Computerized Buying Network Inc. of Richmond reported bigger losses and smaller revenue for its third quarter and for the nine months that ended March 31.
The compnay reported a third-quarter net loss of $239,975 (10 cents a share) on revenue of $793,104.
This compares with a loss of $231,066 (12 cents) on revenue of $1.4 million for the same period a year before. The per-share figures reflect an increase in the number of shares of the company's common stock.
For the nine-month period, CBNI reported a net loss of $1 million (41 cents) on revenue of $2.8 million, compared with a loss of $856,890 (43 cents) on revenue of $3.4 million.
CBNI President William T. Hunt attributed the decline in revenue to the company's change in its marketing approach from an in-house direct marketing program to an independent distributorship method.
CBNI operates a computerized-buying service designed to provide products to members at prices below those offered by retailers, discount stores and other vendors.
*Finalco Group Inc. reported third-quarter net income of $72,000 (1 cent a share), an 80 percent drop from $352,000 (7 cents). Revenue declined to $17.2 million from $20.2 million.
For the nine months that ended March 31, the McLean company reported earnings of $2.3 million (41 cents), down 18 percent from $2.8 million (48 cents) the year before. Revenue was virtually flat at $61 million this year and last.
Finalco is an equipment-leasing and brokerage company specializing in the development and remarketing of syndicated equipment-leasing programs.
*Essex Corp. reported a first quarter net loss of $173,798 (14 cents), compared with a loss of $14,720 (1 cent) last year. The Alexandria company said revenue increased to $6.4 million from $5 million.
Essex designs systems that cut down on human error in machine operations. The company is involved in military and space engineering, logistics, training and antiterrorist security programs.
The company blamed the increased losses on problems with both its personnel placement and antiterrorism subsidiaries.
*Classic Corp. reported a third-quarter loss of $268,000 (14 cents), compared with a profit of $199,000 (10 cents) the year before. Revenue decreased to $7.8 million from $9.6 million.
For the nine months that ended March 31, the company reported a loss of $603,000 (31 cents), compared with earnings of $714,000 (37 cents) the year before. Revenue fell to $28.2 million from $29.1 million.
Classic, based in Jessup, Md., is a manufacturer of waterbeds. It blamed the net loss and decline in revenue on lower sales and lower gross margins. Sales volume and prices have been hurt by softness in home furnishings in general, the company said in a statement.
Allied Research Associates Inc., of Severna Park, Md., reported a first-quarter loss of $29,733 (1 cent) compared with net income of $924,503 (23 cents). Revenue dropped to $3.7 million from $9 million the year before.
Allied conducts business through Belgian subsidiary MECAR S.A., a defense manufacturer that makes weapon systems and ammunition.
Allied said the large swings in its quarterly figures are due to its accounting methods; it predicted improved results by the end of the second quarter. The company reports no income or sales until shipments are made to customers. Allied said it has a strong backlog of orders and that its shipping schedule indicates it will have bigger sales and profits by the end of the next quarter.