Several errors occurred in last week's compilation of Washington's Top 100 companies. Assets of Potomac Electric Power Co. as of Dec. 31, 1982, totaled $2.7 million. Pepco ranks third in assets, behind C&P Telephone and Martin Marietta Corp. Assets of BDM Corp. as of Dec. 31, 1982, totaled $53.7 million, 35th among Washington nonfinancial companies. BDM now has 2,450 employes and about 85 percent of its business is defense-related. The firm's profits increased 46 percent last year; revenue was up 34 percent. Assets of Manor Care Inc. as of the end of its fiscal year on May 31, 1982, totaled $426.5 million, 14th in the area. Now traded on the New York Stock Exchange, the Silver Spring health care firm has 1,700 employes in the Washington area and 16,000 worldwide. It was incorrectly reported that Syscon Corp. was acquired by Continentel Telcom. Continental Telcom acquired STSC Corp. With sales of $71.4 million, Syscon ranks 33rd among Washington-area nonfinancial corporations. Evaluation Research Corp. was omitted from the listings; the firm ranks 54th in revenues at $17.3 million. Profiles of Syscon and Evaluation Research appear on this page. The Norfolk Southern Railroad was removed from the Washington companies list after the newly merged railroad said it was consolidating headquarters operations in Norfolk. With revenues of $3.3 billion, and assets of $6.8 billion, Norfolk Southern ranks second among Virginia corporations. Earnings last year totaled $411.4 million ($6.57 a share). PHH Group and Allegheny Beverage Corp. were not listed among the 10 largest Maryland corporations based outside the Washington area, though both are larger than Easco Corp., the smallest industrial firm listed. PHH of Hunt Valley, a vehicle management and cost control firm, earned $29.6 million ($1.93 a share) on revenues of $471.7 million. Allegheny Beverage, a Pepsi-Cola bottler and owner of The Macke Co. in Washington, earned $9.4 million ($2.30 a share) on revenues of $453.4 millio
Chesapeake & Potomac Telephone Cos. District Office: 1710 H St. NW Washington, D.C. 20006 REVENUE: $3.4 billion PROFITS: $371.4 million EARNINGS PER SHARE, DIVIDEND: The four companies report neither because they are wholly owned by American Telephone & Telegraph Co. DESCRIPTION: The companies provide communications services for residential and business customers in their four states, primarily local and long distance telephone service. FOUNDED: C&P of D.C., 1883; C&P of Md., 1884; C&P of Va., 1905; C&P of W. Va., 1916. TOP EXECUTIVES: Robert E. Allen, chairman and chief executive; Thomas Gibbons, president and chief operating officer; Delano E. Lewis, vice president, D.C.; J. Henry Butta, vice president, Md.; Lee C. Tait, vice president, Va.; Thomas C. Burns, vice president, W. Va. EMPLOYES: 43,740 DEVELOPMENTS: This is the last year in the long history of the C&P companies. The dramatic changes that are altering the Bell System and as a result, the nation's telephone system, are beginning in earnest. Under the terms of AT&T's antitrust agreement with the Justice Department, on Jan. 1, 1984, the C&P companies will become part of the as-yet unnamed Middle Atlantic regional telephone company, merging operations with New Jersey Bell, Bell of Pennsylvania, and Diamond State Bell, the Delaware AT&T unit. The complex planning for the separation of the companies from AT&T is under way, although those changes are generally not visible to the public at large. What is more visible are the industry changes mandated by the Federal Communications Commmission's Computer Two decision, which permits AT&T to offer computer and equipment services through a new subsidiary, American Bell Inc. For now, C&P is essentially out of the business of offering consumers new equipment. In the District, for instance, such service is now handled at three American Bell phone centers. C&P is expected to enter the equipment business in a major way after its separation from AT&T. In the meantime, however, the District's C&P company has created four service centers to handle its customers' needs, and the other companies have taken similar steps. Also on the regional front, rate increases for each of the C&P companies are pending. Like other local phone companies, the C&P companies are trying to move their customers gradually to pricing systems dependent on how often phones are used and where calls are placed. Although the District company won a $40.3 million rate increase in March 1982, an $82 million rate-hike proposal filed on March 15 in the District is particularly controversial. It sets up a new pricing system asking for usage charges for calling across metropolitan Washington borders. Among the four divisions, revenue last year was: C&P of D.C., $481.9 million; C&P of Md., $1.202 billion; C&P of Va., $1.29 billion; and C&P of W. Va., $425.4 million. Profits turned in by each division were: C&P of D.C., $34.3 million; C&P of Md., $124.2 million; C&P of Va., $169.2 million; andC&P of W. Va., $43.7 million. MCI Communications Corp. 1133 19th St. NW Washington D.C. 20036 REVENUE: $906.6 million PROFITS: $151.5 million EARNINGS PER SHARE: $1.54 ASSETS: $1.56 billion DIVIDEND: None DESCRIPTION: MCI is involved in a variety of domestic and international voice and data telecommunications businesses. It is the leading competitor with the Bell System in the long-distance voice industry. MCI is seeking licenses to operate cellular mobile telephone systems and is also entering the paging, mobile radio, telex and cable- and message-delivery fields. Earnings figures are stated for the last four quarters, and MCI says its final audited figures will be out any day. FOUNDED: 1968 EMPLOYES: 6,500 TOP EXECUTIVES: William McGowan, chairman; V. Orville Wright, president and chief operating officer DEVELOPMENTS: Having carved a niche in the long-distance