TV One Signs Deal With Time Warner
TV One, the Silver Spring cable network aimed at African Americans, said it signed a long-term distribution agreement with Time Warner Cable. As a result of the agreement, TV One will launch by the end of the month in Houston, Charlotte, Cincinnati, and Dayton, Ohio.
The agreement continues TV One's strategy of seeking distribution on basic cable and in urban centers with large black populations. TV One is now carried on seven of the 10 largest cable operators and reaches more than 21 million households. TV One is owned by Radio One, the Lanham-based radio broadcaster; Comcast; and satellite television company DirecTV Group, among others.
Flyi Shareholders Authorize Reverse Split
Shareholders of Flyi, parent of Independence Air, authorized the company's board to declare a reverse stock split, if needed, to head off a possible delisting by the Nasdaq Stock Market. The Dulles-based low-fare carrier recently disclosed it had received a letter from Nasdaq saying it will be delisted unless it brings its stock price above $1 for at least 10 consecutive days before Nov. 23. Flyi stock closed yesterday at 78 cents, down 2.3 percent.
Also, Flyi's eight-member board, headed by chairman and chief executive Kerry B. Skeen, was reelected at a shareholders meeting.
CACI Wins U.S. IT Support Deals
CACI International said the General Services Administration hired it under a five-year blanket purchase agreement, worth as much as $150 million, to provide information technology services to its public building service chief information officer. The Arlington IT services provider will compete with two other businesses included in the contract for a share of the $150 million, a spokesman said.
CACI also received a contract worth up to $25 million to support the total ammunition management information system at Army headquarters. CACI will manage the program and provide technical services to modernize munitions for the Army and Marine Corps.
Justice Department Awards Contract to SRA
Information technology services provider SRA International said it received a Justice Department contract worth up to $80 million over six years to develop and maintain IT systems for its justice programs office. Under the agreement, the Fairfax company's Systems Research and Applications unit will manage and maintain the office's grants and financial management systems.
Trex Slashes Profit Outlook for Year
Trex said it expects to post a loss of 20 to 25 cents a share in the second quarter and cut its profit outlook for the full year to 50 to 60 cents a share, down from the $2.16 to $2.23 it forecast in April. The Winchester-based maker of composite decking blamed the shortfall on higher-than-expected levels of retail inventory and adverse weather.
Compiled from staff and news service reports.