General Defense Corp., which makes tank ammunition for the U.S. Army, said yesterday its sales increased 91 percent in the first quarter, setting a company record.
Sales leaped to $30.7 million from $16.1 million in the 1982 quarter. Profits increased 45 percent to $2.7 million (34 cents) from $1.9 million (23 cents), company officials said.
General Defense, based in Hunt Valley, also makes electromechanical pedestal systems, target systems and turbine parts.
TransTechnology Corp., a manufacturer of aerospace, defense and industrial products in Alexandria, posted annual earnings of $5.8 million ($1.62 a share), compared with $3.7 million ($1.26) in 1982, a 55 percent increase. Revenue increased substantially to $71.7 million from $51 million.
In the final quarter, TransTechnology earned $3.2 million (70 cents) on revenue of $30 million, compared with earnings of $1.4 million (44 cents) on revenue of $16.2 million. There were more shares outstanding during 1983, company officials said.
TransTechnology also announced it will redeem its outstanding 12.5 percent convertible subordinated debentures on June 24 at a price of $1,134.38 cash for each $1,000 of face value. Holders of the debentures also have the option of converting them to common stock or selling them outright for $1,138 each to Smith Barnery, Harris Upham & Co. Smith Barney said it will convert its debentures into common stock and resell the shares to the public.
Solon Automated Services, a supplier of laundry equipment services to apartment buildings, posted record profits for the first half and the latest quarter.
D.C.-based Solon earned $4.6 million ($1.13), compared with $4.4 million ($1.08) in 1982. Revenue increased to $53.4 million from $49.6 million. Per-share figures have been adjusted for a 4-for-3 stock split that was effective Monday.
For the second quarter, Solon had profits of $2.7 million (67 cents), compared with $2.6 million (65 cents). Revenue increased to $28.3 million from $26.3 million.