THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Saturday, October 22, 1994 TAG: 9410220246
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 49 lines
Armada Hoffler wins public health contract: Chesapeake-based Armada Hoffler Construction Co. was awarded the contract to design and build a new $30 million Norfolk Public Health Center in the Eastern Virginia Medical Center complex, the city announced Friday. ``We chose them because they represented the best presentation. We thought their qualifications were outstanding. And because, in the collective wisdom of the people involved, they did the best job,'' said Robert B. Smithwick, Norfolk director of development. Armada Hoffler was chosen from nine construction companies that submitted sealed bids to design and build the 250,000-square-foot facility. Design plans will be completed in the next 90 days, Smithwick said. Financing will be arranged and a construction date will be set after the plans are approved. (Staff)
Hechinger deals blow to expectations: Hechinger Co., the parent of Virginia Beach-based Home Quarters Warehouse Inc., said Friday that its third-quarter profit probably will be lower than analysts' expectations. The company also will delay a planned stock offering because of the disappointing stock price. The home-center retailer blamed its third-quarter performance on soft sales at its Home Quarter unit, particularly in the Carolina markets. The company said that it continues to be pleased with the performance of its newer, larger ``Chesapeake-class'' HQ stores. Hechinger, based in Landover, Md., operates 72 Hechinger stores and 60 HQ stores in 23 states and Washington. Hechinger, which had planned to sell 5 million shares of Class A stock to raise money for expansion and store remodeling, said it's unwilling to go forward at the current stock price. HQ stock closed Friday at $11 1/4 per share. (Bloomberg Business News)
EARNINGS
nView posts third-quarter profit: nView Corp. reported earnings of $924,000 for the third quarter, thanks in part to an agreement that its insurer will pay much of the legal expenses used to defend a shareholder lawsuit. Earnings were 19 cents a share for the third quarter, compared with a loss of 8 cents a share, or $416,000, in the third quarter of 1993. Third-quarter sales were $8.5 million, up from $8.2 million for the year-ago period. This was the fourth consecutive quarter that the company reported a profit. The Newport News-based projection-panel manufacturer said last week that its insurance carrier would pay $550,000 of the $871,000 spent to successfully defend nView in a lawsuit claiming executives defrauded investors. (Associated Press) by CNB