THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, July 24, 1996 TAG: 9607240388
SECTION: BUSINESS PAGE: D6 EDITION: FINAL
LENGTH: 100 lines
Virginia Beach Federal Financial Corp: Helped by a wider spread between the cost of its funds and the yields on its loans and investments, the parent of Virginia Beach Federal Savings Bank said its net income for the quarter ended June 30 was more than double what it earned in the year-earlier period. Virginia Beach Federal Financial Corp. reported net income of $625,000, or 13 cents a share, for the quarter ended June 30. In the comparable three months of 1995, it earned $271,000, or 6 cents a share. The company's earnings for the recent quarter also benefited from an 8 percent decline in non-interest expenses. The return on average assets, a measure of bank profitability, was a lackluster 0.39 percent for the quarter but was up from 0.15 percent for last year's second quarter.
Chesapeake Corp: Earnings for the second quarter of $3.9 million, or 17 cents a share, compared to second quarter 1995 net income of $18.5 million, or 77 cents a share. Year-to-date net income was $11.8 million, or 50 a share, compared to $39.3 million, or $1.64 a share, earned in the first half of 1995. Second-quarter net sales were $276.6 million, down 12 percent from last year's record second quarter sales. Year-to-date net sales were $554.3 million, down 9 percent from the record sales in the first half of last year.
Beverly Enterprises Inc.: Second-quarter earnings rose 19 percent on higher profits in its nursing home and pharmacy businesses. The operator of nursing homes, home health care units and pharmacies, with operations in Virginia Beach, posted a net income of $16.9 million, or 17 cents a share, compared with $14.3 million, or 14 cents a year earlier. Revenue increased 1 percent to $801.8 million from $793.6 million.
Allstate Corp.: Earned $764 million, or $1.71 a share, in the second quarter ended June 30. That compared with earnings of $519 million, or $1.15 a share, a year earlier. Revenues increased to $6.32 billion from $5.67 billion.
American General Corp.: Houston-based American General reported a net income of $168 million, or 79 cents per share, down from $180 million, or 88 cents a year ago. Revenues grew to $2.7 billion from $2.63 billion. The company reported lower profits in its consumer finance business, including consumer and home equity loans, credit cards and credit-related products.
American Home Products Corp.: American, based in Madison, N.J., earned $391.3 million, or 62 cents a share, compared with $299.6 million, or 49 cents a share last year. Sales rose 6 percent to $3.49 billion from $3.30 billion.
Schering-Plough Corp.: Schering, based in Madison, N.J., reported net earnings of $317.1 million, or 86 cents a share, compared with $276.1 million, or 74 cents a share last year. The 1995 results exclude one-time losses on the sale of its Wesley-Jessen contact lens business. With the losses, Schering's net last year was $116 million, or 31 cents a share. Second-quarter sales of $1.48 billion were 11 percent higher than $1.33 billion last year.
SmithKline Beecham PLC: SmithKline Beecham PLC, which has its U.S. headquarters in Philadelphia, earned $371 million, or 63 cents a U.S. share, compared with $330 million, or 56 cents a share, last year. Sales rose 17 percent to $2.94 billion from $2.52 billion.
Washington Post Co.: Washington Post Co. reported its second-quarter earnings rose 23 percent, driven by improvement in its magazine, broadcast and cable operations. The company, publisher of The Washington Post and Newsweek magazine, earned $63.2 million, or $5.76 a share, up from $51.5 million, or $4.65 a share, in the same period a year ago. Revenue rose to $472.9 million from $437 million.
Shell Oil Co.: Shell Oil Co. reported a nearly 20 percent rise in profit in the second quarter, with help from higher prices for crude oil and natural gas that overshadowed a loss from chemical products. Earnings for the U.S. unit of the Royal Dutch/Shell Group of Cos. rose to a record $461 million from $385 million in the second quarter of last year. Revenue rose more than 12 percent to $7.19 billion from $6.39 billion.
Hershey Foods Corp.: Hershey Foods Corp. said its earnings rose 23 percent in the second quarter, helped by some new candy products and productivity improvements. Hershey earned $40.8 million, or 53 cents per share, up from $33.3 million, or 38 cents per share, in the same period a year ago. Revenue rose to $796.3 million from $722.3 million.
La Quinta Inns Inc.: Stock dropped more than 15 percent Tuesday, a day after the hotel chain reported lower-than-expected earnings for the quarter ended June 30. The San Antonio company said it earned $19.913 million, or 25 cents a share, compared with $16.691 million, or 23 cents in the same period a year earlier. The figures have been adjusted to reflect a 3-for-2 stock split. The company also reported revenues of $116 million, up from $110 million in the year-ago period.
RJR Nabisco Holdings Corp.: Reported a $27 million loss in the second quarter due to the previously disclosed costs of restructuring at its Nabisco unit. RJR's loss for the three months ended June 30 amounted to 11 cents per share and contrasted with earnings a year earlier of $153 million, or 37 cents a share. Revenue for the quarter rose 3 percent to $4.20 billion from $4.08 billion a year ago.
UAL Corp.: Parent of United Airlines and Shuttle by United, reported record quarterly earnings Tuesday on strong bookings by business travelers. For the three months ended June 30, the company earned $337 million, or $2.52 a share, up 57 percent from $215 million, or $1.63 a share, the comparable period a year ago. After subtracting $30 million for early debt retirement, UAL's fully distributed net income was $307 million, or $2.18 a share, in the second quarter.
PepsiCo Inc.: Earnings climbed 20 percent in the second quarter as profits from its soft drink, snack food and restaurant businesses all grew by double-digit percentages. In trading on the New York Stock Exchange, PepsiCo was up 37 1/2 cents at $33.25 a share. The Purchase, N.Y.-based PepsiCo earned $583 million, or 35 cents a share, in the 12 weeks ended June 15, compared with $487 million, or 30 cents a share, a year earlier. Revenue for the quarter rose 6 percent to $7.69 billion from $7.25 billion a year earlier. MEMO: Staff writers, The Associated Press, Bloomberg Business News and
Dow Jones News contributed to this report. by CNB