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Shr loss six cts vs profit 19 cts
Net loss 166,000 vs profit 580,000
Revs 3,772,000 vs 5,545,000
Year
Shr loss 13 cts vs profit 52 cts
Net loss 391,000 vs profit 1,425,000
Revs 15.4 mln vs 16.6 mln
NOTE: 1985 year figures pro forma for purchase accounting
adjustments resulting from March 1985 reeacquisition of company
by its original shareholders before August 1985 initial public
offering.
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Shr loss 1.93 dlrs vs profit 16 cts
Net loss 53,412,000 vs profit 4,479,000
Revs 24.8 mln vs 32.7 mln
Note: 1986 shr and net include 51,187,000 dlr writedown on
U.S. operations, uneconomic coal operations and other mineral
properties
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The Bank of England said it had provided the
money market with a further 437 mln stg assistance in the
afternoon session. This brings the Bank's total help so far
today to 461 mln stg and compares with its revised shortage
forecast of 450 mln stg.
The central bank made purchases of bank bills outright
comprising 120 mln stg in band one at 10-7/8 pct and 315 mln
stg in band two at 10-13/16 pct.
In addition, it also bought two mln stg of treasury bills
in band two at 10-13/16 pct.
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Shr nil vs nil
Net 130,998 vs 30,732
Revs 1,568,941 vs 1,0053,234
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Oper shr profit 1.80 dlrs vs loss 2.28 dlrs
Oper net profit 2,048,0000 vs loss 1,318,000
Revs 25.4 mln vs 12.3 mln
Avg shrs 1,135,000 vs 576,000
NOTE: Net excludes realized investment gains of 40,000 dlrs
vs 13,000 dlrs.
1986 net excludes 729,000 dlr tax credit.
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Oper shr loss 31 cts vs loss 30 cts
Oper net loss 5,429,000 vs loss 5,216,000
Revs 257.5 mln vs 243.6 mln
Avg shrs 17.5 mln vs 13.5 mln
Year
Oper shr loss eight cts vs profit 28 cts
Oper net loss 1,324,000 vs profit 4,067,000
Revs 989.5 mln vs 747.9 mln
Avg shrs 17.6 mln vs 15.7 mln
NOTE: 1986 operating net loss excludes income from
discontinued operations equal to 11 cts in the quarter and 66
cts in the year compared with 1.07 dlrs in the quarter and 1.23
dlrs in the respective periods of 1985.
1986 operating net loss also excludes extraordinary charges
of 14 cts in the quarter and 54 cts in the year.
1985 operating net profit excludes an extraordinary gain of
47 cts.
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Shr not given
Loss 54.9 mln
Revs 27.2 mln
Note: Prior year results not given. 1986 results include
accounts of 89 pct owned <Precambrian Shield Resources Ltd>,
acquired November 5, 1986
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Transform Logic Corp said it
has revised downward its previously reported fourth quarter and
year, ended October 31, results to reflect compensation expense
for employee stock options.
The company said resolution of this disagreement with its
auditors came as a result of Securities and Exchange Commission
involvement. The company will amend its option-granting
procedure to conform to the SEC decision which will eliminate
future charges, it added.
Transform said its fourth quarter profit was revised to
305,082 dlrs, or two cts a share, from the previously reported
580,955 dlrs, which left the company with a fiscal 1986 loss of
249,814 dlrs, or two cts a share, instead of the reported
26,195 dlrs profit.
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American Stores Co said it
expects to report earnings per share of 3.70 to 3.85 dlrs per
share on sales of slightly over 14 billion dlrs for the year
ended January 31.
The supermarket chain earned 4.11 dlrs per share on sales
of 13.89 billion dlrs last year.
The company did not elaborate.
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Shr profit three cts vs loss seven cts
Net profit 161,000 vs loss 367,000
Revs 24.3 mln vs 26.5 mln
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Unilever Plc <UN.A> and NV group reported
improvements in margins and underlying sales volume growth of
five pct in 1986 after stripping out the effects of falling
prices, disposals and currency movements, Unilever Plc chairman
Michael Angus said.
He told reporters that volumes in North America increased
some 10.5 pct while European consumer goods rose about 2.5 pct
after being flat for some years.
Much of the disposal strategy, aimed at concentrating
activities on core businesses, had now been completed, he
noted.
But the process of acquisitions would go on, with strategic
acquisitions taking place "from time to time," he said.
The company earlier reported a 20 pct rise in pre-tax
profits for 1986 to 1.14 billion stg from 953 mln previously.
In guilder terms, however, profits at the pre-tax level dropped
three pct to 3.69 billion from 3.81 billion.
Angus said the recent purchase of Chesebrough-Pond's Inc
<CBM.N> for 72.50 dlrs a share was unlikely to bring any
earnings dilution.
However, it would not add much to profits, with much of the
company's operating profits paying for the acquisition costs.
Finance director Niall Fitzgerald added that while gearing
- debt to equity plus debt - rose to about 60 pct at end 1986
from 35 pct last year, this was expected to drop back to about
40 pct by end-1987.
The same divergence was made in full year dividend, with
Unilever NV's rising 3.4 pct to 15.33 guilders and Unilever
Plc's increasing 29.9 pct to 50.17p, approximately in line with
the change in attributable profit.
Angus said the prospectus for the sale of parts of
Chesebrough was due to be published shortly. However, he said
that there was no target date for completing the process.
He also declined to say what sort of sum Unilever hoped to
realise from the operation, beyond noting that Chesebrough had
paid around 1.25 billion dlrs for Stauffer Chemical Co, which
operates outside Unilever's core activities.
In the U.S., Organic growth from the Lipton Foods business,
considerable expansion in the household products business and
in margarine had been behind the overall sales increase.
However, he noted that the U.S. Household products business
had turned in a planned loss, with fourth quarter performance
better than expected despite the anticipated heavy launch costs
of its Surf detergents.
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Sara Lee Corp said it agreed to buy a 34
pct interest in Paris-based DIM S.A., a subsidiary of BIC S.A.,
at a cost of about 84 mln dlrs.
DIM S.A., a hosiery manufacturer, had 1985 sales of about
260 mln dlrs.
The investment includes the purchase of 360,537 newly
issued DIM shares valued at about 51 mln dlrs and a loan of
about 33 mln dlrs, it said. The loan is convertible into an
additional 229,463 DIM shares, it noted.
The proposed agreement is subject to approval by the French
government, it said.
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China called on the United States to
remove curbs on its exports, to give it favourable trading
status and ease restrictions on exports of high technology.
But the U.S. Embassy replied that Chinese figures showing
13 years of trade deficits with the U.S. Out of the last 15 are
inaccurate and said Peking itself would have to persuade
Congress to change laws which limit its exports.
The official International Business newspaper today
published China's demands in a editorial to coincide with the
visit of U.S. Secretary of State George Shultz.
"It is extremely important that the U.S. Market reduce its
restrictions on Chinese imports, provide the needed facilities
for them and businessmen from both sides help to expand Chinese
exports," the editorial said.
"The U.S. Should quickly discard its prejudice against
favourable tariff treatment for Chinese goods and admit China
into the Generalised System of Preference (GSP).
