July 26, 1976
Earnings Digests
WACHOVIA CORP.—Winston-Salem [NYSE]
6 mths end June 30 1976 1975
Deposits $2,653 billion $2,615 billion
Income before
securities transactions $16,359,000 $15,080,000
Per share sl.lO $1.02
Net income $16,297,000 $14,330,000
Net per share sl.lO $.97
Recent price 22
Second-quarter earnings before securities transactions were $9
million ($.60 per share) with net income of $12,085,000 ($.Bl per
share).
Wachovia Bank and Trust Co. N.A. earned $15,349,000 before
securities transactions for the six months, compared to
$14,804,000 last year. Second-quarter earnings before securities
transactions were $7,667,000.
Wachovia Mortgage Co. had increased losses for the first half
and second quarter, losing $1,334,000 in the first half and $575,000
for the second quarter.
SOUTHERN NATIONAL CORP. - Lumberton [OTC]
6mths end June 30
Deposits
Income before
securities transactions
Per share
Net income
Net per share
EPS last 4 qtrs
Recent price
P/E ratio
The board of directors declared a $.20 dividend, payable Aug. 1.
HANES CORP.-Winston-Salem [NYSEJ
6 mths end July 3
Net sales
Pre-tax income
Net income
Per share diluted
EPS last 4 qtrs
Recent price
P/E ratio
Management was very happy.
The six months’ sales and earnings were records.
Second-quarter earnings were $3,597,000 ($.86 per share diluted)
on sales of $88,965,000. President and chief executive officer
Robert E. Elberson warned that second-half comparisons between
1976 and 1975 were not expected to be as favorable as those for the
first half, since early 1975 reflected the recessionary impact.
CANNON MILLS INC. - Kannapolis [OTC]
6 mths end June 30
Net sales
Net income
Per share
EPS last 4 qtrs
Recent price
P/E ratio
"Our sales and net income reflect the increased business activity
of the first half of 1976 compared to the same period last year,"
said president Harold Hornaday. “If prices of cotton, our principal
raw material, continue at present or higher levels, operating
results for 1976 could be adversely affected."
The board of directors declared a $.23 per share dividend,
payable Sept. 3 to stockholders of record Aug. 9.
TRION INC.-Sanford |OTC|
6 mths end June 30
Sales
Net income
Per share
EPS last 4 qtrs
Recent price
P/E ratio
Because of record mid year sales and earnings, president Hugh
E. Carr announced an increase in the quarterly dividend from
$.025 to $.05. The usual semi-annual preferred dividend of $.125
was also declared. Dividends are payable Aug. 1 to shareholders of
record July 1.
1976 1975
$296,624,225 $284,727,766
$1,240,182 $1,281,862
SI.OB sl.lO
$1,253,872 $1,217,055
$1.09 $1.05
$2.31
18‘/«
8 X
1976 1975
$178,489,000 $146,202,000
$14,558,000 $6,059,000
$9,174,000 $3,878,000
$2.22 $.96
$3.92
24-5/8
6.3 X
1976 1975
$219,896,910 $166,597,716
$7,901,684 $6,303,357
$.867 $.68
$2.22
18 'A
8.3 X
1976 1975
$2,367,100 $1,955,580
$209,681 $169,211
$.71 $.57
$1.29
6>/<
4.8 X
Carolina Financial Times
HUYCK CORP.-Wake Forest [NYSEI
6 mths end June 30
Net sales
Pre-tax income
Net income
Per share
EPS last 4 qtrs
Recent price
P/E ratio
Management was very pleased.
Second-quarter earnings were $2,032,000 ($.33 per share) on
sales of $25,863,000. President D.H. Grubb attributed the increase
in sales and earnings to the improved economic climate,
particularly in the United States. He said that barring any
unforeseen changes in the economic recovery around the world,
1976 will be a good year for Huyck with earnings at or near those
of 1974, the company’s record high year.
AKZONA INC.-Asheville [NYSE]
6 mths end June 30
Net sales
Net income
Per share
EPS last 4 qtrs
Recent price
P/E ratio
Management was moderately pleased.
Second-quarter earnings were $3,403,000 ($.27 per share) on
sales of $180,127,000. The company said that improvement in its
Armak, Armira and International Salt divisions more than
compensated for reduced earnings at American Enka, Brand-Rex
and Organon.
“Compared with the first quarter of 1976, deteriorating
conditions in polyester textile filament and nylon carpet yarns, as
well as the normal seasonal elimination of the ice-control salt
business, resulted in a drop in net income” in the second quarter,
the company said.
CHATHAM MFG. CO.-Elkin [OTC]
6 mths end June 26
Sales
Pre-tax income
Net income
Per share
EPS last 4 qtrs
Recent price
P/E ratio
Management was extremely pleased.
Second-quarter earnings were $1,116,000 ($.61 per share) on
sales of $23,001,000. Management said that “while we are pleased
with the turnaround from the recessionary period of last year, we
must note the continuing inflation... which necessitated a
substantial wage increase for our employees effective June 28.
This will affect our profits for the last six months.”
T his announcement appears as a matter o/ record only.
$6,000,000
Heilig-Meyers Company
Notes due June 1991
This transaction teas arranged privately by the undersigned.
Wheat
First Securities
July 10. 1976
1976 1975
$48,651,000 $35,880,000
$6,288,000 $2,793,000
$3,094,000 $1,380,000
$.50 $.22
S.BB
13-7/8
15.8 X
1976 1975
$378,298,000 $312,448,000
$10,499,000 ($4,124,000)
$.84 ($.33)
SI.BO
18'A
10.1 X
1976 1975
$46,240,000 $29,547,000
$4,132,000 $701,000
$2,119,000 $356,000
$1.16 $.19
$1.79
12'A
7 X
Page 15
Lowe’s Sales
Up In June
N. WILKESBORO—J une
sales volume for Lowe's
Companies Inc. totaled
$47,075,000, the second high
est monthly sales in the
company’s history.
Compared to June 1975, the
increase in sales was
$12,755,000. or 37*. There
was one more selling day in
June this year.
For the first 11 months of
fiscal 1976, Lowe’s sales have
touted $413,875,000.
Food Town
Plans Dividend
SALISBURY - A cash
dividend of four cents per
share has been declared by
the directors of Food Town
Stores, Inc. This dividend is
to be paid Aug. 10 to
shareholders of record as of
July 26.
Hatteras Sets
$.12 Dividend
CHARLOTTE-The board
of directors of Hatteras
Income Securities Inc. has
declared a monthly dividend
of $.12 per share from net
investment income. Hie. divi
dend will be payable July 80
to shareholders of record July
16. -
China Grove
Sets Dividend
CHINA GROVE - The
board of directors of China
Grove Cotton Mills Co, has
declared a second-quarter
dividend of $.48 per share
which was payable July 23 to
stockholders of record July
16.
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