Roundup: Greater Washington Initiative, Stanley and LCC
From staff and wire reports
* The Greater Washington Board of Trade said it hired Matt Erskine as executive director of the Greater Washington Initiative, which promotes the area to businesses. Erskine, former president of Richmond-based consulting firm Play and deputy secretary of commerce and trade for Virginia, starts July 7.
The Greater Washinton Initiative said Erskine will work on increasing its budget and cultivating relationships with executives and officials.
"GWI and the Board of Trade will work closely together to ensure that we are not only focused on maintaining a positive business climate for Greater Washington's existing companies, but effectively telling our story to recruit new companies to the region," said Jim Dinegar, president of the Greater Washington Board of Trade.
*Stanley said fourth-quarter profit rose 70 percent, to $7.7 million (33 cents a share) from $4.5 million (20 cents) in the comparable period a year earlier. Revenue at the Arlington-based provider of systems integration and professional services to the federal government rose 49 percent, to $173.5 million.
Stanley said the revenue jump was due in part its acquisition of Techrizon in April 2007 and expansion of existing contracts. Also during the fourth quarter it won a $570 million, five-year contract to support the State Department's Bureau of Consular Affairs/Passport Services, the largest contract in the company's history.
Operating costs and expenses jumped 48 percent, to $159.5 million from $108.1 million.
For the year, Stanley posted profit of $26.2 million, or $1.12 per share, on revenue of $604.3 million.
The company's fiscal first-quarter and annual projections for revenue were below Wall Street expectations.
*LCC International, a McLean firm that builds and maintains wireless networks, said president and chief executive Dean Douglas is leaving the company June 6 to join a private telecommunications equipment provider. Company Chairman Julie Dobson will serve as interim CEO while the company searches for a successor. Chief marketing officer Kenneth Young was named president and chief operating officer.
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