A typographical error in yesterday's editions resulted in an incorrect comparison of the 1977 to 1976 sales figures for Fairchild Industries of Germantown. The first half 1977 sales totalled $164.44 million against $117.96 million for the same period a year ago.
Spurred by an increase in aircraft orders, Fairchild/Industries reported significant gains in sales and earnings for the second quarter and first six months of 1977.
Second-quarter earnings were $1.719 million (37 cents a share), up approximately 38 per cent over earnings of $1.242 million (27 cents) for the same period last year. Sales rose to $95.542 million in the second quarter, up 48 per cent over sales of $64.203 in the second quarter of 1976.
Earnings for the first six months increased to $2.914 million (63 cents) from $2.011 million (44 cents) during the first six months of 1976, while sales in the first half were $184.438 million compared with $177.855 million in the first half of the previous year.
Trans Technology Corp. reported net income for the first quarter ended June 30 of $234.722 (13 cents a share) on sales of $7.444 million compared with net income of $167.717 (10 cents) on sales of $4.362 million in the first quarter of 1976.
Trans Technology makes products for the aerospace, defense and textile industry. The company is controlled by Research Industries, Inc., of Alexandria.
Richmond, Fredericksburg and Potomac Railroad Co. reported second-quarter cosolidated net income of $2.4 million ($6.66 a share) compared with $1.9 million ($5.33) earned by the railroad and its whooly owned subsidiary, Richmond Land Corp. in the same period last year.
Railway operating revenues for the quarter were $9.3 million, up 18 per cent from the $7.9 million recorded in 1976. President Stuart Shumate stated that, after a slow first quarter when business volume was 1 per cent behind last year, the second quarter showed some improvement and revenue tonnage exceeded the 1976 period by better than 3 per cent.
For the first half of 1977, earnings were $4.2 million ($11.69) on operating revenues of $17.7 million compared with earnings of $4.9 million ($13.79) on revenues of $15.5 million last year.