Author: Elizabeth Fleischer (page 1 of 2)

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

Howard Bancorp CEO compensation declines 60 percent

ELLICOTT CITY, MD — The chief executive officer of Howard Bancorp received a 60 percent decrease in total compensation in 2016, according to the company’s proxy statement filed Tuesday with the Securities and Exchange Commission.
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Mary Ann Scully, CEO, president, and chairman of the board, made $363,000 in 2016 after making $581,000 in 2015, a 60 percent decrease.

She currently owns 1.30 percent of the common stock. She also was nominated to serve as a director on the board continuing through the annual meeting in 2020.

Howard Bancorp has 15 branches stretching from Ellicott City to Annapolis.

Scully, 65, has served as director, board chairperson, president, and CEO of Howard Bank since its founding in 2003. Scully previously worked at Allfirst Bank from 1973 to 2003.

Total compensation is based off of base salary, short term incentives, long term incentives, and supplemental executive retirement program.

Scully received the same base salary of $350,000 in 2016 and 2015 but in 2016 did not receive any bonus or stock awards. In 2015, she received $70,000 in bonus and $140,000 in stock awards.

Chief Financial Officer George Coffman received the same base salary of $275,000 in 2015 and 2016 but did not receive a bonus or stock awards in 2016 after receiving a bonus of $55,000 or stock awards of $112,000 in 2015.

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

Eagle Bancorp CEO Paul compensation increased 16 percent in 2016

BETHESDA, MD — The chief executive officer of Eagle Bancorp received about a 16 percent increase in total compensation in 2016, according to the company’s proxy statement filed Monday with the Securities and Exchange Commission.

imagesRonald Paul received $5.9 million in total compensation this year, up from his $5.1 million in compensation for 2015.

Paul’s base compensation rose just about 2 percent to $906,743 for 2017.   The rest of the total compensation will be reported later.

For the 2016 year, there was no bonus, $2.41 million in stock awards, $2.59 in plan compensation, and $106,187 in other compensation for a total compensation in 2016 of $5.972 million.

The increase in stock awards is a little over 40 percent. The plan compensation also rose over 45 percent.

Chief Financial Officer James Langmead saw his total compensation rise to $1.65 million from $1.5 million. Chief Lending Officer Antonio Marquez saw his total compensation rise  to $1.36 million from $1.19 million.

Chief Operating Officer Susan Riel saw her compensation rise to $2.08 million from $1.97 million.

The Bethesda-based company is the parent of Eagle Bank, which has 21 locations in Maryland, Washington, D.C., and northern Virginia.

Eagle Bancorp stock opened at $59.95 on Monday, up from Friday’s close of $59.70.

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

 

 

McCormick reports earnings on par with analyst expectations

SPARKS, MD — McCormick  & Co. reported its first quarter financial earnings that matched analyst expectations, according to a filing Tuesday with the Securities and Exchange Commission.

searchEarnings rose one cent to 74 cents per share for the period ended Feb. 28 for the global spice company, with higher operating income offset in part by a higher tax rate and the impact of unfavorable currency prices. Adjusted earnings per share increased to 76 cents, up 2 cents.

Earnings were on par with the average analyst estimate. The low average estimate was 73 cents, and the high was 80 cents.

“Our first quarter financial results were a solid start to the year delivering profit results in line with our expectations,” said CEO Lawrence Kurzius in a statement. “Sales in our consumer segment were up from the year ago period, with strong momentum in China and the benefit of acquisitions, partially offset by the impact of a challenging retail environment in the U.K.”

The increase in earnings per share was driven by higher operating income, including the impact of special charges, offset in part by a higher tax rate and the impact of foreign currency on income from unconsolidated operations.

Sales rose 1 percent in the first quarter compared to last year’s period. The company grew sales four percent in constant currency with increases in the consumer and industrial segments.

McCormick also increased gross profit margin to 39.6 percent, up from 39.3 percent during the same period last year.

For the first quarter, operating income was $134 million compared to $129 million in the same 2016 period.

For the year to date quarter, net cash from operating activities is down significantly to $44 million from $79 million in the same period 2016 due mainly to the timing of income tax payments and incentive compensation payments related to 2016’s financial performance.

The company updated its financial outlook for 2017 to reflect a higher impact from special charges, but the company reaffirmed its expected constant currency growth rate for sales, adjusted operating income and adjusted earnings per share.

In 2017, McCormick expects to grow sales 3 percent to 5 percent compared to 2016. Operating income is expected to grow 9 to 11 percent from $641 million in 2016.

McCormick projects the 2017 earnings per share to be from $3.98 to $4.06, up from $3.69 in 2016.

McCormick stock traded Tuesday down about 2.5 percent from the day’s open at $100.

