B.F. Saul Real Estate Investment Trust said last week that net income for the quarter ended June 30, 1980 was $4,584,000 (78 cents per share) compared to $1,331,000 (22 cents) in 1979. That figure included an extraordinary credit of $2,087,000 representing a tax benefit from utilizing operating loss carryovers, the company said.
Cash flow from operations (net income plus depreciation minus gain on sale of properties), before mortgage principal payments, totaled $5,727,000 for the quarter compared to $484,000 for the same quarter in 1979. The improvement came mainly from increased condominium conversion profits, according to the company.
That increase, from $495,000 last year to $6,644,000 in the 1980 quarter, was partially offset by an increase of 4.7 percentage points in the rate to which the trust's bank borrowings are tied, the company said.
Computer Data Systems, a local dataprocessing firm, reported net income of $803,000 ($1.44 a share) for the year ended June 30, up from $500,000 (91 cents) the year before. Revenues were up 70 percent to $14.7 million from $8.7 million.
TransTechnology Corp., an aerospace and textiles products firm, reported earnings in the first quarter ended June 30 of $482,000 (26 cents a share) vs. $321,000 (18 cents), a gain of 50 percent as sales rose to $9.9 million from $7.3 million.