USAir mileage fell in June
USAir Group Inc. said its airline unit's revenue passenger miles, or the number of miles flown by paying passengers, fell 2.6 percent to 3.3 million in June from a year-earlier 3.4 million.
The Arlington, Va.-based company said available seat miles in June decreased 5 percent to 4.8 million while the percentage of available seats actually sold increased 1.7 percentage points to 68.1 percent. The company's stock closed down 37.5 cents a share yesterday at $11.375.
Lockheed gets Asian satellite pact
Lockheed Martin Corp. has signed a contract to supply a $650 million satellite communication system that will provide mobile telephone service to 14 Asian countries.
The system would provide voice, facsimile and other services via satellite to hand-held mobile and fixed terminals throughout Southeast Asia, India and China beginning in 1998.
Most of the work will be performed at the company's plants in East Windsor, N.J., and Valley Forge, Pa.
Brock, McCanna join Sinclair board
Sinclair Broadcast Group Inc. of Baltimore said yesterday that it has named former Republican National Committee Chairman and Labor Secretary William E. Brock and Baltimore accountant Lawrence McCanna to its board.
Sinclair is the parent company of WBFF-TV (Channel 45), the Fox network affiliate in Baltimore.
Pratt & Whitney to cut 675 jobs
Pratt & Whitney, citing sluggish orders for commercial jet engines, announced yesterday that it will cut 675 jobs this month.
Pratt, based in East Hartford, Conn., said 175 salaried employees will be laid off, in addition to up to 500 hourly workers, depending on how many accept a buyout offer.
Symantec to buy Delrina
Symantec Corp. will buy Delrina Corp. in a $415 million stock swap, becoming the latest combination in the personal computer software industry.
The deal announced yesterday gives Symantec, based in Cupertino, Calif., and the top maker of "utility" programs that maintain and improve PC efficiency, a portfolio of fax and communications software. Delrina Corp.'s headquarters are in Toronto.
Orange Co. nears another default
Orange County, Calif., essentially is headed toward a default on $800 million in municipal bonds, the third-largest default in the market's history, regulators and rating agencies believe.
Bondholders were scheduled to vote today on whether to delay for one year the repayment deadlines on $800 million in taxable notes issued by Orange County.