IBM nets $689 million for quarterInternational Business...

BUSINESS DIGEST

October 21, 1994

IBM nets $689 million for quarter

International Business Machines Corp. yesterday reported a profit in the third quarter well above Wall Street's expectations, paced by strong worldwide sales and lower costs.

Net income was $689 million, or $1.18 a share, for the three months, compared with a loss of $87 million, or 15 cents, a year ago.

The improvement comes amid a turnaround program that has slashed Big Blue's costs by $5.6 billion since the end of 1992. IBM shares closed at $75 yesterday, down 37.5 cents.

UB to review Md., Va. economies

The University of Baltimore will publish a 36-page quarterly review of the Maryland and Virginia economies beginning next week, leaders of the school's Regional Economic Studies Program said yesterday.

The first issue of the publication, the Regional Economic Review, contains a four-quarter Maryland economic outlook that predicts jobs growth of 0.87 percent for Maryland for this year and an additional 0.91 percent growth in the first six months of next year.

The review will sell for $50 a copy, with annual subscriptions for $175.

Bank Maryland profits rise 25%

Bank Maryland Corp., parent of the Bank of Maryland, yesterday reported a 25 percent increase in profits during the third quarter. The Towson-based company earned $368,000, or 17 cents a share, compared with $295,000, or 14 cents a share, a year ago.

Bank Maryland's stock fell 50 cents, to $11.50 a shareyesterday.

N.H. firm to build in Western Md.

Blue Seal Feeds Inc., a New Hampshire-based manufacturer of animal feed, announced that it will build a $10 million plant in Washington County that will provide 100 jobs by late 1995.

The company received a $510,000 loan from the Department of Economic and Employment Development for capital improvements and construction of a rail spur.

Armco shows 3rd-quarter profit

Armco Inc., a Pittsburgh-based stainless steel company with two operations in the Baltimore area, had a net income of $25.4 million, or 20 cents a share, in the third quarter, compared with a loss of $223 million, or $2.19, last year.

It was the company's second consecutive quarterly profit since posting a small gain in the 1992 second quarter. Armco's stock yesterday closed unchanged, at $6.25 a share.

Armco, which has not been profitable since 1989, has pending agreements to sell its Biddle Street site and Eastern Stainless plant in Essex.

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