Wendy's to be sold. "They're obviously having operational difficulties. I've always believed at the right price Wendy's would consider (an offer), but I can't believe this is the right price at the right time," Freedman said. "If a transaction takes place, the buyer's going to control the situation," Freedman said. "I just don't think there's anything going on. I don't think it's worth much more than where it is," said Joseph Doyle of Smith Barney. Analysts said Wendy's has suffered largely from the "burger wars" between itself, McDonald's Corp < MCD> and Pillsbury Co's < PSY> Burger King chain. Wendy's, the third largest fast food hamburger chain in the U.S., lost about 11 pct in same store sales last year, analysts said. Wendy's also fumbled when it introduced a high-priced breakfast, which it has since withdrawn, analysts said. Some analysts said the company should be bringing in new products, but it is too soon to predict a significant turnaround. There are analysts, however, who believe Wendy's may be vulnerable to a takeover. James Murren of C.J. Lawrence said Wendy's could be worth 14 to 15 dlrs on a break-up basis. He said the company has improved its debt-to-equity ratio and Wendy's owns a high percent of its own restaurants - 38 pct of 3,500. "They also have some attractive leaseholds on their restaurants," Murren said. Murren said that despite the downturn in sales last year, Wendy's real sales, store for store, turned upwards in the fourth quarter. "That was about the first time in seven quarters," he said. Caroline Levy of E.F. Hutton also believes something could be going on with Wendy's. "My gut feeling is something's going to happen. I don't know what," she said. She estimated a takeover price would be at least 15 dlrs per share. One analyst speculated that Coke became the rumored suitor because Wendy's decided to sell Coke at its fountains instead of Pepsi. Wendy's is currently embroiled in litigation brought by Pepsi, which holds a contract with the company, analysts said. Pepsi's soda is still sold in the Wendy's restaurants. Reuter
NATIONAL PIZZA < PIZA> CORRECTS FIGURE PITTSBURG, Kan., March 16 - National Pizza Co said the seven Straw Hat Piza restaurants in Los Angeles and Bakersfield, Calif., that it announced plans to buy Friday are expected to generate annual sales of about 3,800,000 dlrs, not the eight mln dlrs the company originally announced. The company said it will convert the restaurants to Pizza Hut units. Closing is expected around March 31. Reuter
FURTHER DECLINES IN U.S. DEBT FUTURES POSSIBLE By Brad Schade, Reuters CHICAGO, April 1 - After an already steep fall in the past week, U.S. interest rate futures may be in for further declines in the near term, financial analysts said. However, some analysts said recent sharp losses in bond futures have left the bond market somewhat oversold, and the contracts on long-term debt could stage a recovery before resuming their decline. Key to the near-term direction of futures will be the course of the dollar, they said. "As the dollar goes, so goes the bond market," said Dean Witter analyst Karen Gibbs. The recent decline in the dollar, which hit a 40-year low against the Japanese yen Monday, was reversed Wednesday when several large U.S. money center banks unexpectedly raised their prime lending rates by a quarter point, to 7-3/4 pct. "Even though the prime rate cut was good for the dollar, foreign exchange traders are not convinced the dollar decline is over," Gibbs said. The dollar decline was key in recent weakness in debt futures as it rekindled concern about a pickup in inflation. Indeed, the falling dollar may have been a key topic at the meeting of the Federal Reserve's policy making arm, the Federal Open Market Committee, this week, analysts said. "To the Fed, the combination of a falling dollar, a steepening yield curve, and rising commodity prices look suspiciously like the traces of expectations of accelerating inflation," said Denis Karnosky, analyst at Carroll, McEntee and McGinley Inc. Such expectations could mean that "a shift in policy toward restriction of bank reserves is likely to get very serious consideration," at the FOMC meeting, he said. Any such restriction of reserves will not be a highly visible form of monetary tightening, Karnosky said. Rather, the key to detecting a change will be found in seasonal and adjustment borrowing at the discount window, he said. Borrowings have held near a weekly average of 300 mln dlrs over the past several months, he said. In the meantime, however, "the market looks a bit oversold," said Jim Wysoglad, analyst at Golden Gate Futures. Wysoglad said a recovery from the oversold condition could drive June bonds to a high near 99 before falling back to test chart support near the recent low of 97-13/32. Technician Leslie Keefe of Technical Data Corp of Boston said that the key test for June bonds will be whether the nearby contract holds above chart support at 96-24/32. "All previous selloffs since mid-November have stopped and buyers have surfaced at that level," Keefe said. If that level is broken, and the dollar continues to decline, Keefe said she expects the June bond contract to decline to test support between 92 and 93, the primary uptrend line dating back to 1984. Reuter
FED EXPECTED TO SET CUSTOMER REPURCHASES NEW YORK, April 8 - The Federal Reserve is expected to intervene in the government securities market to supply temporary reserves indirectly via customer repurchase agreements, economists said. Economists expect the Fed to execute 2.0-2.5 billion dlrs of customer repos to offset pressures from the end of the two-week bank reserve maintenance period today. Some also look for a permanent reserve injection to offset seasonal pressures via an outright purchase of bills or coupons this afternoon. The Federal funds rate opened at 6-3/8 pct and remained at that level, up from yesterday's 6.17 pct average. Reuter
FOREST OIL CORP < FOIL> 4TH QTR DENVER, March 4 - Shr loss 29 cts vs profit eight cts Net loss 2.0 mln vs profit 568,000 year Shr loss 1.37 dlrs vs profit 88 cts Net loss 9.3 mln vs profit 6.0 mln Reuter
SEA CONTAINERS LTD < SCR> 4TH QTR LOSS HAMILTON, Bermuda, March 19 - Shr loss 4.95 dlrs vs loss 75 cts Net loss 48.2 mln vs loss 4,644,000 Revs 133.4 mln vs 135.6 mln 12 mths Shr loss 6.28 dlrs vs profit 2.48 dlrs Net loss 67.6 mln vs profit 25.7 mln Revs 638.9 mln vs 573.1 mln Avg shrs 10,771,260 vs 10,355,728 Reuter
TENNECO < TGT> BUYS UNISYS < UIS> UNIT NEWPORT NEWS, Va., March 30 - Tenneco Inc said its Newport News Shipbuilding subsidiary has completed the purchase of the Sperry Marine Systems division of Unisys Corp for about 70 mln dlrs. Sperry Marine has annual revenues of about 100 mln dlrs. Reuter
ICO COFFEE PRODUCERS TO DISCUSS MARKET SITUATION LONDON, April 1 - International Coffee Organization, ICO, producers will meet at 1500 GMT (0900 est) for a general discussion of the market situation, producer spokesman Lindenberg Sette said. The Brazilian delegate said several producers requested the meeting but Brazil was not among them. The ICO executive board's regular session this week has so far been confined to routine matters, with no attempt by producers or consumers to revive export quota negotiations, delegates said. Talks to restore quotas collapsed early last month when producers and consumers failed to resolve differences on how quotas should be allocated. Producer delegates said there was no sense of urgency among producers to reopen quota talks with consumers, with most countries now prepared to wait for the ICO's annual September council session to restart negotiations. Members of the Inter-African Coffee Organization called for today's producer meeting to exchange views on the market situation, the producer delegates said. The lack of a new debate on export quotas here this week was cited as the reason for renewed weakness in coffee prices in London and New York futures, traders said. Near May in London hit a five-year low this morning at 1,220 stg, about 50 stg below last night's close, they said. The executive board session looks set to end today, following a final session at 1600 GMT (1000 est) when a consultancy report of the operation of the ICO will be presented to producers and consumers, delegates added. Reuter
FREEPORT-MCMORAN RESOURCE LP < FRP> QTLY PAYOUT NEW ORLEANS, March 31 - Qtly cash distribution 60 cts vs 60 cts prior Pay May 15 Record April 30 Note: Full name is Freeport-McMoRan Resources Partners LP. Reuter
OVERLAND EXPRESS INC < OVER> YEAR LOSS INDIANAPOLIS, March 31 - Shr loss 9.31 dlrs vs loss 1.62 dlrs Net loss 16.2 mln vs loss 2,770,243 Revs 99.4 mln vs 96.2 mln Reuter
