Third Quarter

Bell Atlantic Corp. and AT&T Corp. painted sharply different financial pictures as they reported their third-quarter earnings yesterday, but investors in the two companies that are soon to square off as competitors in Maryland and elsewhere treated them about the same.Bell Atlantic, the traditional local phone service monopoly in Maryland and five other states, said its third-quarter profit rose 9 percent to $483.3 million, or $1.10 a share, as it continued to get a boost from its fast-growing cellular business and the number of customers adding second phone lines to serve their computer modems.

Avemco Corp., a Frederick-based aviation and marine insurance holding company, said yesterday that its third-quarter earnings plunged by 96.8 percent as the result of more claims in its growing aviation business, a few large claims and its reduced participation in short-term health programs.The company's third-quarter net income dropped to $74,000, or a penny a share, compared with $2.3 million, or 26 cents a share, for the same period a year ago. Revenues for the quarter grew by 6.3 percent, to $29.1 million from $27.4 million.

HOUSTON -- The value of initial public stock offerings by non-financial companies dropped 58 percent, or more than $3.5 billion, in the third quarter to the lowest level since the first quarter of 1991, according to a survey released yesterday.Seventy-six non-financial IPOs raised $2.47 billion during the third quarter, down from $5.97 billion in the second quarter, according to the study by Sommers & Associates.Financial offerings more than doubled, to $5.77 billion, in the third quarter, from $2.33 billion in the second quarter, with more than 80 percent going into investment funds.

USF&G Corp., the Baltimore-based insurance company, lost $25 million in the third quarter, about two-thirds more than the 1990 third-quarter loss of $15 million.On a per share basis, the loss was double -- 44 cents compared to 22 cents.Revenues for the third quarter were $980 million, down 14 percent from revenues of $1.12 billion in the previous third quarter.The company said the third-quarter results were primarily due to a 15 per cent decline in premiums resulting from the company's pullout from states where it says its business is unprofitable.

Struggling with a worse-than-expected industrywide revenue slump, US Airways Group Inc. reported a $335 million third-quarter net loss yesterday and restated its need to cut costs deeper than once anticipated. The loss of $4.92 per share follows an Aug. 11 bankruptcy filing and months of restructuring that has resulted in thousands of layoffs and flight reductions. Sales in the quarter fell 12 percent to $1.75 billion. Though the loss was an improvement over last year's third-quarter deficit of $766 million, or $11.42 per share, the slow industry recovery prompted the Arlington, Va.-based airline to recently announce hundreds of additional layoffs.

The median price of an existing single-family home in the Baltimore metropolitan market rose to $128,800 in the third quarter of 1999, a 4.5 percent increase over the third quarter of 1998.Last year the median price in Baltimore, according to a report by the National Association of Realtors, was $123,300.The median is the midpoint, signifying that half the homes sold for less and half of the homes sold for more.The NAR reported that the national median price rose to $136,000 during the third quarter, up 4.1 percent.

Men's apparel chain Jos. A. Bank Clothiers Inc. reported a third-quarter loss yesterday of 3 cents per share, blaming the results partly on weak suit sales in September.Bank posted a net loss of $236,000 for the quarter that ended Oct. 30. That compared with a gain of $873,000, or 13 cents per share, from continuing operations during the third quarter last year. It was the first loss for the Hampstead-based retailer since the fourth quarter of 1997.The 1998 results exclude a one-time tax benefit of 20 cents per share.

RWD Technologies Inc. announced yesterday that third-quarter sales and earnings will fall well short of analysts' estimates, the second straight quarter the Columbia-based company has had to issue such a warning.RWD is projecting a break-even third quarter -- far less than the profit of 13 cents a share that analysts were forecasting. Sales will come in at $29 million, or $4 million below estimates, largely because business dropped off in two of the four key markets that RWD serves, the company said.

WASHINGTON -- The U.S. economy grew faster than first estimated in the third quarter, fueled by a consumer spending surge and low inflation that are likely to make the current expansion the longest on record in peacetime, reports issued yesterday showed.The gross domestic product, the total output of goods and services, rose at a 3.9 percent annual rate in the quarter, more than doubling the second-quarter pace of 1.8 percent, the Commerce Department said. A narrower-than-estimated trade deficit and stronger consumer spending on durable goods accounted for much of the upward revision from the initial estimate of a 3.3 percent gain in GDP for the quarter.

Ashlee Courter remembered, as did Jamie Vogtman, coach Mary Ella Marion and the rest of the Mercy Magic.They all recalled enjoying a 16-point third quarter lead against Archbishop Spalding earlier in the season, only to see the visiting Cavaliers rally to take a lead in the fourth quarter before Mercy eventually recovered for a four-point win.So when the No. 10-ranked Magic took another 16-point lead at the halftime break yesterday afternoon in Severn, the...

