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BUSINESS
February 5, 2010
Columbia-based Micros Systems Inc. said Thursday that it overstated revenue by $6.9 million and pretax income by $4.4 million over the past five years because of fraud by a Japanese subsidiary. The company, which supplies information systems to the hospitality and retail industry, said the overstatements weren't enough to adjust previous earnings statements. Micros also said that fiscal second quarter earnings for the period ended Dec. 31 were flat at $26.1 million, or 32 cents per share.
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | September 3, 2014
The Men's Wearhouse plans to end the contract that supplies tuxedo rental inventory to Hampstead-based subsidiary Jos. A. Bank, the Houston-based men's retailer said Wednesday. Men's Wearhouse, which acquired Bank in June for $1.8 billion, said an early termination agreement between Bank and Illinois-based tuxedo wholesaler Jim's Formal Wear will take effect Dec. 31. The menswear chain will take a one-time charge of $4.5 million in its fiscal third quarter as a result. "As of January 1, 2015 we will be leveraging our internal tuxedo rental inventory and logistics to serve the Jos. A. Bank tuxedo operations," Men's Wearhouse president and CEO Doug Ewert said in the announcement.
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BUSINESS
March 6, 2010
Integral Systems Inc. of Columbia announced Friday that it will pay $34.7 million to acquire CVG Inc. and its subsidiary, Avtec Systems Inc., both of Chantilly, Va., in an all-cash transaction. Integral Systems provides technology satellite missions of the U.S. Defense Department and others. CVG-Avtec provides satellite-based communications to government and commercial markets worldwide. The acquisition is expected to help Integral expand its client base and product line. CVG-Avtec has about 100 employees, who will be retained in the purchase.
NEWS
By Paul G. Pinsky | February 11, 2014
Maryland has long been considered among the bluest of blue states, firmly in the Democratic camp. Its recent progressive record on social justice has only further burnished that reputation: passing the Dream Act to allow in-state college tuition - and college affordability - for young immigrants, marriage equality, abolition of the death penalty and legislation to restrict gun violence. When it comes to corporate tax justice, however, Maryland has seen only red. The state has allowed many of the very largest multi-state, multi-national corporations operating here to use a tax avoidance scheme resulting in the loss of hundreds of millions of dollars in state corporate taxes and, sadly, placing Maryland-only businesses at a distinct competitive disadvantage.
BUSINESS
February 9, 2012
Not as big news as the national mortgage settlement worth nearly $1 billion to Maryland. But the Federal Trade Commission announced today that a subsidiary of Bank of America agreed to settle charges that it illegally overcharged struggling homeowners by more than $36 million. BAC Home Loans Servicing has already returned $28 million to consumers. In the new settlement, it will return another $8 million. BAC Home Loans is the successor to Countrywide, one of the nation's largest mortgage servicer that was acquired in 2008 by Bank of America.
NEWS
December 19, 1990
MNC Financial Inc. today announced it has agreed to sell Landmark Financial Services Inc., its consumer finance subsidiary, to Commercial Credit Inc. for about $370 million.MNC Financial is the parent company of Maryland National Bank.MNC Financial said it expects to close the transaction in early January 1991. The transaction would permit MNC Financial to reduce its debt by about $374 million, the company says.
NEWS
By Joanne Royce and Terisa E. Chaw | November 1, 2006
When former Enron Chief Executive Jeffrey K. Skilling was sentenced last week to more than 24 years in prison for his role in the company's 2001 collapse, it was a reminder of how the Enron scandal forced changes in government's oversight of corporate America. In the wake of that scandal, Congress strengthened securities laws in 2002 to protect investors and markets from future financial disasters. Unfortunately, powerful corporations are challenging these laws in bitter legal disputes across the country.
BUSINESS
By Ross Hetrick and Ross Hetrick,Sun Staff Writer | June 9, 1994
The Baltimore Gas and Electric Co. unveiled a new subsidiary yesterday created to combine the utility's 11 appliance and electronic stores and its furnace and air conditioning repair arm into a single entity.The change in BGE's corporate structure, which is effective July 1, removes the company's service operations from its main utility business and combines it with the unregulated merchandise operation.The new entity, called BGE Home Products & Services Inc., would be formally separate from the utility.
BUSINESS
By TRICIA BISHOP and TRICIA BISHOP,SUN REPORTER | January 18, 2006
The founder of Celsion Corp., a Columbia company making heat-activated cancer treatments, has quit and plans to take a subsidiary of the business with him. Augustine Cheung resigned his positions as chief scientific officer and a member of the board of directors, the company announced yesterday. Cheung established Celsion in 1982 as "Cheung Laboratories Inc." before it was renamed in the mid-1990s. Cheung agreed to pay $1.5 million to acquire all outstanding shares of Canadian subsidiary Celsion Ltd., which holds the license to the "Adaptive Phase Array" technology that Celsion has used to focus heat on diseased areas of the body.
