The Daily Record News Briefs: October 23, 2008

Daily Record, The (Baltimore), Oct 23, 2008

Foundation Coal's black hole

Foundation Coal Holdings Inc., of Linthicum Heights, a coal mining company, said it swung to a third-quarter loss as coal production dropped off sharply and costs surged. The company reported a net loss of $32.2 million, or 71 cents per share, compared with net income of $1.9 million, or 4 cents per share, in the year-ago period. Excluding certain items, including mark-to- market losses, the company lost 46 cents per share. Revenue rose 14 percent to $409.4 million from $359.1 million. Analysts polled by Thomson Reuters expected, on average, a loss of 3 cents per share on revenue of $405.2 million. Analysts typically exclude one-time items.

Coventry profit down 49%

Coventry Health Care Inc., of Bethesda, a provider of health benefits for 4.6 million customers, said third-quarter profit fell 49 percent as medical costs grew faster than premiums and the company took a $36.2 million charge for bad investments. Net income decreased to $85.5 million, or 58 cents a share, from $168.7 million, or $1.08, a year earlier, the company said Tuesday. Profit missed analysts' average estimate of $1.06 a share. Revenue rose 18 percent to $2.98 billion.

Clark School dean named

The University of Maryland announced the appointment of Darryll J. Pines as dean of the A. James Clark School of Engineering and the Nariman Farvardin Professor of Engineering, effective Jan. 5, 2009. Pines came to the University of Maryland, College Park, in 1995 as an assistant professor in the Clark School, and has served as chair of the Department of Aerospace Engineering since 2006. During his tenure, the department was recently ranked eighth overall among U.S. universities, up from 11th last year, and fifth among public universities in the U.S. News and World Report graduate school rankings.

Susquehanna's rough quarter

Susquehanna Bancshares Inc., of Lititz, Pa., reported third- quarter net income of $6.4 million, or 7 cents per diluted share, versus $19.9 million, or 38 cents per diluted share, for the year- ago period. Bank officials said provision for loan and lease losses increased to $17.7 million for the 2008 quarter, compared to $2.4 million for the prior-year quarter. The increase was due primarily to a decline in loan quality as well as deterioration in general economic conditions, they said. Susquehanna operates a network of more than 230 branches in Pennsylvania, New Jersey, Maryland and West Virginia.

Harford revises zoning code

The Harford County Council on Tuesday unanimously passed a revised county zoning code, the county executive's office announced. The legislation, requested by County Executive David R. Craig, took more than a year to formulate, and is the first comprehensive revision of the county's zoning code in nearly 25 years. Harford County already is experiencing a surge in development, the result of the military Base Realignment and Closure process that will bring thousands of new jobs to Aberdeen Proving Ground and its surroundings.

County Chamber unveils agenda

The Baltimore County Chamber of Commerce presented its 2008 legislative agenda to members at a meeting Wednesday. According to chamber officials, the business advocacy group's priorities focus on health care, education and work force development and training. Other issues that the chamber will emphasize are fiscal responsibility, economic development and environmental well-being, as well as energy and transportation. The 2009 Maryland General Assembly's session starts on Jan. 14 and ends on April 13.

AmericasBank accepts changes

AmericasBank has signed an agreement with federal and state regulators that requires it to make changes to remain a solid banking institution. The Federal Reserve Bank of Richmond and the Maryland Division of Financial Regulation announced the action on Oct. 16. The agreement requires Towson-based AmericasBank to strengthen board oversight of operations, reduce loan losses, create a plan to maintain capital and implement better credit risk management. The bank must provide progress reports to regulators at the end of each quarter. The stipulations of the written agreement will remain in place until the Fed removes them.

Md. jobless rate hits 4.6%

The unemployment rate in Maryland rose in September to 4.6 percent, an increase of a tenth of a percentage point from August, the U.S. Department of Labor said. However, the state's rate remained below the national unemployment rate, which was unchanged in September at 6.1 percent. Labor Department statistics show more than 138,000 Maryland residents are looking for work. Maryland's unemployment rate had been below 4 percent until May. Rhode Island had the highest jobless rate in September at 8.8 percent, followed by Michigan with 8.7 percent. The rate in Washington, D.C., was 7 percent.

MiddleBrook to boost hiring

MiddleBrook Pharmaceuticals Inc., of Germantown, a pharmaceutical company focused on developing and commercializing novel anti- infective products, announced that it has retained Conshohocken, Pa.- based pharmaceutical recruiting firm TalenTactics LLC to lead an effort to hire more field representatives in preparation for the launch of Moxatag, Middlebrook's time-release formulation of the antibiotic amoxicillin. The launch is targeted for the first half of 2009. Interested job applicants can find more information about the company's open positions and apply online at the Careers section of MiddleBrook's Web site, www.middlebrookpharma.com.