T. Rowe Price Associates Inc.This Baltimore-based mutual...

BY THE NUMBERS

April 26, 1991

T. Rowe Price Associates Inc.

This Baltimore-based mutual fund company reported yesterday a decline in first-quarter net income despite posting record revenue for any three-month period.

The company said it earned $5.6 million, or 38 cents a share, during the first three months of this year, representing nearly a 19 percent drop from last year's net income. T. Rowe Price blamed the drop in earnings primarily on higher employee costs and administrative expenses, which together rose 20.7 percent, to $31.5 million, during the quarter. The company said the increased costs stemmed mostly from the company's new activity in processing its own mutual fund transactions at its facility in Owings Mills, leading to the hiring of 50 new workers during the quarter. That operation is expected to begin generating revenue later this year.

"The year is off to a good start despite the first-quarter earnings decline," George J. Collins, the company's president, said in a statement. "Based on our current outlook and market conditions, we expect a favorable trend in revenues and earnings for the remainder of the year."

*Three months ended 3/31/91

.. .. .. .Revenue .. .. .. .. .. Net .. .. .. .. .. Share

'91 ..45,550,000 .. .. ..5,618,000 .. .. .. .. .. .0.38

'90 ..42,194,000 .. .. ..6,920,000 .. .. .. .. .. .0.47

% change .. .+8.0 .. .. .. .. .-18.8 .. .. .. .. .. .19.1

MBNA Corp.

This Newark, Del.-based company, the former credit-card subsidiary of MNC Financial Inc., reported its first quarterly earnings this week as a public company. The figures showed its income increased more than 15 percent, compared with year-ago figures, despite a climb in the level of its delinquent loans.

The bank holding company, parent of MBNA America Bank, is thethird-largest credit card lender with 7 million customers throughout the country and manages $7.3 billion in total loans, the company said.

MBNA said that the percentage of delinquent loans rose to 4.49 percent of total managed loans from 3.61 percent a year ago.

*Three months ended 3/31/91

.. .. .. .. .. .. Income .. .. .. .. .. .. .. Share

'91 .. .. .. .30,878,000 .. .. .. .. .. .. .. .0.62

'90 .. .. .. .26,809,000 .. .. .. .. .. .. .. .0.54

% change .. .. .. .+15.2 .. .. .. .. .. .. .. +14.8

. .. .. .. .. .. .Assets .. .. .. .. .. .. Deposits

'91 .. .. .5,129,960,000 .. .. .. .. .4,430,191,000

'90 .. .. .2,387,853,000 .. .. .. .. .1,970,845,000

% change.. .. .. .+114.8 .. .. .. .. .. .. .. +24.8

*Loan portfolio

.. .. .Loans outstanding .. .. .. . Net charge-offs

'91 .. .. .3,044,489,000 .. .. .. .. .. .22,095,000

'90 .. .. .1,856,441,000 .. .. .. .. .. .$9,400,000

% change .. .. .. .+64.0 .. .. .. .. .. .. ..+135.1

.. Addition to allowance .. .. .. .. .. . Allowance

.. .. .. for loan losses .. .. .. . for loan losses

'91 .. .. .. $22,095,000 .. .. .. .. .. $97,580,000

'90 .. .. .. $12,684,000 .. .. .. .. .. $85,365,000

% change .. .. .. .+74.2 .. .. .. .. .. .. .. +14.3

Eastern Stainless Corp.

A continued slowdown in demand for stainless steel plates cut profits at this East Baltimore plant to $71,000 for the first three months of the year, the company announced yesterday.

The plant, which is a subsidiary of Pittsburgh-based Cyclops Industries Inc., said sales for its thick plates, used by brewers, shipbuilders and the like, and its new sheets, used by many appliance-makers, fell 10.8 percent, compared to the corresponding quarter of last year.

While Robert Rubino, the plant president, said he expects the softness in sales to continue, he said that he hopes revenues rise after a price increase that is scheduled to take effect in June.

*Three months ended 3/31/91

.. .. .. .. .. .Revenue .. .. .. .. Net .. .. .. .. Share

'91 .. .. ..43,562,000 .. .. ..71,000 .. .. .. .. . N/A

'90 .. .. ..48,847,000 .. ..1,205,000 .. .. .. .. . N/A

% change .. .. .. -10.8 .. .. .. .-94.1 .. .. .. .. . .--

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