Microsoft reports earnings
Microsoft Corp. said yesterday that it earned $368 million in the fourth quarter of its fiscal year, a performance that was diminished by charges related to its attempted takeover of Intuit Inc. But the computer software firm said its profit for fiscal 1995 reached a record $1.45 billion.
Earnings for the quarter that ended June 30 amounted to 58 cents per share. Microsoft earned $362 million, or 59 cents per share, in the same period a year ago. It had fewer outstanding shares at that time.
Revenue was $1.62 billion, up 25 percent from $1.29 billion in fourth quarter 1994.
Microsoft announced its results after the stock market closed. Its stock finished up $5.375 to a record $109.
Kraft bakery unit is for sale
Philip Morris Cos.' Kraft Foods division is trying to sell its bakery unit for as much as $1 billion, people familiar with the plan said yesterday.
"They've been talking about this for a while," said Sanford C. Bernstein analyst Gary Black. "They'll get about $1 billion."
The bakery division of Northfield, Ill.-based Kraft makes Lender's bagels, Entenmann's cookies and other products.
Kraft and Philip Morris declined to comment. Nabisco Holdings Corp. and Kraft's bakery management are two possible buyers for the division, Mr. Black said. Nabisco declined to comment.
Borders Group to buy stock
Borders Group Inc. said it will buy Kmart Corp.'s 13 percent stake in the company for $72.8 million. The operator of Borders book-and-music superstores and Waldenbooks stores said it will buy the 5.39 million shares of Borders stock held by its former parent for $13.50 a share.
Kmart owned all of Borders before its May 25 public offering.
Firm wins environment deal
EA Engineering, Science, and Technology Inc. has received a contract for environmental services from Louisiana-Pacific Corp. with a potential value of $2 million.
The contract provides for helping to develop and implement Louisiana-Pacific's sustained yield plan to meet the California Board of Forestry requirements for long-term management planning.
Prim Retail to pay dividend
The board of Prim Retail Inc., the Baltimore-based real estate investment trust, voted yesterday to pay a quarterly dividend of 29.5 cents per common share, payable Aug. 15 to holders of record Aug. 3.