Lockheed Boosts Bonus Structure
Lockheed Martin increased the potential bonuses its chief executive and other senior managers can receive this year, according to a securities filing yesterday by the Bethesda defense contractor. Under a change made June 23, Lockheed's board can award a cash bonus ranging from 15 percent to 125 percent of an executive's base salary, depending on the executive's role at the company. The previous ceiling for most executives was 100 percent. Lockheed said the increase in potential bonuses brought the incentives more in line with those of similar publicly traded companies.
MobilePro Reports 1st Profitable Quarter
MobilePro of Bethesda, a provider of wireless Internet technology, had its first profitable quarter -- earning $100,368 (less than a penny per share) in its fourth quarter, compared with a loss of $726,503 (1 cent) in the comparable period a year ago. Revenue for the quarter ended March 31 rose 74 percent, to $23.2 million. For the year, the company lost $5.3 million (2 cents) on $46.5 million in revenue, compared with a loss of $2.2 million (2 cents) on $311,355 in revenue the previous year.
General Dynamics Gets Weapons Order
Falls Church-based General Dynamics said it had received a $30 million order to supply navigation, targeting and communications gear to soldiers in an experimental Army battalion.
The contract covers as many as 500 sets of so-called Land Warrior equipment, which includes gun-mounted thermal and digital video sights, a navigation computer and software for tracking friendly forces.
The gun-mounted weapon sights will let soldiers fire accurately around corners without exposing themselves to hostile fire, the company said in a statement. A spokeswoman said the order moves the advanced equipment from developmental to limited-production stage.
AES Lowers Cost of Loans
Arlington-based power producer AES has amended $650 million in loans to cut borrowing costs.
Citigroup, Bank of America and Deutsche Bank organized the refinancing, said AES spokeswoman Christa Morris.
The power company's shares have risen 62 percent in the past year as it boosted profit and cut debt. Its power-generating unit has benefited from higher wholesale prices.
States Sue Allegheny Energy
Allegheny Energy was sued by New York, New Jersey, Connecticut, Pennsylvania and Maryland over pollution from three of its coal-fueled power plants in Pennsylvania. The states said the utility failed to reduce pollution as required under the federal Clean Air Act, according to a statement from Maryland Attorney General J. Joseph Curran Jr.
Under the law, plant owners are required to install pollution controls when they make improvements that increase output. The states say agency data show Allegheny made "major upgrades" to increase generating capacity while failing to install controls against sulfur dioxide and nitrogen oxides, the chief causes of acid rain and smog.
Compiled from staff and news service reports.