Avemco Corp., a national aviation insurance and financial services firm, reported record earnings for the first half of the year.
Earnings for the second quarter ended June 30 were $800,000 (32 cents a share) compared with $619,000 (24cents) for the second quarter last year. Revenues were $7.9 million, up from $6.1 million.
For the first six months of the year earnings were $1.9 million (78 cents) compared with $1.7 million (67 cents). Revenues were $14.9 million, up 27 percent from $11.8 million.
Government Services Savings and Loan Inc. reported a net loss of $1.5 million for the first quarter compared with a loss of $672,000 for the comparable period last year.
"The continued high cost of funds remains the major factor responsible for the loss," said company president A. R. M. Boyle. In addition, the company has signed a new letter of intent for the sale and development of its Bethesda property with The Artery Organization. The transaction, which is expected to close this quarter, would result in a pretax profit of about $6 million and increase total current income by about $1 million in the succeeding 12 months.
The new letter of intent supersedes a previous one with another group because The Artery Organization would best assure a successful development of the site, which will continue to be headquarters for the savings and loan, the company said.
TransTechnology Corp. of Alexandria reported earnings for the first quarter ended June 30 of $827,000 (29 cents fully diluted) from $482,000 (26 cents). Revenues were $11.7 million compared with $9.9 million. Research Industries, Inc. of Alexandria is the majority shareholder in TransTechnology, which manufactures industrial products for the aerospace, defense and textile industries.
First Maryland Bank corp, owner of First National Bank of Maryland, reported net income for the second quarter of $5.6 million ($1.22) compared with $5.4 million ($1.15). For the six months ended June 30 net income was $10.8 million ($2.37) compared with $10.2 million ($2.18).
On June 30 the company had assets of $2.5 billion, deposits of $1.8 billion, loans and leases receivable of $1.5 billion compared with $2.3 billion in assests, $1.7 billion in deposits and $1.4 billion in loans on June 30 last year.
Farmers and Mechanics National Bank of Frederick, Md., reported increases earnings for the six months ended June 30. Earnings were $1 million ($1.61) compared with $880,200 ($1.41). Deposits during the six months this year increased to $219.8 million from $212.7 million, net loans rose to $148.3 million from $144.2 million, and total assets increased to $247.5 million from $236.3 million.
Noland Co. of Newport News reported net income for the second quarter of $1.2 million (47 cents) compared with $731,010 (30 cents) for the second quarter last year. Revenues were $70 million compared with $66 million. For the first six months net income was $1.8 million (47 cents). Revenues were $129.1 million compared with $126.6 million.
Hamburger Hamlets Inc., which is planning to beef up its Washington area restaurant base, reported earnings for the year ended March 29 had declined although revenues increased. Net income was $192,772 (27 cents) compared with $875,566 ($1.22) during 1980. Revenues were $28.4 million compared with $24.0 million.
"Early indications are that earnings will be substantially improved for the first quarter of fiscal 1982." said President Harry L. Lewis.