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

DATE: TUESDAY, July 25, 1995                   TAG: 9507250056
SECTION: BUSINESS                    PAGE: B5   EDITION: METRO 
SOURCE: BY GREG EDWARDS STAFF WRITER
DATELINE:                                 LENGTH: Medium

WESTMORELAND SET TO SELL VA. ASSETS

Cash-strapped Westmoreland Coal Co. of Philadelphia, Pa., said it plans to sell all or part of its Virginia division in Wise and Lee counties in order to keep the company operating.

Westmoreland reported a second-quarter net loss of $11.7 million, or $1.68 per share, compared with a loss of $2.9 million, or 42 cents, for the same quarter last year. Coal revenues were $39.5 million in the quarter, down from $107 million a year ago.

The net loss for the six months ended June 30 was $11.4 million, or $1.64 per share, compared with a loss of $8.9 million, or $1.28 a share, for the first half of 1994. Coal revenues were $80.3 million, compared with $205.2 million a year earlier.

Because of losses at the Virginia division, which totaled $15.9 million during the first six months, and other costs, including workers compensation and medical benefits for retirees, the company said it would have inadequate cash resources to continue operating through Dec. 31. It planned to deal with the problem by selling all or part of the Virginia division, the company said.

For many years Westmoreland, whose Virginia division was based in Big Stone Gap, stood among the top three coal-producing companies in Virginia.

|- Greg Edwards

nUnited Dominion Realty Trust Inc., Richmond owner of apartments and industrial property in Roanoke and Salem, reported second-quarter net income of $9.8 million, or 19 cents per share, on rental income of $47.7 million, compared with year-earlier $3.9 million, or 9 cents per share, on rental income of $29.7 million. For the six months, net income was $15.9 million, or 31 cents per share, on rental income of $93.2 million, compared with year-earlier $7.4 million, or 18 cents per share, on rental income of $56.4 million.

nCorVel Corp., Irvine, Calif., provider of medical cost-containment and managed-care services with operations in Roanoke, Rocky Mount and Wytheville, reported net income of $1.7 million, or 37 cents per share, on revenues of $26.8 million for its first quarter ended June 30, compared with year-earlier $1.3 million, or 30 cents per share, on revenues of $22.1 million.

nHarris Teeter Inc., Charlotte, N.C.-based supermarket chain, reported sales of $431.9 million for its third quarter ended July 4, compared with year-earlier $401.8 million. Harris Teeter, a unit of Ruddick Corp., does not report separate earnings.

nModine Manufacturing Co., a Racine, Wis., maker of heating and ventilation equipment with operations in Buena Vista, reported net earnings of $15.9 million, or 52 cents per share, on sales of $239.2 million for its first quarter ended June 26, compared with year-earlier $14.8 million, or 49 cents per share, on sales of $208.4 million.

by CNB