Washington Real Estate Investment Trust's quarterly dividend is 44 cents a share. Because of a typographical error, a wrong figure was printed in Wednesday's Business & Finance pages.
Communications Satellite Corp. yesterday reported lower profits during 1976 - the consequence of a Federal Communications Commission decision requiring that some revenues be placed in a escrow account pending appeal of a rate-decrease order.
The Washington-based firm said earnings declined to $38.3 million ($3.8 a share) compared with $46.2 million ($4.62) in 1975. Operating revenues rose $11 million to $154 million.
For the final six and one-half months of 1976, Comsat placed in escrow amounts equal to refunds that would be paid to customers if the FCC decision of late 1975 is upheld. The 1975 decision ordered reductions in international tariffs; amounts subject to refund from last June 16 through Dec. 31 totaled $30.2 million ($1.52 a share), Comsat said yesterday.
As of Dec. 31, Comsat was leasing to its customers 4,461 full-time half-circuits, about 16 per cent more than a year earlier.
In the final quarter of 1976, Comsat earned $8.8 million (88 cents), after setting aside the escrow funds, comspared with $10.1 million ($1.01) in the 1975 period.
Rouse Co., a Columbia real estate development and shopping center firm, reported profits before non-cash charges of $4.58 million in the seven months ended Dec. 31 compared with $3.76 million in the 1975 period, a gain of 22 per cent. The seven-month report reflects a shortened fiscal year due to a change from the previous May 31 ending to a Dec. 31 closing hereafter.
After taking into account non-cash charges and Canadian foreign exchange rates in connection with debts there. Rouse posted profits in the recent period of $1.4 million compared with a loss of $1.3 million in the same seven months of 1975.
Rouse said all operating divisions performed well in the recent seven months with shopping center profits before non-cash charges of $6.06 million, the Village of Cross Keys in Columbia reporting profits in contrast with a loss in 1975 and earnings of the mortgage banking division, James W. Rouse & Co., up to $386,000 from $107,000.
Government Employees Life Insurance Co. reported 1976 profits of $7.29 million ($1.63 a share) compared with $6.66 million ($1.49) the previous year. Individual life insurance policies in force rose to $1.32 billion from $1.26 billion and group policies rose to $800 million from $634 million.
Sales during 1976 of individual life policies fell, however, to $214.7 million from $273.5 million the previous year - reflecting an adverse impact on Gelico from the financial difficulties of the affiliated Government Employees Insurance Co.
A sharp reduction in the number of Geico's auto insurance policyholders has affected Gelico because all of the Government Employees Group firms previously based sales promotion on common direct mailings. The life insurance firm has been working on separate sales campaigns in recent months.
Avemco Corp., a Bethesda firm whose principal subsidiary is the nation's largest insurer of private aircraft, reported record 1976 earnings of $2.7 million (70 cents a share) compared with $1.37 million (46 cents) in 1975.
Not counting losses on selling securities, amounting to 6 cents a share, Avemco's 1976 profits were 76 cents a share. Avemco Insurance Co., the major subsidiary, reported a premium volume of $15.2 million, also a record high and up 17 per cent from 1975.
In the fourth quarter alone, Avemco earned $577,620 (20 cents) vs. $488,256 (17 cents), after a 4-cent securities loss in the recent quarter.
B.F. Saul Real Estate Investment Trust, the largest REIT in metropolitan Washington, reported a loss of $2.52 million in the frst fiscal quarter ended Dec. 31 compared with a year-earlier loss of $2.56 million. Before noncash charges, Saul's loss was trimmed to $1.37 million from $1.7 million in the 1975 period, reflecting an increased cash flow. Total income was $9.26 million vs. $8.43 million.
Washington Real Estate Investment Trust reported record 1976 earnings of $2.4 million ($1.64) compared with $2.07 million ($1.41) the previous year. Funds from operations rose 11.6 per cent to $3.45 million. WRIT declared a divident of 4 cents a share, payable March 31 to stockholders of record March 7.
Capital Mortgage Investment, a Chevy Chase-based real estate trust, reported a 1976 net loss of $640,806 compared with a loss of $20.4 million in 1975. The loss last year includes an addition of $1.2 million to reserves for possible loan losses and reflects an extraordinary gain of $2.8 million on retirement of debentures.
Federal Realty Investment Trust, also based in Chevy Chase, reported 1976 profits of $1.2 million ($1.16 a share) compared with $1.02 million ($1.33) the previous year, with more shares outstanding in the recent year. Total revenues rose from $5.59 million to a record $5.7 million. Cash flow increased 33 per cent to $1.3 million.