Roundup: ICF, SLM , GD, Carlyle and FTI
From staff and wire reports
*ICF International of Fairfax posted a drop in second-quarter profit, to $7.9 million (52 cents a share) from $11.2 million (75 cents) in the comparable period a year earlier, but the profit still exceeded analysts' forecasts. Revenue fell to $184.1 million from $190.2 million. The company said that its revenue consisted of $70.4 million from the Road Home contract and $113.7 million from its core businesses.
*Student lender SLM, commonly known as Sallie Mae, said its board of directors appointed a new member, J. Terry Strange. Strange is retired from KPMG, where he served as vice chairman and managing partner of the U.S. audit practice. He also served as the global managing partner of the audit practice of KPMG International and was a member of its international executive committee.
*General Dynamics, the largest maker of armored vehicles for the U.S. military, won an Army order valued at as much as $1.2 billion for more of the Stryker troop transports used to protect troops in Iraq. The order covers production and maintenance of 615 Stryker transports and carries an initial value of $599 million, the Falls Church-based company said in a statement today. The vehicles will be delivered by May 2011.
General Dynamics has delivered 2,550 of the vehicles since the initial production contract in 2000.
*Carlyle Group agreed to buy a 48 percent stake in sportswear maker Moncler. The buyout firm will be the biggest shareholder in Moncler after the acquisition. Mittel Private Equity, Progressio and ISA will reduce their holdings in the Milan-based clothes maker to a total 13.5 percent from 61 percent, District-based Carlyle said.
Marco De Benedetti, managing director of Carlyle, in June 2007 said the private-equity firm was still interested in fashion companies after it lost out to Permira Advisers in a bid to buy Valentino Fashion Group.
*The Baltimore-based business advisory firm FTI Consulting said it will sell a minority interest in its technology business in an initial public offering. It expects to receive $600 million to $700 million from the sale, with proceeds used to pay down debt and for general corporate purposes.
FTI also reported a second-quarter profit increase of 53 percent, to $35.4 million (66 cents a share). Revenue for the period ended June 30 was $337.7 million, a 41 percent increase over the second quarter last year.
August 6, 2008; 6:01 PM ET
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