Net income for Solon Automated Services Inc. in the 1979 third quarter was $1.2 million (39 cents a share), and revenues were $16.8 million for that period and $18.51 million for this year's third quarter. Incorrect figures were included in yesterday's Business & Finance Section.
National Bank of Washington's third-quarter and nine-month net income fell below their levels last year, NBW President Frederick M. Henschel said yesterday.
Solon Automated Services Inc. also reported lower third-quarter and nine-month earnings, but profits rose at two other regional bank holding companies -- First & Merchants Corp. and Mercantile Bankshare Corp.
NBW's third-quarter net income fell to $1.37 million ($1 a share) from a $1.76 million ($1.28) a year earlier, and nine-month earnings fell to $3.25 million (2.37) from $4.8 million ($3.49).
Deposits also fell, to $651.5 million on Sept. 30 from $656.4 million one year earlier, as did assets, to $857.1 million Sept. 30 from $866.7 million.
Henschel said, however, that the third-quarter results represented an improvement over the second quarter, whose poor results were caused by "many nonrecurring expenditures and an extraordinary provision to the bank's loan loss reserve."
He also said that the bank "continues to be financially sound, and the bank looks forward to sure and steady growth in the future."
Solon Automated Services Inc. said earnings were reduced by high interest rates, startup expenses for operations in California and operating results for its Sugarbush Valley ski area in Vermont. The company mainly supplies laundry equipment services to apartment buildings.
Third-quarter net income fell to $1.13 million (37 cents a share fully diluted) from $1.12 million (39 cents) although revenues increased to $16.18 million from $18.51 million. Nine-month net income was $4.13 million ($1.35 this year), down from $4.19 million ($1.35) a year earlier as revenues increased to $56.04 milliion from $49.9 million.
First & Merchants Corp. said third-quarter income before securities transactions increased by 4.9 percent to $3.86 million ($1.19 a share) from $3.68 million ($1.11) a year earlier, while net income rose 15.8 percent to $3.84 million ($1.18) from $3.32 million ($1).
Nine-month income before securities transactions rose 7.1 percent to $12.1 million ($3.71) from $11.29 million ($3.41), and net income grew 14.8 percent to $11.71 million ($3.59) from $10.2 million ($3.08).
Increases in net interest income and other operating income more than offset the effects of higher operating expenses, according to F&M Chairman C. Coleman McGehee.
F&M's total average deposits grew 5.9 percent to $1.68 billion in the third quarter from $1.587 billion a year earlier, with all of the increase coming in savings certificates and large-denomination certificates of deposit.
Mercantile Bankshares Corp. said consolidated income before securities transactions rose 2 percent to $3.82 million (67 cents a share) in the third quarter from $3.76 million (66 cents) a year earlier, while net income of $3.84 million (67 cents) was 5 percent higher than 1979 third-quarter net income of $3.64 million (64 cents).
Nine-month income before securities transactions rose 10 percent to $11.82 million ($2.08) from $10.77 million ($1.89), and net income rose 11 percent to $11.83 million ($2.08) from $13.64 million ($1.87).
Smithfield Foods Inc., a Virginia meat-packing firm, reported a net loss of $30,000 in the third quarter of 1980 on sales of $48.5 million. Earnings for the same quarter in 1979 were $873,000 (35 cents) on sales of $42.59 million.
Chief Executive Officer Joseph W. Luter III said that profit margins were squeezed during the third quarter by sharply rising live hog costs and reduced consumer demand for both fresh pork and processed meats.
Net income for the first nine months of 1980 was $1.6 million (75 cents a share) on net sales of $142.3 million compared with $1.7 million (72 cents) on sales of $139.2 million in 1979.
Wapora Inc., an environmental and energy research firm in Chevy Chase, announced net income for the three-month period ended Sept. 30 of $81,422 (14 cents a share) on revenues of $1.8 million compared with the net income of $69,780 (12 cents) on revenues of $1.7 million in the same quarter in 1979.