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
Martin Marietta Corp. 6801 Rockledge Drive Bethesda, Md. 20034 REVENUE: $3.5 billion PROFITS: $91.6 million EARNINGS PER SHARE: $2.92 ASSETS: $2.8 billion DIVIDEND: $1.92 DESCRIPTION: Martin Marietta is a conglomerate with interests in aerospace, cement, aluminum, chemicals and aggregates. The aerospace division--by far its largest--produces a variety of missile systems, including the Titan, Pershing and MX missiles, as well as the large external fuel tank used by the space shuttles. The division also makes parts for a number of aircraft made by other companies, including the B1 bomber. The cement division produces cement used in construction, the aluminum division turns out a variety of metal forms used in building, automotive and ship construction, the chemicals division markets a large number of specialty chemicals, and the aggregate division produces sand, gravel and other materials used in construction. FOUNDED: 1909 TOP EXECUTIVE: Thomas G. Pownall, chairman and president EMPLOYES: 40,900 DEVELOPMENTS: The past few months have been a time of rebuilding for Martin Marietta after a corporate raid on the company by Bendix Corp. That takeover attempt, which produced one of the most tumultuous and bitter corporate battles in memory, resulted in Marietta and Bendix each purchasing majority interests in the other, a stalemate broken by Allied Corp.'s takeover of Bendix. In a stock swap that followed, Allied wound up with slightly less than one-third of Martin Marietta, and Martin Marietta wound up with $900 million in new debt. The company has been working down the debt ever since, pruning operations and selling them to raise cash--most notably the proposed $150 million-plus sale of half of its cement division. The company has also placed its money-losing aluminum division on the block, but Pownall says the worst of the post-Bendix clean-up is now behind Martin Marietta, with the retirement of about half the new debt incurred in the Bendix fight. Sales of the operations--which company officials say were on the drawing board even before Bendix--leave the company in transition, away from its cyclical materials businesses and toward more high-technology businesses, centered around the aerospace division and a fast-growing data-processing division. In addition, the company has taken minority positions in three genetic engineering firms. The future of the aerospace division, however, is somewhat clouded by political fights over the MX and Pershing II missiles--although company officials say the loss of either or both of those programs would not seriously hurt Martin Marietta. Fairchild Industries Inc. 20301 Century Blvd. Germantown, Md. 20874 REVENUE: $1.1 billion PROFITS: $35.3 million EARNINGS PER SHARE: $1.90 ASSETS: $912.3 million DIVIDEND: 80 cents DESCRIPTION: Fairchild is a diversified manufacturer of aircraft, components, tooling for plastics, nuts and bolts, and it has telecommunications and satellite interests. FOUNDED: 1936 TOP EXECUTIVE: Edward G. Uhl, chairman, president and chief executive EMPLOYES: 13,305 DEVELOPMENTS: Fairchild tries to keep a good public foot forward, even though things were a little down at the heel last year. Fairchild is involved at the University of Maryland and started a junior board made up of high school students, the better to give young minds a sampling of business life and the real world. The real world consisted of losing its unfair trade practices suit against Brazil, and being convicted of five counts of water pollution and hazardous waste dumping in Washington County, Md. Edward Uhl wrote fellow business people in Maryland to protest the state's business climate. And Fairchild told its stockholders it would move its headquarters across the river to Dulles Airport. On the business side, Fairchild suffered losses in the commercial aerospace market, including $12 million on the Saab-Fairchild 340 corporate jet that's nearing rollout, Government aerospace showed slightly higher operating profits, mostly from