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Comsat Corp

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.
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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
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.
BUSINESS
November 18, 1994
Hilton considers auction blockHilton Hotels Corp. said yesterday it is exploring the possible sale of the hotel and casino company, in a move that analysts said would value the firm at more than $4.8 billion.The upscale hotel chain's stock shot up $10, to $67.875, on the New York Stock Exchange with more than 1.5 million shares changing hands. Hilton, one of the world's largest hoteliers, said it hired Wall Street firm Smith Barney as financial adviser to study strategic options.Aegon enters Mexican marketAegon N. V. said yesterday it had signed an agreement with a Mexican company to enter the insurance market in that nation.
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.
BUSINESS
January 10, 1995
Wal-Mart wins suit on pricesWal-Mart Stores Inc. won an Arkansas court victory yesterday in a case charging the nation's largest retailer with engaging in predatory pricing.In a 4-3 decision, the Arkansas Supreme Court dismissed a 1993 ruling that Wal-Mart's pricing policies were intended to drive competitors from the marketplace. In the suit, three Arkansas druggists argued that Wal-Mart was pricing items below cost in an effort to force them out of business.Patent victory short-livedA federal court yesterday threw out a patent for a navigation and guidance device held by Litton Systems Inc., nullifying a $1.2 billion jury award that Litton had won from Honeywell Inc.The ruling by U.S. District Judge Mariana Pfaelzer reversed the jury decision, which found Honeywell had infringed on the patent.
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