THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, January 24, 1996 TAG: 9601240425
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 57 lines
Dollar Tree reports record 1995 profits
Dollar Tree Stores Inc., the discount variety chain based in Norfolk, reported record profits for 1995. The nation's largest ``all's a dollar'' retailer said its earnings rose 73 percent to $20.9 million, or $1.14 per share, in the year ended Dec. 31, 1995. That's up from $12.1 million, or 67 cents a share, in the previous year. Sales at the 500-store chain jumped 30 percent to $300.2 million last year from $231.6 million in 1994. Same-store sales - revenues at stores open at least a year - rose 7.3 percent. Dollar Tree plans to continue its rapid expansion with the purchase of Terrific Promotions Inc., a 136-store chain based in Chicago. (Staff)
Norfolk airport ends year with a whimper
The 1995 passenger traffic slump at Norfolk International Airport continued through the end of the year. Despite the holidays the number of passengers flying through the airport fell 16.4 percent in December. The airport reported that 219,836 people flew through the airport in December, down from 262,806 in December 1994. The weak numbers cap a year that saw passenger figures slip each month in the absence of the air-fare price wars that marked 1994. Compounding that was the withdrawal of many of Continental Airlines' flights after the airline's low-priced Peanuts fares campaign fizzled. (Staff)
Engineering firm starts $1.4 million expansion
Dynamic Engineering Inc. will expand its current operations at the Oyster Point Industrial Park in Newport News. With an initial investment of $1.4 million, Dynamic Engineering is expected to create up to 100 jobs in the first year and additional jobs in the next two to three years. DEI is a leader in aerospace and marine prototyping and development, and is expanding its development and manufacturing capabilities for private sector use. The expansion was made possible by a $700,000 loan from the Virginia Small Business Financing Authority's Defense Conversion Loan Fund and a Center of Innovative Technology award of $100,000 for the development of a virtual manufacturing resource. (Staff)
Some of 1995 Chryslers fail seat-belt test
The government's highway safety agency said today that 1995 Chrysler Cirrus and Dodge Stratus passenger cars fail to meet federal standards for seat belt strength. There are more than 91,000 of the vehicles on the road. NHTSA found a defect in the rear seat belt anchoring system - a weld nut that pulled out of the floor of a 1995 Cirrus during a routine test in July. The same system is used in the Stratus. The standard requires seat belts to sustain a 3,000 pound load for 10 seconds. NHTSA said cars manufactured after May 15, 1995 meet the safety standard because Chrysler strengthened the belts by replacing the weld-nut assembly with a stronger design. NHTSA will hold a hearing Feb. 14 before deciding on a recall. (AP) by CNB