Gates calls for elimination of new Business Transformation Agency
When the Defense Department created the Business Transformation Agency in 2006, officials imagined the fledgling office as a vehicle for streamlining the military’s business operations. Four years later, Defense Secretary Robert Gates said it is marked for elimination.
The Crystal City-based agency has about 360 employees and a budget of $340 million. The Obama administration plans to cut $100 billion from the Defense Department’s budget over the next five years.
Dolan Co. purchases Federal News Service
The Dolan Co. of Minneapolis has acquired Federal News Service, the D.C.-based provider of transcripts of Washington events.
Rebecca Snyder will become vice president and general manager and the service will keep its headquarters in Washington, Dolan said.
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Blackboard turns a profit, reduces outlook
D.C.-based Blackboard Inc. returned to profitability in the second quarter but reduced its annual earnings forecast, sending its shares lower.
The online education software company reported net income of $4.4 million, or 13 cents per diluted share, in the period ending June 30, compared with a loss of $4.1 million, or 13 cents per diluted share, in the second quarter of 2009.
Total revenue in the second quarter of 2010 rose 17 percent to $107.7 million.
Gladstone Land floats $222.6m IPO
McLean-based Gladstone Land Corp. has filed papers with the Securities and Exchange Commission for an initial public offering of up to $222.6 million in common stock.
Gladstone Land is a development company that owns two farms in California. It plans to acquire more farmland and lease it to farmers until it can be developed. It also aims to make land loans to farmers and may buy and invest in mortgages for farming-related properties, the company said in a securities filing.
