Business in Review

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Route to the beachThe Route 50 bypass around Salisbury, more than two years in construction, was scheduled to officially open to traffic at 5 p.m yesterday. The $94 million, 4.5-mile bypass is expected to speed traffic to and from Ocean City by up to 15 minutes, as well as divert traffic that cut through downtown Salisbury.One of the bestBigdough.com, of Bethesda, an online, searchable database of institutional investor stock holdings, was selected as “Best of the Web” by Forbes magazine in its 2002 Best of the Web B2B Guide/Directory. Bigdough was one of only four financial information companies — out of thousands of candidates — to be so named.Acquisition pendingRockville-based defense contractor BAE Systems North America has agreed to acquire Condor Pacific Industries Inc., of Westlake Village, Calif., for $58.5 million. The acquisition will be funded from existing cash resources. Condor manufactures inertial products for navigation, guidance and control of missile systems.Money to spendZagros Networks, of Rockville, a semiconductor company that is developing a new type of switching fabric used by network system manufacturers, raised $9.7 million in Series B funding. The round brings total capital investment to approximately $16 million.Hall of FamersBusinessmen Laurence Merlis and David Nevins are the newest inductees in the Baltimore County Chamber of Commerce Business Hall of Fame, an honor reserved for select individuals and companies who demonstrate outstanding commitment to community and service. Merlis is president and CEO of GBMC HealthCare; Nevins founded and heads Nevins & Associates, a public relations firm.Road assistanceThe Vehicle Maintenance Assistance Customer Contact Center of Hunt Valley-based PHH Arval, the fleet service subsidiary of New York-based Cendant Corp., was named “Best Call Center Team” by Call Center Magazine in its first annual Customer Care Leadership Awards. The unit aids fleet drivers who need immediate help with vehicle repairs, breakdowns, accidents and other road emergencies.Profitable quarterBioReliance Corp., a Rockville-based company that develops, tests and manufactures pharmaceutical products on a contractual basis for other companies, reported third-quarter net income of $3.2 million, or 36 cents per diluted share, on revenue of $21.6 million, compared to net income of $2.2 million, or 26 cents per diluted share, on revenue of $18.6 million for the same period last year.Retirement fundsT.Rowe Price, of Baltimore, introduced five mutual finds targeted at retirement planning. The 2010, 2020, 2030 and 2040 funds are designed for investors who expect to retire around those target dates. The fifth — the most conservative — is called the Retirement Income Fund. All five will invest in up to nine other Price mutual funds.A profit this timeCoStar Group Inc., a Bethesda-based provider of information services to the U.S. commercial real estate industry, reported pro forma net income for the third quarter, excluding purchase amortization and the related income tax benefit, of $418,000, or 3 cents per share, on revenue of $20.1 million, versus a pro forma net loss of $862,000, or 6 cents per share, on revenue of $18.4 million for the third quarter of 2001.Properties for saleSurplus Real Estate, a national real estate disposition firm, and Bid4Assets Inc., a Silver Spring-based online auction marketplace have teamed up to sell 10 retail properties owned by the bankrupt home improvement giant, Payless Cashways Inc., on the Bid4Assets Web site, www.bid4assets.com. The sale is underway through Nov. 1.Business basicsThe Service Corps of Retired Executives Chapter 3 is offering a two-session business basics workshop, entitled “Understanding Business: Starting, Managing, Prospering,” on Nov. 6 and Nov. 13, from 8:30 a.m. to 3 p.m,. at Towson United Methodist Church. Advance registration is suggested. To register or for more information, call the SCORE office at 410-962-2233Shopping center soldKent Island Shopping Center, a fully leased, 42,000-square-foot retail property at the intersection of Md. Routes 18 and 50/301 in Stevensville, has been sold for $1.9 million. Kevin Barrett of NAI KLNB Inc. represented both the seller, Lephil Realty LLC, and the buyer, BBC Properties.In the blackACE*COMM Corp., a Gaithersburg-based telecommunications and Internet service company, reported that, in its fiscal 2003 