Earnings reports of Washington Gas Light Co. and Value Engineering Co., published inadvertently in yesterday's editions of The Post, were for earlier periods this year are outdated.
Government Employees Financial Corp. reported a 14.5 per cent decline in third-quarter earnings, which officers of the consumer finance firm attributed to higher interest expenses and increased reserves for possible loan losses.
Net income for the quarter declined to $777,764 (43 cents a share) compared with $909.614 (52 cents) in the same period last year. For the first nine months of 1977, profits dipped to $2.6 million ($1.47) from $2.8 million ($1.59) a year earlier.
Loan business remained strong throughout the nine months, with a record credit volume of $161 million up 8 per cent from last year. Finance receivables (the primary future earnings base) rose 13 per cent to $217 million from $193 million a year earlier.
Credit losses rose in the third quarter because of increased personal bankruptcies filed by Gefco borrowers, the company said. The overall allowance for loan losses on Sept. 30 was $5.4 million, up 24 per cent in the past year.
Bowl America, Inc., of Springfield, reported a profit of $2,405 in the first fiscal quarter ended Oct. 2 compared with a loss in the same period last year of $23,499. Revenues rose in the traditionally unprofitable summer quarter for the bowling center industry to $2.56 million from $2.09 million.
The company, which operates 25 centers, said the recent quarter included one more week of winter league bowling this year, without which an operating loss would have been greater than last year.
Washington Gas Light Co. earnings more than doubled in the past 12 months, but it still will seek rate increase in Maryland and Virginia before the year ends.
The utility reported net income of $19.2 million compared with $9.6 million a year ago, as operating revenues climbed from $243 million to $306 million.
Allowing $3 million for preferred stock dividends, the company applied $16.1 million to common stocks this year, compared to $6.6 million in 1976, resulting in earnings per share this year of $3.42, against $1.22.
Earnings, however, were below the levels approved by state regulatory agencies, noted Paul E. Reichard, chairman and president.
The utility filed last month for a rate increase in the District of Columbia, and soon will ask for increases in the suburbs, Reichardt said.
The severe winter pushed up the company's sales, but earnings were not on target, primarily because of inflation, he said.
Value Engineering Co. of Alexandria said the lack of Bicentennial [TEXT OMITTED FROM SOURCE] for one subsidiary and the leasing of a new office building for another cut its earnings nearly in half for the first six months of the year.
As gross sales for the six months ended June 30 declined from $10.9 million to $9.7 million, profits fell from $356.772 (73 cents a share) to $186.142 (39 cents).