C3 Inc., a Reston minicomputer products and services firm, reported a 132 percent rise in earnings for the year ended March 31.
Earnings for the year were $5 million ($1.32 a share) compared with $2.4 milliion (68 cents) a year earlier. Revenues were $32.5 million compared with $14 million.
Fourth-quarter earnings were $1.6 million (37 cents) compared with $887,000 (26 cents) a year earlier. Revenues were $10.1 million compared with $6.2 million.
"The increase in revenues can be attributed primarily to increased U.S. Department of Defense spending under existing C3 contracts and several major Defense Department contracts with the U.S. Army and the U.S. Navy awarded during the fiscal year," said company Chairman John G. Ballenger.
Ballenger said he expects to see continued improvement in the company's financial performance during the first half of the coming fiscal year.
James River Corp. of Richmond reported net income before an extraordinary item of $21.4 million ($3.32 fuly diluted) for the year ended April 26 compared with $16.7 million ($3.24) a year earlier. Revenues were $561.3 million compared with $373.9 million.
Net income for the fourth quarter was $11.1 million ($1.45) compared with $3.9 million (75 cents) a year earlier. Revenues were $204.7 million compared with $97.5 million.