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BUFFALO STOCK SPOTLIGHT

Varity Corp.
Toronto-based company plans to move its corporate headquarters to Buffalo. Company said its third-quarter earnings fell 9 percent due to a $15 million charge to cover part of a settlement that will permit the headquarters move. Nine-month earnings stable at 22 cents a share. Firm purchased Kelsey-Hayes Corp. in Nov. 1989. Varity makes farm machinery, as well as automotive components, such as anti-lock brake systems and aluminum and steel automotive wheels. Firm also makes diesel engines.

Common stock data
Latest close .... $2.13
52-week range .... $2.13-$4.00
Dividend; P/E ratio .... 0;5.1
Beta .... Up:--0.65; Down: 1.44
Earnings per share
Fiscal year 1989 .... $0.35
Analysts' mean estimate
for fiscal year 1990 .... $0.29
Key financial ratios
Profit margin .... 3.6%
Return on common equity .... 20.8%
Return on total assets .... 3.8%
Debt to equity .... 179%
Current ratio .... 1.4
What a key exec says
"Kelsey-Hayes' performance is extremely satisfying in view of the slack conditions in the automotive industry."
--Victor Rice, chairman, CEO
SOURCES: Standard & Poor's; Media General; Zak's Investment Research.

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