Communications Satellite Corp.
A restructuring of its money-losing video unit caused Washington-based Communications Satellite Corp. to lose $16.3 million on revenues of $456.8 million in 1990, the company said yesterday. Without the restructuring charges, Comsat would have earned $56.3 million, Comsat said. International operating income for this satellite operator grew by 9 percent to $114.2 million. Comsat's video unit lost $124.6 million for the year, compared to a $17.6 million loss in 1989.
PharmaKinetics Laboratories Inc.
This Baltimore-based generic-drug testing company had contract revenues of roughly $4.3 million for its second quarter, which ended Dec. 31. PharmaKinetics experienced a net loss of $764,690 for the same quarter, which equals an 8 cents a share deficit. One bright spot was the performance of the company's German subsidiary, International Bio Research, whose revenues increased 38 percent for the quarter that ended Dec. 31.
PharmaKinetics filed for Chapter 11 bankruptcy in November 1990 and has a long-term cash collateral agreement with its main creditor, Maryland National Bank. The pact expires May 31.