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

DATE: THURSDAY, April 14, 1994                   TAG: 9404140328
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Central Fidelity Banks Inc. on Wednesday reported record first-quarter earnings of nearly $29.3 million, or 75 cents a share, up 21.4 percent from $24.1 million, or 63 cents, for the 1993 period.

The company said its income was affected by two significant items: The bank recognized $3.3 million higher profits on securities available for sale, and it gained $11.4 million on sale of an out-of-state affinity credit card program with a national organization.

Expenses included promotional costs for new credit card accounts to replace those sold, and a write-off of various computer software systems.

Chairman Carroll Saine said there was a positive trend from operations despite the extraordinary expense and income items. He said he was particularly encouraged by ongoing strong growth in loan demand, coupled with continued momentum in Virginia's economy.

Assets reached $9.28 billion, up 6.4 percent from the previous year. Loans stood at $4.99 billion, up 24.5 percent, with solid gains in all categories except real estate construction. Deposits dropped 1.7 percent to $6.5 billion, primarily because of a substantial reduction in certificates of deposit over $100,000.

Hechinger Co.

Hechinger Co., Landover, Md.-based hardware chain with a store in Roanoke, on Wednesday reported net sales for the fiscal year ended Jan. 29 of $2 billion, up from $1.9 billion in the prior year. Net income was $24.7 million, or 59 cents per share, compared with a loss of $26.3 million, or 63 cents per share.

Carolina Freight

Carolina Freight Corp., Cherryville, N.C., trucking company with a terminal in Roanoke, on Wednesday reported revenue for the quarter ended March 26 was up 2.8 percent, to $192.6 million from $187.3 million in the 1993 quarter. Due primarily to snow and ice storms and the earthquake in California, the company sustained a net loss of $4.1 million, or 63 cents per share, compared with a net loss of $390,000, or 6 cents, in the 1993 quarter.