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

DATE: WEDNESDAY, January 26, 1994                   TAG: 9401260401
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

The Pittston Minerals group, Stamford, Conn., parent of Pittston Coal Co. and operator of Southwest Virginia coal mines, reported a net fourth-quarter loss of $44.8 million, or $5.98 per share, including a $48.9 million special charge after taxes related to mine closings and the company's estimated liability in a lawsuit brought against Pittston and several other companies by the trustees of the United Mine Workers Health and Welfare Funds.

Without the special charge, net earnings for the quarter would have been $4.1 million, or 54 cents per share, compared with $4.9 million, or 67 cents per share, last year. Net income for 1993 would have been $15.9 million, or $2.16 per share, compared with $21.8 million, or $2.94 per share, a year earlier.

The minerals group mines primarily coal and gold. Its coal-segment profit for the quarter was $5.2 million, compared with $8.9 million a year earlier.

The decline in coal-related income reflects a drop in prices for exported coal used in steel making and in expenses incurred under a new federal law governing health benefits for retired coal miners, the company said.

The Pittston Co.'s separately traded services group, which includes Burlington Air Express Inc., Brinks Inc., and Brinks Home Security Inc., reported net fourth-quarter income of $15.4 million, or 41 cents per share, compared with $10.7 million, or 29 cents per share, a year earlier.

Net income for the year was $47.1 million, or $1.28 per share, up 72 percent from $27.3 million, or 74 cents.

Piedmont BankGroup

Piedmont BankGroup Inc. of Martinsville has reported 1993 earnings of $6.9 million, or $1.86 a share, compared with the prior year's $7.1 million, or $1.94 a share.

Fourth-quarter income was $2.4 million, compared with $1.8 million a year earlier. The 1993 figure was the highest for any quarter in company history.

Nonperforming assets continued to decline and at year end stood at $9.3 million.

The company said loan demand remained soft, and at year end loans totaled $452.1 million. Deposits were $679.7 million; assets reached $774.2 million.

USAir Group Inc.

USAir Group Inc. reduced its losses by more than half in the fourth quarter of 1993 after improving its operating income more than threefold.

For all of last year, the airline company cut its loss 36.4 percent.

USAir said its fourth-quarter after-tax operating loss was $119 million, 53.1 percent lower than the $255 million it lost during the 1992 period. For the year, its after-tax loss was $375 million, 36.3 percent less than its 1992 loss of $589 million.

USAir said its quarterly loss in operating income was $13.7 million, compared with a loss of $45.9 million for the 1992 quarter. The loss amounted to $2.29 a share, compared to $5.66.

For 1993, the airline had a $23.7 million operating profit before one-time charges were taken into account, compared with a loss of $223.1 million for 1992. The loss per share was $7.73, compared with $13.88 for 1992.

The full-year results included a one-time $156.2 million charge to account for changes in accounting methods and costs associated with layoffs.

Revenue for the quarter grew 9.1 percent to $1.5 billion from $1.4 billion a year earlier. Revenues for 1993 were $6 billion, up 5.1 percent from $5.7 billion.

IBM

IBM, the world's biggest computer maker, on Tuesday reported earnings of $382 million for the final three months of 1993. It was its first profit since June 1992 and the gave International Business Machines Corp. a positive end to its worst year ever with an $8 billion loss.

Fourth-quarter earnings translated to 62 cents per share. It lost $5.5 billion, or $9.57 per share, in the 1992 period due to restructuring charges. Without the charges, it would have lost $45 million, or 8 cents per share, in that quarter. Revenue was $19.4 billion in the latest quarter, down from $19.6 billion.

For the year, IBM's loss amounted to $14.02 per share. In 1992, the company lost $6.9 billion, or $12.03 per share, also due to restructuring charges. Annual revenue was $62.7 billion, down 3 percent.