Quality Inns International Inc. said yesterday that the company ended the first quarter of its new fiscal year, ended Nov. 30, with record earnings per share of 50 cents -- up from last year's first quarter record of 35 cents.
Joseph W. McCarthy, president and chief executive officer of Quality Inns, said he expects the company's positive financial growth to continue through fiscal 1980. With earnings for fiscal 1979 at a record level, the company's directors decided Nov. 30 to raise the quarterly dividend payment from 10 to 12.5 cents.
Net income for the quarter ending Nov. 30 was reported at $1.34 million, compared to $900,000 for the same period last year. The company's revenues were $16.2 million, compared with $14.4 million for the same quarter a year ago.
San Juan Racing Association Inc. announced yesterday that total revenues from operations for the first six months of its fiscal year, ending Oct. 31, were $23.9 million compared with $20.3 million for the same period last year.
The company's subsidiary, SJR munications, Inc., operates radio stations including WJMD (FM) and WUST (AM) in Washington. Revenues from the communications division for the six month period increased to $11.9 million from $9.2 million for the first half of last year.
Net income from continuing operations totalled $2.1 million or 54 cents per share, compared with $1.9 million or 50 cents per share for the same period a year ago. Total net income, including operating losses and a gain from the sale of the Washington Diplomats Soccer Club, was $2.1 million or 54 cents per share compared with $1.9 million or 48 cents per share for the same period last year.
In the second quarter of the fiscal year operations revenues totalled $11.5 million compared with $10.7 million for the second quarter last year. But net income from operations was down to $916,801, or 23 cents per share, compared with $1.09 million or 28 cents per share last year.
Total net income for the quarter was $907,654, or 23 cents per share, compared to $1.2 million or 33 cents per share for the quivalent quarter last year.
A proposal has recently been received from Shamrock Broadcasting owned by the Roy E. Disnew family, to acquire all the radio stations and some related broadcasting assets for $62 million plus assumption of outstanding indebtedness amounting to about $5 million.
In other reports, Survival Technology, Inc. of Bethesda announced that total revenue for the first quarter of its 1980 fiscal year which ended Oct. 31 rose 95 per cent to $4.2 million.