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U.S. Bank Shows Strong Quarter

Associated Press

U.S. Bancorp today reported increased earnings for the first quarter of the fiscal year, compared with the same period last year.

The banking company said it earned $113 million, up 19 percent from the first quarter of 1995. Earnings per share were 73 cents, up 22 percent from the 60 cents per share reported in 1995.

With the acquisition of West One Bancorp of Boise, Idaho, U.S. Bancorp joined the Fortune 500 list of the nation’s largest companies last year.

Chairman and chief executive Gerry Cameron said the company continued to make progress in cutting operating costs. U.S. Bancorp set out in 1994 to cut 1,400 jobs, primarily through early retirement and voluntary departures.

It is expected to cut another 1,100 jobs by mid 1996 as its merger with West One is finalized.

With assets of nearly $32 billion, U.S. Bancorp is the nation’s 27th largest bank holding company.

Other earnings reports:

Time Warner Inc.

The media and entertainment conglomerate announced Monday that its first-quarter loss widened from a year ago due largely to the cost of cable system acquisitions.

Time Warner, the nation’s second-largest cable operator, posted a net loss of $119 million, or 39 cents a share, compared with a loss of $47 million, or 13 cents a share, in the same period a year ago.

Revenue from its publishing and music businesses, as well as the filmed entertainment, pay-TV and cable TV systems operations it controls, rose to $4.56 billion from $3.89 billion.

The quarter’s widened loss was largely due to acquired debt and related costs involving Time Warner’s purchases of the cable companies Summit Communications Group Inc., KBLCOM Inc. and Cablevision Industries Corp.

Merrill Lynch & Co.

The brokerage firm said earnings for the quarter ended March 29 increased to $409 million, or $2.03 a share, from $228 million, or $1.08 a share, in the comparable period a year ago.

Revenue, subtracting interest expenses, rose to $3.26 billion from $2.42 billion.

Merrill said its earnings were driven partly by growth in its international equity business.