36: HAZLETON LABORATORIES CORP. 9200 Leesburg Turnpike Vienna, Va. 22180

REVENUE: $69 million LOSS: $333,000 LOSS PER SHARE: 8 cents DIVIDEND: 32 cents ASSETS: $79.2 million STOCKHOLDERS' EQUITY: $50.4 million RETURN ON EQUITY: NA EXCHANGE: NYSE EMPLOYES: 1,580 TOP EXECUTIVES: Kirby L. Cramer, chairman and chief executive; Donald P. Nielsen, president FOUNDED: 1968

DESCRIPTION: Hazleton provides biological and chemical research services for research institutes and manufacturers of pharmaceuticals, chemicals, food and cosmetics. It also manufactures laboratory and medical products and is a major supplier of research animals.

DEVELOPMENTS: Profits from operations in the second half of the year outweighed operating losses in the first half, but Hazleton's decision to dispose of its Kirschner Medical orthopedic subsidiary dragged down the results for a net loss at year's end. Before including Kirschner as a discontinued operation, the company reported profits of $475,000, or 11 cents per share, for the year ended June 30, 1984. Hazleton is looking for a buyer or a strategy for making Kirschner a separate, publicly owned company.

Poor results in the first half of fiscal 1984 led to a decision in December 1983 to cut costs and improve operating efficiencies in a variety of ways. Four leased facilities have been closed and the former corporate office site was put up for sale. Hazleton also created a new subsidiary, Hazleton Biotechnologies Corp., to specialize in immunodiagnostics and hybridoma technology, and in August it entered into a joint venture with a Buffalo company to develop and market tests for two human proteins related to cancer and human immune response.

Hazleton says it is now a "leaner, more focused organization," and that statement seems to be reflected in its results for the first half of fiscal 1985. For the two quarters ended Dec. 31, Hazleton reported net income on continuing operations of $1.2 million (29 cents), compared with a loss of $423,000 (10 cents) for the comparable 1984 period. Sales for the first half were up 5.6 percent, to $35.8 million. 37: B. F. SAUL REAL ESTATE INVESTMENT TRUST 8401 Connecticut Ave. Chevy Chase, Md. 20815

REVENUE: $67.9 million LOSS: $5.1 million LOSS PER SHARE: 87 cents DIVIDEND: 20 cents ASSETS: $ 306.7 million STOCKHOLDERS' EQUITY: $27.9 million RETURN ON EQUITY: NA EXCHANGE: NYSE EMPLOYES: 1,750 TOP EXECUTIVE: B. Francis Saul II, chairman FOUNDED: 1962

DESCRIPTION: B. F. Saul REIT buys and develops commercial and residential properties, hotels and shopping centers. It channels much of its property management and mortgage financing business to the privately held B. F. Saul Cos. The B. F. Saul Advisory Co. acts as the trust's investment adviser and handles its daily management, financial, legal and administrative interests. Franklin Property Co. leases and manages most of the trust's income-producing properties.

DEVELOPMENTS: After turning a $8.2 million profit in 1983, B. F. Saul REIT found itself absorbing a $5.1 million loss last year that it blamed on increased interest and debt expenses. The loss included one $843,000 expense to refinance some of its mortgages. The company said its cash flow from operations for the fiscal year ended Sept. 30, 1984, rose to $2.5 million from $335,000. The largest gain was made by its hotel portfolio, whose increased cash flow was attributed to the 274-room Howard Johnson's Crystal City hotel acquired in November 1983. 38: PENRIL CORP. 5520 Randolph Rd. Rockville, Md. 20852

REVENUE: $65.7 million PROFITS: $2.5 million EARNINGS PER SHARE: $1.18 DIVIDEND: 20 cents ASSETS: $63 million STOCKHOLDERS' EQUITY: $22.8 million RETURN ON EQUITY: 11.5 percent EXCHANGE: Amex EMPLOYES: 1,250 TOP EXECUTIVES: Alva T. Bonda, chairman; Kenneth M. Miller, president and chief executive officer FOUNDED: 1968

DESCRIPTION: Penril Corp. is a diversified electronics company that designs, develops, markets and manufactures data communications equipment, electronic test and measurment devices, and audio systems for homes and automobiles.

DEVELOPMENTS: Last month, Penril acquired Alltest Inc. of Palatine, Ill., for $3 million. The new subsidiary makes computerized test equipment for diagnosing problems in automobiles.

