News summary

Daily Record, The (Baltimore), Sep 13, 2007

New deal for Little Deal

Worried that Little Deal Island in Somerset County is eroding away, state officials decided Wednesday to spend nearly $1 million dollars to attempt to save the tiny island. The state Board of Public Works approved $985,000 for dredging and marsh planting in hopes of stabilizing the island that was once home to working watermen but is now uninhabited except by wildlife. The dredging will make a channel in Wenona Harbor usable again for 15 to 20 watermen who still work in the area, said Del. Page Elmore, a Republican who represents the area.

Crops hurt by drought

The devastating effects of the summer drought are showing up in the latest crop report from the U.S. Department of Agriculture. Based on conditions as of Sept. 1, the USDA said Maryland will see a 34 percent drop in production of both corn and soybean crops. In Delaware, corn production will drop 40 percent and soybean production will be down by 32 percent, the agency said. The USDA has already designated Maryland a drought disaster area. Delaware is seeking such a declaration.

J. Bank boosts profit

Men's clothing retailer Jos. A. Bank Clothiers Inc., of Hampstead, said its fiscal second-quarter profit for the period ended Aug. 4 climbed 17 percent, driven by increased revenue. Net income rose to $8.2 million, or 44 cents per share, from $7 million, or 38 cents per share, in the prior year. Analysts expected earnings of 42 cents per share, according to a Thomson Financial survey. Quarterly revenue rose 13 percent to $134.3 million from $119.1 million a year ago. Consensus estimates put sales at $135.1 million.

Owings Mills facility expands

Global Payments Inc., an Atlanta-based electronic transaction processing services company, plans to increase the size of its work force at its facility in Owings Mills from approximately 525 to 800 employees by the end of September, Baltimore County officials announced. With the addition of more international services, the Baltimore County operation is hiring multi-lingual workers, and soon will be running 24/7. The county's Office of Workforce Development is assisting Global Payments in recruiting and training new employees, officials said.

Integral tender offer

Integral Systems Inc., of Lanham, a provider and operator of satellite ground control systems, said it completed its previously announced tender offer to purchase up to 1.85 million shares of its common stock at $27 per share. The aggregate purchase price was $49.95 million. The number of shares the company accepted for purchase in the tender offer represents approximately 16.4 percent of its outstanding common stock.

Single shingles shot sought

Novavax Inc., of Rockville, a drug delivery company developing vaccines to protect against H5N1 pandemic influenza, seasonal flu and other viral diseases, said an ongoing discovery program to create a novel vaccine for preventing disease associated with the Varicella Zoster Virus in older adults has yielded several promising candidates that are targeted for pre-clinical development. Varicella Zoster Virus causes herpes zoster, or shingles, a skin rash often with painful blisters, which occurs most frequently in adults 60 years of age and older and people with immune system problems.

Telkonet signs up

Telkonet Inc., of Germantown, a company that provides in- building broadband access over existing electrical wiring, said it has deployed its Telkonet iWire System to over 200 Department of Defense sites nationwide, providing effective delivery of secure, unclassified network connectivity to Department of Defense personnel. An additional 600 locations have been scheduled for deployment through 2008.

Colleges link courses

The College of Notre Dame of Maryland and the College of Southern Maryland said they have signed an articulation agreement to enable students to transfer credits from CSM toward a bachelor's degree program in liberal arts/elementary education at the College of Notre Dame. The liberal arts/elementary education bachelor's program is being offered at CSM's Prince Frederick campus through Notre Dame's Accelerated College, a part-time program for working adults, beginning this fall.

Grace promotes Bonham

W.R. Grace & Co., of Columbia, a specialty chemical company, announced the election of Andrew Bonham as a company vice president and president of its Construction Products business unit, based in Cambridge, Mass. Bonham, 47, was formerly general manager of Construction Products' European operations, headquartered in Brussels, Belgium. Grace Construction Products is an approximately $1 billion global business with facilities, sales and technical services support in more than 25 countries, supplying specialty admixtures for the cement and concrete industry, and waterproofing, residential building materials and fire protection products for the construction industry.

New face at MTECH

The Maryland Technology Enterprise Institute announced that Jim Chung has been hired as the new director of MTECH VentureAccelerator, the University of Maryland's initiative for helping faculty and students launch successful technology-based ventures. Chung was director of new business development for the Washington-based Corporate Executive Board.