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Comsat Corp

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BUSINESS
April 2, 1998
Comsat Corp. has endorsed a plan for six satellites now held by a global consortium to be spun off to a new company.Bethesda-based Comsat is the owner of the United States portion of Intelsat, an international body that coordinates communications satellites.This week, Intelsat's member countries agreed to transfer five of its 24 operational satellites -- plus a sixth satellite that has yet to launch -- to a new company temporarily named New Skies Satellites NV.According to Comsat, the book value of the six satellites is $700 million.
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BUSINESS
By Robert Little and Robert Little,SUN STAFF | January 26, 2001
Shares of Lockheed Martin Corp. surged nearly 8 percent yesterday after the defense giant announced that it expects its profit to increase 25 percent to 30 percent by the end of the year, more than had been expected. The Bethesda-based corporation attributed its rosier forecasts mostly to lower anticipated taxes, interest expenses and retirement expenses, not to any boost from its core defense products such as satellites, military aircraft and weapons systems. The news impressed traders on Wall Street, where most analysts say Lockheed Martin has recovered from its earnings slump two years ago. Lockheed Martin's shares rose $2.51 to close at $34.51 on the New York Stock Exchange, a 7.84 percent increase.
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BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | September 21, 1998
Bent on dominating every market it chooses, defense powerhouse Lockheed Martin Corp. said yesterday that it plans to purchase Comsat Corp. for about $2.7 billion to become a major force in global telecommunications.Between them, the two Bethesda companies handle every phase of the business -- from building satellites to launching them and then peddling their services.The deal is a complicated transaction that requires both federal approval and an act of Congress, but if completed would vault Lockheed Martin to the forefront of an industry it decided to pursue in earnest only last month.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | September 16, 1999
Lockheed Martin Corp.'s plan to acquire Comsat Corp. yesterday won partial approval from the Federal Communications Commission and now awaits word from the U.S. Justice Department. The FCC voted to allow Lockheed to buy 49 percent of Comsat, the satellite company created by the government 37 years ago. Lockheed cannot acquire the rest of its Bethesda neighbor unless there is a change in a federal law that prevents any company from owning more than 50 percent of Comsat. Analysts said yesterday's approval by the FCC was widely expected.
NEWS
February 20, 1996
A headline in Saturday's editions of The Sun stated that Comcast Corp. had hired Merrill Lynch to study ways to increase its stock price and had reported a drop in operating earnings. In fact, it was Comsat Corp., a Bethesda-based satellite communications company, that hired Merrill Lynch and reported the financial results.The Sun regrets the errors.
BUSINESS
By Michael Dresser and Michael Dresser,Sun Staff Writer | February 19, 1994
COMSAT Corp. ended a banner year on a slightly disappointing note yesterday as the Bethesda-based company fell short of earnings expectations for the final quarter of 1993.The satellite communications company posted fourth-quarter earnings of $18.1 million, or 44 cents a share, compared with $16.9 million, or 43 cents a share, in the fourth quarter of 1992. Analysts' estimates had ranged from 45 cents a share to 52 cents a share, according to Zacks Investment Research.COMSAT stock closed yesterday at $26.625, down 37.5 cents.
BUSINESS
By Michael Dresser and Michael Dresser,Sun Staff Writer | July 16, 1994
Comsat Corp., the Bethesda-based satellite communications and entertainment company, said yesterday that it has increased its quarterly dividend by 5 percent despite a 6.5 percent drop in earnings compared with the same period a year ago.Comsat reported that its second-quarter earnings dipped to $21.6 million, or 46 cents a share, from $23.1 million, or 49 cents a share, a year ago. However, the company said this year's quarterly earnings reflect costs of...
BUSINESS
By Ted Shelsby and Ted Shelsby,Sun Staff Writer | July 25, 1995
Comsat Corp., the Bethesda-based satellite communication and entertainment company, reported flat second-quarter earnings yesterday and also announced a restructuring aimed at improving the performance and market value of the company."
BUSINESS
By Michael Dresser and Michael Dresser,SUN STAFF | February 17, 1996
A headline in Saturday's editions of The Sun stated that Comcast Corp. had hired Merrill Lynch to study ways to increase its stock price and had reported a drop in operating earnings. In fact, it was Comsat Corp., a Bethesda-based satellite communications company, that hired Merrill Lynch and reported the financial results.The Sun regrets the errors.Comsat Corp., which has been trying desperately for more than a year to pump some vigor into its lagging shares, announced yesterday that it has hired Merrill Lynch & Co. to advise it on how to boost its stock price.