"Despite easing of curbs on U.S. Technology exports in
recent years, control of them is still extremely strict and
influences normal trade between the two countries," it added.
The paper also printed an article by China's commercial
counsellor in its Washington embassy, Chen Shibiao, who said
that "all kinds of difficulties and restrictions" were preventing
bilateral trade fulfilling its full potential.
He named them as U.S. Protectionist behaviour, curbs on
technology transfer and out-of-date trade legislation.
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<Precambrian Shield Resources
Ltd>, earlier reporting a large loss against year-ago profit,
said the 1986 loss was mainly due to a 51,187,000 dlr writedown
on its U.S. operations, uneconomic coal and other mineral
properties.
Precambrian, which is 89 pct owned by <Mark Resources Inc>,
said it took the writedown in accordance with new Canadian
Insititute of Chartered Accountants guidelines for full cost
method accounting by oil and gas companies.
Precambrian earlier reported a 1986 loss of 53.4 mln dlrs,
compared to profit of 4.5 mln dlrs in the prior year.
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The Kenyan economy is heading for
difficult times after a boom last year, and the country must
tighten its belt to prevent the balance of payments swinging
too far into deficit, President Daniel Arap Moi said.
In a speech at the state opening of parliament, Moi said
high coffee prices and cheap oil in 1986 led to economic growth
of five pct, compared with 4.1 pct in 1985.
The same factors produced a two billion shilling balance of
payments surplus and inflation fell to 5.6 pct from 10.7 pct in
1985, he added.
"But both these factors are no longer in our favour ... As a
result, we cannot expect an increase in foreign exchange
reserves during the year," he said.
The price of coffee, Kenya's main source of foreign
exchange, fell in London today to about 94 cents a pound from a
peak of 2.14 dlrs in January 1986.
Crude oil, which early last year slipped below 10 dlrs a
barrel, has since crept back to over 18 dlrs.
Moi said the price changes, coupled with a general decline
in the flow of capital from the rest of the world, made it more
difficult to finance the government's budget deficit.
Kenya was already spending over 27 pct of its budget on
servicing its debts and last year it was a net exporter of
capital for the first time in its history, he added.
"This is a clear indication that we are entering a difficult
phase as regards our external debts, and it is imperative that
we raise the rate of domestic savings and rely less on foreign
sources to finance our development," he said.
"It will be necessary to maintain strict discipline on
expenditure ... And members of this house will have to take the
lead in encouraging wananchi (ordinary people) to be more
frugal in satisfying immediate needs," the president added.
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<Scott's Hospitality Inc> said it
acquired all issued shares of Capital Food Services Ltd, of
Ottawa. Terms were not disclosed.
Scott's said Capital Food had 1986 sales of more than 20
mln dlrs and will continue to operate under its present name
with existing management.
Capital Food provides food services to several Ottawa
institutions, the company said.
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Video Display Corfp said it has reached
a tentiative agreement to sell its existing cable television
business for undisclosed terms and expects to report a gain on
the transaction. The buyer was not named.
The company said it will redeploy its service assets into
manufacturing and distribution.
It said the operations being sold accounted for about five
pct of revenues for the year ended February 28 and lost money.
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Shr three cts vs three cts
Net 98,20000 vs 91,898
Revs 2,843,520 vs 2,372,457
Year
Shr 13 cts vs 21 cts
Net 401,179 vs 681,374
Revs 10.5 mln vs 9,699,535
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Community Bank System Inc said it
has entered into a definitive agreement to acquire Nichols
Community Bank for 2,800,000 dlrs in common stock.
It said subject to approval by Nichols shareholders and
regulatory authorities, the transaction is expected to be
completed later this year.
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Sales 3.65 billion crowns vs 3.40
billion.
Profit after financial items 821.2 mln crowns vs 740.2
mln.
The 1986 results include a once-off writedown of 520 mln
crowns for intangible assets, mainly the know-how paid for in
the takeover of a number of high-tech companies by the group,
Pharmacia said.
Earnings per share after real tax including the writedown:
1.94 crowns vs 12.05 crowns.
Earnings per share after real tax (not including the
writedown): 12.38 crowns vs 12.05
Earnings per American Depository Receipt (ADR) according to
U.S. Accounting principles after real tax including the
writedown): 1.96 crowns vs 9.49 crowns.
Earnings per ADR according to U.S. Accounting principles
after real tax (without the writedown): 9.8 crowns vs 9.49.
One ADR represents 0.75 pct of one B Free share in
Pharmacia.
The board proposed a dividend of 1.55 crowns vs 1.25.
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Pharmacia AB <PHAB ST> forecast
earnings after financial items of one billion crowns in 1987 vs
821.2 mln last year on condition that exchange rates remained
at their present parities.
Sales would in such circumstances go up to six billion
crowns from 3.65 billion in 1986, it said.
A weakening Dollar was mainly responsible for a five pct
negative impact on sales during 1986 which the company blamed
on currency movements.
Last year's results were also badly hit by a once-off
writedown of 520 mln crowns for intangible assets.
The company said mainly this represented the premium the
group had paid for the know-how of various high-tech firms it
had taken over.
The accounts also showed a financial deficit of 1.87
billion crowns vs a deficit of 133 mln which was covered partly
by drawing down company liquidity to 738 mln vs one billion and
partly by increasing borrowing to 2.23 billion vs 621 mln.
Pharmacia said the financial deficit was caused by it
having used more funds than generated by group operations,
mainly because of the 1.36 billion it paid in cash for shares
in LKB-Produkter AB and the assets of Intermedics-Intraocular
Inc.
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McLean Industries Inc said its
shipping subsidiary, United States Lines Inc, reached an
agreement in principle to transfer its South American service
to American Transport Lines Inc, a subsidiary of <Crowley
Maritime Corp>.
Under the terms of the agreement, United States Lines will
lease five vessels to American Transport for 15 months with an
option to extend the period up to 10 years, the company said.
In return, U.S. Lines will receive a fixed payment and a
percentage of revenues for at least three years and possibly as
long as American Transport utilizes its vessels and conducts
trade in South America, the company said.
The companies will consummate the transactions as soon as
the required approvals are obtained, McLean said.
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A total of 2,435 tonnes of British
intervention feed wheat were sold at today's tender for the
home market out of requests for 3,435 tonnes, the Home Grown
Cereals Authority, HGCA, said.
Price details were not reported.
No bids were submitted for intervention barley.
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Shr 78 cts vs one dlr
Net 1,413,000 vs 1,776,000
Assets 705.3 mln vs 597.3 mln
Deposits 495.6 mln vs 493.9 mln
Loans 260.0 mln vs 379.7 mln
Qtly div six cts vs six cts prior qtr
Pay April 1
Record March 6
NOTE: 1986 net includes charges from accounting changes,
from one-time expenses associated with a proxy contest and an
increase in loan reserves.
First Federal Savings and Loan Association of Kalamazoo is
full name of company.
