In the Region Deutsche Banc hires Morgan Stanley exec...


May 11, 2001

In the Region

Deutsche Banc hires Morgan Stanley exec for financing advice

Deutsche Banc Alex. Brown Inc. has hired Morgan Stanley Dean Witter & Co.'s managing director, James D. Glascott, to advise U.S. corporate clients on debt financing.

Morgan Stanley is the No. 5 underwriter of U.S. corporate debt this year at $62.7 billion, according to Bloomberg data. Its clients include Caterpillar Inc.

Deutsche Bank has underwritten less than half that much at $27.7 billion and is the No. 10 underwriter. Clients include CIT Group Inc., which sold $1.25 billion in three-year notes this week.

Glen Burnie Bancorp reports $467,000 profit

Glen Burnie Bancorp reported a $467,000 profit yesterday for the first quarter, or 42 cents per basic share, compared with $367,000, or 33 cents per basic share, a year earlier.

The parent of the Bank of Glen Burnie said its earnings were boosted by declining operating expenses, which fell 8.3 percent to $2.2 million, in the quarter that ended March 31. The expenses were $2.4 million in the comparative quarter last year.

Assets rose 2.4 percent to $244 million; loans were down 2.6 percent to $158 million; and deposits were $212.6 million, up 3.2 percent. The company operates seven branches in Anne Arundel County.

Environmental Elements' net income is $161,000

Environmental Elements Corp. reported a profitable fourth quarter yesterday, posting net income of $161,000, or 2 cents a share. That compared with a loss of $3.5 million, or 49 cents a share, in the year-earlier quarter.

The Baltimore air pollution control company said sales for the three months that ended March 31 were $17.3 million, up 6 percent. New orders during the quarter jumped to $21.5 million from what the company called "nominal" levels in the prior year.

For the fiscal 2001 year that ended March 31, the company reported a net loss of $6.3 million, or 88 cents a share, compared with a net loss of $4.5 million, or 63 cents a share. Sales rose 9.3 percent, to $60.8 million, and new orders gained 79 percent, to $67.3 million from $37.5 million in the prior year.

Loss of $10.6 million posted by EntreMed

EntreMed Inc. said yesterday that it lost $10.6 million, or 62 cents a share, in its first quarter, compared with a loss of $10.6 million, or 72 cents a share, in the first quarter of 2000.

The Rockville company, which that is developing treatments designed to inhibit tumor growth and other health problems, said its revenue for the quarter that ended March 31 was $883,952, a 22 percent increase over the $726,699 posted in last year's first quarter. Research and development expenses in the quarter were $8.6 million, down 5 percent from last year's $9.1 million.

EntreMed said that, as of March 31, it had cash and cash equivalents of $40.8 million, compared with $29.3 million as of March 31, 2000.


United removes shields limiting size of carry-on luggage

UAL Corp.'s United Airlines removed shields that limit the size of carry-on luggage at Dulles International Airport to comply with a court order won by Continental Airlines Inc.

A federal judge in Alexandria, Va., also ordered United in March to pay Continental $250,000 in the dispute. United's installation of plastic shields that prevent large bags from passing through airport security X-ray machines kept passengers from carrying on luggage that fit into Continental's larger overhead bins on planes, the court found.

United, the No. 2 airline, and some rivals have sought to limit the size of carry-on luggage because delays can occur when passengers take oversized bags aboard an aircraft. The Chicago-based carrier continues to challenge the order before the 4th U.S. Circuit Court of Appeals in Richmond, Va.

Mitsubishi agrees to pay a fine of $134 million

Mitsubishi Corp. has agreed to pay a $134 million fine to settle its conviction for aiding an international price-fixing cartel.

The fine, approved yesterday by U.S. District Judge Marvin Katz in Philadelphia, is the fourth-largest ever imposed in an antitrust case. The Justice Department said Mitsubishi owned 50 percent of UCAR International, the world's largest producer of graphite electrodes used in steel-making.

The Tokyo trading and investment company was convicted in February in federal in Philadelphia of aiding and abetting a conspiracy among the world's leading makers of graphite electrodes to fix prices in the United States and elsewhere from 1992 through 1997. The company reached an agreement with Justice last month on the fine, but did not admit the price-fixing.

Aetna says increased costs led to $48.2 million net loss

Aetna Inc. blamed increased medical costs for a wider-than-expected first-quarter loss as the nation's largest insurer reported yesterday that it had a net loss of $48.2 million, or 34 cents a share, compared with earnings of $170 million, or $1.20 a share, in the year-earlier period

Revenue was down slightly, to $6.43 billion from $6.76 billion in the first quarter of 2000.

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