LONDON Agricultural and industrial equipment giant New Holland today reported a 1994 net income of $355.7 million as the company rebounded from a $56 million net loss in 1993. Net sales for the year rose to $4.72 billion, compared to $3.63 billion in 1993. New Holland posted higher shares in nearly all markets during 1994, prompting Chief Executive Officer Riccardo Ruggeri to de clare the year “a dramatic and out standing success around the world. The surge in industry sales throughout much of the world, larger New Holland shares in nearly all markets, and the com pany’s restructuring actions dur ing the preceding three years were all important to our success in 1994,” said Ruggeri. “Our continuing drive to reduce costs and improve our margins paid off.” said Chief Financial Of ficer Renato lodice, noting that the company’s gross profit rose to $1.16 billion, 44 percent higher than the $BO3 million seen in 1993. By holding general, selling, and administrative expenses in check while cutting other costs and operating expenses in half, the company was able to increase its operating income to $484.8 mil lion, compared to $59 million in 1993, he said. lodice also reported that New Holland’s income before taxes PAUL B. m HOT SUMMER IS HERE! 36" HIGH VOLUME DIRECT-DRIVE MOBILE CIRCULATOR 36” ft 48” TUNNEL VENTILATED FANS IN STOCK PAUL B. ZIMMERMAN, INC. „. _ 50 Woodcorner Rd. • SffSSSSe Lititz, PA 17543 • FARM SUPPLES j M »e West of Ephrata 717-738-7350 New Holland and minority interests was $401.4 million in 1994, after accounting for financing and investment ex penses. He said the favorable cash flow in 1994 helped reduce third party borrowing from $186.5 mil lion to $125.9 million. According to Ruggeri, “De mand was strong in most of the markets where we did business in 1994. We benefited from the re bound in Europe and North America and increased our tractor share in both markets. Revenue from the North American market was nearly $l.B billion, up over 30 percent compared to 1993. In Eur ope, revenues were also about $l.B billion, an increase of 18 per cent over last year. “In Brazil, we had a remarkable year, with tractor sales up 134 per cent over 1993. Across Africa, the Middle East, and the Pacific Rim our sales were strong, and our tractor share in this region increas ed by over 16 percent in total. Re venues from these growing mar kets outside Europe and North America totalled over $l.l billion - 25 percent of our total revenue in 1994 and an increase of 5 percent compared to 1993.” Last year also brought stronger construction equipment industry sales in European markets served by Fiat-Hitachi, the New Holland Group’s joint venture which pro duces hydraulic excavators and SmOuDlil/’OiifiDOD FOR AM 60” AGRICULTURAL CEILING FAN VFNTIIATINC FIIK VCmiLHimU iNid E-INDUSTRY SINGLE AND DOUBLE PANEL CIRCULATORS SHUTTERS HOURS . Mon., Thurs., Fri. 7-8:30 Tues., Wed. 7-5:30 Sat: 7-4:00 Results Signal Growth other carthmoving equipment for sale in Europe, Africa and the Middle East Fiat-Hitachi also in creased substantially its presence in the Middle East, and made slight gains in Africa. In North America, sales of both tractor loader backhoes (TLBs) and skid-steer loaders were up Sunset Composting Meeting Set NUMIDIA (Columbia Co.) A sunset compost meeting will be held at 6:30 p.m. on Tuesday, June 20, here at the farm of Dennis Lc- Van. Sunset meeting activities will include: * Update on compost utilization research by Dr. Doug Beegle, Penn State Extension. * View com growing in plots with manure, composted manure, and synthetic fertilizer. * Overview of Microbial Com posting: Composting of Manure to Alleviate Nitrogen Leaching Pro blem by Dr. Judy Kipe-Nolt, Bloomsburg University. * Demonstration of rinse sys tem on sprayer built by Dennis Le- Van. The sunset compost meeting is an opportunity to see com being grown in plots that received dif ferent rates of raw dairy manure, 4 i\S «««,., * | I Sr £ • a 'Hr 22* * *S, 36" AND 48” BELT DRIVE AND DIRECT DRIVE POULTRY FANS over 1993, with share pins in TLBs. However, Ruggeri said New Holland's share of the North American skid-steer loader mar ket suffered due to limited avail ability of the company’s all-new line, a situation that wiU be remed ied when expansion of the com pany’s