BETHESDA, Md.-Comsat Corp. announced the resignation of Bruce Crockett as president, chief executive officer and director of the corporation amidst second quarter earnings that were worse than expected.
The company’s net income for the period ended June 30 was $5.8 million, or 12 cents per share, compared with $22 million, or 46 cents per share, for the period ended June 30, 1995. Revenues rose from $210.8 million for the second quarter 1995 to $232.3 million for this year.
“While we anticipated continued competitive pressure on revenues from the digital services of our mobile communications business and some additional losses in our Russian venture, the magnitude of earnings impact was greater than expected,” said Comsat Chairman C.J. Silas. “We believe, however, that the actions now being implemented to address these problems will enable us to improve profitability over time and take greater advantage of the communications markets where we operate.”
The board of directors has elected Betty C. Alewine to serve as president and CEO of Comsat.
