Marriott shows 10 percent increase in earnings in quarter

April 15, 1992

Marriott Corp. reported its earnings increased 10 percent in the first quarter compared with the same period last year.

The Bethesda-based company earned $11 million, or 7 cents a share, up from $10 million, or 10 cents a share, in the same 1991 quarter. Revenues increased 6.9 percent, to $1.95 billion, from $1.83 billion a year ago.

The company said its per-share earnings declined because of higher payments to preferred stockholders.

Chairman and President J. W. Marriott Jr. said the company con

tinued to be hurt by the weak economy, the oversupply of domestic hotel rooms and weak airline traffic.

Three months ended 03/27/92*

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

'92 .. 1,953,000,000 .. 11,000,000 .. 0.07

'91 .. 1,827,000,000 .. 10,000,000 .. 0.10

% change .. .. +6.9 .. .. .. +10.0 .. .. 30.0

* Figures for 1991 period ended March 22.

Crown Cork & Seal Co. Inc.

Income for this Philadelphia-based can and bottle-cap maker increased 16.2 percent as the company continued to realize cost savings from companies that it acquired a year and a half ago, according to Alan Rutherford, senior vice president and chief financial officer.

The company, with 144 plants worldwide, has its machinery-manufacturing headquarters in Baltimore and can-production facilities elsewhere in the state.

Three months ended March 31

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

'92 .. 839,367,000 .. 26,419,000 .. 0.91

'91 .. 831,585,000 .. 22,744,000 .. 0.79

% change .. +0.9 .. .. .. .. +16.2 .. +15.2

Mercantile Bankshares

Mercantile Bankshares Corp. continued its slow and steady pace forward yesterday by announcing that 1992 first-quarter earnings were 1.8 percent higher than earnings in the first quarter last year.

The company, whose largest subsidiary is the Baltimore-based Mercantile Safe-Deposit and Trust Co., reported income of $18.9 million in the quarter that ended March 31, up from $18.5 million in the same period last year.

Per-share earnings were unchanged at 62 cents because the number of outstanding shares increased during the year.

Assets as of March 31 were $5.2 billion, up 6.5 percent from a year earlier. Deposits rose 6.1 percent, to $4.04 billion.

The company reported that total non-performing assets grew to $89.2 million during the quarter, a $2.4 million increase from the previous quarter and $35.6 million more than a year ago.

Three months ended 3/31/92

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

'92 .. 18,871,000 .. .. 0.62

'91 .. 18,545,000 .. .. 0.62

% change .. +1.8 .. .. .. 0.0

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

'92 .. 5,207,723,000 .. .. 4,290,806,000

'91 .. 4,888,098,000 .. .. 4,041,388,000

% change .. +6.5 .. .. .. .. .. +6.2

Loan portfolio

Three months ended 3/31/92

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

'92 .. .. 3,394,723,000 .. .. .. .. 1,531,000

'91 .. .. 3,317,536,000 .. .. .. .. 2,086,000

% change .. .. +2.3 .. .. .. .. .. .. .. 26.6

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

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

'92 .. .. .. .. 1,943,000 .. .. .. .. .. .. ..66,344,000

'91 .. .. .. .. 1,587,000 .. .. .. .. .. .. . 53,972,000

% change .. .. .. +22.4 .. .. .. .. .. .. .. .. .. +22.9

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