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Earnings

October 29, 1985

Greyhound Corp. reported a 35% drop in its third-quarter profits compared to the same period of 1984, partly because of a $19.5-million loss for its leasing subsidiary. Greyhound is the parent of several consumer products and service companies and manufacturer of MCI intercity buses. The Phoenix-based company said its third-quarter earnings reflected a previously reported after-tax loss of $19.5 million charged to a subsidiary, Greyhound Leasing & Financial. The loss resulted from a lease-purchasing deal in which Greyhound has obtained a $79-million consent judgment against a Utah partnership. Greyhound said earlier this month that it had recovered $45 million but decided to charge the unusual loss to its subsidiary because of "uncertainties surrounding further recoveries."

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