BUSINESS
By New York Times News Service | May 9, 1995
An unsolicited $3.5 billion offer to buy National Medical Care Inc. has left W. R. Grace & Co. little choice but to get rid of the profitable subsidiary, the company's new chairman and chief executive told major institutional shareholders and Wall Street analysts in separate meetings yesterday, attendees said.Albert J. Costello, who was elected to the top posts at the $5 billion specialty chemicals and health care subsidiary only a week ago, did not specify how the company intended to dispose of NMC.But he said he expected to be able to make a "very strong recommendation" to the Grace board within the next month to six weeks.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 30, 2013
French energy firm Electricite de France outlined an exit strategy Tuesday from its stake in three of Exelon's nuclear power plants, including Calvert Cliffs in Southern Maryland. Both companies disclosed that EDF has an option to sell its 49.99 percent stake in Constellation Energy Nuclear Group to Exelon - which owns the rest - for fair market value between 2016 and 2022. Constellation, bought by Exelon last year, also worked out a deal with EDF to transfer the power plants' licenses to its parent.
BUSINESS
By Steve Kilar, The Baltimore Sun | June 18, 2013
Sinclair Broadcast Group Inc., which owns or is in the process of acquiring 140 television stations throughout the U.S., is purchasing a manufacturer of transmission antennas, the Hunt Valley broadcast firm announced Tuesday. Dielectric, a Maine-based subsidiary of a North Carolina company, planned to stop operating at the end of the month. Parent company SPX Corp. decided in April to close the antenna maker because of low profitability, according to news reports. "Dielectric has supplied more than two-thirds of the TV industry's high power antennas and its name is synonymous with expert engineering and quality products," said David Smith, Sinclair's president and CEO, in a statement.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 22, 2013
Legg Mason Inc. has lost two key employees of its Legg Mason Capital Management, including portfolio manager Mary Chris Gay. Gay, manager of an overseas version of the subsidiary's well-known Value Trust fund, and Randy Befumo, head of research at Legg Mason Capital Management, left May 15 and are "pursuing other opportunities," said spokeswoman Mary Athridge. Sam Peters, manager of the Value Trust fund in the United States, last week replaced Gay as manager of the Value Fund that is modeled after the Value Trust.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 17, 2013
Legg Mason Inc. plans to lay off an undisclosed number of employees as it folds its once high-profile Legg Mason Capital Management unit in Baltimore into a much larger investment division based in New York. Capital Management rose to fame under star money manager Bill Miller, whose Legg Mason Value Trust fund made headlines year after year for beating its stock market benchmark. Though Capital Management's investment team will remain at Legg's headquarters in Harbor East, the merger is a symbolic loss for the city.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 1, 2012
The Consumer Financial Protection Bureau announced Monday that it had ordered three subsidiaries of American Express to refund about $85 million to roughly a quarter-million consumers for violating consumer protection laws. In addition, several federal agencies fined the credit card giant $27.5 million. The CFPB said illegal activity at the American Express subsidiaries was uncovered by the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions during a regular examination of American Express Centurion Bank.
FEATURES
By Dave Rosenthal | April 30, 2012
Barnes & Noble has teamed up with Microsoft to create a powerful competitor to the Amazon Kindle -- setting up a mano a mano battle for dominance of the e-reader market. The deal is built around the Barnes & Noble Nook and related digital business. Microsoft annonced a $300 million investment in a new Barnes & Noble subsidiary, which could be spun off as a separate public company. Microsoft will hold a 17.6% equity stake in the subsidiary, giving it a valuation of $1.7 billion.
BUSINESS
April 13, 1996
The Maryland Public Service Commission yesterday approved Baltimore Gas and Electric Co.'s request to maintain its natural gas brokering subsidiary as an unregulated entity.The PSC's ruling in favor of BNG Inc. represents a defeat for competitors such as Columbia Gas of Maryland Inc., Enron Capital and Trade Resources Corp., and Eastern Energy Marketing Inc. The companies had argued that BGE's subsidiary benefited from its affiliation with the $8.3 billion utility.BGE acknowledged that it shared personnel and resources with BNG, according to PSC documents.
BUSINESS
February 9, 2012
Not as big news as the national mortgage settlement worth nearly $1 billion to Maryland. But the Federal Trade Commission announced today that a subsidiary of Bank of America agreed to settle charges that it illegally overcharged struggling homeowners by more than $36 million. BAC Home Loans Servicing has already returned $28 million to consumers. In the new settlement, it will return another $8 million. BAC Home Loans is the successor to Countrywide, one of the nation's largest mortgage servicer that was acquired in 2008 by Bank of America.
NEWS
By The Baltimore Sun | August 18, 2011
AirTran Airways announced this week that it will offer nonstop weekend flights between BWI Marshall Airport and Aruba starting December 17. According to BWI spokesman Jonathan Dean, the Saturday and Sunday service is the first new international route launched by AirTran since it became a subsidiary of Southwest Airlines. Dean noted in a statement that with the new service, Aruba becomes the sixth nonstop international or Caribbean destination offered by AirTran from BWI, after Bermuda; Montego Bay, Jamaica; Cancun, Mexico; Nassau, Bahamas; and San Juan, Puerto Rico.
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