Judge Approves US Airways Disclosure
A judge allowed US Airways Group to send its reorganization plan to creditors for a vote, moving the airline one step closer to emerging from bankruptcy protection. U.S. Bankruptcy Judge Stephen S. Mitchell approved the airline's disclosure statement, which will accompany the creditors' ballot. He also scheduled a Sept. 15 hearing to consider final court approval of the plan, which does not resolve several objections from the airline's unions.
BioVeris, a Gaithersburg biotech company, reported a $6.7 million loss (25 cents) on $4.9 million in revenue for the first quarter, compared with a $12.9 million loss (48 cents) on $8.2 million in revenue for the same period a year ago.
Celsion, a Columbia biotechnology company, said its second-quarter loss widened to $2.6 million (1 cent a share) from $1.7 million (1 cent) during the comparable period a year ago, as it reduced the average number of outstanding shares. Revenue jumped to $2.9 million from $443,000.
CompuDyne, an Annapolis security company, lost $2.6 million (33 cents a share) on $31.1 million in revenue during its second quarter, compared with a profit of $90,000 (1 cent) on $37.8 million in revenue during the same quarter last year. The company attributed the loss to the cost of Sarbanes-Oxley compliance.
Farmer Mac, the District-based company that backs farm mortgages, had a profit of $8.2 million (72 cents) in the second quarter, up from $2 million (16 cents) a year earlier.
Interstate Hotels & Resorts of Arlington had a profit of $1.7 million (6 cents a share) on $284.6 million in revenue in the second quarter, compared with a loss of $2.7 million (9 cents) on $240.8 million in revenue a year earlier. The independent hotel management company said revenue per available room for all of the hotels it manages, excluding those affected by hurricanes last year in Florida, increased 11 percent, to $82.02.
Compiled from staff and news service reports.