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                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, March 13, 1993                   TAG: 9303130061
SECTION: BUSINESS                    PAGE: A-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

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IN BUSINESS

Pittston to divide stock into 2 classes

The Pittston Co. said Friday its board of directors has approved a plan to divide the company's common stock into two classes, one representing the company's mining business and the other its service business. The plan is subject to approval by the Greenwich, Conn.-based company's shareholders at their annual meeting on June 30. If approved, it would take effect the same day.

Under the plan, shareholders would retain their existing common stock, which would be re-designated Pittston Services Companies common stock. Pittston Minerals Companies common stock would be distributed to shareholders on the basis of one-fifth share of minerals stock for each outstanding share of Pittston common stock.

The change is to allow shareholders to track the performance of Pittston's coal and other minerals businesses apart from its Brinks Inc. and Burlington Air Express Inc. operations. Pittston has extensive coal mining operations in Southwest Virginia. - Staff report

Earnings . . .

\ Westmoreland Coal Co., Philadelphia-based producer and marketer of coal with operations in Western Virginia, on Friday reported a 1992 loss of $41 million, or $5.68 per common share, compared to a loss of $13.4 million, or $1.62 a share in 1991. Revenues for the year were $541 million, down 4.8 percent from $568.4 million.

For the fourth quarter, Westmoreland reported a loss of $36.5 million, or $5.43 per share, compared with a year-earlier loss of $7.4 million, or 89 cents per share. Revenue for the quarter was $130.9 million, down 7.2 percent from $141 million a year earlier.

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