Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, April 20, 1991 TAG: 9104220249
SECTION: BUSINESS PAGE: A-10 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The Pittston Co., Greenwich, Conn.,-based parent of Pittston Coal Co., on Friday reported first-quarter net income of $12.6 million or 34 cents per share compared to a net loss of $10.1 million or 27 cents per share in the coal strike-impacted first quarter of 1990.
Sales in the quarter totaled $150.6 million, up 33.4 percent over $112.8 million in corresponding period a year earlier.
Pittston said its coal division reported operating earnings of $13.4 million in the first quarter compared to a $300,000 million loss a year earlier.
Coal sales in the first quarter amounted to 4.5 million tons including 2.4 million tons sold in overseas markets. Due to the depressed market conditions, significant shipments of higher priced contract coal were deferred at the request of customers until later this year, the company said.
Scott & Stringfellow
Scott & Stringfellow Financial Inc., the Richmond-based securities broker and investment banker operating a brokerage office in Roanoke, said its third quarter ended March 28 net income was $658,200, up 218 percent from $206,928. Gross revenue rose to a record $10.2 million, up 24.3 percent over $8.2 million.
Caterpillar
Caterpillar Inc., the Peoria, Ill. equipment maker and owner of Carter Machinery Co., Inc., of Salem, reported a sharp first quarter loss of $32 mi lion, down from earnings of $99 million a year ago. Sales and revenues came to $2.7 million, down 6.9 percent from $2.9 million in 1990's first quarter.
Premier Bankshares
Premier Bankshares Corp. of Tazewell on Friday reported net income of $1.158 million for the first quarter, up 3.7 percent from $1.117 million during the same period last year. Per share earnings remained at 31 cents because more shares are outstanding this year.
Premier, with assets of $409.5 million, is the holding company for Bank of Shawsville, Tazewell National Bank, Bank of Speedwell, Peoples Bank of Honaker and Richlands National Bank.
The company said it held loans of $232.6 million with an allowance for loan losses of $4.2 million. Total deposits stood at $360.6 million at the end of the quarter.
Sears, Roebuck
CHICAGO - Sears, Roebuck & Co., in a report that gave Wall Street a surprise, said Thursday that its first-quarter net income nearly doubled, to $202.7 millio million from $106.3 million in the 1990 period.
Sears showed improvement in its troubled retailing operation, but largely because of cost cutting, not increased sales.
The net result was that while Sears was unable to produce an operating profit in its retail group, the group's operating loss narrowed nearly 50 percent, to $35 million, from $68 million.
Analysts called it the first encouraging earnings report in some time for Sears, which has interests in retailing, finance and real estate.
On a per-share basis, Sears' earnings soared to 70 cents, from 28 cents after a special one-time reduction in earnings related to taxes was removed from the 1991 results. Its revenues were also up, although modestly, to $12.88 billion from $12.60 billion. - Staff and wire reports
Kennametal Inc.
Kennametal Inc. of Latrobe, Pa., said Friday its third quarter earnings were reduced by a special net charge of $4.6 million as a result of an unfavorable patent infringement verdict. That verdict was decided in March in favor of GTE Products Corp. in U.S. District Court in Roanoke. Kennametal has appealed the verdict of $5.3 million awarded GTE Products. Kennametal said its net income was $5.9 million, down 50.5 percent from $10.7 million a year ago. Sales were $158 million, down 1.9 percent from $161 million.
Dominion Resources
Dominion Resources Inc. of Richmond, parent of Virginia Power, reported first quarter net income of $104.1 million, down 18 percent from $127 million a year earlier. Revenues and other income totaled $904.2 million, up 4.8 percent from $862.8 million.
***CORRECTION***
Published correction ran on April 23, 1991\ Correction
Caterpillar Inc., parent of Carter Machinery Co. Inc. of Salem, reported first quarter sales and revenues of $2.7 billion, compared with $2.9 billion in 1990's first quarter. Incorrect figures were included in a story Saturday.
Memo: correction