Grace & Co.This chemical and health-care company...

W. R.

July 24, 1992

W. R. Grace & Co.

This chemical and health-care company reported yesterday that income from continuing operations increased by 4.6 percent, to $64.1 million, during the second quarter.

Adjusting the 1991 figures to exclude divisions that were sold in the past year, the increase was 11 percent. But a one-time after-tax charge of $163.1 million, related to the company's reporting that its oil and gas businesses would be discontinued, created a loss of $99 million.

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 Laurel-based American Cafe restaurant chain; and National Medical Care, a health-care subsidiary.

Three months ended 6/30/92

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

'92 1,370,800,000... .. (99,000,000)... (0.92)

'91 1,401,300,000... ...57,600,000... .. 0.63

% change -2.2 ... ... ...-- ... ... ... ...--

Six months ended 6/30/92

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

'92 2,603,500,000... .. (93.900,000)... (0.82)

'91 2,753,700,000 ... ..88,400,000 ... ..0.99

% change -5.5... ... ... --... ... ... .. --

Armco Inc.

Helped by a tax refund and the purchase of Cyclops Industries Inc. in April, this Parsippany, N.J.-based steel company reported its first quarterly profit in two years.

The company received $39.1 million in a tax refund that resulted from the resolution of a dispute with the Internal Revenue Service involving returns filed in from 1978 through 1980 and in 1987.

Three months ended 6/30/92

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

'92 545,000,000... ... 2,500,000... ... 0.00

'91 388,700,000... ... (28,500,000)... (0.35)

% change +40.2 ... ... ..--... ... ... ... --

Six months ended 6/30/92

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

'92 911,400,000... ... (28,000,000)... (0.34)

'91 799,200,000... ... (68,100,000)... (0.82)

% change +14.0 ... ... ...--... ... ... .. --

Allied-Signal Inc.

This diversified parent of Bendix operations in Maryland reported a strong gain in second-quarter earnings yesterday, primarily because of a nearly 400 percent jump in profits at its automotive division.

Income for the three months that ended June 30 was $145 million, up 62.9 percent from the $89 million reported in the same period last year.

For its operating units, Allied-Signal reported that earlier cost-reduction steps improved net income at its aerospace division, including its Bendix Communications complex in Towson, by 40 percent to $59 million, despite a 7 percent decline in sales to $1.25 billion.

Three months ended 6/30/92

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

'92 3,075,000,000... .. 145,000,000... ..1.03

'91 3,047,000,000... ...89,000,000... .. 0.65

% change +0.9 ... ... ...+62.9... ... .... +58.5

Six months ended 6/30/92

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

'92 6,054,000,000... .. 272,000,000... . 1.94

'91 5,950,000,000... .. 152,000,000 ... .1.12

% change +1.7 ... ... ...+78.9... ... ... +73.2

Preston Corp.

Rate decreases and one-time charges led to a second-quarter $2.4 million loss at this Eastern Shore-based trucking company.

Revenue per ton fell as much as 6 percent for some lines, contributing to a $694,000 operating loss for the second quarter, ended June 30.

The company took a $1.7 million charge for costs associated with the 1990 shutdown of two divisions.

Three months ended 6/30/92

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

'92 142,641,000... ... (2,417,000)... .. (0.42)

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

% change -1.4 ... ... ..--... ... ... ... .. --

Six months ended 6/30/92

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

'92 281,960,000... ... (2,113,000) ... .(0.37)

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

% change +0.6 ... ... ....-- ... ... ... ...--

General Physics Corp.

Earnings for this Columbia-based company, which provides training and services to the power industry and the government, dropped by nearly half in the second quarter because of delays in new contracts and continued high overhead costs, the company said.

The company announced June 19 that second-quarter earnings would be "significantly lower" than had been expected.

A case was filed in U.S. District Court in Baltimore June 22 by two investors charging that the company concealed information about its financial problems to boost its stock

price. General Physics has denied the charge.

Three months ended 6/30/92

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

'92 19,815,000 ... ... 850,000... ... .. 0.14

21,726,000 ... ... 1,641,000... .... 0.26

% change -8.8 ... ... ..-48.2... ... ... .. -46.2

Six months ended 6/30/92

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

'92 39,165,000... ... . 1,473,000... ... 0.24

'91 39,381,000... ... . 2,903,000 ... ...0.47

% change -0.5 ... ... ...-49.3 ... ... ... -48.9

MCI Communications

The nation's No. 2 long-distance company reported strong year-to-year revenue and profit gains for the quarter that ended June 30, much of it at the expense of American Telephone & Telegraph Co.

The two companies have stepped up competition for residential and international long-distance customers.

Three months ended 6/30/92

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

'92 2,606,000,000... .. 149,000,000... . 0.53

'91 2,354,000,000 ... ..137,000,000... . 0.50

% change +10.7... ... ... +8.7 ... ... ....+6.0

Six months ended 6/30/92

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

'92 5,119,000,000... .. 290,000,000... . 1.03

'91 4,637,000,000 ... ..267,000,000... . 0.97

% change +10.4... ... .. +8.6... ... ... .. +6.2

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