James River Corp. of Richmond reported slight gains in profits for the fourth quarter and fiscal year that ended April 28.
Net income for the year was $101.4 million ($2.90 a share), compared with $98 million ($2.96) in the prior year, the company said. Sales for the year totaled $2.5 billion, up 8 percent.
James River officials said earnings for the year were affected adversely in the first half by higher operating costs associated with the introduction of Northern tissues and napkins and Brawny towels in Northeast markets; by pricing pressures in the food service, communication papers and pulp areas; and by slack demand for specialty industrial and packaging papers during mid-year.
Meanwhile, fourth-quarter net income rose 6 percent, to $34 million (98 cents) from $32 million (94 cents) a year earlier. Fourth-quarter sales were $645 million, down 5 percent from $677 million.
* Allied Capital Corp., a venture capital company with headquarters in the District, said net income for its fiscal year that ended March 31 was $4.23 million ($2.43 a share) compared with $3.97 million ($2.34) a year earlier.
In other developments, Allied declared an extra dividend of 60 cents a share, payable June 14 to holders of record on May 31. The extra cash dividend and distribution, when combined with regular cash dividends, totals $1.60 a share for the fiscal year compared with $1.40 a share in the prior year. The company also declared a regular quarterly cash dividend of 25 cents a share, payable June 28 to shareholders of record on June 14.
* S&K Famous Brands of Richmond reported a sharp decline in earnings for its first quarter that ended April 27. Earnings dropped from $273,000 (13 cents a share) in last year's first quarter to $35,000 (2 cents). First-quarter sales rose 20 percent, from $5.6 million last year to $6.75 million.