Greyhound Corp. Net Off Sharply From ’85 Quarter
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Greyhound Corp. reported net income of $10.3 million on combined revenue of $751 million for the quarter ended March 31, down sharply from the $19.1-million profit on revenue of $680 million reported in the first quarter of 1985.
John W. Teets, chairman and chief executive of the Phoenix-based company, attributed the decline to gains from 1985 real estate transactions involving Greyhound Lines and to high claim losses by a mortgage insurance unit, Verex.
Greyhound Corp. said it had improved performances from its financial, consumer products and food service groups, but results from its transportation and financial units were lower.
Exclusive of 1985 first-quarter gains from the sale-leaseback of two major Greyhound Lines terminals, the transportation group and the bus line each showed a $1-million improvement in operating results for the first quarter of 1986.
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