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Comsat Corp

BUSINESS
April 8, 1995
Comsat CFO quits for new jobC. Thomas Faulders III, vice president and chief financial ZTC officer of Comsat Corp., has resigned to take the equivalent position at a Virginia company, the Bethesda-based satellite communications and entertainment company announced yesterday. Comsat said it has not yet named a replacement for Mr. Faulders.Mr. Faulders came to Comsat in 1992 from MCI, where was senior vice president of business marketing. He is going to BDM International Inc., a global information systems and technology services company based in McLean, Va.Consumer installment credit risingConsumers continued to pile up installment debt in February, the Federal Reserve Board reported yesterday, apparently ignoring indications that the economy may be slowing.
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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
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
June 4, 1994
Auto sales up 2.9 percent in MayU.S. sales of cars and trucks during May rose 2.9 percent over a year earlier but slipped from their torrid pace in March and April as dealers ran short of a number of popular models, automakers said yesterday.Automakers sold a total of 1.35 million cars and trucks in the United States during May, up from 1.32 million a year earlier.But the seasonally adjusted annual sales rate for the month fell to 14.6 million units, down from 15.9 million in March and 15.3 million in April.
BUSINESS
By Michael Dresser and Michael Dresser,SUN STAFF | April 20, 1996
Comsat Corp. reported lower earnings yesterday for the first quarter of 1996 even as it continued to hint at bluer skies ahead.The Bethesda-based satellite telecommunications company posted earnings of $9.3 million, or 19 cents a share, down from $14.6 million, or 31 cents a share, in the first quarter of 1995. Revenues increased to $245.7 million, an increase of $37.8 million over $207.9 million in the year-ago quarter, but a $41.8 million increase in costs more than offset the gains.Bruce L. Crockett, Comsat's president and chief executive officer, put a positive spin on the results.
BUSINESS
September 1, 1995
Comsat RSI wins state contractsComsat RSI, the manufacturing arm of Bethesda-based Comsat Corp., said yesterday that it has won two contracts worth a total of $8 million to provide satellite technology for two state governments' "distance learning" networks.The company said Virginia awarded it a contract to provide three digital "uplinks" for sending programming from the University of Virginia, Virginia Tech and Old Dominion University. The company will also provide "downlinks" for receiving programs at other locations.
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 Ted Shelsby and Ted Shelsby,SUN STAFF | March 5, 1996
Comsat Corp. said yesterday that News Corp. Ltd. has terminated a $100 million contract with the Bethesda-based communications company for satellite capacity to distribute television programming from the United States and Brazil directly to homes throughout Latin America.Comsat spokeswoman Janet Dewar said the cancellation represents "a material" loss of business for the company. She said it was not Comsat's biggest contract, but it was one of its biggest in recent years.The termination of News Corp.
BUSINESS
June 27, 1995
Deal to create health care giantUnited HealthCare Corp. said yesterday it will buy MetraHealth Cos. for $1.65 billion in cash and stock, creating the largest U.S. managed-care company.By purchasing privately held MetraHealth, Minnetonka, Minn.-based United HealthCare moves into all 50 states and boosts its ability to compete on the East Coast. After the acquisition, United HealthCare will jump ahead of U.S. Healthcare Inc. as the country's No. 1 health-care provider.Investor buys USAir preferredEverest Capital Ltd. and its affiliates have acquired a 9.3 percent stake in a class of preferred stock issued by USAir Group Inc.The investors paid $14.13 million to acquire 396,100 shares of USAir's Series B cumulative convertible preferred stock, according to a Schedule 13D filed yesterday with the Securities and Exchange Commission.
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