Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, January 14, 1993 TAG: 9301140079
SECTION: BUSINESS PAGE: C7 EDITION: METRO
SOURCE: Mag Poff
DATELINE: LENGTH: Medium
REPORTED EARNINGS
Central Fidelity tallies 18-year winning streakCentral Fidelity Banks Inc. on Wednesday reported its 18th consecutive year of higher earnings, increased its dividend and declared a 3-for-2 stock split.
The Richmond-based banking company with Western Virginia headquarters in Roanoke said income for 1992 was $78.5 million, up 30 percent from $60.4 million in 1991. Earnings per share grew from $1.87 to $2.25.
For the fourth quarter, net income was $22.2 million, up 48 percent from the prior year's $15 million. Per-share income was up from 46 cents to 58 cents.
All per-share information is adjusted to reflect the stock split, approved Wednesday by the board, that will be payable Feb. 22 to stockholders of record on Jan. 29.
This is Central Fidelity's fourth stock split since September 1983.
The company said anyone who held 100 shares in 1979, when the bank was created through a merger, would today own 555 shares. The value would have risen from $1,562.50 to about $22,200.
The new quarterly dividend of 25 cents will be payable April 1 to shareholders on March 19. That is an increase of 21 percent over the old dividend of 26 cents on the fewer number of shares.
Central Fidelity said its non-performing loans, those that earned no interest income, totaled $112.3 million at year end, down from $118.5 million at the end of the third quarter but up from $69.2 million in 1991. Allowance for losses from soured loans was $101.8 million vs. $61 million the prior year.
Central Fidelity, based in Richmond, had assets of $8.7 billion at the end of 1992, up 27.6 percent from the prior year. Loans increased 9 percent to $3.9 billion, mostly in firm mortgages. Deposits grew 29 percent to $6.7 billion. - MAG POFF
\ Sonic Corp.
Sonic Corp., parent of the Oklahoma City-based Sonic Drive-In franchisor and operator with a facility in Roanoke, reported first-quarter net income up 29.1 percent to $1.97 million, or 25 cents per share, from $1.5 million, or 19 cents per share, for the 1992 period. Systemwide sales increased 15.5 percent to $160 million.
\ Kroger
The Kroger Co., the Cincinnati-based supermarket chain operating a regional office, warehouse and stores in the Roanoke Valley, said Wednesday its preliminary fourth-quarter results show strong increases over last year's fourth quarter in cash flow and earnings before extraordinary charges.
Operating cash flow - earnings before interest, taxes, depreciation and accounting charges - is expected to rise at least 10 percent over the $251 million generated in 1991's fourth quarter.
Total sales in the quarter, which included an extra week, rose 11 percent. Comparable-store sales, excluding the extra week, increased 1 percent.
Earnings in 1993 and 1994 will further benefit from lower interest expense. Kroger said interest expense in 1992 was about $475 million, it should be in the range of $430 to $440 million in 1993 and it should decline further in 1994.