Change at Merry-Go-Round
Merry-Go-Round Enterprises Inc., the Joppa-based fashion retailer, yesterday appointed Stephen Wertheimer chairman of its board of directors. He had served as co-chairman of the equity committee until his election to the board in May.
Thomas Shull, who had served as Merry-Go-Round's chairman since January 1994, when the company was placed in Chapter 11 bankruptcy, will remain on the board.
Richard Crystal assumed the role of chief executive officer.
Annapolis Bancshares earnings fall
Annapolis Bancshares Inc., parent of the Bank of Annapolis, said yesterday that its earnings for the quarter ended June 30 fell slightly to $234,000, or 40 cents a share.
The company, which is publicly traded on the Nasdaq SmallCap Market, said its assets over the past year grew 16 percent to $73.9 million.
Earnings fall at F&M; Bancorp
F&M; Bancorp reported yesterday that income in the second quarter fell 6.6 percent to $1.8 million, or 40 cents a share, compared with a year earlier. The Frederick-based company, parent of Farmers and Mechanics National Bank, said earnings in the current period were affected by costs connected to its merger with the Bank of Brunswick and proceeds of $676,000 from the sale of a former bank location.
Japanese stocks continue rise
In Tokyo, stocks rose for a sixth day as foreign investors bid up prices for high-tech stocks such as NEC Corp. and Hitachi Ltd. on the expectation that demand for memory chips will surge.
The Nikkei 225 Stock Average ended the day up 345.53 points, or 2.13 percent, to 16,588.19.
Nike reports record sales, profits
Nike Inc. reported record sales and profits for its latest quarter and fiscal year yesterday and said advance orders for its athletic shoes and clothing were also unprecedented.
Nike, reporting final results for a strong turnaround year, said fourth-quarter profits jumped 64 percent to $113.4 million, or $1.56 a share, from $69.2 million, or 93 cents a share, a year ago. Revenues in the quarter surged 40 percent to $1.4 billion from $1 billion.
UPS wins $1 billion contract
United Parcel Service has been awarded a $1 billion contract, its largest ever, from J.C. Penney Co. to deliver all of the retailer's small package air deliveries and some of its ground shipments. The deal supersedes a contract that was worth an estimated $160 million over three years.