A.H. ROBINS < QRAH> FILES MONTHLY REPORT RICHMOND, Va., March 31 - A.H. Robins Co said it filed its consolidated net earnings report for February, which amounted to 6,720,000 dlrs, compared to 4,646,000 for the comparable month the year prior. Consolidated net earnings for the two months ended Feb 28, 1987, amounted to 23.9 mln dlrs, compared to 15.4 mln dlrs for the comparable period a year earlier, it said. A.H. Robbins, which is in Chapter 11, said it filed the report with the U.S. trustee overseeing its case. Reuter
GOLDMAN SELLS MOST 1ST PENNSYLVANIA < FPA> STOCK WASHINGTON, March 11 - Goldman, Sachs and Co told the Securities and Exchange Commission it sold nearly its entire stake in First Pennsylvania Corp of 2,450,598 shares, or 5.2 pct of the total outstanding common stock. Goldman Sachs said it has about 17,800 First Pennsylvania common shares remaining. On February 26, the company redeemed convertible debentures with common stock, which at once increased Goldman's stock holding and the total outstanding. Goldman Sachs said it originally bought the stake as part of its arbitrage business. Marine Midland Banks < MM> has an agreement in principal to acquire First Pennsylvania. Reuter
SNYDER < SOI> MAKES CENERGY < CRG> EXCHANGE OFFER WASHINGTON, April 3 - Snyder Oil Partners L.P. told the Securities and Exchange Commission it made an exchange offer to Cenergy Corp that would allow Snyder to acquire up to 49.9 pct of the company's common stock. Under the exchange offer, which was proposed yesterday to Cenergy's officers and directors, each share of Cenergy common stock could be exchanged for 8.50 dlrs in market value of Snyder's limited partnership units, Snyder said. Under the proposal, Snyder, which already holds 1,170,400 Cenergy common shares, or 12.0 pct of the total, could boost its Cenergy stake to a total of 49.9 pct, it said. Snyder did not say whether it has received any response to its proposal from Cenergy. If it acquires the 49.9 pct stake, Snyder said in its SEC filing it would use the stock to "obtain a proportionate beneficial interest" in the company's assets and liabilities. It said it has not decided its next move it the exchange proposal does not lead to negotiations with Cenergy. Snyder said it may boost its stake or sell some or all of its current holdings. It repeated a statement made in its initial SEC filing last month that it is considering several alternatives, including seeking control of Cenergy. Reuter
TOWLE MANUFACTURING CO < QTOW> 4TH QTR OPER LOSS BOSTON, April 1 - Oper shr loss 1.10 dlrs vs loss 8.63 dlrs Oper net loss 5.1 mln vs loss 42.1 mln Revs 23.1 mln vs 63.3 mln Year Oper shr loss 4.71 dlrs vs loss 14.09 dlrs Oper net loss 22.0 mln vs loss 67.2 mln Revs 114.6 mln vs 221.8 mln Avg shrs 4,910,330 vs 4,851,650 NOTE: Current year excludes gain of 12.1 mln dlrs from disposal of discontinued operations. Shr figures after preferred dividend requirements. Reuter
CB AND T FINANCIAL CORP < CBTF> YEAR NET FAIRMONT, W.Va., March 5 - Shr 2.10 dlrs vs 1.72 dlrs Shr diluted 1.98 dlrs vs 1.72 dlrs Net 2,228,000 vs 1,730,000 Reuter
CANADIAN OIL COMPANIES RAISE CRUDE PRICES NEW YORK, March 9 - Petro-Canada, the state-owned oil company, said it raised the contract price it will pay for crude oil 64 Canadian cts a barrel, effective March six. Petro-Canada's posted price for the benchmark light sweet grade, Edmonton/Swann Hills at 40 api gravity, now stands at 21.95 Canadian dlrs/bbl. Their light sour grade is posted at 19.88 Canadian dlrs/bbl. Earlier today, Shell Canada < SHC> said it raised its crude postings about 47 Canadian cts/bbl, bringing Edmonton light sweet to 21.95 Canadian dlrs/bbl, and the light sour crude to 19.95 Canadian dlrs/bbl. Imperial oil < IMO.A>, a 70 pct owned subsidiary of Exxon Corp, said that effective March five it also raised its light sweet crude posting to 21.95 Canadian dlrs/bbl. Reuter
STANDARD BRED PACERS < STBD> YR LOSS GREAT NECK, N.Y., March 27 - Shr loss 35 cts vs loss seven cts Net loss 718,269 vs loss 145,216 Revs 1,394,080 vs 2,608,083 NOTE: full name of company is standard bred pacers and trotters Inc. Reuter
CORTRONIC CORP < CTRN> YEAR LOSS RONKONKOMA, N.Y., March 31 - Shr loss 23 cts vs loss 15 cts Net loss 1,121,664 vs loss 640,862 Sales 37,485 vs nil NOTE: Company in development stage. Reuter
UNION NATIONAL < UNBC> SIGNS DEFINITIVE PACT MASONTOWN, PA., March 2 - Union National Corp said it signed a definitive agreement under which its First National Bank and Trust Co of Washington unit will merge with < Second National Bank of Masontown>. Under a previously announced merger agreement, each share of Second National's common stock will be converted into 25 shares of Union National common. Reuter
N.Z. TRADING BANK DEPOSIT GROWTH EASES SLIGHTLY WELLINGTON, April 10 - New Zealand's trading bank seasonally adjusted deposit growth rose 2.1 pct in February compared with a 2.6 pct rise in January, the Reserve Bank said. Year-on-year total deposits rose 28.9 pct compared with a 30.6 pct rise in January and 34.4 pct rise in February a year ago period, the bank said in its weekly statistical release. Total deposits rose to 17.55 billion N.Z. Dlrs in February compared with 17.18 billion in January and 13.61 billion in February 1986. Reuter
****** PERMIAN RAISES CRUDE OIL POSTINGS 50 CTS A BBL, WTI TO 19 DLRS
GENERAL NUTRITION INC < GNC> 4TH QTR NET PITTSBURGH, March 24 - Qtr ends Jan 31 Shr profit eight cts vs loss 38 cts Net profit 2,466,000, vs loss 12,691,000 Revs 111.1 mln vs 106.8 mln 12 mths Shr profit 20 cts vs loss 47 cts Net profit 6,591,000 vs loss 15.5 mln Revs 342.6 mln vs 370.4 mln NOTE: includes provision for store closings of foreign operations of 3,897,000 for 1986 qtr, and 1,403,000 for qtr prior. includes provision for store closing costs and unproductive inventory of 1,000,000 for 1986 qtr, and 25.1 mln for qtr prior. Reuter
ECUADOR'S CEPE NAMES NEW HEAD QUITO, Oct 20 - The state-run Ecuadorean State Oil Corporation (CEPE) has named Jaime Sanchez Valdivieso as its new general manager replacing Carlos Romo Leroux, a CEPE spokesman said. The spokesman told Reuters Sanchez is a 46-year-old civil engineer who formerly headed CEPE's administration and finances division. Romo Leroux resigned last week for "personal and family" reasons, the spokesman said. Reuter
< TRIUMPH CAPITAL INC> TO MAKE ACQUISITION MIAMI, March 5 - Triumph Capital Inc said it has signed a letter of intent to acquire First Securities Transfer Systems Inc of Pompano Beach, Fla., for undisclosed terms. The company said it is also entering the commercial finance business through the formation of Triumph Financial corp. It said the new wholly-owned unit has extended a 350,000 dlr secured line of credit to Micro Designs Inc. Reuter
GREAT < GAMI> TO BUY STANDARD < SRD> UNITS' ASSETS CHICAGO, March 19 - Great American Management and Investment Inc said its 80 pct-owned subsidiary agreed to buy certain assets of two subsidiaries of Standard Oil Co, for 40 mln dlrs and the assumption of certain liabilities. Great American Industrial Group Inc agreed to acquire all the U.S. and United Kingdom assets of Pfaudler Co and the stock of certain Brazilian, Mexican, and West German subsidiaries of Kennecott Mining Corp, it said. Pfaudler and Kennecott are subsidiaries of Standard Oil. Reuter
GOLDEN ENTERPRISES INC < GLDC> 3RD QTR FEB 28 NET BIRMINGHAM, Ala., April 8 - Shr 15 cts vs nine cts Qtly div six cts vs six cts in prior qtr Net 2,002,261 vs 1,168,638 Revs 29.2 mln vs 29.3 mln Avg shrs 13.1 mln vs 13.0 mln Nine mths Shr 49 cts vs 36 cts Net 6,404,536 vs 4,623,295 Revs 92.2 mln vs 88.2 mln Avg shrs 13.1 mln vs 13.0 mln NOTE: Dividend is payable April 30 to holders of record April 20 Reuter
A.H. ROBINS'S < QRAH> JANUARY EARNINGS UP RICHMOND, Va., March 9 - A. H. Robins Co, the drug company in bankruptcy proceedings due to litigation over its Dalkon Shield contraceptive device, reported consolidated net earnings for the month ended January 31 of 17.3 mln dlrs. In the corresponding year-ago period it reported net earnings of 13.8 mln dlrs. Robins said the filings were made with the U.S. trustee overseeing its chapter 11 bankruptcy case. Reuter
U S WEST < USW> 3RD QTR NET DENVER, COLO., Oct 20 - Shr 1.46 dlrs vs 1.41 dlrs Net 277.5 mln vs 268.3 mln dlrs Revs 2.13 billion vs 2.14 billion Nine Mths Shr 3.95 dlrs vs 3.78 dlrs Net 750.5 mln vs 718.4 mln Revs 6.28 billion vs 6.22 billion Reuter
ODYSSEY FILMPARTNERS < ODYY> DROPS MERGER TALKS BEVERLY HILLS, Calif., March 19 - Odyssey Filmpartners Ltd said is terminated discussions to acquire < United Color Labs>, pursuant to a Jan 27 letter of intent for it to buy the company for stock and cash. Reuter
< ACKLANDS LTD> 1ST QTR FEB 28 NET TORONTO, March 24 - Shr three cts vs 11 cts Net 126,000 vs 434,000 Revs 84.0 mln vs 80.2 mln Avg shrs 4,948,731 vs 3,870,511 Reuter
