Potomac Electric Power Co.Residents of Washington and its...


July 27, 1991

Potomac Electric Power Co.

Residents of Washington and its Maryland suburbs used more electricity this May and June and paid more for it, driving profits at this Washington-based utility up 42 percent in the second quarter.

Compared with the year-ago period, sales of electricity were up 8.6 percent in the quarter that ended June 30.

In June alone, kilowatt sales were nearly 20 percent ahead of last year's.

The rise in electricity profits more than offset a $2.2 million decline in income from the utility's real estate subsidiary.

Lowell Davis, Pepco's chief financial officer said that the company also gained from a $19.7 million rate increase that took effect June 6.

Waverly Inc.

Recent acquisitions of medical publishing houses pushed up revenues for this Baltimore-based publisher in the second quarter.

But Waverly's earnings suffered because it printed too many of some its medical books and had to take back several thousand copies, Chief Financial Officer Samuel G. Macfarlane said.

Mr. Macfarlane said that returns of a recently outdated edition of "Grant's Atlas of Anatomy" and costs associated with reprinting a medical book that had contained errors contributed to a profit level of $666,000 for the quarter that ended June 30, down 37 percent from the year-ago quarter. Per-share earnings were down 44 percent.

Mr. Macfarlane said that the recently acquired companies are continuing to grow and improve, but Waverly still expects to suffer some per-share earnings dilution in the next few quarters.

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