Month: April 2017 (page 1 of 4)

Pebblebrook CEO Bortz sees 13.9 percent increase in compensation

pebblebrookBETHESDA, MD – The chairman, president and chief executive officer of Pebblebrook Hotel Trust saw a 13.9 percent increase in total compensation to $4.1 million in 2016, according to the company proxy filed with the Securities and Exchange Commission.

Jon Bortz’s total compensation in 2015 was $3.6 million.

Bortz’s base salary has remained at $750,000 since 2014, while his non-equity incentive plan compensation increased 46.1 percent in 2016 to $1,687,500 from $1,155,000 the year before.

Bortz has served as chairman, president and CEO since the company’s founding in 2009. Prior to Pebblebrook, Bortz served as the president and CEO of LaSalle Hotel Properties, a publicly traded hotel REIT, since its establishment in 1998.

He is a current member of the board of governors of the National Association of Real Estate Investment Trusts and serves as the treasurer, as well as a member of the board of directors, for the American Hotel & Lodging Association. Additionally, Bortz serves on the board of trustees of the Federal Realty Investment Trust.

Executive Vice President and Chief Financial Officer Raymond Martz saw a 5.7 percent increase in total compensation in 2016 to $1,806,088 from $1,708,570 in 2015. His base salary increased $50,000 to $450,000 in 2016. Martz also serves as the Treasurer and Secretary of Pebblebrook.

Pebblebrook Hotel Trust is a real estate investment trust that acquires and invests in upper upscale, full service hotel and resort properties in major U.S. cities. The company owns 29 hotels located in 10 states and the District of Columbia.

The company’s net income for the first quarter of 2017 was $14.1 million, down $2.5 million from the same period in 2016.

Pebblebrook’s annual meeting of shareholders will be held on June 30 at 9 a.m. in Washington, D.C.

The company’s stock closed Friday at $29.76, down $1.44, or 4.62 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Rockville-based biopharmaceuticals company raises $23.6 million

ROCKVILLE, MD — A clinical-stage biopharmaceuticals company raised $23.6 million by selling 1.1 million shares to an investor, according to a filing with the Securities and Exchange Commission.

MacroGenics Inc. entered the agreement with an investor not affiliated with the company on April 26. The shares were offered at $21.50 per share. The closing of the offering is expected to occur on May 2. No underwriter or agent was used.

Founded in 2000, the company focuses on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer, autoimmune disorders and infectious diseases.

On its website, the company has eleven products listed in its pipeline and three platforms. It has several strategic collaborations with global pharmaceutics and biotechnology companies through its technology platforms and protein engineering expertise.

Senior Vice President and General Counsel Atul Saran signed the filing April 26. The filing can be found here.

MacroGenics was trading at $21.94, up 26 cents, on Thursday morning.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

U.S. Silica Holdings reports increased earnings

logo-topFREDERICK, MD — U.S. Silica Holdings Inc., a Maryland-based silica and sand supplier, reported earnings of $2.5 million, or 3 cents per diluted share, for the first quarter after reporting a loss in the same quarter a year ago.

U.S. Silica Holdings 77 percent increase in this quarter’s net income follows a net loss of $11 million in the first quarter of 2016. Business development expenses of $1.5 million and the $6.3 million cost of restructuring a vendor contract negatively affected the 2016 first quarter earnings.

U.S. Silica Holdings earnings were above analyst estimates for the first quarter. Excluding restructuring charges, the company earned 9 cents a share, above expectations of earnings of 6 cents per share.

Revenue increased 100 percent to $244.8 million from $122.5 million from the same quarter last year.

The increase in revenue is due to high record demand for oil and gas, a business that reported 2.5 million in tons sold and $193 million in revenue.

“Specialty Products segment continues to make great progress in growing its bottom line through a combination of strategic price increases and the roll out of more higher margin products,” said Chief Executive Officer Bryan Shinn in a statement.

The company’s projections for 2017 capital expenditures are $125 million to $150 million.

U.S. Silica’s shares closed at $42.54, a 2.4 percent , for Tuesday.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Takoma Park-based start-up brewery seeks to raise $700,000

TAKOMA PARK, MD — A start-up brewery has raised $140,000 from four investors, according to a filing with the Securities and Exchange Commission. MDBW-logo-draft-yellow-whitebg

Parallel World Brewing Co. filed the Form D on April 25. The first sale occurred on April 10, and the company plans to raise a total of $700,000. The minimum investment accepted from any outside investor is $14,000.