first quarter ended Sept. 30, it posted net income of $91,000, or 1 cent per diluted share, on revenue of $4.1 million, versus a net loss of $1.4 million, or 15 cents per diluted share, on revenue of $4.4 million for the comparable quarter of fiscal year 2002.McKesson scoresSAIC-Frederick Inc., a subsidiary of Science Applications International Corp., and Rockville-based McKesson BioServices, have inked a $25 million agreement that calls for McKesson to operate a central biological repository that supports the research programs of the National Cancer Institute, National Institutes of Health, NCI/NIH contractors and other groups, at the Fort Detrick campus of SAIC Frederick.Change of nameBolton Offutt Donovan Inc., a Baltimore-based, independent benefits and investment consulting firm, changed its name to Bolton Partners Inc. Also, the firm’s investment consulting subsidiary, formerly known as BOD Investment Consulting Group Inc., changed its name to Bolton Partners Investment Consulting Group Inc.COPT storyColumbia-based Corporate Office Properties Trust met analysts’ expectations, earning 35 cents per diluted share on funds from operations for the third quarter, a 6.1 percent increase relative to the 33 cents per diluted share for the same quarter of 2001. Revenue from real estate operations increased 18 percent to $38.7 million versus $32.8 million last year.Blind innovationThe National Federation of the Blind, based in Baltimore, and the U.S. Department of Commerce’s National Institute of Standards and Technology, headquartered in Gaithersburg, unveiled a partnership to collaborate on the development and first field testing of a prototype device that will allow the blind to “feel” electronic images and graphics.Aid for Afghan kidsEstco Medical, a Bethesda-based company that developed a Web-based software package to aid medical, biomedical and life science companies with their marketing programs, donated its services to the American Red Cross for the redesign of a Web site for the year-old America Fund for Afghan Children.Rouse reorganizesThe Rouse Co., of Columbia, announced that it has combined its development and operations divisions into one new Asset Management group, as part of a reorganization of the real estate company. The company also promoted eight vice presidents to the senior vice president level. They are Patricia H. Dayton, Melanie M. Lundquist; Gordon H. Glenn; John G. McLaughlin; Michael J. Bryant; Thomas M. Fitzpatrick; William Y. Hecht and F. Scott Ball.HMO survey
A survey by J.D. Power & Associates of HMO members in the Baltimore-Washington-Northern Virginia area showed that 51 percent expressed satisfaction with their health plan, a higher percentage than the nationwide figure of 45 percent. Aetna HMO ranked highest in overall health plan satisfaction among the four ranked health plans in the Baltimore-Washington-Northern Virginia market, according to the report.Loss for SylvanSylvan Learning Systems Inc., of Baltimore, an educational services provider, reported a net loss of $5.7 million, or 14 cents per share, on revenue of $124.5 million for the third quarter, versus net income of $11.6 million, or 22 cents per share, on revenue of $104.9 million for the same period last year. 9001-2000 certifiedAnnapolis-based TeleCommunication Systems Inc., a developer of wireless messaging software and data systems, has earned International Organization of Standardization (ISO) 9001-2000 certification, reflecting an independent assessment of its continued commitment to product quality and customer satisfaction.TCS reportsTeleCommunications Systems Inc., of Annapolis, reported a third-quarter net loss of $2.6 million, or 9 cents per diluted share, on revenue of $23.2 million, versus a net loss of $53.8 million, or $1.88 per diluted share, on revenue of $18 million for the third quarter last year.Celera’s loss growsRockville-based Celera Genomics Group reported a net loss of $19.6 million, or 28 cents per diluted share, on revenue of $23.6 million, compared to a net loss of $15.6 million, or 25 cents per diluted share, on revenue of $27.3 million , in the same period last year.Lockheed dividendBethesda-based Lockheed Martin Corp.’s board of directors declared a regular quarterly dividend on the corporation’s common stock of 11 cents per share, payable Dec. 31 to shareholders of record on Dec. 2.Saul Centers acquiresSaul Centers Inc., a Bethesda-based equity real estate investment trust, acquired a 