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Comsat Corp

BUSINESS
By Michael Dresser and Michael Dresser,Sun Staff Writer | February 1, 1994
Comsat Corp., a Bethesda-based satellite communications company, said yesterday that it has agreed to acquire a Northern Virginia-based manufacturer of satellite equipment in a $150 million deal that is expected to open new opportunities for Comsat in wireless telephone technologies.The merger would join Comsat with Radiation Systems Inc., a publicly held company based in Sterling, Va. It had sales of $121.8 million during its last fiscal year, compared with $563.6 million for Comsat.Comsat said that after the merger, its systems integration business, Comsat Technology Services, would merge with Radiation Systems to form Comsat RSI. Radiation Systems Chief Executive Richard E. Thomas would become head of the new division.
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BUSINESS
May 27, 1994
Law broadens fiduciary protectionA bill to give people with fiduciary investment powers further protection against lawsuits was signed into law by Gov. William Donald Schaefer yesterday. The so-called "Prudent Investor Rule" broadens the investment guidelines that are considered prudent for trustees and other fiduciaries who invest securities on behalf of another person.The bill, sponsored at the behest of the state banking industry, protects fiduciaries against lawsuits based on any individual investment decision, and instead requires the court to assess the performance of an entire portfolio.
BUSINESS
By Michael Dresser and Michael Dresser,Sun Staff Writer | April 22, 1995
Comsat Corp., the Bethesda-based communications satellite and entertainment company, reported the type of quarter that tests investors' patience yesterday, reporting a 28 percent earnings decline while insisting the company's long term plans are on course.First-quarter earnings came to $22.9 million, or 31 cents a share, down from $32 million in the same quarter a year ago, or 43 cents a share. Revenues rose 4 percent to $207.9 million, compared with $200.5 million in the first quarter last year.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | October 16, 1999
Comsat Corp., the satellite communications company that plans to be taken over by Bethesda neighbor Lockheed Martin Corp., said yesterday that its third-quarter earnings and revenue were down from last year.Comsat posted a net loss of $18.4 million, or 35 cents per diluted share, compared with net income of $6.6 million -- 12 cents per share -- in the comparable quarter of 1998. The earnings figures for the quarter that ended Sept. 30 were dragged down by one-time factors, including a $36 million write-off of its direct investment in ICO Global Communications Ltd. and $5.3 million in costs related to the pending acquisition by Lockheed.
BUSINESS
July 21, 1995
Lotus takes over IBM desktopInternational Business Machines Corp. said it will market most of its software for desktop computers chiefly under the Lotus name, and its new Lotus Development Corp. unit will oversee most development of desktop software.The two companies also said Lotus' key product, Notes, will become their single product in "groupware," or software that allows computers in a network to share information.The announcement follows the completion two weeks ago of IBM's $3.52 billion acquisition of Lotus.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | April 21, 1999
Aerospace giant Lockheed Martin Corp. posted a first-quarter net loss yesterday of $87 million, or 23 cents a share, and senior executives said the company has its work cut out for it to meet earnings expectations this year.The company attributed the first-quarter loss to a $355 million accounting charge, increased expenses in its new global telecommunications business and setbacks in a space program.For the same quarter a year ago, the company posted net income of $269 million, or 71 cents per diluted share.
BUSINESS
June 3, 1995
Utah lawyer favored for SECA veteran Utah lawyer is the apparent front-runner for a Republican seat on the Securities and Exchange Commission, which will have three vacancies at the end of the month.Sen. Orrin Hatch, R-Utah, is formally backing Norman S. Johnson, 64, of Salt Lake City to join the five-member commission, Hatch spokesman Paul Smith said yesterday. Mr. Johnson said Sen. Bob Dole, R-Kan., forwarded his name to President Clinton in a May 16 letter.Comsat considers stock saleComsat Corp.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | March 11, 2000
Lockheed Martin Corp.'s $2.5 billion purchase of Comsat Corp. won final congressional approval Thursday night as the House of Representatives approved by voice vote a bill that would bring important changes to the satellite-communications industry. The legislation passed in the Senate on March 2 and now goes before President Clinton, who has until March 22 to sign it. The Federal Communications Commission and the Department of Justice also must review the proposed union of the two Bethesda companies.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | March 4, 2000
Lockheed Martin Corp's proposed $2.5 billion purchase of Comsat Corp. took a step closer to fruition when the U.S. Senate approved legislation that would allow the joining of the two Bethesda companies. The bill, which would also remove some of Comsats privileges as a provider of communications-satellite access, was approved by the Senate late Thursday by unanimous consent. The House of Representatives is expected to approve the measure Wednesday. Senate and House leaders produced a compromise bill Feb. 17 that ironed out differences between the two chambers versions of satellite legislation.
BUSINESS
September 2, 1994
Economy slows, but inflation doesn'tThe economy cooled in August but not enough to put the freeze on inflation, a widely followed survey of industrial companies showed yesterday.The National Association of Purchasing Management's August report showed activity at the nation's factories expanded at a much weaker pace than any time in the past eight months, suggesting that the economy is slowing down.But the survey showed the number of firms reporting higher prices for raw materials rose to the highest level in six years, suggesting that inflation pressures still menace the economy.
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