THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, October 17, 1995 TAG: 9510170292
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 79 lines
Helped by a combination of revenue growth and expense control, NationsBank Corp. reported a 23 percent increase in its net income for the quarter ended Sept. 30. The Charlotte-based banking company said it earned $530 million, compared with $431 million in the year-earlier period. Earnings per share were $1.95, up from $1.55. The major source of its earnings, net interest income, rose only 7 percent, but income from fees and other non-interest sources was up 20 percent, NationsBank said. The increase in non-interest income came from growth in its capital markets revenues, deposit fees and mortgage servicing fees. (Staff) First Union may buy part of Prudential
First Union Corp. is negotiating to buy all or part of Prudential Insurance Co. of America's large mortgage business. The Prudential unit originates and services residential mortgages and with a portfolio of $78 billion in loans is one of the biggest mortgage operations in America. First Union, based in Charlotte, N.C., may team up with Norwest Corp. of Minneapolis on a joint bid for a substantial portion of the Prudential unit or bid on its own for part of the business. With a mortgage-servicing portfolio of about $37 billion, First Union ranks about 15th in size in the industry. Some analysts speculate that the bank could bid for other mortgage-service businesses to compete against other strong rivals, including hometown player NationsBank Corp. (AP) Chesapeake Corp. to sell consumer-products unit
Chesapeake Corp. confirmed that it has entered into a definitive agreement for the sale of its wholly owned subsidiary, Chesapeake Consumer Products Company, based in Appleton, Wis., to The Fonda Group, Inc. The transaction is expected to be completed by year end. Chesapeake Consumer Products markets premium disposable tableware to the grocery, drug, mass merchandiser and party channels under trademark brands which include Sensations, Splash and Party Creations. Fonda, headquartered in St. Albans, Vt., is a leading producer of private-label paper plates and cups for the supermarket industry. Chesapeake Corp., headquartered in Richmond, is a packaging and paper company. (Staff) Inc. magazine picks 19 Virginia companies
Inc. magazine listed 19 Virginia companies among the 500 fastest-growing private firms in the nation. Only eight other states had more. Last year, 25 Virginia companies made the list. This year's list was based on a five-year performance record through the end of 1994. The top company on the list is The Furst Group, a New Jersey-based reseller of long-distance telephone services. Its sales grew by 42,389 percent from 1990 through 1994. (AP) Solarex breaks ground in Williamsburg
Solarex broke ground Monday for an 83,000-square-foot factory that will manufacture photovoltaic, or solar electric, modules. The facility will be built on a 15-acre tract in the Stonehouse Commerce Park. It is scheduled to be completed by the end of 1996 and to begin full-scale production around mid-1997. Solarex, based in Frederick, Md., is a business unit of Amoco/Enron Solar. (AP) Kmart debunks rumors of Chapter 11 bankruptcy
Speculation that Kmart Corp. might file for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code is inaccurate and misleading, the company said Monday. The company issued a similar statement Friday evening at the request of the New York Stock Exchange after Kmart shares fell 75 cents, to $11.37 1/2, on huge volume of 10.2 million shares. On Monday, the stock was down another $1.37 a share at $10 in midday trading. The market was reacting Friday in part to a report from CNBC-TV commentator Dan Dorfman that said some Kmart suppliers were nervous about the company's condition. Some other analysts have been suggesting that it might be wise for the company to seek Chapter 11 protection. (AP) by CNB