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BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 23, 2004
Provident Bankshares Corp.'s profit fell 13.9 percent in the second quarter after the company took an $8 million charge in a restructuring of its securities portfolio. Maryland's second-largest independently owned banking company reported yesterday that it made $10.5 million in the three months that ended June 30, compared with $12.2 million in the second quarter of 2003. Earnings at the Baltimore-based company were 34 cents per diluted share, down 30.6 percent from 49 cents a year earlier.
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BUSINESS
By Gus G. Sentementes, The Baltimore Sun | September 17, 2012
KEYW Corp., a Hanover-based defense contractor that offers cybersecurity and counterterrorism solutions to government agencies, said Monday that it will sell 6.5 million shares of stock in a new public offering to raise money to pay down debt and complete a recently announced company acquisition. The publicly traded company said last week that it intended to acquire Poole & Associates Inc., of Annapolis Junction, for $126 million in cash and stock. The company last week also announced the acquisition of Sensage Inc., of Redwood City, Calif., for nearly $35 million in cash and stock.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | May 25, 2002
After abandoning its plan to split into two separate companies in October, Constellation Energy Group Inc. is striving to rebuild its reputation on Wall Street as it refocuses on increasing its regulated utility and wholesale energy generation businesses, the company's president and chief executive officer said yesterday. In his first annual meeting since taking charge of Constellation on Nov. 1, Mayo A. Shattuck III said the company has taken steps to strengthen its balance sheet through asset sales and issuance of long-term bonds, cost-control measures and reduction of the work force by 10 percent, or 900 employees, mainly through a voluntary retirement program.
BUSINESS
By Stacey Hirsh and Stacey Hirsh,SUN STAFF | October 12, 2001
USinternetworking Inc. - the Annapolis software company that saw its losses widen, its work force dwindle and its stock price tumble this year - announced yesterday that it reached a deal to receive $100 million in financing from a Boston investment firm in exchange for a controlling interest in the company. "At the end of this, they're going to control the company, but the exact percentages haven't been determined yet," said Dave Miller, vice president of finance for USinternetworking.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | April 16, 1998
Mercantile Bankshares Corp.'s net income rose almost 11 percent in the first quarter, led by gains in its lending and trust business, the company reported yesterday.The Baltimore-based financial institution, Maryland's largest independently owned banking company, reported net income of $35.5 million for the first quarter ended March 31, a 10.9 percent boost compared with the same period last year, when it earned $32 million.Net income per share rose 8.9 percent to 49 cents, up from 45 cents in the same period a year ago, beating analysts' estimates by a penny.
BUSINESS
By David Conn and David Conn,Staff Writer | January 27, 1994
Baltimore Bancorp, parent of the Bank of Baltimore, capped off its second profitable year in a row with an increase of nearly 300 percent in its fourth-quarter earnings.In the final three months of last year, Baltimore Bancorp earned $1.2 million, or 7 cents a share, compared with earnings of $312,000, or 2 cents a share, a year earlier, the company said yesterday.Despite decreases in "core earnings" -- the profits from such traditional banking services as borrowing and lending -- Baltimore Bancorp improved its balance sheet and loan portfolio during the quarter, measures that should make it more attractive as a takeover candidate.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | July 21, 1998
Fueled by continued hotel purchases and higher revenue from those rooms, Host Marriott Corp. reported yesterday that its second-quarter funds from operations rose 35 percent to $115 million.On a per-share basis, the Bethesda-based lodging company's funds from operations of 51 cents per share marked a 31 percent increase from the same three-month period in 1997. The figure was also above the 50 cents per share analysts expected the company to earn in the quarter, which ended June 19. Revenue rose 49 percent, to $402 million.
NEWS
By NEW YORK TIMES NEWS SERVICE | January 27, 2002
HOUSTON - Three years ago, a German company pieced together a picture of Enron Corp.'s finances so troubling that the discovery helped persuade the company to call off a merger with Enron, executives in Germany and the United States said. The 1999 deal would have combined Enron and Veba, a utility company based in Duesseldorf, in a so-called merger of equals. The negotiations collapsed amid a clash of egos between the Germans and the Americans and the growing sense at Veba that Enron was going to take it over instead, executives involved in the talks recalled.
BUSINESS
By Meredith Cohn and Meredith Cohn,SUN STAFF | January 15, 2002
The day after the Rouse Co. announced that it would spend $1.45 billion for eight high-end shopping malls, analysts said yesterday that the company's big task is deciding how to pay for the acquisition without scaring off investors or hurting its balance sheet. The eight-mall acquisition is part of a $5.3 billion deal that Columbia-based Rouse is entering into with two other firms to buy a total of 35 malls and other assets from the Dutch company Rodamco North American NV. Rouse did not say how it will fund its portion of the deal, but it indicated that it will likely sell stock and find corporate lenders.
BUSINESS
By Jay Hancock | January 27, 2002
FINANCIAL ledgers have two sides, but the fantasies of white-collar frauds usually run in only one direction: up, up and away. In a finding that is telling about the psychology of corporate chicanery, North Carolina State professor Mark Beasley and two colleagues determined that most accounting shenanigans among publicly traded companies involve the inflation of assets or revenues, not the veiling of costs or liabilities. You can cook the books either way. The prosecutors don't care. But in possibly the most thorough study of recent financial statement fraud, Beasley discovered that dissembling managers prefer to accentuate - I use the word loosely - the positive.
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