Clarion-Ledger from Jackson, Mississippi • Page 17

1 mm UUV! THE CLARION-LEDGER I JACKSON, MISSISSIPPI WEDNESDAY, FEBRUARY 10, 1993 ieaiirs Doses Ibiiomi ife darkest year x. MAC GORDON Business Writer The Clarion-Ledger The losses reflect lackluster sales and a hurricane's blow to Allstate. Ten greatest corporate annual losses in history The Associated Press Billions Retail industry analysts said the latest cuts, ordered last month by Sears Merchandise Group chief Arthur Martinez, were encouraging, but the company must further reduce costs and increase sales. "With all due respect to Mr. Brennan, I think that every year for the past 12 or 14 years he has said it's a pivotal year," said Kurt Barnard, a consultant and president of the New York-based Barnard's Retail Marketing Report newsletter.

Joseph Ronning of Brown Brothers Harriman Inc. said Sears needs to announce additional cost cuts on Thursday when Brennan and other executives meet with analysts in New York. Sears has already eliminated more than 48,000 positions in the merchandise division since 1990. The company is trying to regain market share and is trying to ensure the retail unit's profitability. Analysts said Martinez, a former Saks Fifth Avenue executive hired in August to oversee the merchandise group, appears willing to sacrifice sacred cows such as the catalog to save the company.

The company's 1992 loss of $3.93 billion was the fourth-largest loss in U.S. corporate history, after IBM's 1992 loss of $4.97 billion, General Motors' 1991 loss of $4.45 billion and Texaco's 1987 loss of $4.41 billion. Rank Company (year) 1. IBM (1992) 2. GM (1991) 3.

Texaco (1987) 4. Sears (1992) 5. DuPont (1992) 6. LTV (1986) 7. LTV (1988) 8.

IBM C799T; 9. Digital 1992) 10. Caterpillar (1 992) CHICAGO Continuing trouble in its retailing business and the devastating effects of Hurricane Andrew led Sears, Roebuck and Co. to report Monday it lost $3.93 billion in 1992, the worst performance in the company's history. Sears also said it suffered a $1.8 billion loss in the fourth quarter.

The results reflected a $1.9 billion provision for a change in the way Sears accounts for retiree benefits, similar to charges taken by other publicly held companies. Sears also had a $1.7 billion charge for costs of its latest restructuring, including the closing of 1 13 stores and its catalog. But the losses also reflected lackluster operating results in retailing, where sales edged up just 1.7 percent last year, and in the Allstate insurance business, hit by a staggering $1.65 billion in claims from the hurricane that slammed into Florida in August. Chairman Edward Brennan called 1992 Sears' toughest year but said the company had turned the corner with its recently announced restructuring. Catfish gumbo, stew, chowder on Delta Pride menu Mississippi's leading catfish processor is cautiously optimistic its expanded stock of value-added products will be successful.

Delta Pride Catfish in recent months began marketing a line of ready-to-eat products that includes a Louisiana-style seafood gumbo, a Southwestern-style seafood stew and an Eastern-style seafood chowder, each containing 20 percent catfish fillets as a base ingredient. "We've still got our fingers crossed on it. If we can get people to try it, they'll like it," said Walter Harrison, communications manager for the $4 965 4.452 4 407 3.932 3 927 3.251 3.153 2.861 2.796 2.435 APWm. J. Caslello Source: Standard Poors Compustat Services Inc.

Bill would help Jackson in fight for finance center The Associated Press The House on Tuesday passed a bill that may help Jackson compete for a Defense Department finance center. The bill, passed 122-0, is an amended version of a bill approved by the Senate. The bill would amend the Major Economic Impact Authority Law to authorize the bonds for any project that will employ at least 3,500 workers and involve a $50 million investment. The DOD project would fit in that category. Jackson is one of 20 finalists for a Defense Finance and Accounting Center, which would employ either 4,000 or 7,000 workers.

Rep. Charlie Williams, D-Senatobia, chairman of the House Ways and Means Committee, said the bonds would be used to renovate the Jackson Mall property, which has been proposed as the finance-center site. Economic development officials estimate the repair and furnishing costs at the mall are about $53 million. The impact authority can now issue up to $35 million in bonds for projects. The bill increased that to $125 million.

