Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, July 21, 1993 TAG: 9307210054
SECTION: BUSINESS PAGE: B7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The Allstate Corp., in its first earnings report as a publicly traded company, Tuesday reported second-quarter net income of $396.7 million, or 94 cents a share, up 72.8 percent from $229.6 million, or 53 cents a share, in the 1992 period. Revenues grew 4.2 percent to $5.23 billion from $5.02 billion.
Net income for the first six months was $716.8 million, or $1.70 per chare, up 47.8 percent from last year's $485.1 million, or $1.12 per share, before the effect of accounting changes. Revenues for the half were $10.35 billion, up 3.3 percent from $10.02 billion.
Allstate has a regional insurance operations center in Roanoke County. \
Bell Atlantic Corp.
Bell Atlantic Corp., Philadelphia parent of C&P Telephone Co. of Virginia, said Tuesday its second-quarter earnings jumped 22 percent from last year, due in part to growth in its telephone and cellular businesses. Earnings were $362.6 million, or 83 cents a share, compared to $298.1 million, or 70 cents a share, in the 1992 period. Revenue rose 2 percent to $3.22 billion from $3.17 billion.
In the first six months, net income was $776.8 million, or $1.78 a share, compared with $636.7 million, or $1.49 a share, in the 1992 half. Revenue grew 2 percent, to $6.38 billion from $6.26 billion.
\ Kroger Co.
The Kroger Co., Cincinnati-based supermarket chain operating a Mid-Atlantic Marketing Area office and warehouse and stores in the Roanoke Valley, said Tuesday its second-quarter earnings before interest, taxes and depreciation rose 28.9 percent, to $237.9 million from $184.5 million. Earnings before extraordinary charges totaled $29.6 million, or 27 cents per share, compared to $4.5 million, or 5 cents per share, in the 1992 period.
After the extraordinary charge from the early retirement of debt, net earnings were $27.5 million, or 25 cents per share, compared to a loss of $29.4 million in the 1992 quarter. Sales rose 5.1 percent to $5.329 billion from $5.072 billion.
In the first half, operating cash flow grew 15 percent to $455.9 million and sales increased 3.9 percent to $10.503 billion.
\ NationsBank Corp.
NationsBank Corp. on Tuesday reported second-quarter earnings of $306 million, or $1.20 a share, up 22 percent from $251 million, or $1 a share, for the 1992 quarter.
For the first six months, the Charlotte, N.C.-based banking company said income was $787 million, or $3.09 a share, compared to last year's $561 million, or $2.28 a share. This year's half included a first-quarter tax benefit of $200 million related to adoption of a new accounting standard.
Pretax operating income before securities gains rose 80 percent for the first six months, to $856 million from $475 million in the 1992 half.
Chairman Hugh McColl said the performance was aided by accelerating loan growth and strengthening credit quality.
He said loan balances grew at an annualized double-digit rate, while nonperforming assets declined more than $200 million.
Quarterly loans and leases grew 13 percent, to $75.3 billion, from the 1992 quarter.
\ VF Corp.
VF Corp., Wyomissing, Pa., parent of Bassett-Walker Inc. of Martinsville, on Tuesday reported record second-quarter net sales of $1,053 million, up 24 percent from $853 million in the 1992 period. Net income, also a record, rose 21 percent, to $55.7 million, or 85 cents a share, from $46.2 million, or 77 cents a share.
For the first six months, net sales were $2,070 million, up 24 percent from $1,670 million in the 1992 period. Net income was $108.5 million, or $1.68 per share, compared with $89.9 million, or $1.50 per share.
by CNB