Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, March 23, 1995 TAG: 9503230083
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
RICHMOND - Last year's battle for management control of Virginia Power spawned legal fees of more than $447,000. The fight between executives at Virginia Power and top management of the utility's parent company, Dominion Resources Inc., led to three lawsuits by stockholders challenging the way DRI handled the dispute.
In financial filings prepared for its annual meeting next month, DRI says it spent about $293,000 in legal fees fighting the lawsuits. DRI and Virginia Power spent an additional $154,000 for lawyers representing five directors and executives in the dispute.
The proxy statement did not disclose any legal fees or expenses from a continuing State Corporation Commission investigation into DRI's relationship with Virginia Power. It also did not disclose whether the parent company paid for legal advice on how to handle the dispute itself.
- Associated Press
Peebles to push into new markets
Peebles Department Stores, a South Hill-based retailer operating a store in Christiansburg, will add seven new stores in 1995 and continue its expansion into new territory, said Mike Moorman, Peebles chairman and CEO.
New stores are scheduled for Stafford, Appomattox and Wytheville; Humbolt, Tenn.; Marion, N.C.; and Auburn, N.Y. A new store planned for Sylacauga, Ala., will be the first in that state.
The Stafford store will open April 6 and other stores will open in late summer or fall. Altogether, the company will add nearly 170,000 square feet of space. The new locations include shopping centers as well as malls.
Peebles operates 58 stores in markets from upstate New York to the Carolinas and west to Tennessee and Kentucky.
- Staff report
Earnings ...
Heilig-Meyers Co., Richmond-based home-furnishings retailer, reported net earnings of $66.8 million, or $1.34 a share, on revenues of $1.15 billion for its fiscal year ended Feb. 28, compared with year-earlier $54.9 million, or $1.12 a share, on revenues of $863.8 million. For its fourth quarter, net earnings were $14.9 million, or 30 cents a share, on revenues of $299.1 million, compared with year-earlier $14.3 million, or 28 cents a share, on revenues of $241.9 million.
Lechter's Inc., Harrison, N.J., housewares retailer with operations in Roanoke, reported net income of $3.4 million, or 20 cents a share, on sales of $399.3 million for its fiscal year ended Jan. 28, compared with year-earlier $11.1 million, or 65 cents a share, on sales of $350.2 million. For its fourth quarter, net income was $10.4 million, or 56 cents a share, on sales of $152.9 million, compared with year-earlier $8.9 million, or 52 cents a share, on sales of $133.7 million.
S&K Famous Brands Inc., Richmond-based menswear retailer with stores in Western Virginia, reported net income of $2.5 million, or 53 cents a share, on sales of $112.4 million for its fiscal year ended Jan. 28, compared with year-earlier $4.0 million, or 84 cents a share, on sales of $98.9 million. For its fourth quarter, net income was $1.5 million, or 30 cents a share, on sales of $35.7 million, compared with year-earlier $1.9 million, or 39 cents a share, on sales of $33.6 million.
by CNB