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

DATE: THURSDAY, January 27, 1994                   TAG: 9401270036
SECTION: BUSINESS                    PAGE: B7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Philip Morris Cos. Inc. tallied the damage Wednesday from the Year of the Cigarette Price War, confirming the battle's heavy toll on its earnings. The tobacco and food conglomerate said its profits tumbled 71.7 percent in the fourth quarter and 37.4 percent for the year.

For the three months ended Dec. 31, Philip Morris earned $339 million, or 38 cents a share, down from $1.2 billion, or $1.34 a share, a year earlier. Revenue slipped 1.4 percent, to $14.7 billion from $14.9 billion.

The results reflected a $741 million pretax charge for restructuring, which reduced earnings after taxes by $457 million. Excluding the restructuring charge, earnings were down 33 percent.

For the year, earnings were $3.09 billion, or $3.52 a share, down from $4.94 billion, or $5.45 a share, in 1992. Revenue rose 3 percent, to $60.9 billion from $59.1 billion in 1992.

\ Modine Manufacturing

Modine Manufacturing Co., a Racine, Wis., maker of heating and ventilation equipment with operations in Buena Vista, on Wednesday reported record third-quarter earnings of $10.6 million, or 35 cents per share, up 43 percent from $7.4 million, or 25 cents, in the 1992 quarter. Sales rose 17.6 percent, to $172.4 million.

In the first nine months, net earnings were a record $33 million, or $1.09 per share, up 32.8 percent from $10.5 million, or 35 cents. Sales grew 12.1 percent to a record $476 million.

\ DuPont

DuPont Co., Wilmington, Del.-based chemicals maker operating a nylon plant at Martinsville, on Wednesday reported fourth-quarter net income of $226 million, or 33 cents per share, compared with a loss of $230 million, or 35 cents per share, for the 1992 quarter. Excluding nonrecurring items, earnings were 48 cents per share, up from 14 cents. A nonrecurring charge of $103 million in the 1993 quarter reflected product liability claims and legal expenses, mostly related to the recall of Benlate DF fungicide, partly offset by a net gain of $52 million, or 8 cents per share, on the sales of Remington Arms Co. and DuPont Canada's polyethylene business.

Net income for the year was $555 million, or 81 cents per share, compared with a 1992 loss of $3,927 million, or $5.85 per share. Excluding nonrecurring items, 1993 earnings were $1,677 million, or $2.46 per share, up 25 percent from $1,341 million, or $1.98 per share in 1992.

\ Richfood Holdings

Richfood Holdings Inc., Richmond-based food wholesaler supplying Western Virginia supermarkets, Wednesday reported record net earnings of $5 million, or 24 cents per share, for the 12 weeks ended Jan. 8, up 23.5 percent from $4.1 million, or 19 cents, in the year-earlier quarter.

Sales were $295.2 million, up 23.4 percent from $239.2 million.

For the nine months ended Jan. 8, net earnings were $13.9 million, or 65 cents per share, up 26.8 percent from $10.9 million, or 52 cents, in the prior year. Year-to-date sales were $872.5 million, up 21.1 percent from $720.6 million.

\ Comair Holdings

Comair Holdings, Inc., the parent corporation of Comair Inc., the Orlanda, Fla., andCincinnati-based airline operating in Roanoke as the Delta Connection, on Wednesday reported third-quarter net income of $8.1 million, or 38 cents per share, on revenues of $76.2 million, up from $6.2 million, or 34 cents, in the 1992 quarter. Earnings for the first nine months of fiscal 1994 were $22.5 million, or $1.05 per share, compared with $11.5 million, or 63 cents, in the prior-year period.