Beth Steel signs credit deal
Bethlehem Steel Corp. yesterday announced it has signed a $500 million, five-year credit facility with 15 domestic and international banks to replace another $500 million credit facility that was due to expire Dec. 29, 1996.
Morgan Guaranty Trust Co. arranged the agreement and Chemical Bank and Long-Term Credit Bank of Japan Ltd. are managing agents. Bank of New York and NationsBank are co-agents. Bethlehem, based in Bethlehem, Pa., owns the Sparrows Point steel mill in Baltimore County.
Firm signs headphone contract
Linthicum-based Noise Cancellation Technologies Inc. announced yesterday that it has reached an agreement with Long Prosper Enterprises Co. Ltd., in Taiwan, to produce and distribute a line of low-cost in-flight entertainment headphones used to reduce noise from commercial aircraft.
The electronic headphones reduce aircraft engine noise while enhancing the audibility of speech, music and warning signals.
Corn harvest may drop slightly
Corn crops have been devastated on some Maryland farms by one of the hottest, driest summers on record, but the state Agriculture Department projected yesterday that the overall harvest will be only slightly less than normal, with an average of 105 bushels per acre, down from last year's 118 bushels.
"Things look a little better than we expected," said M. Bruce West, head of the state agriculture statistics service.
Farms on the lower Eastern Shore and in Southern Maryland suffered the most from the weather. Some farmers reported the loss of 50 percent to 85 percent of their corn crops.
Soybean yields are forecast to average 33 bushels per acre statewide, just below last year's yield of 36 bushels per acre.
Crown's net income falls
Crown Books Corp. said yesterday its net income for the quarter ended July 29 was $250,000, or 5 cents per share, compared with $609,000, or 11 cents per share, for the same quarter last year.
The company recorded a net loss in the first half of this year of $134,000, or 2 cents per share, compared with net income of $1,024,000, or 19 cents per share, for the same period last year.
Sales of $124.9 million for the first half of 1995 decreased by $12.9 million, or 9.4 percent, over the same period a year ago.
Crown's sister company, Trak Auto Corp., had net income of $4,009,000, or $.67 per share, for the first half of 1995, compared with $6 million, or 99 cents per share, for the same period last year. Net income for the quarter ended July 29 was $2.89 million, or 49 cents per share, compared with $3.49 million, or 57 cents per share, for the same period in 1994.
Trak's sales for the first half of 1995 decreased 6.5 percent, to $166 million.