CLEVELAND - -The Ravens' 16-0 win over the Cleveland Browns caused as much concern as celebration. After scoring a couple of touchdowns in a 17-second span of the third quarter, the Ravens (5-4) looked like a team that survived and saved their playoff hopes against the hapless Browns (1-8). Linebacker-defensive end Terrell Suggs limped out of the locker room with a full-leg brace to protect his right knee sprain. Tight end Todd Heap walked off the field in the final minutes of the game, clutching his left side.

At Marlin Steel Wire Products, a manufacturer of wire baskets in Baltimore, orders and productivity are up. In fact, the 29-person firm this week received its biggest contract of the year, which is expected to represent 10 percent of its annual sales. While his competitors have cut workers, president Drew Greenblatt decided to invest in new technology and hire employees to boost his business. "Our sales are going to be up 40 percent over last year, but our employees are up 20 percent," he said, noting he has hired five workers this year.

The similarity was not lost on Steve Hauschka. Two weeks after narrowly missing a game-winning 44-yard field-goal attempt in the waning seconds of the Ravens' 33-31 loss to the Minnesota Vikings, the second-year kicker found himself staring at a 43-yard attempt with 56 seconds left in the first quarter of Sunday's game against the Denver Broncos. "It was almost the exact same 44-yarder," Hauschka said. "I learned my lesson, and I stayed down on that one and kicked it straight." The successful kick set the tone for Hauschka, who made all three field-goal tries in the Ravens' 30-7 victory over Denver.

The government is expected to report Thursday that the American economy resumed growing in the third quarter, marking an end to the worst contraction since World War II. But even though some economists say the report should dispel doubts that the downturn is over, it may be cold comfort to workers and businesses alike. Forecasters say third-quarter growth was likely 3 percent to 3.5 percent at an annual rate, driven largely by the federal stimulus package. While solid, that is not the kind of breakthrough turnaround needed to reverse the sharp 6 percent decline in gross domestic product last fall and winter.

Anthony Glaud threw two touchdown passes and ran for a touchdown as host Delaware State broke Morgan State's five-game winning streak with a 35-22 victory Saturday. Glaud's 4-yard run put the Hornets (2-5) ahead of the Bears 7-5 with 9:53 left in the second quarter. Jaashawn Jones added a 4-yard scoring run, and Glaud's 30-yard touchdown pass with four seconds left in the half gave Delaware State a 21-12 halftime lead. Glaud added a 9-yard touchdown pass with 2:43 left in the third quarter.

T. Rowe Price Group's third-quarter profit dipped 13 percent as the Baltimore money manager's revenue from investment services fell. Still, the company reported Friday that clients continued to pour money into its mutual funds and other products, driving in $7.4 billion of new money during the quarter. Earnings beat Wall Street estimates of 46 cents per share based on a survey of 18 analysts by Bloomberg News. Shares rose $5.16 to close at $54.27 yesterday. Price Chief Executive and President James A.C. Kennedy said in an interview that the company is producing positive results for clients, noting that 87 percent of its funds outperformed their peers during a five-year period that ended Sept.

Evan Grant had a 95-yard kickoff return in the first quarter to get the scoring started for the No. 2 McDonogh football team and he added another touchdown in the third as the Eagles beat host Mount St. Joseph, 36-7, Saturday. McDonogh previously beat No. 4 Loyola, 21-0, on Oct. 10. Grant had a 1-yard touchdown run in the third quarter. The Gaels' lone scoring drive came in the fourth quarter, as Brian Morton completed a 12-yard touchdown pass to Brandon Sumerville to avoid the shutout.

Under Armour's appeal is such that people are still springing for $55 compression shirts in the middle of a recession. But even that loyalty may have its limits. The Baltimore sports apparel company announced continued growth in third-quarter sales and profit yesterday even as consumers cut back on most spending. Most importantly, it managed to maintain a gross profit margin of more than 50 percent, meaning that shoppers are still willing to pay full price for its merchandise. The average selling price of its product grew in the "single digits" during the quarter, according to the company.

When the stock market headed south in August, T. Rowe Price Group Inc. wasn't sweating it out. James A.C. Kennedy, Price's chief executive and president, credited a warning from his analysts nearly a year ago that the Baltimore money manager should cut back on risk. As a result, the firm managed to navigate the subprime crisis and weak housing market that caused U.S. stock indexes to fall in mid-August. Price reported yesterday a 36 percent increase in profit for the third quarter and record assets of $396.

Fueled by sales of its power tools, Towson-based Black & Decker Corp. reported yesterday that profits rose 25 percent last quarter compared with a year earlier. The company reported earnings of $140.6 million, or $1.73 a diluted share, for the quarter that ended Oct. 2. That compared with profit of $112.5 million, or $1.37 a share, for the comparable quarter last year. Per-share earnings beat analysts' estimate of $1.67 a share for the quarter. Still, Black & Decker stock closed down $1.83, or 2.4 percent, to $76.18 on the New York Stock Exchange yesterday.