The Defense Department plans to locate four to six new finance and accounting centers across the nation. The DOD is expected to make a final selection of sites by March 15. i ji i vm tm Michele StapletonThe Clarion-Ledger Beamed up Straddling a beam 50 feet above ground, Jimmy Moss of Kosciusko on Monday works on the roof of a grocery warehouse under construction in the Jackson Industrial Park. The building is being built by Jitney-Jungle, according to spokeswoman Kara Kimbrough. It abuts an existing McCarty-Holman warehouse at 840 Boling St.

Moss works for Copeland Johns general contractor on the project, which should be completed in mid-June. Indianola-based company. "We feel they're ex-, cellent products." Delta Pride's latest value-added line the company already was marketing some ready-to-cook marinated and breaded products is simply "exploring more ways of selling more catfish," Harrison said. Delta Pride gumbo, stew and chowder are now available in about 20 states, including Massachusetts, New York and New Jersey. Grocery chains selling the products locally elude Jitney-Jungle, Sack and Save, Sunflower and County Market and a number of independent stores serviced by Lewis Grocer Co.

of In-dianola. Release of value-added products is being stepped up by a host of companies in all segments of the food industry. For example, one of Mississippi's leading poultry processors, Laurel-based Sanderson Farms says that 96 percent of its sales today are attributable to value-added products: poultry that has been cut, deboned, skinned, deep chilled or custom packaged. The company offers more than 100 processed and prepared frozen entrees ranging from corndogs and breaded chicken to chicken and dumplings and lasagna. Reservoir farm pollutants targeted Farmers and landowners in parts of Rankin and Scott counties this year will participate in a water quality program designed to significantly reduce pollutants entering the Ross Barnett Reservoir.

The Fannegusha Creek Watershed project integrates cover crops and crop residue management with row crop farming in northwest Scott and northeast Rankin counties, an area encompassing 48,360 acres. Incentive payments will be provided farmers changing their crop management systems aimed at reducing agricultural pollutants entering the Barnett Reservoir, which is the primary water source and recreational facility for west central Mississippi. A federal grant of $182,000 will fund the project administered by the Agricultural Stabilization and Conservation Service. Its sister agency, the Soil Conservation Service, will provide technical aid for such practices as nutrient management, deferred grazing, waste utilization and strip cropping. Scott County ASCS director Yevonne Prewitt said she expects "significant reductions in pollutants entering local water sources.

(This) is an innovative way to protect our water resources and reduce agricultural pollution." Rankin farmer named 'outstanding' Rankin County producer Ralph Martin will be cited Friday as "Outstanding Farmer of the Year" by the Central Mississippi Agribusiness Council So how bad was Mississippi's 1992 pecan crop? Very. Pecan production totaled about 1 million pounds compared to 7.5 million pounds in 1991. Producers were paid an average of $1.72 per pound for their crop, compared to 85-cents per pound the year before The Mississippi Agricultural Statistics will contact 500 farm operators between Feb. 15 and March 31 for information on 1992 farm income and expenses. Survey results are used by organizations, business owners, economists and policymakers to set farm program price and income supports, determine farm credit and disaster needs affecting agriculture The National Cotton Council predicts Mississippi cotton farmers will increase acreage 1.6 percent this year to 1.372 million acres.

Mac Gordon's agribusiness column runs Wednesdays. 2 Republican USDA appointees out of work FmHA's Pete Johnson and RDA's Pete Perry fired in January Home values generally up The Associated Press Veteran USDA employees are temporarily filling the positions until Clinton makes appointments. By Mac Gordon Clarion-Ledger Business Writer Farmers Home Administration (FmHA) makes farm operating loans to producers unable to get credit elsewhere. The agency also makes grants for rural housing programs. Agricultural Stabilization and Conservation Service (ASCS) administers Farm Bill programs established every five years.

The agency certifies a farmer's acreage and qualifications for the various farm subsidy programs. Soil Conservation Service (SCS) administers soil and water conservation programs. Rural Development Administration (RDA), created in 1992, is designed to focus on rural development initiatives formerly under FmHA's direction. The Vicksburg regional offices serves Mississippi, Arkansas and Louisiana. Source: U.S.

