Profits more than doubled at Radiation Systems Inc. of Washington and earnings were up 11 percent at PHH Group Inc. of Hunt Valley, Md., the two firms reported yesterday.
Hazelton Laboratories Corp. of Vienna reported a 19 percent increase in annual revenues and a slight gain in operating income, but said its net dropped because of a decision to write off a $684,000 investment in a consulting firm.
Radiation Systems' earnings jumped to $2.4 million (84 cents a share) from $1.2 million (56 cents) for the fiscal year ended June 30, while sales soared to $15.3 million from $9.8 million the year before.
The surge in profits came in part from a $551,000 jump in investment income produced by temporarily investing cash produced from two stock offerings last year, said Radiation Systems President Richard Thomas. Because of the additional stock, earnings per share did not grow as fast as total earnings, he noted. But the high interest earned on the cash more than offset the dilution of earnings per share resulting from the offering.
Sales of the company's antennas for military, satellite and air traffic control uses all increased, Thomas said, and the backlog of unfilled orders as of June 30 totalled $16.2 million, up from $6.1 million a year ago.
PHH, a management services firm, said net income climbed to $7.8 million (51 cents) from $7.1 million (46 cents) and revenues rose to $139 million from $114 million for the quarter ended July 31.
Chairman Jerome Geckle said the company's employe relocation program is being hurt by the recession, but its vehicle management business is growing by adding new customers.