News Summary - 2/8

Daily Record, The (Baltimore), Feb 8, 2008

Allegheny's profit surges

Allegheny Energy Inc., the Pennsylvania-based utility that serves Western Maryland, reported fourth-quarter net income of $110.4 million, or 65 cents per share, surpassing analysts' earnings estimates of 48 cents per share. In the corresponding 2006 period, Allegheny reported net income of $64.6 million, or 38 cents a share. Operating revenue for last year's fourth quarter rose to $786.3 million, compared to $737 million for the year-ago period. The company attributed the boost to higher generating rates in Pennsylvania and increased retail sales.

Constellation's acquisition

Constellation Energy Group, of Baltimore, announced that its subsidiary, CER Generation LLC, won a court-approved auction for Calpine Corp.'s Hillabee Energy Center, a partially completed gas- fired power project near Alexander City, Ala. The purchase price for the facility is approximately $155 million. The project is approximately 80 percent complete and expected to be operational in 2010, after construction and permitting are finalized. When operational, the plant will generate 774 megawatts of electricity. One megawatt equals 1 million watts and generally provides enough electricity to supply 800-1,000 homes.

Washington Post cutting costs

The Washington Post Co. said it will offer buyouts to an undetermined number of employees at its flagship newspaper to cut costs in the face of declining revenue and readership. The publishing company also announced it will close its printing plant in College Park in 2010 after two presses are moved to a facility in Springfield, Va. In addition, the company announced that Katharine Weymouth, a granddaughter of former Chairman Katharine Graham, has been named chief executive officer of Washington Post Media, a new unit that will include The Washington Post and washingtonpost.com. Weymouth, an attorney who joined the Post in 1996, will also serve as publisher of The Washington Post; she is the fifth member of the controlling Graham family to hold that title.

Calibrant, Yale to collaborate

Calibrant Biosystems Inc., a Gaithersburg-based biotechnology company specializing in proteomics, the study of proteins and their role in disease, announced a research collaboration with the Yale University School of Medicine to identify novel ovarian and breast cancer drug targets, using Calibrant's Gemini proteomics platform. Calibrant will identify proteins and protein networks involved in ovarian and breast cancer, as well as select novel therapeutic targets found to be central to disease progression.

Martek suit nears settlement

Martek Biosciences Corp., of Columbia, which makes algae-derived nutritional oils for foods and baby formula, won preliminary approval to settle a shareholder lawsuit for $6 million without admitting any wrongdoing. U.S. District Court Judge Marvin J. Garbis in Baltimore scheduled an April 4 hearing for a final decision on the settlement's fairness, according to the law firms for the investors, Barroway Topaz & Kessler and Milberg Weiss. Garbis gave preliminary approval on Jan. 14. The plaintiffs in the class-action lawsuit accused Martek of giving investors false and misleading information about its growth potential. The company denied the claims and didn't admit to any in the settlement.

Marinalife builds partnership

Marinalife LLC, of Baltimore, which offers a centralized, online marine reservation system and other travel-related services to boaters, announced a partnership with Miami, Fla.-based Bertram Yachts, a manufacturer of pleasure and sport-fishing yachts. This is one of several such arrangements that Marinalife has established with boat manufacturers. Companies that partner with Marinalife are able to offer boat owners membership in a Marinalife-powered "Owners Club" that is customized to meet the needs of their boat buyers. Currently Marinalife covers North and Central America, the Caribbean and parts of South America.

BWI Airport sets record

Officials at Baltimore/Washington International Thurgood Marshall Airport said the airport set a new record of 21,044,384 commercial passengers arriving and departing in 2007, a 1.7 percent increase over 2006. Southwest Airlines was the leading carrier at BWI Marshall in 2007 with more than 11 million passengers and 52.5 percent of the airport's market share. AirTran Airways, the second largest airline at BWI Marshall, carried nearly 2.5 million passengers in 2007, 16.4 percent more than in 2006, officials said. Other airlines with at least 1 million passengers during 2007 were American, Delta, United and US Airways.

Hotel board adds members

The Baltimore Development Corp. announced that two new members have been added to the seven-member board of the Baltimore Hotel Corp. They are Cheryl Y. Hitchcock, an executive at Morgan State University, and Paula Rome, an activist in the Baltimore arts community. Rome is a former public relations executive who now heads a company that designs and creates beaded jewelry. The Baltimore Hotel Corp. is overseeing the 757-room Hilton Baltimore Convention Center Headquarters Hotel, which is currently under construction on West Pratt Street in downtown Baltimore.