Washington Business Journal articles from October 1991

Washington Business Journal archives from October 1991

Is Smithy Braedon next buy for Wesley Foster? (P. Wesley Foster real estate investor of Barnes Morris Pardoe & Foster )
October 28, 1991... As ongoing merger talks stall, door is ajar for Barnes Morris Although Bethesda-based property manager Zuckerman Kronstadt has been negotiating since early summer to purchase the 61-year-old Smithy Braedon Co., sources said last week that a...

Haan pulls off 'deal of decade' with Telesphere. (Ronald Haan; Telesphere Communications Inc.)
October 28, 1991... Ronald Haan, the former owner of Dossier magazine, may have just pulled off in bankruptcy court what one attorney called "one of the greatest insider coups of the decade." Haan, who at one time was ousted as president and then a few weeks...

Maritime union factions slug it out to control pension fund. (Maritime Engineers Beneficial Association)
October 28, 1991... Hollywood couldn't have written a better script for the events that took place July 12 at the Maritime Engineers Beneficial Association, one of the largest and most powerful unions in the shrinking shipping industry. That morning, a group of...

Color Me Beautiful likes color green. (cosmetics company) (Company Profile)
October 28, 1991... Dressing consultant tries cosmetic retailing market Make-up marketing mogul Steven DiAntonio has seized my lipstick case and is examining it as closely as a scientist might eyeball a petri dish. He touches it, tosses it and asks what it...

The United decision, end of story. (United Air Lines locates its maintenance hub at Indianapolis International Airport instead of Washington Dulles International Airport inspite Virginia state and local officials' efforts)
October 28, 1991... It came as little shock to most involved in the agonizing, year-long competition when United Air Lines announced last week that its mega aircraft maintenance center would be built on a site at Indianapolis International Airport by 1994. The...

Deal to spin off South Charles hampered by lack of financing. (South Charles Realty Corp.)
October 28, 1991... MNC now looks to next year before selling its portfolio MNC Financial Inc. has shelved plans to spin off its real estate holding company after investment bankers couldn't find financing for the deal, sources said last week. In the past...

Judge Mannes: he brings new respect to bankruptcy bench. (Paul Mannes; Maryland bankruptcy court)
October 28, 1991... Rockville judge takes helm of national conference of judges Bankruptcy hearings across America will screech to a near halt this week as judges and attorneys shuttle into San Francisco for a night of musical fanfare at the Beach Blanket...

Rise in crime at Watergate worries retailers, tenants. (Watergate mixed-use complex)
October 28, 1991... 20 years after famous burglary, area plagued with petty crimes The Watergate complex downtown has remained famous for one big break-in in 1971 but 20 years later it's becoming known for break-ins of a different sort. Within the past few...

Things recycle better with Coke. (Coca-Cola Co. introduces two-liter 25% recycled plastic soft drink bottle)
October 28, 1991... Last week the Coca-Cola Co. introduced plastic, two-liter, soft-drink bottles made of 25 percent recycled plastic to the Mid-Atlantic region. Distributed by the bottling plant in Columbia, the bottles can now be found in stores in D.C.,...

Coming soon to a bus near you. (National Motorcoach Network Inc. plans to offer shows featuring motorcoach travel trips interspersed with ads to show on the road)
October 28, 1991... TV advertisers have become increasingly concerned with viewers flipping stations during commercials, thus reducing their effectiveness. One Fairfax company has come up with an alternative that doesn't allow switching channels -- selling...

Chevy Chase to raise capital by pooling home equity loans. (Chevy Chase Savings Bank)
October 28, 1991... Thrift to sell interest bearing certificates backed by mortgages Chevy Chase Savings Bank, the area's largest thrift, hopes to raise much needed capital by securitizing a chunk of its home equity loan portfolio, according to securities...

D.C. banks rate above average in housing loans to minorities. (Washington D.C. banks grant more loans to minorities)
October 28, 1991... Voluminous data appears to put District banks in favorable light The sheer volume of the data is astounding, its scope and complexity boggling even to those at the Federal Reserve who compiled it. But the question for the District of...

