Clipped From The Palm Beach Post

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 - FPL rescinds power cut request Net income...
FPL rescinds power cut request Net income Revenue Shares outstanding Earningsshare Palm Beach Post Staff and Wire Reports JUNO BEACH Florida Power & Light Co. on Tuesday canceled its public appeal to 3.6 million customers to cut back on power use because of a natural gas shortage caused by an explosion Friday. FPL had lost about 10 percent of its generating capacity from the lightning-caused lightning-caused lightning-caused explosion and fire that knocked out three gas pipelines at a facility located about 50 miles southeast of Tallahassee and owned by the Florida Gas Transmission Co. Florida Gas Transmission completed repairs Tuesday to two of the three pipelines damaged by the blast and fire, restoring about 80 percent of the volume of its natural gas flows. The third ruptured line is expected to be restored Thursday. Credit union moratorium lifted TALLAHASSEE Because of the recent passage passage of the Credit Union Membership Access Act, Florida Comptroller Robert Milligan has lifted a moratorium that prevented federal credit unions from converting to state charters. The state had been concerned that existing federal credit unions would rush to get state charters charters to avoid stricter federal membership rules. It imposed a moratorium on Feb. 26. The federal requirements originally made, for example, railroad credit unions restrict membership membership to just railroad workers. Florida allowed a credit union to branch into other groups. The new federal law makes federal requirements requirements essentially the same as Florida's. Able Telcom deal not completed yet WEST PALM BEACH Able Telcom Holding Corp. (Nasdaq: ABTE, $7.63) said Tuesday it still owes $49 million to WorldCom Inc. for a subsidiary it is trying to pay for before an Aug. 31 deadline. The agreed-upon agreed-upon agreed-upon cost of Omaha, Neb.-based Neb.-based Neb.-based MFS Network Technologies is the company's book value plus $10 million. Able said it has paid $38.6 million to WorldCom for MFS. Tuesday's outstanding outstanding balance announcement brings Abie's estimate estimate of MFS' value to about $87.6 million. In April, when the deal was announced, WorldCom had placed the value of MFS at about $101 million. Able Telcom also said the outstanding $49 million million balance could change after the completion of an independent audit to determine the book value. Able declined to say who is doing the audit and when it will be released. The two sides are still negotiating negotiating the book value. The deal has an Aug. 31 deadline. If it passes, Abie's interest payments on any outstanding balance balance will increase to 18 percent from 12 percent. Innkeepers USA shifts revenue PALM BEACH Innkeepers USA Trust on Tuesday said it has adopted new accounting standards standards and restated its financial results for the first and second quarters of 1998. Applying the new standards as of June 30, the Palm Beach-based Beach-based Beach-based hotel real estate investment trust (NYSE: KPA, $11.82) will defer $21.2 million in revenue to the third and fourth quarters. The deferment deferment caused a $7.9 million net loss for the first half of this year, compared with the previously announced announced net income of $11.6 million. David Bulger, Innkeepers' chief financial officer, said the new accounting standards do not affect the REITs economics or cash flow of its leases. The standards also do not affect the dividend or funds from operations, a leading indicator of a REITs performance, he said. Rexall expands vitamin distribution RHP A RATON Rpxall Sundown said Mondav it has signed agreements to sell its Sundown brand vitamins, herbals and nutritional supplements in sales 1,500 grocery stores owned by American Stores. Net income Rexall also said it will expand its distribution Average shares contract with Kmart to start selling herbals at the Earnings per share In brief national retailer. Kmart has about 1,500 stores. Rexall already sells vitamins at the mass merchandiser. merchandiser. The two deals are expected to increase sales of Sundown products by up to $15 million annually, said Rich Goudis, chief financial officer. Rexall Sundown said it expects to have sales this year of about $500 million. American Stores, based in Salt Lake City, has retail outlets under the names Acme, Jewel, Jewel-OSCo Jewel-OSCo Jewel-OSCo and Lucky. Engle Homes' profits drop BOCA RATON Engle Homes Inc. on Tuesday reported decreased income for its fiscal third quarter quarter ended July 31, compared with the same period last year. The Boca Raton-based Raton-based Raton-based home builder (Nasdaq: ENGL, $15.38) had profits of $3.2 million, down from the $3.6 million for its third quarter of 1997. The company attributed the decline to a $1.8 million debt payment. Quarterly revenue grew to $156 million million from $107 million. Engle Homes Inc. Quarter ended July 31 1998 $3.2 million $156 million 11.3 million 28 cents 1997 $3.6 million $107 million 9.1 million 43 cents Milestone Properties reports loss BOCA RATON Milestone Properties Inc. reported reported a net loss for the second quarter ended June 30. The Boca Raton-based Raton-based Raton-based real estate holding company company (OTC: MPRP, 87 cents) lost $1 million, compared compared to a net loss of $2.1 million for the second quarter of 1997. Quarterly revenue declined to $5.4 million from $5.9 million. In June, the New York Stock Exchange suspended suspended trading in Milestone's common stock and Series A preferred, then delisted the company because because it had fallen below NYSE criteria on net income income and market value. Milestone Properties Quarter ended June 30 1998 ($1 million) $5.4 million 4.2 million (25 cents) 1997 ($2.1 million) $5.9 million 4.9 million (50 cents) Net income (loss) Revenue Shares outstanding Earningsshare U.S. Diagnostic continues to gain WEST PALM BEACH U.S. Diagnostic Inc. (NASDAQ: USDL, $2.60) last week posted its second second consecutive quarter of profits. For the quarter ended June 30, net income was $3.4 million, as compared with a net loss of $11.9 million for the same period in 1997. Sales for the second quarter were $52.5 million as compared to $56.4 million in the same period last year. Sales were down partly because the company had divested its mobile imaging operations. Profits rose from increase use of its diagnostic centers. West Palm Beach-based Beach-based Beach-based U.S. Diagnostic Inc. is the nation's largest provider of MRIs and other radiology radiology services. It has locations in 18 states and owns 102 fixed site diagnostic imaging facilities. U.S. Diagnostic Quarter ended June 30 1997 1998 $56.4 million ($11.9 million) 21.642 (55 cents) 52.5 million $3.4 million 22.821 15 cents

Clipped from The Palm Beach Post19 Aug 1998, WedPage 30

The Palm Beach Post (West Palm Beach, Florida)19 Aug 1998, WedPage 30
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