Business Briefs: Salem Communications, Northrop, Southwest Water, Alexandria Real Estate

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& #8226; Salem Communications Corp.

increased guidance for its third-quarter net broadcast revenue to between $50.3 million and $50.8 million, a range $300,000 higher than an earlier forecast. The Camarillo-based Christian radio broadcaster said it continues to project same-station net broadcasting revenue growth in the mid-single digits.



& #8226; Northrop Grumman Corp.

named Jerry B. Agee president of the company’s Mission Systems sector. Agee, an 18-year veteran of the company, replaces Donald Winter, who is nominated to become secretary of the Navy. Agee was named acting president in August and will report to Ronald D. Sugar, the L.A.-based defense contractor’s chairman, chief executive and president. The Mission Systems sector had sales of $5 billion in 2004.



& #8226; Southwest Water Co.

said it will purchase the Shelby County, Ala., wastewater system for $8.5 million. Pelham, Ala.-based Novus Utilities Inc., a unit of Southwest Water, has operated the Shelby County wastewater treatment plant and sewage collection system since 1992 and will continue to do so after the acquisition. The facility serves about 4,400 residential and commercial customers in the area just south of Birmingham. The transaction is scheduled to close within a month, the company said in a statement. As a result of the agreement, there will be annual customer rate increases of 8 percent for 11 years.



& #8226; Alexandria Real Estate Equities Inc.

plans to sell 1.2 million shares of common stock in a public offering, and use the funds to pay down debt. The Pasadena-based real estate investment trust will use net proceeds of about $97.2 million to reduce the balance of its $500 million credit line. Funds also will be used for general corporate purposes.

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