More hospital closures likely in light of decreasing margins.
October 28, 1991... Crime wave costs providers more than $40 million in 1989 OPERATING MARGIN PERCENT DISTRICT OF COLUMBIA HOSPITALS Operating Margin Percent ...

Stock decline keeps ICF paring non-core units. (ICF International Inc.)
October 28, 1991... ICF International Inc., which had become the darling of Wall Street, has seen its stock drop from about $18 to around $7.75 in the last six months even though it just put out passable earnings numbers. The Fairfax environmental and...

2 area firms form venture in Lithuania. (BDS Inc. and Bishop Associates)
October 28, 1991... Two Washington area companies have formed the first American joint venture with a Lithuanian firm, which plans to build computer systems in the newly independent country to market to Eastern Europe and the Soviet Union. BDS Inc. and Bishop...

Majority of firms in survey plan to add workers in 1992.
October 28, 1991... 87 of 100 area companies report they will add or maintain staffs In a survey of human resources directors at about 100 area companies, approximately 87 percent of those polled said they planned to hire additional staff or maintain current...

Company wins grant to test new drug withdrawal treatment. (Neuromedical Technologies Inc.)
October 28, 1991... HERNDON -- Neuromedical Technologies Inc. received a grant of $50,000 from the National Institute on Drug Abuse to study a new type of treatment for opiate withdrawal. Called Transcranial Electrostimulation Therapy, the patented treatment...

Bank holding company sizes up the area's economy. (Crestar Financial Corp.)(Greater Washington Region)
October 28, 1991... RICHMOND -- Crestar Financial Corp. has added its name to the growing list of soothsayers on the Washington area economy. The bank holding company's regional economist, Christine Chmura, released an update of her paper "An Assessment of...

Local agency to join Ketchum firm next year. (Bailey, Morris & Robinson to join Ketchum Public Relations)
October 28, 1991... WASHINGTON -- Bailey, Morris & Robinson, a local firm specializing in government affairs representation, policy development and issues management, has joined with Ketchum Public Relations. "In recent years there's been a tremendous increase...

Two Marriott-run travel plazas reopen on W. Va. Turnpike. (Mariott Corp. will operate travel service plazas along West Virginia's turnpike)
October 28, 1991... BETHESDA -- Travel Plazas by Marriott Corp. has teamed up with the West Virginia Parkways, Economic Development and Tourism Authority to renovate three service plazas on the West Virginia Turnpike. The renovations are part of a $30 million...

DynCorp wins extensions of 3 federal contracts.
October 28, 1991... RESTON -- DynCorp, a local professional and technical services firm has won extensions on two U.S. Department of State contracts and an agreement with the U.S. Army, for a total of $10 million in renewals. Since 1981, DynCorp has provided the...

Utility hopes to cut costs by consolidating operations. (Virginia Power to combine its Portsmouth, Suffolk, Fishersville and Harrisonburg offices)
October 28, 1991... RICHMOND -- Virginia Power said it plans to cut costs by $2 million a year through elimination of about 55 jobs and consolidation of operations in several districts. Robert Hill, vice president for operations, said the utility hopes to take...

Firm develops special radio to pick up satellite channels. (Satellite CD Radio Inc.)
October 28, 1991... WASHINGTON -- Satellite CD Radio Inc. has demonstrated its prototype radio, which will pick up satellite transmissions and add another radio band -- similar to AM or FM -- that will add about $200 to the price of a stereo. The Washington...

Stock offered to finance firm's recent acquisitions. (FastComm Communications Corp.)
October 28, 1991... GAITHERSBURG -- FastComm Communications Corp. has filed a secondary offering to sell stock and warrants to raise general working capital and keep in compliance with certain loan covenants after purchasing two telecommunications companies this...

Adolescent care center expands operations; adds new program. (American Day Treatment Centers Inc. opens in Orlando, Florida and offers services for adolescents with chemical dependence and psychiatric problems)
October 28, 1991... FAIRFAX -- American Day Treatment Centers Inc., which operates adolescent psychiatric care facilities, has expanded its operations locally and formed a partnership to open a center in Orlando, Fla. American Day, Greenbelt, opened Oct. 8,...

