Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, October 29, 1993                   TAG: 9310290123
SECTION: BUSINESS                    PAGE: A-13   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

General Motors Corp. said Thursday it lost $113 million, or 49 cents a share, in the third quarter, a dramatic improvement from the same quarter last year, when the world's largest automaker lost $1.1 billion.

The results included a pretax restructuring charge of $950 million, $589 million after taxes, or 83 cents a share, to pay for accelerated job cuts in GM's downsizing. GM also took a $144 million after-tax deduction to cover payments to retirees as part of the new contract with the United Auto Workers. Without special charges, GM earned $176 million in the quarter.

Third-quarter sales and revenues were $30.19 billion, up 2.4 percent from $29.48 billion in the 1992 quarter, when GM lost $1.1 billion, or $1.86 a share.

Ford on Wednesday reported third-quarter earnings of $463 million, or 79 cents a share. Chrysler this month reported record third-quarter earnings of $423 million, or $1.13 a share.

First Colony

First Colony Corp., Richmond holding company for First Colony Life Insurance Co. in Lynchburg and American Mayflower Life Insurance Co. of New York, on Thursday reported third-quarter net income of $34.2 million, or 69 cents per share, down 30 percent from $49 million, or 99 cents per share, in the 1992 quarter, as a result of a one-time deferred tax adjustment due to federal tax legislation and increased amortization costs related to investment gains.

Pretax operating income was $40.4 million, up slightly from $40.3 million. After-tax operating income was $26 million, or 52 cents per share, down 9 percent from $28.7 million, or 58 cents per share.

For the first nine months, net income was $146.9 million, or $2.97 per share, up 22 percent from $120.4 million, or $2.44 per share, in the 1992 period.

Pretax operating income was $124.9 million, up 6 percent from $118.1 million. After-tax operating income of $82 million, or $1.66 per share, was down 2 percent from $83.5 million, or $1.69 per share.

Total revenues for the quarter of $385.9 million were up 16 percent from a year ago. For the nine months, revenues were $1,123.1 million, up 24 percent.

At Sept. 30, shareholders' equity was $1,058 million, or $19.83 per share, up 19 percent from $16.63 at year-end 1992; assets were $8.2 billion, up 11 percent, and life insurance in force totaled $110 billion, up 14 percent.

Mod-U-Kraf Homes

Mod-U-Kraf Homes Inc. of Rocky Mount on Thursday reported third-quarter net income of $140,812, or 21 cents per share, compared with $117,514, or 17 cents per share, in the 1992 quarter. Sales were $2.1 million, compared with $2 million.

The company declared a cash dividend of 3 cents per common share, payable Nov. 26 to shareholders on Nov. 12.