Universal Security Instruments
The Owings Mills-based maker of electronic security systems, telephones and other products reported a rise in sales in its first quarter but a drop in net income.
For the three months that ended June 30, Universal reported net income of $50,179, compared with $121,974 for the same period last year. This year's first-quarter profit included the minimum anticipated insurance recovery of $30,000 from a fire in March 1990. Earnings for the same period last year included a minimum insurance recovery of $90,000. The claim is being reviewed by Universal's insurer, the company said.
United Industrial Corp.
Net income of the New York-based parent of AAI Corp. declined during the second quarter and first six months of the year, compared with a year ago, when the company benefited from a $2.7 million federal income tax refund.
Second-quarter earnings were $2.98 million, or 25 cents a share. Without the tax benefit, last year's second-quarter earnings would have been $1.6 million, or 12 cents a share.
For the six months that ended June 30, net income was $5.2
million, vs. $4.96 million in the comparable part of last year, after adjustment for the tax benefit. On a per share basis, this was 43 cents, compared with 21 cents in the year-ago period.
As an indication of possibly difficult times ahead, the company reported that its backlog of business, or the value of its unfilled orders, was $206 million at the end of the quarter, compared with $284 million a year ago.
AAI in Cockeysville represents about 85 percent of United's operations. AAI is primarily a defense contractor that has been seeking to diversify into commercial markets in recent years.
Monarch Avalon Inc.
"We were due," said Jack Dott, president of this Baltimore-based game-maker and printer.
After five years of annual losses, Monarch Avalon finished its fiscal 1991 in the black, Mr. Dott said yesterday.
The company, which has seen sales of its complex, technically difficult war games slip over the years, is starting to market simpler games, including "Robin Hood," a fantasy game with one page of instructions, he said.