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training/6457
|
training/6457 |@title capital:1 cities:1 abc:1 ccb:1 set:1 payout:1 |@word qtrly:1 div:1 five:2 ct:2 vs:1 pay:1 april:1 20:1 record:1 march:1 30:1
|
CAPITAL CITIES/ABC <CCB> SETS PAYOUT
Qtrly div five cts vs five cts
Pay April 20
Record March 30
|
training/6458
|
training/6458 |@title publicker:1 industries:1 inc:1 pul:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:8 five:1 ct:4 vs:8 15:1 net:2 619:1 000:6 1:1 730:1 sale:2 3:4 138:1 5:4 667:1 avg:2 shrs:2 12:2 mln:6 11:1 year:1 four:1 40:1 343:1 963:1 13:1 4:1 35:1 10:1
|
PUBLICKER INDUSTRIES INC <PUL> 4TH QTR LOSS
Shr loss five cts vs loss 15 cts
Net loss 619,000 vs loss 1,730,000
Sales 3,138,000 vs 5,667,000
Avg shrs 12.5 mln vs 11.5 mln
Year
Shr loss four cts vs loss 40 cts
Net loss 343,000 vs loss 3,963,000
Sales 13.4 mln vs 35.3 mln
Avg shrs 12.5 mln vs 10.3 mln
|
training/6459
|
training/6459 |@title federal:2 express:2 corp:2 3rd:2 qtr:2 oper:2 shr:2 69:2 ct:4 vs:2 83:2 |@word
|
FEDERAL EXPRESS CORP 3RD QTR OPER SHR 69 CTS VS 83 CTS
FEDERAL EXPRESS CORP 3RD QTR OPER SHR 69 CTS VS 83 CTS
|
training/6460
|
training/6460 |@title bell:1 atlantic:1 corp:1 bel:1 increase:1 payout:1 |@word qtrly:1 div:1 96:1 ct:2 vs:1 90:1 pay:1 may:1 one:1 1987:2 record:1 march:1 31:1
|
BELL ATLANTIC CORP <BEL> INCREASES PAYOUT
Qtrly div 96 cts vs 90 cts
Pay May One, 1987
Record March 31, 1987
|
training/6461
|
training/6461 |@title rhodes:1 rhds:1 see:1 sharply:1 low:1 4th:1 qtr:1 net:1 |@word rhodes:1 inc:1 say:3 estimate:1 fourth:1 quarter:3 end:2 february:1 28:1 earning:1 eight:1 ct:2 share:2 25:1 earn:1 final:1 fiscal:1 1986:1 company:1 major:1 cause:1 reduction:1 unfavorable:2 lifo:1 adjustment:1 soft:1 project:1 sale:1 due:1 primarily:1 weather:1 despite:1 4th:1 qtr:1 result:1 rhode:1 net:1 income:1 year:2 come:1 close:1 record:1 level:1 previous:1 1:1 61:1 dlrs:2
|
RHODES <RHDS> SEES SHARPLY LOWER 4TH QTR NET
Rhodes Inc said it now estimates fourth
quarter, ended February 28, earnings were eight cts a share,
down from the 25 cts earned in the final quarter of fiscal
1986.
The company said the major causes for the reduction were an
unfavorable LIFO adjustment and softer than projected sales in
the quarter, due primarily to unfavorable weather.
Despite the 4th qtr results, Rhodes said, 'net income for
the year just ended should come close to the record level of
the previous year' -- 1.61 dlrs dlrs a share.
|
training/6463
|
training/6463 |@title gencorp:1 gy:1 group:1 hold:1 9:1 8:1 pct:1 stake:1 |@word general:10 partners:4 texas:1 partnership:4 equally:1 affiliate:1 wagner:2 brown:2 afg:3 industries:1 inc:5 say:12 currently:1 hold:2 2:3 180:1 608:1 common:2 share:7 9:1 8:1 pct:1 gencorp:11 gy:1 outstanding:1 stock:2 begin:1 100:1 dlrs:7 cash:1 tender:2 offer:9 akron:2 ohio:1 base:1 concern:1 worth:1 nearly:1 3:2 billion:7 interest:1 tire:2 plastic:2 making:1 aerospace:1 broadcasting:2 22:1 mln:4 outstande:1 partner:4 subject:1 receipt:1 finance:1 majority:1 condition:1 letter:4 chairman:1 chief:1 executive:1 william:1 reynolds:1 describe:1 willing:1 negotiate:1 term:1 prepared:1 meet:3 soon:1 possible:1 statement:2 contribute:1 250:3 equity:2 financing:3 also:1 commitment:1 one:2 dlr:3 credit:2 line:3 wells:3 fargo:3 co:2 wfc:1 1:5 25:2 loan:3 shearson:3 lehman:3 brothers:3 holdings:1 unit:1 american:1 express:1 axp:1 spokesman:1 company:3 management:1 board:1 schedule:1 today:2 sure:1 formally:1 receive:1 notice:1 aware:1 press:1 account:1 decline:1 next:1 move:1 may:1 whether:1 would:1 issue:1 later:1 plan:1 maintain:1 corporate:1 headquarters:1 retain:1 industrial:1 product:2 business:1 related:1 segment:1 mention:1 rko:1 subsidiary:1 involve:1 dispute:1 license:1 renewal:1 several:1 television:1 station:2 agree:2 sell:1 two:2 independent:1 wor:1 new:3 york:2 area:1 khj:1 los:1 angeles:1 official:1 immediately:1 available:1 delay:1 opening:1 exchange:1 imbalance:1 order:1 nyse:1 indicate:1 open:1 103:1 115:1 close:2 yesterday:1 90:1 52:1 week:1 high:2 include:1 senior:1 subordinated:1 bridge:1 bind:1 agreement:1 deliver:1 within:1 24:1 hour:1 request:1 lend:1 form:1 syndicate:1 bank:1 provide:1 rest:1 act:1 dealer:1 manager:1 confident:1 could:1 obtain:1 transaction:1 promptly:1 last:1 fall:1 privately:1 acquire:1 lear:2 siegler:2 44:1 withdraw:1 bid:1 emerge:1 eventually:1 go:1 private:1 66:1
|
GENCORP <GY> GROUP HOLDS 9.8 PCT STAKE
(General Partners), a Texas general
partnership equally owned by affiliates of Wagner and Brown and
AFG Industries Inc <AFG>, said it currently holds 2,180,608
common shares, or about 9.8 pct, of Gencorp Inc's <GY>
outstanding common stock.
General Partners said it began a 100 dlrs a share cash
tender offer for all of Gencorp, an Akron, Ohio-based concern,
that is worth nearly 2.3 billion dlrs.
Gencorp, which has interests in tire- and plastic-making,
aerospace and broadcasting, has about 22.3 mln shares
outstanding.
The General Partners offer is subject to receipt of
financing, a majority of Gencorp shares and other conditions.
In a letter to Gencorp chairman and chief executive A.
William Reynolds describing the offer, General Partners said it
was willing to negotiate terms of the offer and was prepared to
meet as soon as possible.
In a statement, General Partners said it has contributed
250 mln dlrs in equity financing and also has commitments for
a one billion dlr credit line from Wells Fargo and Co <WFC> and
a 1.25 billion loan from Shearson Lehman Brothers Holdings Inc,
a unit of American Express Co <AXP>.
A Gencorp spokesman said the company's management was
meeting but that its board was not scheduled to meet today. He
said he was not sure the company had formally received notice
of the offer but was aware of it through press accounts.
He declined to say what Gencorp's next move might be or
whether it would issue a statement later today.
In the letter, General Partners said it plans to maintain
Gencorp's corporate headquarters in Akron, and retain the
company's plastics and industrial products businesses and its
tires and related products segment.
The letter did not mention Gencorp's RKO General
broadcasting subsidiary, which has been involved in disputes
over license renewals at several of its television stations.
Gencorp has agreed to sell two of its independent stations, WOR
in the New York area and KHJ in Los Angeles.
General Partners officials were not immediately available.
Gencorp shares were delayed at the opening on the New York
Stock Exchange because of an imbalance of orders, and the NYSE
said the shares were indicated to open at 103 to 115. The
shares closed up two yesterday at 90-1/2, a new 52-week high.
The financing for the offer includes the 250 mln dlrs in
equity from General Partners, the 1.25 billion dlr loan from
Shearson Lehman Brothers, a senior subordinated bridge loan for
which a binding agreement can be delivered within 24 hours
after a request from the partnership, and the one billion dlr
credit line from Wells Fargo.
Wells Fargo has agreed to lend up to 250 mln dlrs of the
line itself and form a syndicate of banks to provide the rest,
the partnership said.
Shearson Lehman Brothers Inc will act as dealer manager in
the tender offer, it said.
In the letter, the partnership said it was confident it
could obtain the financing and close the transaction promptly.
Last fall AFG and privately held Wagner and Brown offered
to acquired (Lear Siegler Inc) for about 1.44 billion dlrs but
withdrew the offer when higher bids emerged. Lear Siegler
eventually went private for about 1.66 billion dlrs.
|
training/6464
|
training/6464 |@title thai:1 trade:1 deficit:1 widen:1 february:1 |@word thailand:2 trade:2 deficit:3 widen:3 estimate:3 4:5 7:3 billion:21 baht:9 february:4 2:7 1:6 january:4 8:3 year:6 ago:6 bank:4 say:4 export:1 fall:1 around:1 18:1 9:1 20:2 compare:2 17:1 import:1 rise:2 23:1 6:4 22:1 5:3 1986:2 two:3 month:4 current:2 account:2 show:1 263:1 mln:2 post:1 500:1 surplus:3 country:1 balance:2 payment:2 narrow:1 3:2 previous:1 high:1 first:1 1987:1 period:1 net:1 capital:1 inflow:1 five:1
|
THAI TRADE DEFICIT WIDENS IN FEBRUARY
Thailand's trade deficit widened to an
estimated 4.7 billion baht in February from 2.1 billion in
January and 2.8 billion a year ago, the Bank of Thailand said.
Exports fell to around 18.9 billion baht from 20.4 billion
in January compared with 17.4 billion a year ago, the bank
said.
Imports rose to 23.6 billion baht from 22.5 billion in
January. They were 20.2 billion in February 1986.
The bank said the trade deficit for the two months widened
to an estimated 6.8 billion baht from 5.2 billion a year ago.
February's current account showed a 1.2 billion baht
deficit compared with 1.7 billion in January and 263 mln a year
ago.
The current account for the two months posted an estimated
500 mln baht surplus, down from 1.2 billion a year ago.
A surplus in the country's balance of payments narrowed to
3.2 billion baht in February from 4.6 billion the previous
month but was higher than 1.5 billion a year ago.
The bank said the balance of payments surplus for the first
two months of 1987 widened to 7.8 billion baht from 4.6 billion
from the same period in 1986, while the net capital inflow rose
to five billion baht from 3.1 billion.
|
training/6465
|
training/6465 |@title p:1 gap:1 set:1 high:1 capital:1 spending:1 |@word great:1 atlantic:1 pacific:1 tea:1 co:1 say:3 three:1 year:3 345:1 mln:2 dlr:1 capital:2 program:3 substantially:1 increase:2 accommodate:1 growth:1 expansion:1 plan:1 waldbaum:2 inc:2 shopwell:2 next:1 two:1 p:3 acquisition:1 august:1 1986:2 december:1 help:1 achieve:1 better:1 expect:1 result:1 fourth:1 quarter:2 end:1 february:1 28:1 net:1 income:1 continue:1 operation:1 jump:1 52:2 6:1 pct:3 20:1 7:1 dlrs:2 55:1 ct:1 share:1 late:1 sale:1 48:1 3:1 1:1 58:1 billion:1 give:1 detail:1 expand:1 complete:1 first:1 4:1 tengelmann:1 warenhandelsgesellschaft:1 west:1 germany:1
|
A AND P <GAP> SETS HIGHER CAPITAL SPENDING
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.
|
training/6466
|
training/6466 |@title federal:1 express:1 corp:1 fdx:1 3rd:1 qtr:1 feb:1 28:1 net:1 |@word oper:4 shr:2 69:1 ct:2 vs:11 83:1 net:4 35:1 9:3 mln:14 42:2 4:1 revs:2 798:1 659:1 2:4 avg:2 shrs:2 52:1 0:1 50:1 nine:2 mth:2 38:1 dlrs:7 75:1 123:1 3:2 135:1 6:2 31:1 billion:2 1:2 86:1 51:1 8:1 49:1 note:1 exclude:1 loss:1 discontinue:1 operation:1 nil:1 16:1 quarter:2 227:1 5:1 7:1 include:1 gain:1 sale:1 aircraft:1 two:1 200:1 000:1
|
FEDERAL EXPRESS CORP <FDX> 3RD QTR FEB 28 NET
Oper shr 69 cts vs 83 cts
Oper net 35.9 mln vs 42.4 mln
Revs 798.9 mln vs 659.2 mln
Avg shrs 52.0 mln vs 50.9 mln
Nine mths
Oper shr 2.38 dlrs vs 2.75 dlrs
Oper net 123.3 mln vs 135.6 mln
Revs 2.31 billion vs 1.86 billion
Avg shrs 51.8 mln vs 49.3 mln
NOTE: Net excludes losses from discontinued operations of
nil vs 16.1 mln dlrs in quarter and 227.5 mln dlrs vs 42.7 mln
dlrs in nine mths.
Quarter net includes gains from sale of aircraft of two mln
dlrs vs 6,200,000 dlrs.
|
training/6471
|
training/6471 |@title morgan:1 grenfell:1 say:1 1986:1 profit:1 hit:1 guinness:1 |@word morgan:7 grenfell:4 group:5 plc:3 say:7 1986:2 pre:2 tax:2 profit:4 low:1 forecast:1 depreciation:1 value:1 guinness:6 guin:1 l:2 share:4 security:1 trading:2 loss:3 u:3 chairman:1 lord:3 catto:4 seven:1 mln:5 addition:1 3:1 5:1 dlr:1 risk:1 arbitrage:1 operation:1 new:3 york:1 depress:1 eight:1 stg:3 82:1 2:1 also:3 tell:2 news:2 conference:2 receive:1 informal:1 approach:1 takeover:2 interested:1 formal:1 offer:1 make:1 would:1 elaborate:1 act:2 merchant:1 banker:1 brewing:1 company:2 successful:1 bid:2 distiller:1 co:1 dist:1 first:1 half:2 last:3 year:3 k:2 government:1 launch:1 investigation:1 affair:2 december:1 public:1 concern:1 focus:1 way:2 may:1 breach:1 law:1 code:1 prompt:1 support:1 price:1 chief:3 executive:4 christopher:1 reeve:3 head:1 corporate:3 finance:4 graham:1 walsh:2 senior:2 director:3 roger:1 seelig:2 resign:2 january:1 another:1 geoffrey:1 collier:1 late:2 allegation:1 insider:1 information:1 currently:1 face:1 criminal:1 charge:1 second:1 one:1 traumatic:1 history:1 client:1 staff:1 supportive:1 certainly:1 look:1 future:1 positive:1 bad:1 behind:1 sweep:1 nothing:1 carpet:1 19:1 4:1 pct:1 1985:1 68:1 8:1 mainly:1 due:1 high:1 contribution:1 activity:1 progress:1 asset:1 management:1 david:1 ewart:1 performance:1 far:1 1987:1 within:2 reasonable:1 touch:1 budget:1 actively:1 seek:1 replace:1 sir:1 peter:1 carey:1 interim:1 resignation:2 hope:1 month:1 pay:1 total:1 562:1 000:1 compensation:2 follow:1 decline:1 much:1 man:1 get:1 negotiation:1 go:1 determine:1 amount:1 stand:1 366p:1 9p:1 yesterday:1 375p:1 reuter:1
|
MORGAN GRENFELL SAYS 1986 PROFITS HIT BY GUINNESS
<Morgan Grenfell Group Plc> said its
1986 pre-tax profits were lower than forecast because of
depreciation in the value of its Guinness Plc <GUIN.L> shares
and because of securities trading losses in the U.S.
Morgan chairman Lord Catto said the losses on the group's
seven mln Guinness shares in addition to a 3.5 mln dlr loss on
its risk arbitrage operation in New York depressed profits some
eight mln stg to 82.2 mln.
He also told a news conference Morgan had received informal
approaches about a takeover of the group but was not
interested. No formal offers had been made, but Catto would not
elaborate.
Morgan Grenfell acted as merchant banker to Guinness during
the brewing company's successful bid for Distillers Co Plc
<DIST.L> in the first half of last year.
The U.K. Government launched an investigation into the
affairs of Guinness last December. Public concern has focused
on the way Guinness may have breached U.K. Company law and the
Takeover Code by prompting others to support its share price
during the bid.
Morgan chief executive Christopher Reeves, head of
corporate finance Graham Walsh and senior corporate finance
director Roger Seelig all resigned in January over the Guinness
affair.
Another senior Morgan Grenfell executive, Geoffrey Collier,
resigned late last year on allegations of trading on insider
information. He currently faces criminal charges.
Lord Catto said the second half of 1986 had been 'one of the
most traumatic in our history,' but that clients and staff had
been supportive.
'I certainly look on the future in a positive way. We have
the worst behind us and have swept nothing under the carpet.'
Profits for the year, up 19.4 pct from 1985 pre-tax profits
of 68.8 mln stg, were mainly due to a high contribution from
corporate finance activities and progress in asset management.
Finance Director David Ewart told the news conference the
performance of the group so far in 1987 was 'within reasonable
touch of the budget.'
Lord Catto also said the group was actively seeking a new
chief executive to replace Sir Peter Carey, who is acting as
interim director after Reeves' resignation, and hopes to have a
new chief executive within a few months.
He also said Reeves and Walsh had been paid a total of
562,000 stg in compensation following their resignations, but
declined to say how much each man got. Negotiations were going
on to determine an amount of compensation for Seelig, he said.
Morgan Grenfell shares stood at a late 366p, 9p down on
yesterday's 375p.
