THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, July 16, 1996 TAG: 9607160359
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
LENGTH: 53 lines
Tredegar reports good second-quarter results
Tredegar Industries reported second-quarter net income of $8,673,000 or 66 cents per share, up from $6,074,000 or 45 cents per share in 1995. Tredegar's net income for the first six months of 1996 was $25,020,000 or $1.92 per share, up from $10,519,000 or 78 cents per share in 1995. Excluding nonrecurring items, year-to-date net income was $16,961,000 or $1.30 per share compared with $11,011,000 or 81 cents per share last year. Second-quarter sales were $126,331,000 vs. $149,682,000 last year. Tredegar Industries is a manufacturer of plastics and metal products. (Staff)
Gannett Co. reports 8% higher earnings
Gannett Co. Inc. reported Monday that earnings advanced 8 percent in the second quarter, despite losses in its newspaper division.
The Arlington-based media company earned $150 million, or $1.07 per share, in the quarter ending June 30 1996. In the same quarter of 1995, Gannett reported earnings of $139.4 million, or $1 per share. Revenues for the quarter increased 19 percent to $1.2 billion, from $1 billion a year ago. The company noted that its portfolio expanded during the year, and had it remained constant, revenue would have increased only 2 percent. (Associated Press)
Freddie Mac earnings up in second quarter
The Federal Home Loan Mortgage Corp. announced a 19 percent increase in earnings Monday, the second quarterly record in a row, primarily because of higher revenues and an increase in its loan portfolio. Freddie Mac earned $309 million, or $1.63 per share, in the three months ending June 30, compared with $264 million, or $1.37 per share, in the same period of 1995. In March, Freddie Mac posted a 17 percent increase in first-quarter profits. Second-quarter revenues rose 20 percent to $722 million from $604 million in the second quarter of 1995 and up from $701 million in the first quarter of 1996. Net interest income totaled $389 million in the second quarter, compared to $299 million in the same period a year ago. The McLean-based corporation said the increase was due to a $6 billion increase in its loan portfolio. Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to provide money to mortgage lenders. (AP)
FCC dismisses TCI's, TelQuest's DBS requests
Under pressure from the Clinton administration, federal regulators Monday dismissed separate requests by Tele-Communications Inc. and TelQuest Ventures to beam TV programs into the United States from satellites that would occupy Canadian-authorized orbits. The Federal Communications Commission's International Bureau said the companies' applications were premature. While the FCC's action is a setback for the companies' plans to get into the direct-broadcast satellite, or DBS, business, it does not preclude them from refiling the applications to the FCC. TCI said it will appeal the FCC's decision and said it believed ``the application ultimately will be approved.'' TelQuest had no immediate comment on the FCC's action. (AP) by CNB