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

DATE: SATURDAY, February 18, 1995                   TAG: 9502200045
SECTION: BUSINESS                    PAGE: A-6   EDITION: METRO  
SOURCE: STAFF REPORTS
DATELINE:                                 LENGTH: Medium

IN BUSINESS

RICHMOND - The Virginia Senate on Friday approved an amended version of a House of Delegates bill that provides tax credits to Virginia coal companies and mineral owners.

Supporters of the bill say it is needed to help Virginia's declining coal industry remain competitive with coal producers in surrounding states. Credits would be up to 60 cents per ton for coal mined underground and 25 cents a ton for surface-mined coal.

Both House and Senate versions allow credits to begin accumulating in 1996 but the Senate version shortens the credits' expiration date to Dec. 31, 2001, from a Jan. 1, 2005, expiration in the House version.

The Senate bill also calls for a study of the bill's impact on the coal export business in Tidewater. The study is not included in the House bill.

The bill now goes back to the House for a vote. If the House rejects the Senate changes, the differences in the two versions will have to be worked out in a conference committee.

- Staff report

Bankruptcies

Six bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. One of them is a personal bankruptcy that the court listed as a business because it has commercial connections and could be of interest to business creditors and customers.

O.T. Coal Co. Inc. of Bluefield filed for liquidation. The company said it had no assets, and reported liabilities of $155,900.

Daniel and Joy Moore of Wise filed for a wage earner plan for repayment of debts. They run a mobile-home transportation business and have assets of $102,200 and liabilities of $264,277.

Stanley and Mary Stewart of Big Rock, owners of an auto parts business, filed for liquidation with assets of $17,350 and liabilities of $163,250.

Ray E. Worley, who operates a car care center at Bristol, listed assets of $70,000 and liabilities of $99,581 in seeking liquidation.

Anita Gail Repass of Max Meadows, who runs a cleaning service and adult-care service, had assets of $2,875 and liabilities of $6,495. She asked for liquidation.

Patrick Brennan and Lauren Barbour Brennan of Rocky Mount asked for a wage earner plan for repayment of debts. They had assets of $158,483 and liabilities of $118,411. Lauren Brennan sells housewares.

- Staff report

Earnings

Columbia/HCA Healthcare Corp., Nashville, Tenn.-based hospital company operating Lewis-Gale Hospital in Salem, reported 1994 net income of $630 million, or $1.80 per share, on revenues of $11.13 billion, compared with year-earlier $507 million, or $1.50 per share, on revenues of $10.25 billion. For the fourth quarter, net income was $227 million, or 62 cents per share, on revenues of $2.94 billion, compared with year-earlier $176 million, or 52 cents per share, on revenues of $2.57 billion.

Noland Co., Newport News supplier of mechanical equipment to the building trades with operations in Roanoke, reported 1994 net income of $6.2 million, or $1.68 per share, on sales of $440.2 million, compared with year-earlier $3.3 million, or 89 cents per share, on sales of $402.9 million. For the fourth quarter, net income was $2.9 million, or 79 cents per share, on sales of $110.2 million, compared with year-earlier $2.7 million, or 72 cents per share, on sales of $100.5 million.

- Staff report