Department of Agriculture WASHINGTON Property values rose in most areas of the nation during the final quarter of 1992, a real estate trade group said Tuesday. The exceptions generally were in California and some parts of the Northeast. A survey of 125 metropolitan areas by the National Association of Realtors showed 98 increases over the same period a year earlier in prices of previously owned, single-family detached and attached homes. The median price of a home in the Midwest rose 5.5 percent during the quarter, and 4.3 percent in the South. The median price means half the homes cost more and half less.

Although there were several markets in the Northeast posting gains, the median price for the region fell 0.8 percent. It slumped 1.1 percent in the West where many Califor-nia markets continue to struggle from effects of the other USDA state directors, shielding him from political pressures. Shows said he would not be a candidate to succeed Johnson at FmHA because he'd be forced to give up his career status with USDA. "We are beginning to take applications for farm loans in our county offices," Shows said. "Hopefully there won't be a delay in any of that processing due to not having a permanent director." Quitman County Supervisor Norris Faust acknowledged Tuesday he has been mentioned as a possible successor to both Johnson and Hull, although he noted there's no vacancy at ASCS.

Shoemake already has enough years 31 of federal service to qualify him for USDA retirement. That puts him in position to be able to accept an appointment as RDA regional director if offered. "There's a lot of politics involved it's just left up to them," Shoemake said. Secretary of Agriculture Mike Espy, who helped create the RDA as congressman from Mississippi's 2nd District, likely will play the strongest hand in deciding Perry's permanent replacement. Veteran Mississippi Democratic Party activists David Crews and Wilson Golden have been mentioned as possible replacements at the RDA office.

Another is former Jackson City Commissioner Tom Marshall, who now lives in Arkansas. Interim directors are running two U.S. Department of Agriculture state offices, following the political dismissal of their former supervisors. Stanley Shows, a 28-year USDA employee, is the acting state director at the Farmers Home Administration, replacing Pete Johnson. Frank Shoemake, a 31-year USDA employee, is the acting director of the Rural Development Administration's Vicksburg regional office, succeeding James L.

"Pete" Perry. Johnson and Perry received notice in late January that they were being fired by the Clinton administration. Both are Republicans and expected to be dismissed. Charlie Hull, state director of the Agricultural Stabilization and Conservation Service, Tuesday said he considers his job as a "day-to-day appointment." Hull was named to the post in June 1986 by the Reagan administration and normally would expect to be terminated by the Clinton administration. However, all ASCS state directors were reappointed on an interim basis.

Pete Heard, state conservationist with the Soil Conservation Service, expects to remain in that post, although there have been rumors he too, would be replaced. Heard, however, is in a different career job classification than the MONEY MARKETS KEY MONEY RATES REGIONAL QUOTATIONS The closing price and change from the previous day's activity. (Supplied by The Associated Press). NYSE DOWN I 3414.58 down! $20.05 a barrel Service Merch 11 Eastover 4 Shoney 22 FirstMiss Gold 5)4 Southern Co 39 Freds 15 Stone Cont 18 Grenada Sun 23 TimeWamers 34 HancockHolds 2914 Union Planter 24 Inter Cable 5 WalMart 65 -K KLLMs 22 Weyerhaeuser 41 -1 LDDSs 30 AMEX MagnaBancs 48 Melamine 7 EastGroup 17 Mcroek Sara 3 MidSouth 19 QTC Mtel 15 Baldwin Piano 17 oku Peoples Hold 30 BancorpSouth 35 10u Brunos 12 fcadilly 0 roil io i Sanderson 19 Ccraft 18 -1 ZZSUL 29 f5f Ox Nat Yellow Freight 29 Tues- Prior Year day day ago Prime rate 6.00 6.00 6.50 Discount rate 3.00 3.00 3.50 Federal funds 2.87 2.94 3.87 2.92 2.94 3.73 6- mo.T-bills 3.10 3.09 3.81 7- yr.T-notes 5.97 5.93 6.78 7.20 7.19 7.78 Muni, bonds 6.20 6.21 6.75 Salomon Bros, estimates for Treasury's bellwether securities. Subject to daily revision because of some markets' post-close changes.

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