REUTER...
|
training/6473
|
training/6473 |@title sec:1 move:1 discipline:1 allegheny:1 int:1 l:1 ag:1 |@word securities:2 exchange:1 commission:3 sec:5 staff:2 seek:2 authority:2 take:2 enforcement:3 action:3 allegheny:12 international:1 inc:2 pittsburgh:1 base:1 industrial:1 consumer:1 product:1 firm:1 say:7 make:2 disclosure:1 document:1 file:1 connection:1 recent:2 agreement:2 private:1 leverage:1 buyout:3 lead:3 first:2 boston:2 follow:1 announcement:1 merger:1 company:7 inform:1 division:1 intend:2 institute:1 proceeding:1 cooperate:1 investigation:2 continue:1 include:2 taking:1 testimony:1 employe:1 ongoing:1 probe:2 ask:3 information:2 executive:2 compensation:1 benefit:1 plan:1 certain:1 real:1 estate:1 travel:1 entertainment:1 spending:1 use:1 corporate:1 aircraft:1 also:1 acquisition:1 divestiture:1 accounting:1 system:1 internal:1 control:1 begin:2 february:1 1986:1 matter:2 policy:1 routinely:1 decline:1 comment:1 month:2 become:1 target:1 series:1 shareholder:4 lawsuit:1 claim:1 violate:1 federal:2 security:1 law:2 fail:1 disclose:1 material:1 annual:1 proxy:1 statement:1 suit:2 later:1 consolidate:1 single:1 class:1 complaint:1 pennsylvania:1 court:2 allege:1 violation:1 involve:1 numerous:1 current:1 former:1 officer:2 director:1 earlier:1 lawyer:1 expand:1 charge:3 allegation:1 attempt:1 illegally:1 freeze:1 public:1 unfair:1 price:1 vigorously:1 defend:1 widely:1 believe:1 last:1 summer:1 resignation:1 chairman:1 chief:1 robert:1 buckley:1 group:1 tender:1 march:1 13:1 outstanding:1 share:2 24:1 60:1 dlrs:1
|
SEC MOVES TO DISCIPLINE ALLEGHENY INT'L <AG>
The Securities and Exchange
Commission (SEC) staff is seeking authority to take enforcement
action against Allegheny International Inc, the
Pittsburgh-based industrial and consumer products firm said.
Allegheny made the disclosure in documents filed with the
SEC in connection with its recent agreement to be taken private
through a leveraged buyout led by First Boston Inc.
'Following announcement of the merger agreement, the company
was informed by the Enforcement Division of the (SEC) that it
intends to seek authority from the commission to institute a
proceeding against the company,' Allegheny said.
'The company is cooperating in the commission's
investigation which is continuing and now includes the taking
of testimony of employes and others,' Allegheny said.
In the ongoing probe, Allegheny said, the staff has asked
for information about company executive compensation and
benefit plans, certain company-owned real estate, travel and
entertainment spending and the use of corporate aircraft.
It also has asked for information on acquisitions and
divestitures, the company's accounting system 'and other
internal controls,' Allegheny said.
The probe began in February 1986, Allegheny said.
The SEC, as a matter of policy, routinely declines comment
on its enforcement actions.
The SEC investigation began just months before Allegheny
became the target of a series of shareholder lawsuits claiming
that the company had violated the federal securities laws by
failing to disclose material matters in recent annual proxy
statements.
The suits, later consolidated into a single class-action
complaint before a Pennsylvania federal court, allege
securities law violations involving numerous current and former
Allegheny officers and directors.
Earlier this month, lawyers for the shareholders asked the
court to expand the charges to include an allegation that, in
the buyout, Allegheny had attempted to illegally freeze out its
public shareholders at an unfair price.
Allegheny said it intends to vigorously defend itself
against all charges.
The charges made in the shareholder suits are widely
believed to have led to last summer's resignation of Chairman
and Chief Executive Officer Robert Buckley.
In the buyout, a group led by First Boston tendered March
13 for all outstanding Allegheny shares at 24.60 dlrs a share.
|
training/6474
|
training/6474 |@title united:1 asset:1 management:1 corp:1 uam:1 ups:1 payout:1 |@word qtly:1 div:1 four:1 ct:2 vs:1 three:1 prior:1 pay:1 april:1 15:1 record:1 march:1 31:1
|
UNITED ASSET MANAGEMENT CORP <UAM> UPS PAYOUT
Qtly div four cts vs three cts prior
Pay April 15
Record March 31
|
training/6475
|
training/6475 |@title kinder:1 care:1 inc:1 kndr:1 first:1 qtr:1 net:1 |@word qtr:4 end:3 dec:2 31:3 shr:1 one:1 cent:1 vs:3 15:1 ct:1 net:1 466:1 000:3 6:1 866:1 revs:1 123:1 1:1 mln:2 93:1 5:1 note:1 company:1 change:2 fiscal:1 year:1 aug:1 prior:1 jan:1 17:1 1986:1 include:2 two:1 week:1 current:2 loss:1 899:1 accounting:1
|
KINDER-CARE INC <KNDR> FIRST QTR NET
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.
|
training/6476
|
training/6476 |@title ultrasystems:1 inc:1 uls:1 4th:1 qtr:1 jan:1 31:1 net:1 |@word shr:3 26:1 ct:4 vs:7 18:1 ctsd:1 net:3 2:3 102:1 000:6 1:4 415:1 revs:2 44:1 mln:4 42:1 year:2 21:1 91:1 678:1 7:3 105:1 155:1 149:1 avg:1 shrs:1 960:1 808:1 note:1 late:1 include:1 writeoff:1 investment:1 dawn:1 enterprise:1 ethanol:1 refinery:1 79:1
|
ULTRASYSTEMS INC <ULS> 4TH QTR JAN 31 NET
Shr 26 cts vs 18 ctsd
Net 2,102,000 vs 1,415,000
Revs 44.1 mln vs 42.2 mln
Year
Shr 21 cts vs 91 cts
Net 1,678,000 vs 7,105,000
Revs 155.1 mln vs 149.2 mln
Avg shrs 7,960,000 vs 7,808,000
NOTE: Latest year net includes writeoff of investment in
Dawn Enterprises ethanol refinery of 79 cts shr.
|
training/6477
|
training/6477 |@title canamax:1 acquire:1 krezmar:1 gold:1 property:1 stake:1 |@word canamax:2 resources:1 inc:1 say:2 agree:1 acquire:1 50:1 pct:2 interest:1 already:1 krezmar:1 gold:2 property:2 near:1 wawa:1 ontario:1 pay:1 nine:1 mln:2 dlrs:1 algoma:2 steel:1 corp:1 ltd:1 grant:1 four:1 net:1 smelter:1 return:1 royalty:1 payable:1 payback:1 drill:1 indicate:1 reserve:1 depth:1 1:1 200:1 foot:1 estimate:1 one:1 ton:2 average:1 0:1 25:1 ounce:1
|
CANAMAX TO ACQUIRE KREZMAR GOLD PROPERTY STAKE
<Canamax Resources Inc> said it agreed
to acquire the 50 pct interest it does not already own in the
Krezmar gold property, near Wawa, Ontario, by paying nine mln
dlrs to <Algoma Steel Corp Ltd> and granting Algoma a four pct
net smelter return royalty, which is payable after payback.
The property's drill indicated reserves to a depth of 1,200
feet are estimated at over one mln tons averaging 0.25 ounces
of gold a ton, Canamax said.
|
training/6478
|
training/6478 |@title nfs:2 financial:1 nfsf:1 set:1 initial:1 dividend:1 |@word financial:1 corp:1 say:1 board:1 declare:1 initial:1 dividend:1 five:1 ct:1 per:1 share:1 payable:1 april:1 21:1 holder:1 record:1 march:1 31:1
|
NFS FINANCIAL <NFSF> SETS INITIAL DIVIDEND
NFS Financial Corp said its board
declared an initial dividend of five cts per share, payable
April 21 to holders of record March 31.
|
training/6481
|
training/6481 |@title vw:1 audi:1 say:1 profit:1 fall:1 around:1 50:1 pct:1 1986:1 |@word audi:15 ag:2 nsug:1 f:2 99:1 pct:9 subsidiary:1 volkswagen:1 vowg:1 say:9 profit:9 1986:8 fall:6 around:1 half:1 compare:3 1985:8 achieve:1 record:3 221:1 mln:1 mark:2 net:2 rise:8 19:1 5:3 previous:2 year:6 manage:1 board:1 chairman:1 wolfgang:1 habbel:7 tell:1 news:1 conference:1 expect:2 turnover:2 questionable:1 whether:2 1987:4 would:6 return:1 level:2 give:2 figure:1 predict:1 last:2 likely:1 unspecified:1 amount:1 9:3 billion:3 6:1 look:1 certain:1 10:3 ask:1 pay:2 dividend:2 vw:3 help:3 parent:1 company:1 overcome:1 currency:2 loss:1 ensure:1 get:1 share:2 entire:1 free:1 reserve:1 finance:1 investment:1 receive:1 80:3 earning:1 blame:1 decline:2 disruption:1 output:3 cause:1 introduction:1 new:3 model:2 factor:1 negative:1 publicity:1 u:4 alleged:1 sudden:1 acceleration:1 5000:1 report:1 sale:5 drop:1 nearly:1 20:1 59:1 800:2 probably:1 bottom:1 worldwide:2 car:2 delivery:2 two:3 363:1 000:7 total:1 export:1 rounded:2 210:1 domestic:1 increase:3 154:1 137:1 180:1 sell:1 extremely:1 well:1 first:2 month:3 overall:1 market:1 west:1 germany:1 8:1 4:1 2:1 europe:1 also:1 without:1 detail:1 eight:1 57:1 january:1 production:1 400:2 384:1 392:1 lead:1 hiring:1 employee:1 end:1 workforce:1 stand:1 39:1 3:1
|
VW'S AUDI SAYS PROFIT FELL AROUND 50 PCT IN 1986
Audi AG <NSUG.F>, the 99 pct owned
subsidiary of Volkswagen AG <VOWG.F>, said profit in 1986 fell
by around half compared with 1985, when it achieved a record
221 mln marks net profit, a rise of 19.5 pct on the previous
year.
Managing board chairman Wolfgang Habbel told a news
conference he expected both profit and turnover to rise this
year compared with 1986, but he said it was questionable
whether 1987 profit would return to 1985 levels.
He gave no figure for 1986 profit. Audi had predicted last
year that 1986 profit would likely fall by an unspecified
amount from 1985's record levels.
Habbel said turnover in 1986 rose to 9.9 billion marks from
9.6 billion in 1985 and looked certain to rise to over 10
billion this year.
Asked whether Audi would pay a dividend to VW to help the
parent company overcome its currency losses, Habbel said Audi
would ensure VW got a share of profits.
Audi's entire 1985 net profit was paid into its own free
reserves to help finance investment. In the previous 10 years
VW had received 80 pct of Audi's earnings as a dividend.
Habbel blamed the profit decline on disruptions to output
caused by the introduction of the new Audi 80 model, on
currency factors and on negative publicity in the U.S. About
alleged 'sudden acceleration' of some of its Audi 5000 models.
As reported, Audi's sales in the U.S. Dropped nearly 20 pct
to 59,800 last year.
Habbel said the U.S. Sales decline would probably bottom
out in 1987.
Audi's worldwide car deliveries fell two pct to 363,000.
Of the total, exports fell 10.5 pct to a rounded 210,000,
but domestic sales increased to a rounded 154,000 from 137,180
in 1985.
Habbel said the new Audi 80 had sold extremely well in the
first two months of 1987, helping Audi to increase its overall
market share in West Germany to 8.4 pct from 5.2 pct in the
same months of 1986. Sales in Europe also rose but U.S. Sales
fell further, he said without giving details. Worldwide
deliveries in the first two months increased eight pct to
57,000.
Audi said in January that 1987 car production would rise to
over 400,000 from 384,000 in 1986, when output had fallen
compared with 1985's 392,000.
Habbel said Audi expected the rise in output to lead to
further new hiring of employees.
At the end of 1986 Audi's workforce stood at a record
39,800, a rise of 3,400 over 1985.
|
training/6483
|
training/6483 |@title bank:1 england:1 lend:1 one:1 billion:1 stg:1 10:1 pct:1 |@word bank:5 england:1 say:1 lend:2 one:1 billion:3 stg:3 discount:1 market:3 fourteen:1 day:1 10:3 pct:3 bring:1 total:1 help:1 today:2 1:2 34:1 satisfie:1 estimate:2 shortage:1 system:1 earlier:1 3:1 announcement:1 morning:1 willing:1 two:1 week:1 money:2 interpret:1 sanction:1 low:1 u:2 k:2 base:2 lending:1 rate:3 clearing:1 swiftly:1 take:1 cut:1 half:1 point:1 midday:1 central:1 lower:1 deal:1 amount:1
|
BANK OF ENGLAND LENDS ONE BILLION STG AT 10 PCT
The Bank of England said it had lent one
billion stg to the discount market for fourteen days at 10 pct.
This brings the Banks total help today to some 1.34 billion
stg and satisfies the estimated shortage in the system today
which it had earlier estimated at 1.3 billion stg.
The Bank's announcement this morning that it was willing to
lend two-week money at 10 pct was interpreted by the market as
a sanction for lower U.K. Base lending rates.
The U.K. Clearing banks swiftly took this up, cutting their
base rates by a half-point to 10 pct. At midday, the central
bank lowered its money market dealing rates by the same amount.
|
training/6484
|
training/6484 |@title uk:2 intervention:2 bd:2 say:2 ec:2 sell:2 60:2 500:2 tonne:2 white:2 sugar:2 rebate:2 44:2 819:2 ecus:2 |@word
|
UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 44.819 ECUS.
UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 44.819 ECUS.
|
training/6485
|
training/6485 |@title sensormatic:1 electronics:1 corp:1 snsr:1 3rd:1 qtr:1 net:1 |@word feb:1 28:3 end:1 shr:2 profit:4 11:1 ct:4 vs:8 loss:4 37:1 net:3 3:2 027:1 000:3 10:1 4:1 mln:10 revs:2 22:2 19:1 9:4 avg:2 shrs:2 6:2 29:1 0:1 nine:1 mth:1 34:1 560:1 072:1 71:1 64:1 7:1 5:1 27:1 note:1 prior:1 year:1 period:1 15:1 2:1 dlr:1 writeoff:1
|
SENSORMATIC ELECTRONICS CORP <SNSR> 3RD QTR NET
Feb 28 end
Shr profit 11 cts vs loss 37 cts
Net profit 3,027,000 vs loss 10.4 mln
Revs 22.3 mln vs 19.9 mln
Avg shrs 28.6 mln vs 29.0 mln
Nine mths
Shr profit 34 cts vs loss 22 cts
Net profit 9,560,000 vs loss 6,072,000
Revs 71.9 mln vs 64.7 mln
Avg shrs 28.5 mln vs 27.9 mln
NOTE: Prior year net both periods after 15.2 mln dlr
writeoff.
|
training/6486
|
training/6486 |@title u:1 k:1 intervention:1 board:1 detail:1 ec:1 sugar:1 sale:1 |@word total:2 60:2 500:1 tonne:5 current:3 series:1 white:2 sugar:2 receive:2 export:3 rebate:1 maximum:1 44:3 819:1 european:2 currency:1 unit:1 ecus:3 per:2 100:2 kilo:2 today:3 community:1 ec:1 tender:1 u:1 k:1 intervention:1 board:1 say:1 trader:3 france:1 18:1 000:6 denmark:1 15:1 west:1 germany:1 12:2 250:2 netherlands:1 belgium:1 3:1 add:1 earlier:1 london:1 expect:1 subsidy:1 season:2 campaign:1 licence:1 end:1 aug:1 10:1 50:1 also:1 forecast:1 authorise:1 tonnage:1 award:1 70:1 versus:1 71:1 last:1 week:2 restitution:1 43:1 248:1 cumulative:1 authorisation:1 1986:1 87:1 stand:1 1:1 915:1 270:1 40:1
|
U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES
A total 60,500 tonnes of current series
white sugar received export rebates of a maximum 44.819
European Currency Units (Ecus) per 100 kilos at today's
European Community (EC) tender, the U.K. Intervention Board
said.
Out of this, traders in France received 18,000 tonnes, in
Denmark 15,000, in West Germany 12,250, in the Netherlands
12,000 and in Belgium 3,250 tonnes, it added.
Earlier today, London traders had expected the subsidy for
the current season whites campaign for licences to end-Aug to
be between 44.10 and 44.50 Ecus per 100 kilos.
Traders had also forecast today's total authorised sugar
tonnage export awards to be between 60,000 and 70,000 tonnes
versus 71,000 last week when the restitution was 43.248 Ecus.
Cumulative export authorisations for the current 1986/87
season now stand at 1,915,270 tonnes (40 weeks).
|
training/6488
|
training/6488 |@title anacomp:1 aac:1 acquires:1 datagraphix:1 |@word anacomp:2 inc:2 say:2 acquire:1 common:1 stock:2 datagraphix:2 general:1 dynamics:1 corp:1 gd:1 128:1 mln:3 dlrs:3 purchase:1 finance:1 combination:1 new:1 bank:1 credit:1 agreement:1 private:1 placement:1 senior:1 subordinated:1 note:1 convertible:1 preferred:1 1986:2 sale:2 240:1 7:1 manufacture:1 line:1 computer:1 output:1 microfilm:1 hardware:1 supplie:1 year:1 end:1 sept:1 30:1 108:1 8:1
|
ANACOMP <AAC> ACQUIRES DATAGRAPHIX
Anacomp Inc said it acquired
the common stock of DatagraphiX Inc from General Dynamics Corp
<GD> for about 128 mln dlrs.
It said the purchase will be financed with a combination of
a new bank credit agreement and through private placement of
senior subordinated notes and convertible preferred stock.
DatagraphiX, which had 1986 sales of 240.7 mln dlrs,
manufactures a line of computer output to microfilm hardware
and supplie.
