Virginia Electric & Power Co.'s profits jumped nearly $10 million in the third quarter of the year, inflated by the hot weather that kept air conditioners running during most of July, August and September.
Vepco earned $71.6 million (60 cents a share) for the quarter compared with $61.7 million (56 cents) in the same period a year ago.
During the hottest summer on record, Vepco's electricity sales revenues rose to $576.5 million from $457 million last year.
For the first nine months of the year, Vepco earned $168.8 million on revenues of $1.7 billion, compared with $153.6 million on revenues of $1.2 billion last year.
Despite the hot summer profits, Vepco's earnings per share for the first three quarters of the year fell to $1.27 from $1.31 because the company has issued almost 9 million new shares of stock in the past year.
United Services Life Insurance Co. reported its third-quarter earnings fell to $2.7 million (52 cents a share) from $3.1 million (60 cents) a year ago. Revenues for the insurance subsidiary of International Bank of Washington increased to $27.5 million from $26.3 million.
For the first nine months of the year, United Services' profits increased to $9.7 million ($1.88) from $9.3 million ($1.81) last year, while total revenues slipped to $85.8 million from $86.2 million.
Radiation Systems Inc. earned $180,000 (23 cents a share) on sales of $1.8 million in the third quarter, up from $162,000 (21 cents) on $1.3 million in the same period a year ago. Nine-month results were not released.
The Sterling, Va., antenna maker also declared a 5-cent divident, payable Nov. 12 to shareholders as of Oct. 31, and announced it has acquired the 42 percent minority interest of a subsidiary, Universal Antennas, for cash and stock.
Scope Inc., a Reston electronics maker, earned $523,000 (43 cents a share) during its third quarter, up 44 percent from profits of $362,000 (30 cents) last year, and reported its sales increased to $16.3 million from $15.8 million.
For the first nine months of the year, Scope's earnings were off 22 percent to $1.6 million ($1.36) from $2.1 million ($1.75) despite an increase in sales to $51.6 million from $48.7 million.