Layoffs at U.S. firms hit highMajor corporations announced...

BUSINESS DIGEST

February 09, 1994

Layoffs at U.S. firms hit high

Major corporations announced 108,000 layoffs in January, the highest monthly level in the four years since the figures have been tracked, a consulting firm said yesterday.

Challenger, Gray & Christmas Inc., based in Chicago, said the level of announced layoffs topped even the worst of the 1990 recession.

Communications companies GTE Corp., NYNEX Corp. and Pacific Telesis Group cut a total of almost 44,000 workers.

Spectrum to sue Sculley today

Spectrum Information Technologies Inc., the wireless data company stunned Monday by the resignation of John Sculley as chairman and chief executive officer, said yesterday that it planned to file a federal lawsuit against Mr. Sculley, claiming damages of more than $300 million.

The suit, to be filed today, will accuse Mr. Sculley of breach of contract, breach of fiduciary duty, mismanagement and libel, Spectrum said.

Traders unimpressed by Sears

Sears, Roebuck and Co. said yesterday that it rebounded from its worst year to a record profit of $2.37 billion in 1993, but unimpressed investors sent the stock sharply lower.

Chicago-based Sears rebounded from a $3.93 billion loss in 1992 by dropping its Big Book catalog, closing more than 100 stores and cutting 50,000 jobs, but bigger improvements had been expected in its retailing business.

Sears shares fell $3.25, to end at $47.75.

Univax Biologics reports loss

Univax Biologics Inc., a Rockville biopharmaceuticals company, yesterday reported a net loss of $4.7 million, or 40 cents a share, for the fourth quarter, compared with $4.3 million, or 38 cents a share, for the same period in 1992.

Revenue for the quarter increased to $614,218 from 1992's $25,000.

In August, Univax Biologics announced that it had formed an alliance with Genzyme Corp. to develop products for the treatment of infections associated with cystic fibrosis.

AlliedSignal earnings set record

Allied Signal Inc., which last month said that it would cut an undetermined number of jobs at its plant in Towson as part of a corporate restructuring, said that fourth-quarter earnings surged 29 percent from a year ago, to $178 million, or $1.25 a share.

Resource Mortgage earnings up

Resource Mortgage Capital Inc., a Columbia real estate investment trust, reported record net earnings of $54.1 million, or $3.12 per share, for 1993, up from $38.2 million, or $2.73 per share, in 1992. Earnings for the fourth quarter were a record $15.2 million, or 80 cents per share, compared with $11.4 million or 78 cents per share for the 1992 fourth quarter.

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