****** MARATHON RAISES CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19.00 DLRS.
MONARCH AVALON INC < MAHI> 3RD QTR JAN 31 LOSS BALTIMORE, March 13 - Shr loss 11 cts vs profit four cts Net loss 199,000 vs profit 81,000 Rev 1.9 mln vs 2.5 mln Nine months Shr loss 14 cts vs profit 15 cts Net loss 261,000 vs profit 273,000 Rev 6.4 mln vs 7.6 mln NOTE: Per share information adjusted for three-for-two stock split on January 31, 1986. Reuter
CHEMFIX TECHNOLOGIES INC < CFIX> 2ND QTR NET NEW ORLEANS, March 25 - Ended Feb 28 Shr profit one ct vs loss four cts Net profit 53,040 vs loss 255,568 Revs 2,252,246 vs 755,605 Six mths Shr profit three cts vs loss eight cts Net profit 217,884 vs loss 517,538 Revs 4,895,720 vs 1,569,662 Reuter
PHARMACIA AB < PHAB ST> 1986 YEAR STOCKHOLM, March 3 - Sales 3.65 billion crowns vs 3.40 billion. Profit after financial items 821.2 mln crowns vs 740.2 mln. The 1986 results include a once-off writedown of 520 mln crowns for intangible assets, mainly the know-how paid for in the takeover of a number of high-tech companies by the group, Pharmacia said. Earnings per share after real tax including the writedown: 1.94 crowns vs 12.05 crowns. Earnings per share after real tax (not including the writedown): 12.38 crowns vs 12.05 Earnings per American Depository Receipt (ADR) according to U.S. Accounting principles after real tax including the writedown): 1.96 crowns vs 9.49 crowns. Earnings per ADR according to U.S. Accounting principles after real tax (without the writedown): 9.8 crowns vs 9.49. One ADR represents 0.75 pct of one B Free share in Pharmacia. The board proposed a dividend of 1.55 crowns vs 1.25. REUTER
SUFFIELD FINANCIAL < SSBK> GETS FED APPROVAL SUFFIELD, Conn., Feb 26 - Suffield Financial Corp said the Federal Reserve Board approved its application to acquire Coastal Bancorp < CSBK>, Portland, Me. Suffield said it still needs the approval of the superintendent of Maine's banking department. Reuter
GLOBAL NATURAL RESOURCES INC < GNR> 4TH QTR LOSS HOUSTON, April 17 - Oper shr loss five cts vs loss nil Ope net loss 1,211,000 vs loss 2,000 Revs 6,626,000 vs 11.0 mln Avg shrs 23.2 mln vs 23.5 mln Year Oper shr profit 12 cts vs loss one ct Oper net profit 2,632,000 vs loss 240,000 Revs 34.8 mln vs 52.0 mln Avg shrs 22.9 mln vs 23.4 mln NOTE: Net excludes extraordinary tax charges 1,919,000 dlrs vs 49,000 dlrs in quarter and credits 1,431,000 dlrs vs 2,335,000 dlrs in year. Reuter
MARK IV SAYS IT DOES NOT PLAN BAIRD < BATM> BUY WASHINGTON, March 19 - Mark IV Industries Inc < IV>, which has said it is mulling a bid to seek control of Baird Corp, said it has no present plans to acquire more than 25 pct of the company's total outstanding common stock. In a filing with the Securities and Exchange Commission, Mark IV said its top officials told Baird executives at a March 17 meeting that while Mark IV may buy more Baird common stock, it presently intends to hold it to the 25 pct limit. Mark IV, which first disclosed its stake and interest in Baird on March 10, has reported it holds 391,800 Baird common shares, or 17.6 pct of the total outstanding. Mark IV said it also agreed at the meeting that if it decides to seek control of Baird, it would be through a negotiated merger or business combination or through a tender offer in which Baird would have at least 24 hours notice. Baird, in turn, agreed not to take any defensive measures without giving Mark IV at least 24 hours notice, it said. Baird also confirmed that a takeover defense plan it already has which is triggered by the accumulation of more than 25 pct of its stock, would not be triggered by a tender offer, Mark IV said. Both parties also agreed to adjourn pending litigation they have against one another, it added. Reuter
TRANSAMERICA SELLS OCCIDENTAL LIFE AUSTRALIA MELBOURNE, March 3 - Equity investment company < Battery Group Ltd> said it had agreed to buy < Occidental Life Insurance Co of Australia Ltd> from TransAmerica Corp < TA> of the U.S. For 105 mln Australian dlrs. The acquisition has been made possible by the efforts of its major shareholder, < Pratt and Co Financial Services Pty Ltd>, Battery Group said in a statement. The purchase will be partly funded by the issue of eight mln shares at 4.50 dlrs each and four mln free options to the Pratt Group, controlled by entrepreneur Dick Pratt, plus four mln shares to professional investors at 4.50 each, it said. The balance will be funded by debt, Battery Group said. The acquisition is subject to the approval of its shareholders. On completion of the share placements, Pratt Group will effectively have 51 pct of Battery's enlarged capital, assuming exercise of all options, it said. Battery now has 22 mln shares on issue. Battery said Occidental Life is a major underwriter of individual term life insurance and a recent but fast-growing entrant in the individual account superannuation market. It has some 200 mln dlrs in funds under management. REUTER
DETECTION SYSTEMS < DETC.O> YEAR END MARCH 31 FAIRPORT, N.Y., June 1 - Shr 36 cts vs nil Net 713,000 vs 1,500 Revs 13 mln vs 9,328,000 Reuter
MONTGOMERY STREET INCOME < MTS> MONTHLY DIVIDEND SAN FRANCISCO, March 20 - Mthly div 15 cts vs 15 cts Pay April 15 Record April 1 Reuter
FIRST FEDERAL OF MICHIGAN < FFOM> DIVIDEND HIKE DETROIT, March 19 - Qtly div 12 cts vs 10 cts previously Pay May 11 Record April 10 Reuter
YEUTTER ALMOST SURE JAPAN WILL NOT RETALIATE WASHINGTON, April 17 - U.S. Trade Representative Clayton Yeutter said he was almost sure Japan would not retaliate against tariffs President Reagan slapped on 300 mln dlrs of Japanese electronic goods today. "I'd say it's 99 plus pct sure that it (the tariffs) will not provoke a retaliation on American products," Yeutter told Cable News Network. "Japan has far too much at stake in this relationship (with the United States) to seriously entertain thoughts of retaliation," Yeutter said. Earlier today, Reagan imposed 100 pct tariffs on a range of Japanese goods in retaliation for Japan's alleged violation of a bilateral pact governing semiconductor trade. Yeutter did say that U.S. farm products would be targeted if Tokyo decided to hit back. "If they (Japan) were to retaliate, it would probably be on something like American agricultural products," he said. "But I really think the chances of that happening are between slim and none," he added. Reuter
