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: Uslico Reports 3rd-Quarter Profit Down 69 Percent< Date: Tue, 27 Oct 92 04:30:23 EST Message-ID: <51.1992Oct27.043023@AmeriCast.com> Uslico Reports 3rd-Quarter Profit Down 69 Percent< Uslico Corp., an Arlington-based insurance company that has slimmed down to focus on its life insurance business, said its profit in the third quarter was $2.3 million (22 cents a share), down 69 percent from $7.5 million (63 cents) in the same quarter last year. Year-to-year comparisons are affected by a gain of $22 million Uslico recognized in 1991 from discontinued property-casualty in- surance operations. Revenue for the quarter was $94.7 million, down 9 percent from $103.6 million in the year-earlier quarter. For the first nine months of the year, Uslico's profit was $11.4 million, down 24 percent from $15 million in the same period last year. Revenue was $289.6 million, down 3 percent from $297.2 million. Government Technology Services Inc. of Chantilly, which sells computers to the government and federal contractors, said its profit in the third quarter fell 20 percent, to $3.76 million (60 cents a share) from $4.69 million (98 cents) in the same period last year, even though sales rose. Customer demand was up, GTSI said, but profit fell because of price competition. Revenue was $140.77 million, up 16 percent from $121.51 million in the year-earlier period. For the first nine months, GTSI earned $3.92 million (61 cents), down 34 percent from $5.94 million ($1.25) in the same period last year. Revenue was $274.6 million, up 5 percent from $260.7 million. Data Measurement Corp., a Gaithersburg firm that makes automated measurement and control systems for industry, reported a $219,000 profit for the third quarter, compared with a $173,000 loss in the same period last year. Data Measurement said strong profit margins in its service and spare parts businesses, along with favorable foreign exchange rates, helped its results. The company also said it has restructured its debt, allowing management to concentrate on the firm's main business. Revenue in the quarter was $5.11 million, up 7 percent from $4.78 million in the same year-earlier quarter. For the first nine months of the year, profit was $424,000, com- pared with a loss of $604,000 in the same period last year. Revenue was $14.97 milion, down 3 percent from $15.4 million a year earlier. Essex Corp., a Columbia, Md., technology firm, re- ported a profit of $124,000 (7 cents a share), up sharply from $11,000 (1 cent) in the same period last year. In large part because it lost a Department of Energy training contract late last year, the company's revenue was down signifi- cantly, to $3.56 million, 15 percent below the $4.2 million in sales during the year-earlier quarter. Chairman Harry Letaw said in a statement that the company is con- centrating on selling a new product that quickly processes results from high-tech medical tests. In the first nine months of the year, Essex lost $162,000, com- pared with a loss of $545,000 in the same period last year. Reve- nue fell 24 percent, to $9.68 million from $12.76 million. Wash- ington Federal Savings Bank reported a profit of $1.88 million (61 cents a share) in its first quarter ended Sept. 30, up 26 percent from $1.49 million (48 cents) in the same quarter last year. The District-based thrift said the increase was due to a $162,000 rise in net interest income after a provision for loan losses, an increase in other operating income of $598,000 and a reduction in income taxes of $236,000. Washington Federal said that as of Sept. 30 it still did not meet federal requirements for capital, the money that investors put into a financial institution to protect federal insurance funds. The thrift also said an expected capital infusion from one in- vestment group may not occur because a significant investor has decided not to participate. The remaining investors have asked for more time to either re- place that investor or look for another plan, the thrift said. Washington Savings said it is not sure whether regulators will give it the additional time. Washington Federal had assets of $753.4 million as of Sept. 30, down from $946.1 million as of Sept. 30, 1991. Oncor Inc., a Gaithersburg firm that sells cancer diagnostic kits, reported that it lost $1.37 million in the third quarter, compared with a loss of $1.35 million in the same period last year. The young company, which still spends almost as much on research and development as it takes in on product sales, said revenue in the quarter was $1.64 million, up 69 percent from $969,206 in the same period last year. Product sales more than doubled, to $1.54 million from $769,206. In the first nine months, Oncor lost $6.19 million, compared with a loss of $2.36 million in the same period last year. Revenue rose to $4.07 million from $3.79 million.<02:41 10-27 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)