THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Wednesday, October 19, 1994 TAG: 9410200623
SECTION: BUSINESS PAGE: D02 EDITION: FINAL
LENGTH: Medium: 72 lines
PHILIP MORRIS UP: Philip Morris Cos. said its third-quarter net income rose 27 percent, led by strong results in its tobacco business worldwide and improving results in its food and beer businesses. The New York-based maker of Marlboro cigarettes, Kraft foods and Miller beer said net income rose to $1.23 billion, or $1.42 a share, from $967 million, or $1.11. (Bloomberg Business News)
JEFFERSON BANKSHARES EARNINGS SLIP: Jefferson Bankshares Inc.'s profit decreased 9.4 percent to $5.6 million, or 37 cents per share, in the third quarter compared with a year earlier, it announced Tuesday. The Charlottesville-based banking company made $6.2 million, or 41 cents per share, in the three months ended Sept. 30, 1993. Jefferson's chief subsidiary is Jefferson National Bank, which has 97 offices in Virginia, including more than 10 in Hampton Roads. The company had assets of $1.9 billion and deposits of $1.7 billion as of Sept. 30. (Staff)
PRINCESS ANNE BANK'S INCOME UP: Princess Anne Bank said Tuesday its third-quarter earnings were $224,000, a 5 percent increase from the $214,000 it made last year. On a per-share basis, earnings edged up to 23 cents from 22 cents. The bank, with two branches in Virginia Beach, had $76.2 million in assets and $68.8 million of deposits as of Sept. 30. (Staff)
BASEBALL OUT, BUT TRIBUNE CO. UP: Tribune Co. said Tuesday its third-quarter earnings rose 24 percent as big gains in publishing profits and newsprint holdings more than offset the negative impact of the major league baseball strike. Tribune's businesses include the Chicago Tribune newspaper, the Chicago Cubs baseball team and the Newport News Daily Press. It also owns TV stations that broadcast baseball games. (Associated Press)
RICHMOND BROKERAGE'S EARNINGS FALL: Scott & Stringfellow Financial Inc. announced Tuesday that its third-quarter earnings dropped 40.9 percent from a year ago. The Richmond-based financial services firm attributed the decline to a ``less robust market environment'' this year. Scott & Stringfellow made $589,000 in the quarter ended Sept. 30, compared to $996,000 a year ago. On a per-share basis, the profit was 28 cents, down from 47 cents. Scott & Stringfellow has 25 offices in Virginia, West Virginia and North Carolina, including two in Hampton Roads. (Staff)
COCA-COLA UP: Coca-Cola Enterprises Inc., the world's largest bottler of Coca-Cola products, said third-quarter earnings more than doubled as new products and another price increase led to record soft-drink sales. The Atlanta-based company posted third-quarter net income of $26 million, or 19 cents a share, compared with profit from operations of $10 million, or 8 cents, in the third quarter of 1993. A year ago, a charge of $40 million, or 31 cents, for deferred taxes resulted in a loss of $30 million, or 23 cents. (Bloomberg)
CORNING PROFITS: Corning Inc. said Tuesday it posted a profit in the third quarter, despite charges related to its acquisition of three laboratory services companies, as sales rose 20 percent. The company earned $76.9 million, or 36 cents per share, in the three months ended Oct. 9. That compared with a loss of $33.9 million, or 18 cents per share, in the same period a year ago. (AP)
MERCK UP 11 PERCENT: Merck & Co. said third-quarter net income rose 11 percent as lower pharmaceutical prices partly offset higher unit volume of newer drugs. Net income for the world's largest drug company reached $784.8 million, or 62 cents a share, compared with $705.7 million, or 62 cents, for the corresponding quarter a year ago. Shares outstanding rose to 1.26 billion from 1.14 billion. (Bloomberg)
GENENTECH UP: Genentech Inc. said its third-quarter net income more than doubled on higher sales of its blood clot dissolver, Activase, and its cystic fibrosis drug, Pulmozyme. The biotechnology company, which is 60 percent owned by Swiss-based Roche Holdings Inc., said net income rose to $33.6 million, or 28 cents a share, from $15.5 million, or 13 cents in the year-ago period. Revenue climbed 17 percent to $193.8 million from $165.4 million. (Bloomberg) by CNB