Xybernaut, a Fairfax company that makes "wearable" mobile computers, said in a statement last night that its audit committee is investigating a number of concerns -- including "the propriety of certain expenditures and the documentation of certain expenses" by chairman and chief executive Edward G. Newman. The company also said that it received a subpoena from the Securities and Exchange Commission for information about the sale of company securities. Newman and other company officials could not be reached for comment.
General Dynamics of Falls Church received a $127.5 million contract from Britain's BAE Systems for equipment to be incorporated into howitzer cannons. General Dynamics said the deal includes digital fire control systems and kits for mounting and cabling these systems to wheeled tow units. The company said the contract brings the total program value to $170 million. General Dynamics' Network Systems business unit also won a $36 million contract from the U.S. Air Force to provide life-cycle logistic support services for Air Force voice, video and data networks.
VSE, an Alexandria professional services company, won a $34.9 million contract from the U.S. Army Tank-Automotive and Armaments Command to outfit Army fuel-dispensing tankers operating in Kuwait and Iraq with self-sealing systems and add-on armor panels. The work will be performed on location and should be mostly completed this year.
United Defense Industries of Arlington won a five-year contract from the Southwest Regional Maintenance Center for work on seven Ticonderoga-class Aegis cruisers in San Diego. The contract could be worth up to $44 million.
VCampus, a Reston e-learning company, said its fourth-quarter loss widened to $1.7 million (22 cents a share) from $759,889 (25 cents after payment of preferred dividends) during 2003's final three months. Revenue fell 28 percent, to $987,228 from nearly $1.4 million. For the year ended Dec. 31, the company said its loss grew to $6.6 million (97 cents) from $3.3 million ($1.81 after preferred dividends) in 2003. Revenue fell nearly 20 percent to $4.9 million in 2004 from $6.1 million in 2003. Shares closed at $1.50, up 2 cents.
RegeneRx, a Bethesda biopharmaceutical company, lost $3.3 million (10 cents a share) on no revenue in the year ended Dec. 31, compared with a net loss of $1.7 million (6 cents) on no revenue during 2003. The company attributed the 2004 loss to research and development expenses. RegeneRx had $2.9 million in cash at the end of 2004. Shares closed at $2.75, down 5 cents.
Compiled from reports by Washington Post staff writers and The Associated Press.