109,625-square-foot neighborhood retail center located within the Kentlands development in Gaithersburg. The property, which is fully leased and includes an additional 6,000 square feet of retail development potential, was purchased for $14.3 million, subject to the assumption of a $7.8 million mortgage.Private offeringBaltimore-based Sinclair Broadcast Group Inc. announced a proposed $150 million private offering of Senior Subordinated Notes, as an add-on issuance related to Sinclair’s existing 8 percent Senior Subordinated Notes due 2012. Sinclair said it intends to use the net proceeds plus available cash to redeem its existing 9 percent Senior Subordinated Notes due July 15, 2007.Red ink flowsMedImmune Inc, a Gaithersburg-based biotechnology company, reported a third-quarter net loss of $36.3 million, or 14 cents per diluted share, on revenue of $72.6 million, compared to a net loss of $19 million, or 9 cents per diluted share, on revenue of $47.4 million for the same period last year.Aid for consumersSystems Integration Inc., a Landover-based company that offers telephony and call center management, was awarded a $1.58 million contract to provide services and personnel for the Transportation Security Administration’s Consumer Response Center. The 15-month contract carries a one-year extension option.WeatherBug on topGaithersburg-based AWS Convergence Technologies Inc., which owns and operates the country’s largest weather network, said its WeatherBug, an online weather service that provides live neighborhood conditions to more than 14 million registered PC users, surpassed The Weather Channel’s Web site in both daily and monthly usage over three consecutive months — July through September.SEC gives permissionThe Securities and Exchange Commission has agreed to allow Allegheny Energy Supply Co., a subsidiary of Hagerstown-based Allegheny Energy Co., to borrow up to $2 billion on a secured basis, enabling the troubled energy company to negotiate with its lenders to modify existing credit agreements and obtain access to additional borrowing capacity.Terrorism grantThe Maryland Department of Health and Mental Hygiene has been awarded a $10.6 million federal grant by the U.S. Department of Justice’s Bureau of Justice Assistance to enhance emergency preparedness and response to terrorist attacks, the governor’s office announced yesterday. This is in addition to more than $19 million in federal funds that the state received this summer for similar efforts.Saab storyConnecticut-based Brann Worldwide’s Baltimore office has been named the direct marketing agency of record for Saab Cars USA. Starting in the first quarter of 2003, Brann will handle direct mail and e-mail marketing for the campaign launching Saab’s all-new 9-3 Arc and Vector Sport Sedans. Brann will also handle media, data services and strategic planning for Saab.Business Outlook 2003Sen. Paul S. Sarbanes, D-Md., chairman of the Senate Committee on Banking, Housing and Urban Affairs, will deliver the keynote address at the Greater Baltimore Committee’s “Business Outlook 2003” conference on Oct. 30 from 7:30 a.m. to 10 a.m. at the Renaissance Harborplace Hotel in Baltimore. To register, call 410-727-2820 ext. 35.Volunteers neededThe Alliance for the Chesapeake Bay and the Jones Falls Watershed Association are partnering in the launching of the Maryland RestoreCorps program, with eight volunteer events that begin tomorrow with a training session at Towson University and culminate on Oct. 26 with Volunteer Action Day. For more information or to register, access www.alliancechesbay.org or contact Lou Etgen at 410-377-6270 or [email protected]. Well connectedGlobal eXchange Services, of Gaithersburg, a global, business-to-business Internet commerce company that helps companies conduct business over the Internet, is providing data exchange services for members of ChemConnect Inc., a Houston-based company that operates an online marketplace for buyers and sellers of chemicals and plastics.Advertising serviceBaltimore-based Vertis, a retail advertising and marketing company, unveiled Inserts2online, a service that allows retailers to simultaneously publish print and online advertising inserts, making inserts that typically appear in newspapers or co-op mailers available on an Internet site that can be searched, printed from and linked to more detailed content information.Anchors awayTeleCommunication Systems Inc., of Annapolis, a developer of wireless messaging software and data systems, has been awarded an $8 million contract from Northrop Grumman Information Technology to provide engineering and program management support to the U.S. Navy.Win for LeapFrogBethesda-based Discovery Networks and California-based LeapFrog Enterprises Inc., have formed an alliance under which LeapFrog’s technology-based learning products will gain exposure on Discovery’s cable networks —the Discovery Channel, TLC, Animal Planet, Discovery Health Channel and the Science Channel &#821
