Author: Charlotte Chilton (page 1 of 2)

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

LaSalle Hotel Properties sees dramatic increase in first quarter earnings

lasalleBETHESDA, MD – LaSalle Hotel Properties, a Maryland-based real estate investment firm, reported increased earnings for the first quarter due to decreasing expenses, according to a filing from the Securities and Exchange Commission.

LaSalle Hotel Properties net income increased 1,168.3 percent to $76.1 million, or 67 cents per diluted share, from $6 million, or 5 cents per diluted share in the first quarter of the previous year.

LaSalle was able to decrease the expense of hotel operating costs, as it sold off three properties and one leasehold interest in the past year. The company received $74.4 million in gains relating to the sales of the properties, impacting the company’s net income.

“We have been opportunistic in selling four hotels this year, and we are pleased to use part of these proceeds to redeem our Series H preferred shares,” stated Michael Barnello, President and Chief Executive Officer of LaSalle Hotel Properties.

The company received $273.85 million in the sales of Hotel Deca, Lansdowne Resort, and Alexis Hotel, and the Triton Hotel.

LaSalle beat analysts earning estimates of 6 cents for the first quarter. Analysts are predicting earnings of 45 cents for the next quarter.

The company reported total revenue of $254.5 million, a 2.2 percent decrease from $260.1 million, the first quarter revenue of the 2016 fiscal year.

LaSalle Hotel Properties stock price has decreased 1.93 percent to $28.69 in Thursday morning trading. The stock closed at $29.26 the previous day.

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

 

Medical tech company Vasoptic Medical raises $1.5 million

VasopticBALTIMORE, MD — Vasoptic Medical Inc., a Baltimore-based medical technology company, raised $1.5 million in a private equity offering, according to a filing with the Securities and Exchange Commission.

Vasoptic Medical filed a Form D on April 7. It did not disclose what it intended to do with the proceeds.

The company was founded in 2012 by M. Jason Brooke and Abhishek Rege based on technology developed by Rege while studying at Johns Hopkins University.

The technology is a portable retinal imager that examines retinal microvasculature and is making a significant impact on the prevention of vision loss associated with diabetes.

It has implemented its product in primary care and community clinics. It is  low-cost and easy to use technique that monitors the progression of various metrics that are commonly found in retinal diseases.

The Maryland Technology Development Corp. chose Vasoptic Medical for financial investment from the Life Science Investment Fund in 2016. Companies chosen by TEDCO are given an investment of up to $200,000 in order to advance their products commercialization.

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

 

Walker and Dunlop CEO compensation increases 18 percent

logo-walker-dunlop-sqBETHESDA, MD — Walker and Dunlop Inc.’s chief executive officer received an 18 percent increase in total compensation for the 2016 fiscal year, according to a filing with the Securities and Exchange Commission.

Chairman and Chief Executive Officer William Walker received $3.9 million in total compensation, up from $3.3 million in total compensation in 2015.

He received a stock award of $1.1 million, which increased 270 percent from 2015. Walker has received a salary of $750,000 and an award of $1.5 million from a non-equity incentive plan for the past three years.

Walker and Dunlop, a mortgage investment company, reported a net income of $113.9 million for the 2016 fiscal year, a 39 percent increase from 2015. The company had an operating margin of 32 percent, which increased from a margin of 29 percent in 2015.

The stock price for the company is currently $41.35, up 20 cents in Thursday morning trading.

The company’s annual meeting will be held Thursday, May 18, at 10 a.m., at the Hilton Garden Inn, located at 7301 Waverly St., in Bethesda M.D.

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

Nature’s Care and Wellness raises $840,000 after securing medical cannabis license

NOTTINGHAM, MD –  A Maryland-based medical cannabis dispensary company raised $840,000 in equity, according to a Securities and Exchange Commission filing.Maryland Biz News Wire

Nature’s Care and Wellness LLC filed the Form D on March 23. It did not disclose what it intended to with the proceeds.

The company listed eight investors on the form, and it was filed by executive officer Robert Windsor.

Nature’s Care and Wellness was granted stage one pre-approval by the Maryland Medical Cannabis Commission on Dec. 9, 2016. The selection made them one of 102 companies able to apply for state licenses. The company has a year from the approval date to commence operations and apply for a full license.

Patrick Jameson, executive director of the Maryland Medical Cannabis Commission, stated, “These dispensaries will be the new face of the medial cannabis industry in Maryland once final licenses are issued.”

Cannabis was legalized in Maryland for medical purposes in 2014. There is a legal possession limit of a 30-day supply.

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 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

 

Federal Realty Investment Trust CEO Wood’s compensation skyrockets

FederalRealtyInvestment-Trust-logoROCKVILLE, MD — Federal Realty Investment Trust’s chief executive officer received a 73 percent increase in total compensation from the previous fiscal year, according to a Securities and Exchange Commission filing.

Donald C. Wood, president and chief executive officer of the Rockville-based real estate investment trust, received a total compensation of $9.5 million for the 2016 fiscal year, up from total compensation of $5.5 million in 2015.

