Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, August 7, 1993 TAG: 9308090226
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Rep. L.F. Payne, D-Nelson County, leaves next week on a 10-day trip to study trade issues in Vietnam, China and Japan.
He'll be part of a group of 10 congressmen from the House Ways and Means subcommittee on trade issues that is studying, in part, whether the United States should lift its trade embargo with Vietnam.
"There has not been a trade group to Vietnam since the Vietnam War," Payne said. "Right now, Vietnam is exploding economically. All the countries of the world are trading with Vietnam except us. We're going to look at the situation and come back and make a report."
Payne - an Army veteran who served was stationed in Korea during the Vietnam War - says he's keeping an open mind about whether the U.S. should re-open relations with Vietnam.
"I have a friend who was a prisoner of war for seven years," Payne said. "The feeling of many of those people is Vietnam is doing what we want them to do, with assisting on returning remains and following up on leads related to POWs and MIAs, and the time is approaching when relations may well be normalized."
Payne's district includes most of Bedford County, Franklin County, Henry County, Martinsville and Patrick County. - Staff report
Earnings
Flowers Industries Inc., a Thomasville, Ga. baker with retail and distribution facilities in Roanoke, on Friday reported record sales and profit increases of 24 percent in fiscal 1993, ended July 3.
Sales were $962.1 million, an increase of 9 percent over $879.2 million reported last year. Net income for the fiscal year was $39.2 million up from $31.7 million a year earlier. Net income per share was $1.07, an increase of 16 percent over 92 cents posted last year.
For its fourth quarter, Flowers sales were $320.2 million, an increase of 14 percent over $279.8 million reported during the fourth quarter of fiscal 1992. Net income for the quarter was $17.6 million, an increase of 12 percent over $15.7 million reported last year. Net income per share was 47 cents compared with year-earlier 44 cents.
Virginia First Savings Bank, a Petersburg-based thrift operating offices in the Roanoke Valley, reported Tuesday net earnings of $6.4 million or $2.34 per share for the fiscal year ended June 30, an increase of 219 percent from $2 million or 76 cents per share a year earlier. - Wire report
Bankruptcies
Five businesses have filed petitions in U.S. Bankruptcy Court for the Western District of Virginia seeking protection from creditors:
Donald W. Nelson, trading as Virginia Well Drilling in Galax, has filed for financial reorganization, estimating both assets and liabilities of between $100,000 and $499,000.
Charles Derek Joiner, doing business as Lost Mountain Nursery in Moneta, has filed for liquidation, estimating assets of less than $50,000 and liabilities of between $100,000 and $499,000.
FAEC Ltd., also known as Floyd Agricultural Energy Co. in Floyd, filed for liquidation, listing assets of $90,200 and liabilities of $406,349.
Tom George Roucek, doing business as Easy Street Cafe in Roanoke, filed a wage earner plan, estimating both assets and liabilities of less than $50,000.
Woodway Stone Co. Inc. of Pennington Gap, filed for liquidation, with no estimate of assets and liabilities.
by CNB