Daily Briefing

DAILY BRIEFING

December 12, 2008

Martek income is down

Columbia-based Martek Biosciences Corp. reported yesterday net income of $10.5 million, or 31 cents per diluted share, for the fourth quarter that ended Oct. 31, down from $18.3 million, or 55 cents per diluted share in the fourth quarter of 2007. The manufacturer of infant formula reported revenue of $90.4 million, up 10 percent from $82 million in the corresponding period in 2007. Excluding the impact of tax benefits, the company's net income would have been $8.9 million, or 27 cents per diluted share, compared with $7.5 million or 23 cents per diluted share in the fourth quarter of 2007.

Lorraine Mirabella

Cuts drop Ciena revenue

Shares of Linthicum-based Ciena Corp., the maker of network equipment for customers such as AT&T Inc., lost 20 percent yesterday after spending cuts by phone companies led to a fourth-quarter loss. The loss was 10 cents a share, excluding costs such as stock-based compensation, Ciena said yesterday. Revenue dropped 17 percent to $179.7 million in the quarter ended Oct. 31, also falling short of projections. Ciena makes fiber-optic gear, which speeds download. Ciena fell $1.51 to $6.05 yesterday. The shares have lost 82 percent this year.

Bloomberg News

Lanham firm restates figures

Integral Systems Inc., a Lanham satellite communications company, reported yesterday that its fiscal fourth-quarter profit was $5 million, or 27 cents per diluted share, compared with net income of $4.8 million, or 23 cents per diluted share, in the corresponding period last year. Revenue for the three months ended Sept. 30 was $46 million, up 27 percent from the corresponding period last year. In a filing yesterday with the Securities and Exchange Commission, the company said it is restating its financial statements for the past three fiscal quarters due to an accounting error for revenue recognition of certain transactions. The company said the adjustments resulted in decreases of $10 million in revenues, $3 million in gross profit, $4 million in operating income and 13 cents per share in earnings.

Freddie Mac rates at 4-year low

MCLEAN, Va. : Rates on 30-year-fixed mortgages dropped this week to their lowest levels in more than four years, effects of a startling November unemployment report and a government plan to buoy the housing market. Freddie Mac reported yesterday that average rates on 30-year fixed-rate mortgages dropped to 5.47 percent. The rate is below this year's previous low of 5.48 percent during the week of Jan. 24, and the lowest since March 25, 2004.

Associated Press

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