U.K. PROFITTED FROM AUTUMN INTERVENTION - LAWSON LONDON, March 23 - Britain has reaped profits by using a stronger pound to buy back dollars used by the government last autumn to support sterling during a currency crisis, Chancellor of the Exchequer Nigel Lawson said. He said in a parliamentary debate, "I can now tell the House (of Commons) that the dollars that were sold from the reserves in September and October (1986) have subsequently all been repurchased - at a profit of some tens of millions of pounds." Hindsight had proved him right to resist market pressures then for a two percentage point interest rate rise, he said. The increase in base rates was instead limited then to one point. During a debate on the 1987/88 British budget which Lawson unveiled last week, he said that "during the period of foreign exchange market turbulence which followed the somewhat inconclusive Group of Five and Group of Seven meetings at the end of September, I authorised the Bank of England to intervene unusually heavily in order to buy breathing space that would enable me to confine the interest rate rise to one pct rather than the two pct the market was then pressing for." He said that that one percentage point increase, effected in October 1986, had been reversed by this month's two half point cuts in banks' base lending rates. They are now at 10 pct. Treasury figures show that the underlying change in British reserves - seen as a guide to possible Bank of England intervention on foreign exchange markets - suggest that the authorities sold around 1.0 billion dlrs during September and October 1986, government sources said. Reuter
OILMAN HAS 8.7 PCT OF QED EXPLORATION < QEDX> WASHINGTON, March 13 - Kansas oilman Nicholas Powell told the Securities and Exchange Commission he has acquired 195,000 shares of QED Exploration Inc, or 8.7 pct of the total outstanding common stock. Powell, who heads Prairie Resources Corp and Mack C. Colt Inc, both Kansas oil and gas exploration companies, said he bought the stock for investment purposes. Powell, who said he has already spent 609,831 dlrs on his QED stock, said he plans to buy more shares as long as he considers them to be undervalued. Reuter
HCC INDUSTRIES < HCCI> QUARTERLY DIVIDEND ENCINO, Calif., March 4 - Qtly div three cts vs three cts Pay March 27 Record March 16 Reuter
PRIMERICA < PA> COMPLETES SMITH BARNEY TAKEOVER GREENWICH, CONN., June 19 - Primerica Corp said it completed the previously announced acquisition of Smith Barney Inc for 750 mln dlrs in cash. Primerica, wh ich changed its name in April from American Can Co, said Smith Barney, Harris Upham and Co Inc, wholly owned by Smith Barney Inc, will add more than 100 domestic and overseas branch offices. Reuter
NEW ENGLAND ELECTRIC SYSTEM < NES> FIVE MTHS NET WESTBOROUGH, Mass., June 19 - Five mths end may 31 Shr 1.37 dlrs vs 1.38 dlrs Net 75.2 mln vs 73.6 mln Revs 632.3 mln vs 629.6 mln Avg shrs 54.9 mln vs 53.4 mln 12 mths Shr 3.19 dlrs vs 3.13 dlrs Net 173.6 mln vs 165.1 mln Revs 1.43 billion vs 1.47 billion Avg shrs 54.4 mln vs 52.8 mln Reuter
< SPAR AEROSPACE LTD> YEAR NET TORONTO, March 5 - Shr basic 42 cts vs 1.41 dlrs Shr diluted 42 cts vs 1.33 dlrs Net 4,394,000 vs 13,070,000 Revs 191.0 mln vs 223.3 mln Reuter
PONCE FEDERAL BANK F.S.B. < PFBS> 1ST QTR NET PONCE, Puerto rico, April 9 - Shr 63 cts vs 89 cts Net 3,425,216 vs 3,370,682 Avg shrs 5,421,330 vs 3,803,425 NOTE: net for both qtrs reflects gains on sales of securities of 1,755,137, or 51 pct of net, in 1987; and 3,001,222, or 89 pct of net in 1986. Reuter
BROUGHER INSURANCE GROUP INC < BIGI> 4TH QTR LOSS GREENWOOD, Ind., March 30 - Shr loss nine cts vs profit 20 cts Net loss 257,157 vs profit 414,890 Year Shr profit 54 cts vs profit 1.05 dlrs Net profit 1,295,104 vs profit 2,140,673 Reuter
MIDDLE SOUTH < MSU> TO CONSIDER DIVIDEND NEW YORK, March 25 - Middle South Utilities Inc will not consider payment of a common stock dividend until there is another ruling on a Mississippi Supreme Court order rolling back rates at the company's Mississippi Power and Light Co subsidiary, chairman Edwin Lupberger said. He told security analysts Middle South was close to recommending resumption of the common stock dividend when the Mississippi court ordered the rate rollback. Following the order, he noted, the unit cancelled a planned sale of preferred stock. Middle South has petitioned the court for a rehearing or a stay of the order while it is being appealed. Reuter
< LUMONICS INC> YEAR LOSS KANATA, Ontario, March 4 - Oper shr loss 20 cts vs profit 66 cts Oper net loss 1,995,000 vs profit 5,820,000 Revs 65.2 mln vs 53.0 mln Avg shrs 9,891,000 vs 8,811,000 Note: 1986 loss excludes extraordinary loss of 2,413,000 dlrs or 25 cts shr including corporate reorganization, discontinuing of U.S. operations and inventory writedown of U.S. subsidiaries vs yr-ago loss of 3,140,000 dlrs or 36 cts shr. Reuter
DATA ARCHITECTS INC < DAI> 2ND QTR MAY 31 NET WALTHAM, Mass., June 29 - Shr 19 cts vs 16 cts Net 502,000 dlrs vs 401,000 dlrs Revs 8.8 mln dlrs vs 6.7 mln dlrs Six mths Shr 38 cts vs 29 cts Net 989,000 dlrs vs 745,000 dlrs Revs 16.3 mln dlrs vs 12.5 mln dlrs Reuter
OLD STONE < OSTN> COMPLETES ACQUISITION PROVIDENCE, R.I., April 1 - Old Stone Corp said it completed the previously announced acquisition of First Federal Savings Bank of North Carolina, a Shelby, N.C., savings bank, for common stock. The final purchase price, expected to be between seven mln and 7.5 mln dlrs, will be based on an exchange of common stock valued at 1.5 times the book value of First Federal as of the March 31 closing date, the company said. At February 28, First Federal had 129 mln dlrs in assets and 120 mln dlrs in deposits. Old Stone is a Rhode Island-based financial services company with assets of 3.9 billion dlrs. Reuter
INTERMEDICS INC < ITM> 1ST QTR FEB ONE NET ANGLETON, Texas, March 3 - Oper shr 26 cts vs 18 cts Oper net 2,877,000 vs 1,838,000 Revs 44.3 mln vs 40.8 mln NOTE: Current 1st qtr oper net excludes operating loss carryforward of 1,694,000 or 16 cts per share. 1986 1st qtr oper net excludes loss carryforward of 78,000 dlrs or one ct per share and loss from discontinued operations of 475,000 dlrs. Reuter
ELECTRO RENT CORP < ELRC> 3RD QTR FEB 28 NET SANTA MONICA, Calif., April 8 - Shr 20 cts vs 32 cts Net 1,358,000 vs 2,476,000 Revs 27.1 mln vs 26.2 mln Nine Mths Shr 68 cts vs 1.05 dlrs Net 4,957,000 vs 8,129,000 Revs 82.6 mln vs 78.8 mln Reuter
JUDGE TO DECIDE BURLINGTON < BUR> IN SEVERAL DAYS Greensboro, N.C., June 2 - U.S. District Court Judge Eugene A. Gordon said he will decide "in the next few days" whether to grant Burlington Industries Inc's request to stop a takeover by Samjens Acquisition Corp. "I do not know how I come down on this preliminary injunction," Gordon said after listening to arguments by attorneys for 1-1/2 days. "It's been a long time since I was deluged with as much information as I have been. I have to consider what's been presented and issue an opinion on this. Both sides cannot be winners," he said. Burlington requested the injunction to stop a takeover effort by Samjens, claiming the partnership used illegally obtained confidential information about the company to make its offer. It also alleges there would be anti-trust violations if Samjens, formed by Asher Edelman and Dominion Textiles Inc of Canada, were to succeed. Samjens last week topped a 76 dlr per share offer for Burlington from Morgan Stanley Group < MS> by one dlr per share. Morgan Stanley made its 2.44 billion dlr bid after Samjens bid 72 dlrs per share for Burlington. Burlington lawyers told the court if the injunction is not granted Samjens would win control of Burlington. A Samjens lawyer argued that if the judge granted the injunction it would "kill the offer" Jay Greenfield, an attorney for Samjens, said the partnership would suffer irreparable harm if the injunction were granted. "There's only one Burlington," he said. "If we cannot get that then no amount of money can compensate us." Greenfield also said Samjens could sell its holdings in Burlington for 95 mln dlrs. "We don't want that. We're not in this for the money," he said. Irving Nathan, a Burlington lawyer, reiterated that information provided by James Ammeen, a former Burlington executive, was crucial to Dominion's decision to attempt o takeover of Burlington. "Dominion relied on the information provided by the insider Jim Ammeen," Nathan said. An attorney for Ammeen, who is named as a defendant, asked the court to dismiss the lawsuit against his client. The judge said he would not rule on the request today. Reuter
