Quality Inns International yesterday reported its operating profits nearly quadrupled in the first nine months of its fiscal year, jumping from 27 cents a share to $1.01.
The Silver Spring lodging chain earned $2.69 million in the three quarters ended May 31, compared with earnings of $710,000 in the same period a year ago.
In the latest quarter Quality Inns earned $1.96 million (73 cents per share) compared with $2.51 million (95 cents) a year ago. But $2.4 million of the company's 1977 earnings came from sales of real estate and the pretax operating results climbed from $1.42 million to $2.41 million.
Quality Inns President Joseph W. McCarthy said the dramatic improvement in earnings so far this year is due to improved operations and elimination of foreign currency translation losses that cost the company almost $900,000 a year ago.
"Indications are that this operating trend will continue into the final quarter of this fiscal year," McCarthy said noting that the company is "alert to the implications of threatened gasoline shortages."
Quality Inns' revenues for the latest quarter jumped from $15.6 million to $17.4 million, pusing nine-month revenues from $41.5 million to $45 million.
United Consolidated Industries of Hanover, Md., reported its first quarter sales increased to $5.5 million from $4.8 million and earnings grew to $62,513 (18 cents a share) from $52,447 (17 cents). UCI operates a chain of auto-part distributers stretching from Connecticut to the Carolinas.
Computer Network Corp. of Washington reported a 15 percent increase in net income for the fiscal year ended March 31, but said its earnings per share declined to 90 cents from $1.04 because of new sales of common stock.
Computer Network earned $1.5 million for the year, compared with $1.3 million in 1978 and showed a 21 percent gain in revenues to $21 million from $16.6 million.