Two affiliates of International Bank, the diversified Washington holding company, reported sharply higher profits for the first quarter. International General Industries showed a 60 percent earnings gain and Bankers Security Life Insurance said its earnings were up 41.8 percent.
International General reported earnings of $2.2 million ($1.26 per share) up fromm $1.4 million (79 cents per share), making the quarter ending March 31 the best in the company's history.
Revenues for the quarter were up 9 percent, from $21.9 million to $23.9 million.
President B. Frank Taylor said substantial parts of the record earnings were generated by two wholly-owned subsidiaries, Kliklok Corp., a packaging machinery firm, and Avis Industrial Corp., a diversified metal parts maker.In addition, International General earned the equivalent of $869,000 from its 10 percent interest in Foster Wheeler Corp.
Bankers Security earned $801,000 (58 cents per share) for the quarter, up from $565,000 (41 cents per share) the previous year.
Total income for the quarter was $19 million, including $11 million in transfer to variable annuity products. A year earlier the quarterly income was $7.3 million. The company said insurance in force grew from $2.59 billion to $2.98 billion.
The Arundel Corp. of Baltimore said a large tax write-off and the sales of a major property boosted its quarterly earnings to $4.4 million ($2.69 per share) from only $54,000 (3 cents per share) last year.
Arundel said the 1978 net included more than $2 million ($1.26 per share) from the tax loss carryforward. Earnings before theis extraordinary item were $2.3 million ($1.43 per share).
Revenues for the quarter grew from $8 million to $13.6 million, including $6 million from sale of the company's Brooklyn-Masonville property to the Maryland Port Authority. The usual seasonal slowdown was reported by the company's operations.
Arundel said it has sold all but 20 of the 500 unsold houses from its former real estate arm that in 1974 caused it to create a special discontinued operations item in its financial report. Remaining losses from discontinued operations will be charged against current revenues.
Scope Inc., a Washington electronics firm, reported net income for the first quarter increased 29 percent, from $584,000 (49 cents per share) to $755,000 (62 cents per share).
William S. Schaub said revenues grew 27 percent, from $9.4 million to $12 million, due to increased orders mostly for electronic scales and hand held and mobile radios.
McLean Bank said its earnings for the quarter, more than doubled from $27,000 (15 cents per share) to $61,000 (43 cents per share), while deposits increased by $3 million - about 19 percent - to $19 million.