OTTER TAIL POWER CO < OTTR.O> SETS DIVIDEND FERGUS FALLS, Minn., April 13 - Qtly dividend 73 cts vs 73 cts Pay June 10 Record May 15 Reuter
SCIENCE ACCESSORIES CORP < SEAS> 1ST QTR NET SOUTHPORT, Conn., March 16 - Qtr ends Jan 31 Shr two cts vs two cts Net 78,537 vs 72,364 Revs 626,942 vs 640,030 Reuter
FORUM < FOUR> ENDS BEVERLY < BEV> PURCHASE DEAL INDIANAPOLIS, March 16 - Forum Group Inc said it has terminated its agreement in principle to buy eight retirement living centers in six states from Beverly Enterprises due to a failure to reach a satisfacotry definitive agreement. Reuter
HOUSTON OIL TRUST < HO> HALTS ROYALTIES HOUSTON, April 7 - Houston Oil Trust said there will be no royalty funds available for distribution to unit holders in April. It also said that based on recent independent petroleum engineers' estimates of Oct 31, 1986, there may be no amounts avialable for distribution the rest of the year. Reuter
REXHAM < RXH> REPURCHASES STAKE FROM NORTEK < NTK> CHARLOTTE, N.C., April 9 - Rexham Corp said it has repurchased 381,050 of its shares or 9.1 pct from Nortek Inc for 42 dlrs each, and Nortek has withdrawn its proposal to acquire Rexham for 43 dlrs per share. Rexham said Nortek has also agreed not to buy Rexham shares or take other actions under a 10-year standstill agreement. The Rexham board had rejected the Nortek bid as inadequate. The company also said its board has authorized the repurchase in the open market or privately from time to time of up to an additional five pct of its own shares and the establishment of an Employee Stock Ownership Plan. The plan is expected to purchase from Rexham a new convertible preferred stock with 11.5 pct of Rexham's voting power with proceeds of a pension plan overfunding and borrowings. Reuter
CENTEL < CNT> SEES LOWER FIRST QTR PROFITS CHICAGO, March 16 - Centel Corp said it sees 1987 first quarter results below those of 1986 due to regulatory limits on telephone earnings and 15 cts to 20 cts a share dilution from 1986 acquisitions. In the annual report, Chairman Robert Reuss told shareholders telephone profits will continued to be limited by ceilings imposed by regulators as well as deregulation and structural changes within the industry that have slowed growth in the investment base for setting rates. As such, its first quarter 1987 results will be below last year's first quarter of 1.11 dlrs a share, he said. "Several of the company's telephone units may be faced with a reduction in the rates of return authorized by their regulators," Reuss said. "This could result in some rate reductions and refunds to customers." Reuss said he is encouraged by the prospects for progress in Centel's business communications, cable television and cellular telephone units. Centel is asking shareholders at the annual meeting to approve the tripling to 120 mln in authorized shares. Reuter
JOHNSON ELECTRONICS INC < JHSN> 4TH QTR LOSS WINTER PARK, Fla., March 30 - Shr loss three cts vs profit eight cts Net loss 35,000 vs profit 128,000 Revs 1,133,000 vs 1,528,000 Year Shr profit four cts vs profit 21 cts Net profit 72,000 vs profit 339,000 Revs 4,837,000 vs 4,500,000 NOTE: 1985 net income included an after tax gain of 195,000 or 12 cts per share on sale of real property. Reuter
KLOECKNER UND CO'S 1986 PROFIT FALLS ABOUT 20 PCT DUISBURG, West Germany, March 25 - Kloeckner & Co KGaA, the international trading group, said its 1986 domestic group net profit fell by around 20 pct against 1985, adding that the profit resulted largely from a writing back of reserves. The company, which gave no 1986 profit figures, posted a domestic group net profit of 41 mln marks in 1985. It said the 1986 profit was made possible through a 40 mln mark write-back of reserves that had been created to cover possible price rises. These reserves were no longer necessary because of recent declines in raw material prices. Kloeckner attributed the profit decline to the fall in prices as well as the lower value of the dollar. It said it would pay an unchanged dividend on its ordinary share capital, which is entirely in private hands and held largely by family foundations. Kloeckner's nominal 100 mark profit-participation certificates, issued in October 1986, will pay a likely yield of around 10 pct. Holders of the certificates are entitled to a quarter of the 1986 payment, or around 2.50 marks, the company added. REUTER
ZAMBIA'S KWACHA FALLS AT WEEKLY AUCTION LUSAKA, April 13 - The Zambian kwacha fell at this week's foreign exchange auction to 18.75 kwacha to the dollar from last week's 16.95, the Bank of Zambia said. The rate was the lowest since the auctions resumed two weeks ago under a new two-tier exchange rate system worked out with the World Bank and International Monetary Fund. The Bank of Zambia said it received 370 bids, ranging from 13.00 to 20.75 kwacha, for the six mln dlrs on offer. One hundred and thirty-five bids were successful. A British High Commission spokesman said Britain would put eight mln stg into the auction at a rate of one mln a week as soon as Zambia reached a full agreement with the IMF. The money could be spent only on goods produced and supplied by British firms, excluding luxuries and defence equipment, the spokesman added. Reuter
BELGOLUX TRADE MOVES INTO SURPLUS IN 1986 BRUSSELS, March 5 - The Belgo-Luxembourg Economic Union (BLEU) moved into a narrow trade surplus of 4.7 billion francs in 1986 after a 140.4 billion franc deficit in 1985, figures given by a spokesman for the National Statistics Institute show. He said imports fell last year to 3,061.8 billion francs from 3,304.1 in 1985 while exports were also lower at 3,066.6 billion francs against 3,163.7 billion. In December, the BLEU had an 11.9 billion franc trade surplus after a 10.9 billion franc surplus in November and a 2.3 billion franc surplus in December 1985. REUTER
AMERICUS TRUST < ATU> AND < ATP> INITIAL DIVIDEND NEW YORK, March 18 - Americus Trust for American Telephone and Telegraph Shares Series Two said it will distribute an initial dividend of 28.75 cts on May 12 to shareholders of record March 31. Reuter
BRITTON LEE < BLII> SEES FIRST QUARTER LOSS LOS GATOS, Calif., April 2 - Britton Lee Inc said it expects to report a loss on lower sales than it had anticipated for the first quarter. The company earned 119,000 dlrs before a 70,000 dlr tax credit on sales of 7,227,000 dlrs in the year-ago period.
HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS BUDAPEST, March 11 - Hungary is to devalue the forint by an average of eight pct against Western currencies, the official news agency MTI said. MTI did not say when the devaluation would become effective, but it expected new rates to be announced later today. Hungary devalued the forint by a similar amount last September 23. Western bankers say the forint is more realistically valued than currencies of Hungary's COMECON allies. REUTER
ANCHOR GLASS CONTAINER CORP < ANC> 3RD QTR NET TAMPA, Fla., Oct 19 - Shr 34 cts vs 62 cts Net 4,717,000 vs 8,277,000 Revs 213.4 mln vs 158.7 mln Nine mths Oper shr 1.18 dlrs vs 1.54 dlrs Oper net 16.2 mln vs 17.8 mln Revs 517.2 mln vs 451.4 mln Avg shrs 13.7 mln vs 11.6 mln NOTE: 1986 nine mths net exclude204,000 dlr gain from reversion of pension assets. 1987 net both periods includes pretax charge 692,000 dlrs from amortization of goodwill. Reuter
VARIAN < VAR> IN TALKS WITH PHILIPS ELECTRONICS PALO ALTO, Calif., March 3 - Varian Associates Inc said it is holding discussions with Philips Electronics regarding the purchase of Philips' broadcast transmission unit in the United Kingdom, Pye TVT Limited. Pye TVT designs and manufactures broadcast transmission equimpment, specializing in television frequencies. Reuter
CARBIDE < UK> LOOKS TO ACQUISITIONS FOR GROWTH NEW YORK, March 2 - Union Carbide Corp is looking to acquisitions and joint ventures to aid its chemicals and plastics growth, according the H.W. Lichtenberger, president of Chemicals and Plastics. Describing this as a major departure in the company's approach to commercial development, he told the annual new business forum of the Commercial Development Association "We are looking to acquisitions and joint ventures when they look like the fastest and most promising routes to the growth markets we've identified." Not very long ago Union Carbide had the attitude "that if we couldn't do it ourselves, it wasn't worth doing. Or, if it was worth doing, we had to go it alone," Lichtenberger explained. He said "there are times when exploiting a profitable market is done best with a partner. Nor do we see any need to plow resources into a technology we may not have if we can link up profitably with someone who is already there." He said Carbide has extended its catalyst business that way and is now extending its specialty chemicals business in the same way. Reuter
THATCHER SAYS TRADE TARGETS SET WITH MOSCOW MOSCOW, March 31 - British Prime Minister Margaret Thatcher said she and Soviet Premier Nikolai Ryzhkov had set targets for increased trade between the two countries during talks earlier today. She said she hoped more economic exchanges between Britain and the Soviet Union "will also lead to increased friendship and increased understanding." Earlier, she told a meeting of Soviet and British businessmen that she had agreed with Ryzhkov that they would work to achieve a total volume of 2.5 billion roubles in bilateral trade by 1990. This would entail an increase by each side of 350 to 400 mln stg over their present export levels. "Mr Ryzhkov handed me a list of import and export opportunities which I hope you will all jump at," she told the meeting to mark the opening of new offices of the British- Soviet Chamber of Commerce. After her talks with Ryzhkov, Thatcher and the Soviet Premier were joined for the signing of agreements covering new scientific and cultural exchanges by Kremlin leader Mikhail Gorbachev, who had nine hours of talks with her yesterday. REUTER
BOATMEN'S NATIONAL BANK < BOAT> RAISES PRIME ST. LOUIS, April 1 - Boatmen's Bancshares said its Boatmen's National Bank raised the prime rate to 7-3/4 pct from 7-1/2 pct, effective immediately. Reuter
EDUCATION SYSTEMS < ESPC> YEAR NET BELLEVILLE, N.J., March 27 - Shr 27 cts vs 34 cts Net 174,390 vs 222,720 Revs 4,948,622 vs 4,516,042 Note: Current net includes non-recurring loss on investments of 82,034. Full name is Education Systems and Publications Corp. Reuter
U.S. BUSINESS LOANS FALL 618 MLN DLRS WASHINGTON, March 6 - Business loans on the books of major U.S. banks, excluding acceptances, fell 618 mln dlrs to 278.88 billion dlrs in the week ended February 25, the Federal Reserve Board said. The Fed said that business loans including acceptances fell 897 mln dlrs to 281.23 billion dlrs. Reuter
JOHN HANSON SAVINGS < JHSL.O> 1ST QTR NET BELTSVILLE, Md., Oct 20 - Sept 30 end Shr profit 15 cts vs loss six cts Net profit 901,000 vs loss 368,000 Assets 1.15 billion vs 773.8 mln Reuter
KENNAMETAL INC < KMT> 1ST QTR SEPT 30 NET LATROBE, Pa., Oct 19 - Shr 48 cts vs 35 cts Net 4,946,000 vs 3,552,000 Sales 94.1 mln vs 84.5 mln Avg shrs 10.2 mln vs 10.1 mln Reuter
ALTOS COMPUTER SYSTEMS < ALTO.O> 1ST QTR NET SAN JOSE, Calif., Oct 20 - Period ended September 30. Shr 17 cts vs 10 cts Net 2.2 mln vs 1.3 mln Sales 40.6 mln vs 32.6 mln Reuter
GLAMIS GOLD LTD < GLGVF> SIX MTHS DEC 31 NET VANCOUVER, British Columbia, March 2 - Shr 16 cts vs 22 cts Net 1,226,597 vs 1,327,016 Revs 6,598,580 vs 5,921,828 Reuter
ZAMBIAN CURRENCY FALLS AT FOREIGN EXCHANGE AUCTION LUSAKA, April 5 - The Zambian currency further depreciated yesterday at the second auction since the introduction of a two-tier foreign exchange system last month. The (central) Bank of Zambia said the kwacha was pegged at 16.99 to the dollar, compared to last week"s rate of 15 to the dollar. The bank, which offered six mln dlrs at the auction, reported demand for 13.4 mln dlrs. At the previous auction, the government offered eight mln dlrs. Last month the government set a fixed exchange rate of nine kwacha per dollar, subject to adjustment against a basket of five currencies, for certain official transactions. It also introduced a new weekly foreign exchange auction only for parastatal organisations and the private sector, where the exchange rate is allowed to float in accordance with market demand. The new auction system is designed to be more restrictive than the previous one, suspended in January after the central bank fell 10 weeks in arrears to successful bidders. Under the new system, no bidder, except the the state oil company Zimoil and the national airline Zambia Airways, is allowed to bid for more than five pct of the foreign exchange on offer. REUTER
REUTERS TO BUY I P SHARP OF CANADA LONDON, March 25 - Reuters Holdings Plc < RTRS.L> said it had agreed in principle to buy < I P Sharp Associates Ltd> of Toronto for 30.4 mln stg. Sharp is a time-sharing network and database company specialising in finance, economics, energy and aviation. It operates a global packet-switching network and global limits systems for foreign exchange trading. Sharp shareholders will be offered cash, shares or a mixture of the two in settlement. The acquisition, which is subject to Canadian government approval, would be through amalgamation into a specially-created company. Reuters said it had been given options by a number of Sharp shareholders covering 67 pct of the common stock pending completion of a Reuters review of the company. Sharp operates 38 offices in 20 countries. In 1986 it reported revenue of 55 mln Canadian dlrs with a pretax loss of 1.6 mln compared with a 1.9 mln profit in 1985. However, Sharp said that internal accounts showed the company was in profit in the first two months of 1987. End-1986 net assets totalled 11.85 mln dlrs. A Reuters statement said the acquisition would fit perfectly into its package for the banking and securities industries. REUTER
CURRENCY EXCHANGE LOSS PUSHES MALAYSIA'S DEBT UP KUALA LUMPUR, March 26 - An exchange loss of 7.6 billion ringgit in 1986 pushed Malaysia's outstanding external debt up to 50.99 billion ringgit, from 1985's 42.3 billion, the Central Bank said in its annual report. Bank Negara said although Malaysia's net borrowing dropped in 1986, its external debt rose due to the 30 pct appreciation of the basket of currencies against which the ringgit is pegged. The basket comprises principally the U.S. Dollar, yen, mark, Swiss franc, French franc, sterling, guilder, Canadian and Singapore dollars, it added. Bank Negara said growth in external debt, which declined progressively from a peak of 58 pct in 1982 to 13.6 pct in 1985, rose by 20.2 pct in 1986. Malaysia's debt serving ratio of 17.6 pct of its exports in 1986 is within the prudency limit of 20 pct, Bank Negara Governor Jaafar Hussein told reporters. REUTER
REGENCY ELECTRONICS INC < RGCY.O> 1ST QTR NET INDIANAPOLIS, Oct 20 - Period ended September 30 Shr profit one ct vs loss three cts Net profit 65,000 vs 292,000 Sales 18.1 mln vs 16.7 mln Reuter
FED SEEN BUYING DOLLARS FOR YEN IN OPEN MARKET NEW YORK, April 9 - The Federal Reserve was detected buying dollars for yen in the open market as the dollar fell to a 40-year low of 144.60 yen in nervous late morning trading, currency dealers said. They said the size of the intervention was relatively modest so far but it was a clear indication that the U.S. remained committed to the late February Paris currency stabilization accord, which was reaffirmed in Washington last night. A Fed spokeswoman had no comment on the dealer reports. The dollar hovered around 144.70 just before midday. Reuter