production facility in Belleville. Pennsylvania is corn composted dairy manure, and syn thetic fertilizer. This is the second year of re search on Dennis LeVan’s farm that focuses on the utilization of composted manure. One of the primary questions being invesd pted is the availability of nitro pn and phosphorous from com posted manure. This research will be useful for developing nutrient management plans for farmers us ing composted manure. During the first year of re search, com was grown in plots to which different rates of raw dairy manure, composted dairy manure, and synthetic fertilizer were ap plied. During the second year, com in the manure and compost plots is being grown without any additional nutrients to assess the Hie compost meeting is spon sored by Penn State Extension, Rodale Institute, and Columbia County Conservation District For additional information, contact the Conservation District at (717) 784-1310 or the Rodale Institute at (610) 683-1421. Commodity Groups Urge Committee To Consider Ag 9 s Contributions WASHINGTON, D.C. The American Soybean Association has joined with other major com modity groups presenting a letter to the Senate Budget Committee urging them to keep in mind the sacrifices agriculture has already made to balance past federal bud gets. ASA chairman, and farmer from South Dakota, Larry Died rich said, “What people need to know is that a strong U.S. agricul ture industry also puts millions of dollars back into the economy as a result of all the jobs it creates, both farm-related and otherwise.” With nearly one out of six American jobs a total of 21 million attributable to agricul ture, it is keenly important that the U.S. maintain a healthy agricultur al industry. The letter acknowledges the im portance of reducing the federal deficit, but asks that agriculture not be singled out for a dispropor tionate cut. In support of their position, the letter from the com modity groups states, “Agriculture has a history of contributing more toward reducing the federal deficit than other federal programs. Over the past 10 years, farm program ‘Khmer hsmm Amcy ''We're Here To SeH e ’ ' J ■HHP POULTRY FARMERS We Can Insure Your Buildings For As Little As $3.50 Per Thousand Of Coverage. We Also Offer Product Liability For Samonella Claims We Offer All types Of Farm and Agribus. Insurance Please Call For Quotations or Information Carol - Diane - Ray - Roger 2488 Maple Ave., Quanyville, PA 17566 (717) 786-1711 (800) 882-1415 Lancaster Faming, Bslwdsy, Juna 10,1W5A33 pleted this year. Ruggeri cautioned that indus try-wide sales for 1995 are not ex pected to be quite as strong as in 1994. However, he expects further increases in New Holland’s mar ket share as a direct result of the company’s new product introduc tions. residual nutrients from these amendments. The results from the trial at the LeVan Farm and other sites where this research is being conducted will be discussed by Beegle from Penn State. Dr. Judy Kipe-Nolt' will discuss the work she is doing with the Pocono Northeast Re source Conservation and Devel opment Area on the microbial composting process for conserv ing nutrients. spending has been reduced from $25.8 billion to $8.5 billion, a two-thirds reduction, while total federal spending rose by 50 per cent. All this, despite the fact that agriculture only accounts for 1 percent of the total federal spend ing. If all other federal programs had taken the same level of cuts during that time, the U.S. would now be basking in a substantial budget surplus.” Early hopes were that the most recent round of the General Agreement on Tariffs and Trade would resolve trade disputes among the world’s nations. GATT made progress, but it did not elim inate all of the problems. The European Union still maintains a 3 to 1 advantage over the U.S. in terms of its domestic support for agriculture, and a 6 to 1 advantage in export subsidies. The U.S. has already reduced its support for domestic farm pro grams by more than the 20 percent required by the Uruguay Round GATT agreement. Further cuts would result in the U.S. unilateral ly eliminating farm program pro tections. It would place our farm ers at a gross disadvantage to their overseas counterparts.
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