CSX earnings up more than 50%
CSX Corp. said yesterday that its third-quarter earnings rose more than 50 percent, paced by a strong performance at its freight railroad.
The Richmond, Va.-based transportation company said its net income rose to $177 million, or $1.68 a share. With the strong economy producing more cars, steel, coal and other goods for shipment, it was the second consecutive quarter of record earnings for the transportation company.
Software firm moving to Columbia
XDB Systems Inc., an international software company based in Laurel, said yesterday that it will move its headquarters to Columbia.
The company, which employs about 120 people in Maryland, develops and sells data base programs for mostly corporate users. The privately held company, which reported sales of more than $13 million last year, is owned by Dr. S. Bing Yao, a University of Maryland professor.
Michael Donner, a spokesman for the company, said XDB has been experiencing 30 percent annual growth for each of the past four years.
Sprint-cable TV venture confirmed
Sprint Corp. and three leading cable television companies confirmed yesterday that they will launch an alliance to package local and long-distance telephone, wireless communications and cable television as a single brand.
The services will be provided by an as-yet unnamed venture, to be 40 percent owned and funded by Kansas City-based Sprint. Tele-Communications Inc. will own 30 percent, and Comcast Corp. and Cox Cable each will own 15 percent.
Continental Airlines chief leaving
Continental Airlines Inc. Chief Executive Officer Robert R. Ferguson III, who led the carrier through its second bankruptcy reorganization, is resigning, the company said yesterday.
Mr. Ferguson, chief executive since August 1991, said he believed the time was right "to explore other career challenges."
Continental, which has expanded its presence with low-fare flights at Baltimore-Washington International Airport this year, announced yesterday that its 1994 third-quarter earnings soared 147 percent, to $30.6 million, or $1.03 per share. That compared with net income of $12.4 million, or 53 cents per share, for the same period a year ago.
RJR Nabisco profits rise 192%
RJR Nabisco Holdings Corp. said yesterday that third-quarter profits vaulted from the year-ago period, aided by strong gains in its food business and a rebuilding of tobacco profits after last year's cigarette price war. Third-quarter net income rose 192 percent, to $216 million, on net sales of $3.97 billion.