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
Giant Food Inc. 6300 Sheriff Rd. Landover, Md. REVENUE: $1.85 billion PROFITS: $37.2 million EARNINGS PER SHARE: $2.53 ASSETS: $451 million DIVIDEND: 48 cents DESCRIPTION: Giant is a leading regional supermarket chain and the largest in the Washington area. Of the company's 131 supermarkets, 91 are in metropolitan Washington. Giant also operates pharmacies in 69 of its supermarkets; 33 Pants Corral stores specializing in Levi's product lines; six garden stores; a service station, and a specialty gourmet store. In addition to its distribution facilities at Landover, Giant also operates Heidi Bakery in Silver Spring, and semi-automated dry groceries and frozen food warehouses and an ice cream plant in Jessup. FOUNDED: 1935 TOP EXECUTIVE: Israel Cohen, chairman, president and chief executive officer EMPLOYES: 15,305 DEVELOPMENTS: Giant recently reported that profits more than doubled in the fiscal year ended Feb. 26. Earnings, which were 2.01 percent of sales, were twice the industry standard. Already the leading supermarket chain in the Washington area, Giant plans to spend at least $50 million in fiscal year 1984 for new stores, remodeling and other capital improvements. At least 11 stores will be remodeled this year. Last year, the company opened three new prototype (46,750 square feet) combination food-pharmacies. With pharmacies in all of its new stores, Giant operates the fourth largest drug chain in metropolitan Washington. Aggressive marketing and promotional programs have been the hallmark of Giant's success. Recent innovations include the addition of an oven-ready pizza carryout in all deli departments and a salad bar, soon to be in all stores. Late last year, Giant opened its first gourmet store in McLean and its first free-standing pharmacy in Bethesda. A leader in the development of technology for food chains, Giant is actively pursuing the development of an automated teller machine and point-of-sale electronic funds transfer system. When completed, the system will give Giant customers access to their accounts at all banks in the region. Peoples Drug Stores Inc. 6315 Bren Mar Drive Alexandria, Va. 22312 REVENUE: $688.4 million PROFITS: $10.4 million EARNINGS PER SHARE: $2.09 ASSETS: $200.4 million DIVIDEND: 36 cents DESCRIPTION: Peoples runs 554 drug stores in the Midwest, Northeast and Southeast. The firm, which also operates under Haag, Lane, Reed, Lee, Star and Mill names, increased its sales by 88 percent and profits by 130 percent over the five years that followed the merger with Lane. Two years ago, Peoples entered the home health care market by opening a home-care equipment store in Washington. The chain plans to open similar centers in its other areas of operation. Peoples has also opened optical and dental centers in some of its stores. Recently, the firm has opened convenience food departments in 35 of its stores. FOUNDED: 1904 TOP EXECUTIVES: Adrian C. Israel, chairman; Sheldon W. Fantle, president and chief executive EMPLOYES: 11,649 DEVELOPMENTS: Peoples's management calls fiscal 1982 the chain's best year ever. The firm's sales increased by 8 percent and profits rose by 11 percent. The company also ended its fiscal 1982 with 27 more stores than it had at its start. Peoples is committed to adding about 50 new stores next year and is looking for other drug store chains to acquire. Kay Corp. 320 King St. Alexandria, Va. 22314 REVENUE: $613.2 million PROFITS: $3.8 million EARNINGS PER SHARE: $1.06 ASSETS: $262.0 million DIVIDEND: 5 cents DESCRIPTION: An international trading company that also operates jewelry stores under the names Kay Jewelers, Black, Starr & Frost, Ltd. and that leases jewelry operations in major department stores. The company imports raw agriculturial commodities including coffee, rubber, food products and industrial fasteners through its commodity trading company, Balfour, Maclaine International Ltd. It also exports finished goods, certain chemicals and commodities produced in the United States and acts as a commodities broker. FOUNDED: 1912 TOP EXECUTIVE: Anthonie C. van Ekris, president. EMPLOYES: 3,653 DEVELOPMENTS: Rebounding from a $7.7 million net loss in 1981, Kay moved back into the black through a number of measures. The company continued to streamline one of its subsidiaries, PVO International Inc., and last December sold an oil-processing plant in California, resulting in a net after-tax profit of $3.6 million. Balfour, Maclaine sharply curtailed or completely eliminated commodities trading in lumber, spices, frozen meats and textiles to reduce the risk of loss. The company halted the expansion of its jewelry operations last year, but the retail potential of the 140 jewelry stores it opened from 1979 to 1981 is expected to be realized if the economy continues to improve. The company's computer-based commodity fund operation, TAPMAN, was named trading adviser to two commodity futures funds sponsored by Prudential-Bache Securities Inc. and Dean Witter Reynolds Inc., placing more