CONFIDENCE IN OPEC FIRMS U.S. ENERGY FUTURES NEW YORK, March 5 - Renewed confidence in OPEC's ability to limit production helped U.S. energy futures settle above yesterday's closing prices, according to analysts. They also said the heating oil contract found additional support from a short-covering rally on the close. April crude closed 24 cts higher to 17.75 dlrs. April heating oil was 1.47 cts higher to 47.91 cts a gallon. "Most traders expected follow through profit-taking from yesterday but the market found suport from bullish reports that OPEC is producing within its quota," said Simon Greenshields, a vice president with Morgan Stanley and Co Inc. News today, including OPEC President Rilwanu Lukman statement that OPEC February production did not exceed its official quota of 15.8 mln barrels per day, helped bouy prices, traders said. A Reuter survey found OPEC production in early March was 14.7 mln bpd. In addition to short-covering, heating oil found support from traders buying it against sales of gasoline and crude, as well as from expectations for continued drawdowns in stocks as refiners shut down for maintenance, traders said. Unleaded gasoline for April finished 0.55 cent higher to 51.24 cts a gallon. Reuter
UGANDA DISAPPOINTED BY COFFEE TALKS FAILURE KAMPALA, March 9 - Uganda, Africa's second largest coffee producer, was disappointed by the stalemate in recent coffee talks in London, the chairman of the state-run Coffee Marketing Board, CMB, said. "This has not been good for coffee producers, more so in a situation where the prices dropped by 200 pounds per tonne of robusta coffee," J. Makumbi said when he returned from London on Friday. Producers and consumers failed to agree on a quota formula to share the world's coffee production during International Coffee Organisation, ICO, talks that ended last week. Makumbi blamed the failure to set quotas, which were suspended in Feburary last year, on Indonesian demands that its quota be increased dramatically. Uganda -- which earns about 400 mln dlrs annually from coffee exports, over 95 pct of its foreign exchange earnings -- had sought to raise its ICO quota to 3.0 mln from 2.45 mln 60-kilo bags, according to sources close to the CMB. The CMB has estimated that production will rise 20 to 25 pct in the current 1986/87 October-September season to over three mln bags. For several years Uganda had been unable to meet its ICO export quota as rebel activity disrupted the coffee industry. The Ugandan government depends on coffee export duties for about 60 pct of its sales tax revenue and the industry employs over half of salaried manpower. In Dar es Salaam, Tanzania's Agriculture and Livestock Development Minister Paul Bomani said today Third World countries would suffer from the failure of the London coffee talks. "It is only the middlemen who will benefit, he said. Bomani called on the ICO to convene another meeting within two months, saying, "Once tempers have cooled and delegations have had time to report back to their headquarters, common sense will prevail." Reuter
FLOWERS INDUSTRIES < FLO> SEES LOWER YEAR NET THOMASVILLE, Ga., March 24 - Flowers Industries Inc said it expects lower earnings for the current year due to operating losses incurred by recent acquisitions and possible nonrecurring losses resulting from its restructuring efforts. For the year ended June 28, Flowers earned 29.5 mln dlrs. Today it reported nine month earnings of 14.9 mln dlrs, down from 15.9 mln dlrs a year before. Flowers said it expects fiscal 1988, however, to show the best growth in profits in its history due to the growing profitability of ongoing businesses, cost control efforts, higher productvitiy and lower taxes. Flowers said losses suffered in its West Texas operations and in five plants acquired at the start of the third quarter from < CFS Staley Continental> and < Wolf Baking Co> severely hurt results. It said the CFS and Wolf plants are expected to be contributing to profit by the end of the fiscal year and it is seeking to bring the West Texas operations to acceptable levels of profitability by the end of the fourth quarter as well. Reuter
KUWAIT SAYS IT HAS FULL GULF ARAB SUPPORT KUWAIT, June 29 - Kuwait, whose shipping has come under repeated attack by Iran, has the full support of Saudi Arabia and other Gulf allies, a senior government official said. Cabinet spokesman Abdul-Aziz al-Otaibi, quoted by the Kuwaiti news agency KUNA yesterday, said Foreign Minister Sheikh Sabah al-Ahmed al-Sabah had told cabinet he had found "complete support...At this delicate phase" during visits to Gulf Cooperation Council (GCC) states. The GCC, an economic and military alliance which has generally supported Iraq over Iran, comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. REUTER
SUN CITY INDUSTRIES < SNI> SEES HIGHER NET MIAMI, March 31 - Sun City Industries Inc said preliminary unaudited results of ongoing operations for the fiscal year ended January 31, 1987 are expected to rise over 580 pct to 700,000 dlrs or 70 cts per share from the 125,313 dlrs or 12 cts reported last year. Total net income is expected to reach 2.4 mln dlrs, which includes 1.7 mln dlrs of net income realized from sale of property. The combination will result in record earnings of 2.40 dlrs a share, the wholesale distributor and processor of eggs said. Reuter
3M < MMM> ACQUIRES CONTROL DATA < CDA> UNIT ST PAUL, Minn., June 2 - Minnesota Mining and Manufacturing said it acquired a computerized hospital information systems business from Control Data Corp. Terms were not disclosed. The business, which has 145 employees and supplies computers and software for hospital information systems, will be integrated into 3M's hospital software business. Control Data said the divestiture was part of its strategy to focus on narrower markets. Reuter
HUNTINGTON BANCSHARES INC < HBAN.O> 3RD QTR NET COLUMBUS, Ohio, Oct 20 - Shr 68 cts vs 61 cts Shr diluted 66 cts vs 60 cts Net 18.6 mln vs 16.5 mln Avg shrs 27.5 mln vs 26.6 mln Nine mths Shr 1.40 dlrs vs 1.76 dlrs Shr diluted 1.38 dlrs vs 1.71 dlrs Net 38.9 mln vs 46.9 mln Avg shrs 27.4 mln vs 25.8 mln NOTE: Share adjusted for July 1987 10 pct stock dividend. Results restated for pooled acquisitions. Net includes loan loss provisions of 5,765,000 dlrs vs 4,252,000 dlrs in quarter and 43.3 mln dlrs vs 15.4 mln dlrs in nin mths. Reuter
WILSHIRE < WOC> CHIEF NAMED TO JACOBS < JEC> BOARD WASHINGTON, March 5 - Wilshire Oil Co of Texas, which has a 9.8 pct stake in Jacobs Engineering Group Inc, said its chairman, Siggi Wilzig, was appointed to the Jabobs board. In a filing with the Securities and Exchange Commission, Wilshire, which holds 417,100 Jacobs common shares, said Wilzig was appointed to the Jacobs board of directors on March 3 after the company's annual shareholder meeting. Wilshire also said that Jacobs Chairman Joseph Jacobs has agreed to recommend a second Wilshire nominee for election to the board if the person was found to be qualified. Reuter
M.D.C. HOLDINGS INC < MDC> SETS QUARTERLY DENVER, March 6 - Qtly div 10 cts vs 10 cts prior Pay March 31 Record March 16 Reuter
WESTINGHOUSE ELECTRIC CORP < WX> 1ST QTR NET PITTSBURGH, April 9 - Shr primary 1.05 dlrs vs 88 cts Shr dilulted 1.05 dlrs vs 86 cts Net 151.6 mln vs 135.2 mln Revs 2.32 billion vs 2.55 billion Avg shrs 144.6 mln vs 154.5 mln Reuter
NAKASONE HARD-PRESSED TO SOOTHE U.S ANGER ON TRADE By Rich Miller, Reuters TOKYO, March 27 - Prime Minister Yasuhiro Nakasone will visit Washington next month in a bid to defuse mounting U.S. Anger over Japanese trade policies, but Western diplomats said they believed his chances of success were slim. Boxed in by powerful political pressure groups and widespread opposition to his tax reform plans, Nakasone will be hard-pressed to come up with anything new to tell U.S. President Ronald Reagan and key U.S. Congressmen, they said. News of the week-long visit starting April 29 coincided with news that Japan recorded a 8.14 billion dlr trade surplus last month, more than 70 pct higher than a year earlier. It also came one day after the Reagan Administration's Economic Policy Council decided to take retaliatory action against Japan for its alleged failure to live up to a joint trade agreement on computer microchips. Nakasone wants to go armed with two separate packages - one designed to pep up Japan's sagging economy and imports in the short-term, the other to redirect the country in the medium term away from its over-dependence on exports for growth. But government officials said political infighting could rob both packages of much of their punch and might even prevent one from seeing the light of day. Nakasone has insisted that the government would not draw up a package of short-term economic measures until after its 