Firm indicted in bond scheme. (United Funding & Investment Corp. and United Funding Corp.)
October 28, 1991... BETHESDA -- Federal prosecutors have indicted owners of one of two Maryland companies allegedly involved in a nationwide insurance-fraud scheme. Sammy Claude "Ted" West and Larry Wright are scheduled to be arraigned last Friday on eight...

Sears eyes new real estate sales strategy. (Sears, Roebuck & Co.'s real estate operation Coldwell Banker Residential Group will start a new commercial real estate marketing program)
October 28, 1991... Coldwell Banker Residential set to re-enter commercial sales Coldwell Banker Residential Group will unveil later this month a new program to sell commercial real estate through its network of franchise offices, the Business Journal learned....

Work at National could be grounded as Congress hashes out fate of airports authority; House action on legal status may be delayed until next year. (Washington National Airport)(Travel Focus)
October 28, 1991... After two years of disruption and confusion, the construction crews at Washington National Airport are about to shut down their heavy equipment and move on. It may happen as soon as January. This is not good news for air travelers. The...

Delta to expand service to Frankfurt hub. (Delta Air Lines' nonstop service from Washington Dulles International Airport to Frankfurt, Germany)(Travel Focus)
October 28, 1991... In the first move reflecting the airline's new purchase of international routes from Pan Am, Delta Air Lines will offer nonstop service from Washington Dulles International Airport to its new hub in Frankfurt, Germany beginning Nov. 1....

Reston consulting firm forms Singapore unit. (Avitas Inc. formed aviation consulting firm Avitas Asia)
October 28, 1991... Avitas Inc., a Reston-based aviation consulting firm, has formed a Singapore-based consulting group called Avitas Asia. The new group will provide Asia-Pacific clients with services including aircraft condition inspections, appraisals,...

Metro approves lease for child care center. (Washington Metropolitan Area Transit Authority leases property for child care center)
October 28, 1991... The Washington Metropolitan Area Transit Authority (WMATA) recently cleared the way for the first child care center to be built on WMATA-owned land. The authority's board has approved a site and lease agreement with Montgomery County to...

Arlington-based airline outlines cost-cutting plan. (USAir)
October 28, 1991... USAir's top management has begun meeting with employees in recent weeks to outline a series of cost cuts that could reduce the carrier's operating costs by more than $400 million by 1992. Main features of the plan include pay reductions,...

Putting on the Ritz: Tysons hotel plays to crowded market. (Ritz-Carlton Hotel at Tysons Corner, Washington, D.C. faces competition from other hotels in the area)(Travel Focus) (Company Profile)
October 28, 1991... Manager Faraone positions hotel's best to county's best It still lacks the requisite sign to distinguish it from the crowded Tysons Corner landscape. But even from a distance there is no missing the pink and marble tower of the newest...

Competition heats up among area charter flight providers. (Travel Focus)
October 28, 1991... Companies reach for larger market with better planes, longer trips The charter aircraft business has been experiencing some turbulence. Not only are business executives flying less frequently, but there is more competition in the Washington...

D.C. sets sights on building international traveler niche. (Washington D.C.'s tourism industry)(Travel Focus)
October 28, 1991... Local groups grow marketing efforts to offset domestic doldrums When the board of directors at the non-profit Washington Convention and Visitors Association (WCVA) met last year, they faced a problem -- the country's stalled economy had...

Computer Data Systems. (Proxy Report Excerpts) (Company Profile)
October 28, 1991... NASDAQ:CPTD 1 CURIE COURT Rockville, MD 20850 (301) 921-7000 OUTLOOK Computer Data Services Inc. provides automated data processing to federal, state and local governments, associations, unions and non-profit and commercial clients. It...

Once coveted Metro line sites now attracting little interest.
October 28, 1991... Revenue stream from projects drying up for Metro, city Revenues to public agencies and governments from public-private development ventures have declined significantly the past two years and officials claim they are attracting little interest...

