Blaming high interest rates, National Bank of Washington, Government Employees Financial Corp. and Farmers and Mechanics National Bank, the ninth largest in Maryland, reported lower profits for the first quarter.
Poor retail sales caused a large loss for Best Products Co. of Richmond and cut profits of Easco Corp. of Baltimore.
Government Employees Financial, a Denver-based subsidiary of Washington's Geico Corp., posted the sharpest decline. Its profits fell 67 percent to $236,000 from $718,000 for the three months ended March 31. The company didn't report earnings per share.
Revenues of Government Employees Financial were off slightly to $10.11 million from $10.29 million, and provisions and reserves for losses were both up.
At NBW, earnings for the three month ended March 31 were off only slightly, to $1.37 million from $1.38 million. Earnings per share were unchanged at $1.
Farmers and Mechanics in Frederick posted a sharper decline -- to $460,000 (77 cents a share) from $587,000 (99 cents) for the first quarter a year ago.
Easco Corp. of Baltimore said its lower profits were due mostly to declining sales of hand tools to Sears, Roebuck and Co. Not only Sears' retail sales suffered, but the chain has reduced its inventories, cutting business still further for the tool maker. Easco's aluminum products business is also soft because of the decline in homebuilding, said President Richard P. Sullivan.
Easco's net for the quarter fell to $1.2 million (32 cents a share) from $2.4 million (70 cents) a year ago. Sales increased slightly to $81.3 million from $79.5 million. Sullivan said profits can be expected to slip further before business improves.
Wapora, a Chevy Chase energy, environment and economic consulting company, reported its profits for the nine months ending March 31 fell to $127,000 (21 cents a share) from $186,000 (31 cents) in the same period a year ago.
Revenues for the period increased only slightly to $4.89 million from $4.85 million, but Wapora President Dr. J.I. Bregman said the company's backclog of orders now is at a record $5 million. No third-quarter results were released.
A. H. Robins Co. in Richmond reported its first-quarter was one of the best ever as earnings rose to $9.3 million (36 cents a share) from $8.7 million (33 cents) and sales climbed to $104.4 million from $93.7 million.
Maryland Cup Corp. reported its earnings for the second quarter ending March 31 increased to $3.2 million (47 cents a share) from $2.8 million (42 cents) as sales jumped to $130 million from $105 million.
Quarterly earnings were also up at C.A.C.I. Inc., an Arlington computer and management services concern. For the three months ending March 31, C.A.C.I. earned $531,000 (51 cents a share), a 37 percent increase over the $387,000 (38 cents) earned in the same period a year ago. Revenues jumped 85 percent to $10.1 million from $5.4 million. No nine-month results were reported.
Best Products, the big catalogue showroom retailer, posted a loss of $4.2 million for the quarter ended March 31, substantially greater than its $93,000 loss in the same period a year ago.