LOCAL BRIEFING

Wednesday, December 10, 2008

ASSOCIATIONS

Layoffs at Home Builders Group

The National Association of Home Builders said it will eliminate 52 jobs and cut $11.5 million from its operating budget.

Half of the positions to be eliminated are vacant, and the layoffs will take place "immediately," Jerry Howard, chief executive of the Washington-based trade group, said in a statement.

HOSPITALITY

Marriott Says Debt Levels to Fall

Bethesda-based Marriott International, the biggest U.S. hotel chain, said its debt levels will decline next year because of its "solid" cash flow and as it spends less building timeshares.

"Our balance sheet is in good shape," Chief Financial Officer Arne M. Sorenson said in a company blog post. "We have access to cash through our revolving line of credit, which has over a billion dollars remaining available."

EARNINGS

Science Application International reported that its fiscal third-quarter profit increased 14 percent, to $120 million from $105 million in the year-ago period, boosted by new and growing programs in the defense and intelligence markets. Revenue for the quarter ended Oct. 31 rose 11 percent, to $2.63 billion from $2.36 billion, helped by new and expanding programs, including systems integration and logistics support for mine-resistant, ambush-protected, or MRAP, vehicles.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.


© 2008 The Washington Post Company