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: Ryland Profits Up; USF&G Reverses Loss; Harman's Deficit Grows Slightly= Date: Thu, 29 Oct 92 04:29:59 EST Message-ID: <12.1992Oct29.042959@AmeriCast.com> Ryland Profits Up; USF&G Reverses Loss; Harman's Deficit Grows Slightly= Ryland Group Inc., a Columbia, Md., home builder and mortgage lender, reported that its third-quarter profit rose 41 percent, to $9.7 million (58 cents a share) from $6.9 million (49 cents) in the same period last year. Most of the improvement was due to sharp gains in its mortgage lending business. Low interest rates have spurred many homeowners to refinance their mortgages. Earnings in the home building division also were up, the company said, but modestly. The number of homes sold increased 18 percent from last year's depressed levels, because of gains in the Southwest and mid-Atlantic areas, and pretax profit in the division was up 6 percent. Revenue in the quarter was $389.82 million, up 14 percent from $341.21 million a year earlier. For the first nine months, profit was $20.6 million ($1.26), al- most triple the $7.8 million (45 cents) Ryland earned in the same period last year. Revenue was $1.05 billion, up 21 percent from $867.3 million. USF&G Corp. of Baltimore, with the costs of its restructuring and of Hurricane Andrew offsetting other gains, reported that its third-quarter profit was $5 million, compared with a loss of $25 million in the same period last year. The insurer's losses last year were steep - $176 million for the year - and it did some major restructuring, including spinning off non-insurance businesses, in an attempt to turn things around. This quarter's results included both a $51 million one-time charge for the restructuring and an $80 million loss attributable to the Florida hurricane. The company said it was still able to turn a profit because in- vestment returns more than made up for claims from the storm and the restructuring charge, and because its core property-casualty insurance business is improving. Revenue for the quarter was $1.01 billion, up 2 percent from $991 million in the same quarter last year. For the first nine months of the year, USF&G earned $15 million, compared with a loss of $136 million in the same period last year. Revenue was $2.86 billion, down 9 percent from $3.14 bil- lion. Harman International Inc., a District-based company that manufac- tures stereo and video equipment, reported that it lost $1.36 million in its first quarter ended Sept. 30, slightly more than its loss of $1.35 million in the same quarter the year before. "The first quarter is traditionally the slowest quarter of the year as a consequence of the automotive cycle and the summer holidays," Chairman Sidney Harman said in a prepared statement. The company sells many of its sound systems to automakers, and a slump in car sales has hurt its results. "Overall, our results in the first quarter were in line with our expectations. ... In light of the economic circumstances around the world, we are mod- estly encouraged by these results," Harman's statement said. Revenue in the quarter was $144.75 million, up 7 percent from $135.82 million in the same quarter last year. Legent Corp. reported that the costs of a recent merger masked an increase in its operating profit in the year ended Sept. 30. The Vienna software company's profit for the year was $27.78 million (81 cents a share), compared with $36.07 million ($1.07) the year before. During the year, the company merged with Goal Systems Interna- tional Inc. Before merger charges, Legent's operating profit was $58.86 million, or $1.71 per share. The company said that all segments of its business, particularly in the final quarter, performed "extremely well." In its final quarter, when Legent took a $34.55 million charge for merger expenses, the company reported a loss of $7.64 mil- lion, compared with a profit of $10.02 million in the same period last year. Revenue in the quarter was $124.4 million, up 20 percent from $103.76 million. Washington Gas Light Co. reported that its profit in the year ended Sept. 30 rose 13 percent, to $52.21 million from $46.4 mil- lion the year before. After paying dividends to holders of preferred stock, that translates to $2.53 per share of common stock, compared with $2.28 the year before. The District-based utility said the improved results reflected "a return to near-normal weather, continued improvement in pro- ductivity and a 2.4 percent increase in the number of customer meters." Operating revenue for the year, before paying for natural gas, was $746.22 million, up 7 percent from $697.88 million the year before. In the year's final quarter, Washington Gas lost $13.93 million, compared with a loss of $11.8 million in the same period a year earlier. Operating revenue rose 9 percent, to $95.6 million from $87.61 million. UNC Inc., an Annapolis company that makes and repairs aircraft parts, said its third-quarter profit rose 68 percent, to $3.2 million (18 cents a share) from $1.9 million (11 cents) in the same quarter last year. The company said interest expenses fell and sales rose - reve- nue was up 4 percent, to $95.3 million from $91.6 million a year earlier. For the first nine months, profit was $8.36 million (48 cents), up 72 percent from $4.87 million (28 cents) in the same period last year. Revenue was $269.03 million, up 2 percent from $264.36 million. Biospherics Inc. of Beltsville reported that its profit more than doubled in the third quarter, rising to $326,454 (8.4 cents a share) from $156,012 (4 cents) in the same quarter last year. The technology company has divisions that provide health informa- tion as well as research and technical services. Biospherics said revenue and profit at its information division rose because it has increased its private-sector hot-line business. The company also said that it believes prospects for a non- fattening sugar it has developed are strong enough to begin an early level of Food and Drug Administration safety testing. The company said it has begun manufacturing the sugar in enough volume to have it tested. Revenue in the quarter rose 34 percent, to $4.84 million from $3.62 million in last year's quarter. For the first nine months of the year, Biospherics earned $660,112, compared with a loss of $20,952 in the same period last year. Revenue was $12.86 million, up 14 percent from $11.29 mil- lion. 02:08 10-29C9999----- 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)