The Daily Record News Briefs: July 25, 2008

Daily Record, The (Baltimore), Jul 25, 2008

Foundation Coal: More red ink

Foundation Coal Holdings Inc., of Linthicum Heights, a coal mining company, said its second-quarter loss ballooned as its cost of sales ate away at a jump in revenue. For the period ended June 30, the company reported a loss of $4.4 million, or 10 cents per share, compared with a loss of $3.8 million, or 8 cents per share, in the year-ago period. Revenue jumped 12 percent to $411.9 million from $368.5 million. Company officials said they were "disappointed" with second-quarter results, and cited roof control issues in Northern Appalachia and lower-than-expected shipments from the Powder River Basin due to Midwest flooding and heavy rainfall in Wyoming as factors weighing on performance.

Integral Systems' profit up

Integral Systems Inc., of Lanham, a provider and operator of satellite ground control systems, reported net income for its fiscal third quarter ended June 30 of $4.7 million, or 55 cents per diluted share, versus $3.8 million, or 34 cents per diluted share, for the prior fiscal year's third quarter. Revenue this year rose to $41.8 million, up 16.5 percent from the $35.9 million reported in the prior-year period. Officials said the results reflected solid financial performance and growth in Integral's space communications systems and government group systems segments.

Bay National reports loss

Bay National Corp., of Baltimore, the holding company for Bay National Bank, reported a second-quarter net loss of $776,000, or 36 cents per diluted share, compared to net income of $622,000, or 28 cents per diluted share, for the year-ago period. In a statement, bank officials said the company cut staffing by 10 percent in the second quarter, without saying how many jobs that entailed. Asset quality and the resolution of credit issues within the residential mortgage portfolio are the top priorities for 2008, the statement said. Officials said the bank is well capitalized, and its bottom line has been strengthened by a commitment offer for up to a $6 million line of credit from an unidentified lender.

AFSCME gains stadium cleaners

Cleaning workers at Baltimore's two stadiums have voted to join the state affiliate of the American Federation of State, County and Municipal Employees. According to a news release from the union, the vote Wednesday follows the recent successful battle to win a living wage from the vendor hired to carry out the cleaning work for the Maryland Stadium Authority. The workers had previously been paid little more than minimum wage, with no benefits. Following their wage victory, stadium workers approached AFSCME about organizing into a union.

Research park's new tenant

The Forest City-New East Baltimore Partnership announced that IATRICa Inc., a privately held biotechnology company, has signed a lease for space at a new building at 855 N. Wolfe St., in Baltimore's Science Technology Park at Johns Hopkins. IATRICa becomes the fifth tenant along with the Johns Hopkins Institute for Basic Biomedical Sciences, the Howard Hughes Medical Institute, Cangen Biotechnologies and BioMarker Strategies to lease space at the John G. Rangos Sr., Building, a 278,000-square-foot, office/ research building. The building, which opened in April, is the first of five buildings planned for the research park.

NSF re-funds CCBC tech effort

The Community College of Baltimore County said it was awarded a $2.6 million grant from the National Science Foundation for an additional three years of funding to support the Technology and Innovation in Manufacturing and Engineering Center, an Advanced Technological Education regional center. The three-year NSF grant, which runs from Oct. 1, 2008 through Sept. 30, 2011, builds on the initial $3 million grant in 2003 that funded the creation of the TIME Center in the School of Applied and Information Technology at CCBC. Among other activities, the TIME Center focuses on expanding opportunities for students and faculty alike in the engineering and manufacturing sectors.

Grants to help bay programs

The Chesapeake Bay Program and the National Fish and Wildlife Foundation announced the awarding of more than $2.1 million in grants for 34 projects in the Chesapeake Bay watershed. Officials say the projects will protect 3,400 acres of land, restore about 15 miles of streams and plant more than 160 acres of marsh and wetland grasses. Grant recipients include the Chesapeake Bay Maritime Museum in Talbot County, which received $100,000 to plant tidal marsh grasses along its shoreline.

Frederick winery wins appeal

When Frederick Cellars opened nearly two years ago in the Everedy Square antique-shopping district, the winery's owners wanted to offer live music and special events along with wine sales. But city zoning restrictions forced it to operate as a liquor store. Now the Board of Zoning Appeals has granted the business a permit enabling it to offer entertainment, host wedding receptions and stay open as late as 10 p.m. weekdays and midnight on weekends.

Queen Anne's law aids watermen