Financial Briefs
GE posted a slight increase in net income of $ 1.1 billion ($ 1.30 per share) for the quarter, ending Sept. 30, compared to $ 1 billion ($ 1.20) for the period last year.
Revenues were $ 15.5 billion, up 6% from the prior period.
GE said its third quarter 1992 operating margin rate was 9.1% compared with 9 .6% for the same period last year.
The decline was more than accounted for by two unusual factors--higher 1992 restructuring charges and the effect of the Summer Olympics Games at its NBC division.
GE said broadcasting revenues were significantly higher in the latest quarter , reflecting NBC's broadcast of the Summer Olympic Games. But operations showed a loss in the third quarter compared with a profit in the 1991 period.
Gannett Co. Inc. posted net earnings of $ 80 million (56 cents per share) for the third quarter ending Sept. 30, compared to $ 59.5 million (42 cents) in the period last year.
Revenues for the third quarter rose 3.5% to $ 848.6 million, from $ 819.7 million for the same period a year earlier.
Higher advertising revenues and lower interest expenses pushed third-quarter earnings up 33% to $ 80 million. Interest expenses dropped nearly 47% to $ 11.4 million in the quarter.
The company said TV earnings rose in the third quarter, reflecting improved advertising sales. Overall, broadcasting revenues were up 9% to $ 89.4 million in the quarter, vs. $ 81.9 million for the comparable period last year.
Harmony Holdings Inc. posted a net profit of $ 70,303 (3 cents) for the year ended June 30, vs. a $ 739,566 (37 cents) loss last year.
Revenues jumped 72% to $ 18.5 million, from $ 10.7 million for fiscal 1991. The company said it's considering a new corporate name.
