Bear, Virginia, Tai, Jennifer, The Washington Times (Washington, DC)
Sysorex protest fails
Packard Bell Electronics Inc. said it is proceeding with a $1 billion Pentagon order for computer equipment after Fairfax-based Sysorex Information Systems Inc. failed to persuade the General Services Administration to overturn the contract. Packard Bell's Zenith Data Systems subsidiary and Hughes Data Systems each won parts of the three-year contract May 3.
Auditor questions PHP accounting
PHP Healthcare Corp. shares fell $2.75 to close at $28.50 yesterday after the Reston company said auditors questioned its accounting practices.
A report prepared by the Center for Financial Research and Analysis in Rockville questioned more than half of the $7.9 million in operating income PHP reported for the nine months ended Jan. 31.
Meanwhile, PHP said it won a $50 million contract to provide health care services for prisoners in Baltimore correctional facilities.
MCI lists `quips' on Nasdaq
MCI Communications Corp. listed $750 million of a hybrid form of debt and equity on the Nasdaq Stock Market, helping the nation's No. 2 stock market in its rivalry with the New York Stock Exchange.
MCI's quarterly income preferred securities, or "quips," are the first of their type to trade on the Nasdaq, where the company's common stock has traded since 1972.
Quips are a form of preferred stock that resembles both common stock and bonds. Preferred stock represents equity in a company, just as common stock does. The shares' dividends are set at the time of the sale, as are bond-interest payments.
Ten quips trade on the NYSE.
SAIC wins contracts
Science Applications International Corp., a San Diego company that maintains offices in McLean, won two contracts worth $1.3 billion to provide information systems to the Transportation Department. …