Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, July 29, 1994 TAG: 9407290069
SECTION: BUSINESS PAGE: A9 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Westmoreland Coal Co. has found a source of cash to help pay off debt obligations that have been hanging over the company. The company, a major Southwest Virginia coal producer, said Thursday that it will sell for $85 million its Kentucky Criterion Coal Co. subsidiary to Consol of Kentucky Inc., a member of the Pittsburgh-based Consol Coal Group.
Westmoreland said it anticipates closing the sale during this year's fourth quarter and that it believes its creditors will extend its $46 million in outstanding debt until the closing. The proceeds will help the company, which continues to mine coal in Virginia, West Virginia and Montana, get back on its feet, said Westmoreland President Christopher Seglem.
- Staff report
Maddox Agency wins ad award
An advertisement created by The Maddox Agency of Roanoke for Fairchild International has won a Harvey Ad-Q Award for achieving outstanding advertising and readership response.
The Harvey studies are used by major national publication groups to determine the seen-read-noted-respond value of ads as measured against all others appearing in a magazine.
- Staff report
Cooper Industries leader recovering
Cooper Industries Inc., Houston parent of the Crouse-Hinds electrical products plant in Roanoke, said that Robert Cizik, its chairman and chief executive officer, on Thursday underwent successful triple heart bypass surgery without complications.
Cizik, 63, has been Cooper's chief executive officer since 1975. He is expected to return to work in four to six weeks, the company said.
- Staff report
Earnings
The Pittston Minerals Group, a subsidiary of the Pittston Co. of Greenwich, Conn., reported net income in the second quarter of $6.8 million, compared with $3.2 million in the second quarter of 1993. Earnings per share for the quarter increased to 72 cents per share from 43 cents a year earlier.
For the first six months of 1994, however, Pittston Minerals recorded a net loss of $67.3 million or $9.20 per share, compared with net income of $5.9 million, or 81 cents per share, in the first six months of 1993. The loss was caused primarily by asset writedowns and accruals related to operational shutdowns, the company said.
Pittston operates coal mines and coal preparation plants in Southwest Virginia.
Intermet Corp., Atlanta operator of Lynchburg Foundary Co. in Radford, reported net income of $2.4 million, or 10 cents per share, for its second quarter ended July 3, compared with $1.2 million, or 5 cents per share, a year earlier. Net sales were $124.6 million, up from $122.7 million. For the first six months, net income was $4.1 million, or 17 cents per share, up from $1.9 million, or 8 cents, a year earlier. Sales were $243.5 million, down from $245.5 million.
Columbia/HCA Healthcare Corp., Louisville, Ky., parent of Lewis-Gale Hospital in Salem, reported second quarter net income of $205 million, or 60 cents per share, compared with $166 million, or 49 cents per share, a year earlier. Revenues rose to $2.69 billion from $2.54 billion. For the six months, net income was $250 million or 73 cents per share, down from $387 million, or $1.14 per share, a year ago. Revenues for the six months were $5.47 billion, compared with $5.19 billion.
Delta Air Lines, Atlanta part-owner of Atlantic Southeast Airlines and Comair Inc. commuter airlines serving Roanoke Regional Airport, reported a net loss of $408.4 million, or $10.32 per share, for its fiscal year ended June 30, compared with a loss of $1 billion, or $22.32 per share, a year earlier. Excluding restructuring and accounting charges, the net loss for fiscal 1994 was $77 million, a 79 percent improvement over fiscal 1993. Operating revenues grew 3 percent to $12.36 billion.
by CNB