Anacomp's sales for the year ended Sept 30, 1986 were 108.8
mln dlrs.
|
training/6491
|
training/6491 |@title winnebago:1 industries:1 inc:1 wgo:1 2nd:1 qtr:1 net:1 |@word period:2 end:2 february:1 28:2 shr:2 25:2 ct:4 vs:6 net:2 6:3 292:1 000:4 340:1 sale:2 97:1 0:2 mln:4 87:1 six:1 mth:1 36:1 9:1 122:1 7:1 053:1 193:1 2:1 168:1 note:1 1986:1 march:1 one:1
|
WINNEBAGO INDUSTRIES INC <WGO> 2ND QTR NET
Period ended February 28
Shr 25 cts vs 25 cts
Net 6,292,000 vs 6,340,000
Sales 97.0 mln vs 87.0 mln
Six mths
Shr 36 cts vs 28 cts
Net 9,122,000 vs 7,053,000
Sales 193.2 mln vs 168.6 mln
NOTE: 1986 period ended March One
|
training/6492
|
training/6492 |@title cattle:1 place:1 feed:1 light:1 normal:1 |@word cattle:26 place:4 u:1 feedlot:7 weigh:2 less:2 normal:3 likely:2 remain:2 feed:10 longer:1 spread:1 marketing:3 support:1 price:5 summer:2 reduce:3 beef:3 supply:4 prospect:1 many:4 long:1 time:1 blunt:1 market:6 impact:1 high:4 placement:5 report:6 usda:3 late:1 livestock:2 analyst:4 say:9 release:1 seven:1 state:1 march:1 1:1 future:1 chicago:1 mercantile:1 exchange:1 yesterday:1 rise:2 sharply:1 trade:1 expect:2 defer:1 contract:1 decline:1 15:1 pct:2 february:3 year:2 ago:1 although:2 heavy:2 note:3 put:2 relatively:1 lightweight:1 operator:2 would:3 light:9 autumn:1 rather:1 case:1 normally:1 actual:1 weight:7 difficult:1 obtain:1 industry:1 source:1 west:1 southwest:1 acknowledge:1 area:2 increase:1 enter:1 help:1 explain:1 jump:1 last:2 month:1 1986:1 university:1 missouri:1 agricultural:1 economist:1 glenn:1 grime:3 probability:1 order:1 go:1 statistic:1 available:1 terminal:1 represent:1 small:1 percentage:1 total:1 steer:1 average:2 708:1 lb:4 compare:1 718:1 even:1 delay:2 weakness:1 could:1 much:1 three:1 bruce:1 ginn:2 helming:1 group:1 formerly:1 lbas:1 mainly:1 two:1 factor:1 low:1 grain:2 live:2 farmer:1 like:1 large:1 also:2 encourage:1 early:1 movement:1 wheat:2 pasture:5 onto:1 come:2 sooner:1 poor:1 condition:2 gary:1 chapmann:2 cash:1 trader:1 graham:1 sioux:1 city:1 iowa:1 believe:1 general:1 trend:1 benefit:1 dry:1 mild:1 winter:2 south:1 however:1 weather:1 wetter:1 75:2 100:1 gain:1
|
CATTLE BEING PLACED ON FEED LIGHTER THAN NORMAL
Most of the cattle now being placed on
U.S. feedlots weigh less than normal and likely will remain on
feed longer, spreading out marketings and supporting cattle
prices through the summer because of reduced beef supply.
The prospect of so many cattle remaining on feed for a
longer time blunted the market impact of the high placements
reported in the USDA's latest cattle on feed report, livestock
analysts said.
After the USDA released its report of cattle on feed in
seven states as of March 1, cattle futures on the Chicago
Mercantile Exchange yesterday rose sharply. The trade had
expected deferred contracts to decline on the USDA report of a
15 pct rise in cattle placements in February from a year ago.
Although the heavy placements were expected, analysts noted
reports that many cattle put on feed were relatively
lightweight and said feedlot operators would feed the lighter
cattle into the autumn, rather than market them during the
summer as would be the case with the heavier cattle normally
placed on feed.
Although reports of actual cattle weights are difficult to
obtain, industry sources in the West and Southwest acknowledge
that lighter cattle are being put on feedlots in their areas.
The increase in lighter-weight cattle entering feedlots,
helps explain the jump in feedlot placements last month from
February, 1986.
University of Missouri Agricultural Economist Glenn Grimes
said, 'The probabilities are high that in order to place that
many cattle on feed they (feedlot operators) had to go to
lighter-weight cattle.
The only statistics available are from some terminal
markets which represent only a small percentage of the total
cattle marketed. But at those markets, steers averaged 708 lbs
in February compared with 718 lbs last year, Grimes said.
Even if marketing of the lighter cattle is not delayed,
Grimes said, beef supply likely will be reduced.
If the average weight is down, and there is no price
weakness to delay marketings, the cattle would be marketed at
lighter weights, which could reduce the beef supply as much as
three pct.
Bruce Ginn, cattle analyst for The Helming Group (formerly
LBAS), said the lighter cattle are being placed on feed mainly
because of two factors: low grain prices and higher live cattle
prices.
Many farmers like to feed lighter weight cattle and grain
supplies are large, he noted. Also, the higher live cattle
prices have been encouraging early movement of cattle from
wheat pasture onto feedlots, Ginn said.
Other analysts also noted that cattle are coming off wheat
pasture sooner than normal because of poor pasture conditions.
Gary Chapmann, a cash livestock trader for Chapmann and
Graham in Sioux City, Iowa said he believed the general trend
is to lighter weight placements but pasture conditions in his
area benefited from a dry, mild winter.
To the south, however, he said the weather was wetter and
some cattle are coming off pasture weighing 75 to 100 lbs less
than normal after having gained only 75 lbs all winter.
|
training/6493
|
training/6493 |@title n:1 cocoa:1 trader:1 still:1 cautious:1 icco:1 |@word new:1 york:1 cocoa:3 trader:5 react:1 caution:1 today:2 development:2 international:1 organization:1 talk:2 london:1 say:7 still:2 time:2 negotiation:3 break:1 would:2 extremely:1 cautious:1 go:2 either:1 long:2 short:1 point:1 jack:1 ward:2 president:1 trading:1 firm:1 barretto:1 peat:1 final:1 position:3 come:2 icco:2 one:3 put:3 risk:1 moment:1 commensurate:1 possible:1 gain:2 producer:1 consumer:1 delegate:1 morning:1 accept:1 outline:1 compromise:1 proposal:1 buffer:1 stock:1 rule:1 basis:1 small:2 group:1 representative:1 charge:1 flesh:1 detail:1 market:1 sentiment:1 reflect:1 optimism:1 strong:1 seem:1 slightly:2 close:1 agreement:1 forget:1 much:1 negotiate:1 another:1 many:1 dealer:2 sideline:1 remain:1 get:1 historically:1 outright:1 term:1 speculator:1 net:1 add:1 recent:1 price:1 strength:1 52:1 dlrs:1 last:1 two:1 day:1 due:1 large:1 part:1 sterling:1 rally:1 dollar:1 process:1 attract:1 measure:1 origin:1 selling:1
|
N.Y. COCOA TRADERS STILL CAUTIOUS ON ICCO
New York cocoa traders reacted with
caution to today's developments at the International Cocoa
Organization talks in London, saying there is still time for
negotiations to break down.
'I would be extremely cautious to go either long or short
at this point,' said Jack Ward, president of the cocoa trading
firm Barretto Peat. 'If and when a final position comes out (of
the ICCO talks) one will still have time to put on positions.
The risk at the moment is not commensurate with the possible
gain.'
ICCO producer and consumer delegates this morning accepted
the outlines of a compromise proposal on buffer stock rules as
a basis for further negotiation. A smaller group of
representatives is now charged with fleshing out the details.
'Market sentiment has reflected optimism, I would't put it
any stronger than that,' Ward said.
'It seems to put them slightly closer to an agreement...
but one shouldn't forget how much they have to negotiate,' said
another trader of today's developments.
Many dealers were sidelined coming into the negotiations
and have remained so, traders said.
'The dealers have got historically small positions in
outright terms,' one trader said.
Speculators have gone net long 'but only slightly so,' he
added.
The recent price strength -- gains of about 52 dlrs the
last two days -- has been due in large part to sterling's rally
against the dollar and in the process has attracted a measure
of origin selling, traders said.
|
training/6494
|
training/6494 |@title reagan:1 upbeat:1 late:1 gnp:1 figure:1 |@word president:1 reagan:2 say:3 1:3 pct:3 u:1 economic:1 growth:2 rate:2 final:1 quarter:1 1986:1 bad:2 commerce:1 department:1 gross:1 national:1 product:1 october:1 december:1 period:2 slightly:1 less:1 preliminary:1 estimate:1 3:1 make:1 earlier:1 time:1 inflation:1 measure:1 gnp:2 price:1 deflator:1 rise:1 0:1 7:1 ask:1 reaction:1 report:1 white:1 house:1 photo:1 session:1 reply:1
|
REAGAN UPBEAT ABOUT LATEST GNP FIGURES
President Reagan said the 1.1 pct
U.S. economic growth rate during the final quarter of 1986
'wasn't all that bad.'
The Commerce Department said the rate of growth of the
Gross National Product in the October-December period was only
slightly less than a preliminary estimate of 1.3 pct made
earlier.
At the same time, it said inflation, as measured by the GNP
price deflator, rose by 0.7 pct during the period.
Asked his reaction to the GNP report during a White House
photo session, Reagan replied, 'It wasn't all that bad.'
|
training/6495
|
training/6495 |@title penwest:1 ltd:1 penw:1 2nd:1 qtr:1 end:1 feb:1 28:1 net:1 |@word shr:2 85:1 ct:3 vs:8 24:1 net:2 2:3 381:1 000:4 754:1 revs:2 35:2 3:5 mln:4 32:1 6:1 avg:2 shrs:2 777:2 620:2 161:2 603:2 six:1 mth:1 1:2 dlrs:1 44:1 756:1 388:1 65:1 8:1 64:1
|
PENWEST LTD <PENW> 2ND QTR ENDS FEB 28 NET
Shr 85 cts vs 24 cts
Net 2,381,000 vs 754,000
Revs 35.3 mln vs 32.6 mln
Avg shrs 2,777,620 vs 3,161,603
Six mths
Shr 1.35 dlrs vs 44 cts
Net 3,756,000 vs 1,388,000
Revs 65.8 mln vs 64.3 mln
Avg shrs 2,777,620 vs 3,161,603
|
training/6496
|
training/6496 |@title sierra:1 spring:1 water:1 co:1 wtr:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:4 10:1 ct:4 vs:6 profit:4 six:1 net:2 986:1 000:4 576:1 rev:2 9:2 6:2 mln:4 1:1 year:1 seven:1 27:1 714:1 2:1 299:1 42:1 8:1 34:1
|
SIERRA SPRING WATER CO <WTR> 4TH QTR LOSS
Shr loss 10 cts vs profit six cts
Net loss 986,000 vs profit 576,000
Rev 9.6 mln vs 9.1 mln
Year
Shr loss seven cts vs profit 27 cts
Net loss 714,000 vs profit 2,299,000
Rev 42.8 mln vs 34.6 mln
|
training/6497
|
training/6497 |@title gelco:1 gel:1 sell:1 canadian:1 courier:1 unit:1 |@word gelco:4 corp:1 say:2 sign:1 letter:1 intent:1 sell:2 canadian:1 courier:1 unit:2 express:2 ltd:2 air:1 canada:1 54:1 mln:1 dlrs:1 u:1 consummation:1 transaction:1 depend:1 execution:1 definitive:1 agreement:1 expect:1 may:1 part:1 restructuring:1 plan:1 announce:1 would:1 four:1 business:1 one:1 company:1 schedule:1 divestiture:1
|
GELCO <GEL> TO SELL CANADIAN COURIER UNIT
Gelco Corp said it signed a letter
of intent to sell its Canadian courier unit, Gelco Express Ltd,
to Air Canada for about 54 mln dlrs (U.S.).
It said consummation of the transaction depends on
execution of a definitive agreement, which is expected in May.
As part of its restructuring plan, Gelco had announced that
it would sell four business units. Gelco Express Ltd was one of
the companies scheduled for divestiture.
|
training/6498
|
training/6498 |@title synthetech:1 nzym:1 end:1 southwest:1 photo:1 talk:1 |@word synthetech:1 inc:2 say:2 discontinue:1 negotiation:1 acquire:1 southwest:2 photo:2 chem:1 pomona:1 calif:1 company:1 cite:1 irreconcilable:1 difference:1 financial:1 structure:1 deal:1 propose:1 significant:1 change:1 term:1 outline:1 letter:1 intent:1 sign:1 last:1 month:1
|
SYNTHETECH <NZYM> ENDS SOUTHWEST PHOTO TALKS
Synthetech Inc said it
discontinued negotiations on acquiring Southwest Photo chem Inc
of Pomona, Calif.
The company cited 'irreconcilable differences' in the
financial structure of the deal.
It said Southwest Photo proposed a significant change in
terms outlined in the letter of intent signed last month.
|
training/6499
|
training/6499 |@title ranco:1 rni:1 holder:1 approve:1 merger:1 |@word ranco:1 inc:1 say:1 shareholder:1 special:1 meeting:1 approve:1 merger:1 siebe:1 plc:1 40:1 dlrs:1 per:1 share:1
|
RANCO <RNI> HOLDERS APPROVE MERGER
Ranco Inc said shareholders at a
special meeting approved a merger into <Siebe PLC> for 40 dlrs
per share.
|
training/65
|
training/65 |@title farmers:1 group:1 inc:1 fgrp:1 4th:1 qtr:1 net:1 |@word shr:2 80:1 ct:2 vs:7 72:2 net:2 55:1 513:1 000:6 48:1 741:1 revs:2 290:1 9:2 mln:3 264:1 2:2 year:1 3:1 09:1 dlrs:2 213:1 470:1 184:1 649:1 1:1 12:1 billion:1 992:1 avg:1 shrs:1 69:1 127:1 68:1 004:1
|
FARMERS GROUP INC <FGRP> 4TH QTR NET
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
|
training/6500
|
training/6500 |@title american:1 physicians:1 service:1 amph:1 4th:1 net:1 |@word shr:2 profit:6 five:1 ct:4 vs:6 two:1 net:2 268:1 000:6 134:1 revs:1 6:2 951:1 5:1 938:1 12:1 mth:1 14:1 loss:2 11:1 801:1 623:1 rev:1 24:2 mln:2 3:1 note:1 full:1 name:1 company:1 american:1 physicians:1 service:1 group:1 inc:1
|
AMERICAN PHYSICIANS SERVICE <AMPH> 4TH NET
Shr profit five cts vs profit two cts
Net profit 268,000 vs profit 134,000
Revs 6,951,000 vs 5,938,000
12 mths
Shr profit 14 cts vs loss 11 cts
Net profit 801,000 vs loss 623,000
Revs 24.6 mln vs 24.3 mln
NOTE: full name of company is american physicians service
group inc.
|
training/6502
|
training/6502 |@title air:1 canada:1 comment:1 gelco:1 gec:1 unit:1 report:1 |@word state:1 air:2 canada:3 say:3 make:1 statement:1 1100:1 est:1 concern:1 publish:1 report:4 airline:1 agree:1 acquire:1 gelco:5 corp:1 canadian:2 unit:2 express:2 ltd:1 spokesman:3 decline:1 comment:1 toronto:1 globe:1 mail:1 query:1 sale:2 second:1 large:1 courier:1 service:1 part:1 parent:1 company:1 strategy:1 repay:1 350:1 mln:1 u:1 dlrs:1 debt:1 end:1 1987:1 quote:1 disclose:1 price:1
|
AIR CANADA TO COMMENT ON GELCO<GEC> UNIT REPORT
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.
|
training/6503
|
training/6503 |@title philip:1 crosby:1 pcro:1 see:1 low:1 4th:1 qtr:1 result:1 |@word philip:3 crosby:5 associates:1 inc:1 say:4 expect:2 audit:1 result:4 1986:2 fourth:2 quarter:4 low:2 previously:2 estimate:1 10:1 15:2 ct:2 per:1 share:2 jr:1 executive:1 vice:1 president:1 normal:1 accounting:1 adjustment:1 well:1 review:1 company:4 international:1 operation:1 due:1 report:3 alleged:1 embezzlement:1 1985:1 1:1 3:1 mln:2 dlrs:2 37:1 prior:1 august:1 two:1 one:1 stock:1 split:1 however:1 high:2 first:2 1987:1 revenue:2 11:1 8:1 tuition:1 level:2 management:1 consulting:1 service:1 course:1 month:1 history:1
|
PHILIP CROSBY <PCRO> SEES LOWER 4TH QTR RESULTS
Philip Crosby Associates Inc
said it expects its audited results for 1986's fourth quarter
to be lower than its previously estimated 10 to 15 cts per
share.
Philip Crosby Jr, executive vice president, said normal
accounting adjustments, as well as a review of the company's
international operations due to a previously reported alleged
embezzlement, resulted in the lower results.
Philip Crosby reported fourth quarter 1985 results of 1.3
mln dlrs, or 37 cts a share prior to an August 15 two-for-one
stock split.
Crosby said, however, he expects the company to report
higher first quarter 1987 revenues than the 1986 first quarter
revenues of 11.8 mln dlrs.
