Old Dominion Real Estate Investment Trust in Richmond, benefiting from higher rents charged to apartment complexes and shopping centers, last year had the highest profits and revenues in its history.
Net income was $1.5 million($1.98 a share) including gains on sales of real estate of $1.2 million, up from $588,434 (83 cents) with gains on sales of $476,701. Revenues rose 13 percent to $3.9 million from $3.5 million.
For the fourth quarter, net income was $534,318 (71 cents) including gains on sale of real estate of $480,763, compared with net income of $142.291 (20 cents) and gains on sales at $92,165.
The trust's president, John P. McCann, said that while last year's results were adversely affected by a vacancy in a large industrial building, the higher rents in apartments and shopping centers allowed the trust to post significant increases.
During the year, the trust varied its real estate portfolio in response to changing market and economic conditions by selling four properties and buying five others, McCann said. Those transactions resulted in a $4.6 million increase in real estate owned at cost during the year.Apartments owned at cost rose by 58 percent in the portfolio.
Universal Security Instruments Inc. of Owings Mills, Md., reported a net loss for the third quarter ended Dec. 31 of $252,125, compared with net income of $150,881 (6 cents) for the third quarter last year. Revenues were $3.8 million, compared with $3.2 million.
For the nine months ended Dec. 31, net income was $285,264 (12 cents) compared with $468,704 (20 cents). Revenues were $13.6 million, up from $9.4 million.
Company officials said they were disappointed with the third quarter results, which were hurt by the overall softness in retail sales during the Christmas holidays. In addition, retailers, cautious because of the recession, reduced their inventories.
On the brighter side, the company said its security business remains strong and new customer accounts have been obtained. In addition, the company recently received its largest single export order, for delivery of more than $500,000 in electronic security equipment to a British electrical firm. The company said it expects fourth quarter results to be more favorable than in the third quarter.
Fair Lanes, Inc. of Baltimore reported earnings for the second quarter ended Dec. 31 of $1.7 million (39 cents a share), compared with $1.6 million (35 cents). Revenues were $21.5 million, compared with $14.0 million.
For the first six months, earnings were $1.8 million (42 cents), compared with $1.6 million (36 cents) in the year-earlier period. Revenues were $38.6 million, compared with $25.3 million.
"The major portion of the increase in revenues for the quarter and six month period over last year can be attributed to the acquisition of Treadway Companies, Inc., which was completed in the first quarter of this year," said Fair Lanes Chairman Sidney M. Friedberg. "Operations existing prior to the Treadway acquisition showed a growth in revenues for the quarter and six months of approximately 10 percent over the same periods of last year," he said.
Electronic Modules Inc. of Cockeysville, Md., reported earnings for the first quarter ended Dec. 26 of $596,433 (28 cents a share), compared with $424,326 (20 cents) a year earlier. Revenues were $10.2 million, compared with $7 million.
The company said the growth in sales and earnings during its first quarter was primarily attributable to expanded sales by the EMC Controls Inc. subsidiary, where sales more than doubled. Sales at the Estimation Inc. subsidiary and the EMC Operations division were comparable with the previous year's figures, the company said.