Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, April 24, 1993 TAG: 9304240160
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
CHRISTIANSBURG - Fire destroyed the Sherman's men's clothing and Smithman's women's clothing stores Thursday, but the company expects to reopen by Aug. 1, owner Randy Sherman said Friday. He also operates Smithman's for women in Radford.
The fire at the Christiansburg building, apparently caused by a heating unit, was discovered by a passing volunteer fireman before the stores opened.
Sherman said the interior of the building and the inventories were destroyed, but he could not give a dollar estimate of the damages.
- Staff report
Fieldale fighting state asbestos fines
Fieldcrest-Cannon Inc. has contested state citations for asbestos violations that resulted in $177,500 in fines at its Fieldale towel mill, Harry Carver of the Occupational Safety and Health arm of the state Department of Labor and Industry said Friday.
The fines were reported Thursday by Local 1708, Amalgamated Clothing and Textile Workers Union, which filed a complaint against Fieldcrest in October about asbestos-handling. - Staff report
Roanoke chamber sets recruiting drive
About 550 volunteers will start a major drive next week to recruit at least 600 new members and $85,000 in additional dues for the Roanoke Regional Chamber of Commerce.
The chamber has about 1,500 members, including 360 firms that joined last year, said F. Edward Harris, co-chairman of the drive and president of Crestar Bank's western region. He said the organization needs additional support because of efforts to move the regional economy forward.
In 50 teams and 10 divisions, the volunteers will work from Monday until May 27. The campaign's theme is "Business Is a Contact Sport."
- Staff report
Earnings . . .
\ Littlefield, Adams & Co., owner of two small Roanoke companies, on Friday reported first-quarter net income of $9.6 million based on its March sale of the marketing rights for a wheelchair support system to the Veterans Administration.
Littlefield said its results include a gain of $9.3 million for sale of partial operating rights to Americare Health Group Inc. for one-fourth of its stock, valued at $10.6 million. Littlefield's Medical Sales Associates subsidiary in Mississippi will continue to make Americare products. Littlefield claimed the VA contract is valued at $40 million a year. Littlefield, a San Antonio, Tex. firm, said it has a contract to build at least 150 clinics for Americare, an East Islip, N.Y., company.
In the quarter ended March 31, Littlefield said its revenues were $3.7 million, up from $979,000 a year ago. Net income of $9.6 million compared with a loss of $16,000 in the 1992 quarter.
Littlefield last year reported net income of $482,396, up from a loss of $260,000 in 1991. Revenues for the year came to $5.1 million, down from $5.2 million. The company said the results are preliminary, because audits of two acquisitions last year have not been completed.
\ Intermet Corp., Atlanta owner of Lynchburg Foundry Co. in Lynchburg and Radford, on Friday reported first-quarter net income of $0.7 million, or 3 cents per share, compared to a net loss in the 1992 quarter of $28.3 million, or $1.34 per share. The 1992 results have been restated to include a $28.4 million charge for the cumulative effects of mandated accounting changes. Income in 1992 before the effect of the changes was $0.1 million, or 1 cent per share.
Net sales for the quarter rose 41 percent to $122.8 million from $87 million in 1992.
Briefly . . .
\ A Valley Lifestyle magazine for 1993-94 will be sponsored by Roanoke Regional Chamber of Commerce. The chamber is joining Royal Publishing Co. of Roanoke in the project, featuring a classified membership directory and information about the Roanoke Valley. The magazine, expected to be completed by August, follows similar publications of the chamber in recent years.
\ Crestar Financial Corp., Richmond parent of Crestar Bank, said Friday it will buy 500,000 shares of its common stock on the open market over the next 12 months to meet demand of its dividend reinvestment and employee stock plans. Also on Friday, Crestar declared a quarterly dividend of 28 cents per share, up 12 percent from 25 cents, to be paid May 21 to shareholders on May 3.
\ The National Association of Retired Federal Employees' chapter in the Roanoke Valley has opened a service center at 110 Union St., Salem, to assist with matters related to retirement, health care and benefit claims. The center is open 11 a.m.-2 p.m. on the second and fourth Fridays of every month.
by CNB