Revenue

The invitation makes it sound like an old-fashioned holiday party, with cocktails, dinner, dessert and conversation.But "party" is probably the wrong word to use these days whenever a group of elected officials get together.Friday evening's annual holiday get-together -- read "legislativelobbying" -- at the Union Bridge Volunteer Fire Company is the one time the county commissioners and members of Carroll's legislative delegation are wined and dined by the members of the county's chapter ofthe Maryland Municipal League.

Aether Systems Inc. said yesterday that it posted a sixfold increase in revenue for the fourth quarter and a narrower loss than expected. Analysts reacted positively to the earnings report from the Owings Mills provider of wireless data products and services. Aether reported a net operating loss of $35.2 million, or 90 cents a share for the quarter that ended Dec. 31, compared with a loss of $4.6 million, or 18 cents a share, in the fourth quarter of 1999, excluding special items. Special items included the amortization of intangibles and other noncash items relating to acquisitions, the company's share of losses in joint ventures and non-cash expenses relating to options and warrants.

Sylvan Learning Systems Inc. of Columbia yesterday reported record earnings and announced a series of agreements with three public school districts that company officials hope will lead to another round of record earnings.Sylvan, operators of a fast-growing nationwide chain of tutoring and testing centers, said that it would open learning centers in nine inner-city Chicago public schools, for which the company will earn nearly $1.9 million a year for three years.Sylvan also received approval from Broward County, Fla., public schools to open learning centers in two schools, for which the company will be paid about $400,000 a year for three years.

The darkening economy is cutting into Howard County's revenue projections, producing what county officials now see as a potential $5 million shortfall that could grow larger by the end of this fiscal year June 30. County Budget Director Raymond S. Wacks has told the County Council that sharp drops in projected revenues from development-related activity and investment income have pushed his estimates of a fiscal year-end shortfall. The projection has risen from an estimate of $1.8 million calculated in October to just less than $5 million based on figures from the end of December.

MedImmune Inc., a Gaithersburg-based biotechnology company, reported yesterday that its losses widened in the first quarter of 1995 despite a 79 percent increase in revenue.The company said it lost $5.5 million, or 37 cents per share, in the three months that ended March 31, compared with a loss of $4.5 million, or 31 cents per share, in the same quarter in 1994.Revenue grew to $5.9 million, from $3.3 million.MedImmune concentrates on the development and marketing of products for infectious diseases and transplantation medicine.

Aether Systems Inc., the Owings Mills-based wireless communications company, said yesterday that its losses widened even as revenue increased during the third quarter. The company also said it took a $174.9 million noncash write-down on prior acquisitions and investments. It recorded a $12.9 million charge for inventory and inventory-reduction efforts, and a $18.2 million restructuring charge for closing or consolidating facilities and reducing its work force by 230 people during the quarter.

The county will have to sharply reduce its budget to avoid a looming fiscal crisis, a county financial analysis warns.The analysis, prepared by the county budget office and released yesterday, predicts the widening gap between the county's revenue and its expenses could reach $100 million by 1998.The gloomy fiscal news will accelerate County Executive Robert R. Neall's plans to reduce the size of government by trimming his work force and privatizing services now provided by the county, his budget officer said.

Times Mirror Co., the Los Angeles-based owner of The Sun and other newspapers and publishing companies, reported yesterday that its second-quarter profits fell more than 5 percent, despite a slight increase in revenues.But the company said that after subtracting television operations that were sold last year or scheduled to be sold this year, profits from remaining businesses improved. Especially strong, Times Mirror said, were gains at the company's newspapers, which include the Los Angeles Times and Newsday in New York.

Times Mirror Co., owner of The Sun and The Evening Sun, said yesterday that profits from continuing operations fell slightly in the final three months of 1994 compared with a year earlier, and likely would remain low in this year's first quarter.The company's stock fell $3.125 a share to finish the day at $20.25 in heavy trading.The news contributed to a mixed picture in the newspaper industry. Earlier this week, Knight-Ridder Inc. reported its profits rose by nearly 4 percent, while the Washington Post Co. said its fourth-quarter profits rose by 23 percent.

The last thing any politician wants to do is raise taxes the year before an election, which makes Howard County Executive Ken Ulman's struggle to come up with a balanced budget for fiscal 2010 all the more daunting. Like many state and local leaders, Ulman is hoping the federal stimulus will help, but it might not provide much for ordinary operating expenses. Meanwhile, his administration is trying to figure out what revenue projections to use and how much spending is safe. Ulman is scheduled to present his budget in mid-April, and the County Council has until June 1 to make changes.