Rouse elevates Deering Operating earnings up 14.1 percent

February 26, 1993|By Ross Hetrick | Ross Hetrick,Staff Writer

The Rouse Co., a Columbia-based real estate development company, said yesterday that Anthony W. Deering, 48, was appointed president and chief operating officer, putting him in line for the company's top job.

"Under normal circumstances, it is expected that the chief operatingofficer will become the chief executive officer in due course," said Mathias J. DeVito, chairman and chief executive of Rouse.

Rouse, the nation's largest publicly held development company, also reported yesterday that earnings before depreciation and deferred taxes increased 14.1 percent, to $20.6 million, in the fourth quarter, compared with the year-earlier period.

Even though Rouse recorded a net loss for the fourth quarter and the year, the company said earnings before depreciation and deferred taxes more accurately reflect its financial condition than does net income, which is affected by depreciation rules that do not take into account the rise and fall of real estate values.

The company's retail centers turned in a particularly strong performance, with earnings before depreciation and deferred taxes reaching a record $71 million, or 10.7 percent higher than in 1991.

For the fourth quarter, Rouse had a net loss of $1.3 million, or 2 cents a share, on revenue of $168.6 million. In 1991's fourth quarter, the company reported net income of $14.9 million, or 31 cents a share, on revenue of $158.2 million.

Mr. Deering, who has worked for Rouse for 20 years, has served as the company's chief financial officer for the past 15 years.

"During Tony Deering's 20 years with the company, he has gained a thorough knowledge of all the facets of our business, including development, operations, administration and finance," Mr. DeVito said.

Mr. DeVito, 62, has been serving as president since Michael D. Spear died in an airplane crash Aug. 24, 1990. The company has not had a chief operating officer since Mr. DeVito left the position in May 1979 to become president and chief executive officer.

Mr. Deering's former position of chief financial officer will remain vacant for the foreseeable future, a company spokeswoman said.

The Rouse Co.

.. .. .. .. .. Ticker.. .. .. .. .. .. .. .. Yesterday's

.. .. .. .. .. Symbol.. .. .. .. .. .. .. .. Cls.. .. .. ...Chg.

.. .. .. .. .. ROUS.. .. .. .. .. .. .. .. . 16 3/4 .. .. .. .. ..+ 3/4

Period ended

Dec. 31 .. .. .. .. ..4th qtr.. .. .. .. Year ago.. .. .. Chg.

Revenue .. .. .. .. ..$168,614 .. .. .. .$158,174.. .. .. +6.6%

Net Income.. .. .. .. $(1,256).. .. .. ..$14,913 .. .. .. ..--

Primary EPS .. .. .. .$(0.02).. .. .. .. $0.31.. .. .. .. ..--

.. .. .. .. .. ..Year.. .. .. .. ..Year ago.. .. .. ... .. Chg.

Revenue .. .. .. $597,105.. .. .. .$573,498.. .. .. .. ... +4.1%

Net Income .. .. $(16,197).. .. .. $15,797.. .. .. .. .. .. --

Primary EPS .. ..$(0.34).. .. .. .. $0.33.. .. .. .. .. ..* --

* Includes 28 cents a share stemming from change in income tax accounting.

Figures in thousands (except per share data).

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.