Business Digest

BUSINESS DIGEST

May 10, 2007|By This column was compiled from dispatches by Sun reporters and Bloomberg News

Maryland : Earnings

Vertis loss widens to $25.2 million

Vertis Communications, the Baltimore-based provider of advertising products and services, said yesterday that its first-quarter loss widened to $25.2 million from $21.5 million a year ago. Vertis blamed the loss mostly on a nearly 5 percent decline in revenue. Revenue for the three months that ended March 31 was $330.7 million, compared with $348.1 million in the year-ago period.

Hanah Cho

EntreMed cuts loss by 78%

EntreMed Inc., a Rockville company hoping to develop treatments for cancer and inflammatory diseases, said yesterday that it had no revenue during the first quarter of 2007, which ended March 31, though it was able to narrow its loss by 78 percent to $7.7 million, or 9 cents per share, from $34.7 million, or 53 cents per share, a year earlier.

Tricia Bishop

Avalon biotech loss increases 15%

Avalon Pharmaceuticals Inc., a Germantown biotech in the early stages of developing cancer treatments, said yesterday that its loss for the quarter ending March 31 rose 15 percent to $5.3 million from $4.6 million a year ago. Revenue rose 36 percent to $731,000 from $539,000 a year ago.

Tricia Bishop

Human Genome loss narrows

Human Genome Sciences Inc., which has two developing drugs -- Albuferon for hepatitis C and LymphoStat-B for lupus -- in late-stage clinical trials, said yesterday that its loss for the first quarter, which ended March 31, shrank 18 percent to $51 million, or 38 cents per share, from $62.1 million, or 47 cents per share, a year earlier. The Rockville company's revenue rose 37 percent to $9.3 million from $6.8 million a year ago, with the bulk of the money coming from drug development partnerships with pharmaceutical companies.

Tricia Bishop

Dutch insurer Aegon says profit fell 23%

Aegon NV said first-quarter profit fell 23 percent. The Hague-based company, which maintains offices in Baltimore, said its net income dropped to 485 million euros ($657 million), or 27 cents a share, from 630 million euros, or 36 cents, a year earlier. Aegon's earnings were boosted a year ago by a 205 million-euro release of reserves after interest rates rose. Gains from investment income were 5 million euros compared with a 32 million-euro loss a year ago. First-quarter net income at Aegon's Americas unit rose 18 percent to 477 million euros. The Dutch division had a 31 million-euro loss compared with profit of 198 million euros a year earlier.

Acquisitions

AIG Global unit to buy MTC Holdings

AIG Global Investment Group, an investment arm of the insurance giant, said yesterday that one of its subsidiaries plans to buy San Francisco-based MTC Holdings from Christopher Redlich Jr. Terms were not disclosed. MTC is a terminal operating, stevedoring and logistics company with a small presence at the Helen Delich Bentley port of Baltimore. AIG's Highstar Capital, the subsidiary, also owns the company that operates Baltimore's Seagirt Marine Terminal.

Meredith Cohn

Real estate

AMB acquires 4 buildings

San Francisco-based industrial developer AMB Property Corp. said yesterday that it acquired four fully leased industrial buildings totaling about 709,000 square feet in business parks near Baltimore-Washington International Thurgood Marshall Airport and the port of Baltimore, for an undisclosed sum. Two buildings, at Sherwick Court and Stayton Drive, are in Baltimore Washington Industrial Park. The other two, at Swann Creek Drive and Cabot Drive, are in the adjacent Marley Neck Industrial Park. The company has renamed the location of its buildings to AMB Baltimore Beltway Industrial Park.

Lorraine Mirabella

This column was compiled from dispatches by Sun reporters and Bloomberg News.

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