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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 17, 1983
Page
28
Tax shelters mainly defer taxes not save them and carry risks if investments sour or cash is needed at due date. Demand economic substance, beware large deductions, and seek trusted advice. Numerous legal shelters exist, with professional guidance recommended. next Thursday covers giving.
The Dow gained 3.35 points to 1251.32 as the market rose modestly with steel, finance, and forest products leading, while retail and auto stocks retreated. AT&T dominated activity with 2.7 million shares, amid forecasts for a split into eight entities and proposed first quarter dividends of 1.365 per AT&T share.
AT&T and the seven new regional Bell companies reported expected 1984 net income of 8.7 billion dollars and a rise in first quarter cash dividends to 1.365 dollars per share. Despite the breakup, they expect stronger earnings and plan stock trading on major exchanges after regulatory clearance.
Washington AP outlines projected 1984 earnings for seven regional holding companies created by the AT&T breakup. It lists which Bell System subsidiaries funnel to each parent, with 1983 baselines and regional names like Nynex Bell Atlantic Ameritech Southwestern Bell US West and Pactel guiding ownership of New York New England Southern Bell Wisconsin Illinois Michigan Indiana Ohio Northwestern Mountain Pacific Northwest Nevada and Pacific Telephone alongside their 1983 parallels.
The company reports 1983 operating revenue of 18 percent at 1,330,000 with net income of 170,000 or 7 cents per share. For the full fiscal year operating revenue rose 12 percent to 4,700,000 with net income 432,000 or 1.69 per share. Results were restated for the August 2-for-1 split. Fourth quarter orders improved in the domestic business.
The nation's third largest non food retailer Dayton Hudson operates Target and B Dalton Bookseller stores in Cedar Rapids. It reports nine months operating revenue of 4.576 million and net income of 103 thousand with earnings per share 1.05. Full 1982 figures show operating revenue 4.727 million and net income 87 thousand.
Company reports operating revenue of 2,026,709 dollars, a 2 percent rise. Net income falls 7 percent to 18,354 dollars. Earnings per share stand at 36 cents.
Iowa Electric Light and Power Co of Cedar Rapids filed a shelf registration with the SEC for a proposed up to 35 million dollar first mortgage bond issue. Issuance planned mid December with proceeds for construction corporate needs and repayment of commercial paper. Proceeds not tied to a single project, but company plans 43.5 million to restore Prairie Creek Power Station as a cogeneration facility for ADM Cedar Rapids.
A public hearing on federal regulation of financial institutions will be held at 10 a.m. December 9 in Room 22 of the Statehouse Des Moines. The Iowa Legislature’s Federal Depository Institutions Deregulation Act Study Committee will hear written and oral testimony. Those wishing to testify must contact the Legislative Service Bureau by December 2 at 515 281 3566.
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