News briefs - Business edition - 05/08

Daily Record, The (Baltimore), May 8, 2009

Gift for Maryvale

Local philanthropist Mary Catherine Bunting donated $3 million to Maryvale Preparatory School, a Catholic girls school (grades 6-12) in Brooklandville. The school said its $12 million capital campaign, In Her Name - The Campaign for Maryvale, has raised nearly $8 million to date. Funds raised will be used to build a humanities center, improve athletic fields, reconfigure the school entrance and enhance infrastructure. Bunting, a 1955 alumna of Maryvale, is a major financial supporter of Mercy Medical Center; the Baltimore hospital's $400 million new building, now under construction, is named for her.

Magna hearing postponed

A hearing on a challenge by Maryland officials to an order issued in the bankruptcy case of horse track owner Magna Entertainment Corp. has been postponed until June 11. A judge in Wilmington, Del., had been scheduled to hear arguments Thursday on requests by attorneys for the state of Maryland and city of Baltimore to reconsider an order that they say grants Magna too much protection. The order prevents government entities from interfering with Magna's properties or denying the Canadian company any licenses simply because it is in bankruptcy.

Longtime chamber officer dies

The Baltimore County Chamber of Commerce announced that Pat Winter, the organization's former executive vice president, died Sunday. Winter left the Baltimore County chamber in 2004, after serving as a chamber of commerce official for more than 30 years. She got her start at the Dundalk Chamber of Commerce, which eventually expanded into the Eastern Baltimore Area Chamber of Commerce. She was the executive director of the Eastern Baltimore Area chamber in Eastpoint when it merged with the Baltimore County Chamber in 2002. Services and interment are private, according to the chamber.

Bridge roadwork nears end

Just in time for the busy season, a two-year resurfacing project is finishing up on the Route 50 bridge in Ocean City. State Highway Administration officials said all lanes of the Harry W. Kelley Memorial Bridge were to reopen Thursday, weather permitting. The reopening comes in time for the first of three consecutive tourist- heavy weekends: Springfest this weekend, Cruisin' after that and then Memorial Day weekend. Crews will return to finish sidewalk repairs by the first week in June, which will involve periodic lane closures. The project began in January 2008.

Osiris' profitable quarter

Osiris Therapeutics Inc., of Columbia announced an improved financial picture for the first quarter of 2009. The company, which uses adult stem cell technology to treat damaged tissues, reported net income of $14.8 million, or 45 cents per diluted share, versus a net loss of $15.6 million, or 49 cents per diluted share, in the 2008 quarter. Revenue increased to $12.7 million this year from $362,000 in the year-ago quarter. The company said increases in license fees and payments from the Department of Defense contributed to its profit, as did milestone payments related to its sale of a stem cell business to a San Diego company in 2008.

GP Strategies earns less

GP Strategies Corp., of Elkridge, reported lower revenue and earnings for the first quarter of 2009. Net income was $1.5 million, or 9 cents per diluted share, on revenue $53.6 million, versus net income of $2.8 million, or 17 cents per diluted share, on revenue of $66.9 million in the prior-year quarter. Officials said the economic slowdown contributed to the falling revenue and profit, as customers spent less for equipment and training services were curtailed. GP Strategies, through its principal subsidiary, General Physics, provides training, e-learning, management consulting and engineering services.

Red ink at Hughes

Hughes Communications Inc., of Germantown, a supplier of international broadband satellite services, said its net loss in the first quarter of 2009 was $4.3 million, or 22 cents per diluted share. That compared to a profit of $701,000, or 3 cents per diluted share, for the same period last year. Revenue rose to $240.2 million so far this year versus $237.2 million in the year-ago period. Total operating costs and expenses increased by about $4 million year-to- year to $231.8 million. Selling, general and administrative expenses dropped by $5 million, to $44.2 million this year from $49.2 million in the 2008 period.

Jhpiego seeks donations

Jhpiego, an international nonprofit health organization affiliated with Johns Hopkins University, is hoping donors will "Skip the flowers and Save a life in honor of Mom" as it launched an online fundraising campaign. The campaign, timed to coincide with Mother's Day, aims to raise funds to support Jhpiego initiatives in countries with limited resources and high rates of maternal mortality. Jhpiego's programs and activities focus on promoting healthy pregnancies, safe childbirth and immediate and continuing care for mothers, babies and children. To make donations, go to www.jhpiego.com.

Standard Solar powers school

Standard Solar Inc., of Gaithersburg, a designer and installer of solar electric systems, said it installed a 2.8 kilowatt solar electric system at the Thurgood Marshall Academy, a law-themed public charter high school in Washington. The system is the third that the company has furnished to a Washington-area public school.