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

 

Global Medical REIT fourth-quarter earnings miss expectations

BETHESDA, MD — Global Medical REIT Inc. reported fourth quarter earnings of negative 11 cents per share, which was worse than analysts expected but up from negative $3.16 per share in the fourth quarter of 2015, according to a filing Monday with the Securities and Exchange Commission.

imgresThe company was expected to report a loss of 11 cents per share. It primarily acquires licensed health care facilities and leases them to clinical operators.

Total revenue for the fourth quarter increased to $3.1 million, which beat analyst expectations of revenue of $2.94 million.

Global Medical cited the net loss was due to acquisition costs, stock-based compensation expense, and generally due to increased operating expenses as a result of the growth in the company’s portfolio of properties.

The leasing occupancy rate is at 100 percent for both 2015 and 2016. In the fourth quarter, the company acquired 13 additional facilities for an aggregate purchase price of $81.4 million.

“When these pending acquisitions close our total portfolio will be approximately $316 million,” said CEO David Young in a statement. “I would also like to point out our recently amended syndicated revolving credit facility which provides a financing commitment of up to $200 million plus an accordion feature for an additional $50 million.”

The company declared a quarterly cash dividend of 20 cents per share, an annualized 8.97 percent dividend yield for 2016.

For the full 2016 year, total revenue increased to $8.2 million from $2.1 million. The company attributed the growth to a larger portfolio of properties, resulting in higher rental revenues.

The company’s cash and cash equivalents balance increased to $19.7 million in 2016, up from $9.2 million.

At the end of the year, Global Medical had 31 buildings with 664,879 square leasable feet, up from 2015 with nine properties and 129,412 square feet available to lease. These 31 buildings are leased to 18 tenants with an average lease term remaining of 12 years. The annual average base rent is $23.17 per square foot.

Global Medical’s shares fell 1 cent to $8.30 in midday Monday trading.

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

 

 

Marriott International plans to add up to 300,000 rooms in next three years

searchBETHESDA, MD — Marriott International announced a growth plan that would add up to 300,000 rooms in the next three years, the company reported Tuesday in a filing with the Securities and Exchange Commission that will be presented at its investor meeting.

The company plans to open one hotel around the world every 14 hours and add up to 300,000 rooms by 2019. This opens up the possibility of $675 million in annualized fees from these rooms alone.

Marriott has over 6,000 properties in 122 countries with over 30 brands such as Bulgari, the Ritz-Carlton, Edition, The Luxury Collection and Westin.

The September 2016 acquisition of Starwood Hotels and Resorts for $12.4 billion has also helped the company. Marriott took a significant market share lead with over 8 percent of worldwide hotel rooms.

The company expects net room growth to grow to an annual compound rate of 6.5 percent, up from 5 percent.

“Marriott has made a significant leap forward in distribution and scale with its once-in-a-generation acquisition of Starwood,” said President and CEO Arne Sorenson in a statement. “With global travel estimated to increase at a 7 percent compounded rate over the next 10 years and international trips expected to top 1.8 billion by 2030, Marriott is well positioned to benefit given its strong global footprint now in 122 countries and territories and an unmatched portfolio of 30 lodging brands.”

In addition to the $675 million from the new rooms, the company also expects non-property related franchise fees, such as credit card branding fees, to increase about $100 million over the three years.

The new growth plan also assumes a revenue per available room growth of 1 to 3 percent, compounded annually, through 2019.

The company expects earnings per share of $5.25 to $5.80 by 2019, a compound growth rate of 17 percent to 21 percent from 2016. Adjusted EBITDA should increase 7 to 10 percent, and net income should increase 11 to 14 percent.

Shareholders can expect to see $1.4 billion to $1.5 billion in dividends, and $6.9 billion to $7.8 billion in repurchases over the next three years.

Marriott’s shares rose $2.43, or 2.7 percent, to $91.11 in early Tuesday trading.

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

Bethesda-based DAI raises $7.5 million

BETHESDA, MD — A Bethesda-based company that focuses on development and improving lives around the world has raised more than $7.5 million in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.  search

DAI Global LLC raised $7,507,981 in equity of the total offering of $9,499,924 from 76 investors.

The form was signed by Michael Jakobowski, James Boomgard, Helle Weeke, Elizabeth Nelson, Daniel Heaney, Marwan Juma, Maria Otero, Gail Steinel, Jean Gilson, Christopher LeGrand, Christopher Lockett, Zan Northrip and Laura Viehmyer.

The company, formed in 2015, is categorized as a business services firm and employs about 3,000 people around the world with 70 percent being local staff.  The company has offices in over 150 locations around the world.

DAI was incorporated in 1970 as Development Alternatives Inc. as the founders wanted to change the way development happens.

