Electronic Data Systems, a provider of data processing services and a new subsidiary of General Motors, posted a 110% jump in its first-quarter earnings. A "significant amount" of the growth was due to the large amount of data processing work EDS has assumed for GM, which acquired EDS last year, an EDS spokeswoman said.
Atlanta-based Turner Broadcasting System, which is 80%-owned by Ted Turner, narrowed its first-quarter loss to $741,000 from the previous year's $5.3-million loss. "Due to the seasonal nature of certain of the company's operations, the first-quarter net loss was anticipated and, in fact, was less than budgeted," Turner said in a statement. Turner is chairman and president of Turner Broadcasting. The company's news operations posted an operating profit in the latest quarter, compared with a loss a year earlier, Turner said in his statement, without elaborating.
Orion Pictures reported a 9.5% decline in net income for its fiscal year ended Feb. 28. The firm's fourth-quarter profits rose to $2.9 million, compared with $1.2 million for the previous year's like period. The improvement in net income during the fourth quarter was attributed to substantial increases in operating profits from sales of library product, the continued success of the company's television series "Cagney & Lacey" and contributions from the motion pictures "Amadeus" and "The Terminator."