Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, November 16, 1993                   TAG: 9311250337
SECTION: BUSINESS                    PAGE: B5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Lowe's Cos. Inc., North Wilkesboro, N.C.-based building supplies retailer, on Monday reported third-quarter sales of $1.16 billion, up 17 percent from $991.2 million a year earlier. Net earnings rose 67 percent to $31.6 million, or 43 cents per share, compared with $18.9 million, or 26 cents per share.

For the first nine months, sales were $3.39 billion, up 16 percent from $2.94 billion a year earlier. Net income rose 46 percent to $106.1 million, or $1.44 per share, from year-earlier $72.4 million, or 99 cents per share.

American Electric Power

American Electric Power Co., Columbus, Ohio, parent of Appalachian Power Co., on Monday released a revised third-quarter earnings report showing a $10.1 million loss for the quarter ended Sept. 30.

The report reflected a $144.5 million after-tax loss that came after the Ohio Supreme Court on Nov. 3 upheld a 1992 Public Utilities Commission of Ohio order that disallowed part of the company's investment in the Zimmer generating station in Moscow, Ohio, near Cincinnati.

Earnings for the quarter were down $10.1 million, or 6 cents a share, compared with $107.8 million, or 58 cents a share, in the 1992 period.

Before the disallowance, earnings for the three months were $134.4 million, or 73 cents a share.

For the year, earnings fell 14.6 percent to a restated $365 million, or $1.98 a share, compared with $427.4 million, $2.32 per share, for the 1992 period.

Before the court ruling, earnings for the year were $509.6 million, or $2.76 a share.

AEP is the parent holding company of seven electric utilities.

Ground Round

Ground Round Restaurants, Boston-based chain with an outlet in Roanoke, on Monday reported revenues of $232.6 million for its fiscal year ended Oct. 3, up 2.7 percent from $226.5 million a year earlier. Net income was $5.3 million, or 48 cents per share, compared with $4.6 million, or 42 cents per share.

For the fourth quarter, revenues were $58.

2 million, compared with $57.2 million a year ago. Net income rose to $1.3 million, or 12 cents per share, from year-earlier $1.2 million, or 11 cents per share.

Kmart Corp.

Kmart Corp., Troy, Mich.-based retailer with stores in Western Virginia, on Monday reported increased sales but lower net income for the 1993 third quarter. Net income for the 13 weeks ended Oct. 27 declined 22.4 percent, to $94 million from $122 million. Earnings per share were 20 cents, compared with 1992's 27 cents. Third-quarter sales reached a record $9.77 billion, up 10.5 percent from $8.84 billion.