Biospherics Inc.'s 1989 first-half profit was misstated in yesterday's Business section. The company earned $1,113 in that period. (Published 7/25/90)
Bell Atlantic Corp., the Philadelphia-based regional telephone company that owns the Chesapeake & Potomac telephone companies, reported a 6 percent gain in its second-quarter profit and a 6.8 percent increase for the first half.
Bell Atlantic said it earned $362.8 million (92 cents a share) in the quarter, compared with $341.7 million (87 cents) a year earlier. Revenue was up 6.7 percent, to $3.08 billion from $2.88 billion.
In the first half, the company earned $718.1 million ($1.82), compared with the 1989 first half's $672.5 million ($1.71). Revenue rose 7.8 percent in the half, to $6.1 billion from $5.6 billion.
Raymond W. Smith, Bell Atlantic's chairman and chief executive officer, said that revenue for the period showed "growth in volumes in both our telephone and non-telephone businesses."
The growth in the number of business telephone lines for the quarter was 5.5 percent, with the total number of access lines reaching nearly 17.3 million. The company's Bell Atlantic Mobile Systems subsidiary had a total of 221,000 customers as of June 30, up more than 100 percent from 91,200 a year before.
Communications Satellite Corp. said its second-quarter profit rose 2 percent to $18.7 million ($1), from $18.3 million (99 cents) in the same quarter of 1989.
Revenue increased 14 percent, to $116.8 million from $102.8 million.
Revenue from the Washington-based company's core business of channeling international satellite communications grew 14 percent during the quarter to $81.4 million from $71.7 million. Operating income from this business rose 10 percent to $34.3 million from $31.2 million.
Revenue in its video entertainment division, which provides in-room programming to hotel guests, fell 10 percent to $11.2 million from $12.5 million. Losses in the division widened to $7.7 million from $3.4 million. The company attributed the division's results to a computer software problem, affecting billing, which has since been corrected.
For the first half, the company's earnings increased 8 percent to $37.7 million ($2) from $34.8 million ($1.88). Revenue during the period grew 14 percent, to $227.5 million from $200.2 million.
Avemco Corp., the Frederick, Md.-based aviation and marine insurance company, said a decline in premiums written and an increase in aviation losses pushed its profits down 30 percent in the second quarter and 26 percent in the first half.
The company earned $2.8 million (36 cents) in the second quarter, compared with $4.06 million (46 cents) in the 1989 second quarter. Revenue fell 10.6 percent, to $20.9 million from $23.4 million.
For the first half, Avemco earned $6.5 million (82 cents), compared with a 1989 first-half profit of $8.8 million (98 cents). Revenue fell 17 percent in the half, to $40.6 million from $48.9 million.
The second-quarter results reflected planned sales of equity investments, which added $973,000 (12 cents) to after-tax earnings.
Biospherics Inc., a Beltsville-based environmental services and biotechnology company, said record results from its Information Services Division helped it reverse a loss in the second quarter.
The division recently set up a new office in Cumberland, Md., to handle two major new contracts, including a $14 million Department of Education project for a telephone "hot line" on student aid.
Biospherics reported second-quarter earnings of $136,134 (3.5 cents), compared with a 1989 second-quarter loss of $37,434. Revenue rose 0.5 percent in the quarter, to $4.37 million from $4.35 million.
The company said it lost $13,988 in the first half, compared with a $1.1 million profit a year ago. Revenue was flat at $8.2 million.
Biospherics said the 1989 first half results were inflated by the revenue from a joint venture with Italy's Montedison that ended in March that year. The joint venture involved another area of Biospherics's business that has been slow to evolve: the development and marketing of low-calorie sweeteners.