The company does not intend this offering to last more than one year, and it is not being made in connection with a business combination transaction.

The company has two trademarks, which can be found here.

Christian Layke, chief executive officer, signed the Form D. He was head brewer at Gordon Biersch Brewery Restaurant for eight years before co-founding Parallel World Brewing in March 2017.

The Form D can be found here.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

 This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Lockheed Martin’s shares fall after lower-than-expected first quarter revenue

BETHESDA, MD — Lockheed Martin Corp.’s shares dropped as much as 4 percent after the company reported first-quarter revenue of $11.06 billion,  which missed analysts’ forecasts of $11.23 billion for the period due to lower-than-expected sales.Lockheed Martin

The U.S. defense contractor’s net earnings from continuing operations fell to $763 million from $806 million in the year ago period. Adjusted earnings per share was reported as $3, topping Wall Street forecasts of $2.79 per share.

Net earnings from continuing operations were impacted by a $120 million charge for a loss program to design, integrate and install an integrated air missile defense system for an international customer.

“While our net earnings were impacted by certain adjustments, we increased our outlook for full year cash from operations by $300 million to at least $6.0 billion and we continue to position the company to deliver outstanding value to customers and shareholders,” said president and CEO Marillyn Hewson.

Lockheed lowered its full year earnings outlook to between $12.15 per share and $12.45 per share from its previous view between $12.25 per share and $12.55 per share.

The defense contractor’s shares, which have climbed nearly 11 percent so far this year, 4 percent in pre-market trading to $265.32 Tuesday morning after the announcement. They were trading at $268.36, down $7.85, in midday Tuesday trading.

The Securities and Exchange Commission filing can be found here.

This is a story from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

Omega Healthcare bumps CEO Pickett’s bonus up 25 percent after strong earnings

OmegaHUNT VALLEY, MD — Omega Healthcare Investors Inc. paid Chief Executive Officer Taylor Pickett $6.7 million in compensation in 2016, up from $6 million in 2015, according to a filing with the Securities and Exchange Commission.

Pickett, 55, has led Omega since 2001.

His 2016 bonus of $1.4 million increased by 25.3 percent from last year. His total cash bonus for the year includes his bonus of $360,000 and his non-equity incentive plan compensation of $1.1 million, which increased 33.3 percent from the previous year.

Pickett was given stock awards of $4.5 million, up 8.5 percent from 2015. He made $2.5 million in vested stock awards based on the Dec. 31 closing price of $31.  

Shares of Omega were trading flat Tuesday afternoon around $34 a share.

In February, Omega reported an earnings increase that exceeded analyst expectations of 48 cents per share by 31.3 percent.

The real estate investor’s fourth-quarter earnings reached $129.9 million, or 63 cents per share, a 104 percent increase from the same quarter one year prior.

The company’s funds from operations, a measure of income typical of REITs, reached $171.5 million, or $84 cents. That increased 34.6 percent from last year.

Yearly earnings were $383.4 million, or $1.90 per share, up 64.3 percent from last year.

Hunt Valley, Maryland-based Omega is a real estate investment firm that invests predominantly in nursing homes.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Baltimore-based architectural company files to raise over $600,000

BALTIMORE, MD — A Maryland-based architecture firm filed to raise over $600,000 in equity, according to a filing with the Securities and Exchange Commission.images

Baltimore-based Hord Coplan Macht filed a form D signed by Edward Hord, Lee Coplan, Carol Macht, Christoher Harvey, Jim Albert, Christopher Schein, Monica Robertson, Wirt Winebrenner, James Pedler, Adele WIillson and Jennifer Cordes on April 24.

Hord Coplan Macht is an architecture, landscape architecture, planning and interior design firm that focuses in environmental sensitivity. According to the website, 60 percent of its staff has LEED accreditations. The company specializes in multifamily, health care and education.

The company, formed in 1977, has three offices in Baltimore, Denver and Washington and employs over 230 people in the U.S.

The total filing says the firm seeks to raise $614,522. This is a new notice with the first date of sale yet to occur as the company has not sold anything yet.

This offer is not being made in connection with a business combination transaction and the minimum investment accepted from any outside investor is $11,529.