Studley in joint venture with London firm. (Julien J. Studley Inc.)(St. Quintin Chartered Surveyors)
October 28, 1991... Julien J. Studley Inc., the nationwide commercial real estate firm, formed a joint venture with London-based St. Quintin Chartered Surveyors. The venture was designed to help Studley establish a foothold in Europe and St. Quintin make gains...

Coopers & Lybrand. (Accounting)
October 28, 1991... Coopers & Lybrand, accounting, tax and consulting firm, named to partnership: David M. Benson (tax); W. Stanley Hawthorne (management consulting); Warren Martin (emerging business/high tech); and Christopher N. Sonnesyn (management consulting).

David L. Ward. (Health Care)
October 28, 1991... David L. Ward was promoted to executive vice president and chief operating officer for CapitalCare Inc., Vienna. He was vice president of fiscal services at CapitalCare.

The Earth Observation Satellite Co. (Telecommunications)
October 28, 1991... The Earth Observation Satellite Co. appointed Arturo Silvestrini president and chief executive officer and David Edwards executive vice president. Dr. Silvestrini, who retired in January as a senior vice president of European operations of...

AT&T. (Telecommunications)
October 28, 1991... AT&T announced that Michael A. Brunner, president-AT&T Federal Systems, will retire in February. Richard J. Lombardi, currently vice president-Federal Systems Communications Division, will succeed Brunner. Brunner, 58, joined AT&T more than...

Uslico Corp. (Insurance)
October 28, 1991... Uslico Corp. appointed David H. Roe president of United Life Insurance Company, the corporation's principal subsidiary. Roe was also appointed senior vice president, operations of Uslico Corp.

Cyrus E. Phillips. (Law)
October 28, 1991... Cyrus E. Phillips Keck, Mahin & Cate as a partner in the firm's government contracts practice in its Washington office. Phillips comes from the Washington office of McGuire, Woods, Battle & Boothe, where he was a partner in government...

Rand McNally Map & Travel Store. (Business Notes)
October 28, 1991... The second Washington area Rand McNally Map & Travel Store has opened at Montgomery Mall in Bethesda. The store's hours are from 10 a.m. to 9:30 p.m. Monday through Saturday and Sunday noon to 6 p.m. Phone (301) 365-6277.

PG&E Bechtel Generating Co. (Business Notes)
October 28, 1991... Bethesda-based PG&E Bechtel Generating Co. has changed its name to U.S. Generating Co., to further reflect its partnership of Pacific Gas and Electric Co. and Bechtel Group Inc.

Quantum Computer Services Inc. (Business Notes)
October 28, 1991... Quantum Computer Services Inc. of Vienna has changed its corporate name to America Online Inc. The new name reflects the consumer orientation of the its online services and was borrowed from its flagship service launched two years ago.

Cotton & Co. (Contracts)
October 28, 1991... Cotton & Co. in Alexandria won a five-year contract with the Food Safety and Inspection Service to perform reviews of state government cost allocation plans.

Washington International Teleport. (Contracts)
October 28, 1991... Washington International Teleport in Alexandria won a two-year contract to provide recurring interconnect and uplink services to the Washington bureau of Cox Broadcasting.

Clement International Corp. (Contracts)
October 28, 1991... Clement International Corp., a subsidiary of Fairfax-based ICF International, won a three-year, $3.75 million contract to provide technical support to the Heal and Environmental Review Division of the EPA's Office of Toxic Substances. Clement...

ICF. (Contracts)
October 28, 1991... ICF's Oakland, Calif., subsidiary also won a $6 million contract to provide consulting for an electric trolley bus system for the Los Angeles area.

Envirocontrol. (Contracts)
October 28, 1991... Envirocontrol in Alexandria won a $1.6 million contract from the Department of the Interior, Fish and Wildlife Service, for renovations at Patuxent Wildlife Research Center's Gabrielson Hall.

