Net income of CACI Inc. for the nine months ended March 31 was incorrectly reported yesterday. CACI's net nearly quadrupled to $2 million (21 cents a share) from $521,658 (6 cents) for the first three quarters of the previous year.
Washington Gas Light said yesterday its first-quarter earnings rose 6 percent, despite a decline in revenue, as a result of cost controls and lower interest costs.
Meanwhile, CACI Inc. reported a $770,677 profit in its third quarter after a loss of about the same size a year ago, while Dynalectron Corp. reported relatively flat first-quarter earnings and Crown Central Petroleum Corp. said it lost money in the first quarter on a sharp decline in revenues.
First American Bank of Virginia and Union Trust Bancorp each reported higher quarterly income.
Washington Gas, which had no rate increases go into effect during the first quarter, said it earned $33.1 million ($2.01 a share), up from $31.2 million ($1.94) a year earlier. Revenue fell 6 percent to $345.5 million from $366.2 million.
Over the 12 months ended March 31, Washington Gas said it earned $42.7 million ($2.54) on revenues of $780.2 million, compared to earnings of $37.4 million ($2.53) on revenue of $859.7 million a year earlier.
CACI, an Arlington-based professional services firm, said its reversal in third-quarter fortunes came despite a slight decline in revenue to $25 million from $26 million. It earned 8 cents a share in the quarter, and attributed the improved earnings results to continued corporate streamlining efforts, while the revenue decline stemmed largely from the effects of currency changes on its foreign operations and the costs of closing down unprofitable operations.
In the nine months ended March 31, CACI said its revenue nearly quadrupled, to $2 million (21 cents) from $521,658 (6 cents) a year ago despite an 11 percent drop in revenues to $74 million from $83.1 million.
Dynalectron, a McLean-based electrical-contracting and services company, said it earned $498,000 (5 cents per share) in the quarter ended March 28, up 1 percent from its year-ago earnings of $493,000 (4 cents). Revenue increased 5 percent to $146.7 million fom $139.4 million.
The company said the fairly flat first-quarter performance was typical of the company's first-quarter results.
Crown Central said its loss of $7.5 million in the first quarter was the result of poor profit margins on its oil and gas products. The company lost $4.7 million in the quarter a year ago. The Baltimore-based refining company said reduced levels of operation for its refineries in the quarter reduced revenues during the period by 21 percent to $297.7 million from $377.7 million.
First American of Virginia said it earned $4.6 million in the first quarter, up 9 percent from $4.2 million a year earlier. The bank, part of the First American holding company that also includes banks in Washington, Maryland and New York, said its assets totalled slightly more than $2 billion at the end of the quarter, up 10 percent from the year before's level of $1.8 billion. Total deposits increased 12 percent to $1.8 billion from $1.6 billion.
Union Trust Bancorp, the Baltimore holding company, reported first quarter profits of $5.7 million ($2.29), a 24 percent gain compared with earnings of $4.6 million ($1.86) in the first quarter of last year.
Total assets increased to $2 billion by March 31, compared with $1.7 billion at the same time in 1984.