cost cutting and improved pricing of the A10. Sales of the A10 slowed as that Air Force contract wound down. On a brighter note, the Air Force gave Fairchild its new trainer contract, which will help the firm toward the end of this decade. To be sure, Fairchild is still making a lot of money, and its telecommunications and satellite operations show promise. The firm owns 50 percent of American Satellite Co. (with Continental Telecom), which earned $1 million for Fairchild in 1982, and 25 percent of Spacecom (Continental and Western Union), which has neither profit nor loss yet. UNC Resources Inc. 7700 Leesburg Pike Falls Church, Va. 22043 REVENUE: $354.3 million PROFITS: ($14.1 million) EARNINGS PER SHARE: ($1.25) ASSETS: $460.5 million DIVIDEND: None DESCRIPTION: UNC is a diversified resource and manufacturing company with principal activities in processing and supplying nuclear fuel, machine-tool manufacturing, offshore oil industry products and production of precious minerals. The company has plants in Indiana, Connecticut, Washington, Louisiana, Texas, Wyoming, Florida and New Mexico. UNC divides its operations into three groups: Manufacturing and Services consisting of the UNC Naval Products division which supplies nuclear fuel to the Navy; Offshore Products and Services builds specialty aluminum vessels to the oil industry; and the Minerals division, which is withdrawing from uranium and into precious metals. FOUNDED: 1954 TOP EXECUTIVES: Keith A. Cunningham, chairman and chief executive EMPLOYES: 4,350 DEVELOPMENTS: UNC in 1982 continued its movement away from uranium, which was its main line of business in the 1970s as one of two suppliers of nuclear fuel to the Navy, and into other areas. In quick succession, the company purchased Swift Group Inc., a producer of aluminum and steel marine vessels for $14.7 million; Champion Shipyards Inc., a builder of supply vessels for the offshore oil industry for $5 million; Falcon Pump and Supply, a distributor of industrial pumps principally to the oil and gas industry for $4.7 million; and The Carlton Machine Tool Co., a producer of radial and horizontal drilling machines, for $1.6 million. Revenues increased in 1982 to $346 million up from $259 million in 1981. In mid-1982, UNC placed its uranium mining on standby and flooded its New Mexico Church Rock mine. A lawsuit in New Mexico filed by Navajo Indians for damages from a uranium spill in 1978 is pending. In January 1983 UNC exercised its option to acquire the Cornucopia Gold Mine near Baker, Ore.
Smithfield Foods Inc. 1777 N. Kent St. Suite 811 Arlington, Va., 22209 REVENUE: $344.4 million PROFITS: $1.6 million EARNINGS PER SHARE: 72 cents ASSETS: $85.7 million DIVIDEND: None DESCRIPTION: With sales of $342.4 million--and brand names of Smithfield, Luter, Jamestown, Gwaltney, Williamsburg, Hancock's Old Fashion Country Ham and Olde Smithfield--Smithfield Foods Inc., hogs the pork processing market. And with the 1981 purchase of Gwaltney of Smithfield from International Telephone and Telegraph Co., Smithfield Foods nearly doubled its net sales last year and emerged as the leader of pork production in the Eastern United States. About the same time that Smithfield purchased Gwaltney, the firm got what industry observers call the world's largest hot dog plant, capable of producing up to 16.8 million frankfurters a week. Smithfield doesn't live by pork alone these days. The firm, which was on the ropes a decade ago, has diversified into poultry, marketing the Great line of poultry products. FOUNDED: 1929 TOP EXECUTIVE: Joseph W. Luter III, chairman, president and chief executive EMPLOYES: 3,500 DEVELOPMENTS: Smithfield's sales jumped by 27 percent in 1982 over the previous year, while profits nearly doubled. Despite the administrative problems posed by the acquisition and reorganization of Gwaltney the purchased company turned a modest profit. Mostly because ofthe acquisition, Smithfield's long-term debt tripled to nearly $40 million over a year. An $11 million chunk of the debt will mature in 1984.
