In yesterday's Business section, an article reporting earnings for Washington-area companies incorrectly identified United Savings Bank of Vienna as United Virginia Savings Bank.
Entre' Computer Centers Inc., which operates a personal-computer retail franchise business, announced net losses of $5.8 million (61 cents a share) for its third quarter that ended May 31, in a major reversal for the fast-growing Vienna firm. The company earned $1.9 million (20 cents) in the same period of fiscal 1985.
The resulting net losses for the first nine months of the year totaled $3.4 million (36 cents) compared with earnings of $7.2 million (75 cents) in the same period of 1985.
A company spokesman described the losses as a "one-time major hit" resulting largely from revaluations of assets and from a reduction in operations, primarily in Europe. He said the company's core business -- its network of franchises in the United States -- continued to perform well.Comsat Corp., the telecommunications giant, reported that net income declined 13.6 percent in the second quarter and 12.8 percent for the first six months of 1986.
Earnings totaled $14 million (77 cents a share) in the quarter compared with $16.2 million (89 cents) for the same period a year ago, the company said. Earnings totaled $28 million ($1.53) for the first six months of 1986 compared with $32.1 million ($1.77) for the same period a year ago.
The company attributed the decline to a number of factors, including previously announced increased depreciation associated with Intelsat satellites placed in service in 1985 and accelerated depreciation for international earth stations that are scheduled to be sold to AT&T at the end of 1987. Comsat owns roughly 25 percent of Intelsat, the international consortium that carries the bulk of the world's international telephone and television traffic. Sovran Financial Corp., the Norfolk holding company for Sovran Bank, reported that net income grew 13.3 percent in the second quarter of 1986. Earnings totaled $36.9 million (85 cents a share) compared with $32.5 million (76 cents) for the same period a year ago.
Earnings for the year to date totaled $71.2 million ($1.67), up 15 percent over the $61.9 million ($1.46) earned in the first half of 1985.
The bank said net interest income has been growing in 1986, primarily because of continued loan expansion during the year. Noninterest income benefited from increased business activity, the company said.
Sovran said the growth in income was partially slowed by higher non-interest expenses, "reflecting increased salaries and employe benefits expense . . . "
Sovran's total assets stood at $14.2 billion on June 30, up 20.6 percent from the previous year. United Virginia Savings Bank reported that net income grew from $433,764 (61 cents a share) to $656,322 (49 cents) in the second quarter, a 51 percent increase.
For the year to date, earnings totaled $1 million (85 cents), a 69 percent increase over the $597,039 (72 cents) reported in the first six months of 1985.
A bank spokesman said that earnings per share declined in the second quarter despite the overall earnings growth because there were a greater number of average shares outstanding. United Virginia, based in Vienna, had a public offering of about 575,000 shares in the first quarter of 1986, bringing the total number of shares to slightly more than 1.1 million.
The spokesman said the strong earnings growth was partly the result of the bank's greater capital base since the offering, as well as improving revenues from mortgage banking activities. Gannett Co., the media chain, reported an 8 percent growth in eanings for the second quarter of 1986. Net income totaled $77.2 million (96 cents a share) compared with $71.8 million (90 cents) for the same period a year ago.
For the first six months of 1986, Gannett's net income totaled $122 million, also up 8 percent from 1985, when first-half earnings totaled $113.1 million. Earnings per share grew 7 percent to $1.51.
Operating revenue for second-quarter 1986 was $716.2 million, up 29 percent from $556.9 million in 1985. Revenue grew 28 percent for the year to date, from $1 billion to $1.3 billion, Gannett said.
The second-quarter results do not include Gannett's $300 million acquisition of the Louisville Courier-Journal and Louisville Times. The transaction was completed July 14, the company said. Syscon Corp., a computer-software-systems firm based in the District, reported a 20 percent increase in earnings for its second quarter.
Syscon said it earned $1.3 million (28 cents a share) on revenue of $33.9 million. In the second quarter last year, the company earned $1.1 million (24 cents) on revenue of $28.5 million. Per-share figures are adjusted for a 3-for-2 stock split on Nov. 30, 1985.
The defense contractor's backlog as of May 31 was $168 million, up from $131 million a year ago. This year, the firm has won $71 million in competitive contracts.