Roundup: Sallie, USIS, LaSalle, Corporate Executive Board
From staff and wire reports
*SLM said its second-quarter profit fell 72 percent, to $266 million (50 cents a share) from $966 million ($1.03), as investors purchased fewer securities backed by its loans. In the second quarter last year, Reston-based Sallie Mae had a gain of $842 million from derivatives.
*US Investigations Services, the Falls Church risk-management firm, named Michael G. Cherkasky its chief executive six months after he was ousted by Marsh & McLennan for failing to restore profit. Cherkasky, 58, will join USIS on Aug. 1 to succeed chief executive Randy Dobbs, who becomes executive chairman, the firm said. Marsh & McLennan will receive $10 million from USIS because hiring Cherkasky breaks a non-compete clause he signed when he departed, USIS spokesman Michael John said.
*LaSalle Hotel Properties said second-quarter funds from operations rose 12.1 percent, to $47.4 million ($1.18) from $42.3 million ($1.05). Revenue rose 9 percent, to $201.3 million. Revenue per available room increased 5.3 percent, to $174.38.
"The solid performance of our recently renovated and repositioned hotels drove favorable results for the Company and significant outperformance as compared to the industry in the quarter," CEO Jon Bortz said.
*Corporate Executive Board of Arlington said second-quarter profit fell 4.2 percent, to $16.6 million (49 cents) from $17.3 million (46 cents). Revenue grew 8.8 percent, to $141.2 million.
*CloudShield Technologies of Sunnyvale, Calif., said it is opening a new office in Herndon. Bruce Gilley, vice president of federal operations, was already based in the area and will head the office. The company, which does network security and management, said that revenue has doubled each of the past three years and that it has tripled its team focused on the federal sector, which has done work with Defense Department and intelligence agencies.
July 23, 2008; 5:21 PM ET
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