Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, February 19, 1992 TAG: 9202190145
SECTION: BUSINESS PAGE: B6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
REPORTED EARNINGS
Roanoke Electric SteelRoanoke Electric Steel Corp. reported Tuesday a first-quarter loss of $339,951, equal to 6 cents per share for the period ended Jan. 31. The loss compares to earnings of $737,772, or 14 cents per share a year earlier.
Net sales rose 2.6 percent to $33.7 million over $32.8 million a year earlier. The Roanoke producer of speciality steel products said the loss reflects continuing depressed economic conditions which adversely affected demand, selling prices, production levels and construction activity.
Pittston
The Pittston Co. reported Tuesday a 1991 net loss of $151.9 million, equal to $4.07 per share, blamed on accounting changes calling for a charge for medical benefits for future retirees. The Stamford, Conn., company operating coal mines in Southwest Virginia, also reported special charges of $76 million, primarily for the costs of closed mines.
Without the accounting changes and the charges, the company said it would have reported earnings of $57.1 million. The year's loss compares with a net income of $61.1 million in 1990. Revenues for last year were $1.93 billion, up 4.3 percent over $1.85 billion a year earlier.
In the fourth quarter, Pittston said it lost $67.8 million, or $1.82 a share, also a figure swelled by accounting changes. Joseph Farrell, chairman, said the special charges would reduce future book expenses by about $10 million a year and the accounting change will amount to an annual increase of $8 million for the book expense of retiree medical benefits. A year earlier, Pittston reported a net income of $25.4 million. Revenues for the quarter were $490.1 million, nearly even with a year earlier.
Without the charges and the accounting changes, the firm's Pittston Coal Co. would have had operating profits of $6.9 million in the fourth quarter and $38.6 million for the year, Pittston said. With the charges, the coal unit reported a $84.1 million loss for the year and a $110.2 million loss for the quarter.
VF Corp.
VF Corp., Wyomissing, Pa., parent of Bassett-Walker Inc. of Martinsville, said Tuesday its 1991 sales rose to $2.952 billion, a 13 percent increase from $2.613 billion in 1990. Net income nearly doubled to $161.3 million, or $2.75 per share, from $81.1 million, or $1.35 per share, in the prior year. Last year's earnings included charges of $42 million for restructuring costs, as well as other provisions for excess inventories and production inefficiencies.
For the fourth quarter of 1991, sales rose 24 percent to $850.3 million from $687.6 million in the same period of 1990. Net income improved to $48.4 million, or $.83 per share, from a loss of $9.9 million, or $.19 per share, in the fourth quarter of 1990.
Buffets Inc.
Buffets Inc., an Eden Prairie, Minn.-based restaurant company operating Old Country Buffet in Roanoke, on Tuesday reported record revenues and earnings for the year ended Jan. 1. Sales increased 35 percent to a record $196.2 million and net earnings increased 39 percent to $11.1 million compared to $7.9 million the previous year. Earnings per share increased to 76 cents compared to 55 cents a year earlier.
For the fourth quarter, restaurant sales were $47.7 million, up from $35.9 million. Earnings increased to $2.7 million.