Ethyl Corp

Article Abstract:

Ethyl Corp's (EY) stocks plummeted after the Environmental Protection Agency (EPA) ruled against its petition to market HiTEC 3000, a manganese-based gasoline additive. The Virginia-based insurance provider and maker of industrial and petrochemicals refutes the finding that the new product is an air pollution hazard. EY Pres Bruce C. Gottwald asserts that HiTEC 3000, when combined with unleaded gasoline is cost-effective and emits less pollutants. The decision further aggravated EY's financial position, which reported lower 1991 earnings from $232 to $207 million. This marked a 21% decrease in earnings from the chemical division, which was offset by a 12% increase in the insurance segments.

Lubricating oils and greases, Industrial inorganic chemicals, not elsewhere classified, Management, Ethyl Corp.

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Universal Foods Corp

Article Abstract:

Universal Foods Corp (UFC) reported flat revenues for the 1st qtr of FY 1992, after consistently reporting profits for five years. Earnings per share are pegged at 55 cents while stock price slid down from 40 to 32. UFC Chmn Guy Osborn attributes this dismal performance to the recession, stiff pricing competition and decreased consumer spending. The Milwaukee-based distributor of food preparations derives 40% of its operating income from its frozen french fries business. UFC's 1992 financial outlook remains bright, as profits are expected from the Colors, Flavors and Dehydrated Products divisions.

Food preparations, not elsewhere classified, Frozen fruits and vegetables, Finance, Universal Foods Corp.

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Rite Aid Corp

Article Abstract:

Rite Aid Corp's (RAD) decision not to acquire RevCo D.S. Inc did not affect RAD's financial rating. The company considered Revco's acquisition price too high, making the move unprofitable for RAD investors. RAD operates a chain of drug stores totalling 2,443 in 22 states in the eastern and southeastern regions. Earnings for the nine months ending Nov 1991 raised RAD earnings per share to 92 cents from 82 cents and sales of same-store rose to 7.2%. The company declared a dividend of 55 cents for its 88 million shares. MIM PLC purchased an additional 139,000 of RAD shares.

Drug stores and proprietary stores, Securities, Rite Aid Corp.

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