Swales wins NASA contractSwales and Associates Inc. in...

BUSINESS DIGEST

January 29, 1994

Swales wins NASA contract

Swales and Associates Inc. in Beltsville has been selected by the National Aeronautics and Space Administration to provide $275 million worth of engineering services to the Goddard Space Flight Center.

Daniel P. Florio, the company's vice president of finance, said the contract represents 90 percent of the company's work in Maryland. "It means that we will be in business another seven years and 322 people will be actively employed," he said, adding that the work also could generate 50 more jobs.

Swales has been providing engineering services to Goddard since the company was founded 15 years ago.

Shea & Gould law firm to close

One of New York's largest and most prestigious law firms, Shea & Gould, announced yesterday that it was closing because of "irreconcilable differences" among the 80 partners.

The partners voted Thursday night to dissolve the practice, Bradford W. Hildebrandt, a management consultant and spokesman for the firm, said yesterday.

He said the partners could not agree on management, the structure of the firm and types of clients. The firm's high-profile clients range from the Bear Stearns investment bank to the Deloitte & Touche accounting firm.

Cryomedical reports sales rise

Cryomedical Sciences Inc., citing increased sales, said its second-quarter loss narrowed to $581,810, or 3 cents a share, from $1.78 million, or 8 cents a share, during the same period the previous year.

Revenue for the quarter ended Dec. 31 rose to $3.66 million, from $729,185.

Cryomedical Sciences, of Rockville, develops and markets products for hypothermic, or low-temperature, medicine. The company's stock closed yesterday at $3.625, up 12.5 cents.

Japan's jobless rate hits 2.9%

Japan's prolonged recession boosted the jobless rate to 2.9 percent in December, the highest level in 6 1/2 years, the government said yesterday.

The rate has inched up 0.1 percentage point for four consecutive months, the steepest pace ever, an official at the Management and Coordination Agency said.

Microsoft's Gates to visit China

Microsoft Chairman Bill Gates expects to meet Communist Party chief Jiang Zemin during a visit to China in March, a Microsoft executive said yesterday.

Mr. Gates will address 1,000 Chinese officials, technology and software managers and "public opinion leaders" during a week-long Microsoft gathering in Beijing in late March, said the software giant's Beijing manager, Patrick Tien.

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