Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, September 10, 1993 TAG: 9309100163
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Rowe Furniture Corp., Arlington-based manufacturer with operations in Salem, on Thursday declared a 3-for-2 stock split payable Oct. 5 in the form of a 50 percent stock dividend to shareholders on Sept. 22. The company also declared a 2.5-cents-per-share quarterly dividend on the post-split shares, effectively raising the payment 25 percent from the previously paid 2 cent rate, payable Oct. 28 to shareholders on Oct. 14.
Rowe also said per-share earnings for the third quarter are expected to exceed by about 10 percent the company's previous forecast because of an acceleration in orders. Third-quarter earnings now are forecast at 20 to 21 cents per share, compared with 7 cents in the 1992 quarter. - Staff report
Briefly . . .
\ Home Shopping Network Inc., St. Petersburg, Fla.-based television retailer with an order-filling warehouse in Salem, said it has been told by Liberty Media Corp. that the Federal Trade Commission wants more data about the proposed merger with QVC Network Inc. HSN said the request will extend the waiting period until 20 days after the information is given to the FTC. Liberty acquired controlling interest in HSN in February.
\ Brendle's Stores Inc., an Elkin, N.C., retailer operating discount stores in the Roanoke Valley, said Thursday it has received bankruptcy court approval for a $25 million line of credit by CIT Group/Business Credit Inc. Brendle's also said results for the six months ended July 31 include net sales of $69.6 million, 5.3 percent ahead of its bankruptcy reorganization plan but 3.4 percent behind a year ago for stores operating in both periods.
\ Shultz & James Inc., a mechanical engineering company with offices in Roanoke and Richmond, has been named regional representative for air-conditioning, heating and industrial refrigeration equipment made by Dunham-Bush Inc. of Harrisonburg.
\ Longwood Industries Inc. of Florham Park, N.J. said it has acquired Gates Molded Products Co. of Houston and will make it part of its Longwood Elastomers Inc., based in Wytheville. The combined operations will have 400 employees and annual sales of $50 million.
\ Campbell Soup Co. plans to put its advertising slogan since the 1930s, "M'm! M'm! Good!" on the back burner. The Camden, N.J., food manufacturer will serve up a new slogan, "Never Underestimate the Power of Soup," in a major advertising campaign set to begin this month.
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