Schwartz Brothers Inc., the Washington area retail and wholesale phonograph record distributing firm, reported yesterday that profit pressure in the record business produced an operating loss of $230,047 in the first fiscal quarter ended April 30 compared with a loss of $15,050 a year ago.
A tax loss benefit reduced the recent quarter's net loss to $115,024, while tax credits a year ago produced a net loss of $7,525. Sales rose in the quarter to $7.3 million from $6.6 million, Schwartz said.
Penril Corp., a Rockville supplier of power conversion equipment, electronic testing and communications equipment, reported earnings in the third quarter ended April 30 of $447,000 (34 cents a share) compared with $421,000 (32 cents) a year ago as sales jumped to $8.5 million from $6.4 million.
For the recent nine months, Penril profits were $1.3 million ($1.00) compared with $1.1 million (82 cents) and sales rose to $24.5 million from $16.2 million.
McCormick & Co. Inc., the Maryland spice and real estate firm, reported a rise in earnings for the second quarter and first half of its fiscal year.
Net income for the quarter ended May 31 was $3.6 million (31 cents a share), compared with $3.2 million (28 cents) in the same period a year ago. Sales for the quarter rose from $103 million to $125 million.
For the first half of fiscal 1980, McCormick had net income of $6.7 million (59 cents) compared with $6.1 million (54 cents) a year ago. Sales were $241 million compared with $197 million.