San Diego Gas & Electric reported that...

San Diego Gas & Electric reported that net income rose 3.5% to $43.8 million for the second quarter ended June 30, compared with a year earlier. Revenues rose 7.6% to $403.5 million. Earnings per share remained level because of an increase in the number of outstanding common shares.

For the six months, net income increased 4.1% to $94.6 million, while revenues jumped 11.4% to $850.8 million.

Favorable interest rates led Great American Savings Bank to record earnings of $10.5 million during the second quarter ended June 30, a 92% increase over the same period a year ago.

Great American credited a growing primary spread, the difference between interest-earning assets and the cost of funds. The spread, which was at 1.9% on March 31, is now at 2.2%, the highest margin since the 1970’s, a bank spokesman said.

Growth will continue “as long as interest rates remain constant,” a bank spokesman said. “There is an opportunity to see it widen even further.”

A strong dollar and generally slow economic conditions forced Wavetek to report a net loss of $1.5 million for the third quarter ended June 29, compared to net income of $807,000 for the same quarter ended a year ago.

Wavetek recently closed a Pennsylvania research and development facility and is focusing on bringing “inventory levels, manufacturing costs and operating expenses into line with anticipated volume.”

The company produces electronic test and measurement equipment and related products.

Hybritech reported that net income for the second quarter ended June 30 increased by more than 200% to $815,000, including tax-loss carry forwards of $395,000.

Operating revenues rose 104% to $14.7 million, bolstered by sales that grew 134% to $8.1 million.

Hybritech linked sales and earnings growth to “continued success of the company’s highly sensitive medical diagnostic products and to the research revenues received for product development programs (that are) principally aimed at moving the company into new diagnostic markets and into therapeutics.”

Integrated Software Systems reported that net income for the second quarter ended June 30 rose 30% to $613,000, compared to the same quarter a year earlier. Revenues grew 24% to $8.7 million. “The results are particularly pleasing in light of an apparent temporary slowing in the growth rates for the computer industry,” said ISSCO Chairman Peter Preuss.

Integreated Software named Meldon K. Gafner as president. Gafner was previously a senior vice president.