Crosby said that tuition levels from the management
consulting service company's courses this month are at the
highest level in the company's history.
|
training/6504
|
training/6504 |@title genzyme:1 corp:1 genz:1 4th:1 qtr:1 net:1 |@word shr:2 profit:4 three:1 ct:4 vs:8 loss:5 44:1 net:3 247:1 000:11 2:2 410:1 revs:2 3:2 845:1 264:1 avg:2 shrs:2 8:1 743:1 5:2 507:1 year:2 one:1 53:1 41:1 300:1 840:1 13:1 0:1 9:1 767:1 7:1 497:1 384:1 note:1 1985:1 4th:1 qtr:1 include:1 two:1 mln:1 dlr:1 litigation:1 settlement:1 589:1 dlrs:1 write:1 goodwill:1
|
GENZYME CORP <GENZ> 4TH QTR NET
Shr profit three cts vs loss 44 cts
Net profit 247,000 vs loss 2,410,000
Revs 3,845,000 vs 3,264,000
Avg shrs 8,743,000 vs 5,507,000
Year
Shr profit one ct vs loss 53 cts
Net profit 41,300 vs loss 2,840,000
Revs 13.0 vs 9,767,000
Avg shrs 7,497,000 vs 5,384,000
NOTE: 1985 4th qtr and year net includes two mln dlr loss
for litigation settlement and 589,000 dlrs for write-off of
goodwill.
|
training/6505
|
training/6505 |@title information:1 solutions:1 inc:1 isol:1 1st:1 qtr:1 jan:1 31:1 |@word shr:1 two:1 ct:2 vs:3 six:1 net:1 43:1 295:1 147:1 724:1 revs:1 3:1 787:1 507:1 4:1 000:1 019:1
|
INFORMATION SOLUTIONS INC <ISOL> 1ST QTR JAN 31
Shr two cts vs six cts
Net 43,295 vs 147,724
Revs 3,787,507 vs 4,000,019
|
training/6506
|
training/6506 |@title fairchild:1 industries:1 fen:1 set:1 regular:1 payout:1 |@word qtrly:1 div:1 five:2 ct:2 vs:1 pay:1 apirl:1 10:1 record:1 march:1 30:1
|
FAIRCHILD INDUSTRIES <FEN> SETS REGULAR PAYOUT
Qtrly div five cts vs five cts
Pay Apirl 10
Record March 30
|
training/6507
|
training/6507 |@title alfa:1 laval:1 ab:1 alfs:1 st:1 1986:1 year:1 |@word group:1 profit:2 financial:1 income:1 expense:1 731:1 mln:2 crown:6 vs:4 651:1 sale:1 10:3 15:1 billion:2 05:1 per:1 share:1 full:1 taxis:1 31:1 80:1 30:1 propose:1 dividend:1 11:1
|
ALFA LAVAL AB <ALFS.ST> 1986 YEAR
Group profit after financial income and expenses 731 mln
Crowns vs 651 mln
Sales 10.15 billion crowns vs 10.05 billion
Profit per share after full taxes - 31.80 crowns vs 30
Crowns
Proposed dividend - 11 crowns vs 10 crowns.
|
training/6509
|
training/6509 |@title spectrum:1 control:1 inc:1 spec:1 set:1 quarterly:1 |@word qtly:1 div:1 1:2 3:2 4:2 ct:2 vs:1 prior:1 pay:1 april:2 15:1 record:1 one:1
|
SPECTRUM CONTROL INC <SPEC> SETS QUARTERLY
Qtly div 1-3/4 cts vs 1-3/4 cts prior
Pay April 15
Record April One
|
training/6511
|
training/6511 |@title iceland:1 privatise:1 state:1 bank:1 utvegsbanki:1 |@word icelandic:1 government:2 say:2 privatise:2 state:1 bank:4 utvegsbanki:2 country:1 second:1 large:1 parliament:1 also:1 grant:1 800:1 mln:2 crown:3 cash:2 infusion:1 ease:1 flow:1 problem:1 arise:1 lose:1 600:1 shipping:1 firm:1 bankruptcy:1 two:1 year:1 ago:1 director:1 halldor:1 gudbjarnarson:1 tell:1 reuters:1 decision:1 relief:1 foreign:2 already:1 express:1 interest:1 take:1 share:2 quarter:1 one:1 billion:1 total:1 capital:1 available:1 investor:1 official:1
|
ICELAND TO PRIVATISE STATE BANK UTVEGSBANKI
The Icelandic government said it will
privatise the state-owned bank Utvegsbanki, the country's
second largest. Parliament also granted an 800 mln crown cash
infusion to ease cash flow problems that arose when the bank
lost 600 mln crowns in a shipping firm bankruptcy two years
ago.
Utvegsbanki director Halldor Gudbjarnarson told Reuters the
decision to privatise the bank was a relief and that foreign
banks had already expressed interest in taking a share.
A quarter of the one billion crown total share capital will
be available to foreign investors, government officials said.
|
training/6514
|
training/6514 |@title genovese:1 drug:1 stores:1 inc:1 spec:1 set:1 quarterly:1 |@word qtly:1 div:1 five:2 ct:2 vs:1 prior:1 pay:1 april:2 20:1 record:1 13:1
|
GENOVESE DRUG STORES INC <SPEC> SETS QUARTERLY
Qtly div five cts vs five cts prior
Pay April 20
Record April 13
|
training/6515
|
training/6515 |@title study:1 show:1 limited:1 optimism:1 silver:1 |@word silver:3 look:1 unlikely:1 break:1 gold:1 platinum:1 shadow:1 near:1 future:1 although:1 year:5 likely:2 see:1 demand:2 increase:2 fast:1 rate:1 supply:3 study:4 credit:1 suisse:1 say:2 predict:1 rise:1 300:1 tonne:7 13:1 200:1 50:1 14:1 050:1 cut:1 global:1 oversupply:1 850:1 last:2 provisional:2 1:1 100:1 note:1 effect:2 low:1 price:3 dampen:1 total:1 back:1 around:2 level:1 decade:1 ago:1 however:1 primary:1 production:2 reach:1 10:1 000:1 9:1 950:1 1986:1 relatively:1 insensitive:1 fall:1 third:1 come:1 heavily:1 indebted:1 mexico:1 peru:1 sensitivity:1 also:1 reduce:1 fact:1 majority:1 product:1 mining:1 activity:1
|
STUDY SHOWS ONLY LIMITED OPTIMISM FOR SILVER
Silver looks 'unlikely to break out of
gold and platinum's shadow' in the near future, although this
year is likely to see demand increasing at a faster rate than
supply, a study by Credit Suisse said.
The study predicted demand rising by 300 tonnes to 13,200
tonnes this year, against a 50 tonne increase in supply to
14,050 tonnes. This should cut the global oversupply to 850
tonnes from last year's provisional 1,100 tonnes.
The study noted that the effects of last year's lower
prices were having a dampening effect on total supply, which
was now back down to around levels of a decade ago.
However, the study said that primary production, likely to
reach 10,000 tonnes this year against a provisional 9,950 in
1986, is relatively insensitive to price falls.
Around a third of silver production comes from heavily
indebted Mexico and Peru.
Price-sensitivity is also reduced by the fact that the
majority of silver is a by-product of other mining activity.
|
training/6520
|
training/6520 |@title animed:1 inc:1 vets:1 1st:1 qtr:1 jan:1 31:1 loss:1 |@word shr:1 loss:2 six:1 ct:2 vs:3 profit:2 three:1 net:1 368:1 188:1 149:1 334:1 revs:1 3:1 9i3:1 523:1 4:1 129:1 240:1
|
ANIMED INC <VETS> 1ST QTR JAN 31 LOSS
Shr loss six cts vs profit three cts
Net loss 368,188 vs profit 149,334
Revs 3,9i3,523 vs 4,129,240
|
training/6521
|
training/6521 |@title animed:1 vet:1 expect:1 turn:1 profitable:1 anime:1 |@word inc:1 say:1 expect:1 return:1 profitability:1 current:1 year:2 today:1 report:1 loss:1 first:1 quarter:1 end:1 january:1 368:1 188:1 dlrs:1 compare:1 149:1 334:1 dlr:1 profit:1
|
ANIMED <VETS> EXPECTS TO TURN PROFITABLE
ANIMED Inc said it expects to
return to profitability during the current year.
Today it reported a loss for the first quarter ended in
January of 368,188 dlrs compared with a 149,334 dlr profit a
year before.
|
training/6522
|
training/6522 |@title crown:1 auto:1 inc:1 crni:1 4th:1 qtr:1 dec:1 27:1 loss:1 |@word shr:2 loss:7 14:1 ct:4 vs:7 31:1 net:2 144:1 522:1 334:1 890:1 revs:2 10:2 019:1 828:1 9:1 021:1 835:1 year:1 16:1 profit:2 170:1 177:1 105:1 090:1 36:2 8:1 mln:2 1:3 avg:1 shrs:1 068:1 850:1 074:1 624:1 note:1 1985:2 period:2 end:1 december:1 28:1 earning:1 include:1 discontinue:1 operation:1 184:1 777:1 dlrs:1
|
CROWN AUTO INC <CRNI> 4TH QTR DEC 27 LOSS
Shr loss 14 cts vs loss 31 cts
Net loss 144,522 vs loss 334,890
Revs 10,019,828 vs 9,021,835
Year
Shr loss 16 cts vs profit 10 cts
Net loss 170,177 vs profit 105,090
Revs 36.8 mln vs 36.1 mln
Avg shrs 1,068,850 vs 1,074,624
NOTE: 1985 period ended December 28
1985 earnings include loss in each period from discontinued
operations of 184,777 dlrs
|
training/6523
|
training/6523 |@title union:1 valley:1 corp:1 uvc:1 4th:1 qtr:1 net:1 |@word shr:2 20:1 ct:4 vs:8 34:1 net:2 797:1 000:5 1:1 137:1 rev:2 22:1 2:3 mln:4 18:1 avg:2 share:3 3:5 966:1 667:3 366:2 year:1 73:1 one:1 dlr:1 625:1 371:1 69:1 6:1 62:1 9:1 583:1 653:1 note:1 1986:1 include:1 extraordinary:1 gain:1 281:1 dlrs:1 eight:1
|
UNION VALLEY CORP <UVC> 4TH QTR NET
Shr 20 cts vs 34 cts
Net 797,000 vs 1,137,000
Rev 22.2 mln vs 18.2 mln
Avg shares 3,966,667 vs 3,366,667
Year
Shr 73 cts vs one dlr
Net 2,625,000 vs 3,371,000
Rev 69.6 mln vs 62.9 mln
Avg shares 3,583,653 vs 3,366,667
NOTE: 1986 includes extraordinary gain of 281,000 dlrs, or
eight cts a share.
|
training/6524
|
training/6524 |@title general:1 devices:1 inc:1 gdic:1 year:1 net:1 |@word shr:1 profit:2 48:1 ct:2 vs:3 loss:2 21:1 net:2 1:2 308:1 503:1 561:1 384:1 revs:1 56:1 0:1 mln:2 66:1 note:1 1986:1 include:1 pretax:1 gain:1 2:1 429:1 563:1 dlrs:1 sale:1 worldwide:1 computer:1 services:1 inc:1 subsidiary:1 352:1 000:1 dlr:1 tax:1 credit:1
|
GENERAL DEVICES INC <GDIC> YEAR NET
Shr profit 48 cts vs loss 21 cts
Net profit 1,308,503 vs loss 561,384
Revs 56.0 mln vs 66.1 mln
NOTE: 1986 net includes pretax gain 2,429,563 dlrs from
sale of Worldwide Computer Services Inc subsidiary and 352,000
dlr tax credit.
|
training/6525
|
training/6525 |@title deutsche:1 babcock:1 increase:1 dividend:1 1986:1 87:1 |@word deutsche:3 babcock:3 ag:1 dbcg:1 f:1 increase:3 dividend:3 result:1 year:1 end:1 september:1 30:1 1987:1 chief:1 executive:1 helmut:1 wiehn:2 say:2 tell:1 news:1 conference:1 would:2 double:1 absolute:1 amount:1 distribute:1 shareholder:1 overall:1 also:1 due:1 partly:1 nominal:1 share:1 capital:2 100:1 mln:2 mark:2 350:1 high:1 anticipate:1 past:1 raise:1 make:1 last:1 improvement:1
|
DEUTSCHE BABCOCK TO INCREASE DIVIDEND IN 1986/87
Deutsche Babcock AG
<DBCG.F> will increase its dividend on results in the year
ending September 30, 1987, chief executive Helmut Wiehn said.
Wiehn told a news conference Deutsche Babcock would double
the absolute amount it distributes to shareholders. This
overall increase would also be due partly to an increase of
nominal share capital by 100 mln marks to 350 mln marks.
A higher dividend had been anticipated because Deutsche
Babcock has said in the past that it will only raise capital
when it can make a lasting improvement in the dividend.
|
training/6527
|
training/6527 |@title exovir:1 xovr:1 sell:1 stock:1 2:1 8:1 mln:1 dlrs:1 |@word exovir:3 inc:1 say:3 sell:1 investor:1 group:2 lead:1 mark:1 hammer:1 200:2 000:2 share:3 company:3 common:2 stock:2 warrant:2 purchase:1 additional:1 transaction:1 increase:1 stake:1 12:1 9:1 pct:2 18:1 5:1 net:1 proceed:1 total:1 2:1 8:1 mln:1 dlrs:2 exerciseable:1 next:1 three:1 year:1 19:1 50:1 per:1 accord:1
|
EXOVIR <XOVR> SELLS STOCK FOR 2.8 MLN DLRS
Exovir Inc said it sold to an
investor group led by Mark Hammer 200,000 shares of company
common stock and warrants to purchase an additional 200,000
shares.
Exovir said the transaction increases the group's stake
from 12.9 pct to 18.5 pct.
The net proceeds to the company total 2.8 mln dlrs, the
company said. The warrants are exerciseable over the next three
years at 19.50 dlrs per share of common stock, according to
Exovir.
|
training/6528
|
training/6528 |@title brad:1 ragan:1 inc:1 brd:1 set:1 quarterly:1 |@word qtly:1 div:1 three:2 ct:2 vs:1 prior:1 pay:1 may:1 4:1 record:1 april:1 3:1
|
BRAD RAGAN INC <BRD> SETS QUARTERLY
Qtly div three cts vs three cts prior
Pay May 4
Record April 3
|
training/6529
|
training/6529 |@title bastian:1 industries:1 inc:1 2nd:1 qtr:1 jan:1 31:1 loss:1 |@word net:4 loss:4 1:4 321:1 000:6 vs:4 397:1 sale:2 31:1 mln:4 29:1 2:2 1st:1 half:2 94:1 745:1 63:1 0:1 61:1 9:1 note:1 company:1 recently:1 go:1 private:1 late:1 quarter:1 include:2 24:1 dlr:1 tax:1 credit:1 current:1 gain:1 041:1 dlrs:1 pretax:1 termination:1 pension:1 plan:1
|
<BASTIAN INDUSTRIES INC> 2ND QTR JAN 31 LOSS
Net loss 1,321,000 vs loss 1,397,000
Sales 31.1 mln vs 29.2 mln
1st half
Net loss 94,000 vs loss 1,745,000
Sales 63.0 mln vs 61.9 mln
NOTE: Company recently went private.
Latest quarter net includes 24,000 dlr tax credit.
Current half net includes gain 2,041,000 dlrs pretax from
termination of pension plan.
|
training/6531
|
training/6531 |@title u:1 k:1 base:1 rate:1 fall:1 soon:1 say:1 analyst:1 |@word today:4 modest:2 half:4 point:8 cut:9 u:5 k:4 bank:8 base:3 lending:1 rate:17 10:2 pct:5 signal:1 england:3 determination:1 maintain:2 cautious:3 monetary:1 stance:1 financial:1 market:9 appear:2 set:3 force:3 hand:1 analyst:7 say:12 9:4 1:4 2:2 bind:1 occur:1 within:1 next:3 week:6 may:1 shed:1 soon:1 remain:2 buoyant:1 early:3 brace:1 one:3 yesterday:2 budget:5 sharp:3 three:3 billion:2 stg:2 reduction:1 1987:1 government:3 borrowing:1 target:2 four:2 sterling:10 money:3 move:2 lower:1 key:1 month:2 interbank:1 5:1 8:1 start:1 business:1 11:1 16:2 rally:1 year:2 high:3 dollar:1 active:1 trading:2 bond:1 price:3 also:1 surge:1 gain:3 excess:1 push:2 yield:2 long:2 term:3 paper:1 nine:2 first:2 time:3 nearly:1 small:1 expect:1 placate:1 recover:1 4:1 low:4 gilt:2 come:2 ground:1 near:3 halt:1 slowdown:1 likely:2 temporary:1 reappraisal:1 asset:2 international:1 investor:1 resume:1 tomorrow:1 lead:1 exchange:2 advance:2 slightly:1 disappointing:1 bill:1 martin:2 chief:2 economist:3 stockbroker:1 phillip:2 draw:2 take:1 line:1 temper:1 rush:2 blood:1 head:1 lend:1 two:3 cash:1 discount:1 house:1 suggest:1 hope:1 new:1 period:1 agree:1 success:1 would:4 depend:1 largely:2 perform:1 rise:4 pound:2 value:2 could:1 check:1 initially:1 intervention:1 eventually:1 interest:1 seem:1 accept:1 midland:1 treasury:1 david:1 simmonds:1 sceptical:1 able:1 hold:2 simmond:1 see:2 another:2 cent:1 around:1 60:1 dlrs:1 friday:1 robin:1 marshall:2 chase:2 manhattan:1 securities:1 late:1 whole:1 stress:1 apart:1 prestige:1 britain:1 little:1 dampen:1 effect:1 consumer:1 inflation:1 materialise:1 least:1 hamper:1 impact:1 manufacture:1 export:1 show:1 almost:1 immediately:1 feature:1 income:1 tax:1 well:2 plan:1 public:1 finance:1 improve:1 chance:1 election:2 conservative:1 probably:1 date:1 must:1 june:1 1988:1 combine:1 overall:1 good:2 prospect:1 economy:1 fuel:1 foreign:1 denominate:2 unofficial:1 mark:1 investment:1 favour:1 dull:1 economic:1 outlook:1 simply:1 game:1 town:1 especially:1 demand:1 strong:1
|
U.K. BASE RATES WILL FALL AGAIN SOON, SAY ANALYSTS
Today's modest half-point cut in U.K.
Bank base lending rates to 10 pct signals the Bank of England's
determination to maintain a cautious monetary stance, but
financial markets appear set to force its hand, analysts said.
They said a further half-point cut in base rates to 9-1/2
pct was bound to occur within the next week and rates may shed
a further half point soon if markets remain buoyant.
Earlier, markets were bracing for a one-point cut in rates
after yesterday's budget set a sharp three billion stg
reduction in 1987 government borrowing targets to four billion
stg.
