Roundup: Earnings from Gladstone Commercial, Harman, SRA, and More

From staff and wire reports

*Gladstone Commercial of McLean said first-quarter funds from operations grew about 15 percent, to $3.4 million (39 cents a share) from $2.9 million (34 cents) in the comparable period a year earlier. Revenue grew 28.8 percent, to $9.5 million.
During the quarter, Gladstone purchased three properties, totaling 390,000 square feet and $33.2 million.

*Harman International Industries of the District swung to a loss of $3.3 million (6 cents) from a profit of $71 million ($1.07). Revenue grew 17 percent, to $1.03 billion. The company attributed the loss to charges for warranty issues. Chief executive Dinesh Paliwal also said performanc ein the consumer division didn't meet expectations.

*Profit at SRA International in Fairfax grew 20.5 percent, to $18 million (30 cents) in the third quarter. Revenue grew about 18 percent, to $376 million. The company said it won work with a potential value of $503 million in the quarter.

*Standard & Poor's Ratings Services may downgrade some of Freddie Mac's ratings on concerns that the mortgage lender's losses will continue to mount as the housing crisis gets worse. S&P reiterated its top-notch AAA rating for Freddie's senior debt but placed the AA- rating on its subordinated debt on a watch list for possible downgrade. The move typically means that S&P might cut the rating within the next six months to two years, but the agency said it would resolve the watch "shortly after" Freddie Mac reports first-quarter results, set for May 14.

*Orbital Sciences of Dulles, which makes small rockets and space systems, said it has been awarded a Defense Department contract worth up to $100 million for suborbital launch vehicle research and engineering. The basic term of the contract is five years, with an option for an additional five years. For the full 10-year period, the total value of the contract would be up to $100 million.

By Terri Rupar  |  May 6, 2008; 5:28 PM ET  | Category:  Roundup
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