Financially troubled Alleco Inc. lost $6 million in its second quarter, including a $5 million charge taken to cover negotiations in a class-action suit filed by shareholders who allege that some Alleco directors made falsely optimistic statements about the firm to drive up its stock price.
A year ago, the Cheverly services company -- formerly called Allegheny Beverage Corp. -- lost $7.9 million in the second quarter.
The company's revenue fell to $287,000 from $467,000 a year ago as Alleco continued to slash its size by selling operations. Earlier this month, the company said it had agreed to sell its last remaining major subsidiary, Service America, to Servam Corp. for $345 million in cash and a debt assumption of $105 million.
For the first half of the year, Alleco said it lost $9.2 million, compared with a $10.6 million loss a year ago. Revenue dropped to $497,000 from $1.6 million in the six-month period.
In other earnings reports: NVRyan L.P., the large McLean-based home builder, said its profit and revenue rose sharply in the third quarter, the first to include figures from Ryan Homes Inc., which merged with NVHomes L.P. in June.
The company said it earned $7.2 million (25 cents per partnership share) in the third quarter, up 42 percent from $5.1 million (25 cents) a year earlier, when the company had fewer outstanding shares. The increase in revenue was even more pronounced, with sales totaling $215.2 million, more than four times the $48.2 million in revenue a year ago. Virtually all the increase in revenue is due to the addition of the much larger Ryan Homes to NVHomes' revenue stream.
For the first nine months of the year, NVRyan earned $12.8 million (44 cents), up 72 percent from $7.5 million (42 cents) a year ago. Revenue increased nearly sixfold to $613.9 million from $105.5 million.
James River Corp., the Richmond forest products company, said its profit rose 48 percent in the second quarter, to $53.4 million (61 cents), from $36.1 million (43 cents) a year ago, primarily because of a cut in the company's tax rate. Revenue in the quarter rose 11 percent, from $1.2 billion to $1.3 billion.
For the first half of its fiscal year, James River said it earned $100.7 million ($1.16), a 22 percent increase from $82.4 million ($1.01) a year ago. Revenue in the half increased 11 percent, to $2.5 billion from $2.2 billion.
Data Measurement Corp., a maker of computerized measurement equipment in Gaithersburg, said it earned $17,415 (2 cents) in the third quarter, down from $64,749 (8 cents) a year earlier. The company said revenue increased 26 percent, to $2.2 million from $1.6 million. For the first nine months of the year, the company said it earned $400,836 (42 cents), up 7 percent from $370,920 (44 cents) a year ago. A rise in the number of shares outstanding reduced the per-share figures for the period.