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Shr 22 cts vs 12 cts
Net 3,243,000 vs 1,656,000
Revs 28.4 mln vs 21.5 mln
NOTE: All amts reflect 3-for-2 stock split of company's
common in form of 50 pct stock dividend paid Feb 26, 1987.
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Qtly div 25 cts vs 25 cts prior qtr
Pay 31 May
Record 1 May
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Qtrly div 28.5 cts vs 28.5 cts
Pay April 15
Record March 31
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The U.K. Exported 535,460 tonnes of wheat
and 336,750 tonnes of barley in January, the Home Grown Cereals
Authority (HGCA) said, quoting adjusted Customs and Excise
figures.
Based on the previous January figures issued on February 9,
wheat exports increased by nearly 64,000 tonnes and barley by
about 7,000 tonnes.
The new figures bring cumulative wheat exports for the
period July 1/February 13 to 2.99 mln tonnes, and barley to
2.96 mln compared with 1.25 and 1.89 mln tonnes respectively a
year ago.
January wheat exports comprised 251,000 tonnes to European
Community destinations and 284,000 tonnes to third countries.
The Soviet Union was prominent in third country
destinations, taking 167,700 tonnes while Poland was credited
with 54,500 and South Korea 50,000 tonnes. Italy was the
largest EC recipient with 75,000 tonnes followed by West
Germany with 55,200 and France 52,000 tonnes.
Barley exports for January comprised 103,700 tonnes to the
EC and 233,000 to third countries. The Soviet Union was the
largest single importer with 133,265 tonnes followed by Saudi
Arabia with 53,800 tonnes.
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Winter wheat crops in the
western Soviet Union, Poland and eastern Czechoslovakia through
northern Romania may suffer some winterkill over the next two
nights, private forecaster Accu-Weather Inc said.
Western USSR winter wheat areas have had only light and
spotty snow and winterkill is possible tonight and tomorrow
night as temperatures drop to minus 10 to 0 degrees F.
Snow cover is scant in Poland, with only about 50 pct of
the winter wheat areas reporting one to two inches of snow as
of this morning.
The remaining 50 pct of winter wheat crops do not have snow
cover, making winterkill possible on each of the next two
nights. Lowest temperatures will be minus 10 to 0 degrees F.
Winter wheat areas from eastern Czechoslovakia through
northern Romania had light snow flurries yesterday and last
night, but amounts were an inch or less. With temperatures
expected to fall to near 0 degrees F over the next two nights,
some light winterkill is possible, Accu-Weather added.
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Shr 28 cts vs 22 cts
Net 14 mln vs 10.6 mln
Revs 163.8 mln vs 127.3 mln
Year
Shr 81 cts vs 59 cts
Net 40.5 mln vs 28.7 mln
Revs 521.2 mln vs 391.6 mln
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Pansophic Systems Inc said it
will split its stock two-for-one effective April two to
shareholders of record March 13.
It also said it will pay a six cts per share dividend on
the pre-split shares, a regular quarterly dividend, on April
two to shareholders of record March 13.
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Calmar Inc said KEBOO Ab of
Sweden, which now owns about 64 pct of Calmark, has approved
the acquisition of remaining Calmar shares at 25.375 dlrs in
cash at the request of the Calmar board.
Calmar said a special meeting of its board will be held
March Nine to form a special committee of directors not
affiliated with KEBO to evaluate the transaction.
KEBO is in turn 60 pct owned by <Investment AB Beijar> of
Sweden.
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Italy's state-owned <Banca Nazionale Del
Lavoro-BNL> said it is negotiating to buy a West German bank as
part of its foreign expansion policy.
BNL president Nerio Nesi told a news conference the Italian
bank was currently involved in talks but declined to name the
German institution.
He said the takeover move could be seen as BNL's reply to
Deutsche Bank AG <DBKG.F>, which entered the Italian market in
December 1986, with the purchase of BankAmerica <BACN>
subsidiary <Banca D'America e D'Italia>.
Nesi said BNL had also approved a 200 mln dlr credit line
to the Soviet Union aimed at enabling Soviet companies to pay
for Italian imports. He gave no further details.
BNL officials said the group had also decided to increase
its activities in the Soviet Union by opening a representative
office in Moscow this month through its subsidiary <Sogecred>,
which specialises in Italian-Soviet trade.
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The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves, economists said.
They expect it to supply the reserves indirectly by
arranging 1.5 to two billion dlrs of customer repurchase
agreements. The Fed may add the reserves directly instead via
System repurchases.
Federal funds, which averaged 6.18 pct yesterday, opened at
6-3/16 pct and stayed there in early trading. Analysts said the
rate is under upward pressure partly from settlement of 8.25
billion dlrs of five-year Treasury notes.
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Shr profit five cts vs loss 2.11 dlrs
Net profit 375,061 vs loss 10.4 mln
Revs 39.9 mln vs 37.8 mln
Avg shrs 6,536,008 vs 4,939,895
12 mths
Shr profit 47 cts vs loss 3.37 dlrs
Net profit 2,837,288 vs loss 16.6 mln
Revs 169.1 mln vs 149.4 mln
Avg shrs 6,037,640 vs 4,937,378
NOTE: primary earnings per share are based on the weighted
average number of common and dilutive common equivalent shares
outstanding during each period after accounting for preferred
stock dividends.
The qtr and year 1985 includes a 6,000,000 provision for
restructuring costs related to the sale of its Energy business
and parts of its Bearing business.
The qtr and year 1986 includes charges of 1,200,000 and
5,200,000, respectively, for restructuring costs and operating
losses which were charged against the previously provided
accruals for restructuring costs.
The qtr and year 1986 includes deferred income taxes of
244,000 and 785,000, respectively.
Year net 1986 includes operations of Friedrich Climate
Master Inc, which the company acquired in August 1985, for the
full period, while the comparable period for 1985 includes only
operations from August 16, 1985, to Dec 31, 1985.
Third qtr 1986 Includes extraodinary tax gain of 270,000
from early extinquishment of certain drafts payable.
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Oper shr profit 34 cts vs loss 53 cts
Oper net profit 3,337,000 vs 4,881,000
Revs 32.7 mln vs 49.6 mln
Year
Oper shr profit 20 cts vs loss 90 cts
Oper net profit 2,374,000 vs loss 9,381,000
Revs 126.9 mln vs 160.5 mln
NOTES: Operating net excludes loss 6,050,000 dlrs, or 64
cts a share, vs loss 24,839,000 dlrs, or 2.61 dlrs a share, in
quarter and loss 6,050,000 dlrs, or 64 cts a share, vs profit
64,013,000 dlrs, or 6.27 dlrs a share, from discontinued
operations
1986 loss from discontinued operations includes 6.0 mln
dlrs charge, equal to 64 cts a share, to provide for additional
liabilities resulting from the 1981 closure of lead, zinc and
silver mining, smelting and refining business
1986 year operating net includes pre-tax gain of 5.3 mln
dlrs, equal to 56 cts a share, from pension plan termination
and gain of 5.2 mln dlrs, or 56 cts a share, from reduction in
deferred taxes
Effective Jan 1, 1987, company changed oil and gas
accounting to successful efforts from full cost, increasing
1986 year net 9.2 mln dlrs, or 98 cts a share, and increasing
1985 loss 4.3 mln dlrs, or 43 cts a share. The cumulative
effect of the change was to decrease retained earnings at Dec
31, 1986, by 14.0 mln dlrs
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Shr 70 cts vs 56 cts
Net 6,197,000 vs 4,880,000
Revs 24.1 mln vs 17.1 mln
Nine mths
Shr 1.38 dlrs vs 1.20 dlrs
Net 12.1 mln vs 10.4 mln
Revs 52.5 mln vs 41.8 mln
Reuter
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Former Treasury official C. Fred
Bergsten said a new exchange rate system is needed to replace
the fixed and flexible exchange rate systems which he said had
not worked.
