Survival Technology's commercial product sales increased by 70 percent during the nine months ended April 30, and accounted for 35 percent of the firm's total sales. A story in yesterday's editions stated incorrectly that commercial products accounted for 70 percent of sales.
Survival Technology Inc. of Bethesda has reported a sharp increase in profits and higher sales for the quarter ended April 30.
Earnings totaled $615,317 (25 cents a share) in the recent period compared with $4,951 a year earlier, as sales rose to $3.6 million from $2.1 million.
The third-quarter results brought profits for the first nine months of SurTech's fiscal year to $609,833 (26 cents) compared with a loss of $190,972, partially reflecting a one-time gain of $316,910 (13 cents) in the recent period from carrying forward previous operating losses. Sales rose to $7.4 million from $4.7 million.
Company officers attributed the recent gains to increased sales of automatic injectors for defense from chemical warfare sold to the U.S. and overseas governments. Commercial product lines sales also rose and accounted for 70 percent of SurTech sales in the nine months.
McCormick & Co., a Maryland specialty foods and spice firm, reported a decline in profits for the six months ended May 31. Earnings were $4.9 million (43 cents a share) compared with $6 million (55 1/2 cents) despite a 13 percent rise in sales to $181 million.
Chairman Harry Wells said results in recent months were affected adversely by softening sales in its grocery products division, inventory shortages at one subsidiary, and production problems at a Mexican affiliate that since have been solved.