United Service Life Insurance Co. and Bankers Security Life Insurance Society, two firms affiliated with International Bank of Washington, yesterday reported record profits for 1976.
United Services, most of whose policyholders are in the military, reported a net gain of $6.03 million ($2.02 a share) compared with $5.36 million ($1.79) he previous year.New life sales exceeded $213 million, up 16 per cent from 1975. Life insurance in force on Dec. 31 totaled $2.67 billion.
Not counting capital gains, United earned $5.8 million compared with $5.2 million in 1975. President Leslie P. Schultz said investment income rose 14.5 per cent.
Bankers Security posted profits of $2.8 million ($2.02), a gain of 19 per cent over $2.3 million ($1.70) in 1975. The earnings included capital gains of 8 cents a share last year compared with one cent in 1975.
Annual premium volume rose 12 per cent to $4.7 million and life insurance in force on Dec. 31 was $2.57 billion.
Biospherics Inc., a Rockville firm engaged in environmental and health products, reported a doubling of profits during 1976. Net income was $199,499 (28 cents a share) compared with $93,277 (13 cents) in 1975. Earnings for the two years include tax benefits of $96,649 and $47,190, respectively.
Sales of Biospherics commercial products rose to $615,074 from $487,779 in 1975 and product orders as of Dec. 31 were up 123 per cent to $380,000.
Contract services revenues rose to $1.3 million from $957,496 and the backlog of orders on Dec. 31 was $1.3 million vs. $544,000 a year earlier.
Virginia Electric & Power Co. reported monthly earnings for January of $15.9 million compared with $14 million in the 1976 period, or 16 cents a share in both months (with more shares currently oustanding). Revenues were $129 million vs. $98 million.
The Richmond-based utility's board also authorized the sale of $150 million in 30-year first mortgage bonds, to be sold in a public offering March 17. Durinl 1977, Vepco plans to spend $598 million on capital expansion programs, of which $375 million is expected to be financed through the sale of ecurities.
Potomac Electric Power Co., of Washington, reported January earnings of $6.09 million (13 cents) vs. $5.5 million (12 cents) a year earlier. Revenues rose to $48 million from $43 million.
Allegheny Airlines reported a January loss of $5.57 million compared with a year-earlier loss of $4.59 million. The Washington-based carrier said severe winter weather hampered operations - particularly during the Jan. 7-Jan. 10 and Jan. 28-Feb. 1 periods, when blizzards closed some airports. Revenues rose to $32.8 million from $30.3 million.
M. S. Ginn Co., an office products and art materials firm, yesterday reported a 43 per cent gain in profits for the six months ended Dec. 31.
Net income was $511,399 (88 cents a share) on record sales of $16.8 million compared with profits of $357,240 (61 cents) and sales of $13.3 million for the same period in 1975.
Chairman M. S. Marshall attributed the Washington firm's gains to increased efficiency, particularly in the Baltimore and Richmond areas, and a "greater market penetration throughout all geographic areas."
A new mail order division is planning an initial catalog mailing in April, providing Ginn's its first national distribution potential.
E. C. Ernst Inc., an electrical construction and contracting firm based here, reported profits in the nine months ended Dec. 31 of $2.25 million ($1.55 a share) compared with $1.66 million ($1.21) for the year-earlier period. The record profits were earned on a contract volume of $96 million, up 22 per cent from the same months in 1975.
Chairman Edward P. Johnson Sr. said Ernst's backlog of contracts on Dec. 31 was $97.4 million compared Smith's Transfer Corp., a large trucking firm used in Staunton, reported record profits of $8.3 million ($3.32 a share) in 1976 compared with $4.8 million ($2.01) the previous year. Of the 1976 earnings, 39 cents a share came from the sale of equipment. Revenues rose to $166 million from $135 million.
Overnite Transportation Co., a Richmond-based trucking firm, also reported record sales and profits for 1976. Net income was $9.3 million ($2.97) on revenues of $121 million vs. profits of $6.2 million ($2.03) and revenues of $95 million in 1975.
First National Bank of Southern Maryland, in Upper Marlboro, reported 1976 profits of $766,454 ($5.21) compared with $563,860 ($7.08) the previous year. The bank, which has eight offices in Prince George's, Calvert and Anne Arundel counties, reported year-end assets of more than $67 million.
Valley of Virginia Bank shares, Inc., of Harrisonburg, reported record 1976 profits of $1.65 million ($1.58 a share) compared with $1.43 million ($1.36) in 1975. Deposits of the holding company's bank rose 14 per cent in 1976 to $184 million on Dec. 31. VVB owns five banks with 22 offices from Winchester to the Roanoke Valley. Directors approved a 7 per cent increase in VVB's dividend to 16 cents a share for the first quarter of 1977.
Valley National Bank, a separate commercial banking firm in Harrisonburgh, reported record 1976 profits of $401.512 ($5.41 a share) vs. $345,573 ($4.65) in 1975. Deposits rose by 14 per cent last year to $40.5 million.