Sterling money market rates moved lower again, with the key
three-month interbank rate down to 9-5/8 1/2 pct at the start
of business from 9-11/16 9/16 yesterday, and sterling rallied
to four-year highs against the dollar in very active trading.
Government bond prices also surged on the budget, with
gains in excess of one point pushing yields on long-term paper
below nine pct for the first time in nearly a year.
But today's smaller than expected rate cut appeared to have
placated markets for now, analysts said. Money market rates
recovered up to 1/4 point from earlier lows while both sterling
and gilts came off highs as trading ground to a near halt.
Analysts said the slowdown was likely to be temporary, and
the reappraisal of sterling assets by international investors
was set to resume as early as tomorrow, leading to higher gilt
prices, exchange rate advances and lower money market rates.
'Today's cut was slightly disappointing,' said Bill Martin,
chief U.K. Economist at stockbrokers Phillips and Drew. 'The
Bank of England is taking a very cautious line ... To temper
the markets' first rush of blood to the head after the budget.'
Analysts said the bank's move today to lend two-week cash
to U.K. Discount houses at a lower 10 pct suggested it hoped to
maintain the new rates for about that period of time.
The analysts agreed success would depend largely on how
sterling performs in the near term.
Sharp rises in the pound's value could be checked initially
through Bank of England intervention but eventually the gains
would force the bank to cut interest rates rates again.
'The market seems to have accepted the modest cut for the
time being,' said Midland Bank treasury economist David
Simmonds. 'But I am sceptical that the bank will be able to hold
up rates for long.'
Simmonds said he saw sterling rising another two U.S. Cents
this week from around 1.60 dlrs, forcing a rate cut by Friday.
Robin Marshall, chief economist at Chase Manhattan
Securities, said 'There is another half point to come in the
near term, this week or next week at the latest...We see a
whole point off base rates in the next two or three weeks.'
Analysts stressed that apart from prestige, Britain had
very little to gain from a sharp rise in sterling's exchange
rate.
Martin, of Phillips and Drew, said the dampening effect of
a sterling rise on consumer price inflation would not
materialise for at least nine months while its hampering impact
on manufactured exports would show almost immediately.
Analysts said the budget, featuring income tax cuts as well
as cautious plans for public finances, had improved the chances
of re-election for the Conservative government and probably
advanced the election date. One must be held before June, 1988.
Combined with overall good prospects for the U.K. Economy, this
was likely to fuel a foreign rush on sterling-denominated
assets, pushing the pound's value well above unofficial
targets.
With mark-denominated investments largely out of favour
because of low yields and a dull economic outlook, Chase's
Marshall said 'Sterling is simply the best game in town,
especially after the budget, and demand will remain strong.'
|
training/6532
|
training/6532 |@title commercial:1 national:1 corp:1 cncl:1 cut:1 quarterly:1 |@word commercial:1 national:1 corp:1 say:2 cut:1 quarterly:1 dividend:2 15:1 ct:2 per:1 share:1 25:1 due:1 current:1 expectation:1 1987:1 earning:1 company:1 payable:1 april:1 10:1 holder:1 record:1 march:1 31:1
|
COMMERCIAL NATIONAL CORP <CNCL> CUTS QUARTERLY
Commercial National Corp said
it cut its quarterly dividend to 15 cts per share from 25 cts
due to current expectations for 1987 earnings.
The company said the dividend is payable April 10 to
holders of record March 31.
|
training/6533
|
training/6533 |@title timberland:1 industries:1 inc:1 timb:1 4th:1 qtr:1 net:1 |@word shr:2 14:2 ct:4 vs:6 22:1 net:2 188:1 000:4 307:1 sale:2 6:1 mln:4 12:1 1:1 year:1 44:1 63:1 600:1 852:1 51:1 0:1 45:1 7:1
|
TIMBERLAND INDUSTRIES INC <TIMB> 4TH QTR NET
Shr 14 cts vs 22 cts
Net 188,000 vs 307,000
Sales 14.6 mln vs 12.1 mln
Year
Shr 44 cts vs 63 cts
Net 600,000 vs 852,000
Sales 51.0 mln vs 45.7 mln
|
training/6534
|
training/6534 |@title municipal:1 financial:1 corp:1 1st:1 qtr:1 jan:1 31:1 net:1 |@word shr:1 34:1 ct:2 vs:4 22:1 net:1 1:2 280:1 185:1 875:1 692:1 revs:1 19:1 0:1 mln:4 15:1 8:1 asset:1 585:1 6:1 469:1
|
<MUNICIPAL FINANCIAL CORP> 1ST QTR JAN 31 NET
Shr 34 cts vs 22 cts
Net 1,280,185 vs 875,692
Revs 19.0 mln vs 15.8 mln
Assets 585.6 mln vs 469.1 mln
|
training/6535
|
training/6535 |@title pakistan:1 swedish:1 goods:1 exchange:1 agree:1 |@word pakistan:4 sweden:1 sign:1 commodity:1 exchange:1 agreement:2 88:1 mln:1 dlrs:1 way:1 government:1 announce:1 export:2 include:2 raw:1 cotton:3 product:2 textile:1 steel:1 molasse:1 naphtha:1 fresh:1 dry:1 fruit:1 swedish:1 medical:1 laboratory:1 equipment:3 electrical:1 telecommunication:1 diesel:1 engine:1 spare:1 mining:1 security:1 road:1 building:1 construction:1 machinery:1 fertiliser:1 palm:1 oil:1
|
PAKISTAN-SWEDISH GOODS EXCHANGE AGREED
Pakistan and Sweden have signed a
commodity exchange agreement for 88 mln dlrs each way, the
Pakistan government announced.
Pakistan's exports under the agreement will include raw
cotton, cotton products, cotton textiles, steel products,
molasses, naphtha and fresh and dried fruits.
Swedish exports to Pakistan will include medical and
laboratory equipment, electrical telecommunication equipment,
diesel engine spares, mining and security equipment,
road-building and construction machinery, fertilisers and palm
oil.
|
training/6537
|
training/6537 |@title peat:1 marwick:1 nolan:1 norton:1 merge:1 |@word peat:3 marwick:3 accounting:1 management:1 consulting:1 firm:1 nolan:4 norton:2 co:2 information:2 technology:2 planning:1 concern:1 say:3 merge:1 company:2 merger:2 know:1 partner:2 arm:1 also:1 part:1 21:1 principal:1 become:1
|
PEAT MARWICK AND NOLAN NORTON TO MERGE
<Peat Marwick>, an accounting and
management consulting firm, and <Nolan, Norton and Co>, an
information and technology planning concern, said they have
merged.
The companies said with the merger Nolan now will be known
as Nolan, Norton and Co-partners, the information technology
arm of Peat Marwick.
Also as part of the merger, Nolan's 21 principals have
become Peat Marwick partners, the companies said.
|
training/6538
|
training/6538 |@title trus:1 joist:1 tjco:1 acquire:1 canadian:1 firm:1 |@word trus:2 joist:2 corp:1 say:2 agree:1 purchase:1 dashwood:1 industries:1 ltd:1 canadian:1 wood:1 window:1 patio:1 door:1 manufacturer:1 undisclosed:1 amount:1 cash:1 expect:1 close:1 transaction:1 june:1 30:1
|
TRUS JOIST <TJCO> TO ACQUIRE CANADIAN FIRM
Trus Joist Corp said it agreed to
purchase Dashwood Industries Ltd, a Canadian wood window and
patio door manufacturer, for an undisclosed amount of cash.
Trus Joist said it expects to close the transaction before
June 30.
|
training/6539
|
training/6539 |@title kinder:1 care:1 kndr:1 see:1 high:1 earning:1 1987:1 |@word kinder:1 care:1 inc:1 project:1 1987:1 earning:4 44:1 mln:1 dlrs:1 richard:1 grassgreen:1 president:1 company:2 say:3 per:3 share:3 expect:1 97:1 ct:3 one:1 dlr:1 comparison:1 75:1 fiscal:2 year:2 end:3 august:2 29:1 1986:2 80:1 trail:1 12:1 month:1 november:1 greengrass:1 represent:1 increase:1 approximately:1 25:1 30:1 pct:1 change:1 31:2 december:1
|
KINDER-CARE <KNDR> SEES HIGHER EARNINGS IN 1987
Kinder-Care Inc projected its
1987 earnings to be 44 mln dlrs.
Richard Grassgreen, president of the company, said earnings
per share are expected to be between 97 cts and one dlr in
comparison to 75 cts earnings per share for the fiscal year
ended August 29, 1986, and 80 cts for the trailing 12 months
ended November 1986.
Greengrass said this represents an earnings per share
increase of approximately 25 to 30 pct.
The company said it changed its fiscal year end from August
31 to December 31.
|
training/6540
|
training/6540 |@title robbins:1 myers:1 inc:1 robn:1 2nd:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 profit:2 11:1 ct:2 vs:8 loss:6 1:3 45:1 dlrs:2 net:2 267:1 000:6 3:1 458:1 sale:2 23:2 6:1 mln:6 0:2 first:1 half:1 27:1 91:1 633:1 4:1 548:1 46:1 2:3 49:1 7:1 avg:1 shrs:1 382:1 381:1 backlog:1 26:1 36:1
|
ROBBINS AND MYERS INC <ROBN> 2ND QTR FEB 28 NET
Shr profit 11 cts vs loss 1.45 dlrs
Net profit 267,000 vs loss 3,458,000
Sales 23.6 mln vs 23.0 mln
First half
Shr loss 27 cts vs loss 1.91 dlrs
Net loss 633,000 vs loss 4,548,000
Sales 46.2 mln vs 49.7 mln
Avg shrs 2,382,000 vs 2,381,000
Backlog 26.1 mln vs 36.0 mln
|
training/6541
|
training/6541 |@title economic:1 spotlight:1 japan:1 shipbuilders:1 recovery:1 |@word japan:6 ail:1 shipbuilding:3 industry:8 plan:3 refloat:1 year:6 twin:1 rock:1 recession:2 strong:2 yen:3 capacity:6 workforce:1 cut:4 great:1 use:1 computer:1 source:9 tell:1 reuter:1 salvage:1 measure:1 include:2 government:3 sponsor:1 rationalisation:2 program:4 aim:1 claw:1 back:1 market:1 world:4 leader:1 lose:1 south:4 korea:3 currency:1 labour:1 cost:3 disadvantage:1 say:14 yard:9 35:1 pct:3 competitive:1 due:2 factor:1 help:2 shed:1 20:2 current:3 within:1 two:3 merger:1 regroup:1 legislation:1 put:1 parliament:1 month:2 likely:2 approve:1 may:1 june:1 september:1 semi:1 body:1 assure:1 repayment:1 50:1 billion:2 liability:1 incur:1 job:1 loss:2 sale:1 excess:1 another:1 30:3 buy:2 unneeded:1 land:1 equipment:1 last:1 friday:1 shipbuilders:1 association:1 apply:1 fair:1 trade:1 commission:2 form:1 cartel:3 slash:1 tonnage:1 build:4 half:3 total:2 april:1 1:2 hold:1 several:1 hearing:1 approval:1 give:1 clampdown:1 output:1 one:1 combine:1 streamline:2 state:1 support:1 japanese:6 recover:1 international:2 competitiveness:2 proposal:1 33:1 capable:1 ship:4 10:1 000:4 gross:2 tonne:2 would:1 maximum:1 three:1 mln:3 compensate:1 register:2 cgrt:2 1987:2 88:2 ease:1 throat:1 competition:2 force:1 sign:1 order:5 seek:1 renew:1 1988:2 89:2 transport:1 ministry:1 see:1 new:1 fall:2 3:3 estimate:1 100:1 worker:1 1986:2 1989:1 top:1 book:1 end:1 december:1 follow:1 taiwan:1 accord:1 lloyd:1 shipping:2 however:1 decline:2 lead:2 heavy:4 four:1 six:1 major:2 machinery:1 company:3 report:2 deficit:2 first:1 march:1 31:1 five:1 expect:1 whole:1 7:1 raise:1 productivity:1 compete:1 korean:1 also:1 hard:1 hit:1 low:1 price:1 recnt:1 single:1 result:1 fierce:1 slow:1 progress:1 reduce:1 large:2 firm:1 mitsubishi:1 industries:2 ltd:2 mith:1 ishikawajima:1 harima:1 co:1 jima:1 account:1 shipowner:1 hope:1 manage:1 ride:1 technology:1 good:1 official:1 merchant:1 fleet:1 liberia:1 intention:1 shift:1 country:1 encourage:1
|
ECONOMIC SPOTLIGHT - JAPAN SHIPBUILDERS RECOVERY
Japan's ailing shipbuilding industry
plans to refloat itself in a few years from the twin rocks of
recession and a strong yen through capacity and workforce cuts
and greater use of computers, industry sources told Reuters.
The salvage measures, which include a government-sponsored
rationalisation program, are aimed at clawing back some of the
market which Japan, the world leader, has lost to South Korea
through currency and labour cost disadvantages, they said.
The sources said South Korea's yards are now some 35 pct
more competitive than Japan's due to such factors.
The government plans to help the industry shed 20 pct of
current capacity within two years through mergers and
regrouping under legislation put before Parliament this month
and likely to be approved by May or June, the sources said.
They said from September a semi-government body will assure
repayment of about 50 billion yen in liabilities incurred
through job losses and the sale of excess capacity, and another
30 billion for buying unneeded land and equipment.
Last Friday, the Shipbuilders Association of Japan applied
to the Fair Trade Commission to form a cartel to slash tonnage
built to about half of total capacity for a year from April 1.
The commission has held several hearings with the industry
and approval should be given this month, the sources said.
A clampdown on output over one or two years combined with a
planned cost-cutting and streamlining program and state support
should help Japanese yards recover their international
competitiveness, they said.
Under the cartel proposals, 33 yards each capable of
building ships of more than 10,000 gross tonnes would build a
maximum of three mln compensated gross registered tonnes (CGRT)
in 1987/88. This is about half of total capacity.
This will ease the cut-throat competition which forced most
yards to sign orders below cost, the sources said.
The industry is likely to seek to renew the cartel for
1988/89 as the Transport Ministry sees new orders falling to
3.1 mln CGRT in 1988/89 from 3.3 mln in 1987/88, they said.
The rationalisation program includes a cut of 20,000 to
30,000 of the estimated 100,000 workers in the industry between
1986 and 1989.
Japanese yards topped world order books at end-December,
followed by South Korea and Taiwan, according to Lloyd's
Register of Shipping.
However, falling orders and declining international
competitiveness due to the strong yen led to heavy losses in
the industry, the sources said.
Four of Japan's six major heavy machinery and shipbuilding
companies reported current deficits in the first half of the
year to March 31 and five of them are expected to report
current deficits for the whole of 1986/7, they said.
The shipbuilding companies' streamlining program will raise
productivity to compete with South Korean yards which have also
been hard hit by declining orders and low ship prices in recnt
years, the sources said.
In Japan, no single yard leads the industry, resulting in
fierce competition and slow progress in reducing capacity. The
two largest firms -- Mitsubishi Heavy Industries Ltd <MITH.T>
and Ishikawajima-Harima Heavy Industries Co Ltd <JIMA.T> --
account for only 30 pct of ships built, the sources said.
'World shipowners hope Japanese yards can manage to ride out
the recession as their technology is the best in the world,'
said an official at a major Japanese shipping company.
The Japanese merchant fleet, the largest after Liberia's,
has no intention of shifting to other countries to buy ships,
and this will encourage Japanese yards, the sources said.
|
training/6542
|
training/6542 |@title cont:2 l:2 illinois:2 say:2 brazil:2 moratorium:2 could:2 cut:2 1st:2 qtr:2 net:2 10:2 mln:2 dlrs:2 |@word
|
CONT'L ILLINOIS SAYS BRAZIL MORATORIUM COULD CUT 1ST QTR NET BY 10 MLN DLRS
CONT'L ILLINOIS SAYS BRAZIL MORATORIUM COULD CUT 1ST QTR NET BY 10 MLN DLRS
|
training/6543
|
training/6543 |@title fed:1 expect:1 add:1 reserve:1 money:1 market:1 |@word federal:3 reserve:4 expect:1 enter:1 u:1 government:1 security:1 market:1 add:2 temporary:1 indirectly:1 via:1 1:1 5:2 billion:1 dlrs:1 customer:1 repurchase:2 agreement:2 economist:1 say:2 six:1 pct:3 fund:2 rate:1 suggest:1 fed:2 large:1 need:2 however:1 dealer:1 reportedly:1 back:1 three:1 day:1 system:1 set:1 monday:1 leave:1 somewhat:1 increase:1 supply:1 average:1 6:1 05:1 yesterday:1 open:1 15:1 16:1 remain:1 early:1 trading:1
|
FED EXPECTED TO ADD RESERVES IN MONEY MARKET
The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves indirectly via 1.5 billion dlrs or more of customer
repurchase agreements, economists said.
They said the below-six pct Federal funds rate suggests the
Fed does not have a large reserve adding need. However, some
dealers reportedly backed out of the three-day System
repurchase agreements set on Monday, leaving the Fed with a
somewhat increased need to supply reserves.
Federal funds, which averaged 6.05 pct yesterday, opened at
5-15/16 pct and remained there in early trading.
|
training/6546
|
training/6546 |@title suralco:1 bauxite:1 refinery:1 reopen:1 |@word 1:1 4:2 mln:1 tonne:3 capacity:2 bauxite:3 refinery:6 paranam:2 surinam:1 close:2 end:2 january:2 sabotage:1 anti:1 government:1 rebel:3 reopen:1 spokesman:3 dutch:3 metal:1 company:3 billiton:5 say:2 run:2 suralco:1 jointly:1 u:1 alcoa:2 wholly:1 subsidiary:1 royal:1 shell:1 production:1 alumina:1 currently:1 around:1 3:1 000:2 day:1 expect:1 get:1 back:1 full:1 within:1 week:1 add:1 force:1 cut:1 main:1 power:1 line:1 earlier:1 import:2 supply:2 activity:1 shut:1 mine:2 moengo:2 east:1 country:1 onverdacht:1 capital:1 paramaribo:1 still:1 work:1 remain:1 closed:1 continue:1
|
SURALCO BAUXITE REFINERY REOPENED
The 1.4 mln tonnes capacity bauxite
refinery at Paranam in Surinam, which closed at the end of
January after being sabotaged by anti-government rebels, has
now reopened, a spokesman for Dutch metals company Billiton
said.