Atlantic Research Corp. 5390 Cherokee Ave. Alexandria, Va. 22314 REVENUE: $117.8 million PROFITS: $5.2 million EARNINGS PER SHARE: $2.11 ASSETS: $76 million DIVIDEND: none DESCRIPTION: Best known as the nation's biggest maker of little rockets, Atlantic Research is becoming an increasingly diversified technology company. Data communications, electromagnetic field measurement and analysis, microchemistry, printing, aerospace and alternative fuels are among its newest ventures. FOUNDED: 1949 TOP EXECUTIVES: Coleman Raphael, chairman and chief executive officer; William H. Borten, president and chief operating officer EMPLOYES: 1,895 DEVELOPMENTS: Atlantic Research's profits took off like a rocket last year, blasting 49 percent ahead of the previous year to a record $5.2 million. Even after a 5-for-4 stock split and a 495,000-share new offering, earnings per share jumped 39 percent. Stockholders will benefit next month from another split--this time 3-for-2. The most important 1982 development for ARC was Congress' decision to deploy the Army's Multiple Launch Rocket System for which the company supplies rocket motors. MLRS is expected to become the biggest rocket contract ever for ARC, which gets about 60 percent of its revenues from rocketry. The electronics and communications businesses continued to grow and the company passed a major milestone in its alternative fuels business with the completion of a 600-barrel per day pilot plant for making ARC-Coal, a coal-water-chemical slurry mixture that can be used instead of oil for heating. O'Sullivan Corp. P.O. Box 603 Winchester, Va. 22601 REVENUE: $71.5 million PROFITS: $5.9 million EARNINGS PER SHARE: $2 ASSETS: $40.3 million DIVIDEND: 60 cents DESCRIPTION: O'Sullivan is a maker of rubber and plastics products. FOUNDED: 1896 TOP EXECUTIVES: J. C. Herbert Bryant, chairman; Arthur H. Bryant II, president EMPLOYES: 700 DEVELOPMENTS: In 1982, earnings were up 9 percent over the year before, although sales declined 3 percent. O'Sullivan attributes the increase to greater productivity due to newly installed equipment in its Winchester plant. The company also purchased a new plant in Newton Upper Falls, Mass., its first expansion since 1979. The plant makes plastic sheeting, which is one of the company's major product lines. O'Sullivan recently declared a 6-for-5 stock split and a 15 cent a share cash dividend to be paid on the new shares. The big payout came after first-quarter net increased 46 percent and sales jumped 53 percent to $24.7 million. Former senator Harry F. Byrd Jr. recently joined the board of his hometown's biggest manufacturer.
Radiation Systems Inc. 1501 Moran Rd. Sterling, Va. 22170 REVENUE: $15,320,000 PROFITS: $2,429,000 EARNINGS PER SHARE: 84 cents ASSETS: $25,050,000 DIVIDEND: None DESCRIPTION: Radiation Systems and its two subsidiary companies design, manufacture and market high-technology antenna products for the military, air traffic control and satellite communications markets. The company markets a complete line of antenna products, opting to match antennas with existing communications systems rather than building complete communication installations. The company is divided into three divisions. Radiation Systems Inc. serves the military markets in the United States and foreign countries and air traffic control markets worldwide. Universal Antennas Inc. serves the common carrier/private network segment of international markets and Sat Com Technologies caters to the U.S. government and domestic broadcasters. FOUNDED: 1960 TOP EXECUTIVE: Richard E. Thomas, president EMPLOYES: 200 DEVELOPMENTS: Radiation Systems' sales increased 55 percent in 1982 to $15.3 million from $9.9 million in 1981. Net income rose 106 percent from $1.18 million (56 cents per share) in 1981 to $2.43erves the million (84 cents) in 1982. The company credits the higher rate of earnings to an increase in investment income net after taxes from $220,000 in 1981 to $773,000 in 1982, and to increased earnings before income taxes as a percentage of sales. The company received an order from the Federal Aviation Administration of $8.7 million in 1982 for its Planar Array air traffic control antennas and expects an additional order of $2.7 million for 40 more antennas in early fiscal 1983. Sales of satellite earth station antennas were up 52 percent last year totalling $7 million compared to $4.6 million in 1981. Military orders increased 16 percent from $4.5 million to $5.2 million "mainly because of slow start in defense spending," the company said in its 1982 annual report. The company had a backlog of unfilled orders of $16.2 million as of June 30, 1982. Computer Entry Systems Corp. 2141 Industrial Parkway Silver Spring, Md. 20904 REVENUE: $15.0 million PROFITS: $907,000 EARNINGS PER SHARE: 23 cents ASSETS: $13.7 million DIVIDEND: None DESCRIPTION: Computer Entry Systems designs, develops, manufactures, markets and services microprocessor-based, electromechanical optical character reading equipment. FOUNDED: 1969 TOP EXECUTIVE: Brian T. Cunningham, president EMPLOYES: 130 DEVELOPMENTS: In 1982, Computer Entry Systems acquired Amer-O-Matic Corp., based in Birmingham, Ala., in a stock swap involving 600,000 Computer Entry shares. AOM makes and markets equipment similar to Computer Entry and had revenues of $8 million last year. Since the merger, Computer Entry is phasing out AOM's Birmingham manufacturing facility and expanding its Silver Spring plant. The company has also agreed in principle to acquire Macroscan Systems, Ltd., its distributor in the United Kingdom, to expand its sales through Europe. Macroscan generated revenue in 1982 of $1.4 million, all of which were accounted for by sale of the company's products.
