Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, August 19, 1995 TAG: 9508210043
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Books-a-Million Inc. reported a net loss for the second quarter, which ended March 31, of $331,000, or 2 cents per share on net sales of $52 million.
Net sales for the same period last year were 40 percent lower at $37.3 million, and earnings were higher at $1.18 million, or 7 cents per share.
The company is speeding up the closing of traditional, mall-based bookstores in order to concentrate on its superstores. Twenty-three stores will be closed, which will cost the company $2.9 million.
The one-time cost to close the stores accounts for the second-quarter loss, according to a press release.
The company also reported net income for the first half of fiscal 1996 ended July 29 of $753,000 or 4 cents per share on net sales of $96 million. This is compared to $2.07 million in net income for the same period last year or 12 cents per share on $68,212,000 in net sales.
- Staff report
First Citizens buys Crestar branch
First Citizens Bank has completed acquisition of the Clifton Forge office of Crestar Bank.
First Citizens agreed last April to acquire the bank at 540 Main St. in Clifton Forge. Along with the facility, First Citizens assumes about $25 million in deposits and about $425,000 in loans.
Ed Gibson, who has more than 30 years of experience in banking, will manage the branch.
First Citizens Bank in Virginia is owned by First Citizens BancShares, which also owns First Citizens Bank in North Carolina.
In Virginia, the company recently acquired the former Pace American Bank, based in Lawrenceville, as well as nine other branches in the central and southern part of the state. With the acquisition of the Clifton Forge branch, First Citizens now has 14 offices across Virginia. It has nearly 300 branches in North Carolina.
- Staff report
Hackers break into Citibank
LONDON - Russian computer hackers broke into a Citibank electronic money transfer system and stole more than $10 million before they were caught, according to court documents unsealed Friday.
The bank said six people have been arrested in the scheme
Citibank, the nation's No. 1 bank, said $400,000 still had not been recovered but the bank has reimbursed clients who lost money.
The Citibank system allows customers to transfer their money to accounts at other banks. Spokeswoman Amy Dates said the bank's control systems provided the tip to the fraudulent transactions.
In an affidavit unsealed in New York, FBI agent Steven Garfinkel said the hackers made about 40 transfers totaling more than $10 million between June 1994 and October.
A Russian computer expert, Vladimir Levin, was arrested in London while passing through Britain and was fighting extradition to the United States.
The fund transfers were all routed through Citibank's wire transfer department on Wall Street, the government says. The Justice Department wants to charge Levin with conspiracy and fraud.
- Associated Press
Bankruptcies
Seven bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Five of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
Giles County Foot Care, a professional corporation at Pearisburg, filed for liquidation, estimating assets at less than $50,000 and liabilities at more than $100,000.
Desert Mining Inc. of Big Rock filed for a plan of business reorganization and protection from creditors. Roger Coleman, president, said assets were unknown but liabilities were more than $100,000.
Matthew Scott Hatter of Troutville, doing business as Hatter's Truck & Automotive, filed for a wage earner plan for repayment of debts. He said he had assets of $84,003 and liabilities of $86,794.
Robert Kirkland Bessett of Roanoke filed for liquidation, with assets of $905 and liabilities of $120,404. He said he had done business as Bessett & Long Inc. and as Bowling & Bessett Inc.
Mark Randal Brent of Bristol, operator of Brent's Cleaning Service, filed for liquidation, with assets of $33,900 and liabilities of $75,932.
Morris Bartley of Coeburn filed for a wage earner plan for repayment of debts, listing assets of $105,465 and liabilities of $17,884. He has an interest in Bartley Electric.
Donald D. Jensen and Delpha M. Jensen of Marion filed for a plan of business reorganization and protection from creditors without listing a specific business. They had assets of more than $1 million and liabilities of more than $500,000.
by CNB