PHH Corp.Citing improvement in its New Jersey-based...

BY THE NUMBERS

May 27, 1992

PHH Corp.

Citing improvement in its New Jersey-based mortgage banking operation, PHH Corp. reported improved earnings for its fourth quarter and fiscal year that ended April 30.

Although several other sectors of the company's operations were flat during much of the past year, the mortgage-banking subsidiary doubled its portfolio of loans being serviced, the company said.

The servicing portfolio, consisting solely of residential mortgages originated by the subsidiary, has reached nearly $8 billion, said Roy Meierhenry, chief financial officer of Hunt Valley-based PHH.

Mr. Meierhenry said one reason for the company's larger mortgage-servicing portfolio stems from the refinancing surge at the end of 1991 and the beginning of this year.

Three months ended 4/30/92

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

'92 493,881,000 .. .. .. 14,910,000 .86

'91 541,862,000 .. .. .. 12,674,000 .75

% change -8.9 .. .. .. .. .+17.6 .. .. +14.7

Twelve months ended 4/30/92

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

'92 1,931,484,000 .. .. .83,117,000 .2.92

'91 2,017,625,000 .. .. .77,759,000 .2.78

% change -4.3 .. .. .. .. .+6.9 .. .. ..+5.0

Polk Audio Inc.

Polk Audio Inc. blamed one-time charges connected with its attempt to buy the Merdian Group from AGI (Electronics) Ltd. for a $284,000 loss in its fourth fiscal quarter.

The Baltimore-based maker of loudspeaker systems paid $869,000 in legal, accounting and investment banking fees in the quarter, which ended March 29. It was unable to buy the companies because AGI was placed in receivership.

Polk's loss during the fourth quarter compares with earnings of $51,000 a year ago. The company's sales during the quarter were $7.7 million, up 24.5 percent compared with the prior year.

Company President George M. Klopfer said that in addition to the one-time charges, the year's figures reflected depressed sales of Polk's stereo systems last summer.

The company appointed a new vice president for sales and launched a promotional campaign in December that helped boost sales in the final quarter, Mr. Klopfer said.

Three months ended 3/29/92

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

'92 .. .. .. 7,706,000 .. ..(284,000) (0.16)

.. .. .. 6,190,000 .. ..51,000 .. .0.02

% change .. ..+24.5 .. .. .. ..-- .. .. .. ..--

Twelve months ended 3/29/92

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

'92 .. .. .. 27,465,000 .. .321,000 .. .0.18

'91 .. .. .. 27,866,000 .. .1,200,000 ..0.68

change .. ..-1.4 .. .. .. ..-73.3 .. .. -73.5

Westvaco Corp.

This New York-based company, which operates a paper and pulp mill in Luke, said yesterday that its net income was up nearly 13 percent in the second fiscal quarter as a result of cost reductions and productivity improvements last year. Earnings also were helped by a 6-cent-a-share gain from land transactions.

Three months ended 4/30/92

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

'92 .. .. .593,422,000 .. ..40,377,000 0.61

'91 .. .. .557,914,000 .. ..35,775,000 0.55

% change .. +6.4 .. .. .. .. .+12.9 .. ..+10.9

Six months ended 4/30/92

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

'92 .. .. ..1,133,216,000 .. 67,481,000 1.02

'91 .. .. ..1,131,257,000 .. 52,349,000 0.80

% change .. .+0.2 .. .. .. .. .+28.9 .. .. +27.5

BioWhittaker Inc.

The Frederick-based biomedical company reported an increase in earnings for the second quarter, which ended April 30, to $1.24 million from $1.13 million in the same period a year ago. The company said the increase was a result of higher sales of all three of its biomedical products.

BioWhittaker was a subsidiary of Whittaker Corp., an aerospace company, until December.

Three months ended 4/30/92

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

'92 .. ..13,616,000 .. .. ..1,238,000 0.11

'91 .. ..10,281,000 .. .. ..1,131,000 .. --

change ..+32.4 .. .. .. .. ..+9.5 .. .. .--

Six months ended 4/30/91

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

'92 .. ..25,716,000 .. .. ..2,316,000 0.21

'91 .. ..18,821,000 .. .. ..1,330,000 ...NA

% change ..+36.6 .. .. .. .. .+74.1 .. .. .--

MicroProse Inc.

This Hunt Valley-based producer of entertainment software reported first-quarter earnings of $917,000 on revenues of $12.4 million, or 13 cents a share.

MicroProse attributed its performance during the quarter in part to the release of several new products. Two new products, Gunship 2000 and F-117A Stealth Fighter 2.0, sold more than 100,000 copies in a little more than a month after they were introduced, MicroProse said.

MicroProse said it gained market share in Europe and Japan during the quarter. The European software industry recently voted MicroProse 1991 Software Publisher of the Year.

Three months ended 3/31/92

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

'92 .. .. .12,434,000 .. .. .917,000 .. 0.13

'91 .. .. .7,100,000 .. .. ..(2,154,000) (0.43)

change .. +75.1 .. .. .. .. ..-- .. .. .. .--

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