Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, February 23, 1995 TAG: 9502230072
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Appalachian Power Co. said Wednesday it will redeem on April 1 the entire outstanding $47 million of its 91/8 percent series of first mortgage bonds due 2019 and $743,000 of the outstanding $47.5 million of its 97/8 percent series of first mortgage bonds due 2020.
Both series will be redeemed at 100 percent of their principal amount plus accrued interest to the date of redemption.
The action is being taken under the terms of the mortgage under which the bonds were issued. Bond holders will be notified by mail by March 2.
- Staff report
ETS to acquire Pa. air testing firm
ETS International Inc., a publicly traded Roanoke corporation that provides environmental services and installs utilities and other infrastructure, said Wednesday it plans its third acquisition in less than nine months.
ETS said it has agreed to buy Air Compliance Inc. of Feasterville, Pa. Terms of the proposal were not disclosed.
The sale will boost ETS revenues while enhancing its ability to serve clients in Pennsylvania, New Jersey and New York, company officials said.
Air Compliance, which provides air-emission testing, will be merged into an ETS subsidiary, 22-year-old ETS Inc., which is in the same business.
Last month, ETS acquired Environmental Laboratories Inc., a Richmond firm that provides analytical services. It has been merged with ETS Analytical Services.
In June 1994, ETS acquired Stamie E. Lyttle Co., Lyttle Utilities and LPS Inc., Richmond companies that install utilities, septic systems, irrigation lines, fences and guardrails. Those firms are now part of ETS Water and Waste Management.
The company envisions more acquisitions, said John McKenna, president and chairman of ETS International.
ETS stock rose 12 1/2 cents per share in trading Wednesday on the American Stock Exchange, closing at $1.9375 a share.
- Staff report
Earnings ...
Best Products Co. Inc., Richmond retailer, reported net income of $23.3 million, or 73 cents per share, on sales of $1.52 billion for its 1994 fiscal year ended Jan. 28, compared with a year-earlier net loss of $20.6 million on sales of $1.46 billion. For its fourth quarter, net earnings were $29.8 million, or 94 cents per share, on sales of $602.4 million, compared with year-earlier $34.4 million on sales of $576.6 million.
Smithfield Foods Inc., Smithfield parent of Valleydale Foods Inc. of Salem, reported net income of $17.3 million, or $1 per share, on sales of $454.5 million for its third quarter ended Jan. 29, compared with year-earlier $11.7 million, or 69 cents per share, on sales of $429 million. For the nine months, net income was $27.5 million, or $1.58 per share, on sales of $1.18 billion, compared with year-earlier $12.3 million, or 70 cents per share, on sales of $1.08 billion.
by CNB