Roundup: Gannett, SRA, NVR, RLJ
From staff and wire reports
*Gannett is eliminating about 100 management jobs at its newspapers across the country on top of about 1,000 job cuts, including 600 layoffs, announced last month. Neither round of cuts affects Gannett's flagship newspaper, USA Today. The McLean-based publisher announced the cuts after revenue declined faster than anticipated. A spokeswoman said circulation, finance and other functions were being consolidated into four regional groups. Most of the cuts affect employees who perform those duties at individual papers.
*SRA International, an information technology consultant based in Fairfax, said it has updated its fiscal 2009 outlook to account for the Sept. 2 sale of Constella Futures. The company said it now expects revenue of $1.54 billion to $1.60 billion for the fiscal year ending June 30, 2009. SRA's prior outlook was for sales of $1.60 billion to $1.66 billion. The company's earnings per share guidance is unchanged at $1.30 to $1.35 per share.
*NVR said it will issue $325 million in 30-year debt notes. The Reston home builder also will grant the underwriter the option to purchase up to $48.75 million more to cover over-allotments. The notes will be initially convertible into a combination of cash, common stock or a combination of the two. Credit Suisse Securities will be the sole underwriter for the offering.
*Life insurer Prudential Financial said Thomas Baltimore had been elected to the company's board of directors, effective Oct. 1. Baltimore is the co-founder and president of Bethesda- based RLJ Development, a privately held real estate investment company.
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