- The Washington Times - Monday, April 28, 2008

Glen Burnie Bancorp, parent of The Bank of Glen Burnie, said its net income fell 12 percent to $536,000 (18 per share) in the quarter ending March 31 from of $606,000 (20 cents) for the same period last year, partly as a result of provisions for credit losses. Total assets were $314.7 million versus $307.3 million on Dec. 31.

First Potomac Realty Trust of Bethesda said funds from operations grew 22 percent to $11.9 million (48 cents per diluted share) in the first quarter compared to $9.7 million (39 cents) a year ago. Net income was $2.3 million (10 cents), compared with a net loss of $0.2 million (1 cent) a year ago.

MHI Hospitality of Williamsburg said it completed the acquisition of the 172-room former Radisson Hotel in Hampton, Va., for $7.75 million, or $45,000 per room. The company also has entered into a 10-year franchise agreement with InterContinental Hotels Group through its franchising unit, Holiday Hospitality Franchising, to brand the hotel as the Crowne Plaza Hampton Harborside.

Corporate Executive Board of Arlington said net income in the first three months of the year decreased 18 percent to $15.9 million (45 cents) from $19.4 million (50 cents) a year ago. Diluted earnings per share were down only 10 percent because of the timing of expenses. Revenues increased 10.8 percent to $138 million.

LaSalle Hotel Properties of Bethesda reported a net loss of $14.8 million (37 cents) for the quarter ending March 31, compared to a net income of $15.7 million (39 cents) a year ago. Net income for the prior period reflects a $30.3 million net gain on the sale of the LaGuardia Marriott and a $3.9 million non-cash write-off. Funds from operations (FFO) rose 29 percent to $9.8 million (25 cents) from $7.6 million (19 cents) a year ago, when FFO was hurt by the $3.9 million write-off.

NewMarket of Richmond said income from continuing operations for the first quarter was $19.8 million ($1.27), an increase of 41 percent from $14 million (80 cents) a year ago. Earnings per share from continuing operations rose 59 percent, reflecting the company’s stock buyback. The first quarter of last year included income from discontinued operations of $2.2 million.

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