"I prefer a move to 'target zones' in which the major
countries would determine ranges of 15-20 pct within which they
would pledge to hold their exchange rates by direct
intervention and, as necessary, by changes in monetary and
other policies," Bergsten, now the director of the Institute
for International Economics, said in a statement to a House
Banking subcommittee.
"The substantial correction of the exchange rate that has
occurred since early 1985 is enormously welcome, and should
produce a sizeable reduction in the U.S. trade deficit this
year and next, but the imbalance will not fall much below 100
billion dlrs on present policies, so much more is needed," he
said.
Reuter
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Qtly div 10 cts vs 10 cts prior
Pay April 13
Record March 13
Reuter
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|
There was no evidence of winterkill
in Yugoslavian winter wheat during field travel along a line
running northwest from Belgrade to near Maribor, the U.S.
Agriculture Department's counselor in Belgrade said in a field
report.
The report, dated February 26, said there is evidence of
delayed germination in most areas due to late seeding last fall
because of dry conditions.
However warm temperatures over the past three weeks have
promoted some early growth and will help the crop catch up on
last fall's late seeding, it said.
Some Yugoslav agriculture officials are concerned about the
situation because warm temperatures have brought the grain out
of dormancy and taken away snow protection a little early, the
report said.
Cold temperatures over the next month could cause damage
under these conditions, they said.
The report said all wheat farmers contacted during the
field trip were optimistic about the crop and the way it
emerged from winter.
Reuter
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Shr 42 cts vs 39 cts
Net 12.3 mln vs 9,382,000
Sales 172.0 mln vs 146.00 mln
Avg shrs 29.5 mln vs 24.3 mln
Year
Shr 1.63 dlrs vs 1.35 dlrs
Net 45.7 mln vs 30.0 mln
Sales 665.5 mln vs 446.2 mln
Avg shrs 28.0 mln vs 22.3 mln
NOTE: translated at 1,339 Italian lire to dollar.
Reuter
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Norton co said it has agreed to
sell its remaining South African business, Norton co Pty Ltd,
to <Global Mining and Industrial Corp> of South africa for
undisclosed terms.
The company said the unit accounts for less than two pct of
Norton revenues and is being sold because "Growing societal
pressures in the United States and the unsettled situation in
south Africa had required a disproportionate amount of
management tiome to oversee."
Norton said the unit is profitable.
Norton said it will provide the South Afrcian unit with
future technical support, and products makde under that
agreement will continue to be marketed under the Norton
trademark.
Reuter
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Shr loss 2.07 dlrs vs profit 36 cts
Net loss 1,088,000 vs profit 187,000
Year
Shr loss 12.23 dlrs vs profit 17 cts
Net loss 645,000 vs profit 89,000
NOTE: Home Federal Savings and Loan Association of the
Rockies.
1986 net includes tax credits of 165,000 dlrs in quarter
and 189,000 dlrs in year.
Net includes pretax loan loss provisions of 1,439,000 dlrs
vs 127,000 dlrs in quarter and 1,701,000 dlrs vs 222,000 dlrs
in year.
Reuter
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Advertising agents Saatchi and Saatchi Co
Plc <SACHY> said it was buying <Cleveland Consulting Associates
Inc> for an initial consideration of 2.0 mln dlrs.
Additional payments may be made annually through the year
ending March 31, 1991 to bring the total consideration up to
9.5 pct of Cleveland's average post-tax profits in the last two
years of the period.
The purchase of Cleveland is a further step in Saatchi and
Saatchi's fast growing consulting industry, the company said.
It said its consulting operations now provide a platform for
major future expansion.
For the 12 months ended 31 March 1986, Cleveland had
479,000 dlrs in pretax profits and forecasts one mln for 1987.
At the Saatchi and Saatchi annual meeting today, the
company reported a particularly strong start to the current
year, with profits sharply higher than the same period last
year.
Saatchi and Saatchi shares rose one pence on the Cleveland
announcement to 885p after yesterday's 870p close.
Reuter
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Chesebrough-Pond's Inc, recently
acquired by a unit of Unilever N.V., said it is offering to
sell its Bass shoe division, as a result of an
ongoing evaluation of the long-term direction of its
businesses.
The diversified maker of health and beauty aids, said it
acquired Falmouth, Maine-based G.H. Bass and Co in 1978, when
the company reported annual sales of 59 mln dlrs. Bass is known
for its high-quality casual shoes.
Chesebrough said Bass's 1986 sales exceeded 170 mln dlrs.
Reuter
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Continental Corp said the fresh start
provision of the Tax Reform Act of 1986 may add 1.30 to 1.60 to
1987 earnings per share.
The insurance holding company had net earnings of 449.6 mln
dlrs, or, or 7.42 per share, in 1986.
John Loynes, Continental chief financial officer, said the
fresh start provision allowed the company to discount opening
tax reserves to January 1, 1987, which released deferred taxes
into earnings.
Loynes said the provision's potential benefit would decline
gradually over the next four years, during which time
Continental will pay 250 mln to 350 mln dlrs more in taxes.
Loynes added, however, the higher taxes are not expecetd to
have a significant impact on earnings.
Reuter
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Shr 8.17 dlrs vs 55 cts
Net 67.7 mln vs 4.5 mln
Revs 3.67 billion vs 3.54 billion
Year
Shr 12.19 dlrs vs 24.00 dlrs
Net 101.1 mln vs 199.0 mln
Revs 14.33 billion vs 13.35 billion
Note: 90 pct owned by Ford Motor Co <F>
Reuter
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Shr 33 cts vs 28 cts
Net 3,722,000 vs 3,103,000
Sales 33.0 mln vs 31.8 mln
Avg shrs 11.2 mln vs 11.1 mln
1st half
Shr 68 cts vs 58 cts
Net 7,585,000 vs 6,346,000
Sales 65.9 mln vs 61.3 mln
Avg shrs 11.2 mln vs 11.0 mln
NOTE: Share adjusted for three-for-two October 1986 stock
split.
Reuter
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Loans and advances from the Dutch
central bank to the commercial banks were barely changed at
12.9 billion guilders in the week up to and including March 2,
the central bank weekly return showed.
The Treasury's account with the bank dropped 1.3 billion
guilders. Dealers said a larger amount of funds in the form of
interest and repayments on state loans went out than came in
the form of tax payments to the state.
