EG&G acquires Perkin Elmer
WELLESLEY, Mass. – EG&G, Inc. last week successfully completed its acquisition of PE (Perkin Elmer) Corporation’s Analytical Instruments Division, a leading producer of high-quality analytical testing instruments and consumables. “Perkin Elmer is a world-class franchise that complements EG&G’s Instruments’ product offerings and extends and strengthens EG&G presence in such areas as pharmaceuticals, chemicals and environmental analyses and food and beverage screening,” said Dr. Robert J. Rosenthal, president of EG&G Instruments.
Headquartered in Norwalk, Connecticut, Perkin Elmer Analytical Instruments generated 1998 fiscal year sales of approximately $580 million. Its systems are widely used to achieve product uniformity in drugs and medicines, ensure the purity of food and water, protect the environment, and measure and test the structural integrity of many different materials.
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“In addition to a premier brand name, Perkin Elmer has a strong customer base, a worldwide distribution network in over 100 countries and a dedicated workforce,” said Gregory L. Summe, EG&G chairman and CEO. “The Perkin Elmer purchase is out latest step to drive EG&G growth in commercial technology markets.”
EG&G, Inc. is a global technology company based in Wellesley that provides products and systems to medical, telecom, aerospace, semiconductor, photographic and other industries. It delivers skilled support services to government and industrial customers.
Fleet trusts declare preferred dividends
BOSTON – The Trustees of Fleet Capital Trust I, a Delaware business trust established by Fleet Financial Group, have declared a quarterly dividend of $.50 on its 8.00 percent Trust Originated Preferred Securities (SM). The securities are listed on the New York Stock Exchange (NYSE: GLT pfH). The dividends will be payable on June 30 to holders of record on June 15, 1999.
The Trustees of Fleet Capital Trust III, a Delaware business trust, also declared a quarterly dividend of $.4406 on its 7.05 percent Trust Originated Preferred Securities (NYSE:FLT pfI). The dividends will be payable on June 30, 1999 to holders of record on June 29, 1999. In addition, the Trustees of Fleet Capital Trust IV, another Delaware business trust, declared a quarterly dividend of $.4481 on its 7.17 percent Trust Originated Preferred Securities (NYSE: FLT pfJ). The dividends will be payable on June 30 to holders of record on June 29, 1999.
Fleet Financial is a diversified financial services company with $106.2 billion in assets and more than $86 billion in assets under management.
CVS reports 10.2 percent hike in May
WOONSOCKET – CVS Corporation recently announced the same store sales for the four weeks ended May 22 increased 10.2 percent over the prior year period. Pharmacy same store sales rose 16.8 percent. Total pharmacy sales represented 59 percent of total company sales in May.
Total sales for the four-week period ended May 22 increased 13.3 percent to $1.359 billion, compared to $1.2 billion in the prior year period.
Year-to-date, same store sales for the twenty-one week period ended May 22 increased 12.5 percent over the prior year period, while pharmacy same store sales increased 19.9 percent. Total sales for the twenty-one week period increased 16.4 percent to $6.936 billion, compared to $5.957 in 1998.
BankBoston sells off interest of credit card venture
BOSTON – BankBoston Corporation recently announced that it has sold its equity share in Partners First, a credit card company based in Baltimore, to a subsidiary of Bank of Montreal, generating a pre-tax gain of approximately $50 million in cash. Partners First was formed in 1998 as a joint venture between BankBoston, Bank of Montreal and First Annapolis.
“BankBoston was a minority partner in this venture, and this sale is another example of BankBoston’s managing for value strategy,” said Peter Manning, BankBoston’s executive vice president. “At this point in time, it makes sense to take this opportunity to divest our ownership.”
The sale of BankBoston’s share will provide Bank of Montreal with a controlling interest in Partners First.
Log On America signs contract with UUNET
PROVIDENCE – Log On America, Inc., a provider of high-speed digital Subscriber Line services in the northeast, today announced that it has entered an agreement with UUNET, a MCI WoldCom Company and a global leader in Internet communications solutions, under which UUNET will provide Log On America with access to Points of Presence (PoPs) in its multi-national network.
