THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, February 7, 1996 TAG: 9602070527
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 52 lines
ETC, TCI's new company, offers education services
Hoping to provide teachers with ``one-stop shopping,'' Tele-Communications Inc., the nation's biggest cable company, formed an educational business Tuesday. The business, called ETC, will sell to schools a variety of educational services and the technologies and equipment needed to receive them. A number of educational groups - including the National Education Association, the American Federation of Teachers and the American Association of School Administrators - saluted ETC. They said they'll be working with the company to develop educational materials. (Associated Press)
Sunbelt Rentals buys McLean rental company
Sunbelt Rentals Inc., which rents equipment to contractors and industrial clients, has acquired McLean Rentals for $30 million, the company announced. McLean Rentals, a suburban Washington company, has a branch office in Chesapeake, which apparently will use the name McLean/Sunbelt Rentals. Sunbelt's acquisition was essentially a buy-out of McLean owner Tod Theros, who will no longer be part of the company. Sunbelt, based in Charlotte, has 24 rental offices in seven southeastern states. Sunbelt rents compaction equipment, trenchers, lighting, generators and pumps, among other things. (Staff)
Richfood Holdings reports higher profits
Richfood Holdings Inc., the Richmond-based wholesale food distributor, reported Tuesday a 15 percent increase in profits for the third quarter of fiscal 1996. Earnings rose to $11.6 million, or 37 cents per share, for the three-month period ended Jan. 6. That's up from earnings of $10.1 million, or 32 cents a share, in the 1995 quarter. Quarterly sales increased 1.3 percent to $766.8 million from $757.2 million. Both sales and earnings felt a drag as Richfood adjusted to its newest acquisition, Super Rite Corp. (Staff)
Parent of Suffolk bank reports earnings increase
James River Bankshares Inc., parent of Bank of Suffolk and Bank of Waverly, reported a 35 percent increase in fourth-quarter net income, but said net income for 1995 declined 8 percent. Results for the recent quarter included higher non-interest income, a smaller provision for loan losses and lower non-interest expenses. James River earned $628,000 for the October-through-December period, up from $466,000 in the fourth quarter of 1994. For the full year, net income dropped to $1.99 million from $2.18 million in 1994. James River's 1995 results included a one-time cost of $228,000 for organizing its holding company structure. (Staff) by CNB