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By Bill Atkinson and Bill Atkinson,SUN STAFF | January 19, 1996
Signet Banking Corp. said yesterday that it earned $118.3 million last year -- up 41 percent from 1994 -- as the company's consumer lending strategy started to pay off.Adjusting for special restructuring charges incurred in 1994, and for the spin-off of its credit card subsidiary, Signet earned $1.98 a share last year, up from $1.45 in 1994.The Richmond, Va.-based company earned $31.8 million in the fourth quarter, up 33 percent from 1994, or 53 cents a share, compared with 42 cents for the same period in 1994.
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BUSINESS
By New York Times News Service | September 21, 2007
NEW YORK -- Bear Stearns Cos., rocked by the collapse of two hedge funds in the subprime mortgage crisis, said yesterday that its third-quarter profit plunged 61 percent, hitting the lowest level in five years and topping off a painful summer for the Wall Street brokerage. Bear's bearish news stood in sharp contrast to a superlative performance by Goldman Sachs Group Inc., which posted a 79 percent rise in fiscal third-quarter profit, led by strong results in its investment banking, currency and commodities divisions.
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BUSINESS
March 10, 1992
PITTSBURGH -- Westinghouse Electric Corp. Chairman Paul E. Lego has had his salary cut by $1 million in the wake of a $1.1 billion loss by the company.According to proxy materials being distributed to shareholders, directors slashed Mr. Lego's pay to $677,083 from the $1.68 million he earned in 1990. Mr. Lego has been given financial incentives to improve Westinghouse's performance. The electronics giant is Maryland's largest private employer.Among the incentives is $1.1 million for meeting unspecified goals during a three-year period ending in 1993.
BUSINESS
By BLOOMBERG NEWS | July 20, 1999
CHARLOTTE, N.C. -- Bank of America Corp. said yesterday that second-quarter earnings rose 2 percent at a time when the company is cutting costs and struggling to boost revenue after last year's merger of NationsBank Corp. and BankAmerica.Profit from operations at the biggest U.S. bank rose to $2.06 billion, or $1.15 a share, from $2.02 billion, or $1.13, in the year-earlier period. Charlotte-based Bank of America said its net income was $1.92 billion, or $1.07 a share, including a $145 million after-tax charge arising from the merger.
BUSINESS
By BLOOMBERG NEWS | July 20, 1999
CHARLOTTE, N.C. -- Bank of America Corp. said yesterday that second-quarter earnings rose 2 percent at a time when the company is cutting costs and struggling to boost revenue after last year's merger of NationsBank Corp. and BankAmerica.Profit from operations at the biggest U.S. bank rose to $2.06 billion, or $1.15 a share, from $2.02 billion, or $1.13, in the year-earlier period. Charlotte-based Bank of America said its net income was $1.92 billion, or $1.07 a share, including a $145 million after-tax charge arising from the merger.
NEWS
April 22, 1993
Thomas K. Ferguson, president and chief executive officer of Mason-Dixon Bancshares Inc., reported that first-quarter net income totaled $1,683,484, an increase of 45.7 percent over the same period in 1992.The return on assets for the first quarter of 1993 was 1.49 percent, compared with 1.02 percent in 1992. The return on equity totaled 17.97 percent, up from 13.27 percent for the same period in 1992.Earnings per share were up from 77 cents to $1.16.Mason-Dixon Bancshares has its headquarters in Westminster.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | November 22, 1995
The state's Public Service Commission has granted Baltimore Gas and Electric Co. a 5.1 percent natural gas rate increase, which will generate $16.9 million in additional revenue for the utility annually.The increase will raise the average residential customer's gas bill by $3.38 per month. BGE supplies natural gas to 540,000 Central Maryland customers.BGE intends to appeal parts of the decision, however. The commission ruled that profits from BGE's Home Products & Services Inc. subsidiary should benefit ratepayers, not shareholders as the utility had sought.
BUSINESS
October 26, 1995
The staff of the state's Public Service Commission has appealed a hearing examiner's decision granting Baltimore Gas and Electric Co. a $19.45 million annual increase in its natural gas revenues.The appeal means the Oct. 4 decision granting BGE a 5.4 percent increase in residential gas rates will not take effect early next month. Instead, the PSC will decide by Nov. 20 whether to accept the appeal.The PSC staff objected to the examiner's determination that ratepayers should absorb some costs associated with BGE's appliance sales and repair subsidiary.
BUSINESS
By Ross Hetrick and Ross Hetrick,Staff Writer | October 28, 1992
Black & Decker Corp. is seeking to cut between $30 million and $50 million in costs within 18 months in its effort to boost profits, the company's chairman said yesterday.Speaking before the Baltimore Security Analysts Society, Nolan D. Archibald, chairman, president and chief executive of Black & Decker, said the company's goal was to boost its rate of return on equity to about 18 percent -- the rate earned by the top third of the country's 500 largest companies -- from last year's 5.4 percent.
