Net Loss

Citing a 45.7 percent increase in research and development expenses, Gaithersburg-based Antex Biologics Inc. reported a net loss of $120,872 for the third quarter that ended Sept. 30, compared with a net loss of $157,551 for the same period of 1996.The small biotechnology company said yesterday that it booked third-quarter revenue of $965,331, compared with revenue of $623,646 for the year-ago quarter.Research and development expenses increased to $801,228 in the third quarter of 1997, from $549,762 in the comparable 1996 quarter.

Like with many new technology companies, Corvis Corp., a maker of high-speed optical networking equipment in Columbia, hasn't made a profit. But with commercial use of the company's products under way and revenue pouring in, company officials said yesterday that they were pleased with their fourth-quarter results. Corvis reported a net loss of $89.7 million, or 27 cents a share, for the quarter that ended Dec. 30, compared with a net loss of $29.7 million, or 92 cents a share, for the fourth quarter in 1999.

USinternetworking Inc. said yesterday that its second-quarter net loss nearly doubled, while revenue surged 292 percent. The Annapolis-based company, which leases packaged business management software over the Internet to such clients as US West and Hershey Foods Corp., said for the quarter that ended June 30 it booked a $42.0 million net loss, or 43 cents a share, on revenue of $26.2 million. Analysts polled by Zacks Investment Research, a ratings service, had expected a loss of 44 cents per share in the quarter.

USinternetworking Inc.'s net loss widened in the fourth quarter, despite a surge in revenue, the company said yesterday. The Annapolis-based company, which leases business management software over the Internet, reported a net loss of $45.6 million, or 44 cents per diluted share, for the quarter that ended Dec. 31. The net loss was $34.3 million, or 56 cents per diluted share, in the corresponding quarter of 1999. Since December 1999, USinternetworking has made two secondary offerings, spreading its losses over more shares and explaining how its overall loss could have grown while loss per share shrunk, Dave Miller, vice president of finance for the company, said yesterday.

Corvis Corp., the Columbia-based maker of fiber-optic equipment, reported yesterday that its losses more than quadrupled and revenue shrank in the fourth quarter. The company also said it took charges and write-downs of $303.4 million in the quarter that ended Dec. 29 and $1 billion for the year. "There is no question that the market for optical networking equipment remains challenging," David Huber, president and chief executive officer of Corvis, said in a conference call yesterday.

Ciena Corp. reported yesterday that its losses narrowed even as its revenue fell during its fourth quarter and said that sales next quarter are expected to increase up to 10 percent from this quarter. Wall Street welcomed the news, sending shares of the Linthicum-based fiber-optic equipment maker up $1.02, or nearly 20 percent, to close at $6.20. But not all analysts were upbeat about the numbers. "I think that they're going to need a significant sales increase - not a 10 percent or a 15 percent, but I mean they need to get back into the hundreds," said David Gross, a senior analyst who covers optical networking for Communications Industry Researchers Inc. Ciena reported a net loss of $754.

Manugistics Group Inc., a Rockville-based software company, said yesterday that it cut about 90 jobs - or 7.4 percent of its work force - and more reductions are on the way. The announcement came as the company reported widening losses and falling revenue for its fiscal fourth quarter. During the quarter, Manugistics made the initial cuts, lowering the number of employees to 1,133. Another 80 to 130 jobs are expected to be lost over the next two quarters, the company said. The cuts are part of the company's effort to consolidate its U.S. operations to its Rockville headquarters, improve the way it uses office space and use product development offices in India, officials said.

Four Maryland biotechnology companies reported yesterday improved financial performances for the quarter that ended Sept. 30, although only one of them recorded a profit. Digene Corp. of Gaithersburg posted results for its fiscal first quarter, while third-quarter results were reported by United Therapeutics Corp. of Silver Spring, EntreMed Inc. of Rockville and Guilford Pharmaceuticals Inc. of Baltimore. Digene, the only company to report a profit, said its first-quarter revenue and net income were records.

Digene Corp. reported yesterday that it trimmed its third-quarter net loss by 50 percent while sales rose by the same amount.For the quarter that ended March 31, the Beltsville maker of DNA-based medical tests said its net loss fell to $1.7 million, or 12 cents per share, compared with a loss of $3.4 million, or 25 cents per share, in the corresponding three months last year. Revenue rose to $4.6 million in the quarter from $3.2 million in the corresponding period last year.Product sales, rather than revenue from research contracts, made up most of the company's earnings.

Chapman Holdings Inc., a Baltimore brokerage and investment bank, said Tuesday that its fourth quarter and annual profits surged in 1999. For its fourth quarter, which ended Dec. 31, the company reported a net profit of $1.2 million on revenue of $4.3 million. By comparison, Chapman Holdings booked a net loss of $825,000 on $689,000 in revenue in the comparable three months in 1998. For the year, Chapman Holdings said it earned $364,000 on revenue of $8.5 million. Revenue increased 180 percent compared with 1998 when Chapman Holdings lost $1.1 million on revenue of $3 million.