Notes in circulation rose 360 mln to 27.7 billion as the
public withdrew cash to celebrate this week's Carnival festival
or take an end-of-winter holiday break, dealers said.
Current money market rates are at 5-3/4 to 6-1/4 pct for
call money against 5-1/4 to 5-3/8 a week ago, and between
5-5/16 and 5-9/16 pct against 5-1/4 to 5-1/2 for one to 12
month periods, dealers said.
The cause for the rise was a rather tight 4.8 billion
guilders of special advances set by the Bank yesterday compared
with 8.0 billion guilders for the previous set, dealers added.
They expect the money market shortage to continue around 12
billion guilders this week.
The weekly return showed total Dutch gold and currency
reserves rose 11.3 mln guilders to 56.0 billion guilders.
REUTER
| [
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Shr profit three cts vs loss 11 cts
Net profit 507,000 vs loss 1,823,000
Revs 11.2 mln vs 204,000
Reuter
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An investor group led by Central
National-Gottesman Inc, a New York investment firm, and its
executive vice president, Edgar Wachenheim, said they cut their
stake in Material Sciences Corp to less than five pct.
In a filing with the Securities and Exchange Commission,
the group said it sold 19,500 Material Sciences common shares
between Feb 11 and 19 at prices ranging from 24.00 to 27.648
dlrs a share, leaving it with 239,500 shares, or 4.7 pct.
As long as the group's stake remains below five pct, it is
not required to disclose further dealings in Material Sciences
common stock.
Reuter
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|
Periods ended Jan 31
Shr 28 cts vs 35 cts
Net 2,374,000 vs 2,987,000
Sales 35.2 mln vs 34 mln
Backlog 36.8 mln vs 33.9 mln
Reuter
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Tylan Corp aid it has retained
the investment banking firm Kahn and Harris to sell its furnace
product line.
The company said it has already been contacted by several
potential buyers.
In 1986, Tylan's furnace product shipments in the U.S.
represented 10.3 mln dlrs of the company's total net sales of
28.4 mln dlrs.
Reuter
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Shr basic 88 cts vs 1.22 dlrs
Shr diluted 83 cts vs 1.10 dlrs
Net 114,108,000 vs 140,389,000
Avg shrs 107.5 mln vs 100.5 mln
Loans 66.4 billion vs 65.9 billion
Deposits 82.8 billion vs 84.4 billion
Assets 98.7 billion vs 96.7 billion.
Reuter
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The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-1/4 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
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Oper shr 1.58 dlrs vs 77 cts
Oper net 1,648,000 vs 817,000
Sales 25.7 mln vs 20.5 mln
NOTE: Net excludes discontinued operations gain 451,000
dlrs vs loss 4,310,000 dlrs.
Reuter
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The upcoming five-month deficiency
payments to corn and sorghum farmers will be made half in cash
and half in generic commodity certificates, a senior
Agriculture Department official told Reuters.
Around 300 mln dlrs of the in-kind certificates, or
"certs," will be mailed out to farmers around March 15 or 16,
Tom von Garlem, Assistant Deputy Administrator for USDA's state
and county operations, said.
The decision to make the payments in a 50/50 cash/certs
ratio was made Monday, but payments to producers will be
delayed until mid-month due to a problem with USDA's computer
program, von Garlem said.
get 11.5 cts per bushel in this next payment -- 5.75 cts in
certs and around 5.5 cts cash (5.75 cts minus Gramm-Rudman).
Farmers who did not receive advance deficiency payments at
signup will receive 63 cts per bushel. Slightly more than half
of this payment will be in cash, von Garlem said, but he said
this will not markedly upset the 50/50 ratio, since most
farmers got advance payments.
"The final certificate payments will be very close to 300
mln dlrs," he said.
When asked if the Office of Management and Budget had
resisted the cash/certs ratio, the USDA official said that "we
proposed 50/50 and OMB accepted it."
Reuter
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Shr 69 cts vs 64 cts
Net 7,046,000 vs 6,492,000
Sales 85.7 mln vs 79.6 mln
Six Mths
Shr 1.28 dlrs vs 1.19 dlrs
Net 13,098,000 vs 12,006,000
Sales 166.3 mln vs 153.3 mln
NOTE: Periods end January 31, 1987 and 1986, respectively.
Reuter
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Shr 57 cts vs 27 cts
Net 1,002,000 vs 470,000
Sales 15.9 mln vs 12.0 mln
Note: 4th qtr data not available
Reuter
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Oper shr one ct vs three cts
Oper net 99,000 vs 327,000
Revs 12.1 mln vs 8,800,000
Avg shrs 15.5 mln vs 11.3 mln
Year
Oper shr six cts vs 11 cts
Oper net 841,000 vs 956,000
Revs 44.1 mln vs 34.4 mln
Avg shrs 15.3 mln vs 8,519,677
NOTE: Net excludes tax credits of 299,000 dlrs vs 29,00000
dlrs in quarter and 809,000 dlrs vs 71,000 dlrs in year.
Reuter
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Shr profit 27 cts vs profit 51 cts
Net profit 6,600,000 vs profit 12,231,000
Revs 211.7 mln vs 193.4 mln
12 mths
Shr loss 17 cts vs profit 1.27 dlrs
Net loss 4,077,000 vs profit 30,142,000
Revs 753.5 mln vs 673.4 mln
NOTE: in qtr ended 1986 the company recognized expenses of
5,948,000 for restructing the combined operations of BBDO,
Doyle Dane Bernbach and Needham Harper Worldwide in August 1986
before tax gains. These relate primarily to the conosolidation
and elimination of duplicate facilities and staff.
for the year 1986, the provisions for mergers and
restructuring expenses brought non-recurring expenses to
40,292,000 before tax gains, of which 8,863,000 represented
merger costs and 31,429,000 related to restructuring of the
combine operations.
Reuter
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CORRECTION - ASHTON-TATE ITEM
In Torrance, Calif., item ASHTON-TATE <TATE> 4TH QTR NET,
please read 1986 quarter average shares as 24.7 mln, not 200.7
mln.
Reuter

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<Royal Bank of Canada> said it
estimates 1987 loan losses at one billion dlrs, a 25 mln dlr
increase over last year.
Royal Bank said it set its provisions "given the continued
debt-servicing problems ... in the North American energy
industry and the uncertain outlook for energy prices," and also
continued to add to its general provisions for loans to
troubled borrower countries.
The bank's loan loss provision for the first quarter ended
January 31 rose to 223 mln dlrs from 187 mln dlrs in the
year-ago quarter.
The bank said non-accrual loans, net of provisions for loan
losses, totalled 2.2 billion dlrs on January 31, up from 2.0
billion dlrs a year ago.
In reporting lower first quarter earnings, chairman Allan
Taylor said problems with credit quality--particularly in loans
associated with the energy sector--continue to have a
substantial adverse effect on the bank's earnings.
Taylor said profitability of the bank's international
operations remains weak, reflecting resource-related
difficulties of private and public sector borrowers and
unsatisfactory results from capital market activities.
Taylor said it would be premature to speculate on the
outcome of debt resturcturing negotiations with Brazil or their
potential impact on the Royal Bank.
