Still suffering from weak markets for capital equipment and the effects of spinning off two subsidiaries, Scope Inc. continued to post losses in the second quarter, but International Bank rebounded strongly to post 23-cent-a-share earnings against a loss last quarter.
Scope, an electronics and technology company based in Reston, lost $294,000 compared with earnings of 454,000 (37 cents a share) last year, as sales declined to $16.8 million from $18.4 million.
For the half, Scope lost $586,000 compared with earnings of $941,000 (77 cents) last year. Sales dropped to $33.8 million from $35.5 million.
Company officials said new orders had improved recently, and that cost-reduction efforts have been successful..
International Bank, a merchant bank invested in varied concerns, reported second-quarter net income of $2.9 million (23 cents a share) compared with $3.8 million (30 cents) last year. In the first quarter, IB lost $1.2 million, but increased revenues helped turn that around, according to George Olmsted, chairman and chief executive.
Second-quarter revenues were $4.2 million compared with $5.9 million last year and $3.2 million for the first quarter.
In the half, IB posted profits of $1.7 million (14 cents) compared with $7.7 million (62 cents) last year, as revenues slipped to $7.4 million from $11.5 million.