Equitable General Corp. yesterday reported its first half profits were off slightly, because it had to spend more than $500,000 dealing with a series of merger offers.
The McLean insurance holding company reported net income of $5,193,000, down from $5,204,000 in the first half of 1977. On a per share basis, earnings increased from $1.62 to $1.80 per share, because the company bought back a large block of its stock to prevent an unfriendly takeover.
That purchase, three subsequent merger offers and related legal actions added up to more than half a million dollars in legal and other extraordinary expenses, Equitable General President Charles Phillips said.
Equitable General in June agreed to merge with Gulf United Corp. of Houston, but will remain in McLean with its present management.
Equitable General Life Insurance reported sales of individual life insurance reached an all-time high of $121 million during the six months ended June 30, up 3 percent over the same period a year ago. Total income for the parent company was up 5 percent, to $25.5 million.
American Finance System Inc. of Silver Spring reported it's net income for the first half fell from $4.1 million (59 cents per share) to $2.4 million (41 cents).
American Finance blamed higher interest rates and the expense of the prposed Aristar tender offer and the merger with Security Pacific Corp. for the drop in profits, and noted the previous year's earnings included a $1.16 million extraordinary item.
American Finance revenues for the period increased 3 percent to $43.3 million from $42 million. The company has 369 finance company offices in 22 states.
LogEtronics Inc. of Springfield, reported a 44 percent increase in revenues and a four-fold jump in profits for the third quarter, and sharp improvements in results for the first half of the year.
For the three months ended June 30, LogEtronics earned $375,000 (38 cents per share) including a $115,000 (11 cents per share) extraodinary credit from sale of securities, compared with a net of $97,000 (10 cents per share) the same period a year ago.Revenues increased from $3.8 million to $5.7 million.
For the first half, LogEtronics earned $790,000 (79 cents per share) up from $265,000 (27 cents), while revenues increase to $10.8 million from $7.5 million.
International General Industries, the manufacturing arm of International Bank, reported record quarterly and first half earnings.
Income for the six months ended June 30 was $4.6 million ($2.60 per share) compared with $680,000 (38 cents per share) the previous year, when the company took a $2.8 million write-down for a discontinuing operation. Profits from continuing operations were up 32 percent, from $3.5 million to $4.6 million.
Six-month revenues increased 13 percent to $47.9 million, from $42.5 million. Not included are revenues of Foster Wheeler Corp., of which International General owns about 10 percent.
Second quarter earnings of $2.4 million ($1.34 per share) contrasted with a loss of $714,000 (40 cents a share) the prior year and earnings of $1.7 million (94 cents) from continuing operations the prior year.