Gand Cherokee, Wagoneer recallChrysler Corp. said...

BUSINESS DIGEST

January 28, 1994

Gand Cherokee, Wagoneer recall

Chrysler Corp. said yesterday that it is recalling 115,000 Jeep Grand Cherokees and Grand Wagoneers to repair a defect that could lead to the loss of steering control.

The recall, the third in 10 months for the vehicles, affects about half of the Grand Cherokees and Wagoneers Chrysler sold last year. This week, Chrysler began sending the recall notices to owners of Grand Cherokees and Wagoneers built between December 1992 and July 1993.

Mutual funds pass $2 trillion

The mutual fund industry broke the $2 trillion barrier in assets last month, propelled by a record influx of money into stock funds, the Investment Company Institute said yesterday.

The total amount invested in 4,558 funds reached $2.01 trillion at the end of December, up from $1.98 trillion a month earlier.

EA Engineering splits 3-for-2

EA Engineering, Science & Technology Inc. said yesterday that its board approved a 3-for-2 stock split in the form of a 50 percent stock dividend, to be distributed Feb. 23 for shareholders of record Feb. 8. EA shares closed up 75 cents yesterday, at $18.75.

Citizens Bancorp profit up 15%

Laurel-based Citizens Bancorp reported yesterday that it earned $6.9 million in the fourth quarter last year, up 15.5 percent from a year earlier. In 1993, the company earned $26.8 million, 15 percent more than it earned in 1992. Citizens has $3.3 billion in assets in its three subsidiaries, Citizens Bank of Maryland, Virginia and Washington.

2 EAI officials file to sell stock

Two top officials at Education Alternatives Inc. recently filed to sell more than 30,000 EAI shares.

On Monday, EAI President David A. Bennett filed to sell 17,570 shares. On Jan. 7, Gale R. Mellum, a member of EAI's board of directors, filed to sell 13,683 shares.

Education Alternatives, a Minneapolis company that runs nine public schools in Baltimore, has 6.3 million shares outstanding. The company's stock closed yesterday down $1.25, at $34.

Host Marriott issues shares

Host Marriott Corp. yesterday announced that it has issued 20.125 million shares of its common stock at $12 a share.

The company said it will use the net proceeds of approximately $230 million primarily to acquire full-service hotels or related assets.

Procter & Gamble earnings up 13%

Procter & Gamble Co. said second-quarter earnings rose 13 percent, led by strong U.S. and international unit volume growth and lower costs.

The consumer products company said net income rose to $653 million, or 92 cents a share.

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