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Earnings Roundup

March 12, 1985

International Totalizator Systems Inc. reported a net loss for 1984 of $2 million, compared with net earnings of $831,636 the prior year. Revenues were $7.2 million compared with $10.2 million a year earlier.

In the fourth quarter, the maker of computerized betting systems reported net earnings of $57,931, compared with $34,113, a year earlier. Revenues were ahead to $2.6 million from $1.1 million a year earlier. James T. Walters, president, said the year-end loss was due primarily to the repudiation of a service contract by Rockingham Park Raceway in Salem, N.H. International Totalizator has sued Rockingham Venture Inc. The company said its order backlog at year-end was $11.2 million, up from $1.5 million at the end of 1983.

Despite increases in loans, deposits and assets, Frontier National Bank reported a $565,000 loss for 1984, compared with net income of $16,800 a year earlier.

The loss was due primarily to reserves established for possible loan losses, according to Chairman Donavan Puccio. He said $453,000 was placed in the reserve account at year-end "not because of any major loan problems." However, the reserves were recommended by both the bank's auditor and the Comptroller of the Currency.

Total loans increased 48.4% at year-end to $22 million, deposits were ahead 45.3% to $23.7 million and total assets grew to 37.5% to $25.9 million.

Langley Corp. reported net income for the first fiscal quarter, ended Jan. 31, increased to $82,200, from $55,300 a year ago. Sales were unchanged from the $1.7 million reported a year earlier. The company's order backlog fell to $5.7 million as of Jan. 31, from $7.8 million the prior year.

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