None of the money raised will be used for payment to executive directors other than the payments of the salary in the ordinary course of business to certain of the parties listed on the filing.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

 This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

RLJ Lodging deal creates third largest REIT by enterprise value

BETHESDA, MD – RLJ Lodging Trust announced Monday that it has agreed to acquire FelCor Lodging Trust Inc. in a $1.2 billion all-stock transition.Screen Shot 2017-04-24 at 10.26.48 AM

Post-merger, RLJ is expected to have a total value of $7 billion, creating the largest public REIT by enterprise value. The combined company will have ownership in 160 hotels.

The deal will give RLJ significant growth in highly desirable markets and will broaden geographic and brand diversity.

“Merging with FelCor expands our geographic footprint in highly-desirable markets on the West Cost, while strengthening our presence in other coastal markets in the East and South,” said RLJ’s President and CEO Ross H. Bierkan.

RLJ, which is based in Bethesda, Maryland, said it expects to achieve cost savings of approximately $22 million by combining the two company’s operations.

RLJ’s shares opened Monday morning at $23.49, down 5.7 percent from Friday’s close, and FelCor’s shares opened at $7.85, up 7.24 percent from Friday’s close.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Community Financial first quarter earnings beat expectations

COMMUNITY BANK OF TRI-COUNTY NEW LOGOWALDORF, MD – Community Financial Corp. reported a first quarter profit that beat analyst expectations, according to a filing with the Securities and Exchange Commission.

Community Financial, the holding company for Community Bank of the Chesapeake, reported a net income of $2.3 million. The earnings per diluted share were at 51 cents. This was a 45.6 percent increase from the net income of $1.6 million, or 35 cents per diluted share, reported this time last year.

These numbers beat Wall Street analysts’ average estimates of 44 cents per diluted share.

The increase in net income was the result of increased net interest income of $201,000, a lower provision for loan losses of $290,000 partially offset by small variances in non-interest expense and non-interest income and higher income tax expense due to higher pretax earnings.

“Our 2016 loan growth, expected loan growth for 2017 and continued focus on controlling expenses should position the company to further increase operating leverage during 2017,” said Chief Executive Officer William Pasenelli in a statement.

Community Financial’s returns on average assets and common stockholder’s equity were 0.7 percent and 8.78 percent, respectively, compared to 0.62 percent and 7.68 percent reported in 2016.

The company posted revenue of $13.8 million for the period, with an adjusted revenue of $11.5 million.

This was Community Financial’s sixth consecutive quarter of earnings growth.

On Friday, The Community Financial stock closed at $35.75 per share, down 70 cents, or 1.92 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Ellicott City-based Howard Bancorp earnings beats analyst estimates

ELLICOTT CITY, MD – Howard Bancorp reported first quarter net income for 2017 of $1.6 million or 18 cents per share, beating analyst expectations of 16 cents per share.HB Howard Bancorp

The Ellicott City–based community bank reported net income available to common shareholders had increased 73 percent compared to the same quarter last year, but earnings per share were up only 38 percent.

Chairman and CEO Anne Scully attributed the disparity in EPS and net income growth to a common stock offering, which increased the company’s equity by 1.8 million shares worth $41 million.

Scully stated, “Our capital raise was not about doing anything differently but rather was about ensuring that we have the capital infrastructure in place to support the continued growth we can achieve given our focus on talent retention as well as the talent we attracted during 2016 and early 2017.”

The offering closed on Feb. 1, and included an additional 360,000 shares available to the underwriters for purchase at $15 per share.

After the decision to exercise this option, the total number of shares sold by the company was 2.76 million

Average common shares outstanding increased from 7 million at the end of 2016 to 8.8 million on Mar. 31, 2017, and the company’s total equity increased from $85 million to $126 million over the same time.

The addition of equity increased the company’s leverage ratio to 12.1 percent from 8.4 percent the same time last year.

Scully said that the 73 percent increase in net income was due in part to the growth of the bank’s commercial loan portfolio by an annualized 12 percent.

As a result of the company’s mortgage banking operations, non-interest income increased 56 percent to $4.5 million in the first quarter of 2017 from $2.9 million the same time last year.

The bank’s primary market focus is on providing loans to small and medium size commercial business and high-net-worth individuals, and the bank has 13 branches in the Baltimore area with just over $1 billion in total assets.

Since the company reported fourth quarter earnings on Jan. 21, the stock price has increased nearly 25 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

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