MERGERS & ACQUISITIONS
AOL Buys Online Storage Company
Time Warner's America Online division said it bought closely held Xdrive of Santa Monica, Calif., to gain the company's online-storage business. Terms were not disclosed.
Dulles-based AOL said the purchase will improve its ability to provide storage and backup for consumers, improving their data security.
Xdrive will operate as a stand-alone subsidiary, AOL said.
Tier Technologies Reports Profit
Tier Technologies, a Reston company that handles electronic processing of financial transactions, had a profit of $1.7 million (9 cents a share) on $49.6 million in revenue during its third quarter, up from a profit of $914,000 (5 cents) on $40.7 million in revenue during the comparable quarter a year ago.
InPhonic Narrows Quarterly Loss
InPhonic, a District company that sells wireless phone service online, lost $1.7 million (5 cents a share) on $81.6 million in revenue during its second quarter, compared with a loss of $2.9 million (56 cents) on $50.1 million in revenue during the same quarter last year. The company also said it signed a contract with Cingular Wireless to resell wireless minutes and data services on Cingular's network.
VCampus Cuts Loss But Sales Fall
VCampus, a Reston company that provides online training, narrowed its loss to $1.5 million (15 cents a share) on $1.1 million in revenue during the second quarter, compared with a loss of $2.3 million (34 cents) on $1.5 million in revenue in the second quarter last year.
DirecTV Posts First Profit in 2 Years
DirecTV Group posted its first profit in two years as the company persuaded customers to pay more for added features such as digital video recorders and extra channels. Second-quarter profit was $161.5 million, compared with a loss of $13.3 million in the comparable quarter a year earlier.
Microsoft Names New Chief Operating Officer
Microsoft named Kevin Turner, left, former president and chief executive of Sam's Club, as the software company's new chief operating officer. Turner, who has also served as chief information officer for Wal-Mart Stores, the parent of Sam's Club, will join Microsoft on Sept. 8.
Compiled from staff and news service reports.