Legg Mason Inc.Legg Mason Inc. said that its profits in...

BY THE NUMBERS ZHB

July 23, 1991

Legg Mason Inc.

Legg Mason Inc. said that its profits in the three months that ended June 30 rose more than 33 percent, mostly because the company was able to contain its costs while a relatively bullish stock market was taking care of boosting the company's revenue.

Legg Mason, a Baltimore-based securities firm known for catering to individual investors, said that it earned $4.1 million, or 43 cents a share, during the quarter. The June quarter is the first of the company's 1992 fiscal year. In its fiscal 1991, the company earned 33 cents a share during the first quarter.

"Revenues from Legg Mason's securities brokerage and investment banking activities showed healthy gains from levels in the prior year's quarter," company Chairman Raymond A. Mason said in a statement. "Results in Legg Mason Wood Walker, our principal brokerage subsidiary, were particularly strong, reflecting greater investor participation in the securities market and control of expense levels."

Indeed, expense controls accounted for just about all the profit gains. Legg Mason said that its expenses other than taxes ate up 89.9 percent of its revenue during the quarter, down from 91.8 percent in the same quarter of last year. Net income was 6.1 percent of revenue, rather than last year's 5 percent.

The company did see expense increases in the compensation category. Most of that was commissions on the higher volume of securities traded.

Three months ended 6/30/91

.......Revenue.... .... .... Net.... .... .... Share

'91.......67,938,000 .... .... 4,130,000.. .... 0.43

'90.......61,596,000 .... .... 3,089,000.. .... 0.33

% change....... +10.3 .... .... .... +33.7.. .... +30.3

Environmental Elements

Though the recession has slowed corporate demand for Environmental Elements Corp.'s air pollution cleanup devices, the company said that sales and profits rose dramatically in the quarter that ended June 30.

The Baltimore-based company, which went public a year ago, said that it booked $13.8 million in new orders for its dust precipitators and smokestack scrubbers in its first fiscal quarter but, to meet old orders, completed several million dollars more work than it booked. As a result, its backlog dropped from the previous quarter, said John S. Lally, a company spokesman.

However, Environmental Elements reported having $112.6 million worth of orders in backlog at the end of the quarter, nearly double the backlog at the same time last year.

Though the company earned more this quarter, the earnings per share stayed the same because more shares were issued in last year's initial stock offering.

Three months ended 6/30/91

.......Revenue.... .... .... Net.... .... .... Share

'91.......26,480,000 .... .... 1,927,000.. .... 0.28

'90.......21,355,000 .... .... 1,441,000.. .... 0.28

% change....... +24.0 .... .... .....+33.7.. ....... --

Comsat Corp.

Growing demand for pay-per-view programming such as boxing matches contributed to a slight rise in profits in the second fiscal quarter for this Washington-based provider of communications services.

The company said that while revenues rose more than 9 percent, increase was mostly offset by higher interest expenses. The company's interest expenses reached $4.6 million for the quarter that ended June 30, up from $200,000 in the same period a year ago.

Three months ended 6/30/91

.......Revenue.... .... .... Net.... .... .... Share

'91.......127,600,000.... .... 19,400,000...... 0.98

'90.......116,900,000.... .... 18,700,000...... 0.92

% change......... +9.2.... .... ...... +3.7....... +6.5

Six months ended 6/30/91

.......Revenue.... .... .... Net.... .... .... Share

'91.......254,500,000.... .... 37,900,000...... 1.91

'90.......227,600,000.... .... 37,700,000...... 1.81

% change........ +11.8.... .... ...... +0.5....... +5.5

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