Crown Petroleum loss widensCrown Central Petroleum Corp...

BUSINESS DIGEST

July 29, 1994

Crown Petroleum loss widens

Crown Central Petroleum Corp. said yesterday that it lost $7.3 million, or 74 cents a share, in the second quarter, compared with a loss of $2.3 million, or 23 cents a share, in same period last year.

Henry A. Rosenberg Jr., chairman of the Baltimore-based gasoline refiner and marketer, blamed a rapid rise in crude oil prices for the bigger loss.

Revenue for the second quarter was $453 million, compared with revenue of $448 million in the second quarter of 1993.

Crown's A shares closed at $17.125 yesterday, down 37.5 cents, while its B class shares closed at $16.50, unchanged from Wednesday.

Signet plans to cut 1,000 jobs

Signet Banking Corp. plans to eliminate 1,000 positions by 1995 in an effort to slash a quarter of its expenses, the company said yesterday.

Around one in five Signet employees works in Maryland, but the company could not say how many jobs would be cut locally.

The Richmond, Va.-based banking firm will cut 800 positions in 1994 and 200 next year companywide, as it spins off its growing credit card subsidiary into a separate business and strives to lower costs and improve earnings in the core bank, Signet executives told analysts yesterday.

The company has about 8,000 employees -- 6,000 in the bank and 2,000 in the credit card division. Signet said the job cuts would come from the banking side of the company and would be made though layoffs, attrition, transfers and early retirement.

SEC investigates Fed's Angell

A former governor of the Federal Reserve System has become the target of an inquiry by the Securities and Exchange Commission over the possible misuse of secret central bank information, the New York Times reported yesterday.

The SEC is looking into whether the former governor, Wayne D. Angell, illegally received or passed on inside information this spring. At the time he was warning clients that the Fed was likely to raise interest rates significantly.

Mr. Angell, who completed an eight-year term at the Fed in February and became chief economist at Bear, Stearns & Co. in April, said there was nothing to investigate.

Atlantic Beverage posts profit

Atlantic Beverage Co. Inc. earned $313,144, or 12 cents a share, in the second quarter, compared with pro forma earnings of $307,599, or 13 cents a share, in the same period last year.

The Baltimore-based distributor of specialty beverages said yesterday that second-quarter revenues were $7.5 million, up from $7.3 million reported in 1993 on both an actual and pro forma basis.

Shares in the company, which had its initial public offering in November, fell 25 cents yesterday, to close at $4.25 in Nasdaq trading.

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