AMR Corp. loses $46 millionAmerican Airlines parent AMR...

BUSINESS DIGEST

March 18, 1994

AMR Corp. loses $46 million

American Airlines parent AMR Corp. said yesterday that it lost $46 million in February and expects to lose more money in the first quarter than many on Wall Street had expected.

The company said its quarterly loss would be more than 24 cents a share, which would come to more than $18 million based on 76 million outstanding common shares.

American, like other airlines, was hampered by a severe winter that closed airports.

Airplane repair firm closed

JJ&W Aircraft Services, an airplane repair firm employing about 100 workers, was closed yesterday by management of Topflight Airpark, north of Hagerstown.

JJ&W President John Burek said the shutdown was unexpected. The company has been negotiating a new lease with Topflight officials for several months.

German interest rates steady

Germany's central bank left interest rates unchanged at its regular meeting yesterday.

Many market participants had speculated that the central bank would lower its Lombard rate.

The policy-making Central Bank Council left the discount rate at 5.25 percent and the Lombard rate at 6.75 percent.

Local firm complies with FDA

PharmaKinetics Laboratories Inc., which was told by the Food and Drug Administration in December that it had failed to follow established rules for drug tests involving people, said yesterday that company officials received acknowledgment from the FDA that PharmaKinetics had taken the appropriate initiatives and the company's response has adequately addressed the agency's prior concerns. The Baltimore-based company said the FDA would continue to evaluate the company.

Judge turns down barred official

A motion in U.S. District Court to allow deposed union official Walter Scott to run for his old position as president of Local 2610 of the United Steelworkers of America was turned down yesterday by Chief U.S. District Judge Walter E. Black Jr.

Mr. Scott was president of the 2,300-member local, which represents workers at Bethlehem Steel's Sparrows Point mill, until last June when he was removed for allegedly collecting an inflated salary. He was subsequently barred by the local from running for office for five years.

Aerospace employment falls

Employment in the nation's aerospace industry dropped below 1 million in 1993 for the first time in 15 years, according to a survey this week by the industry's major trade organization.

Production and administrative positions were the hardest hit, with losses of 48,000 and 33,000 jobs, said the Aerospace Industries Association.

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