business, MCI spent much of 1982 laying the groundwork for diversification. With one million long-distance customers, a network of 7,500 cities and recently announced service to Canada, MCI is now moving into international communications fields, cellular mobile telephones and the satellite communications business. For example, within the last year, MCI bought Western Union International, enabling it to enter the international message business. The company filed applications to offer new cellular telephone service in 51 communities. In an effort to ensure traffic capacity for future growth, MCI bought 24 satellite transponders from Hughes Communications, a deal considered the largest transponder purchase. Also with an eye to the future, the company purchased for $65 million a nine-acre tract of land in Pentagon City in what was called one of the largest real estate deals in area history. On the legal front, an appeals court upheld most of the basic findings in MCI's 1981 antitrust victory against American Telephone & Telegraph Co. The court did, however, remand the verdict to lower courts for further action. The Washington Post Co. 1150 15th St. NW Washington, D.C. 20071 REVENUE: $800.8 million. PROFITS: $52.4 million EARNINGS PER SHARE: $3.70 ASSETS: $501.2 million DIVIDEND: 66 cents DESCRIPTION: The Washington Post Co. publishes The Washington Post, Newsweek magazine and the Everett (Wash.) Herald. Its broadcasting division owns four VHF television stations in Detroit, Jacksonsville, Miami and Hartford, Conn., and Post-Newsweek Video, a producer of syndicated TV programs. Affiliates include a one-third interest in the International Herald Tribune, the jointly owned Los Angeles Times-Washington Post News Service, a 49 percent stake in the Bowater Mersey Paper Co. of Canada and a one-third share of the Bear Island Paper Co. in Doswell, Va., and several smaller new ventures. FOUNDED: 1877 TOP EXECUTIVES: Katharine Graham, chairman; Richard D. Simmons, president; Donald Graham, publisher of The Post EMPLOYES: 5,300 DEVELOPMENTS: Profits of The Washington Post Co. jumped 60 percent in 1982, driven by strong performances by the newpaper division, for which the operating income jumped 84 percent, and the television stations, which posted a 30 percent gain. The Washington Post's advertising revenue grew 15.6 percent. Circulation as of Sept. 30 was up 15.8 percent to 726,000 daily and Sunday circulation gained 13.6 percent to 972,000. Earnings looked strong in comparison with the prior year because late in 1981 the company sold the unprofitable Trenton (N.J.) Times and Inside Sports magazine. Several new diversification efforts are now under way. Moving into mobile communication, the company and partners applied to offer cellular radio telephone service in 11 cities. A cable-TV sports programming venture was launched in February this year with the purchase of interests in two sports networks that broadcast baseball, basketball, hockey and horse racing in New York and New England. Shortly thereafter, the company acquired Legi-Slate, a computerized information system on federal laws and regulation. Last month, plans were announced for a new National Weekly edition of The Washington Post. The weekly will be targeted at readers outside the Washington area who want in-depth reporting on government, politics, economics and other Washington issues. Comsat 950 L'Enfant Plaza SW Washington, D.C. 20024 REVENUE: $409.5 million PROFITS: $43 million EARNINGS PER SHARE: $5.41 ASSETS: $813 million DIVIDEND: $2.30 DESCRIPTION: Comsat is the U.S. representative to Intelsat, the international telecommunications satellite consorti and IBM. FOUNDED: 1963 TOP EXECUTIVES: John D. Harper, chairman; Joseph V. Charyk, president EMPLOYES: 3,461 DEVELOPMENTS: Comsat has enjoyed continued growth in its regulated international telecommunications service. The company has been involved in the Reagan administration's controversial plan to privatize the nation's weather-and-land remote sensing satellite system. Comsat has reportedly been trying to acquire the system from the government for the past two years. Comsat is also actively seeking a partner for STC, its direct-broadcast satellite television subsidiary and faces possible competition in this business from the New York-based United Satellite Communications Inc., which expects to have a satellite service on the air this year. Pubco Corp. 8300 Greensboro Dr., Suite 1230 McLean, Va. 22102 REVENUE: $36,135,348 PROFITS: ($3,164,317) EARNINGS PER SHARE: (89 cents) ASSETS: $16.1 million DIVIDEND: None DESCRIPTION: Pubco Co. is a holding company which, through its four subsidiaries, is engaged primarily in the commercial printing business. A Washington-based subsidiary, Byron S. Adams Printing Inc., specializes in legal briefs and financial printing; Buxton & Skinner Printing Co. in St. Louis specializes in label and package printing and other commercial printing; Redson Rice Corp. in Chicago does commercial printing, annual reports and catalog printing, and The Tabard Press Corp. in New York City is engaged in general commercial printing and election-ballot printing. FOUNDED: 1958 TOP EXECUTIVE: Charles W. Lockyer, board chairman and president EMPLOYES: 344 DEVELOPMENTS: Pubco Corp.'s revenues have continued to climb, but it's still posting losses. During 1981, Pubco lost $8,284,179, primarily because heavy operating losses forced it to close Merkle Press in Glenn Dale, Md., its largest plant. Pubco's loss of $3.1 million in 1982 was attributed to a write-down of retail and wholsale book publishing properties, including the New America Encyclopedia, the International Library of Afro-American Life and History and other medical and dictionary book titles. As a result, the company's total assets fell in 1982 to $16.1 million from $19.7 million in 1981.