ValuJet Posts $18.5-Million Loss in 1st Quarter

ValuJet Airlines, which is approaching the first anniversary of its fatal crash in the Florida Everglades, on Wednesday said that it lost $18.5 million in the first quarter of 1997.

The loss compared with a profit of $10.7 million for the same period last year. The per-share loss for the recent quarter was 34 cents, compared with a profit of 18 cents a year earlier.

ValuJet’s stock slipped 25 cents to close at $6.375 Wednesday on Nasdaq.

The January-March period was the airline’s second complete quarter of flying since it was grounded by federal regulators for 15 weeks following the May 11 crash that killed 110 people.

ValuJet executives have said the discount airline probably won’t turn a profit until the third quarter.

Company Chairman Lewis Jordan said the airline is offering a dozen of its dormant aircraft for sale or lease to reduce costs that contributed to the first-quarter loss.

With its growth slowed by intense scrutiny from federal regulators, ValuJet has been operating at half-strength. It is currently allowed to use just 25 of its 42 planes. It was flying 51 planes before the crash.

Excluding nonrecurring expenses for maintenance and depreciation of planes it isn’t flying, ValuJet said its first-quarter loss would have been $12.7 million, or 23 cents per share.

At a Glance:

Columbia/HCA Healthcare Corp.’s first-quarter earnings rose 15%, matching estimates, as the number of patient admissions and surgery cases at its hospitals increased. The nation’s largest hospital chain said net income rose to $479 million, or 70 cents a share, from $416 million, or 61 cents, in the year-earlier period. . . . Woodland Hills-based WellPoint Health Networks said first-quarter earnings rose 24% to $55.8 million, or 76 cents a share, from $44.9 million, or 68 cents, in the year-earlier period.

Seagram Co. said its fiscal third-quarter profit more than doubled on results from its beverage unit and its theme park and music businesses. Net income rose to $27 million, or 7 cents a share, from $13 million, or 4 cents, in the year-ago period.

CompUSA Inc. said its fiscal third-quarter earnings rose a better-than-expected 43% to $32.7 million, or 35 cents a share, from $22.9 million, or 25 cents, in the year-earlier period.

Host Marriott Corp. reported first-quarter profit of $6 million, or 3 cents a share before a gain, compared with a loss of $12 million, or 7 cents, a year ago.

Doubletree Corp.’s reported first-quarter profit of $10 million, or 25 cents a share, compared with $4.7 million, or 12 cents, a year ago.

Dow Corning Corp. said its first-quarter earnings climbed 3% to $53.4 million, up from $51.9 million in the same period last year.

Wang Laboratories Inc. reported sharply higher fiscal third-quarter profit of $79.4 million, or $1.81 per share, compared with $5 million, or 20 cents, a year ago.

Aames Financial Corp. reported fiscal third-quarter net income of $17.6 million, or 51 cents a share, compared with $8.6 million, or 33 cents, a year ago.