Weinschel Engineering Co. Inc. 1 Weinschel Lane Gaithersburg, Md. 20877 REVENUE: $14.7 million PROFITS: $496,723 EARNINGS PER SHARE: 81 cents ASSETS: $13.4 million DIVIDEND: None DESCRIPTION: The company is engaged in the design and manufacture of microwave components and test and calibration instruments, which are sold in the United States and throughout the world. Its classes of similar products, consisting of catalog and special order products, are microwave coaxial devices, calibrators and sweep oscillators. The company's products are sold primarily to the communications, aerospace and electronics industries, research and development and standards laboratories, and various government agencies. FOUNDED: 1952 TOP EXECUTIVE: Bruno O. Weinschel, president EMPLOYES: 310 DEVELOPMENTS: Increased sales came from new products and selected price increases, Weinschel said. The company reduced its cost of goods sold in 1982 to 51.4 percent of net sales, down from 52.6 percent in 1981, a savings of $869,285. The decrease was primarily due to a reduction in the percentage of manufacturing overhead as one of the elements of total cost of goods sold. Selling, general and administrative expenses rose to $4.1 million, or 27.9 percent of net sales in 1982, up from $3.7 million, or 26.2 percent of net sales in 1981. The company said the rise was due to increases in salaries, advertising, commissions and travel. Interest expense fell $207,038 in 1982 as a result of a reduction in the average amount of funds borrowed and in the average rate of interest paid.
Bowles Fluidics Corp. 9329 Fraser Ave. Silver Spring, Md. 20910 REVENUE: $4,167 million PROFITS: $257,207 EARNINGS PER SHARE: 5 cents ASSETS: $1.8 million DIVIDEND: None DESCRIPTION: Bowles Fluidics makes consumer products such as Aqua-Massage shower nozzle, windshield washer nozzles and tooling for automotive customers. The fiscal year ends Oct. 30. FOUNDED: 1961 TOP EXECUTIVES: William Ewing Jr., chairman; Julian Lazrus, president EMPLOYES: 70 DEVELOPMENTS: Sales for the company's shower massage nozzle were down 32 percent, in a retail market almost dominated by the Water-Pik division of Teledyne, and its tooling division saw a 50 percent drop in sales. But sales for its windshield wiper nozzles rose 22 percent to $3.5 million. The nozzles are included on almost all models of General Motors and Ford cars. Overall, the company's sales remained flat, although net profits quadrupled over the year before. The company said that deliveries of its windshield washer nozzles in fiscal year 1983 should exceed $4 million, based on auto industry projections.
Isomet Corp. 5263 Port Royal Road Springfield, Va. 22151 REVENUE: $4.165 million PROFITS: $453,000 EARNINGS PER SHARE: 29 cents ASSETS: $4.1 million DIVIDEND: None DESCRIPTION: Isomet designs and manufactures products that control lasers by acousto-optics, a technology that uses ultrasonic signals that are capable of diffracting beams of light, the type created by a laser. Some of its produts include a laser printer and color separation systems used in developing film. FOUNDED: 1956 TOP EXECUTIVE: Henry Zenzie, president EMPLOYES: 60 DEVELOPMENTS: Isomet revenues decreased by 4 percent in 1982 compared to 1981 as a result of slow demand in domestic commercial markets, although 60 percent of the company's 1982 sales were from Japan. While orders remained about the same for 1981 and 1982, backlog stood at $2.3 million last year, compared to the end of 1981. Export markets, particularly Japan, accounted for 65 percent of the new orders. The company is completing construction of a facility in Tokyo under a joint venture with Marubun Corp., its Japanese trading partner. The operation will provide technical assistance and service of acousto-optic devices to its Japanese clients. The company also established Isomet Laser Systems Ltd. in South Wales this year to design and develop laser systems.