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New Braunfels Herald-Zeitung (Newspaper) - December 29, 1985, New Braunfels, Texas siness Producer Price index December WestPoint Pepperell dividends are up for the first quarter Lucky winner Jo Ann Hansman of New Braunfels was the second winner of the HEB Pepsi Shopping The lucky shopper picked up in mostly during the shopping spree at the HEB store on San Antonio WEST WestPoint Pepperell reported a net income of per share for the first fiscal quarter ended 30 which compares with 72 cents share for the same period a year Sales for the quarter were percent more than the for the first quarter in fiscal last years first quarter included a charge of 19 cents per share for restructuring certain apparel opera Excluding this charge from last earnings per share in the first quarter represent a 45 percent Lanier slightly more than half the sales gain in the first quarter came from the Sanderson in Great which we acquired in July of this When reporting previously for the fiscal year ended 31 Lanier told stockholders that the years poor performance had been largely con centrated in the first half of the year and was primarily due to excessive inventories at retail and to a surge of imported goods which further com pounded the problem of retailers be ing Sales and earnings in the second half recovered and the momentum has The im proved results in the first quarter are in equal to increased profits in household fabrics and to a return to profitability in our apparel fabrics Lanier said the increased pro fitability in household fabrics reflected sharply improved margins in bed and bath products resulting from increased lower and the very favorable impact of con solidating certain operations in towel Carpet profits he increased 20 percent in the first quarter on a 15 percent increase in The apparel fabrics segment of WestPoint Pepperell includes both woven and knit Losses in woven fabrics have been substantially reduced through the reduction of mill con and the absence of restructuring knit profits in creased in the first reflec ting slightly higher sales and better Lanier The industrial although reporting lower did show a slight margin and profit improve The purchase of Cluett Peabody and by WestPoint as announced 4 is subject to the approval of stockholders of both com panies at meetings scheduled for Lanier said that the combination of these two fine firms will create a strong marketing company with years of experience across a broad spectrum of highly regarded branded products in the household furnishings and apparel I am very enthusiastic about the potential represented by this com RINKING RIVING EATH Financial focus Convertible bonds The best of both worlds STM CUNNINGHAM Edward Heres a trivia question for What has the income and protec tion of a bond and the growth poten tial of common stock The answer is a convertible Although a convertible bond is not it is a hybrid between a debt investment a bond and an equity investment a stock designed to offer the best of both Bonds offer protection because they are a debt of the As even though a company may not be profitable at it is obligated to pay the interest on its Not so with common stock which represents ownership in the com Dividend income is paid at the discretion of the board of In hard dividends of com mon stocks are often decreased or eliminated But bond interest continues as long as the company is Should the company go out of business and liquidate its the bondholders receive payment before the On the other if the business the owners or stockholders participate in this growth while bon dholders continue to get only the pro mised Enter the convertible Whats its charm A convertible bond offers the investor a slightly lower rate of interest than is current ly paid on conventional in the investor has the op portunity to convert the bond into a specified number of shares of the companys common stock at a guaranteed For several years ago a major corporation offered a converti ble bond paying percent conver tible into shares of common stock at a price of per That was a face value of shares times equals The market value of common stock at the time the bond was issued was about per an immediate conversion of a bond would have had a market value of about shares times equals By paying for the the investor was paying a premium of or 22 The reason was the bond paid in annual This was about double the divi dend paid at the time on 52 shares of the common if the bond could be converted into shares of common it followed that as the common stock increased in market the bond would What actually happened Some six years the common stock had increased in value and was trading in the middle The convertible bond had a market value of It had more than doubled in The reason was the conversion of shares of common at per share would then have had a market value of shares times equals So the bond moved up in value to meet the rising value of the common Had the value of the stock the value of the bond could have also but the bondholder would have continued to benefit from the generous income not paid to common If all this sounds too good to be it may Prudently selecting convertible bonds generally requires the assistance of a No matter how attractive the the cake must first be Not only must the company issuing the bond be financially it must also offer reasonable potential for the conversion price of the bond into shares of common stock must not be excessive in relation to the commons current market In other the premium can not be If you think convertible bonds have a place in your investment talk to a professional investment representative and ask him or her to compare several outstanding issues for With proper you could find convertible bonds the best of both Investment Term Bond An The person who invests money in a bond is lending a company a sum of money for a specific The bor rower promises to repay the money and pay interest while using Own a business Youll appreciate the careful attention Block can give your tax Our tax preparers have been carefully trained to understand income tax law related to busi At Block we want to make sure you pay the lowest legitimate 138 Castell BLOCK THE INCOME TAX PEOPLE 6253810 Bank here in town and get service out of town As we ring out the We want to express our gratitude for the many blessings of Our fine new banking for didnt just and we are grateful to those who worked with We have been blest with the best and a great staff of employees with patient and understanding neighbors and with supportive friends and loyal TEXAS COMMERCE BANK GREETS 1986 WITH WE HOPE THAT IT WILL BE A AND PROSPEROUS YEAR FOR EACH OF Texas Commerce lank New Braunfels Nlembei FD1C The answer is an unqualified yes When you open an account with you can bank at any of SASAs 43 other offices throughout South That means youll always be close to a fullservice banking You can use these facilities to make both personal and commer cial arrange financing for loans and much if you have a SASA BANKING you can make cash withdrawals at over 100 SASA AUTOMATED BANKING Many of these machines are open 24 So you can bank at your These machines are also connected through Pulse and MPACTto thousands of other ma So no matter where you chances are your money is The way we see when it comes to con SASA cant be If you have any questions about what SASA can offer just give us a Well be happy to 501 New Texas 78130 Member FSLIC Equal Housing Lender til Sao Antonio Savings Association Bo McAllister Chairman An Equal Opportunity Employer MF
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