The Stanwick Corp., an Arlington management and engineering firm, yesterday reported that primarily as a result of the Iranian government owing the company $2.4 million, it lost $578,000 in the first six months of its fiscal year.
Further the company said it has deposits in Iranian banks totaling $900,000, which it cannot recover in light of the current banking freeze.
Gordon Hamlet, Stanwick's vice president, said the company's last employe had left Iran this week, after talking to government personnel within the past few days.
Although the company contracts with the Iranian government ended on March 20, 1979, the $2.4 million is outstanding and Stanwick, which at one time employed 300 to 400 persons there are performed about $16 million to $18 million of business there a year, a little indication about when it will get paid.
The shah of Iran's government, Hamlet said, had requested the continuing involvement of Stanwick inits naval repair facilities. "The revolution shattered everything," Hamlet said.
The company reported a loss for the quarter ending Oct. 31 of $272,041 (26 cents a share, compared with profits of $773,145 (74 cents) for the same quarter in 1978. That figure brought the company's losses for the first two quarters to $578,148 (56 cents), compared with profits of $1.4 million ($1.37) for the first half of last year.
Hamlet said that even if Stanwick is unable to recover any of the money, in light of the tax consequences of the loss and expanding business with Saudia Arabia and in the U.S., the company's survival appears assured.
"There is no emerging country with the desire for arms development that the shah had," Hamlet said, noting that it will "take a long time" to a recover any of the funds.
The company noted in a press release that comparisons between its first two quarters last year and the same period this year are not valid due to the completion of the contracts "together with the effects of the continuing disruption within the social and political systems in that country."