Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, April 17, 1993 TAG: 9304170184
SECTION: BUSINESS PAGE: A4 EDITION: METRO
SOURCE: Associated Press
DATELINE: LENGTH: Medium
IN BUSINESS
Gwaltney president quits after a monthSMITHFIELD - The new president of Gwaltney of Smithfield Ltd. has resigned after just a month in the post, officials of parent Smithfield Foods Inc. said. Smithfield also owns Valleydale Foods Inc. of Salem.
Roger R. Kapella stepped down April 9, citing poor health. He will be replaced May 1 by Lewis R. Little, Smithfield said.
Kapella, 50, has had heart problems. He suffered severe chest pains two weeks after assuming the Gwaltney presidency and was advised to take less stressful responsibilities, said Robert W. Manly, executive vice president of Smithfield.
Continental gets OK for restructuring plan A federal judge approved another lease on life Friday for Continental Airlines.
Bankruptcy Court Judge Helen Balick in Wilmington, Del., endorsed Continental's plan to restructure its way out of court, for the second time in the past decade. Under the restructuring, Continental will sell a majority stake to Air Canada and U.S. investors. Air Canada and Continental have said their alliance is the beginning of plans to build a global network of airlines.> Earnings . . .\ Ethyl Corp. said Friday its first-quarter earnings increased 49 percent from the 1992 period, reflecting a one-time accounting charge and gains by its insurance unit. The Richmond-based chemical company said net income totaled $71.9 million, up from $48.3 million in the 1992 quarter. Per-share earnings were 61 cents, up from 41 cents. Revenue was $829 million, up 22 percent from $679.6 million in the 1992 quarter.
Ethyl said First Colony Corp. contributed $45.6 million after taxes to its earnings. Ethyl has an 80 percent stake in the company, which owns Lynchburg's First Colony Life Insurance Co. First Colony reported first-quarter earnings of $56.7 million, or $1.15 per share, up 54 percent from the 1992 quarter, and net income of $36.8 million, or 75 cents per share. Revenues were $359.2 million, up 24 percent from $290.4 million.
\ Dominion Resources Inc., parent of Virginia Power, on Friday reported first-quarter earnings up 11 percent to $122.4 million from $110 million a year earlier. Earnings per share were 75 cents, up from 59 cents a year ago. Revenue climbed from $944.3 million to $1.1 billion.
\ Reynolds Metals Co. said Friday it lost $32.7 million in its first quarter; it blamed reduced demand and low prices for aluminum products worldwide. The loss amounted to 55 cents per share, compared to a loss of $634.4 million, or $10.64 per share, in 1992's first quarter. Richmond-based Reynolds Metals, with recycling operations in Western Virginia, said revenue totaled $1.2 billion, down from $1.3 billion in the 1992 quarter.