than $50 million under its direction. Woodward & Lothrop Inc. 11th and F Streets NW Washington, D.C. 20013 REVENUE: $357.5 million PROFITS: $10.8 million EARNINGS PER SHARE: $4.39 ASSETS: $287.1 million DIVIDEND: $1.80 DESCRIPTION: Woodward & Lothrop, with 16 department stores and a warehouse sales center, is Washington's largest local general merchandise retailer. The company ranks second in local nonfood sales to Sears, Roebuck & Co. FOUNDED: 1880 TOP EXECUTIVES: Edwin K. Hoffman, chairman; David P. Mullen, president and chief operating officer EMPLOYES: 8,000 DEVELOPMENTS: Woodies saw its total sales increase about 7 percent last year and its net income go up by about 6 percent, a solid showing for what some retailers say is one of the worst years in recent memory. The store's earnings rebounded during the fourth quarter because of strong Christmas sales and sales have continued to climb during the first three months of this year, according to Vice Chairman Robert Mulligan. Woodies is in the process of developing the $200 million commercial project on property it owns across from its downtown store, where Mulligan says some construction should start by early next year. Plans to develop a hotel-office complex on property the chain owns adjacent to its Chevy Chase store are also in the works. Dart Drug Corp. 3301 Pennsy Drive Landover, Md. REVENUE: $291.8 million PROFITS: $9.1 million EARNINGS PER SHARE: $4.94 ASSETS: $118.8 million DIVIDEND: 33 1/3 cents DESCRIPTION: Dart Drug Corp. operates the third-largest retail drug chain in metropolitan Washington. The company also operates combination drug store-home improvement centers in the District, Maryland and Virginia as well as a group of discount drug stores called Total Plus. Besides the drug chain, Dart's principal subsidiaries are Crown Books and Crown Books West. FOUNDED: 1954 TOP EXECUTIVES: Herbert H. Haft, chairman; Robert M. Haft, president EMPLOYES: 5,000 DEVELOPMENTS: Dart's growth over the past couple of years has been fueled primarily by sales from its two non-drug chain subsidiairies, Trak Auto and Crown Books. Trak Auto, which was spun off last week as a separate public company, accounted for $45.8 million of Dart's sales and $4 million of its profits last year (those amounts are included in Dart's 1982 results). Dart's announcement in February of plans to take Trak Auto public triggered a flurry of interest in the parent company's stock, pushing it recently to record levels. Dart still ow Pennsy Drive Landover, Md. 20785 REVENUE: $241.3 million PROFITS: $11.7 million EARNINGS PER SHARE: 85 cents ASSETS: $135.4 million DIVIDEND: 12 cents DESCRIPTION: Hechinger operates 35 retail hardware stores in D.C., Maryland, Virginia, North Carolina and Pennsylvania. Fiscal year ends Jan. 29. FOUNDED: 1911 TOP EXECUTIVES: John W. Hechinger, president; Richard England, chairman EMPLOYES: 4,000 DEVELOPMENTS: Hechinger's sales were up 15 percent and its earnings 37 percent in 1982, although the results benefited from LIFO (last-in-first out) accounting that adjusted for inventories. In March, the chain opened its first store in North Carolina, the first move in a 14-store expansion planned for the next two years in North Carolina, Washington, Baltimore and Philadelphia. The net proceeds of the $13.4 million sale of 600,000 shares offered by the company in February will go to finance the expansion. If the new stores match the $7 million yearly average of existing Hechinger units in annual sales, they will add nearly $98 million a year to the chain's sales. W. Bell & Co. Inc. 12401 Twinbrook Parkway Rockville, Md. 20852 REVENUE: $134.6 million PROFITS: $1.4 million EARNINGS PER SHARE: 76 cents ASSETS: $47.2 million DIVIDEND: None DESCRIPTION: A catalog-showroom retailer of jewelry and gifts with 18 showrooms in the Washington, Baltimore, Houston and Chicago metropolitan areas. FOUNDED: 1951 TOP EXECUTIVE: Walter Bell, president and chairman EMPLOYES: 1,200 DEVELOPMENTS: Though sales increased 25 percent in 1982 to $134 million, net profits for the year dropped more than 41 percent, to $1.4 million, from $2.4 million a year earlier. "The decrease in profits was due principally to the adverse economic conditions . . . that made it necessary to engage in more expensive promotions in order to realize the sales," the company said in its annual report. Three new showrooms were opened last year in Chicago, Washington, and Houston and a modernization project was completed at another showroom in Houston. The company plans to continue "a vigorous expansion program" and is exploring new markets on the basis of their ability to suppport multiple showrooms and warehouses. Through the first half of fiscal 1983, the company reported sales were down 9 percent for the comparable June-December period in fiscal 1982. Net earnings rose 3 percent to $1.6 million compared to $1.5 million for the same period in fiscal 1982. The increase in earnings is attributed to an increase in gross margin due to a lower level of sales promotions and to vigorous