Preston's earnings jump more than 50% in quarter

July 19, 1991|By John H. Gormley Jr.

Preston Corp., which has lost money in five of the last six quarters, returned to profitability in the second quarter, with net income of $1.9 million.

That was an improvement of more than 50 percent over the second quarter of last year, the most recent quarter in which the company operated in the black.

William Potter, chairman of the Eastern Shore-based trucking company, said yesterday that much of the improvement is attributable to the sale last year of two unprofitable trucking subsidiaries.

"The restructuring is working," he said.

That was evidenced by the fact that even though total revenue was down over 13 percent, the trimmed-down company's profit was up by more than 50 percent.

Three months ended 6/30/91

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

'91..144,663,000 .. .. 1,885,000 . .0.33

'90..167,382,000 .. .. .1,238,000 . ..0.21

% change-13.6 .. .. .. +52.3 .. .. ..+57.1

Six months ended 6/30/91

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

'91... .. 280,329,000. . . .1,152,000. .0.20

'90... .. .328,399,000. . .. .1,023,000 .0.18

change . . . .-14.6. . .... +12.6.. . . .+11.1

Black & Decker Corp.

The continuing worldwide slump in spending and construction drove down quarterly revenues and earnings for the Towson-based tool and appliance maker.

A company spokeswoman, Barbara Lucas, said that sales and profits have been declining for a year

* Three months ended 6/30/91

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

'91..1,106,500,000. . . .. 7,300,000. . . 0.11

. ..... 16,300,000... .0.26

% change. . ..-.9.6. . .. ......... 55.2... .57.7

Six months ended 6/30/91

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

'91..2,194,000,000. .... . 11,400,000. . .. . ... 0.18

'90..2,228,000,000...... .. 26,100,000. . . . ... . 0.43

% change. . ..- 1.5. .. .. ... . . .56.3. .. ... . - 58.1

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.