Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, January 22, 1993 TAG: 9301220268
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
REPORTED EARNINGS
Piedmont BankGroupPiedmont BankGroup Inc. of Martinsville has reported 1992 earnings of $7.13 million, or $2.43 a share, up 139 percent over $2.98 million, or $1.02 a share, a year earlier.
The company said last year's income included about $1 million in one-time revenue from sales of mortgage loans and securities gains.
Deposits rose from $606 million to $655 million. Loans dropped from $443 million to $440 million despite $3 million in outstanding credit from a new credit-card operation.
The company had assets of $743 million at the end of last year.
Bell Atlantic
Bell Atlantic Corp., Philadelphia parent of C&P Telephone Co. of Virginia, on Thursday reported 1992 earnings of $1.34 billion, or $3.13 per share, up 9 percent from 1991 - before the impact of a 1991 charge of $1.55 billion, or $3.63 per share, for a change in the method of accounting for post-retirement benefits and other factors. Operating revenues for the year were $12.6 billion, compared with $12.5 billion.
For the fourth quarter, earnings were 74 cents per share, or $317.3 million, including an extraordinary charge of 2 cents per share, or $10.2 million, for early debt retirement. For the 1991 period, earnings were 59 cents per share, or $246.8 million.
Winn-Dixie
Winn-Dixie Stores Inc., a Jacksonville, Fla., grocer operating supermarkets in Western Virginia, on Thursday reported second-quarter net earnings of $63 million, or 82 cents per share, up 17.1 percent from $53.8 million, or 70 cents per share, in the same period last year. Sales for the quarter ended Jan. 6 rose 2.7 percent to $3.2 billion, an $85.4 million increase over the year-earlier quarter.
ETS International
ETS International Inc. of Roanoke, which provides pollution control products and services, reported losses for the second quarter and the first half of its fiscal year.
ETS showed a loss of $101,160 for the quarter ended Nov. 30 compared to a profit of $89,238 for the preceding year. For the first half, the loss was $240,108 compared to a $10,278 loss for the same period in the prior fiscal year.
Chairman John McKenna said ETS had higher expenditures for sales and marketing in order to commercialize its proprietary technology and take advantage of foreign and domestic market opportunities. Although this had a negative effect on earnings, he said, the spending should have a positive impact in the near future.
Revenue was down 5 percent for the quarter, from $1.2 million to $1.1 million, but up 3 percent for the half, from $2 million to $2.1 million.
"We have noticed a stagnation in our markets during this period of administration transition," McKenna said. "We are optimistic that the market growth will resume" now that a new federal administration is in office.
Sara Lee Corp.
Sara Lee Corp., Chicago-based operator of knitwear mills in Martinsville and a L'eggs distribution center in Salem, on Thursday reported record sales and earnings for its second quarter ended Dec. 26. Net income for the quarter rose 15.9 percent to $220 million from $190 million in the 1991 period. Primary earnings per share, which reflect a Dec. 1 2-for-1 stock split, rose 15.8 percent to 44 cents from 38 cents a year ago. Net sales for the quarter were $3.8 billion, up 6.8 percent from last year's $3.6 billion.
CSX Corp.
CSX Corp. said Thursday its profits rose 13 percent in the fourth quarter and 23 percent in 1992.
The Richmond-based transportation company reported fourth-quarter net earnings of $152 million, or $1.47 per share, up from $134 million, or $1.33 per share for the 1991 quarter. Revenues remained stable at $2.25 billion, compared with $2.28 billion a year ago.
For the year, earnings were $20 million, or 19 cents per share, including a productivity charge of $699 million before tax, or $4.38 per share. Without the charge, the 1992 net earnings would have been $470 million, or $4.57 per share, compared with $382 million, or $3.81 per share for 1991.
Virginia First Savings
Virginia First Savings Bank on Thursday reported earnings of $2.25 million, or 83 cents a share, for the first half of its fiscal year, compared with $1 million, or 40 cents a share, in the prior year.
For the second quarter, the Petersburg-based thrift had income of $668,000, or 24 cents a share, compared with $526,000, or 20 cents, a year ago.
At the end of the first half, assets totaled $526 million, up 10.1 percent, and deposits were $478 million, up 27.9 percent.
Virginia First said both increases were due to acquisition of six branches from a failed thrift last March.