Terms of agreement call for Log On America to sign on a minimum number of customers and provide them with the opportunity to resell, on a nationwide basis, DSL based Internet access as it becomes available.
“This agreement is a direct extension of our strategy to expand and enhance Log On America’s offerings to customers,” said David Paolo, chairman and CEO of Log On America. “We have increased the area in which our rapidly expanding customer base can access the Internet via a local call by over 250 percent, and added the ability to accomplish this from over 1,000 locations nationally and internationally.”
Newly added national markets for Log On America’s new services include: San Francisco, Los Angeles, Boston, New York, Sand Diego, Chicago, Washington, D.C., and many others.
Log On America Inc. is a Northeast Regional Competitive Local Exchange Carrier and Information/Internet Service Provider, offering local dial-tone, instate toll, long distance, high-speed Internet access and cable programming solutions over traditional copper wire using DSL’ technology to residential and commercial clients throughout the Northeast.
Providence Energy Corporation reports earnings
PROVIDENCE – Providence Energy Corporation (ProvEnergy) reported earnings for the second quarter ended March 31 of $10,857,000, or $1.81 per diluted share, versus $9,535,000, or $1.61 per diluted share, in the second quarter of 1998.
The operating margin for the quarter was $42,839,000, up 10.8 percent over last year’s margin of $38,673,000. Temperatures for the 1999 second quarter were 6.8 percent warmer than normal compared to 15.6 percent warmer than normal for the 1998 second quarter.
The company’s board of directors declared a regular quarterly dividend of 27 cents per share of common stock. The dividend is payable May 14 to shareholders of record on May 3, 1999.
TJX reports record first quarter
FRAMINGHAM, Mass. – The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions worldwide, recently announced results for its first quarter ended May 1. Diluted earnings per share were $.39, a 50 percent increase over $.26 per share in the first quarter last year. Net income reached $127.7 million, versus $87.8 million in the first quarter last year. Net sales for the first quarter increased by 10 percent to $1,952,000, up from $1,776,000 last year.
Bernard Cammarata, president and CEO of TJX, said, “We are extremely pleased with our first quarter sales and profit results, which outpace our objectives significantly. TJX consolidated comparable store sales were up 5 percent, over a 7 percent increase in last year’s first quarter.
TJX operates 613 T.J. Maxx stores, 480 Marshalls, 38 HomeGoods and 10 A.J. Wright stores in the United States. In Canada, the company operates 90 Winners, and in Europe, 42 T.K. Maxx stores.
Hasbro moving to the NYSE
PAWTUCKET – Toymaker Habro, Inc. (AMEX:HAS) expects its stock to begin trading on the New York Stock Exchange on June 23, moving from the American Stock Exchange.
The company said it hopes to gain more international exposure to investors by trading on the New York Stock Exchange.
“Hasbro is a more global company than ever before, with an unmatched portfolio of some of the world’s premier brands in children’s and family leisure time and entertainment,” said Alan Hassenfeld, Hasbro’s chairman and chief executive officer.
Nortek buys video entertainment company
PROVIDENCE – Nortek, Inc. (NYSE:NTK) announced that it has acquired Multiplex Technology, Inc., a leading manufacturer and designer of high-performance, multi-room video distribution equipment for home automation/home entertainment.
Multiplex, a 16-year-old privately held firm located in Brae, California, reported 1998 net sales of some $10 million. Terms of the acquisition were not disclosed.
Multiplex’s products, which are marketed under the ChannelPlus name, send high-quality VCR, satellite, laserdisc player, DVD and surveillance camera pictures from single input devices to multiple televisions in the home.
Belo buys Austin, Texas television station
DALLAS – A.H. Belo (NYSE:BLC), parent of the Providence Journal Co., announced the acquisition of KVUE-TV (ABC) in Austin, Texas, from Gannett Co. Belo previously announced its agreement with Gannett to exchange Belo’s KXTV (ABC) in Sacramento/Stockton/Modesto, Calif., plus cash consideration of up to $55 million, for KVUE.
