Business Digest


February 17, 2005

In The Region

McCormick CEO's compensation rises 50% to $10.1 million

McCormick & Co. Inc.'s chief executive last year had his lowest annual cash payout since 2001, but saw a 50 percent increase in his total compensation thanks to stock-based bonuses and incentives, according to documents released by the company yesterday.

Robert J. Lawless received a package of just over $10.1 million in the fiscal year that ended Nov. 30, compared with $6.7 million in the previous fiscal year. Most of the value in his package in both years came from grants of stock options.

Lawless received an award of $2.4 million in restricted stock last year as a mid-term incentive. The incentive, approved by stockholders in 2002, is awarded if the company reaches certain sales goals and shareholder returns over three years.

The head of the Sparks-based spice and flavoring maker earned $2.03 million in salary and bonus last year, down from $2.28 million in 2003. Lawless also received 295,740 options on McCormick shares.

Broadwing narrows 4Q loss as revenues rise 54%

Broadwing Corp., the Columbia communications network provider, reported yesterday net losses for the fourth quarter and year that ended Dec. 31.

Its fourth-quarter loss declined to $43.4 million, or 68 cents per share, from $55.4 million or $1.20 per share in the 2003 quarter.

The company's losses for 2004 were $152.2 million or $2.86 per share compared with losses of $260.5 million or $6 per share in 2003. The company, formerly called Corvis Corp., said in a statement that the losses reflected its 1-for-10 reverse stock split in October.

Broadwing reported fourth-quarter revenue of $219.9 million, a 54 percent increase over the final quarter of 2003, and $672.3 million annual revenue, a 114 percent increase from 2003.

New BWI restaurants to include Obrycki's

Several new restaurants have signed for space at Baltimore-Washington International Airport, including local seafood house Obrycki's, the airport's new concession operator said yesterday.

BAA Maryland Inc. said others include California Tortilla, a Rockville chain that will open three stores; Quiznos Subs, a national chain that will operate two shops; Villa Pizza, a national chain that will have three locations; and Walkers Shortbread, a Scottish-style shortbread shop that recently opened two locations in the airport. Obrycki's will operate a restaurant-bar at BWI.

Several other shops and restaurants have said they will move into existing space in the airport over the next two years or a food court in the new Southwest Airlines terminal, expected to open this spring.

BWI-Charlotte flight is planned by AirTran

Discount carrier AirTran will begin flying from Charlotte-Douglas International Airport in North Carolina to Baltimore-Washington International Airport and Atlanta's Hartsfield International later this year, sources told the Associated Press yesterday.

The move would be the second assault on US Airways, which has a hub in Charlotte; last year, Southwest Airlines expanded into Philadelphia, another US Airways hub.

Officials at Orlando, Fla.-based AirTran Holdings Inc. could not immediately be reached for comment yesterday. The airline has hubs in Atlanta and Orlando and offers service to 46 airports.

Aegon to sell trailer unit to Goldman, Cerberus

Aegon NV, the Dutch insurance giant whose U.S. operations are based in Baltimore, agreed yesterday to sell its European trailer leasing business to Goldman, Sachs & Co. and Cerberus Capital Management as it sheds some assets to focus on life insurance and pensions.

Goldman Sachs and Cerberus are to form a jointly owned company to purchase the European trailer leasing business of Aegon's Transamerica Leasing Holdings Inc., Aegon said yesterday. It gave no financial details.

The sale of the trailer-leasing unit is expected to be complete by May.

Black Engineer of Year Conference starts today

The 19th annual Black Engineer of the Year Conference kicks off today at the Baltimore Convention Center. The three-day event includes an awards ceremony, seminars, a job fair and the first annual black chief executive officer summit.

The conference is geared toward engineering and technology professionals, educators and students. Organizers expect about 8,000 people to attend.

The 2005 Black Engineer of the Year award will be presented Saturday evening to William D. Smith, president of New York-based Parsons Brinckerhoff Quade & Douglas Inc.

Events start at 8 a.m. and last through the evening each day. Full registration fees range from $712.50 to $1,050, and individual event tickets cost between $100 and $400. The job fair tomorrow and Saturday, is free and open to the public.

Allegheny Energy plant is accused of pollution

Pennsylvania utility owner Allegheny Energy Inc. was sued yesterday by a citizens' group that accused the company of violating federal air-pollution laws.

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