NewsWatch: Revenues, profits up at United Therapeutics

Friday, Feb. 23, 2007

NewsWatch: Revenues, profits up at United Therapeutics

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Silver Spring biotechnology company United Therapeutics Corp., one of Maryland’s more successful biopharma companies, reported that its revenues increased by 38 percent last year over 2005 to $159.6 million.

The jump was due primarily to sales of the company’s lead product, Remodulin, officials said. Net income for the year grew 14 percent to $74 million.

Leadership Maryland picks two business leaders

Leadership Maryland has selected M. Richard ‘‘Ric” Adams, president and CEO of the Frederick County Chamber of Commerce, and Chad S. Tyler, president of Tyler-Donegan Real Estate, to be a part of its 52-member class of 2007.

The nonprofit organization educates executives about critical issues, challenges and opportunities facing Maryland.

Radio One delays 2006 annual report

Radio One of Lanham will delay its annual report for 2006 while undergoing a review of stock option accounting from 1999 to date, officials said in a statement this week. Company officials could not be reached for comment Thursday.

The company’s management and audit committee anticipates that Radio One will have to restate some financial statements, officials said in the statement. The business reported in November that net broadcast revenue for the first nine months of 2006 declined 1 percent from a year earlier to $277.9 million, while net income dropped by 54 percent to $18.7 million.

C-Mart opens store in Landover

C-Mart, a discount furniture and fashion store, has opened its second location in the Landover Crossing Shopping Center near FedEx Field.

The 36-year-old company, which also has a store in Joppatowne, signed a six-year lease to occupy 120,000 square feet left vacant when Sam’s Club left. The new store has about 65 employees.

Bill exempting developer withdrawn

Del. Marvin Holmes (D-Dist. 23) of Kettering this week withdrew a bill that would have exempted apartment developer AIMCO of Denver from paying more building surcharges for its 5,800-unit redevelopment project at Springhill Lake in Greenbelt.

The bill was controversial because it would have allowed AIMCO to pay surcharges of only about $20 million, about half what county law requires, on 2,900 new housing units. The money would help defray the cost of providing a new education complex for the area to accommodate the extra students likely to move there.

Holmes has defended his bill, saying that the exemption for redevelopment projects such as Springhill Lake inside the Beltway would encourage other apartment complex owners to renovate aging buildings.