He received a salary of $950,000, a 12 percent increase from 2015. His stocks awarded increased 115 percent from 2015 to $7.5 million from $3.5 million. In addition, Wood received an annual bonus of $1.4 million.

Wood collected 75 percent of his annual bonus in cash, totaling $1.06 million.

The real estate investment trust, which owns, manages, and develops retail and mix-use properties, reported increases in revenue and net income for the 2016 fiscal year. The company reported a $800 million in revenue, a 7.7 percent increase, and $249 million in net income, a 19 percent increase.

The company hired Daniel Guglielmore as chief financial officer in the 2016 fiscal year. Guglielmore received a total compensation of $2.02 million for his first year at Federal Realty Investment Trust.

The real estate investment trust’s stock price is currently $134.91, up $1.80 in Thursday morning trading.

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

 

 

Consulting firm Indiggo Associates raises $750,000

IndiggoBETHESDA, MD — Indiggo Associates Inc., a Bethesda, Maryland-based business consulting firm, raised $750,000 in a private equity offering, according to a filing with the Securities and Exchange Commission.

Indiggo Associates filed the Form D on March 3. It did not disclose what it intended to do with the money raised.

Indiggo Associates is a business-consulting firm that helps its clients build leadership skills among their executives and increase their efficiency and performance. The company has developed a leadership platform that helps members practice effective leadership.

Janeen Gelbart serves as chief executive officer of Indiggo Assosciates.

Gelbart also founded Safic, a pan-European importer and distributor of technology products. Following several years of spearheading Safic’s triple digit growth, she sold the business and relocated to the U.S. She then created a wholesale distribution company where she worked for eight years.

Indiggo Associates is a business-consulting firm that helps its clients build leadership skills among their executives and increase their efficiency and performance. The company has developed a leadership platform that helps members practice effective leadership.

The company announced in February 2017 its partnership with BDO USA, one of the largest accounting services company.

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

 

Nasdaq threatens to delist Cerecor

BALTIMORE, MD — Cerecor Inc., a clinical stage biopharmaceutical company, is in violation with Nasdaq listing qualifications and has been warned of being delisted, according to a filing with the Securities and Exchange Commission.imgres

Nasdaq Listing Qualifications staff notified Cerecor on Feb. 24 that it is in violation with rule 550(a)(2) because the company’s stock price has been below $1 for 30 consecutive business days.

The notification has no direct effect on the company’s listing on the Nasdaq stock market, and Cerecor has 180 calendar days to comply with the rule. The company’s stock price must reach a closing price of above $1 for 10 consecutive business days for it not to be delisted.

Cerecor’s stock closed at 75 cents on March 3, a 1.32 percent drop from the previous close.

Cerecor completed its initial public offering in October 2015.

The company has been focusing on the research and development of drugs for major depressive disorder and substance abuse disorder.

According to the company’s 2015 annual report, Cerecor expects significant losses during the duration of developing these medications and has no insight as to when or if the products will be able to be profitable. An annual report for the 2016 fiscal year has not been filed yet.

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

Discovery Communications beats analyst projections

SILVER SPRING, MD — Media company Discovery Communications Inc., which operates television channels such as TLC and Animal Planet, reported fourth-quarter earnings that beat analyst expectations due to modest ad growth in the United States.Discovery- Communications

Fourth quarter net income increased 39 percent to $304 million, or 52 cents per share. Analysts were expecting earnings of 48 cents per share.

Revenue during the quarter increased 2 percent to $1.67 billion from $1.65 billion the previous year. The U.S. channels reported a 3 percent growth in revenue to $812 million.

Revenue growth in the international business was flat for the quarter.

“As we begin 2017, we will continue to invest in our premier global IP and brands to nourish fans across all screens, all platforms and all services to drive shareholder value and propel our business for years to come amid the rapidly changing media landscape,” said David Zaslav, president and chief executive officer, in a statement.

Higher rates contributed to a 6 percent increase in the network’s distribution growth but was offset by a decline in subscribers.

The company’s stock price closed Monday at $29.03 and has since dropped to $28.53, or 1.79 percent, as of midday Tuesday.

The Securities and Exchange Commissions 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. 

Biopharma company Oncolmmune hopes to raise $15 million

ROCKVILLE, MD — Oncolmmune Inc., a Maryland based biopharmaceutical company, is looking to raise $15 million, according to a Securities and Exchange Commission filing.

The company has already raised $5.5 million as part of the private equity offering.OncoImmune

Oncolmmune Inc., filed the Form D on Feb. 7. It did not disclose what it intended to do with the proceeds in the filing, however the company is about to move into phase II of a clinical trial.

The company was founded by Kun- Liang Guan,  Ming You, Pan Zheng, and Yang Liu in 2000 after discovering the use of CD24 protein in treatments for cancer and autoimmune disease.

CD24 is the company’s lead product and responded well to the first round of clinical trials. The phase II trials will test prophylactic treatment of acute Graft versus Host disease (GvHD).

In September, the company announced a license agreement with Pfizer Inc.  for ONC-392, an antibody, in a deal worth up to $250 million in upfront and potential milestone payments.

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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