Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

FLORIDA EAST COAST EARNINGS, REVENUE UP

Florida East Coast Industries Inc. Thursday reported first-quarter earnings more than doubled, helped by higher land sales. But the company also increased revenue in its railroad and commercial real estate rental businesses.

St. Augustine-based Florida East Coast said net income in the quarter was $18.7 million, or 57 cents per diluted share, up from $8.1 million, or 25 cents, the previous year.

Total revenue rose from $82.9 million to $136.1 million.

The revenue included $44.4 million in property sales, up from $4.9 million in the first quarter of 2005. But the company's Florida East Coast Railway subsidiary increased revenue by 18.6 percent in the quarter, and rental and services revenue in its Flagler Development Co. unit rose 14.3 percent.

Florida East Coast is projecting operating profit at its railway will rise 13 percent to 18 percent in 2005, and operating profit from its rental properties will rise 4 percent to 9 percent.

Mark Basch/The Times-Union

MICROSOFT REVENUES UP, BUT SOFTENING EXPECTED

Microsoft Corp. said its quarterly income rose 16 percent, but the results fell shy of Wall Street expectations and the software company offered a tepid outlook Thursday for the current quarter.

For the three months ended March 31, the Redmond software maker reported earnings of $2.98 billion, or 29 cents per share, compared with $2.56 billion, or 23 cents per share, in the same period a year earlier.

Revenue for the three-month period was $10.9 billion, a 13 percent increase over sales of $9.62 billion a year earlier.

Analysts polled by Thomson Financial expected earnings of 33 cents per share.

Associated Press

FED CHAIRMAN INDICATES COMING RATE HIKE PAUSE

Federal Reserve Chairman Ben S. Bernanke gave his strongest signal yet that the central bank may pause in its cycle of interest rate increases. …

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