Jos. A. Bank reports increased Q1 earnings
Jos. A. Bank men's clothing store said late Tuesday that fiscal first-quarter earnings increased as people continued to buy its suits and other products despite the recession. The Hampstead-based company reported net income of 62 cents per share, or $11.5 million, compared to 53 cents per share, or $9.8 million, the same period a year ago. Comparable store sales, or those at stores open at least a year, increased 4.3 percent. Internet and catalog sales increased 12.1 percent. The company will discuss the earnings in a conference call today.
- Andrea K. Walker
Study: UM has $3.4 billion economic impact on state
Maryland receives $8 in economic benefit for every $1 in taxpayer support to the University of Maryland, according to a new study commissioned by the University of Maryland College Park Foundation. The university's annual economic impact study found that the school contributes $3.4 billion and supports over 23,000 jobs. The state's fiscal 2009 year funding to the university is $400 million. The report, released Tuesday and conducted by Baltimore's Sage Policy Group, also details the university's role in attracting more than 1 million visitors annually; winning researching funding and grants; helping to grow small businesses and developing the area's largest research park.
- Hanah Cho
State launches incubator for international firms
The state plans to launch its first international incubator to attract foreign companies to College Park later this year and announced its first tenant, the University of Maryland-China Research Park. Maryland's Department of Business and Economic Development and the University of Maryland, College Park signed Wednesday an agreement to establish the incubator, which will provide business development services and leasing space to lure foreign companies to the state. Gov. Martin O'Malley's International Advisory Council, which met for the first time Wednesday, will lead the state's efforts to attract international companies. State officials have been aggressively courting foreign companies, attracting 14 to Maryland in the past year. Last fall, DBED's international trade and investment office promoted the state's resources and economy in Russia, China, South Africa and Finland.
- Hanah Cho
Asphalt plant will supply stimulus-funded projects
Independence Construction Materials will open a new asphalt plant in Jessup in Howard County June 10. The new facility will provide aggregate and asphalt products for road projects in Maryland and Washington, many of which will begin construction with funds from the federal economic stimulus program. The plant will use a "green system" technology to decrease energy consumption and lower greenhouse emissions. ICM operates eight asphalt plants and six aggregate quarries and is one of the largest construction materials suppliers in the Mid-Atlantic region. Jessup is its largest plant.
- Andrea K. Walker
Rosecroft parent files for Chapter 11
Cloverleaf Enterprises Inc., of Fort Washington, the parent of Rosecroft Raceway, a Prince George's County harness track, filed for bankruptcy-law protection yesterday in the U.S. Bankruptcy Court for Maryland. Cloverleaf is the second Maryland race track owner to file for Chapter 11 protection this year. In March, Magna Entertainment Corp., owner of Pimlico Race Course, Laurel Park and the rights to the Preakness Stakes, filed under Chapter 11. According to the bankruptcy petition, the Maryland Jockey Club is the largest unsecured creditor, and Cloverleaf is contesting the $1.24 million it owes under a 2006 memorandum of understanding with the Jockey Club. Cloverleaf estimated assets to be between $10 million and $50 million, and debts to be between $1 million and $10 million.