Washington Gas Light Co. reported operating profits of $13.7 milliom $2.47 a share for the 12 months ending May 31 compared with $9.2 million $1.51) a year earlier. Revenues rose to $297 million from $242 million:
An extraordinary credit of $1.4 million in the latest 12 months brought net income to $15.1 million ($2.79 a share); in the prior period, there was an accounting change which resulted in final net income of $10.6 million ($1.83).
The gain of 96 cents a share in total profits was attributed primarily to cold weather during last winter's heating season and the higher rates which become effective near the end of last year. WGL said yesterday that despite the gain it continues to earn less than permitted by area regulatory agencies.
The utility company and its subsidiaries had 544,358 meter in service at the end of May, down 2,200 from a year earlier.
Survival Technology, Inc., a Bethesda-based firm specializing in emergen medical equipment, reported an increase in earnings and sales for the third quarter ending April 30.
Earnings were $4.951 on revenue of $2.1 million, compared to a loss of $239,83 or 10 cents per share on revenue of $853,000 for the same period last year.
The firm said sales of Cardio-Beepers, a pocket-sized heart monitor, increased by 75 per cent in the third quarter over the second. The majority of units sold are used for cardiac pacemaker follow-up.
Primarily located in hospitals, the centers monitor pacemakers and heart patients, and are now introducing the Survival Heart System which includes a LidoPen automatic injector for emergency treatment on a heart attack victim.
Contracts for ComboPens, automatic injectors used by the military, continued to provide the majority of Survival's revenue. Revenue has increased by $1 million to $4.7 million for the nine-month period for a loss of $190,000 (8 cents share), compared to a loss of $239,000 (10 cents per share) on revenue of $853,000 for the same period last year.
Virginia Electric & Power Co. reported an increase in earnings for the year ending May 31. Net income was $178 million ($1.88 per share) on revenues of $1.2 million, compared to earnings of $155 million ($1.78 per share) on revenues of $1 billion the previous year.