AT&T; growth best in 10 years
AT&T; Corp. unveiled yesterday its best year of earnings and revenue growth since divestiture 10 years ago, crowned by a 70 percent increase in earnings for the fourth quarter.
For the latest quarter, earnings surged to $1.34 billion from $776 million, or 85 cents a share from 50 cents last year. Revenues jumped to $21.1 billion from $19.07 billion.
For the year, AT&T;'s net earnings climbed to a record $4.71 billion, up 27.2 percent from the prior year's $3.7 billion, excluding special charges. Revenue climbed 8.3 percent to $75.09 billion.
Riparius names unit president
Timonium-based Riparius Corp. yesterday appointed Robert J. Proutt as president of its construction subsidiary.
Mr. Proutt, a lawyer who co-founded Rosenberg Proutt Funk & Greenberg LLC in 1987, will replace Vince Johnson, who will remain as a senior vice president of Riparius Construction Inc. Mr. Proutt will leave the law firm in mid-February, but remain "of counsel."
Bank's name to change
The Bank of Baltimore, whose parent was acquired last year by First Fidelity Bancorp. of Lawrenceville, N.J., said yesterday that its name will change to First Fidelity Bank N.A. Jan. 29. The change will cap a weekend during which all signs at the bank's 40 branches will be switched.
London Fog reopening delayed
The reopening of the London Fog Corp. plant in the Park Circle Business Park will be delayed about a week, to about Feb. 6, a company official said.
More work at the plant must be completed, said plant manager Edward Zitka, including installation of computer lines and expansion of the electrical system. The Baltimore raincoat plant shut down in mid-October.
Woodies gets extension on filing
Woodward & Lothrop Inc. said yesterday that it received bankruptcy court approval to extend its period for exclusively filing a reorganization plan until March 23.
The Washington-based department store company has been operating under Chapter 11 of the U.S. bankruptcy code since January 1994.
Alfa Romeo to exit U.S. market
Sinking sales and U.S. requirements for model changes pushed Alfa Romeo yesterday to suspend distribution in North America at the end of this year.
Sales have shrunk from 3,500 in 1990 to 565 last year, and new on-board diagnostics would be required if the Italian automaker sold cars in the United States next year, the company said.