Kodak earnings drop 29%
Beset by Japanese rivals, sluggish European markets and an inability to raise prices at home or abroad, Eastman Kodak Co. said yesterday that earnings dropped 29 percent in the second quarter.
The world's leading photographic products company earned $264 million, or 79 cents a share, in the three months that ended June 30, compared with profits of $371 million, or $1.13 a share, in the same period a year ago.
Kodak's stock closed at $47.875 yesterday, off $1.625.
Farm Credit merger talks continue
Directors of the Farm Credit Bank of Baltimore met yesterday to discuss a merger with the Farm Credit Bank of Columbia, S.C., but adjourned without reaching a decision, according to Reider J. White, vice president of communications for the Sparks-based cooperative agriculture lender.
Mr. White said that there were still some issues to be resolved and that they will be taken up in meetings between the chairmen of the two institutions.
Frederick Brewing adding capacity
Frederick Brewing Co. plans to double its brewing capacity, making it the largest microbrewery in the state.
The company, which began making Blue Ridge beer nine months ago, plans to increase its work force from eight to 18 full-time employees and brew beer nearly 20 hours a day.
Kevin Brannon, president of the company, said the company plans to build a second brewery in the Frederick area.
RJR net down, operating results up
RJR Nabisco Holdings Corp., the huge food and tobacco concern, said yesterday that second-quarter earnings fell due to expenses from early debt retirement but that operating results rose.
The maker of brands including Winston and Camel cigarettes, Oreo cookies and Ritz crackers said operating earnings were up 11 percent from tobacco and 20 percent from continuing operations in food.
Including extraordinary items and preferred dividend payments, RJR said net income skidded to $14 million, or 1 cent per common share, in the three months ended June 30, compared with $70 million, or 6 cents a share, a year ago.
Weis to build in Spring Ridge
Weis Markets Inc. has contracted to buy a seven-acre parcel in the Spring Ridge planned unit development in Frederick County for construction of a new supermarket, the company's real estate brokers said yesterday.
KLNB Inc. of Towson said the 50,000-square-foot store will be Weis' fourth in the county.