According to the website, the company “tackle(s) fundamental social and economic development problems caused by inefficient markets, ineffective governance, and instability. And we do this by bringing together fresh combinations of expertise and innovation across multiple disciplines—crisis mitigation and stability operations, democratic governance and public sector management, agriculture and agribusiness, private sector development and financial services, economics and trade, HIV/AIDS and disease control, water and natural resources management, and energy and climate change.”

DAI is strict with ethical and compliance standards for all related laws and regulations.  The company offers solutions to problems around the world in digital, environment and energy, corporate sustainability, economic growth, governance, health and stability.

This is a new notice with the first date of sale on March 1. The offering is not intended to last more than one year.

None of the money will go toward executive salary, and the offering is not being made in conjunction with a business combination transaction. The minimum investment accepted from any outside investor is $500.

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

Frederick-based RoosterBio raises over $5.1 million

FREDERICK, MD — RoosterBio Inc. raised almost $5.2 million in equity and option, according to a filing Monday with the Securities and Exchange Commission.unnamed

RoosterBio filed a Form D signed by CEO Margot Connor, founder and Chief Technical Officer Jon Rowley and Robert Carlson on Feb. 27.

RoosterBio, founded in 2012, is a biotechnology company that works on cell-based bioeconomy and provides standardized stem cell technology to bring products to market faster.

The $5,197,557 has been raised from 10 investors.

This is an amended notice with the first date of sale on Nov. 23, 2016. This offering is not intended to last more than one year.

The types of securities offered are in equity and option, warrant or other right to acquire another security.

The company has over 160 customers worldwide and started offering products to customers in February 2014. The company website equates biofabrication of stem cells to 3D printing. The company products include cells, media and kits and bundles.

None of the money will go toward executive salary, and the offering is not being made in conjunction with a business combination transaction. There is no minimum investment accepted from any outside investor.

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

Sinclair Broadcast Group reports earnings below Wall Street expectations

Sinclair_Broadcast_Group_Logo.svgBALTIMORE, MD— Television station operator Sinclair Broadcast Group Inc. reported fourth-quarter earnings of $1.32 per share for the three months ended Dec. 31, below expectations, according to a filing with the Securities and Exchange Commission.

This number is below average analyst expectations of $1.36 per share for the current quarter. Revenue of $797.7 million also missed analyst expectations. Analysts estimated that the revenue for the quarter would be around $806.89 million.

Sinclair is a television broadcasting company that owns, operates, or provides services to 173 stations in 81 markets. It broadcasts 505 channels and is affiliated with major networks.

For the last quarter, net income for the company was at $120.9 million, up from $58.2 million in 2015. Total revenues increased 30.4 percent to $797.7 million, up from $611.8 in the prior year’s period. Operating income increased $87.9 percent, up to $233.4 million.

For the 2016 year, net income was $245.3 million, up from $171.5 the year before. Total revenues increased 23.3 percent to $2.737 billion, and operating income increased 42.6 percent to $602.9 million. Operating income increased 42.6 percent to $602.9 million.

The company also declared an 18-cent quarterly dividend per share.

“2017 is off to a productive start with the launch of two emerging multicast networks, TBD and CHARGE!, which join our already successful multicast network, COMET,” commented Chris Ripley, president and chief executive officer. “Our other platforms continue to grow with increased distribution of Tennis Channel and double digit percent growth in our digital revenues. In addition, the auction proceeds will provide us additional optionality to further grow the Company and create value for our shareholders.”

Sinclair stock closed Tuesday at $36.90.

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

 

 

 

Orgenesis subsidiary to test diabetes drug in Europe

GERMANTOWN, MD. — Orgenesis Inc.’s Belgian subsidiary, Orgenesis SPRL, has received formal approval to test its diabetes drug in Belgium and Germany, according to an filing with the Securities and Exchange Commission on Monday.exhibit99-1x1x1

The company has received approval from the Walloon Region in Belgium for $12.8 million. The project will last three years, starting from January 2017.

More than a quarter of the money is allotted for developmental work at the Belgium-based subsidiary, MaSTherCell S.A.

Orgenesis works to develop technology to combat diabetes by reprogramming human liver cells into glucose-responsive, fully functional insulin producing cells.

The company is working on the Belgium and Germany projects to continue developing the company to an industrial scale. If the testing is successful, the drug could help to free people with Type 1 diabetes from insulin dependence by turning their liver cells into insulin-producing cells.

“We are thankful for the continuing support of from the Walloon Region for our European activity,” said Chief Executive Officer Vered Caplan. “Through our collaboration with Pall Corporation and MaSTherCell, our wholly-owned contract manufacturer and development organization, our activity in the Walloon Region has been tremendously productive.”

The company has already seen successful results in in-vitro and in-vivo studies when using human liver tissues. The technology is based on intellectual property licensed from Israel’s Sheba Medical Center.

The company’s stock opened Monday at 69 cents, up one cent from Friday’s close.

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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