THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, January 17, 1995 TAG: 9501170346
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
LENGTH: Medium: 74 lines
Shoney's plans restructuring and spinoffs: Shoney's Inc. said Monday that it will keep only its name brand Shoney's and Captain D's restaurants and sell 310 other eateries in a restructuring plan. Money from the sale will be used to reduce company debt, and to improve the Shoney's restaurants that make up the company's core family dining business, a company statement said. The company also said that Taylor Henry, its chairman and chief executive, will retire at the end of 1995 and Jim Arnett, its president and chief operating officer, has resigned. Shoney's will sell 310 restaurants this year, including all Pargo's, Fifth Quarter, and Lee's Famous Recipe eateries. Shoney's will keep 922 Shoney's and 643 Captain D's in 36 states, plus three BarbWires steak houses in Tennessee. (Wire reports)
Richmond manufacturer has record earnings: Tredegar Industries on Monday reported record fourth-quarter and 1994 earnings. The Richmond-based maker of plastics and metal products said it made $38.6 million, or $3.73 per share, in 1994, up from $9.5 million, or 80 cents per share, in 1993. Sales in 1994 increased 8.2 percent to $522.1 million. Fourth-quarter earnings were $3.7 million, or 40 cents per share, up from $1.8 million, or 17 cents per share, a year earlier. Results for 1994 include some earnings from energy operations that have been sold and $21 million in one-time gains. Excluding those gains Tredegar's 1994 income was $13.5 million, or $1.30 per share. (Staff)
Tultex overcomes baseball and hockey strikes: A strong fourth quarter has helped Tultex Corp. more than offset the loss of sales caused by the professional baseball and hockey strikes. The Martinsville-based company estimates that sales of sweat suits and other active wear jumped 18 percent from 1993's fourth-quarter level. That increase more than makes up for an 11 percent slump in the sales of licensed sports apparel - clothing emblazoned with team names from Major League Baseball and the National Hockey League. Tultex said 1994 sales rose 5.5 percent from the previous year to $563 million. (AP)
James River Corp. expects big 4th-quarter loss: James River Corp., wedged between rising material costs and consumer resistance to higher prices, said that it expects a wider-than-anticipated loss for the fourth quarter. The Richmond, Va.-based paper company said it expects a loss of about 21 cents a share for the quarter, compared with a forecast of 8 cents by 10 analysts polled by Zacks Investment Research. James River said it expects help from price increases for its paper towels, tissues and disposable dishes in the first quarter, but analysts said that could be a tough sell on the supermarket shelves. (Bloomberg Business News)
Universal Corp. anticipates lower than expected profit: Universal Corp. said Monday that earnings from continuing operations for fiscal year 1995 are expected to be below management's previous estimate of approximately $50 million. The Richmond-based tobacco, lumber and agricultural-products company said sales in Eastern Europe didn't measure up to expectations due to the region's depressed economic situation. (Staff)
Goodyear blames raw materials costs for price increases: The Goodyear Tire & Rubber Co. said Monday that it would increase the prices on replacement-market tires by as much as 5 percent on some lines. Raw material costs drove the increases, which take effect Feb. 15, Goodyear said. Prices on all of Goodyear's auto and light truck replacement tire lines will increase by 3 percent. Increases on commercial truck and farm tires will vary, the company said. Goodyear's off-road tires, which went up by as much as 10 percent earlier this year, and retread materials will not be affected. Market prices for some grades of rubber have more than doubled since early 1994, and significant increases occurred in the past two months, Goodyear said. Synthetic rubber and carbon black prices also have increased substantially. (AP) by CNB