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

DATE: WEDNESDAY, August 16, 1995                   TAG: 9508160083
SECTION: BUSINESS                    PAGE: B7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

DEMAND RAISES EARNINGS

The Roanoke maker of speciality steel products with subsidiaries in steel scrap processing and fabrication of steel bars and joists, reported net earnings of $13.3 million, or $1.65 per share, on sales of $188.3 million for the nine months ended July 31 compared with year-earlier $7.3 million, or 92 cents per share, on sales of $154.6 million. For the third quarter, net earnings were $5.2 million, or 65 cents per share, on sales of $68.6 million compared with year-earlier $1.8 million, or 22 cents per share, on sales of $55.9 million.

The nine-months earnings exceeded the company's previous earnings record, of $12.7 million, in 1989, said Donald G. Smith, Roanoke Electric Steel's chairman and chief executive.

"Sales for 1995 are also expected to be a record as business conditions and commercial construction continue to be strong," he said. "The construction industry has rebounded from its long slump, and our fabrication subsidiaries have prospered."

Charter Federal

Charter Federal Savings Bank of Bristol said Monday it had income of $319,000 or 6 cents a share for its fourth quarter ended June 30.

This compares with income of $2.2 million, or 43 cents per share, for the same period a year ago and of $1.5 million for the Bristol-based thrift's third quarter. Net interest income for the most recent quarter was $5.5 million compared with $5.9 million a year earlier.

The company said the decline in earnings was primarily owing to a $1.4 million increase in income tax expense and to costs of about $1.1 million related to its proposed merger. The costs were included in fourth-quarter expenses.

Charter Federal previously announced it will be acquired by First American Corp. of Nashville, Tenn., by the end of this year.

For the fiscal year, the company earned $5.6 million, or $1.08 a share, on net interest income of $22.3 million, compared to prior-year $9.6 million, or $2.09 a share, on net interest income of $25.5 million.

Kmart

Kmart Corp., the Troy, Mich., retailer with stores in the Roanoke Valley, reported a net loss of $54 million, equal to 12 cents per share, on sales of $8.44 billion for its second quarter ended July 26, compared with year-earlier net income of $94 million, or 20 cents per share, on sales of $7.94 million. For its first half year, the company reported a net loss of $82 million, equal to 19 cents per share, on sales of $15.88 billion compared with year-earlier net income of $112 million, or 24 cents per share, on sales of $14.86 billion.

J.C. Penney

J.C. Penney Co. Inc. of Dallas said it earned $116 million, or 46 cents per share, on sales of $4.43 billion for its second quarter ended July 29, compared with year-earlier $132 million, or 51 cents, on sales of $4.24 billion.

Earnings for the first six months of the year totaled $272 million, or $1.07 per share, compared to $355 million in the 1994 first half, or $1.35 per share.

First-half sales rose to $8.8 billion from $8.59 billion.

Wal-Mart

Wal-Mart Stores Inc. of Bentonville, Ark., reported earnings of $633 million, or 28 cents per share, on sales of $22.72 billion for its second quarter ended July 31, compared with year-earlier $565 million, or 25 cents per share, on sales of $19.94 billion.

Earnings for the six-month period were $1.18 billion, or 52 cents per share, on sales of $43.16 billion compared with year-earlier $1.06 billion, or 46 cents per share, on sales of $37.6 billion.