THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, October 22, 1996 TAG: 9610220237
SECTION: BUSINESS PAGE: D6 EDITION: FINAL
LENGTH: 92 lines
Dollar Tree Stores Inc. third-quarter earnings rose 67 percent. Net income jumped to $6 million in the three-month period ended Sept. 30 from $3.6 million in the year-earlier quarter. Sales rose 64 percent to $110.6 million from $67.4 million. Dollar Tree, a rapidly growing chain, operates 712 discount variety stores in 26 states.
Goodyear Tire & Rubber Co. earnings rose 8.1 percent in the third quarter as it sold more tires worldwide. The company earned $170.2 million, or $1.09 per share, for the third quarter compared with $157.5 million, or $1.03 per share for the same period a year ago. The results were slightly below the $1.13 a share expected by analysts.
Hasbro Inc. earnings were up almost 11 percent in the third quarter, boosted by a mix of strong sales of old favorites like Monopoly and new games such as Goosebumps. The nation's second-largest toymaker said Monday its earnings rose to $70.5 million, or 81 cents a share, in the quarter ended Sept. 29, from $63.6 million, or 72 cents a share, in the comparable period ended Oct. 1, 1995. Revenue nudged up 2.3 percent to $845.1 million from $826.2 million. Although earnings were at the high end of expectations, Hasbro stock slipped 37 1/2 cents to $38.75 a share on the American Stock Exchange.
IBM Corp. earnings slipped in the third quarter as expenses grew faster than revenue, in part because of slack results in Europe and from computer software. But IBM's stock shot up 3 percent after the chief financial officer gave a rosy assessment of the world's largest computer company, particularly for its main computer hardware business. IBM said it earned $1.29 billion, or $2.45 a share, in the three months ended Sept. 30. The company earned $1.30 billion, or $2.30 a share, in the third quarter a year ago, excluding the impact of a one-time charge to help pay for IBM's acquisition of Lotus Development Corp. IBM took a $1.8 billion charge related to its $3.5 billion deal for Lotus, which closed last July.
Microsoft Corp. on Monday said its quarterly profits jumped 22 percent to a record $614 million, strengthened by demand for its computer operating systems and software. Microsoft said it earned 95 cents a share in its fiscal first quarter. That was up from 78 cents a share, or $499 million, in the year-earlier period. Revenue rose 14 percent to $2.3 billion from $2 billion.
Mobil Corp. earnings fell 2 percent in the third quarter as profits plunged in the oil giant's chemical businesses. Mobil earned $769 million, or $1.92 per share, for the quarter ended Sept. 30. In the same quarter of 1995, Fairfax-based Mobil earned $786 million, or $1.95 a share. Mobil's earnings from chemical businesses fell to $90 million in the quarter, from $179 million a year ago. Part of the 49 percent drop resulted from sales of some businesses.
RJR Nabisco Holdings Corp. earnings edged up 4 percent in the third quarter as growth in international tobacco offset a decline in sales volume in its domestic tobacco business. Its food operations were more profitable and had higher sales. RJR, with its tobacco headquarters in Winston-Salem, N.C., is the nation's second-biggest cigarette maker with brands like Winston, Camel and Doral. Its 80 percent-owned Nabisco unit is the leader in the cookie and cracker business with brands like Oreos and Ritz. It earned $225 million, or 66 cents a share, in the quarter ended Sept. 30, compared with $216 million, or 61 cents a share, a year earlier. That matched analysts' expectations. RJR was up 62 1/2 cents a share at $27.12 1/2 in afternoon trading on the New York Stock Exchange.
Ryder System Inc. posted a 26 percent increase in third-quarter profits Monday, but the company said its automobile hauling business continued to be a drag earnings. The Miami-based company also said it has offered early retirement to 1,000 of its 44,000 employees in a continuing effort to pare expenses. Earnings in the three months ending were $26.3 million, or 32 cents a share, compared with $20.9 million, or 26 cents a share, in the same quarter last year. Revenue was up 11 percent to $1.41 billion from $1.26 billion. Excluding restructuring and other charges, the company would have earned $34.2 million, or 42 cents a share, compared with $28.2 million, or 35 cents a share, a year ago.
Union Carbide Corp. profit dropped 42 percent in the third quarter, reflecting weak pricing for certain chemicals and a onetime gain last year. Net income was $161 million, or $1.19 per share for the three months ended Sept. 30, compared with $277 million, or $1.96 per share, in the same period a year ago.
USAir Group Inc. earned profits of $67.7 million in the third quarter, up 57 percent over the same period last year, due mainly to good economic conditions. The net income in the quarter ended Sept. 30 included a $41.1 million set-aside under a 1992 employee profit-sharing agreement that will expire next year. Without the provision for profit-sharing, USAir's net profit would have been $108.5 million.
Virginia First Financial Corp. reported earnings of $196,000 for its first fiscal quarter, a 90 percent decline compared to its earnings during the same period last year. The bank blamed the decline on a one-time recapitalization charge it was required to pay to the Federal Deposit Insurance Fund. Net earnings were $196,000 for the quarter ended Sept. 30, compared to earnings of $2.1 million at the same time last year. On a per share basis, the net earnings were 3 cents per share, compared to 36 cents per share for the comparable three months last year. Without the FDIC charge, Virginia First earnings would have been about $2.2 million, a 2 percent increase from last year. Virginia First's total revenues for the quarter were $7.8 million, compared to $7 million last year. The company is in the process of purchasing American Finance and Investments Inc.. by CNB