* BioVeris said yesterday its revenue rose 9 percent during the quarter ended March 31, but the Gaithersburg biotechnology company said it could not report earnings for the period because of an ongoing investigation of spending by a joint venture. The company said its unaudited revenue grew to $5.1 million from $4.7 million during the quarter. For the fiscal year ended March 31, it said revenue rose 12 percent, to $20 million from $17.8 million. BioVeris is investigating purchases made by a joint venture run by Jacob N. Wohlstadter, the son of BioVeris's chief executive, Samuel J. Wohlstadter. The company said it would provide new information about that probe "shortly."
* Nextel Communications of Reston said it refinanced and expanded its line of credit to $4 billion from the $2.6 billion it had previously. Under the new agreement with a syndicate of banks, the wireless-phone company said it will get a lower interest rate and will not have to repay its debt for a longer period of time. It already has used $1 billion of the credit, plus an additional $476 million to pay off old debt. Nextel could use some of the remaining credit to pay for an airwaves swap that recently received regulatory approval, if the company agrees to accept the terms of that deal, said Audrey Schaefer, a spokeswoman for Nextel. The deal for improved airwaves, which would cost the company $3.2 billion, could face challenges in the courts or Congress.
* DigitalNet Holdings, a Herndon company that provides network computing services to government agencies, earned $4.9 million (30 cents a share) on $97.6 million in revenue during the second quarter, up 345 percent from $1.1 million (a loss of 6 cents after preferred dividend payments) on $82.4 million in revenue during 2003's second quarter. For the six months ended June 30, the company earned $9.6 million (58 cents) on $178.3 million in revenue, 540 percent more than net income of $1.5 million (a loss of 25 cents after preferred dividends) on $160.3 million in revenue for the same period last year. The company ended the quarter with $8.7 million in cash and a contract backlog of $1.1 billion. Shares of DigitalNet closed at $22.42, up 55 cents.
Compiled from reports by Washington Post staff writers.