Flow General Inc. reported a net loss of $1.35 million (17 cents a share) for the quarter ending Dec. 31, 1982. The figure was printed incorrectly in last week's Washington Business. For the quarter ended March 31, 1983, the company reported a net loss of $2.8 million (34 cents) compared to second quarter profits of the previous year of $389,000 (5 cents). For the first nine months of this fiscal year, the company's net loss is $4.4 million, compared to profits of $5.1 million (61 cents) for the same period of last year. These are Flow's latest figures.
Flow General Inc. said Chairman Grant C. Ehrlich has been elected permanent chief executive officer and William J. Bailey and Retired Army Lt. Gen. George M. Seignious II have been elected to the board of directors.
Ehrlich was named Flow General's chairman of the board and acting chief executive officer in March 1983 to replace both president and chief executive officer Joseph E. Hall, who resigned amid controversy over his leadership, and retiring chairman Thomas E. Bazemore.
The McLean-based high-tech company said the actions were taken at a regularly scheduled meeting of Flow's board Friday in order to provide continuity and further stability to the company's management.
Ehrlich said his appointment "confirms that the board of directors fully support the actions thus far taken and the plans we have announced to bring Flow General back to profitability and the full realization of our vast potential."
The company reported a net loss of $135 million (17 cents a share) for the quarter ending Dec. 31, 1982--the company's latest reporting period and its third consecutive quarter in the red. By comparison, Flow General had profits of $2.35 million (28 cents) in the same quarter of 1981.
Bailey is a retired vice chairman of the Carrier Corp. He also currently serves on the board of Varco International.
Seignious was a former director of the U.S. Arms Control and Disarmament Agency, served as a member of the U.S. delegation to the SALT talks and was appointed by President Reagan as a member of the U.S. delegation to arms control negotiations.