The bank earlier reported first quarter profit fell to
114.1 mln dlrs from 140.4 mln dlrs a year ago.
Reuter
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Pantera's Corp said it agreed in
principle to acquire Pizza Inn Inc in a cash and stock
transaction.
Under terms of the proposed transaction, each Pizza Inn
share can be exchanged for either three dlrs in cash plus the
lesser of 1.4 shares of Pantera's common stock or 11.50 dlrs
market value of Pantera's stock, or four dlrs in cash plus a
unit consisting of one share of Pantera's stock and a
non-transferrable right to receive up to 0.55 share of
Pantera's stock under certain conditions, it said.
Completion of the transaction is subject to arrangement of
financing, negotiation of a definitive agreement, and various
regulatory approvals, it said.
Pantera's said Pizza Inn's largest shareholder, F.J.
Spillman, previously granted Pantera's an option to buy more
than one mln shares of Pizza Inn common stock owned by him.
Pantera's also said it retained Drexel Burnham Lambert Inc
to act as its financial advisor in connection with the merger.
Pizza Inn has retained Dean Witter Reynolds Inc to act as its
financial advisor, Pantera's said.
Yesterday, Pantera's stock closed at 9.50 dlrs on NASDAQ,
while Pizza Inn's stock was quoted at 12 dlrs when the Amex
halted trading pending the announcement of the proposed merger.
From its Dallas headquarters, Pizza Inn said completion of
the transaction is subject to certain conditions including that
the price of Pantera's stock average not less than seven dlrs
during the 20 trading days before the merger.
Under the agreement, Pizza Inn said it will still be
permitted to complete a leveraged buyout agreement with Pizza
Inn Acquiring Corp, which has been approved by its
shareholders, but is subject to otaining financing.
More
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The Swiss Federal Government's new series
of six-month money market certificates raised 177.5 mln Swiss
francs at an issue price of 98.401 pct to give an average
annual yield of 3.286 pct, the National Bank said.
Payment date is March 5.
The last series of six-month paper issued in January raised
159.6 mln francs at 98.392 pct to give an average yield of
3.251 pct.
REUTER
| [
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Qtr ended Jan 31
Shr loss nine cts vs profit 13 cts
Net loss 231,256 vs profit 341,730
Revs 2,793,677 vs 3,676,296
Reuter
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Lifetime Corp said it agreed to buy
five mln shares, or 16 pct, of <Nippon Lace Co Ltd> for 3.28
dlrs a share, or 16.5 mln dlrs.
It said it plans to enter the health care business in
Japan.
In addition, it said <Koba Electronics Co Ltd>, an
affiliate of Lifetime, will buy four mln unissued shares, or a
12 pct stake, of Nippon for 20 mln dlrs or five dlrs a share.
The company said Ohta Shoji, chief executive officer of
<Toho Mutual Life Insurance Co>, owns the majority of Koba
Electronics' shares. Toho Mutual Life is also the largest
shareholder in Nippon Lace, the company said.
Lifetime also said the <Private Bank and Trust of Zurich>,
on behalf of Lifetime director and shareholder Terence Ramsden,
intends to subscribe for two mln shares of Nippon Lace at the
same price paid by Lifetime.
Reuter
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Oper shr 26 cts vs 18 cts
Oper net 2,877,000 vs 1,363,000
Revs 44.3 mln vs 40.8 mln
Avg shrs 10.9 mln vs 10.5 mln
NOTE: prior qtr excludes loss 475,000, or five cts per
share, for discontinued operations for the sale of subsidiaries
Intermedics Intraocular Inc, Electronics Inc, and Intermedics
Infusaid Inc.
Excludes 1987 qtr 1,694,000 operating loss carryforwards vs
78,000 qtr prior.
Reuter
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|
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|
Qtrly 25 cts vs 16 cts
Pay March 30
Record March 13
NOTE: Prior qtr is for two months operation, October and
November and represents a parital dividend.
Reuter
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Qtlry div 24.5 cts vs 24.5 cts
Pay April 6
Record March 16
Reuter
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Knutson Mortgage Corp said it
expects strong earnings performance for its initial fiscal
second quarter earnings ending March 31 since going public in
September 1986.
Albert Holderson, Knutson chairman, said he expects
earnings of about 40 cts per share for the quarter as a result
of a strong mortgage business during the quarter.
Knutson earlier declared a quarterly dividend of 10 cts a
share, versus 10 cts a share prior, payable April 13 to
shareholders of record March 13.
Reuter
| [
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Oper shr 26 cts vs 18 cts
Oper net 2,877,000 vs 1,838,000
Revs 44.3 mln vs 40.8 mln
NOTE: Current 1st qtr oper net excludes operating loss
carryforward of 1,694,000 or 16 cts per share. 1986 1st qtr
oper net excludes loss carryforward of 78,000 dlrs or one ct
per share and loss from discontinued operations of 475,000
dlrs.
Reuter
| [
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Shr nine cts vs one ct
Net 247,489 vs 27,301
Sales 1,933,107 vs 796,613
Six mths
Shr 21 cts vs five cts
Net 565,106 vs 121,997
Sales 3,781,970 vs 1,778,110
Reuter
| [
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0,
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Shr 42 cts vs 76 cts
Net 2.3 mln vs 3.3 mln
Revs 72.3 mln vs 59.8 mln
Year
Shr 1.48 dlrs vs 2.59 dlrs
Net 7.6 mln vs 11.1 mln
Revs 261.7 mln vs 224.7 mln
NOTE: 1985 net includes extraordinary gain of 1.5 mln dlrs
or 35 cts per share in 4th qtr and 5.1 mln or 1.19 dlrs for the
year.
Reuter
| [
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] |
Shr profit 27 cts vs profit 51 cts
Net profit 6,600,000 vs profit 12.2 mln
Revs 211.7 mln vs 193.4 mln
Qtly div 24.5 cts vs 24.5 cts
Avg shrs 24.2 mln vs 23.8 mln
Year
Shr loss 17 cts vs profit 1.27 dlrs
Net loss 4,077,000 vs profit 30.1 mln
Revs 753.5 mln vs 673.4 mln
Avg shrs 24.4 mln vs 23.7 mln
NOTE: Qtly div payable April six to holders of record March
16.
1986 4th qtr and year net includes a charge of 5.9 mln dlrs
and 31.4 mln dlrs, respectively, for corporate restructuring.
Reuter
| [
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Annual div six dlrs vs 12 dlrs prior
Pay March 19
Record March 13
Note: 1986 payout includes two dlrs a share extra dividend
1985 payout includes four dlrs a share extra dividend
Reuter
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One offer but no bid was posted for SRW
wheat on the call session at the St Louis Merchants Exchange
today. There were no bids or offers for milo.
June 15-July 15 bill of lading for wheat was offered at 17
over July, no comparison, no bid.
