• 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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