THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, August 14, 1996 TAG: 9608140353
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
LENGTH: 42 lines
Life Bancorp gets OK to buy back stock
Life Bancorp Inc., the Norfolk-based parent of Life Savings Bank, said it received approval from federal regulators to buy back as much as 15 percent of its outstanding stock.
Life said its latest repurchase plan calls for buying back as much as 5 percent of its shares by Oct. 11 and another 10 percent between Oct. 12, 1996, and Oct. 11, 1997. So far this year, Life has repurchased and retired 1.06 million shares, or 9.75 percent of the shares outstanding at year-end 1995. (Staff)
Doughtie's reports increase in revenues
Doughtie's Foods Inc., the Portsmouth-based food processor and distributor, said it earned $413,500, or 41 cents a share, in the second quarter vs. a loss of $41,700, or 4 cents a share, in the same period last year.
The results for the year earlier included losses from Doughtie's 70 percent-owned gourmet foods venture, which the company has discontinued.
Revenues for the latest quarter were $22.5 million, up from $21 million in the same quarter of 1995. (Staff)
Clinton signs bill on oil, gas royalties
President Clinton signed legislation Tuesday cutting red tape for companies drilling for oil and gas on federal lands.
Clinton said the new law will simplify the lives of oil and gas executives and speed the collection of millions of dollars of royalties into federal and state coffers.
It will also ``create many new jobs for America's workers. And most important of all, it will help reduce our nation's reliance on foreign oil and gas,'' the president said.
Oil companies pay royalties for the right to drill on government lands. A written statement from the White House said that Clinton, in a meeting with oil and gas producers last year, heard complaints that the 1982 royalty law and the conflicting court interpretations that followed had resulted in overpayment of royalties, uncertainty about financial liabilities, burdensome paperwork and unnecessary costs. (AP) by CNB