DECK THE HALLS WITH JOLLY EARNINGS REPORTS; GROWTH CONTINUES IN LOCAL, NATIONAL COMPANIES.Byline: Deborah Adamson Daily News Staff Writer 'Tis the season for earnings reports, and a handful of local companies plus scores of the nation's largest companies announced their second-quarter earnings Wednesday. For the most part, they reflected the country's continued, steady growth. Leading the local pack is MiniMed Inc. of Sylmar, a maker of infusion systems used in the management of diabetes. It reported a 66 percent rise in net income to $1.5 million or 12 cents a share for the second quarter ended June 27, compared with a net income of $900,000 or 8 cents a share for a year ago. Revenue increased 28 percent to $17 million vs. $13.3 million the previous year. Domestic sales were strong for the company and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved. Valencia National Bank of Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, reported a 41 percent increase in net income to $171,169 or 30 cents a share for the quarter ended June 30, compared with $121,249 or 23 cents cents a share for a year ago. Revenue rose 27 percent to $2.25 million from $1.77 million. Total assets grew as well, up 26 percent to $112.7 million. Growth in commercial loans led to favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. quarterly earnings. City National Corp. in Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. reported a 22 percent rise in net income to $19.6 million - 41 cents a share - for the second quarter, compared with a net income of $16 million - 36 cents - a year ago. Revenue was $76.5 million vs. $58.5 million. The January purchase of Ventura County National Bancorp and Riverside National Bank helped boost business. International banking and investment management also grew during the quarter. Loans were in strong demand. Community Bank in Pasadena reported a net income of $2.4 million for the quarter ended June 30, compared with $2.3 million a year ago. However, net income before taxes was $3.2 million, a 33 percent increase over a year ago. Revenue was $11.3 million vs. $10.4 million. INMC INMC International Network Management Center INMC International Music Consortium (Holliswood, NY) Mortgage Holdings Inc. in Pasadena, a real estate investment trust, reported a 16 percent gain in net income to $22.7 million or 43 cents a share for the second quarter compared with $16.4 million or 37 cents a share. Net revenue was $29.7 million vs. $21.2 million. Pacific Crest Capital of Agoura Hills had a 20 percent increase in net income to $906,000 or 30 cents a share for the quarter vs. $746,000 or 25 cents. Revenue was $8.5 million compared with $7.1 million. Among national companies: Time Warner Inc. reported better-than-expected net income of $30 million, or a loss of 9 cents a share after the payment of preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) , compared with a year-earlier loss of $31 million, or 26 cents, before a charge for retiring debt. The company was expected to post a loss of 15 cents, the average estimate of 13 analysts surveyed by IBES IBES See: Institutional Brokers Estimate System International Inc. BankAmerica Corp. said second-quarter earnings rose 11 percent to $799 million, or $1.09 a share, compared with $723 million, or 92 cents, in the same period last year. General Motors Corp.'s second-quarter profit from operations beat expectations but fell 20 percent to $1.68 billion, or $2.21 a share, down from $2.10 billion, or $2.63, in the year-ago quarter. Revenue rose 0.8 percent to $45.15 billion from $44.78 billion. Ford Motor Co.'s second-quarter profit rose 44 percent and set a record for any quarter by a U.S. automaker. Ford's profit from operations rose to $2.43 billion, or $1.98 a fully diluted share, from $1.69 billion, or $1.39 a share, in the year-earlier period. Apple Computer Inc. reported a $56 million loss, or 44 cents a share, which was more than last year but less than analysts expected. Apple lost $32 million, or 26 cents a share, in the same quarter of last year. Revenue fell 20 percent to $1.7 billion from $2.2 billion a year ago but was up from $1.6 billion for the first three months of 1997. Eastman Kodak Co. said second-quarter profit fell 16 percent to $368 million, or $1.12 a share, from $440 million, or $1.30, a year ago. Revenue fell 6.6 percent to $3.85 billion from $4.12 billion. General Dynamics General Dynamics Corporation (NYSE: GD) is a defense conglomerate formed by mergers and divestitures, and as of 2006 it is the sixth largest defense contractor in the world[1]. The company has changed markedly in the post-Cold War era of defense consolidation. Corp.'s second-quarter net income rose 19 percent to $80 million, or $1.28 a share, from $67 million, or $1.06, in the 1996 quarter. Revenue rose to $1.03 billion from $930 million. American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the parent AMR (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. Corp. said Wednesday that its second-quarter earnings climbed 3.1 percent to $302 million, or $3.26 per share, in the April-June quarter, up from $293 million, or $3.20 per share, in the second quarter of 1996. Revenues climbed 3.5 percent to $4.71 billion from $4.55 billion. Lucent Technologies Inc. said Wednesday that its earnings nearly tripled to $213 million, or 33 cents a share. The company earned $72 million, or 11 cents a share, in the same period last year. Revenue jumped 18 percent to $6.34 billion from $5.36 billion. GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) Corp.'s profits rose 4.5 percent to $671 million, or 70 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on revenues of $5.69 billion. A year earlier, the company earned $642 million, or 66 cents per share, on revenues of $5.29 billion. NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers Corp. reported Wednesday that second-quarter losses narrowed by 78 percent to $4 million, or 4 cents a share, in the April-June quarter, down from a loss of $18 million, or 18 cents a share, in the same period last year. Revenue slipped 2 percent to $1.65 billion from $1.68 billion. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion