UNC Resources, a holding company for a diversified energy firm, yesterday reported a loss of $4.1 million for its first quarter ended June 30 compared with earnings of $6.1 million (57 cents a share) a year ago. The Falls Church firm had revenues of $75.6 million, up from $72.2 million.
The past two fiscal quarters for the company "have sustained substantial termination and adjustment costs for the reorganization of uranium mining and milling activities . . .," said UNC President Keith A. Cunningham. "The second fiscal quarter will improve to approximately a break-even position with profitable operations in the last half of the year."
UNC Resources is the holding company for United Nuclear Corp., a diversified, energy company engaged principally in uranium mining and milling, nuclear manufacturing and performing services in energy-related fields.
Baltimore Gas & Electric Co. yesterday reported earnings for the six months ended June 30 of $57.3 million ($1.44 a share), down from $69.0 million ($1.92) 12 months earlier. Revenues were up, however, to $581.0 million from $525.4 million.
For the 12 months ended June 30 earnings were $114.6 million ($2.92) compared with $123.6 million ($3.40). Revenues were $1.1 billion, up from $1 billion.
Utility officials attributed the decline in earnings to higher operation and maintenance costs, increased financing expenses, higher natural gas prices and the effects of the recession on sales in the quarter.
American Management Systems Inc. reported earnings for the second quarter of $626 million (42 cents a share), up from $390 million (27 cents) a year ago. Revenues were $14.1 million compared with $11.6 million. Earnings for the first half were $1.2 million (78 cents), up from $768,000 (57 cents). Revenues were $27.99 million compared with $21.96 million.