THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, October 20, 1995 TAG: 9510200477
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
SOURCE: STAFF AND WIRE REPORT
LENGTH: Medium: 74 lines
CSX Corp.'s rail and barge units helped the company post record third-quarter profits of $1.92 per share, beating the previous high for the period by 14 percent. CSX reported earnings of $202 million compared with $177 million, or $1.68 per share, for the quarter ending Sept. 30, 1994. The company's rail unit, CSX Transportation, achieved its sixth consecutive record quarter with income of $269 million, up 20 percent from the $224 million in the third quarter of 1994. American Commercial Lines, the company's barge unit, more than doubled its operating income to $36 million from $16 million. The company's container-shipping business, Sea-Land Service, had operating income of $70 million, down from $78 million for 1994's third quarter. The figures reflect a one-time relocation expense of $13 million and an $8 million loss because of a ship collision.
Bell Atlantic Corp. said its third-quarter profit rose 11 percent. Profit from operations rose to $441.9 million, or $1.01 a share, from $397.5 million, or 91 cents, a year ago. Revenue fell to $3.26 billion from $3.46 billion. In the recent period, a gain of $203 million, or 46 cents a share, for the sale of cellular properties and a charge of $40 million, or 9 cents, resulted in net income of $604.8 million, or $1.38.
Union Bankshares Corp. reported net income of $1,662,000 for the quarter ended Sept. 30 up 10.4 percent from $1,505,000 for the same period in 1994. Net income for the nine months ended September 30, 1995 totaled $4,652,000, or $1.42 per share, up from $4,465,000 a year ago.
Eskimo Pie Corp. said profits rose by 5 percent in the third quarter. The company said profits for the quarter that ended Sept. 30 amounted to $1.27 million, compared with $1.21 million for the same period a year ago. Earnings per share were 37 cents, up from 34 cents in the third quarter of 1994. Sales for the quarter were $19.7 million, a 16 percent increase over the $17 million for the same period last year. Profits for the first nine months of the year were $4.8 million on sales of $68 million. Profits were up 5 percent, and sales increased 18 percent over the same period a year ago.
Home Shopping Network Inc. said it had a third-quarter loss, reflecting $11 million in restructuring and other charges, compared with a year-ago profit. The television retailer of consumer products said it had a third-quarter loss of $17.7 million, or 20 cents a share, compared with net income of $6.4 million, or 7 cents, in the year-ago period. Sales fell 13 percent to $239.9 million from $276.6 million.
IBP Inc. shares rose for a third day amid speculation about prospects for the company, which yesterday reported a 74 percent increase in third-quarter net income. IBP shares rose about 6 percent since Monday and are up 1 1/8 at 58 3/8 in late trading of 425,600 shares, more than twice the three-month daily average of 165,000. Dakota City, Neb.-based IBP, the world's largest producer of beef and pork, said net income rose to $85.4 million, or $1.76 a share, from $49.2 million, or $1.02, a year earlier. Third-quarter revenue rose 10.3 percent to $3.29 billion from $2.98 billion a year ago.
Harris Teeter Inc. announced on Thursday that sales for fiscal year 1995 were up 8.4 percent over the comparable period last year. Sales for the period reached $1.71 billion, up over 1994 sales of $1.58 billion. Same store sales for the year were up 6.5 percent. Sales for the fourth quarter were $439.5 million, up 9 percent over 1994 sales of $403.2 million. Same store sales for the quarter were up 5.2 percent.
Southern National Corp. reported on Wednesday net income of $62.5 million for the third quarter ended Sept. 30, an increase over the second-quarter report. The report reflects earnings growth of 7.9 percent compared with the second quarter of 1995. On a per share basis, fully diluted net income was $.57, up 7.5 percent compared with $.53 in the second quarter. Net income includes costs related to the merger between Southern National and BB&T totaling $6.1 million for the third quarter. Exclusive of these nonrecurring charges, Southern National would have had net income after tax of $66.2 million, which is a 6.4 percent increase over the prior year amount of $62.2 million for the third quarter. by CNB