CarrAmerica Buys Tysons Office Complex
CarrAmerica Realty, a manager of office buildings in 12 U.S. markets, bought an office complex in Tysons Corner for $123.1 million. Tysons International Plaza has 434,606 square feet of space, District-based CarrAmerica said, and consists of two 10-story buildings and an underground parking garage. CarrAmerica is not naming the building's seller. CarrAmerica now owns, either directly or through joint ventures, stakes in 31 office buildings with more than 6 million square feet of space in the Washington area.
Lockheed Gets $2.9 Billion F/A-22 Contract
Lockheed Martin said it received a $2.9 billion contract from the U.S. Air Force to continue making F/A-22 fighter aircraft. The pact is in effect through November 2007, the Bethesda company said. So far, 53 aircraft have been delivered to the Air Force and 66 have completed final assembly, the company said.
Separately, Lockheed Martin Aeronautics said it will lay off 300 employees in January and further reduce its F-16 fighter-jet workforce next year. The cutbacks were attributed to fewer orders.
General Dynamics Gets Order From Australia
General Dynamics said it received a $42 million order from the Australian government, which is the final part of a $70 million military contract. General Dynamics Land Systems, a unit of the Falls Church-based defense contractor, will deliver 59 refurbished M1A1 Abrams Integrated Management tanks to Australia.
Capital One Debt Upgraded by Moody's
Capital One Financial debt was upgraded two levels to "Baa1" by Moody's Investors Service, and Hibernia debt was confirmed at "Baa2," a day after investors approved Capital One's $5 billion takeover of the New Orleans-based bank. The banks said they expect to complete the transaction today.
Provident Bancshares said it has restated earnings for last year and the first two quarters of this year and revised its earnings for the third quarter. The Baltimore-based parent of Provident Bank said it will increase reported profit for 2004 by $1.7 million and expects to reduce reported profit for 2005 by $4.2 million. The company said the changes involved accounting for interest rate swaps, which are used to hedge interest rate risk, and for a severance agreement with a former executive vice president.
American Community Properties Trust of St. Charles said it will restate earnings for 2002 through 2004 and its unaudited statements for the first two quarters of this year because of "income tax matters." The company said its tax status as a "publicly traded partnership" is in question because some income from its operations in Puerto Rico may not have been properly recognized and distributed. The company's adjustments included decreasing by $3 million earnings it retained from 1998 through 2001. It said the amounts "remain subject to final resolution with the IRS."
The company said it earned $389,000 (7 cents a share) in the third quarter, compared with a revised profit of $66,000 (1 cent) in the comparable period a year earlier. Revenue increased to $12.1 million from $8.8 million.
Flyi, which filed for bankruptcy protection last week, said its loss narrowed in the third quarter, to $47.7 million (97 cents a share) from $82.7 million ($1.82). The parent of Dulles-based low-cost carrier Independence Air also said revenue rose 58 percent, to $118 million from $74.7 million. Flyi said it will be delisted from the Nasdaq Stock Market today because its stock has not maintained an aggregate minimum value of $15 million. Flyi stock closed at 2 cents a share yesterday, down 1 cent.
NCI of Reston, which designs and maintains networks and computer systems for federal agencies, posted a profit of $2.7 million (36 cents a share) for the third quarter, compared with $1.6 million (22 cents). Revenue increased 13 percent, to $50.1 million. The company went public last month.
Compiled from staff and news service reports.