The Ryland Group Inc., the Columbia, Md.-based home builder, reported that slower home sales brought profit down in the third quarter.
Net income fell 47 percent to $5.8 million (38 cents per fully diluted share) from $10.9 million (73 cents) in the third quarter of last year.
Revenue fell to $334.1 million from $368.5 million.
The company said its home-building subsidiary settled on 14 percent fewer homes than it did a year earlier, and received 35 percent fewer new orders.
Revenue grew, though, at the company's financial services operation, mostly due to favorable interest rate spreads and increases in mortgage and bond servicing.
Chairman Ted Peck said, "Although we do not look for a turnaround in the near future, we believe that our conservative operating and financial strategies, including our regional diversification and our limited investment in land, will serve us well in the long term."
Radiation Systems Inc. of Sterling, which makes specialized antennae, said profit more than doubled in the quarter ended Sept. 30, to $1.8 million from $844,000 last year.
Per share, that's 33 cents compared with 16 cents last year.
Revenue was $24.8 million, up from $14.1 million a year earlier.
Chairman Richard E. Thomas said the company's performance in this quarter usually is lackluster, but that it has started new product lines and developed some new markets. The company designs, makes and installs antennae for radar, air traffic control, military, satellite earth stations and other specialized uses.