Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, January 9, 1993 TAG: 9301090154
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Va. factories' growth tops national indexA Virginia manufacturing index, based largely on factory employment and use of electricity, expanded 1.8 percent in the third quarter of 1992 while a similar national index rose 0.5 percent, the Federal Reserve Bank of Richmond reported Thursday.
A 2.6 percent rise in electricity usage more than offset a 0.5 percent drop in employment in Virginia, the bank said. The index is adjusted for seasonal fluctuations and price changes and it assumes growth in labor productivity, according to the bank. - Staff report
\ Food Lion showing signs of recovery
Food Lion Inc. said December sales at its stores indicate the company is recovering from the effects of a Nov. 5 television show alleging unsanitary conditions.
Sales at stores open for at least a year were down 6.2 percent in December from December 1991. November same-store sales had been down more than 9 percent, or more than $48 million.
Same-store sales for the year were down less than one-half of one percent, the company reported.
Tom E. Smith, president and CEO of the Salisbury, N.C.-company, said the company was encouraged by the figures. Sales for all stores, including those open less than a year, increased for the month and for the year.
Sales for the four-week period ended Jan. 2 were up 2.8 percent from the year-earlier period. Overall sales for 1992 increased 9.7 percent. - Staff report
\ AQN of Roanoke seeks reorganization
AQN Associates of Virginia Inc., a Roanoke firm that owns property in Lexington, has filed for reorganization in U.S. Bankruptcy Court in Roanoke to head off foreclosure of property in Suffolk County, N.Y. The company reported debt of $860,000 and assets of $1 million. Mason H. Littreal of Roanoke is a vice president.
Other new petitions:
Floors by Roy C. Woods Inc., a Bent Mountain floor finishing company, liquidation, reporting debt of $137,933 and assets of $48,411.
Two Christiansburg companies headed by G.E. Via, reorganization. Highland Builders, a residential construction firm, reported debt of $30,000 and assets of $283,267. Via is president, but Glen O. Salisbury owns all of the stock, court papers said. Montgomery Park Inc., a real estate and development business, listed debt of $1 million and assets of $125,102.
Everette Robert Watrous, trading as Everette R. Watrous Co., a Rocky Mount construction firm, liquidation, listing debt of $180,950 and assets of $1,025. - Staff report
\ Briefly . . .
Seven years after taking control of Trans World Airlines, Carl Icahn resigned Friday as its chairman and turned over management of the company to two executives chosen by creditors and employees. Icahn, 56, also surrendered his stock in TWA as part of an agreement to sell the airline to creditors and employees and settle his liability for its underfunded pensions.
NationsBank Corp. said its newly issued $400 million of 6 5/8 percent senior notes, due Jan. 15, 1998, received an A+ rating by Fitch rating service.
\ Earnings . . .
\ Rowe Furniture Co. on Friday reported increases in furniture shipments and income for both the fourth quarter and the year. For the quarter, the Salem company had net shipments of $20.7 million, up 20.3 percent from 1991's $17.2 million, and net income jumped 188.5 percent, from $392,000 to $1.1 million, or 44 cents per share.
For the year, Rowe reported $73.5 million in shipments against 1991's $63.8 million, up 15 percent, and income of $1.4 million, or 55 cents per share, offsetting a $474,000 loss in 1991, the company's first in 10 years. Share earnings do not reflect a three-for-two stock split declared Dec. 8, payable Jan. 15.