Early Briefing: Radio One's Struggles
*Radio One said it lost $18.3 million in the first quarter, compared with a profit of $744,000 in the first three months of 2007, hurt by a slump in national advertising.
Chief executive Alfred C. Liggins III, left, sought to explain stock sales by him and his mother, Radio One founder Cathy Hughes and explain that a planned stock buyback will happen. The chief financial officer, Peter D. Thompson, defended the compensation packages for Liggins and Hughes.
Columnist Steven Pearlstein isn't buying it. He writes that Radio One's is "the story of a management team and a tightknit board of directors who have overreached in their strategy, underperformed in executing it and sometimes put their own interests ahead of those of their public shareholders."
*New Harman International Industries chief executive Dinesh C. Paliwal announced the hiring of a new chief financial officer and a new head of the automotive division.
Herbert K. Parker will become chief financial officer at the end of this month and will join the Harman Group Executive Committee, which sets strategy for the firm. Parker has more than 25 years of overseas experience in corporate finance.
Parker succeeds Kevin L. Brown, who has been Harman's finance chief since 2005. The company said in a statement that Brown would not move to Connecticut for "personal reasons."
The automotive division, meanwhile, will be headed by Klaus Blickle, most recently chief executive of EDAG Group, a German engineering company.
The moves are designed to expand the company's sales and manufacturing presence beyond such developed countries as the United States and Germany, and into potentially lucrative emerging markets such as Brazil, Russia, India and China, according to a spokesman.
*A wide range of D.C. officials, planners and developers are envisioning the future of the District, defined by newly created waterfront neighborhoods, long-established areas such as U Street and Georgetown, and a 24-hour downtown.
Depending on who is divining the city's future, the path to achieving that goal includes pushing investment in Washington's poorest neighborhoods; refurbishing signature boulevards such as Georgia Avenue, K Street and New York Avenue; or lifting the century-old cap on building height to catalyze development in areas far from downtown.
Yet developers and planners agree that the overarching key to redefining Washington resides along the miles of undeveloped land that borders the Anacostia and Potomac rivers.
*Sunrise Senior Living's first-quarter revenue rose 11 percent, to $625 million, as the company opened new facilities and increased occupancy rates, the McLean-based nursing-home operator said. Sunrise did not release other quarterly results because it is still restating results from last year after an accounting review found errors.
*Deltek, the project-management software provider, named Mark Wabschall to replace chief financial officer James Reagan, who is leaving the company. Wabschall, formerly chief financial officer at WebMethods, will begin working next week, Deltek said.
*Gemcom Software International, a Canadian designer of software for mining companies, agreed to sell itself to buyout firms JMI Equity and Carlyle Group.
Shares of Gemcom jumped 26 cents, or 9.3 percent, to a record $3.06 (Canadian) in Toronto Stock Exchange trading, the highest since November 1997. JMI Equity and Carlyle will pay $2.90 (Canadian) a share in cash, a 16 percent premium to its 45-day average closing price, or about $180 million (Canadian) in total, said Gemcom.
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