Bell Atlantic profit risesBell Atlantic Corp. shares...

BUSINESS DIGEST

April 21, 1994

Bell Atlantic profit rises

Bell Atlantic Corp. shares gained more than 4 percent yesterday after it reported higher-than-expected first-quarter profit.

Bell Atlantic, parent of Bell Atlantic-Maryland, said profit from operations rose to $395.9 million, or 91 cents a share, from $372.2 million, or 85 cents a share, a year earlier. First-quarter revenue increased 6.6 percent, to $3.37 billion, from $3.16 billion. Bell Atlantic stock closed up $2.375, at $53.625, on the New York Stock Exchange.

Intersolv to acquire Q+E Software

Rockville-based Intersolv Inc. said yesterday that it would acquire Q+E Software for cash and stock valued at about $36 million. Intersolv said it will pay $5.3 million in cash and 2.37 million shares of stock.

The company said a portion of the acquisition cost will be considered as purchased research and development and will be accounted for as a one-time charge of $25 million to $35 million in

the fourth quarter ending April 30.

First Citizens CEO retires

First Citizens Financial Corp., the Silver Spring-based parent of Citizens Savings Bank F.S.B., said yesterday that its chairman and chief executive, Stanley Betts, has retired. His successor, elected yesterday, is Herbert W. Jorgensen, a Silver Spring attorney who has served as outside general counsel to First Citizens since 1967.

The company, which has $520 million in assets, also declared a 5 percent stock dividend to be paid June 7 to shareholders of record May 6. The news came one day after the company reported a profit of $900,000, or 36 cents a share, for the quarter ended March 31, roughly the same as a year ago, excluding an accounting change.

Liquor license approved

The owners of the proposed waterfront Parrott Island entertainment complex near Fells Point have moved a step closer to opening, as the Baltimore Board of Liquor Commissioners approved their application for a liquor license.

The Lancaster Street project has been heatedly opposed by the Fells Point Homeowners Association. The owners, Pat and Mike O'Malley, have responded that the entertainment offered at the complex will be aimed at a slightly older crowd than the college-aged drinkers blamed for the biggest share of the neighborhood's noise problems.

DEED official to leave

Joel G. Lee, the deputy secretary of the Maryland Department of Economic and Employment Development, will join the University of Maryland Medical System as a vice president for market development and communications May 2. Mr. Lee will be the system's key executive in charge of business development.

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