Penril DataComm reports loss
Penril DataComm Networks Inc. said yesterday that delays in shipping some of its electronic products contributed to a net loss of $974,000 on sales of $15.4 million in its fiscal first quarter, which ended Oct. 31.
The performance was down significantly from last year's first quarter, in which the company earned $507,000 on sales of $18.5 million.
Chairman Henry Epstein said the Gaithersburg-based company would be restructuring over the next several weeks and take a charge in the second quarter.
Disney marketing uses Internet
The Walt Disney Co. said it was entering cyberspace with a new marketing service on the Internet computer network. Called Movie Plex, the interactive service allows users to see previews and clips of Disney films, read about the making of films, check release dates and learn about premieres.
Although other studios have used the Internet to market and promote individual films, Disney is the first to develop a regular service, the company said.
SmithKline Beecham sells unit
Saying it wants to focus on human health care, drug company SmithKline Beecham PLC announced yesterday that it is selling its animal health business to Pfizer Inc. for $1.45 billion in cash.
The deal gives SmithKline money to help pay off two major acquisitions made this year to bolster its human drug business. Pfizer, a New York-based drug company, said the acquisition will complement its existing animal health products.
Gibson Greetings settles lawsuit
Gibson Greetings Inc. settled a lawsuit against Bankers Trust New York Corp. Inc., agreeing to pay it $6.18 million to escape exotic financial contracts that plunged in value and threatened the company's future.
The bank still faces a $130 million lawsuit by consumer goods giant Procter & Gamble Co., which claims -- as Gibson did -- that Bankers Trust misled it about the risks of derivatives.
The bank has said in a statement that it intends that fight the P&G; suit.
Pullman files for bankruptcy
Pullman Holding Corp., the one-time rail car manufacturer that became synonymous with passenger train travel generations ago, has landed in bankruptcy court.
Pullman sold its railcar business more than a decade ago and now makes parts for the major automakers. The filing under Chapter 11 of the U.S. Bankruptcy Code was announced yesterday.
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