Alexander & Alexander Services Inc.This New York-based...

BY THE NUMBERS

April 28, 1992

Alexander & Alexander Services Inc.

This New York-based insurance services company said it earned $20.8 million, or 51 cents a share, during the three months that ended March 31, but most of its profits came from a previously announced sale of two non-core businesses during the quarter.

Alexander & Alexander, which has a major operation in Owings Mills, earned 10 cents a share on operations, the same as in the first quarter of last year. In the early months of 1991, however, income was pushed down to 4 cents a share by an accounting change.

"Weak insurance pricing, poor general economic conditions and low interest rates continue to constrain our revenue and income growth in North American retail brokerage operations," company Chief Executive T. H. Irvin said in a statement.

Three months ended 3/31/92

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

'92 . .. . 321,200,000 .. ..20,800,000 . .. ..0.51

'91 . .. .332,400,000 .. ...1,900,000 . .. ..0.04

% change .. .. ... -3.4 .. .. ... +994.7 . . +1,175.0

Waverly Inc.

This Baltimore-based printing company said it lost $1.30 a share in its first quarter, which ended March 31, because of an accounting rule requiring companies to account for future retiree health benefits.

The after-tax charge took $6.1 million from earnings for the quar

ter, though the company expects profits for the last three-quarters of the year and a loss of 40 cents a share for the year.

Net sales for the quarter were $35.5 million, nearly 7 percent more than in the same quarter last year.

three months ended 3/31/92

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

'92 . .. .35,511,000. .. .(5,630,000) . ..(1.30)

. .. .33,041,000. .. .. .604,000 .. ...0.14

% change .. .. . +6.9. .. .. .. ... -- .. .. .. --

W. R. Grace & Co.

Earnings for this specialty chemical and health-care company slumped in the first quarter as a result of poor sales in its energy unit, packaging division and cocoa operations.

Profits were also hurt by the $14 million charge from Grace's sale of 100 Del Taco Restaurants Inc. properties in the Southeast and Texas to the Taco Bell unit of PepsiCo Inc.

Grace, based in Boca Raton, Fla., has about 2,245 employees in Maryland who work for the Washington Research Center in Columbia; the Davison Chemical Division in Baltimore; the Grace Culinary Systems in Laurel; the American Cafe restaurant chain, with headquarters in Laurel; and National Medical Care, a health-care subsidiary.

Three months ended 3/31/92

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

'92 . ..1,325,900,000 .. ..5,000,000 .. ..0.06

'91 . ..1,480,000,000 .. .30,800,000 .. ..0.36

% change .. .. . -10.4 .. .. .. .-83.8 .. ..-83.3

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