THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Wednesday, October 26, 1994 TAG: 9410260437
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Long : 108 lines
Portsmouth agency gets $38,255 HUD award: The U.S. Department of Housing and Urban Development awarded $38,255 to Portsmouth Redevelopment and Housing Authority as part of a $288,255 total award for Virginia youths living in public housing. HUD tries to provide young people with positive alternatives to crime and violence by funding sports and after-school activities, said HUD Secretary Henry G. Cisneros. Both Richmond and Waynesboro Redevelopment and Housing authorities received $125,000 awards. To encourage community partnerships, housing authorities applying for Youth Sports grants were required to match 50 percent or more of their requests with funds from local governments, community organizations and nonprofit groups. (Staff)
Swiss Colony recalls bakery products: Swiss Colony Inc. temporarily idled its bakery and recalled 17,000 cases of its products sold by mail order nationwide because of possible bacteria contamination. Ninety-five percent of the 17,000 cases were ``accounted for or retrieved,'' the company said. Most of the products were distributed by mail order under the labels Swiss Colony, Green County, Figi's and Neiman Marcus. The recall affected petits fours, brownies and doboshettes, or double petits fours, baked after Sept. 6, with packages bearing code numbers 9549 through 9592. (Associated Press)
Hoechst Celanese, Shell, DuPont agree to settle plumbing suit: Hoechst Celanese Corp., Shell Oil Co. and DuPont Co. have agreed to pay at least $750 million to settle a lawsuit alleging their chemicals used to make plastic plumbing pipes and fittings damaged systems in homes nationwide. Trial Lawyers for Public Justice, which filed the lawsuit in September 1993, said Celanese, Shell and DuPont produced resin products, including polybutylene, that were used to manufacture plumbing fittings and pipes. But the pipes and fittings corroded and leaked when exposed to chemicals found in common drinking water in much of the country, causing millions of dollars of property damage, the group said. The three companies will pay homeowners nationwide to replace leaking plastic plumbing systems and to compensate owners whose property has been damaged by the leaks, the lawyers' group said. (AP)
George Mason University to receive $11.7 million telecommunications network: Bell Atlantic was awarded an $11.7 million contract with George Mason University to develop a comprehensive university communications network linking voice, data and video to its three campuses, classrooms, dormitories and administrative offices. Targeted for completion by summer 1996, the network will include distance learning facilities, an interactive classroom and a presentation classroom, which will enable instructors and students to communicate or access information through voice, data, interactive multimedia and cable TV from George Mason campuses, dormitories and off-campus locations around the Washington area. (Staff)
Essex closes settlement of suit: Essex Financial Partners L.P. said it closed on the main elements of its previously announced settlement of a class-action suit. Essex is the Virginia Beach-based owner of Essex Savings Bank. Disgruntled investors sued the partnership in December. As a result of the settlement, PaineWebber Inc., which conducted Essex's initial public offering, forgave $20.5 million in the partnership's debt. Essex will issue $1 million of preferred stock to investors and contribute $1.3 million to settlement fund. Essex will take a $2.4 million charge to its third-quarter earnings and a $20.5 million gain in the fourth quarter from the settlement. (Staff)
USAir pilots applaud Baliles' appointment as facilitator: USAir pilots on Tuesday applauded Transportation Secretary Federico Pena's appointment of former Virginia Gov. Gerald L. Baliles as a facilitator in their stalled talks with management on restructuring the airline. In March USAir management requested concessions from its employees worth $500 million per year for five years. Following an in-depth analysis of USAir's financial position, the USAir Labor Coalition agreed that USAir has severe competitive and financial problems and that an appropriate solution required cutting costs and restructuring. (Staff) EARNINGS
CSX has record earnings: The Richmond-based transportation company reported record earnings Tuesday of $177 million, or $1.68 per share, in the quarter ended Sept. 30. In the same quarter in 1993, CSX Corp. made $63 million, or 61 cents per share, mostly because of a $54 million, or 52 cents per share, charge to pay for a change in corporate tax rates. CSX's revenue rose 10.3 percent to $2.47 billion in the quarter. CSX operates a railroad, a container ship line, trucking and barge units and an intermodal freight forwarding company. CSX trains serve the port and some of the coal terminals of Hampton Roads, and its Sea-Land Service ship line operates a shipping terminal in Portsmouth. (Staff)
RJR Nabisco profits surge in third quarter: RJR Nabisco Holdings Corp. said Tuesday that earnings nearly tripled in the third quarter, reflecting accelerating growth in its tobacco and food businesses. RJR Nabisco earned $216 million, or 11 cents a share, in the three months ended Sept. 30, compared with $76 million, or 4 cents a share, in the same period last year. Revenues rose 10 percent to $3.97 billion from $3.60 billion. (AP)
Heritage Bank profits leap: Earnings at Heritage Bankshares Inc. soared 37.8 percent in the third quarter on strong loan growth, the company reported Tuesday. The Norfolk based-parent of Heritage Bank & Trust made $164,000 in the quarter ended Sept. 30, up from $119,000 a year ago. On a per-share basis, it made 21 cents, up from 15 cents. Heritage Bank operates two branches in Norfolk and one in Chesapeake. The bank's net loans increased 14.1 percent to $38.8 million at Sept. 30 from a year earlier. (Staff)
Bank of Suffolk earnings up and down: Bank of Suffolk said Tuesday that it net income increased, but its per-share income slipped. The bank made $342,000 in the quarter ended Sept. 30, 17.9 percent more than the $290,000 it made in the quarter the year before. Per-share earnings decreased to 38 cents from 41 cents. The bank sold stock in March to raise capital and boost its market profile. The bank operates five branches and had $90.6 million in assets and $78.4 million in deposits as of Sept. 30. (Staff) by CNB