Sears reports 1st-quarter lossSears, Roebuck & Co...

BUSINESS DIGEST

April 22, 1994

Sears reports 1st-quarter loss

Sears, Roebuck & Co. yesterday reported a loss for the first quarter, reflecting huge catastrophe losses at its Allstate Insurance Group that offset strong improvement in its Merchandise Group.

Allstate, which represents Sears' 80 percent stake in the insurance company, Allstate Corp., had $1.11 billion in pre-tax BTC catastrophe losses due to January's Los Angeles earthquake and harsh winter weather across much of the nation.

The company reported a first-quarter loss from continuing operations of $97.9 million, or 27 cents a share, on revenues of $12.3 billion, compared with income of $317 million, or 82 cents a share, on revenues of $11.3 billion, a year earlier.

Ryland eyed for development

Ryland Homes has replaced Mark Builders as a prospective developer of detached housing for Cylburn Hills, the 102-unit residential development at Coldspring New Town in northwest Baltimore.

Ryland is working with Struever Bros., Eccles & Rouse, lead developer of the project, to obtain design approval for the proposed residences. According to their latest plans, Ryland would build 46 detached houses priced from $125,000 to $160,000, and Struever Bros. would build 56 townhouses priced from $90,000 to $105,000.

Bank Maryland posts profit

Bank Maryland Corp., the Towson-based parent of the Bank of Maryland, yesterday reported a sharp turnaround in earnings for the first quarter compared with a year ago. Although down from prior quarters, earnings in the period that ended March 31 were $124,000, or 6 cents a share, contrasted with a loss of $76,000, or 4 cents a share a year ago.

The profit came in part because the company was able to offset its entire $77,000 tax bill with part of a $15.9 million net operating loss carry-forward that expires starting in 2002.

Miller Group changes its name

The Miller Group Inc., a Baltimore-based commercial and industrial real estate services company, said yesterday that it changed its name to Miller Corporate Real Estate Services.

Ira J. Miller and Milton H. Miller Jr., managing principals of the company, formerly called Smithy Braedon of Baltimore, said they would continue their ties with Smithy Braedon and H.G. Smithy.

AlliedSignal profit rises 16%

AlliedSignal Inc. said yesterday its first-quarter profit from operations increased 16 percent, mostly due to higher sales of automotive equipment and engineered materials that made up for slightly lower aerospace sales.

The company, which has an electronic systems plant in Towson, had net income of $169 million, or 60 cents a share, compared with profit from operations of $146 million, or 51 cents, a year ago. In the 1993 quarter, a $245 million charge for accounting changes resulted in a loss of $99 million, or 35 cents a share.

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