Mineta to Tighten Amtrak Oversight
Amtrak will be subject to tighter spending oversight by Transportation Secretary Norman Y. Mineta, who controls the disbursement of the passenger railroad's subsidies, after a U.S. report criticized its spending policies.
"The American people have a right to expect more out of Amtrak," Mineta said in a statement. He said District-based Amtrak must submit new financial reporting measures and show how it is improving purchasing and financial performance before the next round of funds disbursement, which is scheduled for the fiscal quarter that begins in March.
MERGERS & ACQUISITIONS
Six Flags Accepts Initial Bids From Buyers
Six Flags has received initial bids from "a number of capable prospective" buyers and expects to receive final bids in early December and a firm offer by the end of the year, chief executive Kieran E. Burke said. Redskins owner Daniel Snyder, Six Flags' largest shareholder, is trying to persuade investors not to sell the company and instead to turn it over to him, former ESPN executive Mark Shapiro and local builder Dwight C. Schar.
Ruesch International Buys Trancentrix
Ruesch International, a District company that provides financial services to help companies manage international payments, acquired Trancentrix, an Omaha firm that provides similar services. Financial terms of the deal were not disclosed.
WorldSpace, a Silver Spring satellite radio company, lost $15.4 million (48 cents a share) in the three months ended Sept. 30, compared with a loss of $57.3 million ($9.90) in the comparable period a year earlier. Third-quarter revenue rose to $2.4 million from $1.6 million. The company, which broadcasts in developing countries, added 11,141 subscribers in the third quarter and ended the quarter with 75,071 subscribers, including 36,670 subscribers in India.
Allied Capital, a District-based company that offers late-stage venture capital to middle-market private companies, posted a 32 percent rise in third-quarter profit, but investment income fell. Profit increased to $113.2 million (82 cents a share) from $86 million (66 cents). Net investment income fell to $46.1 million from $52.7 million.
Comstock Homebuilding Companies recorded a third-quarter profit of $11.5 million (81 cents a share), up sharply from $5.5 million (78 cents). The Reston builder's revenue grew 204 percent, to $78.4 million.
Lafarge North America, a Herndon maker of construction materials, said it earned $172.1 million ($2.17 a share), up from $165.6 million ($2.16). Revenue for the three months ended Sept. 30 rose 12.5 percent, to $1.4 billion. Compiled from staff and news service reports.