Reuter
| [
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Shr 10 cts vs 13 cts
Net 1,553,000 vs 1,541,000
Revs 73.1 mln vs 32.1 mln
Avg shrs 15,474,000 vs 12,316,000
Year
Shr 47 cts vs 24 cts
Net 7,241,000 vs 2,835,000
Revs 216.2 mln vs 101.2 mln
Avg shrs 15,492,000 vs 11,921,000
Note: Net income includes extraordinary profit from
recognition of tax loss carryforward of 920,000 dlrs, or six
cts a share, in 1986 year, and of 785,000 dlrs, or seven cts a
share, in both 1985 periods.
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Shr profit 78 cts vs loss 1.05 dlrs
Net profit 2,336,000 vs loss 3,002,000
Revs 26.0 mln vs 26.7 mln
Year
Shr profit 1.59 dlrs vs loss 6.35 dlrs
Net profit 4,688,000 vs loss 18.2 mln
Revs 113.5 mln vs 112.4 mln
NOTE: 1986 4th qtr and yr includes loss carryfoward of
534,000 dlrs and 1,662,000 dlrs, respectively.
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Net loss 92,623 vs profit 11,209
Sales 93,483 vs 189,388
Note: per share data not available, as company went public
in January, 1987.
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<Royal Bank of Canada>, in reporting a
19 pct drop in first quarter earnings, said it expects to
report improved results in future earnings periods.
"Healthy consumer credit growth, record fee-based income,
highly profitable securities and foreign exchange trading, and
a solid capital position...combined with the restraint of
non-interest expenses, should lead to improved results in the
periods ahead," chairman Allan Taylor said in a statement.
The bank earlier reported profit for the first quarter
ended January 31 fell to 114 mln dlrs from 140 mln dlrs a year
ago.
Taylor said loans to the energy sector continue to
substantially hurt earnings while profitability of the bank's
international operations remains weak, reflecting
resource-related difficulties of private and public sector
borrowers and unsatisfactory results from capital market
activities.
The bank said earnings from domestic operations rose to 103
mln dlrs in the first quarter from 98 mln dlrs a year ago while
earnings from international operations plunged to 11 mln dlrs
from 42 mln dlrs last year.
Royal Bank said first quarter international net interest
income declined from last year, reflecting reduced revenues
from international investment banking as well as a significant
loss on disposal of its affiliate in Trinidad and Tobago.
Other income rose to 251 mln dlrs from 220 mln dlrs last
year. The rise was due to higher commercial banking and retail
deposit service fees, and higher foreign exchange revenue but
lower securities commissions from international investment bank
operations partly offset the gains, Royal Bank said.
The bank said a two billion dlr increase in total assets to
98.7 billion dlrs was due mainly to continued growth in
consumer lending, particularly residential mortgages.
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Belgian Foreign Trade Minister Herman
De Croo said if Congress passed legislation curbing world
textile imports the only way the European Community (EC) could
react was to retaliate.
De Croo said at a news conference "if you limit textile
imports, you will re-orient textiles to Europe."
And that he said would trigger EC taxes on U.S. goods.
Congress passed a textile bill two years ago, but it was
vetoed by President Reagan on grounds that curbing imports to
protect the domestic textile industry would trigger retaliation
U.S. trading partners.
A similar bill has been introducted this year, in a
Congress with a bigger Democratic majority and with a President
weakened by the Iran scandal.
De Croo, here for talks with Administration officials and
Congressmen, said if a textile bill passed, "the only way we
could react would be retaliation, and it would cause more
retaliation, which is not a good way to deal with problems."
He said if a textile bill was enacted, "we will impose taxes
on a lot of American products." He said "it would be stupid. We
have to avoid that."
He said Congressmen seem upset mosty with Japan, because of
its massive trade suprlus with the United States, and not with
EC nations, but EC nations will be hurt by the diverted
shipments of Asian textiles.
De Croo also criticized the way U.S. officials try to solve
EC trade issues, saying "each time we come in contact, it a
conflict contact. The clouts are coming fom the West."
He said it then is a crisis atmosphere with officials cross
the Atlantic and dramatized with headlines.
"This is not the way to work in a serious way between two
big powers," De Croo said.
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Oper shr 25 cts vs 1.21 dlrs
Oper net 1,366,000 vs 6,287,000
Revs 251.3 mln vs 107.1 mln
Year
Oper shr 1.10 dlrs vs 1.06 dlrs
Oper net 5,552,000 vs 4,982,000
Revs 827.5 mln vs 434.4 mln
NOTE: Oper net excludes results of Kay Jewelers Inc, a
former subsidiary. On Dec 31, 1986 company distributed
remaining 80.4 pct interest in subsidiary to Kay Corp holders.
1985 amts restated in connection with company's
distribution of investment in Kay Jewelers Inc.
1986 4th qtr and yr oper net excludes 8,308,000 dlrs or
1.52 dlrs per share, and 7,774,000 dlrs or 1.54 dlrs per share,
respectively, for equity in net income of spun-off unit. 1985
4th qtr and yr oper net excludes 6,806,000 dlrs or 1.28 dlrs
per share and 5,770,000 dlrs or 1.09 dlrs per share,
respectively, for equity in net earnings of spun-off unit.
1985 oper net also excludes 2,778,000 or 52 cts per share
for adoption of new pension accounting rules and ine cts per
share for gain from assets sales.
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Oper shr loss four cts vs loss 33 cts
Oper net loss 154,000 vs loss 1,301,000
Sales 30.0 mln vs 27.0 mln
Year
Oper shr profit 60 cts vs loss 16 cts
Oper net profit 2,364,000 vs loss 608,000
Sales 113.5 mln vs 132.8 mln
NOTE: Net excludes extraordinary charges from provision for
roofing products warranties and costs from sale of
printing/laminate division of 320,000 dlrs vs 10.3 mln dlrs in
quarter and 4,3200,000 dlrs vs 12.7 mln dlrs in year.
Net excludes tax credits of 62,000 dlrs vs 41,000 dlrs in
quarter and 127,000 dlrs vs 88,000 dlrs in year.
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House Ways and Means Committee
Chairman Dan Rostenkowski said Congress must avoid a temptation
to pass a protectionist trade bill this year.
In remarks prepared for delivery before the National Press
Club, Rostenkowski, D-Ill., predicted major trade legislation
will be sent to President Reagan by the end of this year.
But he warned that his "conciliatory message" on the trade
bill did not mean he would oppose a proposal that would warn
other countries their access to the American market would be
curtailed unless they opened their markets to U.S. goods.
"Complaints about (foreign trade) restraints are not a
smoke screen for protectionism, they a plea for fairness,"
Rostenkowski said.
"It is only reasonable to ask the nations that have denied
us access to open up in return for continued freedom in the
American market," he added.
However, he said there would likely be changes in the
market access proposal from the plan which cleared the House
last year. That plan would have set a specific time table for
foreign countries to ease import restraints or they would face
a 25 pct cut in exports to the United States.
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Imtec Inc said some
shareholders of Computer Identics Inc <CIDN> have proposed a
merger of the two companies.
The company said the shareholders had previously expressed
dissatisfaction with Computer Identics' management and had
informed Computer Identics that the present board no longer had
the support of a majority of shares held.
It said the shareholders had called for the resignation of
all but one of Computer Identics' directors and suggested that
a new board pursue merger talks with Imtec. But Imtec said no
merger talks havew yet taken place.
