Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, April 21, 1993 TAG: 9304210134
SECTION: BUSINESS PAGE: B7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Sales rose 24 percent to $1,017 million from $818 million in the 1992 quarter; net income increased 21 percent to $52.7 million from $43.7 million.
Earnings per share were 83 cents, up 14 percent from 73 cents in the 1992 quarter. Earnings per share reflect an 8 percent increase in the average number of common shares outstanding, a result of the company's January secondary offering.
The board of directors declared a regular quarterly cash dividend of 30 cents per share, payable June 18, to shareholders on June 8.
Cooper Industries
Fully diluted share earnings for Cooper Industries Inc. of Houston, former parent of Gardner-Denver Mining & Construction of Roanoke, dipped 4 percent in the first quarter to 44 cents from 46 cents in the 1992 quarter.
Net income fell 4 percent to $63.1 million on slightly lower revenues of $1.47 billion from net income of $66 million on revenues of $1.51 billion in the 1992 period.
Cooper, with 1992 revenues of $6.2 billion, is a worldwide maker of electrical products, electrical power equipment, tools and hardware, automotive products, and petroleum and industrial equipment.
Kroger
The Kroger Co. said Tuesday its first-quarter net earnings increased 40 percent to $29.5 million, or 29 cents per share on a fully diluted basis, from $21 million, or 23 cents per share, in the 1992 quarter. Counting an extraordinary item of $9 million from the early retirement of debt and a $159.2 million charge resulting from a change in accounting for retiree health care benefits, Kroger had a net loss in the quarter of $138.8 million.
Sales rose 2.7 percent to $5.174 billion from $5.038 billion. Identical-store sales improved 1 percent. Kroger said food-price inflation was virtually non-existent during the quarter.
The Cincinnati-based supermarket chain operates a Mid-Atlantic Marketing Area office, warehouse and stores in the Roanoke Valley.
USAir Group, USAir USAir Group on Tuesday reported an operating profit of $2 million on revenue of $1.7 billion for the first quarter, compared to an operating loss of $48.6 million on revenue of $1.7 billion, and a net loss of $61 million against a loss of $110.2 million in the 1992 quarter. Not included is the $628.1 million one-time cumulative effect of a retroactive accounting change for post-retirement benefits.
The results include the negative impact of the March blizzard in the eastern United States, which resulted in the cancellation of several thousand USAir and USAir Express flights.
Loss per share for the quarter was $1.65 on 47.3 million shares outstanding, compared to a loss of $2.63 on 46.8 million shares for the 1992 quarter.
USAir Inc., the Arlington-based airline serving Roanoke Regional Airport and the principal operating subsidiary of USAir Group, reported an operating loss of $13.3 million for the quarter on revenue of $1.6 billion, compared to an operating loss of $54 million on revenue of $1.5 billion for the 1992 quarter.
The net loss for the quarter was $64.6 million, against a loss of $99.9 million for the 1992 quarter.
Ingersoll-Rand
Ingersoll-Rand, a Woodcliff Lake, N.J., company with a Rock Drill Division in Roanoke County, on Tuesday reported improved first-quarter results from operations. Sales were $952.1 million, up 11 percent from the 1992 quarter.
Operating income was $45.2 million, up 12 percent from the 1992 period. Net earnings were $24.6 million, or 24 cents per share, compared to $20.6 million, or 20 cents per share, in the 1992 quarter.
Sears, Roebuck and Co.
Chicago-based Sears, Roebuck and Co., with retail and catalog operations in Roanoke, on Tuesday reported record first-quarter consolidated income of $435 million, up 59 percent from last year's $274.2 million, before the cumulative effect of accounting changes. The net loss in the 1992 quarter after the changes was $1.6 billion.
Earnings per share were $1.13, up 50.7 percent from 75 cents in the 1992 period.
Sears Chairman and Chief Executive Edward A. Brennan said it was the best first quarter in Sears' 106-year history, with especially strong results from continuing operations. The previous record was $285.1 million in 1987.
by CNB