Earnings: FBR Group, Integral Systems, Strayer, Sandy Spring Bancorp

*Friedman, Billings, Ramsey Group said last night that it swung to a loss of $25.1 million (17 cents a share) in the second quarter, compared with a profit of $10.2 million (6 cents) in the comparable period a year earlier. Revenue fell 77.7 percent, to $71.3 million.

FBR Group of Arlington said it look a $5.8 million loss related to non-prime mortgage investments and a $13 million loss due to its share of FBR Capital Markets, which yesterday reported a loss of $25.2 million.

"It is our intent -- as market conditions permit -- to continue to execute our core strategy of deploying capital in a conservative, substantially hedged portfolio of agency mortgage-backed securities," said CEO Eric F. Billings.

*Integral Systems of Lanham said third-quarter profit grew 23.3 percent, to $4.7 million (55 cents) from $3.8 million (34 cents). Revenue grew 16.5 percent, to $41.8 million.

The company attributed to the gains to growth in its space communications systems and government ground systems segments. Integral also said it is considering making a filing with the Securities and Exchange Commission that would facilitate the raising of capital.

*Strayer Education of Arlington said second-quarter profit grew 23 percent, to $21.3 million ($1.50) from $17.4 million ($1.20). Revenue grew 24 percent, to $97.9 million. Enrollment in summer 2008 is 20 percent higher than in summer 2007, Strayer said.

*Sandy Spring Bancorp of Olney said second-quarter profit fell 31 percent, to $5.7 million (34 cents) from $8.2 million (51 cents). Assets increased 2 percent, to $3.16 billion.

The provision of loan and lease losses was $6.2 million, up from $800,000 in the second quarter of 2007, related to residential real estate development portfolio.

"We continue to believe that our conservative loan underwriting standards and our comprehensive methodology for risk-rating our loans will serve us well as we manage throughthe challenges presented by the current economic environment," said CEO Hunter R. Hollar.

By Terri Rupar  |  July 24, 2008; 11:43 AM ET  | Category:  Earnings
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