Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, October 20, 1999

United Air profit declines 12 percent

CHICAGO -- UAL Corp., parent of United Airlines, said third-quarter profit fell 12 percent as a result of Hurricane Floyd flight cancellations and a fall-off of traffic gained from a rival's strike last year.

Net income fell to $456 million, or $3.75 a share, from $516 million, or $4.02, in the year-earlier quarter. Earnings were in line with the $3.76 average estimate of analysts polled by First Call. Revenue rose 1.3 percent to $4.85 billion from $4.78 billion. The Chicago-based airline said July and August results were strong but that September was "marred" by Hurricane Floyd, which swept up the East Coast and led to thousands of flight cancellations. The company said that it expects fourth-quarter results to improve from the year-earlier period.

ZapMe! hits market at $11 a share

SAN RAMON, Calif. -- ZapMe! Corp. said today it completed an initial public offering of 9 million common shares at $11 a share. The company, based in San Ramon, Calif., had expected to offer the shares at $10 to $12 each. ZapMe provides computers and related equipment to schools, and is building a broadband network aimed at schools. Proceeds from the offering, the company said, will be used for general corporate purposes, including sales and marketing, technology, product development and working capital.

Sprint earnings drop 13 percent

WESTWOOD, Kan. -- Sprint Corp., which is being acquired by MCI WorldCom Inc., said third-quarter profit fell 13 percent as losses widened at an international joint venture and a new high-speed data network.

Net income fell to $359 million, or 41 cents a share, from $415 million, or 47 cents, in the year-earlier period. Results from a year earlier are stated as if the No. 3 U.S. long distance phone company had already spun off its wireless operations.

In other news . . .

Bullet SAN FRANCISCO -- Charles Schwab Corp., the biggest Internet brokerage, said its customers can trade most Nasdaq and select listed stocks starting today during a separate after-hours trading session.

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