Mobil Corp. yesterday reported net income of $749 million (93 cents a share) for the second quarter, up 16.6 percent from earnings of $642 million (79 cents) for the same period a year ago.
The Fairfax-based energy company said improvements in crude oil prices this year were offset by lower natural gas prices, but efforts to trim expenses contributed about $141 million to earnings.
The company's reported revenue of $14.25 billion in the second quarter compared with revenue of $13.23 billion in the year-earlier period.
For the first six months of the year, Mobil reported net income of $1.21 billion ($1.51) compared with net income of $1.35 billion ($1.65) in the 1998 period. Revenue was $26.43 billion, compared with $26.86 billion.
Mobil stock closed yesterday at $102.62 1/2, up $1.06 1/4, on the New York Stock Exchange.
BTG Inc. a Fairfax technology services company, reported net income of $965,000 (11 cents a share) for its fiscal year 2000 first quarter ended June 30, up from the $82,000 (1 cent) it earned in the same period a year earlier.
Fiscal first-quarter revenue was $66.3 million, down from $84.1 million. The company said that it had a 60 percent drop in product sales, mainly resulting from the divestiture of its product-reselling unit in February 1998.
BTG's stock closed yesterday at $8.81 1/4, up 12 1/2 cents, in trading on the Nasdaq Stock Market.
Danaher Corp., a District manufacturer of tools and components and best known for its Sears Craftsman line, said its profit in its fiscal second quarter ended July 2, was $63 million (45 cents a share), up 21 percent from $52.2 million (38 cents) in the same period last year.
The firm attributed the increase to continued cost reductions and productivity improvements. For the first six months of this year, Danaher posted a profit of $118.2 million (84 cents), up from $96.4 million (70 cents) for the first half of 1998.
Danaher said its revenue for the second quarter was $741.8 million, slightly higher than the $736.4 million it earned in the same period last year. For the first half of 1999, the company said its revenue was $1.496 billion, 8 percent higher than the $1.383 billion it posted in the year-earlier period.
The company's stock closed yesterday at $57.56 1/4, down $1.50, on the New York Stock Exchange.
Deltek Systems Inc. of McLean said its second-quarter revenue rose 20 percent, to $23.8 million, from $19.9 million a year earlier.
The company, which supplies software to businesses that plan major projects, had a 37.5 percent increase in net income, to $4.4 million (25 cents a share), from $3.2 million (18 cents) in the second quarter last year, excluding acquisition charges. Including the acquisition expenses, the company had $776,000 (4 cents) in earnings in the 1998 second quarter.
Deltek stock rose 75 cents a share yesterday, to $14, in trading on the Nasdaq Stock Market.
EIS International Inc., a Herndon-based software and services firm that caters to the call-center industry, reported net income of $760,000 (7 cents a share) for the second quarter, compared with a loss of $1.1 million a year earlier. Revenue for the latest quarter was $13.9 million, compared with $14.2 million for the second quarter of 1998.
For the six months ended June 30, EIS earned $1.4 million (13 cents) compared with a loss of $62,000 for the same period the year before.
EIS stock closed yesterday at $2.93 3/4, up 31 1/4 cents, in trading on the Nasdaq Stock Market.
The Washington Post Co. reported its second-quarter earnings grew by 6 percent, to $67.9 million ($6.67 a share), from $63.8 million ($6.27) in the year-earlier period, aided by operating income growth at the company's cable division, a 20 percent decline in newsprint expenses and increased pension credits.
Revenue for the diversified media company also increased 6 percent, to $557.2 million, from $525.8 million for the quarter.
For the first half of the year revenue rose 7 percent, to $1.078 billion, from $1.010 billion.
First-half net income totaled $113.1 million ($11.08). Last year the company earned $271.7 million ($26.74) in the first half, including a one-time gain from the sale of its interest in Cowles Media Co. of $162.8 million ($16.07). Excluding that gain, earnings for the first half were up 4 percent.
The company said revenue for its broadcasting unit was down 5 percent for the quarter and operating earnings fell 6 percent. The magazine division showed a 7 percent decline in quarterly revenue, but a 4 percent increase in operating earnings. Cable division revenue rose 17 percent, producing a 15 percent increase in operating income. The education division, which operates Kaplan Education Centers, had a 77 percent increase in revenue and a 5 percent decline in its operating loss.
The company's newspaper division, which includes The Washington Post and the Everett (Washington) Herald, produced 2 percent increases in revenue for both the quarter -- to $219 million -- and the half -- to $427.5 million. Operating earnings of the papers grew 12 percent in the second quarter, to $50.1 million, and for the first six months were up 3 percent, to $89.6 million.
The gains came mostly from The Post, where revenue increased 2 percent and operating expenses were flat. The paper benefited from declining newsprint costs and a credit for overfunding of its pension plan, but the company said those gains were offset by increased depreciation from The Post's new presses and higher promotion and marketing spending.
Advertising linage at the paper was off 1 percent in both the second quarter and the first half. Daily circulation was unchanged at the end of the first half, but Sunday circulation was off 1 percent.
The company's stock closed yesterday at $569.25, down $1.25, on the New York Stock Exchange.