Business Digest

BUSINESS DIGEST

April 12, 2005

In The Region

Angelina's eatery of crab cake fame on the auction block

Angelina's, a Northeast Baltimore restaurant known for its crab cakes, is going on the auction block at 1 p.m. April 25, according to Alex Cooper Auctioneers.

The land, building, liquor license and recently remodeled restaurant at 7153 Harford Road all will be sold on the premises.

The Italian and seafood restaurant, opened in 1952 in a rowhouse, has maintained its reputation in the city as a place to go for jumbo crab cakes through three sets of owners. The family of Bob Bufano, who bought the business in 1987, said it was time to pass on the tradition, the auctioneers said.

Severn Bancorp reports 7% gain for first quarter

Severn Bancorp Inc., parent of Severn Savings Bank and Hyatt Commercial, reported yesterday that its net income in the first quarter increased 7 percent over the year-earlier period to $3.2 million.

Severn earned 38 cents a share in the first three months of this year, compared with 36 cents a share in the first quarter of 2004. The company's board declared a dividend of 6 cents per share payable April 15 to shareholders as of March 31.

Severn has three branches in Anne Arundel County and about $740 million in assets.

Geppi firm acquires Pa. auction house, gallery

Diamond International Galleries said it has acquired Morphy Auctions, an auction house specializing in collectible Americana, and Adamstown Antique Gallery, a premier collectibles retailer.

Diamond International Galleries is owned by Baltimore businessman Stephen A. Geppi. He also owns Diamond Comic Distributors, the largest distributor of English-language comics, toys, collectibles and related merchandise, and Gemstone Publishing, which is licensed to produce Disney's standard characters in comic book form.

Constellation renews pact with USEC for nuclear fuel

Bethesda-based USEC Inc. said yesterday that it has signed a $200 million contract to continue supplying Constellation Energy Group Inc. with enriched uranium for its nuclear power plants.

USEC, the world's largest producer of enriched uranium for nuclear power plants, will supply the Baltimore-based utility with fuel recycled from Russian nuclear warheads. The supply arrangement is part of a landmark arms-reduction treaty between the United States and Russia to dilute weapons-grade uranium into a more benign form so it can be converted into fuel to produce electricity.

USEC has been supplying uranium to Constellation for more than a decade. The new contract will cover deliveries from 2007 to 2012.

Constellation is selling power plant in Cocoa, Fla.

Constellation Energy Group has reached an agreement to sell its Oleander Power Plant in Cocoa, Fla., for $206 million as it moves to free up cash to acquire assets in more competitive power markets.

A subsidiary of Atlanta-based Southern Co., which serves more than 4 million customers in the Southeast, will acquire the 680-megawatt power plant. One megawatt is roughly enough to power 1,000 homes for one day.

The deal is expected to close in the second quarter of this year. The mostly natural gas-fired plant has long-term supply agreements with both the Seminole Electric Cooperative and Florida Power and Light.

Giant promotion to aid children's cancer group

Giant Food hopes to raise $1 million for the Children's Cancer Foundation through an in-store promotional program called the Triple Winner.

Shoppers can buy a Triple Winner scratch card ticket at any Giant or Super G store. The cards yield prizes including a free product, a gift card or cash up to $10,000. All money raised will go to the cancer foundation, Giant said.

The Children's Cancer Foundation is a charity committed to raising funds for research and treatment. Since its founding in 1979, more than $20 million has been given by the foundation to Baltimore- area and Washington children's cancer programs.

Jos. A. Bank executives to open Nasdaq session

Robert N. Wildrick, president and chief executive officer of Jos. A. Bank Clothiers Inc., and other members of the company's executive team and board of directors will open the Nasdaq stock market today,

The company's common stock price performance has ranked among the top 1 percent of all Nasdaq-listed companies from 1999 to 2004. The stock was the 19th-best performer in a ranking of all Nasdaq-listed companies during that time.

Miller leaving St. Paul for OneBeacon Insurance

St. Paul Travelers Cos. Co-Chief Operating Officer T. Michael Miller has left the company to join a unit of White Mountains Insurance Group Ltd.

Miller will become Boston-based OneBeacon Insurance Group Ltd.'s chief operating officer this month, White Mountains said yesterday. St. Paul Travelers, the second-largest U.S. commercial insurer, has maintained a presence in Baltimore since it bought USF&G Corp. several years ago.

Elsewhere

Blockbuster critic Icahn sends ballots to shareholders

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