Elder-Beerman Stores Corp. reported rising sales and income in the third quarter 1998, compared with the same period last year, when the retailer was preparing to emerge from bankruptcy protection.
The retailer said its income before factoring in costs from a recent acquisition rose to $3.2 million, or 21 cents a share, vs. a loss of almost $6.7 million, or $53.64 a share, in the third quarter 1997. Elder-Beerman posted net income of $1.8 million, or 12 cents a share, after expenses associated with acquiring Stone & Thomas.
Sales for the quarter, which included receipts at 10 retained Stone & Thomas stores, were $157 million, compared with $144 million in 1997.
Elder-Beerman, based in Dayton, Ohio, emerged from bankruptcy protection in December 1997 and went public soon after.
Limited's earnings, sales up after adjustments
Limited Inc. posted increased earnings and sales in the third quarter, after peeling away revenues from divestitures and pretax gains in 1997.
The parent of the Limited and Express said its adjusted income in the quarter - excluding non-recurring items and earnings from its Abercrombie & Fitch business - rose to $39.4 million, or 17 cents a diluted share, from $32.5 million, or 14 cents a diluted share, in the same quarter last year. Actual, unadjusted earnings fell to $39.4 million, or 17 cents a share, from $79.7 million, or 29 cents a share, in the same period last year.
In 1997, Limited recognized a $62.8 million pretax gain - 14 cents a share - related to the sale of half its interest in the Brylane Inc. catalog operation.
Sales for the quarter declined, to $2 billion from almost $2.1 billion in the same period last year. But excluding sales from Abercrombie & Fitch in 1997, Limited's total sales rose to $2 billion from $1.9 billion.
Fed OKs expansions by PNC Bank unit
PNC Bank Corp. has received approval from the Federal Reserve to expand its investment-banking and capital-markets activities.
PNC was cleared Tuesday to underwrite all types of corporate debt and equity securities through its wholly owned Section 20 bank subsidiary, PNC Capital Markets Inc.
Initially, the Pittsburgh-based bank will confine its focus to dealing and underwriting equity securities linked to corporate debt offerings. PNC has 53 branches in Greater Cincinnati.
The bank will target the middle-market and special industry client groups, who are the primary users of PNC's corporate banking products, it said.
While bank holding companies generally are prohibited from underwriting by the Depression-era Glass-Steagall Act, which separates commercial banking from investment banking, they are allowed to conduct a limited amount of business through Section 20 non-banking subsidiaries.
Cinergy partnership to serve business park
The partnership of Cinergy Corp. and Trigen Energy Corp. will provide chilled water and heating, ventilating and air conditioning services at Blue Lake Corporate Center, a 2 million- square-foot business park in Boca Raton, Fla.
Terms of the 20-year agreement weren't disclosed, but Trigen-Cinergy Solutions will oversee the center's existing 10,225-ton chiller plant Jan. 1. It will also provide electric metering services and operation and maintenance of Blue Lake's heating, ventilating and air conditioning system.
