Greyhound Corp. reported sharply higher fourth-quarter and...
Greyhound Corp. reported sharply higher fourth-quarter and full year net income. John W. Teets, chairman and chief executive, said the Phoenix-based firm’s consumer-products group posted its most profitable year ever. The financial group’s profits rose sharply and earnings from the services and food-service group rose modestly. The transportation group was also profitable, he said. Teets added, “Even with the beneficial impact in 1984 of the nearly 15% rollback in salaries and wages negotiated with the union, Greyhound Lines’ results were wholly unsatisfactory.”
CPC International Inc. reported net income for 1984 increased about 40% after a special after-tax charge of $55 million in 1983. The special charge resulted from phasing out two older plants currently being rebuilt, company officials said. Revenues for the year increased 9%. The Englewood Cliffs, N.J.-based firm’s operations include grocery products, packaging, chemicals and corn milling. Its products include Skippy peanut butter, Mazola corn oil and Thomas’ English muffins.
Knight-Ridder Newspapers Inc., which owns 29 newspapers, including the Miami Herald, reported a 14.6% gain in fourth-quarter net income over the previous year. Net income for 1984 jumped 18.5% to $141 million. The Miami-based firm’s newspaper advertising revenue rose 14.7% for the year ending Dec. 31 and 10.8% for the final quarter.
Pittsburgh-based National Intergroup Inc. posted a fourth-quarter profit of $12.8 million in contrast to a loss of $38 million in the same period a year earlier. The company said cost-cutting, a restructuring program and higher interest income were reasons for the latest profit. The results for the fourth quarter in 1983 had included a non-recurring charge of $55.6 million for the liquidation of National Pipe & Tube Co. and the write-off of sale of certain other steel-related assets. In October, the company agreed to merge with Bergen Brunswig Corp., a distribution company based in Los Angeles.
