Radiation Systems Inc. has announced higher earnings and entry into the satellite earth station antenna business.

The McLean-based antenna manufacturer reported profits of $156,000 (22 cents a share) in its first fiscal quarter ended Sept. 30 compared with $140,000 (18 cents) a year earlier with sales in both periods of about $1 million.

President Richard Thomas also said RSI has formed a subsidiary, Universal Antennas Inc., for worldwide marketing of the design, manufacture and installation of satellite earth station antenna subsystems.

A broad range of antenna systems will support most earth stations requirements, he said. The subsidiary will be based in Dallas and headed by President Charles Beuley.

Thomas said first-quarter sales and profits were "on target," and he forecast progressively higher sales and profits in subsequent quarters. He said directors will report to the full board early in 1979 on the feasibility of initiating "a modest dividend program."

Outlet Co., a Providence firm that owns the Philipsborn women's specialty shops and WTOP Radio here, reported record third-quarter profits of $2.3 million (83 cents a share) compared with $2 million (80 cents) last year. Sales rose to $70 million from $64 million.

For the first nine months, Outlet earned $4.1 million ($1.38) vs. $3.2 million ($1.30). Sales rose 42 percent to $200 million.

Vega Precision Laboratories Inc., of Vienna, reported its third-quarter earnings increased 28 percent to $415,000 ($1.09 a share) from $323,000 (85 cents.)

The company's sales for the period were up 47 percent - to $9.4 million from $6.4 million - and its backlog of business has risen to $10.5 million, said President D. Matt Kruchko.

Baltimore Gas & Electric reported common stock earnings of $93.7 million (3.04 a share) for the first 10 months of the year, up sharply from $74.1 million ($2.52) in the same period a year earlier.

Total electric sales were up 4.8 percent for the 10 months, and natural gas sales increased 6.7 percent.

Operating revenues for the big Maryland utility were $810 million through Oct. 31 compared with $653 million a year ago. Net income was $108 million versus $89 million.