Progress in newspaper talksSan Francisco's two major...

BUSINESS DIGEST

November 10, 1994

Progress in newspaper talks

San Francisco's two major newspapers agreed to delay yesterday's deadline to replace striking workers after Mayor Frank Jordan reported progress in labor talks to end the week-old strike.

Negotiations continued in the mayor's office yesterday to send 2,600 striking reporters, ad sales workers, printers and delivery drivers back to work at the San Francisco Chronicle and San Francisco Examiner.

Bank to help military families

U.S. military personnel and their families will be able to use credit and debit cards to buy groceries at base commissaries worldwide under a plan announced yesterday by NationsBank Corp.

All commissaries at service branches around the world will accept Visa, MasterCard and bank debit cards by 1997, said NationsBank.

Comnet earnings rose in quarter

The Comnet Corp. reported yesterday earnings of $421,000, or 14 cents a share, for its fiscal second quarter, compared with $351,000, or 11 cents a share, last year. Revenue was up more than 11 percent, to $9.23 million, in the three- month period that ended Sept. 30.

The Lanham-based company said its 81 percent-owned subsidiary, Group 1 Software Inc., also saw an earnings increase in the second quarter. Group 1 said it earned $781,000, or 18 cents a share, in the three months, compared with $626,000, or 15 cents a share, a year ago. Revenue rose to $8.97 million, compared with $7.78 million in the same period last year.

Greyhound rejects proposal

Greyhound Lines Inc. yesterday rejected the latest proposal from a group of bondholders with whom it is trying to negotiate a financial restructuring.

The bondholders have asked a federal judge to force Greyhound into an involuntary bankruptcy reorganization. Greyhound is fighting the effort.

In the proposal rejected yesterday, bondholders offered to forgive $98.9 million in debt in return for 47 percent of the company, down from 50 percent in their initial offer. Greyhound has offered 40 percent.

Homebuilder delivers 254 homes

Washington Homes Inc. reported yesterday the company had delivered a record 254 homes in the first quarter of fiscal 1995, a 17.1 percent increase from the comparable period last year, but the number of new net orders and home sales under contract fell.

The Landover homebuilder reported it had a backlog of 529 homes, valued at $85.8 million, under contract as of Oct. 31; last year it had a backlog of 595 homes, valued at $85.2 million. New net orders fell 25.7 percent, to 179 homes.

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