UNC Inc., the Annapolis-based company that has been remaking itself to move away from a dependence on defense contracting, said its operating income rose in the second quarter and first half. But net earnings fell 62 percent in the quarter and 51 percent in the half.
UNC earned $626,000 (4 cents) in the second quarter, compared with $1.66 million (10 cents) in the same period a year ago. Its revenue rose 25 percent in the quarter, to $92.3 million from $73.6 million.
The company earned $1.8 million (10 cents) in the first half, compared with $3.7 million (22 cents) in the year-ago first half. Revenue increased 23 percent, to $172.3 million from $140.2 million.
UNC discontinued its naval products division at the end of the second quarter as a result of an agreement with the Department of Energy to leave the business of making nuclear power units for the Navy.
It also sold its UNC Geotech and UNC Remediation divisions to Chemical Waste Management Inc., completing a withdrawal from the environmental services field. UNC is using the proceeds of the DOE agreement and the sale of the two subsidiaries to reduce its bank debt.
The five-year restructuring has left it with a focus on the commercial aviation market: overhauling engines and accessories for commercial airlines and making parts for aircraft engine manufacturers, as well as pilot training and aircraft maintenance for the military.
Interstate General Co. L.P., the Charles County-based real estate investment and home building company, yesterday reported a 22 percent decline in its second-quarter earnings and a 9.6 percent decline for the first half.
Earnings declined despite sharp revenue increases that Interstate attributed to the acquisitions of American Family Homes and the real estate assets of San Juan Racing Association.
The company offered no specific reasons for the profit drop, but its home-sales costs, general and administrative expenses and interest expenses all rose during the quarter and the half. It also took charges for depreciation and amortization totaling $949,000 in the second quarter and $2.15 million for the first half.
Interstate General earned $3.15 million (31 cents per limited partnership unit) in the second quarter, compared with $4.05 million (41 cents) in the 1989 second quarter. Revenue rose 32 percent in the period, to $20.2 million from $15.3 million.
The company's first-half profit totaled $6.13 million (61 cents), compared with $6.78 million (68 cents) in the 1989 first half. Revenue rose 31 percent in the half, to $37.3 million from $28.6 million.
Allstate Financial Corp., an Arlington-based company that buys and manages commercial accounts receivable of small- and medium-size companies, said its earnings rose 92 percent in the second quarter and 58 percent in the first half.
Allstate reported a second-quarter profit of $526,484 (26 cents), compared with 1989 second-quarter earnings of $274,782 (25 cents). Revenue rose 61 percent, to $2.3 million from $1.42 million.
Its first-half profit totaled $1.02 million (51 cents), compared with $647,751 (51 cents) in the 1989 first half. The small changes in per-share figures result from a public offering that almost doubled the amount of shares outstanding.