Washington Gas Parent Doubles Loss
WGL Holdings, the parent company of Washington Gas, reported a loss of $8.2 million (17 cents per share) for its fiscal third quarter, compared with a loss of $4.1 million (8 cents) for the corresponding period last year.
Losses are typical during the quarter ending June 30 because of a seasonal drop in natural gas demand, the company said.
The company's operating revenue was $346.7 million for the quarter, down from $356.9 million during the corresponding period last year.
Blackboard Chalks Up Swing to Strong Sales
Blackboard, a Washington-based developer of software for online education programs, said it posted a second-quarter profit of $6.1 million (21 cents), reversing a year-ago loss of $2.7 million (37 cents, after the payment of convertible preferred stock dividends). The company credits the increase to stronger sales, topping both its own forecast and Wall Street expectations.
Revenue grew 25 percent, to $33 million, compared with the corresponding quarter a year ago.
Gladstone Commercial Builds Portfolio, Profit
Gladstone Commercial, a McLean real estate investment trust that buys commercial property owned by small- and mid-size businesses and leases the properties back to them, said it earned $1.1 million (15 cents) in the second quarter, compared with $132,275 (2 cents) in the corresponding quarter a year ago.
Gladstone Commercial's funds from operations, a measure of real estate company performance, were $1.8 million in the quarter, compared with $259,047 a year earlier. Company officials attributed the improved results in part to four acquisitions. Gladstone Commercial began operations in early 2004 and has been building up its portfolio since then. Revenue in the quarter was $2.8 million, compared with $682,670 a year earlier.
Coventry Health Earnings Rise 54 Percent
Coventry Health Care, a Bethesda managed health company, reported a second-quarter profit of $129.5 million ($1.19), up 54 percent from $84 million (93 cents) in the corresponding period last year. Revenue for the quarter rose 26 percent, to $1.65 billion. The firm's shares closed at $75.25, up $2.88.
Compiled from staff and news service reports.