Geico Corp. reported yesterday that operating earnings for the first nine months this year were off 22 percent, but net income rose 18 percent, reflecting a substantial increase in capital gains.
Geico's third-quarter net income climbed to $40.3 million ($2.19 a share) on operating earnings of $17.4 million, from $31.1 million ($1.61) on operating earnings of $25.2 million during the same period last year.
Geico Chairman Bill Snyder said the company's third-quarter results were affected adversely by two storms, Elena and Gloria.
The D.C.-based company's principal subsidiary is Government Employees Insurance Co., which writes preferred-risk coverage on automobiles and homes. Through its subsidiaries, the company also writes standard-risk and nonstandard risk auto insurance, life insurance and reinsurance.
The company's nine-month net income rose to $108.7 million ($5.84) from $98.1 million ($4.94) a year earlier.
*Computer Network Corp. (Comnet), which provides a range of computer services primarily to federal agencies, reported second-quarter net earnings of $111,000 (5 cents a share) compared with a loss of $545,000 (28 cents) for the same period last year.
Revenue for the quarter rose to $9.1 million from $4.3 million during the second quarter of 1984.
For the first six months, Comnet earned $163,000 (7 cents) on sales of $17.8 million compared with a loss of $1.1 million (56 cents) on sales of $6.1 million for the first six months the previous year.
*Washington Real Estate Investment Trust reported that its third-quarter net income rose to $4.6 million (58 cents a share) from $2.2 million (27 cents) during the same period last year.
Washington REIT is a self-administered trust fund whose properties include five residential buildings, seven shopping centers and four office buildings, mostly in the Washington metropolitan area.
Nine-month net income jumped to $9 million ($1.13) from $6.2 million (77 cents) a year ago.
*International Bank of Washington reported a third-quarter loss of $7.57 million (1.78) compared with net income of $2.4 million (40 cents) during the same period last year.
International Bank is a European-style merchant bank with interests in light and heavy industrials, packaging-machinery systems, life and property/casualty insurance, real estate and offshore banking.
For the nine months, the bank reported a loss of $3.2 million ($1.06) compared with a loss of $5.4 million ($1.53) during the same period the previous year.
George Olmsted, chairman and chief executive officer, said that the property/casualty insurance group reported a loss of $12.7 million for the nine months commpared with a loss of $11 million during the same period of 1984.