Biospherics Inc., an environmental research firm, reported earnings of $16,619 (1 cent per share) for the year ended Dec. 31, 1980, a sharp decline from 1979 earnings of $305,491 (21 cents).
President Gilbert V. Levin said the company's environmental instrumentation division earned less than anticipated because of a substantial reduction in royalties earned on the company's PhoStrip process and because sales of another product, the Oil Sentry, did not expand as rapidly as expected.
Revenues for 1980 were $5.981 million, up from 1979's revenues of $5,180.
Levin said he expects improved earnings in 1981, a trend he said was already evident in 1980 fourth-quarter earnings.
The Stanwick Corp., a company that helps develp technological operations for industry, commerce, government and other institutions, reported a consolidated net loss of $232,373 (23 cents a share) on consolidated revenues of $4.712 million for the third quarter of its fiscal year 1981, ended Jan. 31, 1981.
Those results brought the net loss for the first nine months of fiscal 1981 to $363,058 (35 cents) on consolidated revenues of $15.167 million.
Revenues for the third quarter and first nine months of the previous year were $2.512 million and $7.441 million. The company lost $2.137 million ($2.08) and $2.715 million ($2.64) in those periods in 1980. The 1980 results included the effect of a nonrecurring write-off of $3.517 million in cash, billed receivables and other assets on deposit in Iranian banks or in dispute under contracts with the Iranian government.