McDonald’s posted record income and revenue for...

McDonald’s posted record income and revenue for the first three months of 1985, the 80th consecutive quarterly record for the fast-food chain. For the period ended March 31, it earned $84.3 million on sales of $808.5 million. A year earlier, the corporation earned $75 million on sales of $758.3 million. Fred L. Turner, chairman and chief executive, said international growth continued to accelerate as the corporation opened a restaurant in Bangkok, Thailand, during the quarter. He said McDonald’s also planned to open restaurants in Mexico and Venezuela but didn’t say when. Turner said 8,367 outlets were operating during the quarter, about 25% of them owned by the corporation and the remainder licensed to franchisees. In 1985, the corporation plans to open another 500 restaurants, with 175 to 200 of them in foreign markets.

Glendale Federal Savings & Loan Assn. reported net earnings of $11.48 million for its third fiscal quarter ended March 31, 1985. This compares to net earnings of $10.97 million for the third quarter of last year. Net earnings for the nine months ended March 31 were $37.49 million, a 27% increase over the $29.58 million for the comparable period a year ago. “Continuing strong loan volume in the California and Florida divisions, an improving interest rate spread and a continued positive contribution from subsidiary operations resulted in another period of favorable operating results,” said Norman Coulson, president and chief operating officer. However, earnings for the third quarter were impacted by a special assessment in the amount of $2.77 million required by the Federal Savings & Loan Insurance Corp. as part of an industrywide program to bolster its deposit-insurance reserves.

Dart & Kraft reported that net income for the fourth quarter was $100.8 million, compared to $107.8 million for the same period in 1984. There were 12% fewer average shares outstanding due to the company’s stock purchase program. John M. Richman, chairman and chief executive, indicated that “both profit and sales from continuing operations increased slightly in the first quarter, while net income declined due to the strength of the dollar, divestitures in 1984 and higher net interest expense.” Sales were $2.3 billion, compared to $2.4 billion in the prior-year period. On a continuing operations basis, sales rose 1%.