Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, February 18, 1993 TAG: 9302180364
SECTION: BUSINESS PAGE: B-5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
7-Eleven owners expect hefty chargeThe Southland Corp., owner of 7-Eleven convenience stores, said Wednesday it expects to record about $29 million in non-recurring charges against its 1992 fourth-quarter earnings related to the company's business restructuring.
Clark Matthews, Southland's president and chief executive officer, said operating results improved in the fourth quarter and in January compared to prior-year periods, largely due to gross profits on gasoline and the restructuring plan implemented in 1992.
The special charges include a $4 million loss from the sale of the company's distribution and food processing business in November, as well as $25 million related to store closings and divestitures in 1992 or planned for 1993.
The Dallas company had reported a $102 million loss for the first nine months of 1992. It plans to release its fourth-quarter and full-year results by early March. - Staff report
Stone Printing Co. building to be sold
Crestar Bank has started foreclosure proceedings against Double Mac Corp., saying the Ohio company defaulted on mortgage payments on the old Stone Printing Co. building in downtown Roanoke. The structure is on North Jefferson Street across from the Hotel Roanoke.
The president of Frame One Corporation of America said he hopes his company will not have to move when the building it rents is auctioned Feb. 26.
Calvin McDowell, president of Frame One, at one time was a stockholder in Double Mac. He said this week he no longer is associated with the company.
Frame One bought the building at auction in 1980 and sold it to Double Mac in 1985 for more than $400,000.
McDowell said Double Mac was buying other real estate in that period. He also said the company had been trying to sell the building before the foreclosure.
Frame One supplies artwork to the hotel industry. It used to sell to retailers and had a showroom at the International Home Furnishings Market in High Point, N.C. It closed that showroom 18 months ago.
McDowell said the company still supplies Heilig-Meyers Co., a Richmond-based home furnishings chain. - Staff report
Briefly . .
Cooper Industries Inc. on Wednesday raised its quarterly dividend from 31 cents to 33 cents a share, payable April 1. Houston-based Cooper recently sold its Gardner-Denver Mining & Construction Division in Roanoke to Reedrill Inc. of Sherman, Texas. Reedrill said it expects to close the Roanoke operation.
\ Hercules Inc., Wilmington, Del., operator of the Army arsenal at Radford and a packaging plant at Covington, said Wednesday it would adopt three new accounting standards that will result in a one-time charge of about $238 million to net income in the first quarter of 1993. The new standards relate to income taxes, retiree health care and life insurance benefits, disability benefits and workers' compensation for former and inactive workers.