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BIZWATCH : MARKETS.

MARKET LOGIC: High-tech, drug and energy issues rose briskly as the Dow Jones industrial average gained 78.50 points to close at 7,079.39, beating the previous record of 7,067.46 set Feb. 18. The New York Stock Exchange composite index rose 3.87 to 427.70, besting the Feb. 18 record of 427.07.

MEMO

DIANA MOVES TO NASDAQ: Stock of Calabasas-based Diana Corp. stock fell 10 percent, declining 50 cents to $4.50, Monday in its first day on the Nasdaq bulletin board, while the exchange studies the company's performance. Diana was delisted from the New York Stock Exchange after it sold off its main business of food distribution to focus on telecommunications and could not meet NYSE listing requirements.Diana shares reached a record of $114.27 on May 24 while trading under the DNA symbol. Its stock symbol is now DNAK.

ACT NETWORKS GETS $1.1 MILLION DEAL: The Camarillo company signed a deal with Comsat Brasil Ltda. to buy its NetPerformer products for building integrated satellite-based networks. Act Networks makes frame relay wide-area network access products that support voice, data and integrated network applications.

AGOURA HILLS COMPANY FILES FOR BANKRUPTCY: Interscience Computer Corp., a laser printer service firm, filed for Chapter 11 bankruptcy, the company announced Monday. The company's cash flow has been tight due to four acquisitions made in the past 12 months. Frank LaChapelle, Interscience's chief executive, said the filing will enable the firm to reorganize its operations and improve cash flow. In addition, the bankruptcy will help resolve several pending lawsuits.

ITT GILFILLAN GETS $10 MILLION CONTRACT: The Van Nuys unit of ITT Defense & Electronics will provide the Brazilian Air Force with several PAR-2000 precision approach radar systems. ITT Gilfillan makes air traffic control and air and battlefield defense radar systems. ITT Defense & Electronics supplies commercial and defense electronic systems to various industries.

LITTON COMPLETES PURCHASE: The Woodland Hills-based industry has completed the previously announced acquisition of SAI Technology from Science Applications International Corp. for an undisclosed price. SAIT, of La Jolla, has about 410 employees and specializes in mobile computing equipment and systems that can operate in rugged conditions, with annual sales of approximately $90 million. Litton already has about 6,000 employees working in the information systems sector.

EARNINGS

Amwest Insurance Group Inc. Woodland Hills-based insurance holding company

Dec. 4th Qtr. 1996 1995

Sales $23.7 million $22.3 million

Net Income (Loss) ($2.65 million) ($57,000)

Net Per Share (79 cents) (2 cents)

Year End 1996 1995

Sales $97.3 million $94.2 million

Net Income (Loss) ($2.69 million) $3.7 million

Net Per Share (80 cents) $1.09

Results for the quarter and year ended Dec. 31, 1995 have been restated to include the operations of Condor Services Inc., which was acquired in March 1996.

CAPTION(S):

2 Charts

Chart: (1--Color) DOW INDUSTRIALS

(2--Color) BIZ FACTS

SELLING WEEDS

U.S. cigarette exports, then and now, in billions

Knight-Ridder Tribune Graphics Network
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Title Annotation:BUSINESS
Publication:Daily News (Los Angeles, CA)
Date:Mar 11, 1997
Words:497
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