The refinery is run by Suralco, jointly owned by the U.S.
Company Alcoa and the Dutch company Billiton, which is a
wholly-owned subsidiary of Royal Dutch Shell.
Production of alumina at the refinery is currently running
at around 3,000 tonnes a day and is expected to get back to
full capacity of 4,000 tonnes within a week, the Billiton
spokesman added.
The refinery was forced to close at the end of January when
rebels cut the main power line.
Earlier, the refinery had had to import some supplies of
bauxite, as rebel activity shut off supplies from Alcoa's mine
at Moengo in the east of the country.
Billiton's mine at Onverdacht, between Paranam and the
capital Paramaribo, is still working but Moengo remains closed
and the refinery is continuing to import some bauxite, the
Billiton spokesman said.
|
training/6547
|
training/6547 |@title cont:1 l:1 illinois:1 cil:1 say:1 moratorium:1 may:1 cut:1 net:1 |@word continental:2 illinois:1 corp:1 say:3 brazilian:2 debt:2 moratorium:2 remain:1 effect:1 may:2 place:1 medium:2 long:2 term:2 loan:4 brazil:2 cash:1 basis:1 would:2 increase:1 non:1 perform:1 380:1 mln:6 dlrs:7 reduce:2 income:2 taxis:1 net:2 10:1 1987:3 first:2 quarter:2 35:1 full:2 year:3 company:2 official:1 tell:1 press:1 brief:1 1986:1 end:1 total:2 474:1 accord:1 annual:1 report:1 release:1 briefing:1 february:1 government:1 cite:1 decline:1 level:1 foreign:1 currency:1 reserve:1 declare:1 payment:1 interest:1 country:1 obligation:1 take:1 similar:1 action:1 ecuador:1 25:1 pre:1 tax:2 800:1 000:1 two:1 bank:1 hold:1 officer:1
|
CONT'L ILLINOIS<CIL> SAYS MORATORIUM MAY CUT NET
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.
|
training/6549
|
training/6549 |@title cypress:1 savings:1 association:1 cypsa:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:7 3:2 26:1 dlrs:8 vs:6 2:4 75:1 net:3 479:1 744:1 939:1 619:1 year:2 5:2 58:1 20:1 964:1 454:1 341:1 818:1 note:1 include:1 tax:1 credit:1 108:1 798:1 1:2 445:1 275:1 quarter:1 838:1 690:1 124:1 805:1
|
CYPRESS SAVINGS ASSOCIATION <CYPSA> 4TH QTR LOSS
Shr loss 3.26 dlrs vs loss 2.75 dlrs
Net loss 3,479,744 vs 2,939,619
Year
Shr loss 5.58 dlrs vs loss 2.20 dlrs
Net loss 5,964,454 vs loss 2,341,818
NOTE: Net includes tax credits of 108,798 dlrs vs 1,445,275
dlrs in quarter and 838,690 dlrs vs 1,124,805 dlrs in year.
|
training/6551
|
training/6551 |@title zenith:1 laboratories:1 inc:1 zen:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:4 24:1 ct:4 vs:7 profit:4 23:1 net:3 5:4 106:1 000:5 120:1 sale:2 11:1 4:4 mln:7 20:1 year:2 19:1 73:1 062:1 15:1 7:2 50:1 80:1 avg:1 shrs:1 21:2 6:1 note:1 1986:1 include:1 tax:1 credit:1 2:1 742:1 dlrs:2 quarter:1 903:1
|
ZENITH LABORATORIES INC <ZEN> 4TH QTR LOSS
Shr loss 24 cts vs profit 23 cts
Net loss 5,106,000 vs profit 5,120,000
Sales 11.4 mln vs 20.4 mln
Year
Shr loss 19 cts vs profit 73 cts
Net loss 4,062,000 vs profit 15.7 mln
Sales 50.4 mln vs 80.5 mln
Avg shrs 21.7 mln vs 21.6 mln
NOTE: 1986 net includes tax credits of 2,742,000 dlrs in
quarter and 5,903,000 dlrs in year.
|
training/6552
|
training/6552 |@title ceradyne:1 inc:1 crdn:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:2 22:1 ct:4 vs:8 profit:6 10:1 net:2 1:2 056:1 000:6 427:1 sale:2 5:2 440:1 4:3 982:1 avg:2 shrs:2 229:1 542:1 435:1 691:1 year:1 one:1 26:1 29:1 993:1 19:1 mln:2 16:1 8:1 947:1 632:1 3:1 780:1 543:1
|
CERADYNE INC <CRDN> 4TH QTR LOSS
Shr loss 22 cts vs profit 10 cts
Net loss 1,056,000 vs profit 427,000
Sales 5,440,000 vs 4,982,000
Avg shrs 5,229,542 vs 4,435,691
Year
Shr profit one ct vs profit 26 cts
Net profit 29,000 vs profit 993,000
Sales 19.1 mln vs 16.8 mln
Avg shrs 4,947,632 vs 3,780,543
|
training/6556
|
training/6556 |@title chemclear:1 inc:1 cmcl:1 terminate:1 merger:1 talk:1 |@word chemclear:4 inc:1 say:3 terminate:1 merger:1 talk:1 environmental:2 system:1 co:1 esc:1 unable:1 reach:1 agreement:1 consider:2 buy:1 option:1 include:1 business:1 combination:1 financing:1 commercial:1 lending:1 financial:1 institution:1 internal:1 expansion:1
|
CHEMCLEAR INC <CMCL> TERMINATES MERGER TALKS
ChemClear Inc said it terminated
merger talks with Environmental Systems Co <ESC>.
ChemClear said it was unable to reach agreement with
Environmental, which was considering buying ChemClear.
ChemClear said it is considering other options, including
other business combinations and financing through commercial
lending and other financial institutions for internal
expansion.
|
training/6557
|
training/6557 |@title handy:1 harman:1 see:1 sufficient:1 silver:1 supply:1 |@word world:3 stock:3 silver:6 large:1 enough:1 accommodate:1 change:1 supply:2 demand:2 equation:1 year:5 industrial:2 consumption:3 expect:1 exceed:1 mine:1 production:3 dealer:1 house:2 handy:2 harman:2 say:4 annual:1 review:2 market:1 estimate:2 industry:1 last:3 withdraw:1 20:1 000:13 ounce:8 bridge:1 deficit:1 cause:1 rate:1 403:1 level:2 382:1 however:1 huge:1 totaling:1 2:1 267:1 900:1 end:1 1986:1 note:1 uptrend:1 since:1 1980:1 although:1 offtake:1 still:1 14:1 pct:1 1978:1 442:1 22:1 800:1 use:1 produce:1 coin:2 12:1 700:1 1985:1 get:1 big:1 boost:1 u:1 include:1 american:1 eagle:1 also:1 recent:1 communist:1 country:1 increase:1 import:1 china:1 east:1 germany:1 alone:1 take:1 70:1 foreign:1 five:1
|
HANDY AND HARMAN SEES SUFFICIENT SILVER SUPPLIES
World stocks of silver are large
enough to accommodate any changes in the supply-demand equation
this year, with industrial consumption expected to again exceed
mine production, the dealer house Handy and Harman said in its
annual review of the silver market.
The house estimated that the industry last year withdrew
20,000,000 ounces of silver from stocks to bridge a supply
deficit caused by a consumption rate of 403,000,000 ounces and
production level of 382,000,000 ounces.
However, world stocks are huge, totaling 2,267,900,000
ounces at the end of 1986, it said.
The review noted that world industrial consumption has been
on an uptrend since 1980, although offtake is still 14 pct
below the 1978 level of 442,000,000 ounces.
Handy and Harman said 22,800,000 ounces of silver were used
to produce coins last year, up from 12,700,000 ounces in 1985,
with the demand getting a big boost from the production of U.S.
coins, including the American Eagle.
It also said that in recent years Communist countries have
increased their silver imports and estimated that China and
East Germany alone took in 70,000,000 ounces of foreign silver
in the last five years.
|
training/6559
|
training/6559 |@title vista:1 chemical:1 vc:1 see:1 year:1 net:1 high:1 |@word vista:2 chemical:1 co:1 say:3 expect:3 earning:1 year:2 end:1 september:1 30:2 substantially:1 extensive:1 plan:1 downtime:1 two:1 plant:1 affect:1 third:1 quarter:1 result:1 look:1 number:1 financial:1 option:1 increase:1 shareholder:1 value:1 elaborate:1 company:1 earn:1 2:1 mln:2 dlrs:3 1:2 66:1 per:1 share:1 extraordinary:1 item:1 fiscal:2 1986:2 sale:1 comparable:1 550:1
|
VISTA CHEMICAL <VC> SEES YEAR NET HIGHER
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.
|
training/6561
|
training/6561 |@title aristech:1 ars:1 increase:1 production:1 capacity:1 |@word aristech:6 chemical:1 corp:1 say:7 plan:1 increase:4 production:4 capacity:3 three:1 key:1 product:1 line:1 polypropylene:4 bisphenol:3 phenol:4 expansion:2 involve:1 major:1 modernization:1 neal:1 w:1 va:1 plant:3 complete:1 project:2 would:1 annual:1 264:1 mln:8 pound:8 165:2 company:2 total:1 thermoplastic:1 resin:2 600:1 annually:1 515:1 also:1 expand:1 haverhill:1 ohio:1 raise:1 use:2 make:2 polycarbonate:1 epoxy:1 rein:1 192:1 per:2 year:3 add:1 610:1 585:1 phenolic:1 adhesive:1 engineering:1 plastic:1
|
ARISTECH <ARS> TO INCREASE PRODUCTION CAPACITY
Aristech Chemical Corp said it plans
to increase production capacity for three of its key product
lines: polypropylene, bisphenol-A and phenol.
Aristech said the polypropylene expansion involves a major
modernization of its Neal, W. Va., polypropylene plant.
When completed, Aristech said, the project would increase
the plant's annual production to 264 mln pounds from 165 mln
pounds now.
Aristech said the expansion will increase the company's
total polypropylene, a thermoplastic resin, capacity to 600 mln
pounds annually from 515 mln pounds now.
Aristech also said it will expand bisphenol-A and phenol
production at its Haverhill, Ohio plant.
It said the project will raise its bisphenol-A, which is
used to make polycarbonate and epoxy reins, capacity to 192 mln
pounds per year from 165 mln pounds now.
Aristech added that phenol production will increase to 610
mln pounds per year from 585 mln pounds a year now.
Phenol is used to make phenolic resins and adhesives for
engineering plastics, the company said.
|
training/6562
|
training/6562 |@title camco:1 sign:1 letter:1 intent:1 reed:1 tool:1 |@word pearson:2 plc:1 pson:1 l:1 say:1 camco:3 inc:1 65:1 4:1 pct:1 u:2 oil:2 service:2 subsidiary:1 sign:1 letter:1 intent:1 cover:1 purchase:1 baker:4 international:2 corp:1 bko:1 n:1 substantially:1 business:1 reed:2 tool:3 co:1 lead:1 manufacturer:1 drilling:1 bit:1 sale:1 1986:1 around:1 76:1 mln:1 dlrs:1 transaction:1 subject:1 negotiation:1 definitive:1 agreement:1 approve:1 board:1 department:1 justice:1 talk:1 already:1 take:1 place:1 concern:1 combination:1 hughes:2 propose:1 merger:1 could:1 create:1 1:1 2:1 billion:1 dlr:1 oilfield:1 company:1 share:1 4p:1 567:1 announcement:1
|
CAMCO SIGNS LETTER OF INTENT FOR REED TOOL
Pearson Plc <PSON.L> said <Camco Inc>,
its 65.4 pct owned U.S. Oil and oil services subsidiary, signed
a letter of intent covering Camco's purchase from Baker
International Corp <BKO.N> of substantially all the business of
<Reed Tool Co>.
Reed, a leading manufacturer of drilling bits, had sales
for 1986 of around 76 mln dlrs.
The transaction is subject to negotiation of a definitive
agreement approved by the Baker and Camco boards and by the
U.S. Department of Justice, with which talks are already taking
place concerning the combination of Baker and Hughes Tool.
Baker International has proposed a merger with Hughes Tool
which could create a 1.2 billion dlr oilfield services company.
Pearson shares were down 4p to 567 after the announcement.
|
training/6568
|
training/6568 |@title first:1 connecticut:1 fco:1 set:1 quarterly:1 payout:1 |@word qtly:1 div:1 25:2 ct:2 vs:1 prior:1 pay:1 april:2 24:1 record:1 three:1 note:1 first:1 connecticut:1 small:1 business:1 investment:1 co:1
|
FIRST CONNECTICUT <FCO> SETS QUARTERLY PAYOUT
Qtly div 25 cts vs 25 cts prior
Pay April 24
Record April Three
NOTE: First Connecticut Small Business Investment Co.
|
training/6572
|
training/6572 |@title stone:1 webster:1 inc:1 sw:1 set:1 quarterly:1 |@word qtly:1 div:1 40:2 ct:2 vs:1 prior:1 pay:1 may:1 15:1 record:1 april:1 one:1
|
STONE AND WEBSTER INC <SW> SETS QUARTERLY
Qtly div 40 cts vs 40 cts prior
Pay May 15
Record April One
|
training/6573
|
training/6573 |@title credo:1 petroleum:1 corp:1 cre:1 1st:1 qtr:1 jan:1 31:1 net:1 |@word shr:1 profit:2 one:1 ct:2 vs:3 loss:2 27:1 net:2 22:1 000:6 763:1 revs:1 161:1 316:1 note:1 prior:1 year:1 include:1 1:1 209:1 dlr:2 writedown:1 oil:1 properite:1 314:1 tax:1 credit:1
|
CREDO PETROLEUM CORP <CRED> 1ST QTR JAN 31 NET
Shr profit one ct vs loss 27 cts
Net profit 22,000 vs loss 763,000
Revs 161,000 vs 316,000
NOTE: Prior year net includes 1,209,000 dlr writedown of
oil properites and 314,000 dlr tax credit.
|
training/6575
|
training/6575 |@title att:1 set:1 payout:1 regular:1 dividend:1 |@word qtrly:1 div:1 30:2 ct:2 vs:1 prior:1 pay:1 may:1 one:1 record:1 march:1 31:1
|
ATT <T> SETS PAYOUT FOR REGULAR DIVIDEND
Qtrly div 30 cts vs 30 cts prior
Pay May One
Record March 31
|
training/6576
|
training/6576 |@title gulf:1 arab:1 states:1 move:1 towards:1 economic:1 integration:1 |@word finance:3 economy:1 minister:7 six:2 nation:1 gulf:1 cooperation:1 council:1 gcc:5 end:1 talk:2 adopt:1 resolution:2 recommendation:3 aim:1 boost:1 economic:1 integration:1 bahrain:1 kuwait:1 oman:1 qatar:1 saudi:3 arabia:3 united:1 arab:1 emirates:1 uae:2 endorse:1 common:1 currency:2 exchange:1 rate:1 system:3 state:2 industry:1 ahmed:1 humaid:1 al:1 tayer:2 tell:1 reporter:1 two:1 day:1 refer:1 issue:2 back:1 central:2 bank:2 governor:4 discussion:1 say:5 agree:4 january:1 propose:1 denominator:2 base:1 ask:1 resubmit:1 july:1 due:1 meet:2 banker:1 would:1 soon:1 discuss:2 add:1 possibility:1 new:1 could:2 submit:1 final:1 approval:1 summit:1 conference:1 schedule:1 hold:1 late:1 year:2 approve:1 make:1 public:1 banking:1 source:1 similar:1 european:1 monetary:1 ems:1 principle:2 allow:1 citizen:2 set:1 business:1 work:1 member:1 also:1 buy:1 share:1 shareholding:1 firm:1 report:1 import:1 good:1 contain:1 radiation:1 cause:1 last:1 chernobyl:1 nuclear:1 disaster:1 soviet:1 union:1 product:1 excessive:1 level:1 return:1 country:1 origin:1
|
GULF ARAB STATES MOVE TOWARDS ECONOMIC INTEGRATION
Finance and economy ministers of the
six-nation Gulf Cooperation Council (GCC) have ended talks
after adopting resolutions and recommendations aimed at
boosting economic integration.
But the ministers from Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia and the United Arab Emirates (UAE) did not endorse a
resolution on a common currency exchange rate system.
The UAE's Minister of State for Finance and Industry, Ahmed
Humaid al-Tayer, told reporters after the two-day talks that
the ministers referred the issue back to GCC central bank
governors for further discussion.
He said the governors, who agreed in January on a proposed
denominator on which the six currencies should be based, were
asked to resubmit the recommendation before July, when finance
ministers were due to meet in Saudi Arabia.
Bankers said the central bank governors would meet soon to
discuss the issue, adding there was a possibility that a new
system could be submitted for final approval to a GCC summit
conference scheduled to be held in Saudi Arabia late this year.
The denominator approved by the governors has not been made
public, but banking sources said it could be similar to the
European Monetary System (EMS).
Tayer said the ministers agreed in principle to allow GCC
citizens to set up businesses and work in any member state.
They also agreed in principle on a recommendation for citizens
to buy and own shares of GCC shareholding firms.
