THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, April 12, 1996 TAG: 9604120561
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 58 lines
Marine Hyrdaulics International Inc. won a pair of Navy repair contracts, including a $3.7 million job on the dock landing ship Ashland. Work on the warship will help sustain the jobs of the small Norfolk shipyard's 260 employees until late August. The other contract is for $384,000 of work on a berthing barge. The Ashland, based at Little Creek Naval Amphibious Base, will go to MHI in May for major combat systems alterations and other repairs. MHI emerged from a bankruptcy reorganization of its finances in October. (Staff) TFC reports net loss for last year
TFC Enterprises Inc., based in Norfolk, reported a net loss of $6.5 million for the full year 1995, compared to net income of $7.2 million in 1994. Relative to 1994, the net loss in 1995 reflected a sharp increase in the provision for credit losses, which was related to an increase in delinquencies and credit losses in the company's portfolio of contract receivables. The company reported on Jan. 31, 1996, that it was not in compliance with certain aspects of credit agreements with its lenders. In late March, the lenders agreed to forbear in the exercise of their rights under the credit agreements, provided the company continues to meet certain terms. (Staff) Crestar Financial income up in first quarter
Helped by additional income from fees and other non-interest income, Crestar Financial Corp. said its first-quarter net income climbed 12 percent from the comparable three months of 1995. The Richmond-based parent of Crestar Bank said it earned $55.42 million in the first quarter, which was up from $49.66 million in the year-earlier period. Its per-share earnings for the quarter climbed to $1.27 from $1.14. Crestar, which had only a modest increase in net loans, said severe winter weather hampered customer activity during the recent quarter. However, the spread between Crestar's cost of funds and the yield on its loans and investments widened slightly from last year's first quarter. (Staff) First Union reports decline in first quarter
First Union Corp., which recently acquired New Jersey-based First Fidelity Bancorp., reported a 31 percent decline in first-quarter net income. Results for the three months through March included $181 million, or 85 cents a share, of charges for merger-related restructurings. The Charlotte-based parent of First Union National Bank of Virginia said it earned $242.85 million for the recent quarter, down from $349.84 million in the comparable three months of 1995. Its per-share earnings declined to 85 cents from $1.19. Citing the contribution to earnings from sales of mutual funds and investment services, First Union said its operating income for the recent quarter rose 24 percent to $420 million from $338 million in the year-earlier period. (Staff) by CNB