Giant Food Inc. yesterday reported higher profits and sales results, based on unaudited figures for the first quarter.
The Landover-based food chain said net income for the 12-week period ended May 18 was $12.6 million (42 cents a share), compared with $11.7 million (40 cents) earned in the comparable period last year. Sales rose 5.6 percent, from $480.6 million to $507.4 million.
Giant said the 7.4 percent increase in net income was achieved on the basis of volume increases, improvements in its merchandising mix and a lower effective tax rate. Results reported at the end of last year's first quarter were attributed, in part, to the departure of the Grand Union chain.
Giant, which operates 133 supermarkets in the Washington-Baltimore region, holds more than a 42 percent share of the metropolitan Washington market.
* PHH Group Inc. reported profits of $40.8 million ($2.56 a share) for the year ended April 30, up 12 percent from earnings of $36.4 million ($2.30) the year before.
The company, based in Hunt Valley, Md., said its annual revenue increased to $700 million from $531 million in the prior year.
For the fourth quarter, PHH Group reported earnings of $10.9 million (68 cents), up 16 percent from $9.6 million (61 cents) in the same period of the previous year. Quarterly revenue increased to $213 million from $139.9 million.
PHH Group provides cost-control management services, including corporate relocation assistance, vehicle and aircraft fleet leasing and expense management programs.
* Universal Security Instruments Inc. reported a loss of $811,003 (21 cents) for the fiscal year ended March 31, compared with a loss of $921,575 (28 cents) the year before. Annual revenue increased to $11.5 million from $9.4 million the year before.
However, the company, based in Owings Mills, Md., reported a fourth-quarter profit of $23,145 (1 cent) compared with a loss of $363,587 (9 cents) in the same period of the prior year. Quarterly revenue increased to $3.1 million from $2.1 million the year before.
Universal Security manufactures and markets video products, telephones and home security devices.