cost reduction. Solon Automated Services Inc. 115 L St. SE Washington, D.C. 20003 REVENUE: $97.6 million PROFITS: $7.6 million EARNINGS PER SHARE: $2.62 ASSETS: $87 million DIVIDEND: 16 cents DESCRIPTION: Solon Automated Services operates laundry machines in apartment buildings, hospitals, mobile home parks, hotels and military bases. In addition to installing and servicing machines, Solon owns International Dryer, a producer of commercial clothes dryers, and operates Sugar Bush Valley ski resort in the Green Mountain National Forest in Vermont. FOUNDED: 1948 TOP EXECUTIVES: S. Solon Cohen, chairman of the board; M. Roy Cohen, president and chief executive officer EMPLOYES: 1,000 DEVELOPMENTS: In 1982, Solon's revenues increased 14 percent to $97.6 million and profits rose 20 percent to $7.6 million over 1981. Though construction of multifamily dwellings where Solon installs its laundry equipment was hurt by the economic slowdown, the firm was able to install more than 7,000 laundry machines last year. Solon also tightened its belt a notch when it reduced the number of machines in some locations. Solon's International Dryer subsidiary introduced a new product -- the Variflame fast-drying, energy-saving -- which management said helped increase the firm's shipments of dryers by 16 percent over the previous year. Solon's ski resort also did well last year, producing $8.2 million in revenue--a $2 million increase over the previous year, attributable to good skiing weather. Trak Auto Corp. 3301 Pennsy Drive Landover, Md. REVENUE: $45.8 million PROFITS: $4 million EARNINGS PER SHARE: $1.02 ASSETS: $7.8 million DIVIDEND: 68 cents DESCRIPTION: Trak Auto is the nation's first automotive parts and accessories supermarket chain. The company operates 41 stores in metropolitan Washington, seven in Richmond and 10 in the Los Angeles area. The stores offer a wide range of brand-name products for the do-it-yourself market, generally at prices ranging from 35 percent to 51 percent below manufacturers' suggested retail prices. FOUNDED: 1979 TOP EXECUTIVES: Herbert H. Haft, chairman; Ben S. Kovalsky, president EMPLOYES: N/A DEVELOPMENTS: Trak Auto began as a subsidiary of Dart Drug Corp. but became the area's newest publicly traded corporation last week when it sold shares for the first time. Shares were issued at $22 as the public offering began last Tuesday, but by the end of the day the stock was quoted at 33 1/2 bid, 33 1/2 asked in over-the-counter trading. The offering of 1.85 million shares of Trak stock raised $40.7 million for the company. Proceeds from the offering will be used to finance a major expansion program that will increase the number of Trak Auto stores in metropolitan Washington to 65. Through a joint venture with Thrifty Corp., the company plans to open 150 stores in metropolitan Los Angeles and several in San Diego and Phoenix. Plans are also being made to open at least 75 stores in southern Florida. Trak's rapid growth in only four years generated revenues strong enough to make it the principal contributor to Dart Drug Corp.'s earnings in the past two fiscal years. Schwartz Brothers Inc. 4901 Forbes Blvd. Lanham, Md. 20801 REVENUE: $45.4 million PROFITS: $197,248 EARNINGS PER SHARE: 25 cents ASSETS: $21.2 million DIVIDEND: None DESCRIPTION: Schwartz Brothers principally wholesales and retails phonographic records, prerecorded and blank tapes, videotapes and related accessories. Wholesale operations are conducted by Schwartz and its wholly owned subsidary, District Records Inc. Retail operations, which are conducted through 25 Harmony Hut stores in the Washington-Baltimore region, involve sales of records, tapes, video accessories, musical instruments and related accessories. The company also has a wholesale video distributorship, called SBI Video, of more than 800 outlets in the Middle Atlantic region. Fiscal year ends Jan. 31. FOUNDED: 1946 TOP EXECUTIVES: Stuart Schwartz, chairman of the board; James Schwartz, president EMPLOYES: 600 DEVELOPMENTS: Net sales rose 27 percent for the 1982 fiscal year to $45.3 million, up from $35.6 million in 1981. Net income rose to $197,248 in 1982, up from $2,205 in 1981. The sustained increase in the sale of prerecorded video cassettes and related products contributed to 50 percent of the overall sales improvement. Video merchandise is distributed through SBI Video, a new division created in the latter part of fiscal 1981. The opening of two new retail stores, one of which is an experimental store emphasizing a more "contemporary product line," accounted for 17 percent of the increased sales. Early in fiscal 1982, the company received wholesale distribution rights to Arista, Fantasy and several other record labels for North Carolina and South Carolina and also added Atari and Intellivision to its video line. Total net income was reduced when a supplier filed for bankruptcy, resulting in a write-off of $354,166 for Schwartz Brothers, primarily from merchandise that Schwartz had returned to the supplier and for which payment was not received.