MicroProse president resignsMicroProse Inc., the Hunt...

BUSINESS DIGEST

February 05, 1993

MicroProse president resigns

MicroProse Inc., the Hunt Valley-based maker of computer games, said President Mark L. Barnett had resigned to form his own company. Mr. Barnett, 47, joined MicroProse in April.

MicroProse founder and Chairman J. W. "Wild Bill" Stealey will take over the president's tasks.

Ryland Group earnings up

The Ryland Group yesterday reported that fourth-quarter net earnings for 1992 improved to $6.9 million, or 40 cents per share, compared to $1.7 million, or 8 cents a share, for the same period of 1991. Earnings for the full year were $27.5 million, up from $9.5 million in 1991 in part because of the strong performance of Ryland Mortgage Co. Primary earnings per share went from 53 cents in 1991 to $1.66 per share in 1992.

U.S. to air grain complaints

U.S. Trade Representative Mickey Kantor said yesterday that he would consider taking action on complaints by American farmers that Canada is dumping grain on U.S. markets. He said he would raise the issue Monday when he meets with Canadian trade officials.

IBM gains Armco contract

Armco Steel Co. said International Business Machines Corp. will take over all of the steelmaker's data processing and communications functions under a 10-year agreement.

Armco, which cut its data processing and communications staff to 90 from 200 in July, said all 90 would become IBM employees.

Martin to study MagLev trains

Martin Marietta Corp. has been awarded a $234,000 contract to evaluate high-speed magnetic levitation transportation in the Baltimore-Washington corridor, the company said. MagLev trains could make the 40-mile trip between Baltimore and Washington in as little as 15 minutes.

AES Warrior Run to build plant

AES Warrior Run Inc. announced an agreement yesterday with two companies to build a $300 million coal-fired electric plant in Allegany County. AES Warrior, which plans to build the plant near Cumberland, has signed an agreement with United Engineers & Constructors Inc. and ABB Combustion Engineering Systems.

Guilty plea in Phar-Mor case

A former Phar-Mor Inc. executive pleaded guilty to four counts for his part in a $1.1 billion fraud and embezzlement scheme that forced the company to seek bankruptcy court protection.

Jeffrey C. Walley, 37, of Pittsburgh, was the discount drugstore chain's vice president of finance. He was fired Aug. 2.

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