Business Digest

BUSINESS DIGEST

October 18, 2002

In the Region

Internet security company SafeNet posts a profit

SafeNet Inc., a White Marsh developer of Internet security software, posted a profit for the third quarter yesterday and said its revenue was more than double that of a year ago.

Net income was $993,000, or 12 cents per diluted share, in the quarter that ended Sept. 30. That compares with a net loss of $717,000, or 10 cents a share, in the corresponding quarter of last year.

SafeNet's adjusted net income in the quarter, which does not include losses from discontinued operations and other expenses, was $830,000, or 10 cents per diluted share. That compares with an adjusted net loss of $109,000, or 2 cents a share, in the third quarter of last year.

Third-quarter revenue was $8.8 million, compared with $3.6 million for the previous third quarter.

Frederick County company, Qovia, gets state funding

David S. Iannucci, secretary of the Maryland Department of Business and Economic Development, has agreed to invest $50,000 of state funding in Qovia Inc., a technology company based in Monrovia, in Frederick County.

The investment comes through DBED's Challenge Investment Fund, which helps high-technology, start-up companies bring new products to market. DBED has used the fund to make more than 160 investments totaling more than $7.9 million since 1993.

To become eligible for the money from DBED, companies must meet certain requirements, such as investments from other sources and revenue of more than $500,000.

Elsewhere

Apple says it won't join Macworld show relocated to Boston

Apple Computer Inc. said yesterday that it won't participate in a Macworld trade show that is being moved from New York to Boston in 2004.

Apple disagrees with show sponsor IDG's decision to move Macworld and is re-evaluating plans to take part in next year's event in New York, but it still intends to participate at the Macworld show in San Francisco in January, a spokeswoman said.

"Since IDG is no longer investing in New York, we now need to re-evaluate our participation in Macworld New York 2003," Apple said in an e-mailed statement.

Assets shifted to launch GM-Daewoo joint venture

General Motors Corp. and its partners began transferring Daewoo Motor Co.'s key assets to a new joint venture yesterday under an agreement in April to take over the bankrupt South Korean carmaker.

GM will take over Daewoo Motor's core assets and run the company as a joint venture with other investors and creditor banks of Daewoo Motor.

The asset transfer marked the launch of the joint venture called GM Daewoo Automotive & Technology Co., which will own and operate two Daewoo Motor plants in South Korea and one in Hanoi, Vietnam. GM has invested $251.3 million for a 42.1 percent stake in the joint venture.

U.N. agency fears stocks of cereal will fall sharply

World cereal stocks are expected to fall sharply next year because of poor crops in several countries, deepening the humanitarian crisis in southern Africa, a United Nations food agency said yesterday.

The Food and Agriculture Organization said it was revising its forecast for global cereal output for this year downward to 1.83 million tons. That would be 3 percent less than last year's output and the smallest crop since 1995.

In its bimonthly report, the Rome-based FAO said cereal stocks at the end of next year's season are expected to fall 108 million tons, to 466 million tons. In addition to poor crops in several countries, the FAO noted China's policy of significantly reducing its cereal stocks.

This column was compiled from reports by Sun staff writers, the Associated Press and Bloomberg News.

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