1987/88 budget passed parliament because he feared that would amount to a tacit admission that the budget was inadequate. But his hopes for quick passage of the budget in time for his trip have been shattered by a parliamentary boycott by opposition parties protesting over the sales tax plan. Faced with the possibility that he might have to go to the U.S. Virtually empty-handed, Nakasone today ordered his ruling Liberal Democratic Party (LDP) to come up with its own measures. He can then tell Reagan the LDP package will form the basis of the government's plans, without losing face in parliament over the budget, political analysts said. Officials working on the government's short-term economic package said it would probably include interest rate cuts on loans by government corporations, deregulation, measures to pass on some of the benefits of the strong yen to consumers in the form of lower prices, and accelerated public investment. They said a record portion of state investment planned for the entire 1987/88 fiscal year will take place in the first half, probably over 80 pct. Diplomats said that was unlikely to be enough to satisfy Reagan, who is under pressure from the Democrat-controlled U.S. Congress to take greater action to cut the huge American trade deficit. To complement the short-term measures, Nakasone is also likely to present Reagan with details of Japan's longer-term economic plans. A high-ranking advisory body headed by former Bank of Japan governor Haruo Maekawa is expected to come up with a final report outlining concrete steps to redirect the economy days before Nakasone is scheduled to leave for Washington. Its recommendations are designed as a follow-up to Maekawa's report last year on economic restructuring and are likely to cover such potentially politically explosive areas as agricultural reform and land policy, officials said. While wanting to make the report as explicit and detailed as possible, they said the political realities might force them to water down some of the committee's recommendations. A subcommittee is considering what the Japanese economy might look like in the medium to longer term after it undergoes massive restructuring, officials said. The subcommittee projects that the current account surplus will fall to less than two pct of Japan's total output, or gross national product, around 1993 or 1995. Last year the surplus, which measures trade in goods and services, amounted to over four pct of gnp. The subcommittee also projects annual economic growth for Japan of nearly four pct over that period and a very gradual appreciation of the yen, to about 130 to the dollar by around 1993, from 150 now. REUTER
SYSTEMS FOR HEALTH CARE IN ONE-FOR-50 SPLIT CHICAGO, March 5 - Systems for Health Care Inc said it repositioned the company through a one-for-50 reverse stock split. It said there are now 3,002,500 common shares outstanding with a quoted price of about 7/8 bid, compared to 150,125,000 shares outstanding prior to the split. In another recent development, Systems for Health Care formally changed its name to its present form from Orcas Corp. Reuter
BAKER < BKO> SUES TO FORCE HUGHES < HT> MERGER HOUSTON, March 5 - Baker International corp said it has filed suit in state court in Houston to compel Hughes Tool Co to complete its proposed merger with Baker. Late yesterday, Hughes said it had terminated the merger agreement because Baker would not agree to an alternative divestiture plan devised by Hughes. Hughes' board had previously found unacceptable a U.S. Justice Department consent decree that would have required broader divestitures. Baker said it has not obtained any satisfactory explanation from Hughes of its objections to the provisions of the Justice Department consent decree. Hughes yesterday adjourned the special meeting at which shareholders were to vote on the merger without permitting the counting of votes on the deal. Baker said it believes the vote was overwhelmingly in favor of the merger. Baker said the new terms that Hughes proposed for the merger, as an alternative to the consent decree, were "more burdensome" than those of the consent decree themselves. Baker said divestitures under the consent decree would reduce revenues for the combined company by about 65 mln dlrs or three pct. Baker said it will continue to pursue the divestitures of the units named in the consent decree. It said its suit names as defendants Hughes and certain of its directors and seeks either an injunction forcing Hughes to live up to the merger agreement or "substantial" monetary damages it did not name. Baker said it believes the merger to be in the best interests of shareholders of both companies. Reuter
DUFFOUR IGON GIVES BACKING TO AGA TAKEOVER BID PARIS, June 2 - French industrial gas group < Duffour et Igon> has decided to back the takeover bid by Swedish industrial gases group Aga AB < AGA.ST>, ending a lengthy battle between rival bidders from France, Spain and West Germany, Duffour et Igon Chairman Jean Igon said. The board agreed late last night to back the Aga bid and advise its shareholders to accept the Swedish group's latest offer of 4,410 francs per share, he told Reuters. The other main bidders were Union Carbide Corp's < UK.> French subsidiary < Union Carbide France> and West Germany's Linde AG < LING.F>. Aga topped rival bids for the gases distribution group in May by raising its offer to 4,410 francs from 4,000 francs. This was accepted by Spain's < Carburos Metalicos SA> which sold Aga six pct of Duffour et Igon's stock and the right of first refusal on the remaining nine pct of stock it holds. It also won over the French Midi-Pyrenees development authority which agreed to sell Aga its 20 pct stake in Duffour et Igon. Under Aga's offer, shareholders can either accept a cash bid or exchange one share in Duffour et Igon for one bond of a nominal value of 4,410 francs with a 10 pct coupon issue by Aga France SA. The bond issue is guaranteed by the parent Aga AB. The takeover battle for the Toulouse-based company, which controls eight pct of the French industrial gas distribution market, began on April 2 with an offer of 2,100 francs per share from Union Carbide France < UK>. Aga's offer, which puts a price of 587 mln francs on the company, closes on June 24 and the results will be announced on July 21. Duffour et Igon shares were quoted yesterday at 4,410 francs, with no buyers, after a series of suspensions during the takeover tussle. They traded at 856 francs on January 9 before the first suspension. REUTER
< FOUR SEASONS HOTELS INC> YEAR NET TORONTO, March 5 - Oper shr 99 cts vs 54 cts Oper net 9,515,000 vs 3,449,000 Revs 509.3 mln vs 440.5 mln Note: 1985 net excludes extraordinary gain of 1.2 mln dlrs. Reuter
TELEX < TC> ADOPTS SHAREHOLDER RIGHTS PLAN DALLAS, Oct 9 - Telex Corp said its board adopted a shareholder rights plan which will allow shareholders to purchase one common share for two dlrs if a hostile group acquires 15 pct or more of the company. However, the company said the plan will not be triggered by purchases pursuant to the 65 dlrs a share tender offer commenced on October 9 by a unit of TLX Partners, a group controlled by New York financier Asher Edelman. It said the rights will be distributed on a one for one basis to all shareholders as of October 30 and may be redeemed before they become exercisable at five cents per right. The company said the rights will expire on the later of February 17 next year or 60 days from the date they become exercisable. It said the plan was intended to protect stockholders against any attempt to take unfair advantage of the recent decline in stock prices or to use abusive tactics such as market accumulations which would interfere with its ability to maximize stockholder value. The rights become exercisable if any person or group acquires 15 pct or more of the company's common stock other than through an all cash tender offer for all outstanding shares at 65 dlrs per share. It said the rights will also not become exercisable if the company is acquired by a group under an agreement made with its board. A spokeswoman told Reuters the company would have an official response to Edelman's bid by Friday, Oct 23. Reuter
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES WASHINGTON, April 1 - The Federal Home Loan Bank Board adjusted the rates on its short-term discount notes as follows: MATURITY NEW RATE OLD RATE MATURITY 30-69 days 5.00 pct 5.00 pct 30-124 days 70-88 days 5.92 pct 5.90 pct 125-150 days 89-123 days 5.00 pct 5.00 pct 151-173 days 124-150 days 5.93 pct 5.92 pct 174-182 days 151-349 days 5.00 pct 5.00 pct 183-349 days 350-360 days 5.98 pct 5.94 pct 350-360 days Reuter
VERSATILE TO SELL UNIT TO VICON VANCOUVER, British Columbia, Feb 26 - < Versatile Corp> said it agreed in principle to sell its Alberta-based Versatile Noble Cultivators Co division to Vicon Inc, of Ontario, for undisclosed terms. The division manufactures tillage and spraying equipment. Reuter
