MCI to Close Maryland Call Center
MCI will close its Hunt Valley telemarketing center north of Baltimore, a move that will result in 300 lost jobs by the end of September. The Ashburn-based telecommunications company said it will transfer some executives to its Towson operations center, where about 100 people work, but other employees will be laid off.
Radio One Profit Rises 14 Percent
Radio One of Lanham, the nation's largest radio group aimed at black listeners, said its second-quarter profit grew 14 percent, to $19.8 million (19 cents a share), from $17.5 million (12 cents) a year earlier. Revenue increased 18 percent, to $101.5 million.
It was the company's first full quarter incorporating the earnings of Reach Media, which owns Tom Joyner's nationally broadcast morning show. Radio One said broadcast revenue grew in many of the markets where it owns stations, including Washington, Atlanta and Dallas, but fell in others, including Baltimore, Detroit and Los Angeles.
Advancis Loss Widens on Failures
Advancis Pharmaceutical, which is trying to recover from back-to-back testing failures of its lead product, lost $9.3 million (34 cents) in the second quarter, compared with a loss of $8.5 million (37 cents) in the corresponding period last year. The Germantown firm's revenue was $3.2 million, up from $854,454 a year ago.
Advancis, which cut 33 jobs last month, said it has about $40 million in cash to fund operations and possible new human tests of its lead product, a once-a-day version of amoxicillin. The firm is examining ways to administer the drug, and executives said they will not have a decision about how -- or if -- the company will continue attempts to develop the drug until after board meetings later this month.
Lockheed Hires Justice Department Official
Lockheed Martin named Deputy Attorney General James B. Comey, right, the second-highest-ranking official in the Justice Department, as general counsel, citing his experience handling terrorism and organized crime cases.
Comey will join Lockheed Oct. 1, the Bethesda company said.
Comey prosecuted Martha Stewart and former Credit Suisse First Boston banker Frank P. Quattrone and was head of the Justice Department's Corporate Fraud Task Force.
D.C. Law Firm Expands in California
Three lawyers have left Weil, Gotshal & Manges to help expand a new Silicon Valley office of Washington-based Wilmer Cutler Pickering Hale and Dorr, Wilmer Cutler said in a statement. The three, who specialize in corporate law, including mergers and acquisitions, are Rod J. Howard, who joins his new firm as a partner; and Peter S. Buckland and Joseph K. Wyatt, who join as counsels, or salaried lawyers. Wilmer Hale opened its Silicon Valley outpost in June.
Marriott Board Approves Buyback
Marriott International said its board authorized the repurchase of an additional 25 million shares of the Bethesda hotel company's common stock. The repurchase is in addition to 3.8 million shares the company was already authorized to buy. Buying back 28.8 million shares would represent 13 percent of its outstanding common stock.
Compiled from staff and news service reports.