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

DATE: SATURDAY, July 22, 1995                   TAG: 9507240037
SECTION: BUSINESS                    PAGE: A-4   EDITION: METRO 
SOURCE: GREG EDWARDS STAFF WRITER
DATELINE:                                 LENGTH: Medium

ROANOKE GAS COOLS LOSSES DURING WARM THIRD QUARTER

Roanoke Gas Co. reported Friday that it was able to cut its third-quarter losses this year. Because of the seasonal nature of its business, the supplier of heating fuel normally reports losses in the warm-weather months of the final half of its fiscal year.

The company said it had consolidated losses of $237,891, equal to 17 cents per share, for its third quarter ended June 30. That's about half of the loss of $453,506, or 34 cents per share, a year ago. Revenues from sales fell to $8.99 million for this year's third quarter from $9.6 million a year earlier.

This year's smaller losses are the result of reduced operating and maintenance expense and an improved rate structure, the company said.

The company's income statement shows maintenance charges of $260,799 for the third quarter compared with $407,437 for the third quarter last year.

"It's very pleasing to us," Roanoke Gas President Frank Farmer said of the smaller losses.

Farmer explained that Roanoke Gas annually generates the majority of its income during its first and second quarters from Oct. 1 through March 30, a period that coincides with the winter heating season.

"The third and fourth quarters are when we pay all that back," he said. "There's no heating load whatsoever during the summertime."

At its annual meeting this year, Roanoke Gas warned shareholders that the warmer-than-normal winter was hurting gas sales and forcing the company to cut expenses. The 12-month period ending June 30 was 14 percent warmer than the same period last year and 10 percent warmer than normal, the company said.

The company reported that earnings per share for the 12 months ending June 30 were $1.11, compared with $1.26 per share for the 12 months ending June 30, 1994.

Other firms with local affiliations reporting earnings include:

Allstate Corp., Northbrook, Ill., insurance company with regional operations in Roanoke County, reported second-quarter net income of $519.1 million, or $1.15 per share, on revenues of $5.7 billion, compared with year-earlier $402 million, or 89 cents per share, on revenues of $5.2 billion. For the six months, earnings were $1.1 billion, or $2.36 per share, on revenues of $11.2 billion, compared with year-earlier $126.8 million, or 28 cents per share, on revenues of $10.5 billion.

Bedford Bancshares Inc. said income for its third quarter ended June 30 increased 28.6 percent to $360,000, or 31 cents a share, from $280,000 for the comparable period last year.

Earnings for the nine months amounted to $1.08 million, or 92 cents a share, for a 42.7 percent increase over the $757,000 earned in the three quarters of the prior fiscal year.

Per-share earnings are not applicable to the earlier periods because Bedford Federal Savings Bank did not convert from the mutual to the stock form of ownership until the fourth quarter of fiscal 1994.

Total assets June 30 were $111.8 million, compared with $105.2 million at the end of the last fiscal year Sept. 30. The bank attributed the increase primarily to a $7.4 million jump in loans. Deposits during the past nine months increased $2 million to $86.8 million.

Fieldcrest Cannon Inc., Eden, N.C., textile maker with operations in Henry County, reported a second-quarter net loss of $1.5 million, equal to 30 cents per share, on sales of $273 million, compared with year-earlier net income of $6.7 million, or 64 cents per share, on sales of $254.8 million. For the six months, net income was $2 million, equal to a loss of 2 cents per common share, on sales of $530.1 million, compared with year-earlier $12.2 million, or $1.15 per share, on sales of $487.1 million.

Food Lion Inc., Salisbury, N.C., supermarket chain, reported net income of $38.7 million, or 8 cents per share, on sales of $1.90 billion for its second quarter ended June 17, compared with year-earlier $34.8 million, or 7 cents per share, on sales of $1.82 billion. For the six months, net income was $76.4 million, or 16 cents per share, on sales of $3.76 billion, compared with year-earlier $65.9 million, or 14 cents per share, on sales of $3.63 billion.

USAir Group Inc., Arlington-based airline, reported second-quarter net income of $112.8 million, or $1.47 per share, on revenue of $1.98 billion, compared with year-earlier $13.8 million, equal to a common stock loss of 9 cents per share, on revenue of $1.88 billion. For the six months ended June 30, net income was $15 million, equal to a common stock net loss of 41 cents, on revenue of $3.74 billion, compared with year-earlier net loss of $182.8 million, equal to a loss of $3.72 per share, on revenues of $3.56 billion.

by CNB