Reported by Star-Bulletin staff & wire
Friday, January 29, 1999
Building contracts in isles fell in '98
Contracts written last year for future construction in Hawaii were down 1.2 percent in value, a total of $1.65 billion vs. $1.67 billion in 1997, according to a report from the F.W. Dodge division of McGraw-Hill Cos.A surge in December countered much of the decline that had occurred through the rest of the year, according to the F.W. Dodge division report.
For the year, nonbuilding contracts -- such as for streets, airports, and sewage facilities -- were up 35 percent at $420.5 million. However residential construction contracts were down 15 percent at $522.1 million and contracts for nonresidential work -- such as office buildings and hotels -- were down 4 percent at $710.6 million. Total contracts awarded in December alone were worth $188.6 million, double the $94.2 million written in December 1997.
Bergen Brunswig wins Longs' contract
ORANGE, Calif. -- Bergen Brunswig Corp., the third-largest U.S. drug wholesaler, has won a seven-year supply contract valued at about $6.3 billion. Bergen yesterday said Longs Drug Stores Corp., the sixth-largest U.S. drugstore operator, agreed in principle to have Bergen be the sole supplier of drugs, health and beauty aids and over-the-counter medical products to Longs' 380 stores in California, Hawaii, Nevada, Colorado, Washington and Oregon.
Kellogg's profits off 41% on slow sales
BATTLE CREEK, Mich. -- Kellogg Co., the world's largest cereal maker, said fourth-quarter profit fell 41 percent, the biggest drop in 21/2 years, as it spent more on marketing to stem sales lost to lower-priced brands.Profit before charges at the maker of Rice Krispies, Frosted Flakes and other cereals fell to $93.1 million, or 23 cents a share, from $158.5 million, or 39 cents, a year earlier. The results matched the average estimate of analysts polled by First Call Corp., according to Bloomberg News.
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