THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, October 16, 1996 TAG: 9610160390
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 118 lines
Helped by a higher volume of consumer loans and additional fee income, NationsBank Corp. reported an 18 percent increase in third-quarter net income. The Charlotte-based banking company said it earned $625 million, or $2.09 a share fully diluted, for the July-through-September period. That compared with $530 million, or $1.93 a share fully diluted, for the year-earlier quarter. Its net interest income for the latest quarter rose 14 percent to $1.62 billion, while income from fees and other noninterest sources climbed 14 percent to $886 million. (Staff) Resource bank credits loans for quarterly hike
Resource Bank in Virginia Beach said its net income for the Sept. 30 quarter climbed 70 percent due partly to a greater volume of residential mortgage loans at its Resource Mortgage unit. The community bank reported earnings of $425,038 for the three months ended Sept. 30, compared with $250,432 for the year-earlier period. Per-share earnings for the third quarter were 44 cents, up from 30 cents. Resource's net interest income for the latest quarter rose 43 percent to $2.62 million, while non-interest income was up 60 percent to $2.13 million. (Staff) British company places subsidiary in Martinsville
Applied Felts Limited will locate its U.S. subsidiary in Martinsville, Gov. George F. Allen's office announced Tuesday. The company, a member of the W.E. Rawson Limited Group, will create 20 jobs with an initial investment of more than $1 million. Based in Wakefield, England, Rawson is a leading supplier of fiber-based products. Applied Felts' products include materials for the restoration of pipes. The company considered sites in North and South Carolina. (Staff) Reynolds Metals earnings down 77% as prices fall
Reynolds Metals Co. today blamed falling aluminum prices for a 77 percent drop in third-quarter earnings. The company said that net income for the quarter ended Sept. 30 was $26 million, compared with $112 million in the same period last year. Per-share earnings were 26 cents, down from $1.56. Third-quarter revenue was $1.76 billion, down from $1.85 billion a year ago. (AP) Reynolds Metals cutting 1,060 jobs for profits
Reynolds Metals Co. said it will cut 1,060 jobs under a plan to boost profits amid slumping aluminum prices. The second-largest U.S. aluminum producer said it would reduce its 30,000-person work force by 3.5 percent through firings and attrition. Reynolds Metals expects to cut 750 of the jobs by the end of the year and the rest early next year. Reynolds Metals said the work force reductions are part of a plan to improve its pretax earnings in 1997 by $100 million, or $1 a share, by paring costs, improving production and cutting capital spending by $100 million next year. (Bloomberg Business News) GM's third-quarter profit nearly doubled from '95
General Motors Corp. said today its third-quarter profit nearly doubled from a year ago. The world's largest automaker credited continued cost-cutting in its North American operations. GM earned $1.27 billion, or $1.57 a share, compared with $642 million, or 42 cents a share, for the July-September period of 1995. But last year's third quarter included $246 million from GM's Electronic Data Systems Corp. subsidiary. General Motors sold EDS in June of this year. The recent quarter's results were boosted by $253 million, or 34 cents a share after taxes, from a reduction in GM's plant-closing reserve. Sales totaled $34.6 billion, up 10.7 percent from $31.2 billion a year ago. (Associated Press) Richmond man will head association of Realtors
Thomas Jefferson III, owner of Jefferson-Jones Inc. real estate company and a 33-year veteran in residential sales, is the 1997 president of the Virginia Association of Realtors. Jefferson's company has eight sales agents, including him. He would be happy spending 80 percent to 90 percent of his day doing just selling, he said. (Knight-Ridder News) AT&T closer to picking new president, successor
An electronics executive is the leading candidate to become AT&T's new president and the eventual successor to Chairman Robert E. Allen, The New York Times reported today. The company could announce a new president today or Wednesday, after AT&T's regularly scheduled board meeting, the Times said. The newspaper, citing people with knowledge of the search, said C. Michael Armstrong, the chairman and chief executive of Hughes Electronics Corp., is the leading contender. Several executives also told the paper that Armstrong wasn't the only candidate. W. James McNerney Jr., chief executive of General Electric's GE Lighting subsidiary, and William T. Esrey, chairman of Sprint Corp., are also said to be serious prospects. (AP) PepsiCo, Coca-Cola show disappointing 3rd quarter
PepsiCo Inc. and Coca-Cola Co. reported disappointing third-quarter earnings as soft-drink sales slowed in their major international markets. Pepsi's earnings fell 18 percent, more than Wall Street expected, as growth also stalled at its snack and restaurant businesses. Coke's profit rose 14 percent, though it surprised investors by coming in below what the company forecast just two weeks ago. The first time in decades that the archrivals reported earnings on the same day highlights the differences between them. While Coke has to fend off occasional bouts of unusual weather, Pepsi's problems reach deeply into several of its businesses. Coke's shares fell 1 to 48 1/2 on late trading of 4.6 million shares, more than its three-month daily average of 2.8 million. Pepsi's shares were unchanged on trading of 4.2 million shares, more than its 6.3 million average. (Bloomberg) O'Leary, executives to talk of home heating oil prices
With heating oil supplies the lowest in recent years, Energy Secretary Hazel O'Leary and senior oil company executives are planning a brainstorming session this week to see what can be done to avoid a severe price shock for consumers. Under pressure from lawmakers whose constituents face sharply higher heating bills, O'Leary invited 20 executives, representing the oil, propane and natural gas industries, to meet Friday. A department spokesman, Bill Wicker, stressed Monday that no decisions were expected from the meeting. He said the administration ``is not interested in . . . direct market intervention.'' (AP) In other news
Dick Morris, the Clinton campaign adviser who resigned after a supermarket tabloid reported on his affair with a prostitute, has been hired by Volkswagen, the International Herald Tribune said Tuesday. The newspaper said Morris was working as a consultant in VW's public relations battle with General Motors Corp. . . . Enova Corp. and Pacific Enterprises plan to merge into one of the nation's largest utilities, with 6 million customers in southern California. . . . by CNB