BUSINESS
May 22, 1993
British Airways accused againBritish Airways, which paid out millions over "dirty tricks" against Virgin Atlantic Airways, conducted a similar attack on Air Europe, which went broke in 1991, according to a published report.The Guardian said yesterday that an investigation found British Airways spread rumors about financial troubles at Air Europe, Britain's second-largest airline in the late 1980s, tapped into its computer reservations files and used private investigators to probe the ownership of the carrier.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | October 20, 1998
Comsat Corp., the satellite communications company that is preparing to merge with Lockheed Martin Corp., said yesterday that it posted third-quarter earnings of $6.6 million, or 12 cents per diluted share. In the same quarter last year, Comsat suffered a net loss of $20.8 million, or 41 cents per diluted share.Bethesda-based Comsat had $158.4 million in revenue during the quarter, which ended Sept. 30. This marks a 9 percent increase from the $145.3 million that Comsat took in during the third quarter of 1997.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | September 21, 1998
Bent on dominating every market it chooses, defense powerhouse Lockheed Martin Corp. said yesterday that it plans to purchase Comsat Corp. for about $2.7 billion to become a major force in global telecommunications.Between them, the two Bethesda companies handle every phase of the business -- from building satellites to launching them and then peddling their services.The deal is a complicated transaction that requires both federal approval and an act of Congress, but if completed would vault Lockheed Martin to the forefront of an industry it decided to pursue in earnest only last month.
BUSINESS
April 2, 1998
Comsat Corp. has endorsed a plan for six satellites now held by a global consortium to be spun off to a new company.Bethesda-based Comsat is the owner of the United States portion of Intelsat, an international body that coordinates communications satellites.This week, Intelsat's member countries agreed to transfer five of its 24 operational satellites -- plus a sixth satellite that has yet to launch -- to a new company temporarily named New Skies Satellites NV.According to Comsat, the book value of the six satellites is $700 million.
BUSINESS
By BLOOMBERG NEWS | May 3, 1997
BETHESDA -- Comsat Corp. has acquired the Mexican satellite communications unit of ICG Communications Inc. for undisclosed terms.The unit, IntelCom Red SA de CV, permits corporations to send voice and data internally via satellite. Comsat said it renamed the unit Comsat Mexico SA de CV and made it a part of Comsat International."The Mexican telecommunications market is expected to become the largest in Latin America by the year 2000," said Betty Alewine, Comsat's president and chief executive.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | October 24, 1996
V-One Corp. of Rockville today will become the latest in a wave of Maryland companies to go public since the end of 1994, but the price it will command for its shares will be less than executives hoped.Underwriters led by Piper, Jaffray Inc. last night set a price of $5.50 a share for 3 million of the company's 12 million-plus shares, below the $6 to $8 range the company had said it would seek for 3.3 million shares. Instead of raising $23.1 million at $7 a share, before underwriting commissions, V-One will gross $16.5 million.
BUSINESS
By Jay Hancock and Jay Hancock,SUN STAFF | October 19, 1996
Already retreating from its lackluster foray into the entertainment business, Comsat Corp. turned tail and ran yesterday, announcing that it will try to sell its four-fifths stake in Ascent Entertainment Group.The move had been expected by Wall Street, as Comsat lately has been concentrating more on its main business of telecommunications and de-emphasizing its holdings of the Colorado Avalanche hockey team, the NBA's Denver Nuggets and other Ascent assets.But Wall Street yawned, sending Bethesda-based Comsat's stock down by 13 cents a share to $23 and sending Ascent down by 75 cents to $20.75.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | October 24, 1996
V-One Corp. of Rockville today will become the latest in a wave of Maryland companies to go public since the end of 1994, but the price it will command for its shares will be less than executives hoped.Underwriters led by Piper, Jaffray Inc. last night set a price of $5.50 a share for 3 million of the company's 12 million-plus shares, below the $6 to $8 range the company had said it would seek for 3.3 million shares. Instead of raising $23.1 million at $7 a share, before underwriting commissions, V-One will gross $16.5 million.
BUSINESS
By Leslie Cauley and Leslie Cauley,Staff Writer | October 17, 1992
Communications Satellite Corp. said yesterday it plans to consolidate two Clarksburg-based divisions to form a new business unit, a move that will eliminate up to 300 jobs.Washington-based Comsat said the reductions will be achieved through a combination of early retirement, attrition and layoffs. Those reductions will come almost exclusively from Comsat's Systems Division and its labs, the two Montgomery County units being consolidated.Bruce Crockett, Comsat Corp. president and chief executive officer, said the company would attempt to keep layoffs to a minimum, but he acknowledged that the number could reach 200 or more.
NEWS
February 20, 1996
A headline in Saturday's editions of The Sun stated that Comcast Corp. had hired Merrill Lynch to study ways to increase its stock price and had reported a drop in operating earnings. In fact, it was Comsat Corp., a Bethesda-based satellite communications company, that hired Merrill Lynch and reported the financial results.The Sun regrets the errors.
BUSINESS
By Michael Dresser and Michael Dresser,SUN STAFF | February 17, 1996
A headline in Saturday's editions of The Sun stated that Comcast Corp. had hired Merrill Lynch to study ways to increase its stock price and had reported a drop in operating earnings. In fact, it was Comsat Corp., a Bethesda-based satellite communications company, that hired Merrill Lynch and reported the financial results.The Sun regrets the errors.Comsat Corp., which has been trying desperately for more than a year to pump some vigor into its lagging shares, announced yesterday that it has hired Merrill Lynch & Co. to advise it on how to boost its stock price.
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