Southwest Airlines profit falls 47%Southwest Airlines Co...


January 27, 1995

Southwest Airlines profit falls 47%

Southwest Airlines Co. reported a 47 percent decline in its fourth-quarter profit yesterday, as increased competition and fare promotions took its toll on the carrier.

The results offer the first glimpse of the financial impact of United Airlines' low-fare West Coast shuttle on Southwest's operations in California.

The Dallas-based airline's net income fell to $20.3 million, or 14 cents a share, from $38.4 million, or 26 cents, a year ago. Revenue rose 2.9 percent, to $626.2 million, from $608.6 million.

P&G earnings up; quake loss noted

Consumer products giant Procter & Gamble Co. said yesterday that its profits rose 15 percent in the last quarter and that it plans to take a $50 million charge for damage caused by last week's earthquake in Japan.

The Cincinnati-based company said it will take the charge in the current quarter for damage to a manufacturing plant near the Japanese port city of Kobe.

P&G, which employs 1,700 at its Noxell operation in Hunt Valley and 152 at its soap plant in Baltimore, said profits rose to $750 million, or $1.06 a share, in its second quarter ended Dec. 31.

Chase executive joins Crown board

Peter J. Holzer, executive vice president of Chase Manhattan Bank N.A., was elected a director of Crown Central Petroleum Corp. yesterday.

Mr. Holzer, 49, is director of strategic planning and development the bank's New York headquarters.

Company spokesman Joseph M. Coale said Crown has long had a Chase representative on its corporate board. Chase leads a seven-bank group that provides Crown with a $125 million revolving credit agreement.

Scotts Co. to buy Miracle-Gro

The Scotts Co. said yesterday that it agreed to buy Stern's Miracle-Gro Products Inc. for $195 million in a transaction that would solidify Scotts' position as the world's top producer of consumer lawn and garden care products.

Scotts, based in Marysville, Ohio, said closely held Miracle-Gro, of Port Washington, N.Y., has annual sales of $100 million and pretax profits of $29 million.

Beese a director of Catalyst Institute

J. Carter Beese Jr., a former member of the Securities and Exchange Commission, was elected to the board of the Catalyst Institute, a Chicago think tank devoted to international financial markets and public policy. He left the SEC last year to rejoin his old employer, Alex. Brown Inc., as vice chairman of its Alex. Brown International affiliate.


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