CDM Federal Programs Corp. (Contracts)
October 28, 1991... CDM Federal Programs Corp. won a multi-million-dollar contract to provide technical support to Martin Marietta Energy Systems. CDM also won a contract with the Kansas City Corps of Engineers to do community relations work at the Fort Riley,...

Building Technology Inc. and Schmuecker/Araoz Architects Joint Venture. (Contracts)
October 28, 1991... Building Technology Inc. and Schmuecker/Araoz Architects Joint Venture in Silver Spring won a $107,425 Army contract to develop a life-cycle cost analysis computer model for determining the most cost effective way of maintaining and repairing...

Telesec Temporary Services. (Contracts)
October 28, 1991... Telesec Temporary Services won two contracts, one for $670,000 to provide bindery preparation and collection weeding of 35,000 serial titles at the Library of Congress, the other for $5 million with the National Agricultural Library for...

BDM International Inc. (Contracts)
October 28, 1991... BDM International Inc. in McLean won a contract worth a potential $30.8 million to provide technical and management assistance for NASA's Earth Observing System program.

A&T Systems Inc. (Contracts)
October 28, 1991... A&T Systems Inc. in Silver Spring won two new contracts from the Small Business Administration under the 8(a) program, one to provide the Treasury with acquisition support services and the other to help develop the seized asset management...

Unisys Defense Systems Inc. (Contracts)
October 28, 1991... Unisys Defense Systems Inc. in McLean teamed with Bendix on a $240 million contract to maintain ground stations for the Air Force Satellite Control Network. Unisys was also selected under an $18.7 million contract to modify, operate and...

General Physics International Engineering & Stimulation Inc. (Contracts)
October 28, 1991... General Physics International Engineering & Stimulation Inc. in Columbia won a contract to provide a total training system for a Soviet-designed nuclear power station.

Ogilvy Adams & Rhinehart. (Contracts)
October 28, 1991... Ogilvy Adams & Rhinehart in Washington won a $400,000 contract by the Federal Emergency Management Agency's U.S. Fire Administration to manage national efforts to educate the public on proper use of emergency medical services.

George Mason Bankshares Inc. (Earnings & Dividends)
October 28, 1991... George Mason Bankshares Inc., Fairfax, will pay a dividend of 7 cents a share on Oct. 11.

Citizens Bancorp. (Earnings & Dividends)
October 28, 1991... Citizens Bancorp, Laurel, reported earning $6.3 million, or 45 cents a share, for the third quarter. This compares with earning $7.5 million, or 53 cents a share, for the same period last year.

Federal National Mortgage Association. (Earnings & Dividends)
October 28, 1991... Federal National Mortgage Association, Washington, reported earning $351 million, or $1.28 a share, on net interest income of $456 million for the third quarter. This compares with earning $332 million, or $1.21 a share, on net interest income...

CFS Financial Corp. (Earnings & Dividends)
October 28, 1991... CFS Financial Corp., Fairfax, reported losing $2.9 million, or 97 cents a share, for the third quarter. This compares with losing $2.5 million, or 84 cents a share, for the same period last year.

MCI Communications Corp. (Earnings & Dividends)
October 28, 1991... MCI Communications Corp., Washington, reported earning $140 million, or 51 cents a share, on revenues of $2.15 billion for the third quarter. This compares with losing $168 million, or 69 cents a share, on revenues of $2 billion for the same...

Caci International Inc. (Earnings & Dividends)
October 28, 1991... Caci International Inc., Arlington, reported earning $985,000, or 10 cents a share, on revenues of $33.2 million for the third quarter. This compares with earning $677,000, or 6 cents a share, on revenues of $35.6 million for the same period...

Lafarge Corp. (Earnings & Dividends)
October 28, 1991... Lafarge Corp., Reston, earned $43.8 million, or 77 cents a share, on revenues of $543 million for the third quarter. This compares with earning $55.2 million, or 99 cents a share, on revenues of $597 million for the same period last year.

Signet Banking Corp. (Earnings & Dividends)
October 28, 1991... Signet Banking Corp., Richmond, reported earning $11.2 million, or 41 cents a share, on net interest income of $103 million for the third quarter. This compares with earning $4.5 million, or 17 cents a share, on net interest income of $121...

