Snyder Communications Inc. said it earned $23.3 million (31 cents a share) in the second quarter, a 32 percent gain over its $17.7 million profit (25 cents) for the same period a year ago, with contributions from all parts of the Bethesda-based diversified marketing services firm. The earnings exclude $672,000 in nonrecurring acquisition costs.
Second-quarter revenue totaled $255.7 million, up 26 percent from 1998's second-quarter revenue of $202.6 million. The earnings report anticipates Snyder's plans to spin off its health-care services division as an independent, publicly traded company and provides the first look at the financial picture after the split. With the unit separated, Snyder's revenue was $161.3 million for the second quarter compared with a comparable $118.6 million in the second quarter of 1998, a 36 percent gain.
With health care separated, Snyder would have earned $21.3 million in the second quarter, including $7.5 million from health-care operations, counted as income from discontinued operations. Snyder chief executive Daniel M. Snyder said the company is on schedule to complete the spinoff later this year.
Snyder Communications shares closed at $27.06 1/4, down 87 1/2 cents, yesterday on the New York Stock Exchange.
* Crown Central Petroleum Corp. of Baltimore reported that its earnings fell 17 percent in the second quarter, attributing the losses to increased crude oil costs and weather-related damage to its Pasadena, Md., oil refinery.
Crown said it experienced a net loss of $11 million in the second quarter, compared with a net loss of $2.2 million in the same quarter last year. Its revenue dropped to $281 million, from $339 million last year.
The company attributed the loss to its fee-based crude oil processing contract with Statoil Marketing & Trading Inc., which accounts for roughly 35 percent of the Pasadena refinery's processing capacity. The Pasadena refinery was affected by weather conditions, costing the company approximately $4 million in repairs and lost operating profit.
For the first six months of the year, Crown had a net loss of $22.9 million on revenue of $507 million, a 23.9 percent drop in revenue from the first half of last year, when Crown posted a net loss of $15.9 million on $667 million in revenue.
Crown shares closed at $8.81 1/4, up 6 1/4 cents, on the American Stock Exchange.
* Maximus of McLean reported a profit of $7.5 million (36 cents) for the fiscal third quarter ended June 30, an 81 percent increase over the $4.1 million (23 cents) it earned in the same quarter a year ago.
Maximus, which specializes in program-management outsourcing and consulting for state and local governments, also reported revenue of $84.2 million for the quarter, a 31 percent increase over the $64.2 million it posted in the same period a year ago.
Net income for the nine months ended June 30 rose to $19.7 million (97 cents), from $10.5 million (61 cents) in the year-ago period.
In the third quarter, the company acquired Chicago-based Unison Consulting Group, which specializes in airport management.
Maximus's shares closed at $32.37 1/2, down 75 cents, on the New York Stock Exchange.
* Sinclair Broadcast Group Inc., which owns or provides programming services to 58 television stations and 51 radio stations nationwide, said its second-quarter revenue was $228 million, up 36 percent from $167.5 million for the same period a year ago.
Sinclair said its second-quarter profit was $1.3 million. But the company reported a loss of 1 cent per share after the payment of preferred dividends. That net income compares with a loss of $876,000 for the same period a year ago.
For the first six months of 1999, the Baltimore-based company said its revenue was $417.8 million, up 43 percent from the $291.4 million it earned for same period a year earlier. The company attributed the increase to several acquisitions during the second half of 1998, including Sullivan Broadcast Holdings and Max Media Properties.
For the first six months of this year, it reported a net loss of $311,000, compared with a net loss of $4.1 million for the first half of 1998.
Sinclair closed at $17.62 1/2, up 12 1/2 cents, in trading on the Nasdaq Stock Market.
CAPTION: SNYDER COMMUNICATIONS (This chart was not available)