Nova cuts loss Times Mirror earnings up 57%

April 23, 1992

Loyola Capital reports a profit of $5.7 million in first quarter

The parent of Loyola Federal Savings Bank reported sharply higher earnings in the first quarter, resulting partly from the sale of securities. The $5.7 million profit for the quarter, which included a $2.9 million pretax gain on the sale of securities, was up 150 percent compared with the same period a year earlier. The company also subtracted nearly $300,000 from income because of a new accounting regulation.

Without the accounting change and securities sale, the company's quarterly earnings would have been nearly 7 percent higher than last year's. Loyola also subtracted nearly $6 million from earnings for possible loan losses, up from $2.5 million a year ago.

Loyola Capital said the increase in income was also due to more mortgage activity and continued efforts to restructure its portfolio, amounting to a wider spread between the cost of money and the yield on loans and investments.

Loyola's stock closed unchanged yesterday at 18 3/8 on the NASDAQ exchange.

Three months ended 3/31/92

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

'92 . .. ..5,715,000 .. .. ..1.30

'91 . .. ..2,284,000 .. .. ..0.50

% change .. .. +150.2 .. .. . +160.0

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

'92 . ..1,930,915,000 . .. .. --

'91 . ..2,001,665,000 . .. .. --

% change .. .. ... 3.5 . .. .. --

AHL Nova Pharmaceutical Corp.

The Baltimore research and development company's losses declined in the first quarter to 11 cents a share, compared with 14 cents a share in the same period a year ago.

Revenue for the quarter that ended March 31 was $12.4 million, up from $11.5 million for the same period in 1991.

, The company raised $33.5 mil

lion during the quarter by completing the sale of 4.2 million new shares of common stock.

Three months ended 3/31/92

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

'92 . ..12,402,695 .. ..(3,402,934). .. (0.11)

'91 . ..11,508,287 .. ..(3,723,817). .. (0.14)

% change .. .. +7.8 .. .. .. .. .. --. .. .. . --

Times Mirror Co.

Earnings at this Los Angeles-based company, parent of The Baltimore Sun, rose 57.3 percent during the first quarter compared with the same period a year ago. The gains were attributed to cost-cutting programs and increased revenue and earnings from operations not dependent on advertising, the company said.

Times Mirror said operating profits rose more than 67 percent, to $80 million, primarily because of lower newsprint costs and reduced expenses related to employee buyout programs at the Los Angeles Times and Baltimore Sun. Results also were helped by improved earnings in professional publishing, cable television and business training programs.

Times Mirror, a Los Angeles-based media and information company, publishes the Los Angeles Times, Newsday and New York Newsday, the Baltimore Sun newspapers, the Hartford Courant, the Allentown, Pa., Morning Call, the Stamford, Conn., Advocate and Greenwich Time. The company also has interests in broadcast and cable television, and book, magazine and other

publishing.

Three months ended 3/29/92*

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

'92 . ..867,827,000 . .. ..36,620,000 . ..0.28

. ..854,466,000 . .. ..23,276,000 . ..0.18

change .. ... +1.6 . .. .. .. . +57.3 . . +55.6

* Year-ago quarter ended 3/31/91.

UNC Inc.

This Annapolis-based aviation service company said strong cash flow and earnings in the first quarter were used to decrease debt by $55.8 million, to $122 million.

1% As a result, interest expense was

reduced to $3.3 million in the quarter, from $4.2 million in the same period last year.

Dan A. Colussy, chairman and chief executive, said the company expects improved results for the rest of the year.

Three months ended 3/31/92

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

'92 . .. .86,185,000. .. .. ..2,236,000 .. ...0.13

'91 . .. .85,537,000. .. .. ..1,443,000 .. ...0.08

% change .. .. . +0.7. .. .. .. ... +54.9 .. .. +62.5

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