Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, February 26, 1993 TAG: 9302260141
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
REPORTED EARNINGS
UnileverUnilever, the Anglo-Dutch parent of Elizabeth Arden Co. of Roanoke, on Thursday reported 1992 revenues equal to $42.45 billion, up 4.1 percent at constant currency exchange rates from 1991 revenue of $40.77 billion. The company, which reports its financial results in Dutch guilders and British pounds, said its operating profit last year equaled $3.65 billion, or 3.8 percent more than $3.52 billion a year earlier.
Fourth-quarter revenues were $11.21 billion, up 4.8 percent from year-earlier $10.69 billion. Operating profit was $933 million, up 5.4 percent over $885 million in 1991's final quarter.
Smithfield Foods
Smithfield Foods Inc., parent of Valleydale Foods Inc. of Salem, reported net income of $508,000, or 2 cents per share, in its third fiscal quarter, compared to $10.5 million, or 66 cents per share, in the 1992 quarter, which included a non-recurring after-tax gain of $874,000 (5 cents per share) on the sale of marketable securities.
Net income in the first nine months was $2.3 million, or 14 cents per share, down from $18.6 million, or $1.18 per share, in the year-ago period. The 1993 period included a non-recurring after-tax charge of $2.1 million, or 13 cents per share, related to the closing of Esskay Inc.'s meat processing plant in Baltimore.
Third-quarter sales were $339.4 million, up 7.5 percent from $315.6 million in the 1992 quarter. Sales in the first nine months of fiscal 1993 were $833.3 million, up 2 percent from $816.6 million.
CFW Communications
CFW Communications Co., Waynesboro telephone company operating in the Waynesboro and Clifton Forge areas, reported 1992 net income of $6.8 million, or $1.18 per share, up 5.9 percent from $6.4 million, or $1.12, in 1991. Operating revenues rose 6.6 percent to $25.7 million from $24.1 million.
CFW also voted a 2-for-1 split of its common stock, meaning one additional share will be issued to shareholders for each share they own on April 21. Certificates for the new shares will be mailed in early May.
Westvaco
Westvaco Corp., owner of a paperboard mill at Covington, has reported a decline in earnings and a slight increase in sales for its first quarter, ended Jan. 31. Net income was $20.9 million, down from $27.1 million a year ago. Sales came to $561 million, up 4 percent. The income drop was the result of "the most intensely competitive conditions" in 20 years, said John A. Luke Jr., president.
J.C. Penney
J.C. Penney Co. Inc., the Plano, Texas-based national retailer, on Thursday reported fourth-quarter net income of $375 million, or $2.85 per share. Net income in the year-earlier period was $37 million, or 25 cents per share, and included restructuring charges of $264 million, or $2.03 per share. Excluding these charges, 1991 fourth-quarter net income was $301 million, or $2.28 per share. Sales in the quarter were $6.09 billion, up 13 percent from year-earlier $5.38 billion.
For its fiscal year, net income was $777 million, or $5.90 per share. Net income in 1991 was $80 million, or 39 cents per share, and included restructuring charges and the cumulative effect of an accounting change totaling $448 million, or $3.61 per share. Excluding these nonrecurring items, net income in 1991 was $528 million, or $4.00 per share. Sales for last year reached $18.01 billion, up 11 percent from year-earlier $16.02 billion.