Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, April 22, 1993 TAG: 9304220079
SECTION: BUSINESS PAGE: B7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The results do not include one-time after-tax charges of about $71 million, or 14 cents a share, for the early adoption of mandated accounting changes for income taxes and retirement benefits. Waste Management Inc. is an Oak Brook, Ill.-based waste collection, reduction and recycling company with operations in Western Virginia.
Fieldcrest Cannon
Fieldcrest Cannon Inc., Greensboro, N.C.-based textile and carpet maker operating a towel mill in Henry County, on Wednesday said first-quarter sales were $263.4 million, down 3 percent from $271.4 million in the 1992 quarter.
Bed- and bath-product sales fell 4 percent and carpet and rug sales were up 1 percent.
Income before the cumulative effect of accounting changes was $3.7 million, or 31 cents a share, compared to $600,000, or 6 cents a share, in the 1992 quarter. The accounting changes cut income $70.3 million, or $5.86 per share, and resulted in a net loss of $66.6 million, or $5.55 per share.
Virginia First Savings
Virginia First Savings Bank, Petersburg-based thrift with banking offices in the Roanoke Valley, on Wednesday reported third-quarter net earnings of $1.3 million, or 46 cents a share, up 134 percent from $541,000, or 21 cents a share for the 1992 quarter. Net earnings for the first nine months were $3.5 million, or $1.29 per share, up 121.6 percent from the $1.6 million, or 61 cents a share for the 1992 period.
Total assets were $542.6 million at March 31, compared to $561.9 million a year earlier. Deposits were $459.7 million, compared to $482.7 million a year ago.
During the quarter, Virginia First expanded its market by opening mortgage production offices in Blacksburg and Charlottesville, increasing to 13 the number of its mortgage production offices in Virginia and Maryland.
Ground Round
Ground Round Restaurants Inc., Boston-based chain with an outlet in Roanoke, said revenues for its second quarter ended April 4 fell 1.3 percent to $56.4 million from $57.2 million in the 1992 quarter, but income rose to $1.2 million, or 11 cents a share, from $1.15 million, or 10 cents a share.
For the six months, revenues rose 6.3 percent to $118.6 million from $111.6 million, and income was up $2.7 million, or 24 cents a share, from $2.3 million, or 20 cents a share.
BellSouth Corp.
BellSouth Corp., Atlanta-based parent of BellSouth Communication Systems of Roanoke, reported first-quarter net income of $411.2 million, or 83 cents per share, including the impact of about $25 million, or 5 cents per share, related to severe winter weather.
Excluding the weather-related charges, earnings per share were 88 cents, compared with 86 cents in the 1992 quarter, before a one-time gain of 8 cents per share from a tax settlement.
Telephone access lines serving BellSouth customers increased to 18.9 million in the quarter, an annual gain of 3.4 percent. Total long-distance access minutes increased 5.8 percent over the 1992 quarter.
Revenues for the quarter were $3.83 billion, up 2.5 percent from the year-ago quarter. Operating expenses, including those caused by the weather, increased 4.2 percent.
Without the effect of the weather, net income was about $436 million, compared with $421.4 million in the 1992 quarter. Bell Atlantic Corp.
Greater use of wireless telephones and lower interest rates helped Bell Atlantic Corp., Philadelphia parent of C&P Telephone Co. of Virginia, record a 22.3 percent increase in net income in its first quarter.
The Philadelphia-based telecommunications giant said Tuesday it earned $414.2 million, or 95 cents a share, for the three months ended March 31, compared to $338.6 million, or 79 cents a share, in the 1992 quarter. Operating revenues increased 2.3 percent to $3.16 billion from $3.09 billion.
The first-quarter results reflect a benefit of $44.5 million from an income-tax accounting change, the sale of part of the company's investment in Telecom Corp. of New Zealand Ltd., Bell Atlantic's portion of Telecom restructuring charges and early retirement of debt.
Excluding these one-time benefits and $10.9 million of one-time benefits in the first quarter of 1992, net income for the quarter was 12.8 percent higher than a year earlier.
by CNB