Dart Drug Corp. has reported sharply higher earnings for the fiscal year that ended Jan. 31.
The Landover-based chain said net income for the year totaled $4.1 million ($2.51 a share) on sales of $276.9 million, compared with $1.4 million (83 cents) and volume of $259 million in the year earlier.
For the fourth quarter, Dart Drug reported earnings of $2.5 million ($1.48), compared with $121,000 (7 cents). Sales increased from $75 million to $78.7 million.
Herbert H. Haft, Dart Drug's chief executive officer, attributed the earnings increase to improved operating efficiency and a lower LIFO (last-in, first-out) inventory charge, including a credit in the fourth quarter.
Dart Drug said financial results include its Trak Auto stores, Crown Books and the company's share of operations of Crown Book West Corp., a joint venture with Thrifty Corp. of Los Angeles.
Citizens Bank of Maryland reported a 37 percent increase in net income for the first quarter ended March 31.
Net income totaled $3.5 million ($2.05) compared with $2.6 million ($1.50) in the comparable period a year ago. Meanwhile, total gross income for the quarter just ended was $22.3 million, an increase of 18 percent over results posted in the same period a year ago.
Citizens Bank Chairman Alfred H. Smith said a major portion of the increase in operating expenses, which rose 11 percent, was because of higher costs that the bank must pay for deposits.
Time deposits increased 11 percent in the quarter, while total deposits increased 7 percent to $643.34 million. Assets rose to $764.6 million, a record for the bank.
Baltimore Gas & Electric Co. reported an earnings decline of $2 million for the first two months of 1982. BG&E said earnings for January and February totaled $25.8 million (76 cents) compared with $27.8 million (85 cents) in the same two months last year.
BG&E also reported a decline in earnings for the 12 months ended Feb. 28. Earnings for the 12 months fell from $130 million ($4.01) to $121 million ($3.62).
The utility blamed the decline on increased operating costs and higher financing charges.
Software AG Systems Group Inc. of Reston said net income for its third quarter was $412,864 (7 cents) compared with $346,695 (8 cents) in the comparable period of 1981. Revenues increased 51 percent from $4.3 million to $6.5 million.
STSC Inc., of Rockville reported a loss for its third quarter ended Feb. 28. Net income fell from a profit of $516,000 (28 cents) a year ago to a loss of $322,000 (15 cents).
Revenues declined 5 percent to $7 million from the year-earlier quarter.
Company officials blamed the third-quarter loss on the decline in revenue as well as substantial increases in personnel costs and operating expenses of the headquarters building.