THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, January 27, 1995 TAG: 9501270639
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: Medium: 62 lines
Seaboard Bancorp Inc., parent of Seaboard Savings Bank in Virginia Beach, said Thursday it earned $803,549 last year, making 1994 its first profitable year since 1988.
The company, whose earnings had been battered in recent years by heavy losses from commercial real estate lending, attributed the turnaround to a refinancing of its long-term borrowings, lower operating expenses, and smaller provisions for loan losses and foreclosed real estate.
Seaboard's 1994 net income came to 16 cents a share. In 1993, the thrift holding company lost $1.61 million, or 43 cents a share.
The company's 1994 net income was enhanced by a state tax refund of $90,000 and a tax benefit of $153,000 from tax loss carry-forwards.
But the major sources of Seaboard's profitability last year included its reduced provisions for loan losses and foreclosed real estate. These provisions declined 97 percent last year to $49,124 from $1.75 million in 1993.
Meanwhile, the volume of Seaboard's foreclosed real estate declined 80 percent to $265,184 on Dec. 31 from $1.34 million at yearend 1993.
Seaboard's net income for 1994 also benefited from a 33 percent reduction in its operating expenses.
For the fourth quarter, the company's net income totaled $108,305, or 2 cents a share. That compared with a net loss of $500,097, or 10 cents a share, in the comparable period of 1993.
EARNINGS
Media General Inc.
Richmond-based Media General on Thursday reported a 34 percent rise in net income for the fourth quarter of 1994. Net income for the quarter ended Dec. 25 was $12.1 million, or 46 cents a share, compared with $9.1 million, or 34 cents a share, in the fourth quarter of 1993.
Coca-Cola Co.
The world's largest beverage company said fourth-quarter earnings rose 22 percent as it posted volume increases in most of its international regions. Coca-Cola's net income of $567 million, or 44 cents a share, was up from $466 million, or 36 cents, in the year-earlier period. Revenue rose 19 percent to $4.02 billion.
Procter & Gamble Co.
The big consumer-products maker notched a 15 percent gain in fiscal second-quarter earnings. The company also said it would record a $50 million accounting charge against third-quarter earnings to help its employees and repair plants damaged by the Jan. 16 earthquake that devastated Kobe, Japan. P&G earned $750 million, or $1.06 per share, in the three months ended Dec. 31, compared with earnings of $653 million, or 92 cents per share, in the same period a year earlier. Sales rose 9 percent to $8.5 billion.
Walt Disney Co.
The entertainment company said fiscal first-quarter earnings rose 31 percent. Disney's net income in the quarter ended Dec. 31 rose to $482.4 million, or 91 cents a share, from $368.6 million, or 68 cents, a year earlier. Revenue rose 21 percent to $3.3 billion.
The Associated Press and Bloomberg Business News contributed to this report. by CNB