- The Washington Times - Wednesday, July 26, 2000

Baltimore investment house T. Rowe Price Associates Inc. posted a 29 percent increase in profits for its second quarter from a year ago as revenue increased 22 percent. The results beat the average forecast of 53 cents a share from a survey of 10 analysts by First Call/ Thomson Financial.
"T. Rowe Price achieved impressive results in the second quarter of 2000 despite a market correction in April that saw the values of growth stocks, primarily technology companies, decline from very high levels," according to George A. Roche, the company's chairman and president.
Net income rose to $69 million (54 cents per diluted share) from $54 million (41 cents) for the like quarter last year.
Revenue climbed 22 percent to $301 million in the second quarter despite assets under management falling to $179 billion from $179.9 billion at the start of the year.
Other Washington-area companies reporting earnings include:
OTG Software Inc., a Bethesda, Md., provider of on-line data storage, reported net income of $450,000 (2 cents) for its second quarter ended June 30 compared with a net loss of $934,000 (6 cents) for the like quarter last year.
RWD Technologies Inc., a technology-solutions provider in Columbia, Md., reported net income for its second quarter ended June 30 fell to $1 million (7 cents) from $2.3 million (15 cents) for the like quarter last year.
NVR Inc., a holding company for Ryan Homes and NV Homes in McLean, Va., reported net income for its second quarter ended June 30 rose 32 percent to $37.2 million ($3.37) from $28.3 million ($2.26) for the like quarter last year.
Washington Real Estate Investment Trust in Columbia, Md., reported funds from operations for its second quarter ended June 30 rose 16 percent to $15.6 million (44 cents) from $13.4 million (38 cents) for the like quarter last year.
Funds from operations are a key indicator of the health of a real estate investment trust.
The company reported net income for its second quarter ended June 30 rose 11 percent to $10 million (28 cents) from $9 million (25 cents) for the like quarter last year.
Comsat Corp., a Bethesda, Md., provider of satellite and digital networking services, reported net income fell 45 percent to $6.6 million (12 cents) from $12 million (22 cents) for the like quarter last year.
Stratesec Inc., a Sterling, Va., security systems provider, reported net income of $242,692 (3 cents) for its second quarter ended June 30 compared with a net loss of $312,973 (5 cents) for the like quarter last year.
Dipka Bhambhani contributed to this report.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide