PharmaKinetics revenue up 11.8%
PharmaKinetics Laboratories Inc. of Baltimore yesterday reported revenues of $9,894,000 for the fiscal year ended June 30, 1995, an 11.8 percent increase over the prior fiscal year.
Operating earnings increased 12.6 percent, to $462,000 from $410,000 in the prior year. Net income declined to $128,000, or a penny a share, from $205,000, or 2 cents per share, largely due to a second quarter write-down and loss on the sale of stock received in the 1992 sale of the company's German subsidiary.
Fourth-quarter revenues increased 4.4 percent, to $2,221,000, but the company had a net loss of $424,000, or 3 cents per
share, compared with a $58,000 loss last year.
Consumer credit still growing
Consumer credit grew for the 26th straight month in July, but credit card use rose at its slowest pace in eight months.
The Federal Reserve said yesterday that overall borrowing rose by $8.8 billion in July, compared with $11.1 billion the previous month and $13.1 billion in May.
The growth in credit card use was $3.2 billion in July, half the advance of June and the smallest gain since last December's $2.1 billion increase.
Westinghouse-CBS deal assailed
The planned sale of CBS Inc. is coming under attack by two groups that contend buyer Westinghouse Electric Corp. has done a poor job of airing children's programs.
The United Church of Christ and the Center for Media Education planned to ask the Federal Communications Commission to block the sale, said Jeff Chester, the center's executive director. The challenge could delay the sale and make it vulnerable to a competing bid.
Westinghouse spokesman Gil Schwartz defended the company's track record, saying, "We find it somewhat ironic that children's programming is the basis of the challenge against Westinghouse and CBS, since we believe our historic commitments place us at the top of the industry," he said.
Time Warner-Turner talks stall
Negotiations over Time Warner Inc.'s takeover bid for the Turner Broadcasting System have stalled, people close to the talks said yesterday.
Several were increasingly doubtful that John C. Malone, president of Tele-Communications Inc., the giant cable system operator, would clear the way for the proposed $8 billion deal. TCI is one of Turner Broadcasting's biggest shareholders.
The sources told the New York Times that both Time Warner and Turner were ready to complete the deal, but that Mr. Malone, a notoriously tough negotiator, kept changing the terms and it seemed unlikely that there would be any resolution to the current disputes over the weekend.