GEICO net down for quarterGEICO Corp. said yesterday that...

BUSINESS DIGEST

May 07, 1994

GEICO net down for quarter

GEICO Corp. said yesterday that its income totaled $35.1 million in the first quarter, down from $62.9 million in the same period last year.

The Chevy Chase-based insurance company said net income was 50 cents a share, 43 percent lower than 88 cents a share a year ago.

GEICO said its net income included after-tax gains of $4.5 million, or 7 cents a share, for the quarter, compared with $24.2 million, or 34 cents a share, for the same period of 1993.

Accounting changes resulted in a reduction in net income of $1.1 million, or 1 cent a share.

Tenneco executive dies of cancer

Tenneco Inc. Chairman Michael H. Walsh, who resigned earlier this year as chief executive because of brain cancer, died yesterday. He was 51.

Mr. Walsh was on medical leave as chairman of the manufacturing conglomerate when he died. He was succeeded in February as chief executive by Dana G. Mead.

Mr. Walsh, who was known in corporate circles as a turnaround specialist, was given the top job at Tenneco in September of 1991 and immediately set to work revamping the company.

His efforts recently started showing results as Tenneco turned away from losses in 1991 and 1992 to post a profit in 1993.

Md. jobless pay claims decline

First-time claims for unemployment benefits in Maryland dropped 6.8 percent in the week that ended April 23. A total of 3,409 newly unemployed Marylanders filed first claims for the benefits.

Consumer credit up 11% in March

U.S. consumer credit shot up at an annual rate of 11.1 percent in March, as borrowers took on $7.425 billion more in consumer installment credit than they paid off, after seasonal adjustment, the Federal Reserve reported yesterday.

Outstanding consumer credit expanded $3.982 billion in February, revised from the $3.543 billion rise earlier reported. The January credit increase remained unrevised at a seasonally adjusted $6.376 billion.

The March expansion was the largest since the $7.521 billion increase in credit in December, and was the tenth straight month that consumers took on more debt than they paid off.

Greenstone to issue stock

Greenstone Industries Inc., a Cabin John-based environmental manufacturer, filed with the Securities and Exchange Commission to go public with an offering of 1.85 million common shares worth about $5.50 each through Thomas James Associates Inc. and JW Charles/CSG.

Greenstone was established to acquire companies that manufacture cellulose insulation and specialty waste paper fiber. The Montgomery County company reported net income of $865,000 for 1993, up from $773,000 the previous year.

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