Hughes Profit Doubles After Ownership Change
Wednesday, November 15, 2006; Page D04
Hughes Communications Inc. of Germantown, which provides broadband communications by satellite, reported yesterday that profit doubled in the third quarter.
The company had a profit of $11.4 million (60 cents a share), up from $5.6 million (33 cents) in the comparable period a year earlier. Revenue was $209.8 million, compared with $196,000.
The results continued to reflect a change of ownership and transfer of assets. Hughes was once the parent of DirecTV, but its owner, Rupert Murdoch's News Corp., moved the satellite TV service to a separate company and sold its remaining interest in Hughes to private equity interests. A portion of the company's stock was offered for sale to the public and now trades under the ticker symbol "HUGH" on the Nasdaq Stock Market. The company's main business is providing satellite connections for small businesses and consumers in rural areas.
Hughes Communications shares closed at $43.71, down 54 cents.
· Katy Industries Inc. of Arlington, which makes cleaning supplies such as mops and buckets for offices, hotels and restaurants, lost $1.8 million (7 cents a share) in the third quarter, compared with a profit of $1.3 million (5 cents). Revenue fell 9 percent, to $133.2 million. The company attributed the loss mostly to restructuring, which included the move of its headquarters to Arlington from Middlebury, Conn., in April. Spokesman Amir Rosenthal said the company has about 1,300 employees across the country and in Britain and Canada, but only four in its executive offices in Arlington. Shares closed at $3.11, down 13 cents.
· Halifax Corp. of Alexandria, a provider of technology services to government and business, had a profit of $22,000 (1 cent a share) in the second quarter ended Sept. 30, compared with a loss of $172,000 (5 cents). Revenue fell 11 percent, to $12.4 million, a drop the company attributed mostly to the end of "an unprofitable nationwide contract." Shares closed unchanged at $2.40.
· Columbia Equity Trust Inc. of the District, a real estate investment trust that owns office buildings in the area, reported funds from operations of $3.9 million (26 cents a share) in the third quarter. The company lost $1.1 million (8 cents), compared with $1.7 million (12 cents). Revenue increased 150 percent, to $8.2 million. Shares closed unchanged at $18.79.
· CompuDyne Corp. of Annapolis, which sells security products to government agencies, had a profit of $327,000 (4 cents a share) in the third quarter, reversing a loss of $5.3 million (65 cents). Revenue increased 4 percent, to $34.7 million. Shares closed at $6.71, down 14 cents.
