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

DATE: THURSDAY, April 20, 1995                   TAG: 9504210059
SECTION: BUSINESS                    PAGE: B-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

EARNINGS

Caterpillar Inc., Peoria, Ill. parent of Carter Machinery Co. of Salem, reported first-quarter net earnings of $300 million, or $1.50 per share, on sales of $3.91 billion, compared with year-earlier $192 million, or 94 cents per share, on sales of $3.29 billion.

Eastman Kodak

Eastman Kodak Co., Rochester, N.Y. parent of Qualex Inc. of Roanoke, reported first-quarter earnings of $262 million, or 77 cents per share, on sales of $3.14 billion, compared with year-earlier $145 million, or 44 cents per share, on sales of $2.76 billion.

Reynolds Metals

Reynolds Metals Co. reported first-quarter net income of $82 million, or $1.13 per share, on sales of $1.65 billion, compared with a year-earlier net loss of $21 million, equal to 46 cents per share, on sales of $1.25 billion. Richmond-based Reynolds has recycling operations in the Roanoke Valley.

Scott & Stringfellow

Scott & Stringfellow Financial Inc., Richmond securities broker and investment banker with an office in Roanoke, reported net income of $424,000, or 20 cents per share, on revenue of $13.3 million in its third quarter ended March 31, compared with year-earlier $547,000, or 26 cents per share, on revenues of $12.4 million. For the nine months, net income was $1.5 million, or 72 cents per share, on revenues of $39.1 million, compared with year-earlier $2.5 million, or $1.16 per share, on revenues of $39.7 million.

Virginia First

Virginia First Financial Corp. of Petersburg, a thrift with branches in the Roanoke Valley, reported earnings of $2 million or 72 cents per share for its third fiscal quarter ended March 31. That was an increase of 29.5 percent over $1.6 million or 56 cents a share for the prior year.

For the nine-month period, earnings were $5.4 million or $1.92 a share, an increase of 5.6 percent over the prior year's $5.1 million or $1.84 a share.

Because of rising interest rates, the bank said, residential mortgage loan originations and sales declined by 60.1 percent and 66.4 percent respectively in the first nine months compared to last year. Originations fell from $608.7 million in fiscal 1994 compared to $242.8 this year.

Also, Virginia First declared a quarterly dividend of 2.5 cents a share, payable May 19 to stockholders on May 5.

USAir Group

USAir Group Inc., Arlington-based airline, reported it lost $117.5 million, or $1.91 per share, after payment of preferred dividends in the three months ended March 31. That compared with a loss of $215.9 million, or $3.64 per share, in the same period a year earlier. Revenues rose to $1.76 billion from $1.69 billion.

The financially troubled carrier, which is based in Arlington, plans to cut nearly 10 percent of its daily flights by July and is seeking wage concessions from unions in order to cut annual costs by $1 billion.

Last week, auditors for USAir said the carrier may not be able to survive without concessions from labor. In a report contained in a Securities and Exchange Commission filing, the accounting firm KPMG Peat Marwick said there was substantial doubt the carrier can continue to operate in its current form.

Management disagreed with the assessment. Industry analysts say USAir should be able to make it through the summer, the most profitable time of the year for airlines.

AT&T

AT&T Corp. on Wednesday reported that first-quarter profits rose 12 percent on solid sales growth and better margins in its long-distance business.

The company earned $1.2 billion, or 76 cents per share, in the three months ended March 31. AT&T earned $1.07 billion, or 69 cents a share, in the same period last year. Revenues rose to $18.26 billion from $17.1 billion.

The year-earlier results were restated to include the results of McCaw Cellular Communications, which AT&T acquired in September.