ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, August 17, 1996 TAG: 9608190049
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
Neither joke nor smoke: Cigars light up on NYSE
NEW YORK - The craze that has transformed cigars from fat cats' stinky stogies to yuppie status symbols has hit Wall Street.
Stock of Consolidated Cigar Inc., the maker of Dutch Masters and El Productos and controlled by financier Ron Perelman, rose 23 percent Friday on its first day of trading on the New York Stock Exchange.
The stock's rise at a time when new stock offerings have been sluggish illustrates the power of the cigar industry's recent boom. Even as cigarettes are threatened with tough regulations, cigars have come into vogue and fresh demand is pushing sales higher.
Retail cigar sales in the United States topped $1 billion last year, up from $860 million in 1994 and $705 million five years ago, according to the Cigar Association of America. Nearly 4 billion cigars were sold last year.
Beyond a new social cache, cigars have also taken on an image as a male-bonding tool.
Once the domain of older men, cigars have attracted a younger breed of smoker, both male and female. And much like the homemade-style brews fueling the craft beer rage, fancier handcrafted cigars are spurring the industry's resurgence.
Consolidated Cigar's shares - with the trading symbol CIG - opened the day at $26.25 and leaped to $28.3 1/2 by the market's close. When the offer was first planned, the company figured the stock would fetch about $18 per share. |- Associated Press
Bankruptcies
Eight bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke.
All 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.
Betty Jo Hodges of Roanoke, trading as Hodges Roofing, filed for liquidation, listing assets worth $96,910 and liabilities of $95,025.
Laurissa Chloe Akers, self-employed at Minks Movies in Bland, filed for liquidation, listing assets of $23,973 and liabilities of $35,153.
Calvin Lee Miller, doing business as Old Dominion Services in Roanoke, filed for liquidation with both assets and liabilities estimated at less that $50,000.
Martin Joseph Carney, a self-employed nurse anesthetist in Marion, filed for liquidation, listings assets of $184,640 and liabilities of $270,627.
Steven Troy Fisher and Selena Lynn Fisher of Elliston filed for liquidation, listing assets of $1,361 and liabilities of $53,900. Selena Fisher was listed as a self-employed auto detailer.
Gregory Neal Lee and Paula W. Lee of Narrows filed for liquidation, listing assets of $114,383 and liabilities of $145,758. He was listed as doing business as LeeTech.
James D. Miller and Mary E. Miller of Tazewell filed for liquidation, listing assets of $114,800 and liabilities of $156,901. James Miller is a self-employed truck driver.
Mark Wayne Brickey and Kathy Furrow Brickey of New Castle, operating All Star Contracting and All Star Septic Service & Plumbing Co., filed for liquidation, with assets and liabilities both estimated at between $50,000 and $99,000.
LENGTH: Medium: 71 linesby CNB