Scientific Time Sharing Corp., a Bethesda-based computing services company, reported increased revenues for the year, but decreased earnings.
The company, which has 15 offices in this country and four in Europe, reported a 17 percent decrease in earnings, from $1.18 million (81 cents a share) last year to $980,000 (61 cents a share) this year ending May 31. The company blamed the decrease on "a substantial increase in the company's tax rate associated with the nondeductibility of its European losses."
The company's revenues, however, were up 23 percent from $13.6 million last year to $16.6 million for this fiscal year.
The company's first full-year of operations in Europe resulted in $321,000 in revenues and $927,000 in losses compared to $128,000 in revenues and $153,000 in losses the previous year, according to company President Daniel Dyer. Dyer said that the expansion in Europe had been more expensive than expected but he said, "Our European offices are now solidly established."
Universal Security Instruments of Owings Mills, also reported a loss for the first quarter this year, but not as great as last year. The company said for the quarter ending June 30 its net loss was $65,363 (4 cents a share) down from a loss of $169,111 (11 cents a share) for the same quarter last year. Sales were down from $1.7 million for the quarter last year to $1.5 million this first quarter.
Doughtie's Foods, Inc., the Portsmouth-based food processing and distribution firm, also reported a decrease in earnings for the second quarter of this year ending June 30. Earnings for the quarter were $142,000 (21 cnets a share) as compared to $196,000 (29 cents a share) for the second quarter last year. Sales for the quarter, however, were up from $8.1 million last year to $9.6 million for the second quarter this year.