Preston Trucking parent posts loss
The Yellow Corp. reported yesterday that its fourth-quarter earnings fell 6.7 percent in 1994, to $11.2 million, or 40 cents a share, on $757.9 million in operating revenues.
For all of 1994, the Overland Park, Kan.-based transportation holding company, parent of Preston Trucking Co. on the Eastern Shore, reported a net loss of $7.9 million, or 28 cents a share, on $2.9 billion in operating revenues. That compares with an $18.8 million profit, or 67 cents a share, on 1993 operating revenues of $2.9 billion. The biggest contributors to the 1994 loss were a nationwide trucking strike and a $4.1 million charge for the write-off of in-state operating rights, Yellow said.
Bank Maryland net income down
Bank Maryland Corp., parent of the Bank of Maryland, said yesterday that a large one-time charge drove net income in the 1994 fourth quarter down 52 percent, to $185,000, or 9 cents a share, from $386,000, or 19 cents a share. Not including the charge, related to a branch closing, net income rose almost 18 percent. Bank Maryland, which has $192 million in assets, has agreed to be acquired by Mason Dixon Bancshares Inc., the parent of Carroll County Bank and Trust Co.
Net income up at Citizens Bancorp
Citizens Bancorp, the Laurel-based parent of Citizens Bank of Maryland, said net income in the fourth quarter increased 16.7 percent, to $8.0 million, or 54 cents a share, from $6.9 million, or 46 cents a share a year ago. For the full year, earnings rose 15.7 percent, to $31.0 million from $26.8 million. Citizens had $3.7 billion in assets as of Dec. 31 and more than 100 branches in Maryland, Washington and Virginia.
Times Mirror gains on Cox merger
Times Mirror Co. said yesterday it completed the $2.3 billion merger of its cable-television operations with Cox Communications Inc., and said it would take a $1.6 billion first-quarter gain for the transaction.
The Los Angeles-based media company, which publishes The Sun and The Evening Sun, also said it plans to reduce its annual dividend to 24 cents a share as of June from $1.08.
Times Mirror previously said it would lower its dividend to free up money to invest in its businesses and put the dividend in line with those of similar companies.
Delta to cut about 65 U.S. flights
Delta Air Lines said yesterday it will eliminate about 65, or 2.4 percent, of its U.S. flights, in a move that will save as much as $60 million a year. Delta, the third-largest U.S. air carrier, will reduce service from hubs in Los Angeles, Dallas, Boston and Orlando, Fla., and add flights to hubs in Atlanta, Cincinnati and Salt Lake City.