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Shr 1.62 dlrs vs 1.33 dlrs
Net 10.3 mln vs 8,459,000
Revs 127.5 mln vs 95.7 mln
Year
Shr 1.52 dlrs vs 1.20 dlrs
Net 9,669,000 vs 7,481,000
Revs 278.1 mln vs 232.00 mln
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Anacomp Inc, one of the most actively
traded NYSE issues, rose today as at least one analyst expected
earnings to be boosted by its planned acquisition of a
micrographics company.
Anacomp rose 1/2 to 6-3/4 on volume of 950,000 shares after
trading as high as seven earlier.
Howard Harlow, analyst at Whale Securities Corp, said
Anacomp's earnings for fiscal 1987 ending September 31 could be
doubled to 80 cts a share from the 40 cts a share he had
forecast before Anacomp agreed to buy DatagraphiX, a
micrographics firm, from General Dynamics Corp <GD>.
"The company can earn 80 cts a share in fiscal 1987, maybe
as much as a dlr a share, because of DatagraphiX," Harlow said.
"Most of the benefit will be in the fourth qtr because it will
integrate the company in the second half."
Anacomp's earnings will be less if it has problems
integrating DatagraphiX, Harlow said.
A spokesman at Anacomp said the company expects to complete
its deal for DatagraphiX later this month. She would not say
how much it will pay for DatagraphiX, but noted that
DatagraphiX contributed 10 mln dlrs in earnings to General
Dynamics on revenues of 239 mln dlrs in 1986.
Harlow said a fellow analyst at Whale Securities estimates
that Anacomp will pay between 100 mln dlrs to 150 mln dlrs for
DatagraphiX. "The estimates on the street narrow it down to
between 110 mln dlrs and 130 mln dlrs," Harlow added.
Anacomp reported net of 2.8 mln dlrs or nine cts a share in
its first qtr ended December 31, up from 301,000 dlrs or one ct
a share.
In Anacomp's fiscal 1986 it earned 4,073,000 dlrs or 13 cts
a share.
Whale Securities recommends buying the stock, Harlow said.
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Lifetime Corp said it agreed to buy
five mln shares or 16 pct of <Nippon Lace Co Ltd> for 3.28 dlrs
a share, or 16.5 mln dlrs.
It said it plans to enter the health care business in
Japan.
In addition, it said <Koba Electronics Co Ltd>, an
affiliate of Nippon, will buy four mln unissued shares, or a 12
pct stake, of Lifetime for 20 mln dlrs or five dlrs a share. -
Corrects to show Nippon's affiliate Koba buying stake in
Lifetime.
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Export Credits Guarantee Department has
named Malcolm Stephens, director of export finance at Barclay's
Bank Plc and a former career civil servant at ECGD for 17
years, to the post of executive director, a department
spokesman said.
Stephens replaces Jack Gill, who is retiring early aged 57.
A drop in the ECGD's business volume and a rise in its debt
to the Exchequer have led to criticism in Parliament in recent
years.
Stephens said the fall in business volume was a top
convern, adding that the department may have to compete more
aggressively with private insurance firms providing similar
services.
The department's annual report for the year ended March 31,
1986, showed exports insured by the department fell to 15.7
billion stg from 17.4 billion the year before, while its debt
to the Exchequer almost doubled to 756 mln stg.
Stephens said he had no specific list of changes. But among
his chief concerns was the weakened condition of lesser
developed countries and their ability to pay for their imports.
The agency will have to review its policies on insuring
export credits to lesser credits on a country by country basis,
he said. "Large lump political risk insurance is the sort of
thing we want to take a look at."
"You have to try to look forward to see if you are simply in
a peak and trough situation or it is a more long term thing,"
Stephens said, in response to a qustion about whether ECGD will
strike more countries from its list of political risk insurance
recipients.
He noted that certain countries have already been removed
from the list.
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Tender Loving Care Health Care
Services Inc said it and Staff Buildiers Inc have extended the
term of their merger agreement until May 31.
Tender Loving Care also said <Norrell Corp> agreed not to
acquire any additional Staff Builders shares until September
30, adding Norrell was paid 750,000 dlrs for the standstill
arrangement.
Tender Loving Care said it agreed to buy the 610,000 Staff
Builders common held by Norrell, about 19.1 pct of those
outstanding, for 6,950,000 dlrs immediately prior to the
consummation of the merger.
Tender Loving Care said the extended merger agreement
continues to provide for the exchange of 1.6 of its shares for
each Staff Builders share outstanding.
As announced February 26, the Staff Builders shareholders
meeting to vote on the merger, originally convened and
adjourned December 23, will be reconvened on April 22.
Tender Loving Care said its payment to Norrell will include
1,950,000 dlrs in cash and five mln dlrs of a new series of
eight pct Tender Loving Care convertible preferred.
Tender Loving Care said it and Staff Builders have filed a
revised registration and proxy statement with the Securities
and Exchange Commission. Upon clearance of the revised proxy
statement by the commission and its distribution to Staff
Builders' shareholders, that company's management will continue
to solicit proxies for approval of the merger.
Tender Loving Care said it will have the power to vote
about 15.8 pct of Staff Builders' shares at the adjourned
meeting with a spokesman explaining that this represents the
proxies held by Norrell, which started buying the stock after
the record date for the meeting.
In addition, Staff Builders officers and directors own
about 13.8 pct of its stock and have agreed to vote in favor of
the merger.
Accordingly, the vote of an additional 37.1 pct of the
outstanding shares will be required to approve the merger,
Tender Loving Care said.
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Soviet imports of soymeal may reach or
exceed one mln tonnes between January and September this year,
the Oil World newsletter said.
Oil World said it was likely the Soviet Union would reduce
soybean imports and step up significantly its imports of meal.
At least 500,000 tonnes of soymeal may be shipped from the
European Community and South America in the January/March
quarter, with additional large quantities likely to be imported
in the April and July quarters from Argentina and Brazil, it
said. No figures were given for imports in the corresponding
periods of 1986.
The change made sense in view of the recent purchases of
probably 250,000 tonnes of West European and Polish rapeseed
and large scale butter imports that were expected from March
onward, it said.
Oil World said substantial losses of Soviet winter grain
area due to recent severe frosts were probably behind the
recent pick-up in Soviet purchases of U.S. Corn.
It noted that an additional one mln tonnes of U.S. Corn had
been bought recently by the Soviet Union.
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Varian Associates Inc said it
is holding discussions with Philips Electronics regarding the
purchase of Philips' broadcast transmission unit in the United
Kingdom, Pye TVT Limited.
Pye TVT designs and manufactures broadcast transmission
equimpment, specializing in television frequencies.
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Butler Manufacturing Co said it
agreed in principal to sell part of its controls division to
Enercon Data Corp of Minneapolis.
Terms of the sale were not disclosed.
The transaction, expected to be closed in March, involves
the controls division's energy management and power line
carrier product lines.
Butler said costs associated with the sale were included in
its restructuring charge taken in last year's fourth quarter,
and will have no effect on its 1987 earnings.
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