BUSINESS
By New York Times News Service | September 21, 2007
NEW YORK -- Bear Stearns Cos., rocked by the collapse of two hedge funds in the subprime mortgage crisis, said yesterday that its third-quarter profit plunged 61 percent, hitting the lowest level in five years and topping off a painful summer for the Wall Street brokerage. Bear's bearish news stood in sharp contrast to a superlative performance by Goldman Sachs Group Inc., which posted a 79 percent rise in fiscal third-quarter profit, led by strong results in its investment banking, currency and commodities divisions.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 4, 1997
USF&G Corp.'s president and chief executive officer, Norman P. Blake Jr., received a pay package last year totaling $3.1 million, up 26 percent from the year before, according to the company's proxy statement.Blake received a $2.1 million bonus on top of a base salary of $858,815, plus $153,223 in other compensation. He also was granted options to buy 252,900 shares of company stock.Blake, who joined the once-troubled, Baltimore-based company in 1990, is credited with helping to revive the insurer, which has $14.5 billion in assets.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 19, 1996
Signet Banking Corp. said yesterday that it earned $118.3 million last year -- up 41 percent from 1994 -- as the company's consumer lending strategy started to pay off.Adjusting for special restructuring charges incurred in 1994, and for the spin-off of its credit card subsidiary, Signet earned $1.98 a share last year, up from $1.45 in 1994.The Richmond, Va.-based company earned $31.8 million in the fourth quarter, up 33 percent from 1994, or 53 cents a share, compared with 42 cents for the same period in 1994.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | November 22, 1995
The state's Public Service Commission has granted Baltimore Gas and Electric Co. a 5.1 percent natural gas rate increase, which will generate $16.9 million in additional revenue for the utility annually.The increase will raise the average residential customer's gas bill by $3.38 per month. BGE supplies natural gas to 540,000 Central Maryland customers.BGE intends to appeal parts of the decision, however. The commission ruled that profits from BGE's Home Products & Services Inc. subsidiary should benefit ratepayers, not shareholders as the utility had sought.
BUSINESS
October 26, 1995
The staff of the state's Public Service Commission has appealed a hearing examiner's decision granting Baltimore Gas and Electric Co. a $19.45 million annual increase in its natural gas revenues.The appeal means the Oct. 4 decision granting BGE a 5.4 percent increase in residential gas rates will not take effect early next month. Instead, the PSC will decide by Nov. 20 whether to accept the appeal.The PSC staff objected to the examiner's determination that ratepayers should absorb some costs associated with BGE's appliance sales and repair subsidiary.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | January 13, 1995
USF&G Corp. yesterday took steps to expand its reach into specialty insurance markets by announcing its second acquisition in as many months.The Baltimore-based company has agreed to buy a reinsurance company, Discover Re Managers Inc., in Farmington, Conn. The deal, to be paid in USF&G stock and options, is worth about $78.5 million, the companies said."This positions us in the fastest-growing segment of the domestic property/casualty market and allows us to bring certain product expertise that we have at USF&G that we can flow through Discover Re," said Norman P. Blake Jr., chairman and chief executive officer of USF&G.
NEWS
April 22, 1993
Thomas K. Ferguson, president and chief executive officer of Mason-Dixon Bancshares Inc., reported that first-quarter net income totaled $1,683,484, an increase of 45.7 percent over the same period in 1992.The return on assets for the first quarter of 1993 was 1.49 percent, compared with 1.02 percent in 1992. The return on equity totaled 17.97 percent, up from 13.27 percent for the same period in 1992.Earnings per share were up from 77 cents to $1.16.Mason-Dixon Bancshares has its headquarters in Westminster.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | January 13, 1995
USF&G Corp. yesterday took steps to expand its reach into specialty insurance markets by announcing its second acquisition in as many months.The Baltimore-based company has agreed to buy a reinsurance company, Discover Re Managers Inc., in Farmington, Conn. The deal, to be paid in USF&G stock and options, is worth about $78.5 million, the companies said."This positions us in the fastest-growing segment of the domestic property/casualty market and allows us to bring certain product expertise that we have at USF&G that we can flow through Discover Re," said Norman P. Blake Jr., chairman and chief executive officer of USF&G.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 4, 1997
USF&G Corp.'s president and chief executive officer, Norman P. Blake Jr., received a pay package last year totaling $3.1 million, up 26 percent from the year before, according to the company's proxy statement.Blake received a $2.1 million bonus on top of a base salary of $858,815, plus $153,223 in other compensation. He also was granted options to buy 252,900 shares of company stock.Blake, who joined the once-troubled, Baltimore-based company in 1990, is credited with helping to revive the insurer, which has $14.5 billion in assets.
BUSINESS
By Ross Hetrick and Ross Hetrick,Staff Writer | October 28, 1992
Black & Decker Corp. is seeking to cut between $30 million and $50 million in costs within 18 months in its effort to boost profits, the company's chairman said yesterday.Speaking before the Baltimore Security Analysts Society, Nolan D. Archibald, chairman, president and chief executive of Black & Decker, said the company's goal was to boost its rate of return on equity to about 18 percent -- the rate earned by the top third of the country's 500 largest companies -- from last year's 5.4 percent.
BUSINESS
March 10, 1992
PITTSBURGH -- Westinghouse Electric Corp. Chairman Paul E. Lego has had his salary cut by $1 million in the wake of a $1.1 billion loss by the company.According to proxy materials being distributed to shareholders, directors slashed Mr. Lego's pay to $677,083 from the $1.68 million he earned in 1990. Mr. Lego has been given financial incentives to improve Westinghouse's performance. The electronics giant is Maryland's largest private employer.Among the incentives is $1.1 million for meeting unspecified goals during a three-year period ending in 1993.
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