The Daily Record News Briefs: October 24, 2008

Daily Record, The (Baltimore), Oct 24, 2008

Black & Decker decked

Towson-based toolmaker Black & Decker Corp. reported an 18 percent drop in third-quarter earnings amid a slowdown in sales, and gave a weak outlook for the fourth quarter. The power tools manufacturer earned $85.8 million, or $1.42 per share, for the quarter, versus $104.6 million, or 1.59 per share, a year earlier. The third quarter included a $15.6 million pre-tax restructuring charge. Revenue fell by 4 percent to $1.57 billion. Sales were boosted 3 percent by foreign currency translation. The company predicted fourth-quarter earnings will range from 70 to 90 cents per share, versus Wall Street's expectation of $1.13.

Sandy Spring sinks

Sandy Spring Bancorp, of Olney, parent company of Sandy Spring Bank, reported third-quarter net income of $5.4 million, or 33 cents per diluted share, compared to $8.2 million, or 50 cents per diluted share, for the year-ago period. This year's results include an estimated pre-tax impairment charge of $2.3 million to write down the value of goodwill in the company's subsidiary, the Equipment Leasing Co. The bank increased its provision for loan and lease losses to $6.5 million for the 2008 quarter versus $800,000 in the year-ago period, primarily due to a higher number of delinquent loans in its residential real estate development portfolio. Total assets increased 8 percent to $3.2 billion, mainly due to continued growth in the commercial loan portfolio.

BBB warns of 'phishing' scam

The Better Business Bureau of Greater Maryland issued an alert to consumers and businesses on Thursday, warning of a bogus "phishing" scheme in which e-mail messages and blog posts sent over the BBB name direct recipients and viewers to register software with BBB. BBB said the messages and blog posts are not coming from any element of the BBB system, and urged people who receive the messages to disregard them, as they may contain harmful viruses or spyware that could infect computers and networks. The attack has not affected BBB computer systems or networks, nor has any data been compromised, the agency said.

Eagle Bancorp flies

Eagle Bancorp Inc., of Bethesda, parent company of EagleBank, reported third-quarter net income of $2.3 million, or 21 cents per diluted share, versus $1.8 million, or 18 cents per diluted share, for the prior-year period. This represents a 29 percent increase in net income and a 17 percent increase in diluted earnings per share. Bank officials said a significant portion of the increase resulted from Eagle's acquisition of Fidelity & Trust Corp. in August 2008. The company raised its provision for credit losses to $995,000 for the 2008 third quarter versus $421,000 for the year-ago period. Nonperforming assets grew to $21.1 million as of Sept. 30, up from $5.6 million in the prior-year period, also due to the Fidelity acquisition.

Black ink at BCSB Bancorp

BCSB Bancorp Inc., the holding company for Baltimore County Savings Bank, reported fiscal fourth-quarter net income of $461,000, or 16 cents per diluted share, on Sept. 30, versus a net loss of $307,000, or 11 cents per diluted share, for the same period last year. For the fiscal year ended Sept. 30, the company reported net income of $894,000, or 30 cents per diluted share, compared to a net loss of $2.9 million, or 95 cents per diluted share, for the 2007 fiscal year. Officials said 2007's loss was primarily associated with balance sheet restructuring that year as the company recovered from a check-kiting scheme in which it was victimized in 2006.

LaSalle sees slower quarter

The malaise affecting the U.S. hotel industry took its toll on LaSalle Hotel Properties, a Bethesda-based real estate investment trust that owns upscale and luxury full-service hotels. The company reported third-quarter funds from operations of $39.9 million, or 99 cents per diluted share, versus FFO of $43.7 million, or $1.09 per diluted share, for the same period last year. Excluding settlement expense from a lengthy litigation, FFO for the 2008 quarter would have been $44.2 million, or $1.09 per diluted share. Revenue in 2008's third quarter was $195.9 million versus $182.7 million in the prior-year period.

Lyric offers pupils freebies

The Lyric Opera House in Baltimore said it has, for the first time, offered free tickets to school systems in Baltimore City and surrounding counties, distributing 1,000 free tickets to Baltimore City school children and 500 to children in neighboring counties. The Lyric also announced its new Family Programming series, which will consist of a performance of The Phantom Toll Booth on Tuesday; Bob the Builder Live! on Jan. 17; Magic Tree House The Musical on Jan. 24; and Stellaluna on March 11. For information about free tickets or upcoming programs, e-mail carrie@lyricoperahouse.com.

Wharf Rat has new owners

New owners will carry on the Wharf Rat pub name and the Oliver Ales line of craft-brewed beers after the business and brewery changed hands this month. Bill Oliver had initially considered selling the West Pratt Street building and expanding to a new brewing facility. Instead, the sale includes the building across the street from the Baltimore Convention Center and Oliver Ales line names, which Justin Dvorkin, one of the new owners, said would be maintained. Under the deal, Oliver retains ownership and the name of the second Wharf Rat pub, on South Ann Street in Fells Point.