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April 16, 1985

Allied Corp. reported that its first-quarter revenue and net income were both up less than 1%. The Morris Township, N.J.-based firm said the results reflected good performance by the aerospace sector, continued improvement in the industrial and technology sector and higher profit in the oil and gas area. Performances of the automotive and chemical sectors were lower than the 1984 first quarter.

Nynex said its first-quarter profits rose 16% from a year earlier on a 9.6% rise in revenue. The New York-based phone company is one of the seven holding companies formed in January, 1984, to operate the 22 telephone companies divested from AT&T. Nynex's units provide service for most of New England. The company said that it maintained its efforts to contain costs and that its diversification efforts also bolstered the company's results.

B.F. Goodrich of Akron, Ohio, earned $2.3 million in the first quarter of 1985, down from $9.9 million in 1984's first quarter. Goodrich Chairman John D. Ong blamed the poor performance on lower volume and lower prices in the markets for tires and polyvinyl chloride, a plastic used in a variety of applications, including plumbing.

United Technologies, Hartford, Conn., reported that its first-quarter profit totaled $137.6 million, up 3%, on revenue of $3.92 billion, compared to $3.8 billion during the same period last year.

Boise Cascade, Boise, Idaho, said its first-quarter profit rose to $33.3 million, up 19% from a year earlier. John Fery, chairman, said the company's results were tempered by low prices for uncoated papers and wood products. But he said the wood products division returned to profitability in the quarter and demand for coated paper and newsprint was strong.

Pfizer reported a l5% increase in net income for the first quarter of 1985 on a worldwide sales gain of 3%. The New York-based pharmaceutical company said the strong performance of its domestic health-care business in the quarter was offset by a decline in overseas results due to the strong dollar. U.S. pharmaceutical sales were up 17% and sales of hospital products, excluding sales of the divested dental business, increased 14%, the company said.

Kaiser Steel reported 1984 net earnings of $47.7 million. The earnings were due primarily to substantial reductions in previously provided reserves related to the company's discontinued steel manufacturing operations, the Fontana-based steel company reported. The 1984 net earnings compare to a net loss of $422.8 million in 1983.

Oakland-based Kaiser Cement reported 1985 first-quarter net earnings of $215,000, compared to a net loss of $4.2 million in the first quarter of 1984. The 1984 quarterly results included a net loss of $3 million from the company's former investment in China Cement (Hong Kong) Ltd., which was written off in the third quarter last year. The firm said its first-quarter results reflect a substantial improvement in the results of its domestic cement business.

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