Gannett Co. Inc. (Earnings & Dividends)
October 28, 1991... Gannett Co. Inc., Arlington, reported earning $59.2 million, or 42 cents a share, on revenues of $820 million for the third quarter. This compares with earning $79.4 million, or 50 cents a share, on revenues of $830 million for the same period...

American Management Systems Inc. (Earnings & Dividends)
October 28, 1991... American Management Systems Inc., Arlington, reported earning $2.8 million, or 24 cents a share, on revenues of $71.6 million for the third quarter. This compares with earning $3.5 million, or 31 cents a share, on revenues of $67.5 million for...

Imaginarium. (New Businesses)
October 28, 1991... Imaginarium, a hands-on toy store, has opened at Fair Oaks Shopping Center in Fairfax. The store features a children's library and a 10-foot-tall lavender dinosaur. Call 703-359-8300.

MH Management. (New Businesses)
October 28, 1991... Thomson M. Hirst, president of Mason Hirst of Reston has formed MH Management, an affiliated commercial property management company. Cyrena S. Movitz is director of the new company.

Team-Tech Enterprise. (New Businesses)
October 28, 1991... Team-Tech Enterprise is a new high-tech consulting firm serving the home-based business. Team-Tech provides computer know-how from designing entire business systems to answering basic questions on software applications. Offices are at 9519...

Rand McNally Map & Travel Store. (New Businesses)
October 28, 1991... Rand McNally Map & Travel Store opened a second Washington area location at Montgomery Mall, Bethesda. John P. Whitaker is manager. Call 301-365-6277.

Cosby Bureau International Inc. (New Businesses)
October 28, 1991... Cosby Bureau International Inc., a provider of high profile public speakers, has split into two firms. Janet Cosby Speakers Worldwide Inc. can now be reached at 202-408-0460. Joe Cosby CC&L Speakers Group Inc. can now be reached at 703-734-2344.

Association of Foam Packaging Recyclers. (New Accounts)
October 28, 1991... The newly formed Association of Foam Packaging Recyclers has named Leibovitz Communications of Bethesda to direct its national public relations campaign.

Demaine Vickers. (New Accounts)
October 28, 1991... Demaine Vickers advertising agency in Alexandria was one of five agencies selected nationally to develop a public service campaign to increase AIDS awareness in the United States. The Martin Agency in Richmond was also selected.

Multi-Media Marketing. (New Accounts)
October 28, 1991... Frederick-based Multi-Media Marketing will handle PR for Commercial Insurance Managers of Columbia, Md.

All-American Video Productions. (New Accounts)
October 28, 1991... All-American Video Productions, Laurel, has been awarded a contract to produce a video of Arlington National Cemetery for national distribution. The company is a division of Video Data Services.

Gray Kirk VanSant. (New Accounts)
October 28, 1991... Baltimore-based Gray Kirk VanSant has been retained by Capital Holding Corp. in Louisville for PR services about a reverse mortgage program that's available to senior homeowners in Virginia and Maryland.

Creative Strategy Inc. (New Accounts)
October 28, 1991... Creative Strategy Inc. will develop two marketing brochures for Learning Group International.

Adams Sandler. (New Accounts)
October 28, 1991... Adams Sandler, with offices in Rockville and Baltimore, will provide advertising and marketing for Meridian Healthcare, operator of 20 nursing and retirement centers in the Washington area.

Richardson, Myers & Donofrio. (New Accounts)
October 28, 1991... Richardson, Myers & Donofrio is the new advertising agency of record for Sylvan Learning Systems. The account is valued at $6 million.

Boo! Haunted Hayrides scare up friendly profit for Conners. (Kevin Conners' annual profitable operation of Haunted Hayrides Inc.'s franchise of halloween entertainment scares and rides)
October 28, 1991... The Halloween season settles around the area like a dense fog blowing off the Chesapeake Bay. Night chills and terrors send people fleeing the warmth and serenity of their homes to the bump and tumble of the "field of screams" of Kevin...