Advertisement
HomeCollectionsFinancial Results
IN THE NEWS

Financial Results

FEATURED ARTICLES
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.
ARTICLES BY DATE
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 1, 2014
Legg Mason Inc. reported that clients added more than $8 billion in cash to accounts at the Baltimore money manager during its recently finished fiscal year, breaking a six-year streak of client cash flowing the wrong way — out. Legg's net income more than doubled in the January-through-March period compared with a year earlier, boosted by the rising assets under management and lower costs. The company reported a $68.9 million profit for the three months, up from $29.2 million a year earlier — when the company took a multimillion-dollar expense hit while consolidating offices.
Advertisement
BUSINESS
By New York Times News Service | March 31, 1994
NEW YORK -- In an announcement jarringly at odds with a corporate image straight out of a Norman Rockwell painting, the Woolworth Corp. said yesterday that its board had appointed a committee of outside directors to investigate allegations of accounting irregularities.The discount retailer also said it would restate its interim financial results for the fiscal year that ended Jan. 29 and might have to restate interim financial results for the previous fiscal year as well. It said it did not expect the adjustments to change full-year results for those years, but did not explain why."
BUSINESS
Gus G. Sentementes | May 14, 2012
Millennial Media Inc., which operates one of the largest mobile ad networks, is expected to release financial results for its first quarter of 2012 -- the first quarterly report from the company since going public on March 29. The release will come after the stock markets close this afternoon, followed by a 5 pm conference call where company officials will explain the results to analysts and the media. Millennial's stock was priced at $13 a share at the IPO and doubled on the first day of trading on the New York Stock Exchange.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | March 7, 2003
The embattled Dutch owner of Giant Food Inc. and U.S. Foodservice notified the Securities and Exchange Commission yesterday that its auditors no longer stand behind the company's 2000 and 2001 financial results. Royal Ahold NV, which acknowledged Feb. 24 that it overstated its financial results by $500 million for those two years, is facing investigations by the SEC and Justice Department for accounting irregularities at U.S. Foodservice, its Columbia-based subsidiary. The auditors - Deloitte Touche Tohmatsu, the world's second-largest accounting firm - said in a letter to Ahold dated Feb. 24, "We no longer maintain our auditors' opinions in connection with the annual accounts for 2000 and 2001 and no longer permit publication of these opinions."
BUSINESS
By Jack Z. Smith and Jack Z. Smith,Fort Worth Star-Telegram | July 3, 1991
Houston-based Shell Oil Co. plans to reduce its U.S. work force by as many as 4,650 employees in response to disappointing financial results.ARCO Oil and Gas, a large employer in Dallas and Plano, Texas, also said yesterday that it is analyzing company operations in a bid to boost its financial performance. But the company declined to speculate on the possibility of employee layoffs.A growing number of U.S. oil companies may be forced to consider layoffs or other cost-cutting measures if natural gas prices remain deeply depressed and oil prices continue at moderate levels, said Steve Smith, an energy analyst for Bear Stearns in New York.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | October 19, 1995
Heralding a "dramatic upturn," USAir Group Inc. yesterday reported back-to-back quarterly profits for the first time in six years.The Arlington, Va.-based carrier, which handles half the 31,000 daily passengers at Baltimore-Washington International Airport, said it earned $43.1 million, or 35 cents a share, compared with a loss of $180.1 million, or $3.32 a share, in the same period a year ago.Revenues were $1.87 billion, the highest for a third quarter in the airline's history, up from $1.75 billion in the same period last year.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | August 8, 1998
Essex Corp. of Columbia reported financial results yesterday.For 1997.The 50-employee company, struggling to market what it calls breakthrough opto-electronic technology, was late reporting last year's numbers because its accountants were unsure whether Essex had the resources to be considered a going concern.Yesterday, Essex reported revenue of $1.013 million for the fourth quarter of 1997, 44 percent more than the $703,000 posted for the fourth quarter of 1996.Net income in the fourth quarter was $475,000, or 13 cents per share, compared with a loss of $1.348 million, or 37 cents per share, in the final period of 1996.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | August 3, 2000
Allfirst Financial Inc. said yesterday that profit rose 23.7 percent in the first half of the year, spurred by tighter expense controls and growth in fees from electronic banking and its trust operation. The Baltimore-based banking company made $92 million in the first six months of the year that ended June 30, compared with $74.4 million reported for the first half of 1999. Susan C. Keating, Allfirst's president and chief executive, said she was pleased with the performance, but noted that higher interest rates and stiff competition squeezed the company's profit margin.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | February 6, 2003
Municipal Mortgage & Equity LLC, the Baltimore-based investment firm known as MuniMae, raised more than $66 million yesterday in its latest stock offering, earmarking the proceeds for future growth, the company said. "While we raised the money now, we did this for the long-term [growth] of the company," said Mark K. Joseph, MuniMae's chairman and chief executive officer. "Given today's uncertain economic and geopolitic environment, we're thrilled" at the high demand for the shares. MuniMae originates, services and manages stock and bond assets that relate to the apartment-housing marketplace - both for its own account, and for the accounts of clients.
BUSINESS
By Jim Puzzanghera and Michael Oneal and Jim Puzzanghera and Michael Oneal,Tribune Newspapers | April 25, 2009
For the past two months, more than 150 government auditors have fanned out across the country, examining the nation's 19 largest banks with a single, crucial goal in mind: figuring out how well they could withstand future storms and what help they might need to avoid a crippling meltdown. As the so-called stress tests went on, the economy showed glimmers of settling down. Several major banks reported sizable profits instead of more losses. The stock market steadied. Signs of improved credit flow emerged.
