Sales of new vehicles up in stateMaryland motorists...

BUSINESS DIGEST

August 13, 1994

Sales of new vehicles up in state

Maryland motorists continue to buy new vehicles at a robust pace, and they are paying more for them, according to figures released by the state Motor Vehicle Administration.

Based on title registrations, which reflect sales, the MVA reported that dealers sold 34,380 new cars and trucks last month, which was 13.6 percent more than in the same month last year. The average price was $17,743, up 6.4 percent from the average cost in July 1993.

Used-vehicle sales rose only 1.2 percent last month, but the average price jumped 11.2 percent, to $5,233.

Delta to lay off more pilots

Delta Air Lines, in the midst of cost-cutting that is trimming thousands of nonunion jobs, said yesterday that it is laying off 101 more pilots.

The Atlanta-based airline laid off 447 pilots last year. The new layoffs come as the company is talking with its 8,600 pilots, the only major employee group at Delta with a union, about

relinquishing a scheduled 2 percent pay raise.

Farm Credit income rises 17%

The Farm Credit Bank of Baltimore and its district associations yesterday reported strong second-quarter gains. Net income for the three months ended June 30 rose 17.4 percent, to $10.67 million, due to a rise in net interest income and reductions in the set-aside for loan losses and other expenses. For the first six months net income totaled $19.45 million, down 15 percent from the $22.89 million for the same period of last year. Earnings for the six months were adversely affected by a $7.2 million reduction in first-quarter net income due to an accounting change.

Martin to settle GE penalty

Martin Marietta Corp. will pay the U.S. government $6.3 million to settle the last group of civil claims arising from an investigation of a General Electric Co. division it acquired last year, the Justice Department said yesterday.

The settlement brings to $40 million the total amount the government has received to settle civil and criminal complaints against General Electric's former aerospace division, the department said.

Noise Cancellation reports loss

Noise Cancellation Technologies Inc. reported sharply higher revenue, but also a wider net loss, for the second quarter.

The company, which has research and development operations in Linthicum, said revenue rose 38 percent, to $2.17 million in the three months that ended June 30, compared with the same month last year. Expenses related to setting up a distribution network sent the net loss for the quarter to $4.41 million, or 5 cents a share, compared with $2.96 million, or 4 cents a share, the company said.

Noise Cancellation's stock closed up 6.25 cents yesterday, at $1.3125, in Nasdaq trading.

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