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Subject: Fairchild Industries Profit More Than Doubles; WorldCorp, United Financial
Date: Tue, 10 Nov 92 04:53:22 EST
Message-ID: <16.1992Nov10.045323@AmeriCast.com>

Fairchild Industries Profit More Than Doubles; WorldCorp, United
Financial Banking Both Report Quarterly Losses=

 Fairchild Industries Inc. of Chantilly reported a profit of
$1.86 million in the quarter ended Sept. 27, more than double the
$854,000 it earned in the same period last year. The company, a
subsidiary of Chantilly-based Fairchild Corp., did not report in-
come on a per-share basis.

 The company said that sales in its aerospace fastener division,
its largest business, were down, reflecting weakness in the avia-
tion industry generally.

 But sales picked up at its other two divisions, industrial pro-
ducts and communications services. The company, which has been
trying to control costs, also reported improved profit margins in
the divisions.

 Revenue during the quarter, the first of the company's fiscal
year, was $118.1 million, down 2 percent from $121 million a year
earlier.  WorldCorp, a Herndon-based charter airline company, re-
ported that it lost $38.23 million in the third quarter, compared
with a loss of $1.06 million in the same period last year, mostly
because of costs related to the sale of its Key Airlines subsidi-
ary.

 Key was a money loser, the company said, and $34.1 million of
WorldCorp's loss came from the cost of running it and selling it.
"We had expected to generate a modest operating profit for the
quarter from our continuing business line of air transportation,"
said President T. Coleman Andrews III. "However, soft demand in
worldwide cargo markets resulted in unprofitable air operations
for the last few weeks of the quarter."

 The company's remaining subsidiaries are World Airways, World
Flight Crew Services and U.S. Order, which runs a high-technology
telephone marketing system.  Revenue in the quarter was $54.84
million, down 13 percent from $62.86 million in the same quarter
last year.

 In the first nine months of the year, WorldCorp lost $38.19 mil-
lion, compared with a profit of $11.6 million in the same period
last year. Revenue was $162.83 million, down 28 percent from
$226.25 million.

United Financial Banking Companies Inc. of Vienna reported that
it lost $923,104 in the third quarter, compared with a loss of
$43,122 in the same quarter last year.

 Explaining the loss, the company said it increased its reserves
to cover possible losses from six real estate-related assets, and
that the margin between interest it pays to depositors and what
it charges borrowers has narrowed.

 In the first nine months of the year, the bank company lost
$1.72 million, compared with a loss of $81,437 in the same period
last year. As of Sept. 30, the company said, it had assets of
$70.3 million.

02:12 11-10C9999-----

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.

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