The Daily Record Business News Briefs: June 24, 2009

Daily Record, The (Baltimore), Jun 24, 2009

Universal Security's results

Universal Security Instruments Inc., of Owings Mills, a manufacturer and distributor of safety and security equipment, reported net income of $78,000, or 3 cents per diluted share, for its fiscal fourth quarter ended March 31. That compares to a net loss of $5 million, or $2.02 per diluted share, for the corresponding period last year. Fourth-quarter revenue was $5.9 million this year versus $6.8 million in the prior-year period. The company said weakness in the new homes market was partially offset by increasing its market share in the retail sector.

TVI's delisting looms

The Nasdaq Stock Exchange announced the imminent delisting of Glenn Dale-based TVI Corp.'s common stock. Nasdaq said the delisting will take effect 10 days after it files a notification with the Securities and Exchange Commission. The stock has not traded on Nasdaq since April 13 when the company was suspended. TVI had said at that time it would not appeal the delisting. TVI, a maker of equipment and portable buildings for use in disasters, filed for Chapter 11 bankruptcy protection on April 2. Its stock is listed on the Over-the-Counter Pink Sheets under the symbol "TVINQ."

S&P raises Hanger's rating

Hanger Orthopedic Group Inc., of Bethesda, said Standard & Poor's Rating Services raised its grade on the company's corporate credit rating to "B " from "B." S&P also projected a "stable" outlook for the provider of orthotic and prosthetic services. In a statement, S&P said, "The stable outlook reflects our expectation that operations will continue to generate upper single digit growth and that the financial risk profile will remain aggressive." Hanger owns and operates 675 patient care centers in 45 states and Washington, D.C.

Cricket comes to Baltimore

Cricket Communications Inc., a San Diego-based wireless services provider, announced the launch of its flat-rate, unlimited wireless service in and around Baltimore. Cricket products and services are now available at 120 area stores and dealers. The company's debut brought 200 new jobs to the area -- 100 employed by Cricket directly and another 100 provided by wireless dealers offering Cricket services. The company's wireless service area embraces Baltimore City and Anne Arundel, Cecil, Howard and Frederick counties, and also connects to Washington, D.C.

Big bucks to UM med school

The University of Maryland School of Medicine said its Institute for Genome Sciences has been awarded federal grants, potentially worth up to $24.6 million, to participate in an ongoing study of the human microbiome -- the trillions of micro-organisms that inhabit the human body. The Human Microbiome Project, a $140 million, five- year effort by the National Institutes of Health, is being expanded, in part with federal money allocated under the Obama administration's economic stimulus program. The three grants to the School of Medicine will fund research on Crohn's disease; bacterial vaginosis, a common vaginal infection; and obesity and metabolic syndrome in Pennsylvania's Old Order Amish.

Good news for Spherix

Spherix Inc., of Bethesda, a biotechnology company, said it received its first full-scale production batch of tagatose from an Italian manufacturer. Tagatose is a naturally occurring sugar substitute that is already approved as a food ingredient in the U.S. and abroad. Spherix is conducting a Phase III clinical trial of the substance as a treatment for diabetes. Spherix said it now has enough tagatose, or Naturlose as the company has named it, "to complete all of its clinical trials involving Naturlose as a novel and natural option to treat Type 2 diabetes."

Green Registry unveiled

Gov. Martin O'Malley unveiled the Maryland Green Registry program, a voluntary, free initiative to promote and recognize sustainable "greening" efforts. The program encourages businesses, churches, schools, governments and other organizations to share information on the practices they have in place to reduce the environmental impact of their facilities and services. The program is part of O'Malley's Smart, Green and Growing initiative. To sign up, visit the Maryland Green Registry Web site at www.green.maryland.gov.

More work for Conmed

Conmed Healthcare Management Inc., of Hanover, a provider of health care services for correctional facilities, announced that it has been awarded a contract with Coos County, Ore. The contract, with a three-year initial period and two one-year renewal options, is worth approximately $2 million if the options are exercised. Under the agreement, the company will provide medical services to approximately 100 inmates, including staffing of physicians and nurses, dental services, mental and behavioral health services, and ancillary services such as laboratory and diagnostic imaging, as well as pharmacy services.

Burning question

The Frederick County Commissioners appear ready to put a proposed garbage incinerator near Frederick back on the front burner. The Frederick News-Post reported the commission's five members were expected to vote Tuesday on whether to revive the plan they suspended in April. According to the report, Commissioner Charles Jenkins has the backing of two other members for the $527 million project. Supporters hope to conserve landfill space and generate electricity by burning garbage from Frederick and Carroll counties. Opponents contend the plant would be an unsightly source of pollution and that the county should instead encourage more recycling.