BUSINESS
By Rick Barrett and Rick Barrett,Milwaukee Journal Sentinel | April 20, 2007
As Harley-Davidson Inc. gears up for contract negotiations with its labor unions in Milwaukee and Kansas City, Mo., shareholders were reminded yesterday of the strike in York, Pa. That work stoppage in February, at Harley's largest motorcycle assembly plant, caused the company to lower its earnings expectations for the year. The company also blamed the strike, and lackluster U.S. sales, for an 18 percent drop in first-quarter profit. Harley said net income for the three months that ended April 1 fell 18 percent to $192.
BUSINESS
By Detroit Free Press | March 25, 2007
DETROIT -- As DaimlerChrysler AG shops the Chrysler Group, potential bidders are looking long and hard at billions of dollars in looming retiree pension and health care costs often buried beneath financial results the company highlights publicly. When DaimlerChrysler reports financial results, it stresses operating profits or losses for each group, which do not fully take into account future retiree pension and benefit expenses. But a note in the annual report provides a breakdown of the expenses, giving a glimpse of how difficult it will be for anyone to turn a profit with the automaker.
BUSINESS
By BRENDAN M. CASE and BRENDAN M. CASE,THE DALLAS MORNING NEWS | February 21, 2006
DALLAS -- RadioShack Corp. chief executive David J. Edmondson resigned yesterday, after a tumultuous week in which he admitted to "misstatements" on his resume, announced sharply lower earnings and said the embattled chain may be forced to close up to 700 stores. Claire H. Babrowski, a former McDonald's Corp. executive who joined RadioShack last year as chief operating officer, was promoted to acting chief executive, the electronics retail chain said. She will oversee the troubled company's turnaround plan, which Edmondson unveiled last week.
BUSINESS
By LAURA SMITHERMAN and LAURA SMITHERMAN,SUN REPORTER | November 11, 2005
Provident Bankshares Corp., the second-largest independent bank in Maryland, said yesterday that it would restate financial statements after reviewing its accounting for derivatives, complex financial instruments used to hedge risk. Baltimore-based Provident joins a number of companies that have run afoul of the accounting rules for derivatives, including General Electric Co., the global conglomerate, and American International Group, one of the world's largest insurers. Banks, too, have recently acknowledged mistakes, including South Financial Group of Greenville, S.C. Provident, which plans to revise several quarters of financial reports, didn't say what time period would be covered.
BUSINESS
By James P. Miller and James P. Miller,CHICAGO TRIBUNE | March 3, 2005
The baseball season hasn't started yet, but Sammy Sosa has already delivered a solid hit this spring - to the first-quarter profit of Chicago Cubs owner Tribune Co. As sports-page readers know by now, the Cubs were so eager to send Sosa packing that they agreed over the winter to pay about $16 million just to get out of the last year of their contract with the outfielder, who was traded to the Orioles. Now, as it turns out, corporate-accounting rules require Tribune to publicly spell out in its first-quarter financial results the cost of pushing Sosa out the dugout door.
BUSINESS
By BLOOMBERG NEWS | July 12, 2001
SEATTLE - Safeco Corp. said yesterday that it expects a wider-than-expected second-quarter operating loss of 25 cents to 30 cents a share, blaming rising claims from recent storms. Analysts had predicted that the Seattle-based insurer would report a loss of 18 cents a share, revised from 19 cents. Safeco posted earnings of $12 million, or 77 cents a share, in last year's second quarter. Including the three-month period that ended in June, Safeco's results have worsened in 11 of the 14 quarters since it acquired American States Insurance Group in October 1997.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | November 16, 2002
Allfirst Financial Inc. reported third-quarter net income yesterday of $20.9 million, down almost 75 percent from $80.8 million in the third quarter last year - the result of a steep increase in its provision for problem loans and a $27.3 million charge related to employee buyouts. The financial results are the company's first since parent Allied Irish Banks PLC announced a $3.1 billion deal to sell the Baltimore bank after a $691.2 million loss from a currency trading scandal. Officials at both Allfirst and purchaser M&T Bank Corp.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | January 12, 2005
OTTAWA - Nortel Networks Corp. slashed its 2003 profit by 41 percent in much-delayed audited financial statements for 2001 to 2003 released yesterday and said an internal inquiry showed that executives had manipulated the initial results to obtain bonuses. Nortel, the biggest maker of telecommunications equipment in North America, said a dozen current executives who played no role in the manipulation would repay $8.6 million in bonuses voluntarily over three years. They will also give up the last two installments of a restricted stock payout dating to 2003.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | March 7, 2003
The embattled Dutch owner of Giant Food Inc. and U.S. Foodservice notified the Securities and Exchange Commission yesterday that its auditors no longer stand behind the company's 2000 and 2001 financial results. Royal Ahold NV, which acknowledged Feb. 24 that it overstated its financial results by $500 million for those two years, is facing investigations by the SEC and Justice Department for accounting irregularities at U.S. Foodservice, its Columbia-based subsidiary. The auditors - Deloitte Touche Tohmatsu, the world's second-largest accounting firm - said in a letter to Ahold dated Feb. 24, "We no longer maintain our auditors' opinions in connection with the annual accounts for 2000 and 2001 and no longer permit publication of these opinions."
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.