Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.wpost From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: Cosmetic Center's Yearly Profit Up 31%< Date: Thu, 12 Nov 92 04:42:06 EST Message-ID: <41.1992Nov12.044207@AmeriCast.com> Cosmetic Center's Yearly Profit Up 31%< Cosmetic Center Inc. of Savage, Md., reported that its profit in the fiscal year ended Sept. 30 rose to $2.43 million (68 cents a share), up 31 percent from $1.86 million (60 cents on fewer shares outstanding) the year before. The company, which runs 40 health and beauty aid stores, includ- ing five new stores, said it cut its costs. It also said that its public stock offering during the year helped it replace expensive debt. Revenue for the year was up 15 percent, to $101.2 million from $87.6 million the year before. In the year's final quarter, profit was $566,000 (13 cents), up 63 percent from $347,000 (11 cents) in the same period the year before. Revenue was $23.1 million, up 9 percent from $21.3 million. Washington Real Estate Investment Trust, a Bethesda company that invests in office buildings, shopping centers and other commer- cial properties in the area, said its profit in the third quarter was $5.5 million (20 cents a share), up 12 percent from $4.9 mil- lion (19 cents) in the same quarter last year. Revenue in the quarter was $8.9 million, up 4 percent from $8.6 million. The company said office building investments, which have been so disastrous for area developers and financial institutions, were the main reason for its gains. Its buildings are 93 percent occu- pied, it said, and it acquired two offices this year at low prices. For the first nine months of the year, the company's profit was $15.2 million (57 cents), up 12 percent from $13.6 million (56 cents). Revenue was $25.5 million, up 2 percent from $24.9 mil- lion. JHM Mortgage Securities L.P. of McLean said its profit fell in the third quarter because of the rush by homeowners to refinance mortgages. Net income for the quarter was $906,000 (16 cents per unit), less than half the $1.9 million (37 cents) it earned in the same quarter last year. As a real estate investment trust, JHM passes on most of its taxable incomes directly to stockhold- ers in the form of dividends; that measure was also down, to $1.1 million (20 cents), from $1.9 million (38 cents). JHM invests in mortgages. When mortgage rates fell this year, many homeowners refinanced their mortgages to save money. That meant that investors such as JHM that held the old, high-rate loans didn't make as much from them. For the first nine months, profit was $2.8 million (50 cents), down 44 percent from $5 million ($1.01) in the same period last year. 02:32 11-12C9999----- Copyright 1992, The Washington Post. This story is from the Washington Post's Capitol Edition On-Line and is not to be ar- chived or redistributed. For more information, send-email to American Cybercasting Cor- poration (usa@AmeriCast.COM)