T. Rowe Price Group Inc., the Baltimore investment advisory company, said a resurgence in money coming into its mutual funds helped boost second-quarter profit.
T. Rowe earned $80.3 million (60 cents a share) on revenue of $310.5 million in the quarter ended June 30, compared with net income of $53.8 million (42 cents) on revenue of $238.3 million in the same period of 2003. For the first half of the year, T. Rowe earned $157.6 million ($1.18) on revenue of $616.9 million, compared with net income of $92.5 million (73 cents) on revenue of $457.8 million in the first half of 2003.
The company said assets under management averaged $199.8 billion in the first half of the year, compared with $146.5 billion in the same period of 2003. The increase was led by a $30 billion increase in average mutual fund assets under management in the second quarter. T. Rowe's revenue comes from taking a percentage of its assets under management.
* James Monroe Bancorp Inc. of Arlington said second-quarter earnings grew 12.4 percent because of strong loan growth and the entrance of the bank into Manassas and Chantilly.
James Monroe earned $686,000, compared with $610,000 in the second quarter of 2003. Earnings per share, reflecting a higher number of shares from a stock offering and a 3-for-2 stock split, dropped to 15 cents in the quarter from 17 cents a year earlier. For the first six months of the year, James Monroe earned $1.4 million (31 cents), compared with $1.1 million (29 cents) in the first half of 2003. Assets on June 30 were $358.4 million, an increase of 21 percent from a year earlier.
* Millennium Bankshares Corp. of Reston said a recent stock offering and the lifting of some regulatory restrictions allowed the bank to grow more rapidly in the second quarter, leading to an 88 percent growth in net income.
Millennium earned $379,000 (5 cents a share) in the quarter, compared with net income of $202,000 (5 cents) in the same period last year. For the first six months of the year, net income fell to $590,000 (10 cents) from $607,000 (15 cents) in the first half of 2003 because of lower gains on the sale of securities. Total assets on June 30 were $361.1 million, compared with $313.4 million a year earlier.
* Omega Healthcare Investors Inc. of Timonium reported a net loss of $376,000 (1 cent) on revenue of $22.3 million for the quarter ended June 30, compared with a profit of $1.8 million (5 cents) on revenue of $21.5 million for the same quarter the previous year. Omega reported a $3 million charge connected with the settlement of professional liability claims. The company said it "settled the six most problematic patient liability lawsuits that arose during 2000 and 2001." It said the five remaining lawsuits have insurance coverage, beyond certain deductibles.
* Choice Hotels International Inc. of Silver Spring reported second-quarter earnings of $18.5 million (53 cents), compared with $17.1 million (47 cents) for the same quarter the previous year, an increase of 8.2 percent. Quarterly revenue rose 4 percent to $107.2 million, from $103.5 million for the same period in 2003. Six-month earnings were $29.1 million (83 cents) on revenue of $194.4 million, compared with earnings of $26.8 million (72 cents) on revenue of $185.1 million for the first six months of 2003.