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

DATE: FRIDAY, February 11, 1994                   TAG: 9402140310
SECTION: BUSINESS                    PAGE: A-9   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

GM lost $652 million, or $1.25 a share, in the 1992 fourth quarter.

For the year, GM's consolidated earnings were $2.5 billion, or $2.13 a share. It lost $23.5 billion, or $38.28 a share, in 1992 largely because of a one-time charge for future retiree health care costs.

GM's fourth-quarter sales were $34.1 billion, up 7.2 percent from $31.9 billion in the 1992 period. For the year, revenues were $138.2 billion, up 4.5 percent from $132.2 billion.

Hercules Inc.

Hercules Inc., the Wilmington, Del., operator of the Army arsenal at Radford and a packaging plant at Covington, on Thursday reported 1993 net income of $208.4 million, or $4.86 per share, up 32 percent from $167.9 million, or $3.69 per share, in 1992. Including accounting changes and an extraordinary charge for the early retirement of debt, the net loss was $33.4 million, or 77 cents per share. Sales were $2.8 billion, compared with $2.9 billion in 1992.

For the 1993 fourth quarter, net income was $58.3 million, or $1.38 per share, before the charge for debt retirement, up 45 percent from $41.8 million, or 95 cents per share, in the 1992 quarter. After the extraordinary item, net income was $54.7 million, or $1.30 per share. Sales were $714.7 million, compared with $696.9 million in the 1992 quarter.

Contel Cellular

Contel Cellular Inc., Atlanta-based operator of cellular telephone service in Western Virginia, on Thursday reported a fourth-quarter net loss of $4.8 million, or 5 cents per share, which includes pretax gains of $39.7 million on sales of properties. That compares with $9.9 million, or 10 cents per share, in the 1992 quarter.

The 1993 net loss was $75.2 million, or 75 cents per share, compared with a net loss of $75.1 million, or 75 cents per share, the prior year.

Fourth-quarter revenues increased 36 percent to $108.8 million from $79.7 million in 1992. Net subscriber additions totaled 86,900, more than double the 1992 quarter and nearly double the third quarter 1993 subscriber gains of 36,700 and 45,000, respectively. At December 31, 1993, subscribers totaled 521,200, a 59 percent increase from December 31 of the prior year.

The fourth-quarter net loss was $4.8 million, compared with net income of $9.9 million in the 1992 quarter. The decline reflects a $60.8 million pretax gain on the sale of cellular properties in the 1992 quarter, compared with a $39.7 million pretax gain on sales of cellular properties in the 1993 quarter.

First Colony Corp.

First Colony Corp., Richmond holding company for First Colony Life Insurance Co. in Lynchburg and American Mayflower Life Insurance Co. of New York, on Thursday reported net income of $57 million, or $1.15 per share, for the 1993 fourth quarter, up 32 percent from $43.3 million, or 88 cents per share in the 1992 quarter. Pretax operating income was $45.6 million, up 1 percent from $45.2 million. Net income was was $27.4 million, or 55 cents per share, compared with $29.9 million, or 61 cents per share in the 1992 period.

For the year, net income was $203.9 million, or $4.12 per share, up 25 percent from $163.7 million, or $3.32 per share in 1992. Pretax operating income was $170.5 million, up 4 percent from $163.3 million. Net income was $104.1 million, or $2.10 per share, down 8 percent from $113.4 million, or $2.30 per share.

Total revenues for the quarter were $436.7 million, up 17 percent from a year ago. For the year, total revenues were $1,559.7 million, up 22 percent.

At Dec. 31, shareholders' equity was $1,095 million, or $20.58 per share, up 24 percent from $16.63 at the end of 1992; assets were $8.3 billion, up 13 percent, and life insurance in force amounted to $119 billion, up 24 percent.