King Pharmaceuticals restated revenue and profit from 2002 to mid-2004 to correct the timing of past declarations for product returns, a move that could affect a proposed takeover by Mylan Laboratories. The restatement improved King's financial picture for the first six months of 2004, when the company reported a loss, reduced sales and profit in 2003, and had no effect on fiscal 2002 profit.
Wal-Mart Stores joined with General Electric and Morgan Stanley's Discover Financial Services to begin offering a Wal-Mart Discover credit card. Users will get discounts on the retail giant's gasoline and cash back on purchases of other Wal-Mart merchandise.
A worker bolts on a duct at the Boeing plant in Wichita. Boeing announced an agreement to sell its commercial aircraft plants in Kansas and Oklahoma to Onex, a Toronto-based investment group, for $900 million cash and the assumption of $300 million in liabilities. The deal includes long-term agreements for Onex to provide Boeing with parts on four of Boeing's existing planes and the new 787 Dreamliner. Separately, Boeing announced the sale of its Rocketdyne rocket engine subsidiary to United Technologies for about $700 million cash.
(John Lok -- AP)
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RECALL
Playtex Products and the U.S. Consumer Product Safety Commission announced a voluntary recall of the Hip Hammock brand of baby carrier because of failures in a shoulder strap that might cause a fall.
LOCAL BUSINESS
Fannie Mae is shrinking its loan portfolio even faster than expected. Fannie said its gross portfolio fell to $890 billion at the end of January from $904.56 billion in December, for an annualized rate of decline of 16.8 percent.
Cuisine Solutions, an Alexandria maker of upscale frozen foods, will begin trading tomorrow on the American Stock Exchange under the ticker symbol FZN.
EARNINGS
Home Depot said its fiscal fourth-quarter earnings rose nearly 10 percent from the comparable period a year earlier, to $1.04 billion. Revenue in the three months ended Jan. 30 rose 11.2 percent, to $16.81 billion. For fiscal 2004, Home Depot's profit rose 16.2 percent from fiscal 2003, to $5 billion, and revenue rose 12.8 percent, to $73.1 billion.
Coventry Health Care said fourth-quarter profit rose to $91.8 million ($1.01 per share) from $69.7 million (76 cents) for the fourth quarter of 2003. The Bethesda-based managed health care company said revenue increased to $1.38 billion from $1.22 billion. For 2004, the company posted a profit of $337.1 million ($3.72), up from $250.1 million ($2.75) for 2003. Revenue was $5.31 billion, up from $4.54 billion.
Capital Automotive REIT of McLean, which buys property from auto dealerships and leases it back to them, earned $16.2 million (34 cents per share) in the fourth quarter, up from $13.9 million (41 cents). Funds from operations were $27.2 million, up from $25.4 million. For the year ended Dec. 31, profit was $67.7 million ($1.54), up from $51.6 million ($1.62). Funds from operations were $111 million, up from $96.3 million.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers.
