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
Pargas Inc. Old Washington Drive Waldorf, Md. 20601 REVENUE: $271.1 million PROFITS: $12.4 million EARNINGS PER SHARE: $2.97 ASSETS: $163 million DIVIDEND: $1.24 DESCRIPTION: Pargas is a liquefied petroleum gas distributor with a coal mining subsidiary, River Proccesing Inc., in Kentucky and a Houston-based trading firm. FOUNDED: 1936 TOP EXECUTIVE: N.L. Langley, president and chief executive officer EMPLOYES: 2,100 DEVELOPMENTS: Pargas' net income declined by 6 percent in 1982 because of reduced demand for liquefied petroleum gas during the year's mild winter. Income was also affected by a month-and-a-half halt in its coal mining operations, after its major customer, Kentucky Utilities, suffered an equipment breakdown. In March, Pargas announced that it will be acquired by Forstmann Little & Co., an investment firm in New York, which has agreed to buy the company's 4.1 million outstanding shares for $42.25 apiece in cash. The $174.7 million acquisition follows an apparent takeover effort by the Belzberg family of Canada, a group that acquired 9.9 percent of the Pargas stock last year and indicated an interest in taking over the firm, according to filings with the Securities and Exchange Commission. The acquisition must be approved by Pargas shareholders.
Bowl America Inc. 7043 Wimsatt Road Springfield, Va. REVENUE: $16.8 million PROFITS: $1.48 million EARNINGS PER SHARE: $1.11 ASSETS: $13.68 million DIVIDEND: 36 cents DESCRIPTION: Bowl America operated 26 bowling centers with food and beverage services in 1982. Nineteen centers are located in the Washington-Baltimore area. The company also operates three centers in Orlando, Fla.; two in Jacksonville, and two in Richmond. The 26 centers contain a total of 936 lanes. The principal sources of revenue are fees charged for the use of bowling lanes and other facilities and the sale of food and beverage. Fiscal year ends June 27. FOUNDED: 1958 TOP EXECUTIVES: C. Edward Goldberg, chairman; Leslie H. Goldberg, president EMPLOYES: 800 DEVELOPMENTS: Merchandise sales, including those from food and beverage, were approximately 31 percent of total revenues. Fees for bowling lanes and other related services accounted for the remaining 69 percent of revenues. Increases in gross revenue and profit during the past three years resulted from continued expansion and remodeling, volume increases and earnings on investments. Revenues increased 5 percent, 10 percent and 6 percent in 1982, 1981 and 1980 respectively. Earnings per share increased to $1.11 in 1982, up from $1.06 in 1981 and 91 cents in 1980. There was no change in food and merchandise sales in 1982, compared with increases of 9 percent in 1981 and 6 percent in 1980. Food prices did not increase in 1982 and the effective cost of beer was lowered by converting many facilities to draft beer. Receipts on electronic games increased by 227 percent over the past three years, but only 29 percent during 1982. Operating expenses and wages increased by 8 percent in 1982, due primarily to inflation. The company anticipates that heavy promotional activities will provide significant business improvements.
International Bank 1701 Pennsylvania Ave. NW Washington, D.C. 20006 REVENUE: $16.7 million PROFITS: $7.1 million EARNINGS PER SHARE: 56 cents ASSETS: $231.6 million DIVIDEND: 40 cents DESCRIPTION: Not a bank in the usual sense, International Bank is a European-style merchant bank with investments in manufacturing, insurance, finance, shipping, leasing, off-shore banking and various services. IB has in 1982 after experiencing declines the previous two years. Revenue in 1982 slipped to $16.7 million from $17.6 million in 1981 and $20.2 million in 1980. Annual earnings also fell in each of those years. In 1982 net earnings were $7.1 million after allowing for a $3.4 million loss from the sale of Avis Industrial Corp. Earnings in 1981 were $11.6 million, down from $12.2 million in 1980. Factors that had a negative impact on IB's earnings in 1982 were a decline in the sale and leasing of packaging machinery and extremely competitive market conditions combined with increased claim frequency in the property/casualty group. The strong U.S. dollar adversely affected export sale and lease of packaging machinery. IB's interest and other income declined due to a reduction in available investment funds. The company's expenses increased 12 percent due primarily to the liquidation of an off-shore banking subsidiary. The total assets of all the companies partially and fully owned by IB is $2.7 billion.