Times Mirror Co.This Los Angeles-based media company...

EARNINGS

October 22, 1992

Times Mirror Co.

This Los Angeles-based media company, whose newspaper holdings include The Baltimore Sun, said third-quarter earnings rose 7 percent, to $43.8 million, or 34 cents a share, from $41 million, or 32 cents, in the year-ago period. Revenues edged up 2.8 percent, to $914.4 million, from $889.5 million in the year-earlier period.

Times Mirror said operating profits rose 14.6 percent in the book and magazine publishing division, 37.7 percent in cable television and 69.1 percent in broadcasting. But its newspaper group's operating profit fell 24.7 percent for the quarter as revenues slipped 2.2 percent.

"The state of the economy in Southern California is not expected to improve in the near future, and we remain concerned about its effect on advertising volume at the Los Angeles Times," said Robert Erburu, chairman and chief executive. The company said it is considering "a number of additional initiatives to further reduce its cost base."

For the first nine months, Times Mirror earned $127.6 million, or 99 cents a share, up 34 percent from $95 million, or 74 cents a share, a year earlier.

Nine-month revenue edged up 2 percent, to $2.69 billion, from $2.64 billion a year earlier.

Environmental Elements Corp.

This Baltimore company reported yesterday a bigger-than-expected loss for the three months that ended Sept. 30, which the air pollution control equipment firm blamed primarily on slow orders and tight profit margins forced by the sluggish economy.

Revenue also fell by 26 percent, which John S. Lalley, the company investor relations director, attributed to job delays that pushed anticipated revenue into subsequent quarters and to lower bookings for second-quarter business during the first quarter.

The bottom-line performance was well below the mean estimate of analysts who follow the company, who predicted Environmental Elements would actually make a small profit in the quarter, according to an Oct. 11 report by Bloomberg News Service.

Environmental Elements said last month that it would lose a small amount of money in the last three quarters of the year, but yesterday's results were worse than that announcement suggested, Mr. Lalley said.

"It's definitely beyond what we had in mind," he said. "Fundamentally, it's the slowness in contract awards."

But it appeared that the company's earlier announcement prepared Wall Street for the news. Environmental Elements stock closed at $9.125 per share, up 37.5 cents for the day.

Three months ended 9/30/92

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

'92., .......... 17,678,000.....(1,806,000)....... (0.26)

'91............. 23,886,000.... 1,924,000.......... 0.27

% change...............-26.0............ --............. --

Six months ended 9/30/92

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

92 ................39,893,000......(3,528,000)..... (0.50)

91................ 50,366,000..... 3,851,000........ 0.55

% change.................-20.8............. --........... --

Preston Corp.

This Eastern Shore trucking company blamed its third-quarter loss of $1 million on a decline in trucking rates, a 2.7 percent increase in union wages on April 1 and a lack of growth in overall tonnage.

William B. Potter, chairman and president of Preston, said the company was disappointed in the operating results of its subsidiaries, except Saia Motor Freight, which reported operating income of $3.6 million.

The company's nine-month figures this year were affected by after-tax charges of nearly $2.6 million, equal to 44 cents a share, related to the 1990 closing of Pioneer Transportation Systems Inc. and Reeves Transportation Co. and an accounting change related to its method of recognizing revenue.

Three months ended 9/30/92

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

92. .......152,715,000...........(1,049,000).. .........(0.18)

91. .......146,205,000............ 82,000............. ..0.01

% change....... .+4.5.. ...............N/A................ N/A

Nine months ended 9/30/92

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

92.............. 434,675,000........(3,999,000).......(0.69)

91............. .426,534,000........1,234,000........ 0.21

% change.. . ............+1.9...............N/A...........N/A

Atlanfed Bancorp Inc.

This Baltimore-based parent of Atlantic Federal Savings Bank reported continued higher profits in its fiscal second quarter that ended Sept. 30. Despite no loan charge-offs, the company increased its addition to loan loss reserves by 20 percent compared with last year, and its total loss reserve grew by 80 percent, to $831,737. Atlanfed had $244 million in assets on Sept. 30, down slightly from a year ago, and deposits of $187 million, also a bit less than a year earlier.

Three months ended 9/30/92

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

92. .. ..........485,543.... .........0.44

91................399,278..............0.37 % change.. . ........+21.6............. +18.9

Six months ended 9/30/92

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.