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  • AMF BOWLING ROLLS A STRIKE ON NYSE UNDER PIN

              VA-based AMF Bowling debuted on the NYSE yesterday
         under the symbol PIN, and finished up 11.5% for the day,
         according to Bob Rayner of the RICHMOND TIMES-DISPATCH.  AMF
         opened at $19.50 per share but closed up $2.25 at $21.75.
         AMF President & CEO Doug Stanard said the company raised
         about $300M from the IPO after expenses.  Standard: "This
         will allow us to pay down debt and continue to fund our
         bowling center acquisitions" (RICHMOND TIMES-DISPATCH,
         11/5).  CNN's Lou Dobbs reported that AMF raised $263M "on
         its big board debut" ("Moneyline," CNN, 11/4).
    
    

    Print | Tags: Finance, Time Warner
  • BENETTON TO RELOCATE MUCH OF ROLLERBLADE TO NEW JERSEY

              Over the "next several months," corporate owner
         Benetton Sportsystems "will shift the bulk" of MN-based
         Rollerblade's "administrative departments" to its Princeton,
         NJ, N.A. headquarters, according to Jennifer Ehrlich of
         MINNEAPOLIS-ST. PAUL CITY BUSINESS.  The 280 employees at
         Rollerblade's MN office "are expected to lose their jobs,"
         and sources within the company "say the only Rollerblade
         employees who will hold on to their positions are a handful
         of people who will staff a new corporate office in
         Minneapolis," which will serve as the sales and marketing
         arm of the company.  Benetton's decision to "essentially
         scrap" Rollerblade as an "autonomous" company "came as no
         surprise to analysts who have predicted a wave of industry-
         wide consolidation."  Benetton "plans to cut costs" by
         taking over Rollerblade's finance, accounting, credit, human
         resources and information services departments that were in
         the MN offices (CITY BUSINESS, 11/3 issue).
    
    

    Print | Tags: Finance
  • EARNING REPORTS: ADIDAS REPORTS STRONG PROFITS FOR 3Q

              adidas yesterday "surprised investors with a stronger
         than expected increase in third-quarter pre-tax profits,"
         according to Graham Bowley of the FINANCIAL TIMES.  The
         company said pre-tax profits rose 64.4% to $176.8M in the
         period.  The company also announced that Chair Robert Louis-
         Dreyfus and fellow Dir Christian Tourres would each sell
         500,000 shares, but would continue to hold about 4.9% each
         of adidas share capital (FINANCIAL TIMES, 11/5).  3Q sales
         rose 46% to $1.2B, up from $859M in '96.  Apparel sales rose
         59% from '96, and footwear sales were up 35%.  In North
         America, sales rose 69% to $306.8M; European sales grew 34%
         to $792.6M; and Asian sales increased 74% (REUTERS, 11/4).  
              CONVERSE: Converse posted its sixth consecutive
         financial quarter of improved net earnings, for the 3Q ended
         September 27.  Net sales were $121.9M compared to $113.3M in
         the 3Q of '96, an increase of 7.6%.  Net earnings were $0.2M
         or $.01 per share compared to a loss of $3.0M or an $.18
         loss per share in the third quarter of '96.  For the nine
         month period, net sales increased 29.1% to $361.2M compared
         to $279.8M in '96  (Converse).  Results for the 3Q include
         an after-tax gain of around $8M, or $.45 per share, relating
         to the successful resolution of litigation stemming from the
         purchase of Apex One Inc. in '95 (BOSTON GLOBE, 11/4).
              OTHER NEWS: CNBC's Terry Keenan: "Fila closed down a
         fraction, just under $25 a share, but the stock could
         attract some buyers tomorrow.  The Italian sportswear
         company is out with disappointing 3rd quarter profits of
         $0.64, but that is well ahead of the street estimate. 
         Looking forward, Fila says that it will reengineer its U.S.
         apparel, footwear and retail divisions" ("Market Wrap,"
         11/4)....MI-based Penske Motorsports earned $8.8M, or $.63
         per share, on revenue of $44M in the 3Q '97, compared to
         $6.5M, or $50 per share, on revenue of $24M after 3Q '96
         (DETROIT FREE PRESS, 11/3)....CA-based Golden Bear Golf,
         Inc. announced 3Q '97 revenues of $17.7M, up 79% from $9.9M
         for the 3Q in '96.  Net earnings for the 3Q were $364,000,
         or $.07 per share, compared to $268,000, or $.06 per share a
         year ago (Golden Bear Golf).  
    
    

    Print | Tags: Converse, Fila USA, Finance, Int'l Speedway Corp., Washington Nationals
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