Martek posts quarterly loss
Martek Biosciences Corp. yesterday reported sharply lower revenue and a wider loss for its fiscal first quarter. The company cited higher research and development costs, production expenses and a one-time benefit in the previous year's first quarter that was not repeated in the latest quarter.
The Columbia company said it lost $2.22 million, or 27 cents per share, in the latest quarter, compared with a loss of $324,000, or 5 cents per share, in the 1994 first quarter. Revenue was $522,000, down from $1.56 million.
In 1994's first quarter, the company received a $1 million license anniversary payment for its Formulaid product.
W.R. Grace plans expansion
W.R. Grace & Co., the chemical and health care equipment company, yesterday announced it was launching a $300 million capital program to expand its packaging business. Part of the money will be spent at four U.S. plants and six foreign plants. Grace, which doesn't have any packaging plants in Maryland, employs about 1,500 workers in the state at chemical and research facilities.
Bell Atlantic to boost ad spending
Bell Atlantic Corp., amid imminent competition in its local phone market, will boost advertising spending by $10 million to $20 million in the next two years, the vice chairman said yesterday.
Jim Cullen said the move is a direct result of looming local phone competition from MCI Communications Corp. and competitive access providers such as Teleport Communications Group.
Bell Atlantic, parent of Bell Atlantic-Maryland, usually spends $70 million to $80 million annually on advertising.
Prime Retail gets credit line
Prime Retail Inc. yesterday announced that it has closed on a $160 million credit line with Nomura Asset Capital Corp. The Baltimore-based outlet mall developer intends to use the money to retire debt and finance three new centers under construction and set to open this year. Thus far, the company has drawn $33.75 million of the line.
Barings bank records missing
Records of deals that helped to bust Britain's Barings bank are missing, according to a report yesterday in the Guardian newspaper.
The bank collapsed last month and has blamed a Singapore-based trader, Nick Leeson, for losing $1.4 billion in high-risk trading.
The British newspaper said records of Mr. Leeson's trades for the last two months had vanished. "They are not there, so they have probably been shredded," the paper said, quoting an unidentified source in Singapore.