He said the ministers discussed a report on imported goods
containing radiation caused by last year's Chernobyl nuclear
disaster in the Soviet Union, and agreed all products with
excessive levels should be returned to the country of origin.
|
training/6577
|
training/6577 |@title hartford:1 steam:1 hbol:1 set:1 split:1 dividend:1 hike:1 |@word hartford:1 steam:1 boiler:1 inspection:1 insurance:1 co:1 say:1 board:1 declare:1 two:1 one:1 stock:1 split:1 raise:1 quarterly:1 dividend:1 25:1 ct:2 postsplit:1 20:1 payable:1 april:2 30:1 holder:1 record:1 10:1
|
HARTFORD STEAM <HBOL> SETS SPLIT, DIVIDEND HIKE
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.
|
training/6578
|
training/6578 |@title doe:1 secretary:1 favor:1 high:1 spr:1 fill:1 rate:1 |@word energy:2 secretary:1 john:1 herrington:3 say:3 believe:1 reagan:1 administration:3 review:2 decision:1 cut:2 fill:4 rate:4 strategic:1 petroleum:1 reserve:1 department:1 report:1 issue:1 yesterday:1 warning:1 grow:1 u:1 dependence:1 oil:2 import:1 part:1 study:1 think:1 take:1 house:1 subcommittee:1 hear:1 propose:1 75:1 000:3 barrel:1 per:1 day:1 35:1 bpd:2 fiscal:1 year:1 1988:1 save:1 money:1 personal:1 feeling:1 low:1 favor:1 maximum:1 100:1
|
DOE SECRETARY FAVORS HIGHER SPR FILL RATE
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.
|
training/6581
|
training/6581 |@title cont:1 l:1 illinois:1 cil:1 see:1 impact:1 tax:1 reform:1 |@word tax:7 reform:2 act:3 1986:2 substantial:1 impact:2 continental:6 illinois:1 corp:2 company:1 annual:1 report:3 say:8 one:2 provision:2 repeal:1 reserve:2 method:1 provide:1 bad:1 debt:1 bank:1 500:1 mln:4 dlrs:4 asset:1 require:2 loan:1 loss:1 take:2 past:1 restore:1 current:1 earning:1 status:1 result:2 amount:2 subject:1 federal:2 taxis:1 disclose:1 decide:1 deal:1 change:4 entirety:1 1987:4 also:2 foreign:2 credit:4 limitation:1 rule:1 although:1 material:1 short:1 term:1 first:1 time:1 income:1 certain:1 subsidiary:1 taxable:1 new:1 legislation:1 reduce:2 exist:1 17:1 5:1 pct:2 35:1 1988:2 later:1 year:3 investment:1 carryforward:1 12:1 8:2 end:1 10:1 6:1 use:2 3:1 another:1 could:2 limit:1 ownership:2 place:1 happen:1 deposit:1 insurance:1 sell:2 enough:1 share:1 common:2 stock:3 next:1 two:1 cause:1 note:1 december:1 fdic:1 third:1 junior:1 convertible:1 preference:1 public:1 form:1
|
CONT'L ILLINOIS <CIL> SEES IMPACT FROM TAX REFORM
The Tax Reform Act of 1986 will have a
substantial impact on Continental Illinois Corp, the company's
annual report says.
One provision repeals the reserve method of providing for
bad debts for banks with over 500 mln dlrs in assets and
requires that tax loan loss reserves taken in the past, be
restored to current earnings status, it said.
As a result, those amounts will be subject to federal
taxes, it said. No amounts were disclosed.
Continental said it decided to deal with this change 'in
its entirety' in 1987.
Tax reform will also change foreign tax credit limitation
rules, and although the impact will not be material in the
short term, the Act will require, for the first time, that
income from certain foreign subsidiaries be taxable, the report
said.
The new legislation also reduces existing tax credits by
17.5 pct in 1987 and 35 pct in 1988 and later years, it said.
Continental's investment tax credits carryforwards of 12.8
mln dlrs at 1986 year end will be reduced to 10.6 mln dlrs in
1987 and, if not used in 1987, to 8.3 mln dlrs in 1988, it
said.
Another provision of the Act could result in limiting the
use of tax credits if a change in ownership of Continental
takes place, the report said.
This could happen if the Federal Deposit Insurance Corp
sells enough shares of Continental's common stock over the next
two years to cause a change in ownership, it noted.
In December, the FDIC sold about one-third of its junior
convertible preference stock in Continental to the public in
the form of common stock.
|
training/6583
|
training/6583 |@title oesterreichische:1 laenderbank:1 ag:1 olbv:1 vi:1 1986:1 |@word parent:3 bank:4 net:1 profit:1 181:1 5:3 mln:4 schilling:1 vs:6 135:1 1:3 balance:2 sheet:2 total:2 197:1 7:2 billion:6 182:1 2:1 cash:1 flow:1 877:1 4:1 715:1 dividend:1 12:1 pct:2 10:1 nominal:1 share:1 capital:1 35:1 con:1 gp:1 239:1 227:1 3:1
|
OESTERREICHISCHE LAENDERBANK AG [OLBV.VI] 1986
Parent bank net profit 181.5 mln schillings vs 135.1 mln
Parent bank balance sheet total 197.7 billion vs 182.2
billion
Parent bank cash flow 877.4 mln vs 715.5 mln
Dividend 12 pct vs 10 pct on nominal share capital of 1.5
billion vs 1.35 billion.
Cons banking gp balance sheet total 239.7 billion vs 227.3
billion.
|
training/6584
|
training/6584 |@title nl:2 industries:2 inc:2 4th:2 qtr:2 shr:2 loss:2 28:2 ct:4 vs:2 profit:2 seven:2 |@word
|
NL INDUSTRIES INC 4TH QTR SHR LOSS 28 CTS VS PROFIT SEVEN CTS
NL INDUSTRIES INC 4TH QTR SHR LOSS 28 CTS VS PROFIT SEVEN CTS
|
training/6585
|
training/6585 |@title ec:1 oil:1 tax:1 canada:1 corn:1 ruling:1 oppose:1 panel:1 |@word u:4 senate:2 finance:1 committee:1 approve:4 nonbinding:1 resolution:2 urge:3 reagan:1 administration:3 oppose:1 canada:3 ruling:1 corn:4 import:2 propose:1 new:1 european:1 community:1 tax:2 vegetable:1 oil:2 voice:1 vote:1 send:1 floor:1 expect:1 ec:2 measure:2 offer:2 sen:2 john:1 danforth:1 r:2 mo:1 take:1 strong:1 retaliatory:1 council:1 ministers:1 david:1 durenberger:1 minn:1 amendment:1 file:1 complaint:1 gatt:1 believe:1 decision:1 unjustified:1 recently:1 impose:1 permanent:1 duty:1 85:1 cent:1 per:1 bushel:1
|
EC OILS TAX, CANADA CORN RULING OPPOSED BY PANEL
The U.S. Senate Finance Committee
approved nonbinding resolutions urging the Reagan
administration oppose Canada's ruling on U.S corn imports and a
proposed new European Community tax on vegetable oils.
The resolutions, approved by voice vote, now will be sent
to the Senate floor were they are expected to be approved.
The EC oils measure, offered by Sen. John Danforth, R-Mo.,
urges the administration to take strong retaliatory measures if
the tax is approved by the EC Council of Ministers.
Sen. David Durenberger, R-Minn., offered the corn amendment
which urges the administration to file a complaint with the
GATT if the U.S. believes the corn decision by Canada was
unjustified. Canada recently imposed a permanent duty of 85
cents per bushel on U.S. corn imports.
|
training/6586
|
training/6586 |@title fhlmc:1 frepr:1 4th:1 qtr:1 net:1 |@word net:2 65:1 mln:4 vs:5 57:1 year:1 shr:2 prefer:1 14:3 87:1 dlrs:4 12:2 51:1 common:2 236:1 77:1 197:1 40:1 247:1 208:1 note:1 federal:2 home:3 loan:3 mortgage:1 corp:1 fhlmc:2 998:2 210:1 preferred:1 share:2 outstanding:1 1986:1 379:1 1985:1 3:1 000:2 member:1 institution:1 banks:1 also:1 100:1 bank:1
|
FHLMC <FREPR> 4TH QTR NET
net 65 mln vs 57 mln
year
shr preferred 14.87 dlrs vs 12.51 dlrs
shr common 236.77 dlrs vs 197.40 dlrs
net 247 mln vs 208 mln
NOTE: Federal Home Loan Mortgage Corp. FHLMC had 14,998,210
preferred shares outstanding in 1986 vs 14,998,379 in 1985,
owned by about 3,000 member institutions of the 12 Federal Home
Loan Banks. FHLMC also has 100,000 shares of common, owned by
the Home Loan Banks.
|
training/6588
|
training/6588 |@title u:1 corn:1 market:1 skew:1 soviet:1 buying:1 |@word recent:1 purchase:1 u:2 corn:7 soviet:3 union:1 skew:1 domestic:1 cash:7 market:6 increase:1 price:12 difference:1 premium:2 pay:1 gulf:7 export:3 point:1 interior:4 level:2 grain:8 dealer:10 say:8 many:2 expect:2 usda:7 act:2 soon:2 reduce:1 versus:1 davenport:1 iowa:1 roughly:1 20:1 pct:4 wide:1 normal:1 time:1 year:1 25:1 cent:1 bushel:1 make:1 worthwhile:1 farmer:4 move:1 lower:1 ascs:2 county:2 post:2 could:1 encourage:3 engage:1 pik:5 roll:1 sale:1 certificate:4 use:2 redeem:1 store:1 government:2 support:1 loan:1 program:2 movement:1 would:4 break:1 basis:2 determine:1 one:2 take:1 average:1 kansas:1 city:1 closely:1 reflect:1 low:1 midwest:4 know:1 may:1 ohio:1 create:1 uncertainty:1 start:1 effort:1 free:1 surplus:2 otherwise:1 forfeit:1 remain:1 storage:1 yesterday:1 issue:3 report:2 show:1 slightly:1 50:2 3:1 85:1 billion:2 dlrs:2 lieu:1 payment:1 date:1 exchange:2 several:1 worth:1 additional:1 schedule:1 coming:1 month:1 well:2 advise:1 adjust:1 byproduct:1 buying:2 sharp:1 rise:2 barge:3 freight:4 cost:2 quote:1 carry:1 terminal:1 upper:1 area:1 mississippi:2 nearly:1 past:1 two:2 week:1 150:1 original:1 tariff:1 mild:1 winter:1 early:1 reopen:1 mid:1 river:2 spring:1 also:1 firm:1 trend:1 note:1 high:1 transportation:1 serve:1 depress:1 squeeze:1 margin:1 obtain:1 elevator:1 feed:1 discourage:1 marketing:1 overreact:1 indicate:1 ussr:1 book:1 perhaps:1 much:1 4:1 0:1 mln:1 tonne:1 trader:1 anticipate:1 rumor:1 subside:1 rate:1 settle:1 back:1 overall:1 system:1
|
U.S. CORN MARKET SKEWED BY SOVIET BUYING
Recent purchases of U.S. corn by the
Soviet Union have skewed the domestic cash market by increasing
the price difference between the premium price paid at the Gulf
export point and interior levels, cash grain dealers said.
Many dealers expect the USDA will act soon to reduce the
cash price premium at the Gulf versus the interior -- which a
dealer in Davenport, Iowa, said was roughly 20 pct wider than
normal for this time of year at 25 cents a bushel -- by making
it worthwhile for farmers to move grain.
By lowering ASCS county posted prices for corn, the USDA
could encourage farmers to engage in PIK and roll corn sales,
where PIK certificates are used to redeem corn stored under the
government price support loan program and then marketed.
If the USDA acts soon, as many dealers expect, the movement
would break the Gulf corn basis.
'The USDA has been using the Gulf price to determine county
posted prices,' one dealer said. 'It should be taking the
average of the Gulf price and the price in Kansas City,' which
would more closely reflect the lower prices in the interior
Midwest.
'But we don't know when they might do it,' an Ohio dealer
said, which has created uncertainty in the market.
The USDA started the PIK certificate program in an effort
to free up surplus grain that otherwise would be forfeited to
the government and remain off the market and in storage.
Yesterday, USDA issued a report showing that only slightly
more than 50 pct of the 3.85 billion dlrs in PIK certificates
it has issued to farmers (in lieu of cash payments) had to date
been exchanged for grain.
With several billion dlrs worth of additional PIK
certificates scheduled to be issued in the coming months, the
USDA would be well advised to encourage the exchange for grain
by adjusting the ASCS prices, cash grain dealers said.
A byproduct of the Soviet buying has been a sharp rise in
barge freight costs quoted for carrying grain from the Midwest
to the export terminals, cash dealers said.
Freight from upper areas of the Mississippi have risen
nearly 50 pct in the past two weeks to over 150 pct of the
original tariff price. The mild winter and early reopening of
the mid-Mississippi river this spring have also encouraged the
firmer trend in barge freight, dealers noted.
The higher transportation costs have served to depress
interior corn basis levels, squeezing the margins obtained by
the elevators feeding the Gulf export market as well as
discouraging farmer marketings, they said.
'The Gulf market overreacted to the Soviet buying reports,'
which indicate the USSR has booked over two and perhaps as much
as 4.0 mln tonnes of U.S. corn, one Midwest cash grain trader
said.
But dealers anticipate that once the rumors subside,
freight rates will settle back down because of the overall
surplus of barges on the Midwest river system.
|
training/6590
|
training/6590 |@title hre:3 propertie:1 cut:1 quarterly:1 |@word property:1 say:3 board:2 cut:1 quarterly:1 dividend:2 45:1 ct:4 per:2 share:2 57:1 payable:1 april:1 20:1 holder:1 record:1 march:1 31:2 hre:2 reduce:1 due:1 continue:1 impact:1 overbuilde:1 office:1 building:1 market:1 inability:1 replace:1 income:1 high:1 yield:1 investment:1 mature:1 first:1 quarter:1 end:1 january:1 earn:1 38:1 47:1 year:1
|
HRE PROPERTIES <HRE> CUTS QUARTERLY
HRE Properties said its board cut the
quarterly dividend to 45 cts per share from 57 cts, payable
April 20 to holders of record March 31.
HRE said the board reduced the dividend due to the
continuing impact of overbuilding in its office building
markets and its inability to replace the income from high
yielding investments that have matured.
HRE said in the first quarter ended January 31 it earned 38
cts per share, down from 47 cts a year before.
|
training/6591
|
training/6591 |@title horn:1 hardart:1 co:1 hor:1 4th:1 qtr:1 net:1 |@word shr:2 1:2 27:1 dlrs:6 vs:8 two:1 ct:2 net:5 18:1 8:1 mln:12 357:1 000:5 revs:2 126:1 0:5 98:1 5:1 avg:2 shrs:2 14:1 7:2 12:2 year:3 loss:4 2:4 17:1 65:1 28:1 4:2 225:1 405:1 356:1 13:1 note:2 1986:2 period:1 include:3 15:1 dlr:1 gain:2 sale:2 real:1 estate:1 charge:3 34:1 restructure:1 bojangles:1 restaurant:1 unit:2 090:1 exchange:1 common:1 stock:1 1985:1 6:1 900:1 relate:1 foodservice:1 400:1 marketable:1 security:1
|
HORN AND HARDART CO <HOR> 4TH QTR NET
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.
|
training/6592
|
training/6592 |@title nl:2 industries:1 inc:1 4th:1 qtr:1 dec:1 31:1 loss:1 |@word shr:2 loss:4 28:1 ct:5 vs:6 profit:4 seven:1 net:3 10:1 7:2 mln:13 5:4 188:1 000:1 sale:2 119:1 3:2 216:1 1:3 year:5 80:1 dlrs:8 30:1 324:1 2:2 21:1 549:1 859:1 note:2 share:4 preferred:1 dividend:2 july:1 1986:9 company:4 set:1 series:1 c:1 prefer:1 effect:1 spin:1 chemical:2 operation:3 unit:1 account:2 discontinued:1 fourth:6 quarter:7 full:4 reflect:2 non:2 recur:1 charge:3 change:1 control:1 also:3 writeoff:1 20:1 goodwill:1 include:2 224:1 6:2 take:1 second:1 asset:3 revaluation:1 restructure:1 cost:1 reversion:1 pension:1 plan:1 surplus:1 complete:1 income:1 81:1 34:1 gain:1 4:1 four:1 15:2 9:1 26:1 adoption:1 rule:1 sfas:1 87:1 adjust:1 carry:1 value:1 discontinue:1 lead:1
|
NL INDUSTRIES INC <NL> 4TH QTR DEC 31 LOSS
Shr loss 28 cts vs profit seven cts
Net loss 10.7 mln vs profit 5,188,000
Sales 119.3 mln vs 216.1 mln
Year
Shr loss 5.80 dlrs vs profit 30 cts
Net loss 324.2 mln vs profit 21.5 mln
Sales 549.3 mln vs 859.1 mln
NOTE: Share after preferred dividends.
NOTE: In July 1986, company set a dividend on Series C
preferred, effecting a spin-off of its chemical operations.
They unit has been accounted for as a discontinued operation.
Fourth quarter and full year 1986 reflect non-recurring
charges from change in control at company. Fourth quarter 1986
also reflects writeoff of 20.7 mln dlrs of goodwill.
Full year 1986 includes a charge of 224.6 mln dlrs taken in
the second quarter for asset revaluation and restructuring
costs.
In fourth quarter 1986, reversion of pension plan surplus
assets completed. Fourth quarter and full year 1986 includes
net income of 81.5 mln dlrs or 1.34 dlrs a share.
Company also gained 2.4 mln dlrs or four cts a share in
fourth quarter 1986, and 15.9 mln dlrs or 26 cts a share in
full year 1986, from adoption of accounting rule SFAS 87.
