T.Rowe Price Associates Inc.
The Baltimore-based investment brokerage house reported yesterday that revenues for the third quarter of 1990 rose 10.7 percent, to $44.6 million, but that an increase in operating expenses for the quarter offset the increase. Third-quarter 1990 net income declined to $6.7 million, or 45 cents a share, from $7.7 million, or 52 cents a share, in the comparable 1989 period.
Revenues for the nine-month period that ended Sept. 30 rose 11.1 percent, to $129.9 million, but net income and per-share earnings declined during the period, the firm said in a statement.
The Washington Post Co. reported yesterday a 16.2 percent decline in net income for the third quarter compared with the same period last year.
The decline reflected "growing weakness in the local Washington advertising environment," the company said.
Newspaper division revenue decreased 7.1 percent in the third quarter of 1990, the company said. Advertising volume at the Post declined 14.7 percent as ad lineage fell from 1,122,800 inches in the third quarter of 1989 to 957,600 inches in the quarter that just ended. Advertising volume was down 10.1 percent for the year to date, falling from 3,490,100 inches during the first nine months of 1989 to 3,139,100 inches in the comparable period this year.
Revenue at the company's Newsweek division increased 7.4 percent in the third quarter of 1990 and 2.8 percent in the first nine months, with the publication of one additional issue in the third quarter and two additional issues in the first nine months. The broadcast division's revenue remained essentially even with the third quarter last year but was down 3.9 percent for the nine-month period.
Danaher, a Washington, D.C.-based manufacturer of tools, process and environmental controls and transportation products, said yesterday that its revenues for the third quarter of 1990 rose 24.8 percent, to $229.9 million, from $184.2 million in the year-earlier quarter. Danaher's net earnings for the quarter were $11.8 million, 10.4 percent higher than a year earlier.
Earnings per share for the third quarter fell 11.1 percent from the same period last year, however, because of the issuance of 5.8 million shares used to acquire Easco Hand Tools, Inc., the company said.
"We are pleased with our recent performance given the weak economic conditions in the United States and United Kingdom," said George M. Sherman, the company's president and chief executive officer.