In the Region Essex Corp. loses $984,000 as revenue...


November 01, 2001

In the Region

Essex Corp. loses $984,000 as revenue declines to $745,000

Essex Corp. reported yesterday that its net loss widened to $984,000 in the third quarter, from $352,000 in the third quarter of 2000.

Revenue for the three months that ended Sept. 30 was $745,000, compared with $760,000 a year earlier.

The Columbia optical and communications engineering company reported a $2.8 million loss for the first nine months compared with a net loss of $537,000 posted for the corresponding period in 2000.

DentaQuest now owns Consumer Dental Care

DentaQuest Ventures Inc. of Massachusetts said yesterday that it has completed its acquisition of Consumer Dental Care, a dental insurance plan with headquarters in Calverton and 100,000 members in the Maryland.

There will be no immediate change in benefits, premiums or dental network for Consumer Dental's members. Consumer Dental's staff and management will continue to operate as DentaQuest's mid-Atlantic region. While retaining Consumer Dental as HMO-type dental insurance, DentaQuest plans eventually to add other dental insurance products under its own name.

The deal was approved by regulators in Maryland and in Virginia and District of Columbia, where the 20-year-old Consumer Dental also operates. Terms were not disclosed.

Solipsys gives $100,000 toward station restoration

Solipsys Corp., a high-tech firm specializing in products for defense application, has donated $100,000 toward the restoration of the Oakland Train Station in Garrett County.

The Laurel technology firm contributed its gift to the 1884 B&O train station project through a tax credit program that returns much of the money to the corporation in the form of state tax credits. Last year, Solipsys contributed $40,000 under the same program.

The $1.4 million restoration of the Queen Anne-style train station has been a 12-year effort led by Oakland Mayor Asa McCain. It is considered the centerpiece of the revitalization in Oakland, a town with a population of less than 2,000.


NextCard for sale after being hit with lending restrictions

NextCard Inc., the nation's largest online credit-card issuer, said yesterday that federal bank regulators have placed restrictions on its lending as its loan losses mount and said it has put itself up for sale.

The San Francisco-based company, which had $2 billion in outstanding loans and 1.2 million customers as of Sept. 30, said it hired Goldman, Sachs & Co. to sell the business to a "larger, more established financial institution."

Management attributed the decision to lending restrictions placed on the company after bank examiners uncovered a number of bad loans and declared NextCard to be "significantly undercapitalized." NextCard said it needs about $140 million in additional capital to meet the minimum standards of the Comptroller of the Currency.

Voluntary departures paring layoffs at Delta

About 11,000 Delta Air Lines employees have decided to leave the company through early retirement or voluntary leave programs, meaning that the company will lay off only 2,000 people, company executives said yesterday.

The nation's No. 3 airline is eliminating 13,000 to reduce its operations amid reduced travel in the wake of the Sept. 11 terrorist attacks.

About 4,200 employees chose to retire early, Delta said. Of the 2,000 who will be laid off, 1,700 are pilots who weren't eligible for the retirement package. The Air Line Pilots Association said the first 400 pilots will be fired today.

Bonfield leaving BT after restructuring

Sir Peter Bonfield, chief executive of British Telecommunications PLC, said yesterday that he will step down at the end of January, ending an era of frustrated attempts to transform the former state-owned monopoly into a global telecommunications leader.

Bonfield is leaving as BT completes a dramatic restructuring of its operations. The company plans to spin off its mobile phone division BT Wireless later this year and create a holding company for the unit under the name mmO2.

A former government monopoly, BT struggled after Vodafone Group PLC and other mobile phone operators grabbed large chunks of the British market.

Bonfield had been scheduled to step down at the end of 2002.

Another U.S. tariff for Canadian lumber

The Bush administration said yesterday that it will impose another tariff on Canadian lumber after determining that Canada has been dumping its wood on the United States at artificially low prices.

The 12.6 percent duty will be added to the 19.3 percent tariff put on Canadian softwood lumber in August because the administration found the Canadian government unfairly subsidizes its industry.

Softwood lumber, commonly used for home construction, comes from fir, pine and other cone-bearing trees. The U.S. lumber industry had been pressing for tariffs, saying they're needed to save jobs, but opponents say they will drive up prices of wood products for U.S. consumers.

Trump may miss $90 million payment

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