Toyota to build mini-van in U.S.The Toyota Motor Corp...

BUSINESS DIGEST

April 26, 1994

Toyota to build mini-van in U.S.

The Toyota Motor Corp. reportedly has decided to build a front-wheel-drive replacement for its Previa mini-van at its Georgetown, Ky., assembly plant starting in 1997.

Production of the mini-van in Kentucky would allow Toyota to reduce reliance on imported vehicles; the company hopes that will soothe trade tensions and shift more of its cost basis to dollars, from yen. The Previa is imported from Japan.

Toyota plans to build roughly 70,000 mini-vans annually, a small number compared with the production of the American Big Three, which sold nearly 950,000 mini-vans last year.

Microsoft board OKs stock split

Microsoft Corp.'s board has approved a 2-for-1 stock split to make the stock more "accessible" to potential investors, the company said yesterday.

On May 20, holders of Microsoft shares as of May 6 will receive two shares for each share they own. After the split, Microsoft will have about 570 million shares outstanding, and the price of each Microsoft share will be halved. Microsoft shares closed yesterday at $93.75, up $2.

Cadmus Journal Services' lease

Cadmus Journal Services Inc. of Baltimore said yesterday that it has signed a lease to move its headquarters to a 51,700-square-foot building in the Airport Square office complex in Linthicum. The technical journal printing company is expected to move in August.

The move, which had been expected since a tentative deal was announced in January, will shift about 90 percent of the company's 300 Baltimore-area employees out of the city.

Oil prices hit 5-month highs

Oil prices rose to fresh five-month highs yesterday, continuing a rally that has carried prices up more than $3 a barrel in the past month.

June crude oil gained 10 cents, to $17.24 a barrel, closing higher for the ninth time in the last 11 trading sessions.

Bullish speculators have been counting on strong demand for gasoline during this summer's driving season as vacationers take to the road.

First Financial net income rises

First Financial Corp. of Western Maryland, the Cumberland holding company for First Federal Savings Bank of Western Maryland, said yesterday that net income for the third quarter and nine months that ended March 21 both rose sharply.

For the quarter, net income was $513,000, or 24 cents a share, compared with $367,000, or 17 cents a share, in the same period last year. Net income for the nine-month period was $2.0 million, or 94 cents a share, compared with $1.6 million, or 76 cents a share. The nine-month results exclude a $1.7 million addition to net income because of an accounting rule change.

First Financial's stock closed yesterday at $18.75, up 75 cents.

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