The purchase was in keeping with Penril's overall strategy of growth through acquisitions. The company has bought 14 companies in the last 12 years, and these acquisitions have enabled it to post 47 consecutive profitable quarters. For the year ended July 31, 1984, revenue was up 70 percent over 1983 and net income was up 71 percent. For the first six months of the current fiscal year, sales were 51 percent ahead of year-earlier levels, while profits were up 47 percent.

However, company management is concerned about the ambiguous nature of Penril's electronic holdings. Company President Miller pointed out that, unlike many other electronics companies, Penril sells its products both to consumers and to industry. This makes it difficult for potential investors to evaluate Penril's market position, Miller said, and explains the company's fairly low price/earnings ratio of 9; many other high-tech electronics companies have P/Es of 12 or more.

The company also indicated that a future stock offering is "a likely scenario" because Penril hopes to make another significant acquisition before the end of 1985. 39: C3 INC. 11425 Isaac Newton Square South Reston, Va. 22090

REVENUE: $61.1 million PROFITS: $4.3 million EARNINGS PER SHARE: 47 cents DIVIDEND: None ASSETS: $90.7 million STOCKHOLDERS' EQUITY: $70.6 million RETURN ON EQUITY: 6.1 percent EXCHANGE: NYSE EMPLOYES: 500 TOP EXECUTIVE: John Ballenger, president FOUNDED: 1968

DESCRIPTION: C3's name stands for computers, communications and control, and that's what the company supplies to its customers, which are mainly federal agencies. C3 assembles electronic systems from other companies' products and helps maintain the equipment.

DEVELOPMENTS: C3's years of steady growth seemed to top out in fiscal 1984; and while results for the first nine months of fiscal 1985 indicate an increase in revenue, the company's earnings continue to trail previous levels. Through the nine months ended Dec. 31, C3 had earned $3.4 million on revenue of $53.6 million, compared with a $4.7 million profit on $45.9 million in revenue for the same period a year earlier.

Nagging legal problems are to blame for part of the slowdown. In fiscal 1984, C3 was suspended briefly from government work for the second time in two years in a dispute over its performance on a government contract. Although the suspension was lifted, fallout from the action appeared to slow the company's acquisition of new government work. In addition, a federal grand jury in Alexandria is pondering evidence against C3 related to the earlier contract dispute.

On the positive side, C3 won a number of new government contracts in 1984, the biggest of which was a March 1984 agreement for $70 million over 10 years to supply computer equipment to the Navy. % VIE DE FRANCE CORP. 8133 Leesburg Pike Vienna, Va. 22180

REVENUE: $55.2 million PROFITS: $5.9 million EARNINGS PER SHARE: 58 cents DIVIDEND: 26 cents ASSETS: $33.7 million STOCKHOLDERS' EQUITY: $25.2 million RETURN ON EQUITY: 32 percent EXCHANGE: OTC EMPLOYES: 1,250 TOP EXECUTIVES: Jean-Louis Vilgrain, chairman and chief executive officer; Lloyd J. Faul, president and chief operating officer FOUNDED: 1972

DESCRIPTION: Vie de France is a specialty baking and restaurant company with a wholesale division that produces premium-priced fresh French bread, croissants and related products, plus recently introduced rolls and gourmet cookies. The company's products are sold in its retail locations in 17 metropolitan areas, as well as in its 67 franchised in-store bakeries. Its baked goods are available frozen in other areas. The company also sells some of its products in frozen-dough form. Vie de France owns and operates 32 retail bakeries, 25 of which include restaurants. DEVELOPMENTS: Sales for the year ended June 30, 1984, were up 28 percent and earnings were up 35 percent over fiscal 1983. For the past five years, sales and profits have increased at a compound annual rate of 53 percent and 72 percent, respectively. Net income for the second quarter of fiscal 1985, ended Dec. 15, increased about 34 percent to $1.58 million (15 cents), compared with $1.19 million (12 cents) in the year-earlier period. Second-quarter sales rose about 26 percent to $15.5 million, from $12.3 million in the fiscal 1984 period.

Company officials attributed the gains to expanded sales of croissants to restaurant chains, continued growth of the firm's in-store bakery program and sales of frozen croissants in supermarkets. Last May, Vie de France introduced a line of five frozen baked croissants for retail sale. After an initial market test in the Washington-Baltimore area, the company expanded distribution to the Chicago and Southern California markets.