Chester A. Arthur Building Gets New Owner
The Paramount Group, a private real estate investor in New York, said it paid $135 million for the Chester A. Arthur Building at 425 I St. NW. The seller of the property was Ralph Dweck, a real estate owner based in the District. The building is fully leased, mostly to the federal government.
American Woodmark Posts Lower Profit
American Woodmark of Winchester, a maker of kitchen cabinets and bath vanities, said revenue grew 15 percent in its fiscal fourth quarter, to $207.1 million from $180.4 million in the comparable quarter a year earlier. But profit in the quarter ended April 30 declined 11 percent, to $7.5 million (44 cents a share) from $8.4 million (50 cents), despite strong demand. The company blamed high lumber, hardware and transportation costs. For the year, American Woodmark earned $35.6 million ($2.11) on $777 million in revenue, compared with $31.7 million ($1.90) on $667.5 million a year earlier. Shares closed at $28.78, down $6.37, or 18.12 percent.
Martek Earnings Gain Slightly
Martek Biosciences of Columbia, which makes nutritional supplements used in baby formula and other products, earned $3.43 million (11 cents a share) on $55.8 million in revenue in the quarter ended in April. That is up marginally from a profit of $3.4 million (11 cents) on $41.9 million in revenue in the same period a year earlier. In a statement, chief executive Henry "Pete" Linsert Jr. said construction of a new plant is "substantially complete," providing "further assurance" to customers. The company had been caught with an oversupply in April because some customers, concerned about past shortages, had hoarded inventory. For the past six months, Martek earned $10.5 million (33 cents) on $122.3 million in revenue, compared with a profit of $6.8 million (22 cents) on $77.5 million in revenue in the comparable period a year earlier.
Nortel Finishes Purchase of PEC
Nortel Networks has completed its acquisition of Fairfax-based PEC Solutions. Originally announced April 26, the $448 million deal creates a new company, Nortel PEC Solutions, headquartered in Fairfax.
PEC provides information technology for federal agencies including the Department of Homeland Security, the Transportation Security Administration and the Department of Justice. Nortel chief executive William Owens said in a statement that he hopes the merger with PEC will double Nortel's business with the federal government. PEC's chief executive, president and chief operating officer will remain part of the new company's executive leadership.
Compiled from staff and news service reports.