2; in the fourth-quarter 2002. LeapFrog will support the fourth annual Discovery Channel Young Scientist Challenge now underway.Crime fighterVisual data mining software manufactured by Visual Analytics Inc., of Poolesville, is being used in the Philadelphia/Camden High Intensity Drug Trafficking Area to support the analysis and investigation of drug-related activities and associated criminal behavior.Listening pleasureColumbia-based iBiquity Digital Corp., the sole developer of digital AM and FM broadcast In-Band On-Channel (IBOC) technology, has granted a license to Troy, Mich.-based Delphi Corp. for HD Radio technology. Delphi will integrate iBiquity’s HD Radio technology into receivers slated for availability to automakers in the 2004 calendar year.Weathering the stormsAWS Energy Services, a division of Gaithersburg-based AWS Convergence Technologies Inc., added 16 major new corporate customers in the third quarter, including such top-tier companies as Constellation Power Source, Entergy-Koch Trading, Mirant Services and Conectiv Energy Supply Inc. AWS Energy’s software helps energy companies obtain accurate, up-to-the-minute meteorological information.Warschawski’s gainWarschawski Public Relations, of Baltimore, has been retained by Baltimore-based Under Armour Performance Apparel, to handle all of Under Armour’s public relations activities. Under Armour manufactures a line of moisture-wicking microfiber clothing that pulls perspiration away from the skin to keep athletes cool, dry and light throughout the course of a game, practice or workout.Knights in armorArundel Mills, a 1.3-million-square-foot megamall in Hanover, has started construction of the eighth North American Medieval Times Dinner & Tournament, a 60,000-square-foot, castle-like structure that will offer 1,000 guests dinner, sword-fighting knights and jousting tournaments. The attraction is slated to open next spring.Canadian breakthroughGaithersburg-based IGEN International Inc. said the Bloodborne Pathogens and Hepatitis Lab of Health Canada has developed an ultra-sensitive test for the detection of Hepatitis B virus mutants using IGEN’s proprietary ORIGEN technology.Four-star ratingFor the second consecutive year, the American Kidney Fund, headquartered in Rockville, has received a four-star rating from Charity Navigator, an independent, national nonprofit organization that evaluates charities’ financial health. The “Exceptional” rating means that AKF exceeds industry standards and outperforms most charities in the database.First United reportsFirst United Corp., a financial holding company and the parent company of Oakland-based First United Bank & Trust, reported third-quarter net income of $2.54 million, or 42 cents per diluted share, compared to $2.6 million, or 43 cents per diluted share for the same period in 2001.Retail prices riseRetail prices in the Baltimore-Washington area rose 0.5 percent over the last two months, the fourth consecutive bimonthly increase this year, according to the Consumer Price Index compiled by the U.S. Department of Labor’s Bureau of Labor Statistics. For the full report, see The Daily Record’s Web site at www.mddailyrecord.com.Profitable quarterStratos Global Corp., a Bethesda-based international telecommunication services provider, reported third-quarter net income of $3.4 million, or 7 cents per diluted share, on revenue of $82 million, versus a net loss of $4.8 million, or 12 cents per diluted share, on revenue of $71.7 million for the comparable quarter last year.Doing betterVisual Networks Inc., of Rockville, a provider of wide area network management systems, reported third-quarter net income was $665,000, or 2 cents per diluted share, on revenue of $14.7 million, compared to a net loss of $3 million, or 9 cents per diluted share, on revenue of $19.2 million for the prior-year period.High-tech allianceSafeNet Inc., of Owings Mills, which manufactures software to protect communications on the Internet, and Newton, Mass.