Home-Buying Program to Aid CVS Workers
Freddie Mac, Bank of America and CVS said they would work together to provide home-buying assistance to CVS's employees in the Washington area. Executives with the three firms outlined the program at a news conference with D.C. Mayor Anthony A. Williams (D), right; Del. Eleanor Holmes Norton (D-D.C.); and the Rev. Lionel Edmonds, president of the Washington Interfaith Network.
CVS employees who have worked for the company for at least two years are eligible to receive $500 in down-payment assistance from CVS, to take home-buying classes taught by a member of Edmonds's Mount Lebanon Baptist church, and to secure a mortgage from Bank of America. Freddie Mac will finance the program by buying eligible loans from Bank of America, said Patti Boerger, a Freddie spokeswoman.
FBR Profit Falls 34 Percent
Friedman, Billings, Ramsey Group said its second-quarter profit fell 34 percent, to $53.2 million (31 cents a share) from $81.2 million (48 cents) in the comparable quarter of 2004. The Arlington investment banking, brokerage and asset management company reported a nearly 47 percent increase in revenue, to $312.1 million, but interest expenses more than tripled and operating expenses rose 46 percent.
FBR said investment banking revenue rose 63 percent, to $101.2 million, but revenue from institutional brokerage declined 12 percent, to $23.4 million. The company released the results last night after the close of financial markets.
Columbia REIT's Results Mixed
Corporate Office Properties Trust, a Columbia real estate investment trust, said second-quarter funds from operations, a common measure of profitability for REITs, fell to $21.8 million (47 cents a share) from $21.4 million (50 cents).
The company, which owns office parks that are mostly leased to the federal government and contractors, said its net income rose to $9.1 million (14 cents) from $8.8 million (13 cents). Revenue rose 33 percent, to $78.6 million.
ManTech Swings to a Profit
Fairfax-based ManTech International said it earned $10.1 million (30 cents a share) in the second quarter, compared with a loss of $5.2 million (16 cents) in the comparable period last year. The company's revenue climbed 17 percent, to $239.4 million.
PRA Posts $8.6 Million Profit
PRA International, a Reston clinical research company, said its second-quarter profit increased to $8.6 million (35 cents a share) from $7.5 million (37 cents) in the comparable quarter last year. Revenue rose to $85.2 million from $78.1 million.
T. Rowe Price Earnings Rise 25%
T. Rowe Price Group, a Baltimore mutual fund and investment management company, said its second-quarter earnings rose 25 percent, to $102.7 million (76 cents a share) on revenue of $363.5 million, compared with $80.3 million (60 cents) on revenue of $309.7 million in the comparable period last year.
Total assets under management were $244.8 billion, an increase of $9.6 billion from the end of 2004.
Anteon Earnings Increase to $20 Million
Anteon International reported that earnings increased in the second quarter to $20 million (53 cents a share), up from $14.7 million (39 cents) over the corresponding period last year. Revenue also grew, to $368.6 million from $304.2 million
Hanger Reports Profit of $2.4 Million
Hanger Orthopedic Group reported second-quarter profit of $2.4 million (11 cents a share), compared with $2.2 million (10 cents) for the corresponding quarter in 2004.
Sales for the quarter increased by $4.5 million, to $149.6 million, for the Bethesda-based company that provides orthotic and prosthetic patient-care services.
Compiled from staff and news service reports.