DATE: Friday, August 8, 1997                TAG: 9708080586

SECTION: BUSINESS                PAGE: D2   EDITION: FINAL 

                                            LENGTH:   56 lines

LOCAL SCENE

CHESAPEAKE

MASONRY COMPANY TO BUILD DISTRIBUTION SITE: Riverside Brick & Supply Co. broke ground on a 7,000-square-foot distribution facility in the Cavalier Business Center this week. Brick, concrete and masonry materials will be distributed from the site, which will include a yard, showroom, office and warehouse. The site is expected to open in October and employ 12.

NORFOLK

MCKINNON NAMED PROJECT MANAGER FOR ARCHITECTURAL FIRM: Hunt McKinnon was named project manager at Shriver and Holland Associates. He was previously a project architect with Odell Associates Inc., Charlotte, N.C.

VIRGINIA

UNIVERSAL CORP. DECLARES DIVIDEND: Universal Corp., the Richmond-based diversified company with operations in tobacco, lumber and agri-products, declared a quarterly dividend of 26 1/2 cents per share on the common shares of the company, payable Nov. 3, to common shareholders of record at the close of business on Oct. 13.

SCC tells GTE to lower rates: The State Corporation Commission has directed GTE-South to reduce its rates by a total of $27.4 million. The largest reductions will be reflected in short-distance toll rates, and the amount GTE charges long-distance companies to connect to its network, the SCC said. The SCC's ruling results from a June 1995 rate-case filing by GTE that included substantial increases in monthly rates for local service, the SCC said. The SCC did approve an increase of $2 a month in basic local rates for customers living in eastern and central Virginia, but most customers will see no billing difference because GTE is removing its $2 monthly charge for Touch-Tone service, the SCC said.

COLONIAL DOWNS EARNINGS UP: Colonial Downs Holdings Inc. said earnings for the second quarter ended June 30 were $473,000, or 7 cents a share, compared with a net loss of $129,000, or 4 cents a share, for the same period a year ago. Revenues for the second quarter increased from $2.3 million last year to $5 million this year, the company said. The increase in revenues and earnings is the result of Colonial Downs operating two racing centers in 1997 as opposed to just the Chesapeake Racing Center last year, the company said.

VIRGINIA BEACH

NEW CONSULTING ENGINEERING FIRM: Peter C. Striffler, a mechanical engineer with over 22 years of experience, has established Striffler Engineering Associates, a new consulting business specializing in mechanical and electrical engineering services. Striffler was vice president of Marable Striffler & Associates in Virginia Beach.

PUBLIC OFFERING OF JACKSON HEWITT SHARES CLOSES: Jackson Hewitt Inc., the tax-preparation service, said it raised $25.8 million from a recent public offering of 1,322,500 new common shares. The Virginia Beach-based company said it will use the proceeds to reduce its reliance on borrowed funds, for general corporate purposes and to expand its network of offices. Jackson Hewitt has 76 company-owned offices and 1,296 franchised offices in 41 states. ILLUSTRATION: McKinnon

Striffler

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