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Sturm Ruger’s Q3 Results
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Business New Haven
11/30/1998
By: BNH
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SOUTHPORT - Sturm Ruger & Co. (NYSE: RGR), a manufacturer of golf-club heads and firearms, announced net income of $2.5 million, or nine cents per share, for the quarter ended September 30 vs. $4.9 million (18 cents per share) for the same 1997 quarter. Revenues for the period were $43.4 million, compared to $47.2 million for the 1997 quarter. For the nine months, net income was $18.0 million (67 cents per share) vs. $20.2 million (75 cents per share) on revenues of $161.9 million vs. $156.8 million for the nine month 1997 period.
Hamilton Standard Plans Job Cut
WINDSOR LOCKS - Hamilton Standard, a division of United Technologies Corp. (NYSE: UTX), announced plans to reduce its hourly work force in Connecticut by 100 in 1999. Hamilton, which manufactures NASA spacesuits, engine controls and propeller systems for aircraft, said it expects a tough business environment and a downtrend in aerospace which will not support its present 1,800-member hourly workforce in Connecticut. Hamilton is offering voluntary separation and early retirement programs in order to mitigate the size of the layoff. This is the company's fourth cut in staff in the U.S. this year.
Ames To Acquire Hills Stores
NEW YORK - Ames Department Stores (NASDAQ: AMES) has agreed to purchase troubled Hills Stores Co. (NYSE: HDS) in cash and debt assumption totaling $330 million. The deal will allow Ames to compete with national chains, building its store total to 456 from the current 301. It is projected that annual sales will increase to $4 billion from its present $2.2 billion. Ames plans to convert the Hills stores into Ames stores. The company plans to commence a tender offer for Hills stock by November 18. Ames Department stores is a discount retailer headquartered in Rocky Hill.
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