Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, April 17, 1991 TAG: 9104170132
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
General Electric Co., buoyed by productivity improvements and strong gains in its financial services sector, reported its first quarter net income rose 5.2 percent to $999 million, or $1.15 a share. That compares with $950 million, or $1.06 a share, that GE earned in last year's first quarter. Revenues for the quarter were up 5.6 percent to $13.3 billion from $12.6 billion a year earlier.
The company, based in Fairfield, Conn. with major operations in Salem and Lynchburg, said growth in earnings per share outpaced growth in net earnings because of GE's five-year, $10 billion stock repurchase program. During the quarter, the company said it bought back 4 million shares.
- The New York Times
Littlefield, Adams & Co.
Littlefield, Adams & Co., a Roanoke maker of imprinted sportswear and manufacturer of team sports outerwear, has reported revenues from continuing operations for 1990 of $5.8 million, down 12 percent compared with $6.6 million a year earlier. The company reported a net loss from continuing operations of $325,000, or 30 cents per share, last year. That compares with a loss of $186,000 or 17 cents a share the year before.
- Associated Press
Apco
Appalachian Power Co. on Tuesday reported a 12.4 percent increase in net income to $35.5 million despite a 6.2 percent decline in operating revenues to $340.7 million for the first quarter ending March 31. The Roanoke-based utility said it followed a trend of its parent American Electric Power Co. of Columbus, Ohio in increasing its more profitable retail sales to residential and commercial customers.
In the past year, Apco said its earnings and operating revenues decreased because of unseasonably mild weather and a significant decline in wholesale sales in the last quarter of 1990 and the first period of 1991. Its net income for the year was $97.6 million, down 25.5 percent, and its operating revenue was $1.4 billion, down 1.6 percent.
- Staff report
Kroger
The Kroger Co., the Cincinnati supermarket company with regional operations and stores in the Roanoke Valley, on Tuesday reported first quarter earnings totaled $10.8 million, or 12 cents per share, compared with an operating loss in last year's first quarter of $10.3 million, or 12 cents per share. A $5.4 million extraordinary charge from the company's repurchase of its high-cost debt securities reduced 1991 first quarter net earnings to $5.4 million, or 6 cents per share, the company said.
Kroger said sales rose 7.6 percent to $4.9 billion in the quarter. Identical food store sales increased 5 percent over the 1990 first quarter.
- Staff report
VF Corp.
VF Corp., the Wyomissing, Pa.-based apparel maker operating Bassett-Walker Inc. in Martinsville, on Tuesday said its net income increased 23 percent to $28.5 million in the first quarter, compared with $23.2 million in the 1990 quarter. Earnings per share also increased 23 percent to 48 cents for the quarter, compared with 39 cents in 1990. Sales for the quarter were $613 million, an 8 percent increase from $567 million in the prior year.
- Staff report
Noland Co.
Noland Co., a Newport News-based distributor of equipment to the construction trades with a Roanoke operation, on Tuesday reported a first quarter net loss of $839,000, or 23 cents per share. In the same period a year ago, Noland had net income of $829,000, or 22 cents per share. First-quarter sales totaled $86.7 million, 17.8 percent less than 1990's first-quarter sales total of $105.6 million.
- Staff report
by CNB