Second National posts increase in 2nd-quarter lossSecond...

BY THE NUMBERS

August 07, 1992

Second National posts increase in 2nd-quarter loss

Second National Bancorporation, the Salisbury-based parent of Second National Federal Savings Bank, reported yesterday a significantly larger loss in the second quarter than in the same period a year ago, partly because of the need to boost reserves for future losses.

In the three months that ended June 30, Second National lost $5.9 million, or 81 cents a share, compared with a loss of $337,000, or 5 cents a share, in the same period a year ago.

For the first six months of the year, Second National earned $3.6 million, or 32 cents a share fully diluted, compared with a loss of $442,000, or 14 cents a share fully diluted share a year ago.

But this year's first-half profit came largely thanks to a securities transaction.

In April, the company reported a $10.4 million gain in the first quarter from restructuring subordinated debt into preferred stock.

Real estate loan problems continued to plague the company in the second quarter, when $6.1 million in bad loans were charged off, up from $606,000 a year ago.

Still, officials saw reason for optimism. "While the economic recovery continues to be slow, we have recently seen renewed activity in the real estate markets, both residential and commercial," said President and Chief Executive Officer Henry A. Berliner Jr.

&Three months ended 6/30/92

.. .. .. .. .. Income.. .. .. .. .. ..Share

'92.. .. .. ..(5,942,000).. .. .. .. (0.81)

.. .. ..(337,000).. .. .. .. ..(0.05)

change.. .. .. .--.. .. .. .. .. .. ..--

Annualized return on assets

'92.. .. .. .. .. 0.37%.. .. .. .. .. .. ..

'91.. .. .. .. .. 0.02%.. .. .. .. .. .. ..

Addition to allowance Net

.. .. .. .. ..for losses.. .. .. .. charge-offs

'92.. .. .. .5,550,000.. .. .. .. ..6,060,000

.. .. .2,642,000.. .. .. .. ... 606,000

% change.. .. +110.1.. .. .. .. .. .. .+900.0

Six months ended 6/30/92

.. .. .. .. .. ..Income.. .. .. .. .. ..Share

'92.. .. .. .. .3,590,000.. .. .. .. ..0.32

'91.. .. .. ....(442,000).. .. .. ..(0.14)

% change.. .. .. .--.. .. .. .. .. .. ...--

Balances as of 6/30/92

.. .. .. .. .. ..Assets.. .. .. .. .. ..Deposits

'92.. .. .. .1,594,961,000.. .. ..1,164,038,000

'91.. .. .. .1,731,681,000.. .. ..1,250,735,000

% change.. .. .. .7.9.. .. .. .. .. .. .6.9

.. .. .. .. .. .Loans.. .. .. .. .. .. .Allowance

.. .. .. .. ..outstanding.. .. .. . for loan losses

'92.. .. .. 1,124,974,000.. .. .. .. ..49,907,000

.. .. .. .-- .. .. .. .. .. .. ..29,245,000

% change.. .. ..--.. .. .. .. .. .. .. .. +70.7

Nova Pharmaceutical Corp.

This Baltimore-based biotechnology company reported a slight increase in its net loss for the three months that ended June 30, to $4.5 million from $3.8 million for the same period last year.

The company said the bigger loss was related to costs associated with its planned merger with Scios Inc., a biotechnology company in Mountain View, Calif., and a decrease in revenue, to $11.9 million from $13.5 million the year before. Nova announced May 13 that it had agreed to merge with Scios in a deal that would exchange each Nova share for 0.39 shares of Scios.

%Three months ended 6/30/92

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

'92.. .. .. 11,894,024.. .. .(4,531,982).. .. ..(0.14)

.. ..13,511,291.. .. .(3,802,226).. .. .(0.14)

% change.. ...-12.0.. .. .. .. ..--.. .. .. .. .. . --

Six months ended 6/30/92

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

'92.. .. .. .24,296,723.. .. .(7,934,916).. .. ..(0.26)

.. .. .25,019,578.. .. .(7,526,043).. .. ..(0.26)

change.. .. . -2.9.. .. .. .. . --.. .. .. .. .. . --

Genetic Therapy Inc.

Genetic Therapy reported a 588 percent increase in revenues, but its net loss grew to $1.6 million in the second quarter that ended June 30, compared with $1 million for the same period a year ago.

The Gaithersburg biotechnology company's public offering in thfirst quarter increased its cash and marketable securities to about $38 million, compared with $2 million last year. Interest income earned on the proceeds helped boost revenues to $456,235 for the past three months.

%Three months ended 6/30/92

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

'92.. .. ..456,235.. .. .. ..(1,591,610).. .. .(0.17)

... .66,257.. .. .. ..(1,081,095).. .. .(0.19)

change.. +588.6.. .. .. .. .. .--.. .. .. .. .. .--

Six months ended 6/30/92

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

'92.. .. ..831,940.. .. .. ..(3,389,065).. .. .(0.38)

.. .122,979.. .. .. ..(2,181,122).. .. .(0.38)

change.. .+576.5.. .. .. .. .. --.. .. .. .. .. --

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