UAW, Chrysler reach agreement
United Auto Workers union members who went on strike yesterday reached a tentative agreement with Chrysler Corp. and planned to head back to work, a union official said.
"The strike is over," said Jesse Hamm, a steward with the UAW local at an important plant that manufactures transmissions for the No. 3 automaker. A prolonged walkout could have crippled Chrysler production nationwide.
A second strike, at a General Motors Corp. plant in Michigan, remained unresolved last night.
Alpha 1 Biomedicals posts loss
Alpha 1 Biomedicals Inc. reported yesterday that it lost $1.7 million, or 19 cents a share, in the fourth quarter that ended Dec. 31 on revenue of $191,563. For the year, the Bethesda-based company, which is involved in developing a treatment for sepsis, adult respiratory distress syndrome, chronic bronchitis, asthma and cystic fibrosis, lost $11.3 million, or $1.26 a share, on revenue of $720,383.
Woodies' cash flow improves
Woodward & Lothrop Inc. said its cash flow for the year that ended Jan. 28 increased by 60 percent over results from the previous 12 months.
The Alexandria, Va.-based department-store chain said it earned million for the year before subtracting taxes, interest and one-time charges such as reorganization costs. Cash flow is a common gauge of health for companies, such as Woodies, that are reorganizing from a bankruptcy filing. Woodies' net loss for the year was $39.0 million on sales of $835.5 million.
NationsBanc completes purchases
NationsBanc Mortgage Corp., a unit of NationsBank Corp., said yesterday that it has completed the purchase of rights to service $35 billion in mortgages from KeyCorp and Source One Mortgage. NationsBanc said the acquisitions increased its servicing portfolio to about $75 billion.
Lockheed Martin wins contract
The Air Force has awarded Lockheed Martin Corp. a $341 million contract to produce 18 F-16 fighter planes for Singapore. The planes are to be expected to be completed by November 1998, the Air Force said.
Computer security firm reports loss
Information Resource Engineering Inc., a White Marsh-based maker of computer security products, said yesterday that it lost $715,503, or 50 cents a share, during 1994, even as revenue grew from $2.6 million to $3.4 million. The company said most of the loss was the result of a $508,173 charge against fourth-quarter earnings as a result of expenses associated with its acquisition of Connective Strategies Inc. The 1994 loss compares with 1993 profits of $58,912, or 4 cents a share.