In fourth quarter 1986, company also adjusted carrying
value of non-chemicals discontinued operations assets leading
to charge of 15.6 mln dlrs.
|
training/6593
|
training/6593 |@title german:1 research:1 institute:1 lower:1 growth:1 forecast:1 |@word diw:5 economic:3 research:2 institute:5 say:7 west:3 german:4 growth:3 1987:4 unlikely:2 reach:1 1:2 5:2 pct:3 rate:1 forecast:3 earlier:1 year:3 whose:1 pessimistic:1 four:1 lead:1 economy:3 pass:1 peak:1 summer:1 1986:3 prospect:1 dim:1 significantly:1 since:1 autumn:1 repeat:1 early:1 prediction:1 gross:1 national:1 product:1 gnp:2 first:1 quarter:3 would:4 contract:1 real:2 seasonally:1 adjust:1 term:2 weak:3 final:1 last:1 even:1 recover:1 remain:1 three:1 demand:8 production:1 rise:1 strongly:1 enough:1 bring:1 economist:2 recently:1 revise:1 around:1 two:1 report:2 dispute:1 argument:1 show:2 mixed:1 development:1 domestic:3 healthy:1 foreign:2 crucial:1 split:1 capital:2 good:3 strong:1 building:1 consumer:2 note:1 hit:1 recent:1 month:1 weakness:1 export:1 cause:1 firm:1 scale:1 back:1 investment:1 plan:1 service:1 industry:2 unlike:1 manufacture:1 continue:1 well:1 rely:1 separate:1 hwwa:1 hamburg:1 germany:1 trade:3 surplus:2 fall:1 markedly:1 however:1 nominal:1 little:1 change:1 record:1 112:1 2:1 billion:1 mark:1 improvement:1 average:1 compare:1
|
GERMAN RESEARCH INSTITUTE LOWERS GROWTH FORECAST
The DIW economic research institute
said West German economic growth in 1987 is unlikely to reach
the 1.5 pct rate it had forecast earlier this year.
The institute, whose forecasts are more pessimistic than
those of the other four leading German institutes, said the
economy had passed its peak in the summer of 1986, and its
prospects had dimmed significantly since the autumn.
The DIW repeated earlier predictions that gross national
product (GNP) in the first quarter of 1987 would contract in
real, seasonally adjusted terms against the weak final quarter
of last year.
The DIW said that even if the economy recovers in the
remaining three quarters, it was unlikely that demand and
production would rise strongly enough to bring GNP growth up to
1.5 pct.
Other institutes and economists have recently revised their
forecasts for German 1987 growth to around two pct.
In a report DIW disputed arguments by other economists that
the economy was showing mixed development, with domestic demand
healthy but foreign demand weak.
DIW said the crucial split was between weak demand for
capital goods, and strong demand for buildings and consumer
goods, not between foreign and domestic demand.
It noted that domestic demand for capital goods had been
hit in recent months by the weakness of exports, which had
caused West German firms to scale back investment plans.
Service industries, unlike manufacturing industry, were
continuing to do well because they relied on consumer demand,
it said.
In a separate report the HWWA economic research institute
in Hamburg said West Germany's real trade surplus would fall
markedly this year.
However, the nominal trade surplus would show little change
from 1986's record 112.2 billion marks because of a further
improvement in the terms of trade on average in 1987 compared
with 1986, it said.
|
training/6594
|
training/6594 |@title corrected:1 university:1 patents:1 inc:1 upt:1 2nd:1 qtr:1 |@word qtr:1 end:1 jan:1 31:1 oper:4 shr:2 loss:11 24:1 ct:6 vs:6 19:1 1:3 096:1 332:1 794:1 711:1 revs:2 803:1 085:1 442:1 420:1 six:1 mth:1 53:1 43:1 2:1 375:1 844:1 741:1 437:1 471:1 257:1 768:1 683:1 note:1 prior:1 year:2 exclude:1 discontinue:2 operation:2 13:1 per:2 share:2 quarter:2 17:2 correct:2 march:1 item:1 show:1 instead:1 profit:1 also:1
|
(CORRECTED) - UNIVERSITY PATENTS INC<UPT> 2ND QTR
Qtr ends Jan 31
Oper shr loss 24 cts vs loss 19 cts
Oper loss 1,096,332 vs loss 794,711
Revs 803,085 vs 442,420
Six mths
Oper shr loss 53 cts vs loss 43 cts
Oper loss 2,375,844 vs loss 1,741,437
Revs 1,471,257 vs 768,683
NOTE: Prior year excludes losses from discontinued
operations of 13 cts per share in the quarter and 17 cts per
share in the year. (Corrects March 17 item to show losses
instead of profits. Also corrects quarter loss from
discontinued operations.)
|
training/6595
|
training/6595 |@title n:1 trader:1 say:1 latin:1 coffee:1 producer:1 meet:1 |@word several:1 trader:2 analyst:1 tell:1 reuters:1 latin:1 american:3 coffee:2 producer:3 meet:1 weekend:1 managua:1 nicaragua:1 purpose:1 say:4 review:1 breakdown:1 international:1 organization:1 quota:1 talk:2 last:1 month:1 try:1 formulate:1 unified:1 position:2 ahead:1 possible:1 future:1 negotiation:1 two:1 ask:1 name:1 separately:1 brazil:2 expect:1 attend:2 meeting:1 along:1 central:2 attendee:1 would:1 include:1 costa:1 rica:1 honduras:1 part:1 minority:1 group:1 february:1 oppose:1 another:1 source:1 also:1 request:1 anonymity:1 colombia:1 probably:1
|
N.Y. TRADERS SAY LATIN COFFEE PRODUCERS TO MEET
Several traders and analysts here told
Reuters Latin American coffee producers will meet this weekend
in Managua, Nicaragua. The purpose, they said, is to review the
breakdown of International Coffee Organization quota talks last
month and try to formulate a unified position ahead of possible
future negotiations.
Two traders, who asked not to be named, said separately
Brazil is expected to attend the meeting along with most or all
of the Central American producers. The Central American
attendees would include Costa Rica and Honduras, who were part
of a minority producer group at the February talks that opposed
Brazil's position, they said.
Another source, also requesting anonymity, said Colombia
probably will not attend.
|
training/6596
|
training/6596 |@title peru:1 first:1 trade:1 deficit:1 four:1 year:1 |@word peru:2 register:1 16:1 mln:3 dlr:1 trade:3 deficit:2 1986:1 first:1 shortfall:2 four:1 year:3 central:1 bank:1 statement:1 say:1 figure:1 compare:1 surplus:1 1:3 17:1 billion:6 dlrs:4 1985:3 01:1 1984:1 293:1 1983:1 last:3 428:1 1982:1 export:1 fall:1 2:3 51:1 98:1 import:1 53:1 81:1
|
PERU HAS FIRST TRADE DEFICIT IN FOUR YEARS
Peru registered a 16 mln dlr trade deficit
in 1986, its first trade shortfall in four years, a central
bank statement said.
The figure compared with a surpluses of 1.17 billion dlrs
in 1985, 1.01 billion in 1984 and 293 mln in 1983. The last
trade deficit was a 428 mln shortfall in 1982.
Peru's exports fell to 2.51 billion dlrs last year from
2.98 billion in 1985. Last year's imports were 2.53 billion
dlrs against 1.81 billion dlrs in 1985.
|
training/6597
|
training/6597 |@title craftmatic:1 contour:1 crcc:1 see:1 high:1 profit:1 |@word craftmatic:1 contour:1 industries:1 inc:1 say:1 would:1 report:1 substantial:1 profit:1 first:1 quarter:1 fiscal:1 1987:1 end:1 march:1 31:1 company:1 record:1 net:1 income:1 732:1 000:1 dlrs:2 22:1 ct:1 per:1 share:1 revenue:1 10:1 2:1 mln:1
|
CRAFTMATIC/CONTOUR <CRCC> SEES HIGHER PROFITS
Craftmatic/Contour Industries Inc
said it would report substantial profits for the first quarter
of fiscal 1987 ending March 31.
The company recorded net income of 732,000 dlrs, or 22 cts
per share, on revenues of 10.2 mln dlrs.
|
training/6598
|
training/6598 |@title u:1 oil:1 tax:1 break:1 proposal:1 examine:1 |@word white:1 house:1 say:3 proposal:2 tax:3 break:2 oil:3 industry:2 would:2 undergo:1 review:2 spokesman:1 marlin:1 fitzwater:2 president:2 reagan:3 position:1 recommendation:2 submit:2 energy:1 secretary:1 john:1 herrington:3 encourage:1 investment:1 hard:1 hit:1 domestic:2 note:1 fundamental:1 objection:1 rise:1 special:1 even:1 though:1 agree:1 exist:1 policy:2 take:1 look:1 undertake:1 council:1 report:1 washington:1 post:1 make:1 letter:1 study:1 find:1 united:1 states:1 import:1 half:1 1990:1 threaten:1 u:1 national:1 security:1
|
U.S. OIL TAX BREAK PROPOSAL TO BE EXAMINED
The White House said a proposal for
a tax break for the oil industry would undergo review.
Spokesman Marlin Fitzwater said President Reagan had no
position on recommendations submitted by Energy Secretary John
Herrington to encourage investment in the hard hit domestic oil
industry.
But Fitzwater noted that Reagan did have a fundamental
objection to tax rises and special tax breaks.
He said that even though Herrington's recommendation did
not agree with existing policy, 'We'll take a look at it.'
The review will be undertaken by the president's Domestic
Policy Council.
Herrington's proposal was reported by the Washington Post
to have been made in a letter to Reagan submitting a study that
found the United States would be importing half of its oil by
the 1990s, threatening U.S. national security.
|
training/66
|
training/66 |@title potomac:1 electric:1 power:1 co:1 pom:1 jan:1 net:1 |@word shr:3 27:1 ct:3 vs:8 29:1 net:3 13:1 555:1 000:6 14:1 635:1 revs:2 104:1 606:1 110:1 311:1 avg:2 shrs:1 47:4 2:1 mln:4 1:5 12:2 mth:2 4:2 10:1 dlrs:2 3:2 66:1 226:1 653:1 186:1 790:1 billion:2 note:1 late:1 include:1 gain:1 46:1 per:1 share:1 sale:1 virginia:1 service:1 territory:1 dominion:1 resources:1 inc:1
|
POTOMAC ELECTRIC POWER CO <POM> JAN NET
Shr 27 cts vs 29 cts
Net 13,555,000 vs 14,635,000
Revs 104,606,000 vs 110,311,000
Avg shrs 47.2 mln vs 47.1 mln
12 mths
Shr 4.10 dlrs vs 3.66 dlrs
Net 226,653,000 vs 186,790,000
Revs 1.4 billion vs 1.3 billion
Avg shr 47.1 mln vs 47.1 mln
NOTE: latest 12 mths net includes gain 46 cts per share for
sale of Virginia service territory to Dominion Resources Inc
<D>.
|
training/6601
|
training/6601 |@title western:1 saving:1 loan:1 wsl:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:2 48:1 ct:2 vs:7 profit:6 77:1 net:2 3:5 923:1 000:4 11:1 551:1 year:1 1:1 80:1 dlrs:2 2:1 32:1 30:1 171:1 36:1 667:1 loan:2 38:1 billion:6 17:1 deposit:1 81:1 28:1 asset:1 5:1 55:1 4:1 78:1 note:1 full:1 name:1 western:1 saving:1 association:1
|
WESTERN SAVINGS AND LOAN <WSL> 4TH QTR LOSS
Shr loss 48 cts vs profit 77 cts
Net loss 3,923,000 vs profit 11,551,000
Year
Shr profit 1.80 dlrs vs profit 2.32 dlrs
Net profit 30,171,000 vs profit 36,667,000
Loans 3.38 billion vs 3.17 billion
Deposits 3.81 billion vs 3.28 billion
Assets 5.55 billion vs 4.78 billion
Note: Full name Western Savings and Loan Association.
|
training/6603
|
training/6603 |@title france:1 announce:1 plan:1 boost:1 employment:1 |@word government:8 announce:2 three:1 billion:3 franc:3 program:6 combat:1 long:3 term:4 unemployment:2 amid:1 speculation:2 among:1 political:2 economic:3 analyst:3 position:1 period:1 reflation:1 package:1 present:1 cabinet:1 prime:1 minister:4 jacques:1 chirac:2 social:3 affairs:1 labour:4 philippe:1 seguin:2 today:2 finance:3 7:1 5:1 contingency:1 fund:1 february:1 25:1 edouard:1 balladur:2 previously:1 rule:2 reflationary:2 define:1 work:3 one:2 year:7 affect:1 830:1 000:1 people:2 third:2 french:2 unemployed:1 figure:1 show:2 main:2 measure:1 employment:1 give:2 employer:2 financial:1 incentive:3 offer:1 short:1 contract:1 least:1 two:1 stress:1 retrain:1 help:1 unemploye:1 return:1 market:2 training:1 subsidy:1 exemption:1 security:1 contribution:1 company:1 tell:1 strong:1 take:1 fall:1 proposal:3 costly:1 aide:1 say:7 consider:1 spark:1 spokesman:1 denis:1 baudouin:3 yesterday:1 generally:1 agree:1 desirability:1 relaunche:1 economy:2 appear:1 contradict:1 statement:1 stimulation:1 despite:1 revision:1 1987:2 growth:1 forecast:1 2:2 0:1 pct:1 8:1 ministry:1 official:2 later:2 clarify:1 remark:1 question:1 move:1 stimulate:1 boost:3 consumer:1 spending:2 although:1 policy:1 allow:3 increase:1 industrial:2 investment:2 proceed:1 france:1 five:2 privatisation:4 plan:1 budget:1 30:1 revenue:2 split:1 repay:1 national:2 debt:1 provide:2 state:2 enterprise:1 fresh:1 capital:1 comment:1 possibly:1 reflect:1 widen:1 difference:1 within:1 rpr:1 udf:1 coalition:1 issue:1 ahead:2 next:1 presidential:2 election:2 division:1 begin:1 last:2 december:1 wave:1 strike:1 lead:1 transport:1 worker:1 paralyse:1 country:1 drive:1 new:1 mood:1 conciliation:1 success:1 cie:2 de:2 saint:1 gobain:1 sgep:1 pa:2 financiere:1 paribas:1 pari:1 decide:1 speed:1 aim:1 complete:1 expect:1 1988:1 accelerated:1 could:1 additional:1 unbudgeted:1 research:1 infrastructure:1 motorway:1 network:1 also:1 revive:1 block:1 socialist:1 president:1 francois:1 mitterrand:2 encourage:1 flexible:1 working:2 hour:2 job:1 improve:1 competitiveness:1 industry:1 night:1 shift:1 woman:1 variation:1 standard:1 39:1 week:1 put:1 parliament:1 self:1 contain:1 draft:1 bill:1 veto:1 procedural:1 reason:1 council:1
|
FRANCE ANNOUNCES PLAN TO BOOST EMPLOYMENT
The government announced a three billion
franc program to combat long-term unemployment amid speculation
among political and economic analysts that it is positioning
itself for a period of economic reflation.
The package presented to the cabinet of Prime Minister
Jacques Chirac by Social Affairs and Labour Minister Philippe
Seguin today is to be financed out of a 7.5 billion franc
contingency fund announced on February 25.
Finance Minister Edouard Balladur previously ruled out a
reflationary program.
Long-term unemployment, defined as being out of work for
more than one year, affects about 830,000 people or one third
of French unemployed, government figures show.
The main measures of the employment program give employers
financial incentives to offer short-term work contracts of at
least two years and stress retraining to help the long-term
unemployed return to the labour market.
Training subsidies and exemptions from social security
contributions are the main incentives for employers.
'Companies tell us that we have to give them a strong
incentive to take on people who have fallen out of the labour
market and that's why the proposals...Are costly,' an aide to
Seguin said.
The analysts said speculation the government is considering
a reflationary program was sparked by Chirac spokesman Denis
Baudouin, who said yesterday that ministers were generally
agreed on the desirability of relaunching the economy.
He appeared to contradict statements by Balladur ruling out
economic stimulation despite the government's revision of its
1987 growth forecast to about 2.0 pct from 2.8.
Finance ministry officials later clarified Baudouin's
remarks, saying there was no question of any move to stimulate
the economy through a boost to consumer spending although
government policy allowed for increased industrial investment
from the proceeds of France's five-year privatisation plan.
The 1987 budget allowed for 30 billion francs in revenue
from privatisation, to be split between repaying national debt
and providing state enterprises with fresh capital.
Some political analysts said Baudouin's comments possibly
reflect widening differences within the RPR-UDF coalition on
social issues ahead of next year's presidential elections.
Divisions began to show last December, when a wave of
strikes led by transport workers paralysed the country and
drove the government into a new mood of conciliation with
labour.
Officials said that after the success of the privatisation
of Cie de Saint Gobain <SGEP.PA> and Cie Financiere de Paribas
<PARI.PA> the government had decided to speed up its five-year
privatisation program with the aim of completing a third of it
this year, ahead of the presidential elections expected in
1988.
The accelerated program could provide additional unbudgeted
revenue to boost industrial and research investment and
spending on infrastructure such as the national motorway
network.
The government also today revived a proposal, blocked last
year by Socialist president Francois Mitterrand, to encourage
more flexible working hours, which it says will boost jobs by
improving the competitiveness of French industry.
The proposals allowing night-shift work by women and
variations in the standard 39-hour working week are to be put
to parliament as a self-contained draft bill after being vetoed
for procedural reasons by Mitterrand and later the Council of
State.
|
training/6604
|
training/6604 |@title air:1 canada:1 acquire:1 calgary:1 courier:1 company:1 |@word air:3 canada:4 state:1 airline:1 say:4 sign:1 letter:1 intent:1 acquire:1 65:1 pct:2 ems:1 corp:2 calgary:1 base:1 messenger:1 service:1 operate:1 western:1 u:2 gelco:2 gel:1 earlier:1 agree:1 buy:1 canadian:1 express:1 ltd:1 unit:1 54:1 mln:1 dlrs:1 acquisition:1 complement:1 main:1 cargo:1 business:1 expect:1 courier:1 market:1 grow:1 25:1 30:1 year:1
|
AIR CANADA TO ACQUIRE CALGARY COURIER COMPANY
Air Canada, the state-owned airline,
said it signed a letter of intent to acquire 65 pct of EMS
Corp, a Calgary-based messenger service which operates in
Western Canada and the U.S..
Gelco Corp (GEL) earlier said Air Canada agreed to buy its
Canadian Gelco Express Ltd unit for 54 mln U.S. dlrs.
Air Canada said the acquisitions will complement its main
cargo business. It said it expects the courier market to grow
by about 25 to 30 pct a year.
|
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