-based Raqia Networks, which provides next-generation networking equipment to the high-speed optical networking industry, formed a development and marketing alliance. SafeNet also made a minority investment in Raqia, and the two companies will link together their silicon technologies.High financeBaltimore-based Municipal Mortgage & Equity LLC structured $295 million of financing for multifamily housing during the third quarter of 2002. The company also raised $21 million in tax credit equity. MuniMae and its subsidiaries originate, service and asset-manage investments in multifamily debt and equity for its own account and on behalf of others.Cash in, cash outMuniMae reported that, for the third quarter of 2002, its Cash Available for Distribution increased to $15.9 million, a 19 percent increase compared to $13.3 million in the same period in 2001. CAD per common share was 51 cents, up 6 percent from last year’s 48 cents per share. The company’s board of directors raised the quarterly dividend for common shares to 44 cents, an increase of 2 percent over the same period in 2001.Stock answerShares of Germantown-based V-ONE Corp., a provider of network-based security products, are now trading on the Nasdaq Over-the-Counter Bulletin Board, following action by Nasdaq Friday removing the company’s securities from the Nasdaq Small Cap Market. V-ONE was delisted for failing to meet the requirement of $2 million in net assets or $2.5 million in stockholder equity.Dry spellDespite heavy rain last week, the Glendening administration has added parts of Washington County to its list of areas in a drought emergency. Drought emergency status has been assigned to areas east of Fairview Mountain that depend on wells for water, including the towns of Clear Spring and Sharpsburg.New jobEric Urfer, of Saint Peters, Mo., has been named executive director of the Adventure Sports Center International complex under development near the Wisp ski resort in Garrett County. Urfer was director of parks and recreation in Clayton, Mo., where he managed diverse indoor and outdoor programs and special events.On displayDeJarnette Research Systems Inc., a Towson-based supplier of medical imaging interface technology, has been awarded a contract from Akron General Medical Center, a 537-bed teaching institution in Akron, Ohio, to replace view monitors used by surgeons in 20 operating rooms with the company’s VisiShare display system.Verizon assignmentVerizon Wireless, the nation’s largest wireless carrier, has selected Annapolis-based TeleCommunication Systems Inc. to develop software and infrastructure for vtext.com, Verizon Wireless’ companion Web site for its Mobile Messenger short text messaging service.Patapsco Bank reportsPatapsco Bancorp Inc., the parent company of the Baltimore-based Patapsco Bank, reported earnings of $341,000, or 67 cents per diluted share, for the company’s fiscal first quarter ended Sept 30, compared t
o earnings of $328,000, or 70 cents per diluted share, for the comparable period in the prior year.Private sector jobLockheed Martin Information Technology, based in Seabrook, named Joseph Cipriano as vice president for advanced solutions. He comes to the company from the U.S. Navy, where he was the program executive officer for information technology.Constellation dividendDirectors of Baltimore-based Constellation Energy Group have declared a quarterly dividend of 24 cents per share on common stock, payable Jan. 2 to shareholders of record at the close of business on Dec. 10.Group 1 clientLanham-based Group 1 Software, a provider of software for data quality, marketing automation, electronic document composition, customer relationship communications and direct marketing applications, is supplying its CODE-1 Plus International software to Hertz Corp., the world’s largest car-rental company, to improve the effectiveness of Hertz’s European marketing efforts.Internet securityAdvanced Technologies Support Group Inc., of Owings Mills, a technology management and integration firm, and SecurePipe Inc., a Madison, Wis.-based firm that delivers managed security services to small and medium-sized businesses, are teaming up to offer Internet security services to businesses in the Baltimore-Washington area.Promotions at BCERockville-based BCE Emergis Inc., which provides business software and services for the health care and financial services industries, promoted two of its executives. Fran