Flow General Inc. reported a $1.9 million loss (22 cents a share) for the first quarter of its fiscal year. The loss, which the company attributed to the federal government's action that temporarily shut down the company's biomedical products facility, compared with a loss of $7.9 million (94 cents) during the same quarter last year. However, of that amount, $7 million was incurred as a result of the company's sale of a discontinued operation.
Sales for the three months ended Sept. 30 were $33 million, a 3 percent increase over last year's first quarter total of $31.9 million. The bulk of the growth came from the company's applied sciences group, whose revenue increased by 15 percent, from $16.5 million to $19 million. Revenue from the company's biomedical group, on the other hand, declined by 9 percent to $14 million from $15.4 million, because of the government's action, which the company said resulted in a $1.7 million loss for that division. The government shut down the McLean biomedical products facility and seized the products made there, challenging their purity and the company's procedures. The facility was reopened after Flow General reached an agreement with the U.S. Justice Department and the Food and Drug Administration.
Allied Capital Corp. reported nearly a doubling in earnings for the second quarter of its fiscal year. Profits for the quarter, which ended Sept. 30, were $1.2 million (71 cents), up from $626,500 (37 cents) for the same quarter last year.
For the first six months of the fiscal year, the venture-capital company earned $2.9 million ($1.68), up 26 percent from $2.3 million ($1.37) earned during the first half of last year.
United Financial Banking Companies Inc., a bank holding company whose subsidiary is the Business Bank, reported a 53 percent increase in earnings for the three months that ended Sept. 30, from $107,700 (51 cents) to $165,000 (30 cents). Earnings per share were lower because the company issued 345,000 shares late last year.
Earnings for the first nine months of this year grew to $44.5 million ($1) from $24.8 million (93 cents).
Federal Home Loan Mortgage Corp. posted a 69 percent increase in profits for its third quarter, earning $71.5 million, compared with the $42.2 million the company earning for the three months that ended Sept. 30, 1983.
For the nine months, earnings totaled $195.8 million, up 80 percent over last year, when profits were $108.3 million. Because the company's stock is held in trust by the Federal Home Loan Bank System, there is no earnings-per-share figure.