The 5x5x5 Growth Awards celebrates the top 5 fastest growing Vermont businesses in each of 5 categories: Technology, Contracting, Retail, Wholesale and Manufacturing.The event is moderated by Lisa Ventriss, president of the Vermont Business Roundtable, and will feature presentations by the presidents and CEO’s of Connor Contracting, Inc.; Vermont Pure Holdings, Inc.; Hubbardton Forge Corporation; Gardener’s Supply Company; and Chroma Technology, Inc.A question & answer period will follow the presentation. The businesses honored include: Neagley & Chase Construction, The Snyder Companies, ARC Mechanical Contractors, Wright & Morrissey, Casella Waste Systems, Seventh Generation, C&S Wholesale Grocers, Bond Auto Parts, Vermont Teddy Bear Company, Sonnax Industries, Green Mountain Coffee Roasters, King Arthur Flour Company, Feed Commodities International, Bethel Mills, Kinney Motors, Allen Engineering Pools & Spas, IDX Systems Corporation, Vermont Medical, Resolution and IVEK Corporation.The event begins with a networking reception with the honorees, followed by the presentation. Opening remarks will come from Vermont Business Magazine Publisher, John Boutin, and Keybank President, Scott Carpenter.The event is free and recommended to all small business owners and business people. It will be catered by the Sheraton Conference Center. To register, please call (802) 660-4471 by September 25th, or, register online at email@example.com(link sends e-mail).For questions and information about the 5x5x5 Growth Awards please contact John Boutin or Mary Collins at Vermont Business Magazine at (802) 863-8038. Or view details about the event online at www.vermontbiz.com.
Month: January 2021
The Brattleboro Development Credit Corporation (BDCC) announces the finalists for the 2009 Business Plan Competition. From the 36 submissions received last week, the selection committee chose seven in the Existing Business category and six in the New Business category.Finalists in the Existing Business category are (in alphabetical order): (1) Cedar Satyr for capacity and product extension for this Vermont materials granola manufacturer; (2) Concrete Detail for capacity expansion of this local artisan concrete worker specializing in countertops and floors; (3) Everyone s Drumming for the expansion of this long-time designer and manufacturer of handmade drums and percussion instruments; (4) Moscode, Inc., for the development of a new product, a pre-amplifier, to expand this high-end audio business; (5) Timberframe Shop to provide for planning time for this timberframe manufacturer to develop a set of garden structure products; (6) Vermont Slate to allow for capacity expansion for this maker of Vermont slate decorative switch plates; and (7) Vermont Stone for the expansion of manufacturers and installers of custom-created stone-faced insulation board.Finalists in the New Business category are (in alphabetical order): (1) Bryan Louiselle Design for product design and development of new interior surface interlocking construction pieces; (2) DC Design to develop a new business for an established book designer to serve the self-publishing market; (3) English CPO to develop an innovative business teaching English to native Koreans through the Internet; (4) Guitar for Adult Beginners to extend a well-known performer’s teaching reach through recorded lessons as well as Internet distribution and interaction; (5) Rolling Pin to develop a new business activity for an existing restaurant/gift shop selling kitchen supplies and tools; and (6) Wahoo s to support a new business direction for an established summer eatery to develop branded, fully equipped food trailers, menus, and training.Full business plans are due at BDCC by 4 p.m. April 20. Final presentations will be conducted on April 30 starting at 9 a.m. at the Marlboro College Tech Center in Brattleboro, with awards presented by Governor Jim Douglas at 3 p.m. that day.Jeff Lewis, executive director of BDCC, said, This year s plans were all very well presented. The finalists are all interesting and viable business ideas. The selection committee worked hard to select from a very capable pool of entries. We look forward to seeing the final presentations.Lewis added, The level of interest and quality even in this very challenging economy speaks well of Vermonters’ strong sense of entrepreneurship and creativity.Founded in 1954, BDCC is a private, nonprofit economic development organization that serves as a catalyst for industrial and commercial growth in southeastern Vermont. More information about can be found online at BDCC’s website, http://www.bdccbusinessplancompetition.com(link is external) or by contacting BDCC at 802-257-7731.Source: BDCC
Governor Douglas on Wednesday will announce that a major new manufacturer will be setting up operations at IBM s Essex facility and he will formally welcome them to Vermont. The announcement will be made at the IBM Microelectronics facility Presentation Center in Essex Junction at 3:30 pm.
Source: AIV Associated Industries of Vermont convenes its 89th Annual Meeting on Tuesday, October 6 at the CapitolPlaza Hotel in Montpelier. Vermont is currently seeing a convergence of several very significant energy policies that pose imminentchallenges for the state and carry serious implications for Vermont’s ratepayers. The Legislature, PublicService Board, Public Service Department, and utilities will make critical decisions in the coming months,and it is important for Vermont employers to be aware of what is at stake.In addition to looming “end game” in deciding the fate of Vermont Yankee, decisions on future contractswith Hydro Quebec are also coming due — placing two-thirds of Vermont’s energy supply in question inthe very near future. At the same time, the debate continues between letting the market or statemandates drive renewable energy development. On top of this, regional, national, and international plansare being developed for transmission strategies and projects that will not only impact the sources andgeneration types in Vermont’s own portfolio, but that of the region — all with cost and constructionimplications not entirely under Vermont’s control. AIV’s 89th Annual Meeting will provide presentations from key players in these unfolding events, a paneldiscussion with some of Vermont’s top decision makers and stakeholders, and finally a luncheon addressby Governor Jim Douglas.Both members and non-members are welcome to register by faxing or mailing a registrationform by October 2. Registration is required for admission to the presentations and luncheonaddress. Contact Angelina Beardsley at (802) 223-3441 or email firstname.lastname@example.org(link sends e-mail) for more information.REGISTRATION FORM IS AVAILABLE ON THE HOME PAGE OF THE AIV WEBSITE: www.aivt.org(link is external)Agenda8:30 am Registration for Presentations and Luncheon Address9:00 am Future of Transmission in Vermont: Choices, Demands, and CostsJohn Donleavy, President and CEO, VELCO9:45 am Hydro Quebec and Vermont’s Energy FutureTBA10:15 am Vermont Yankee and Vermont’s Energy FutureJay Thayer, Vice President of Operations, Entergy Nuclear10:45 am Investment Decisions Facing Vermont’s UtilitiesMary Powell, President and CEO, Green Mountain Power11:15 am Ready or Not: Panel Discussion on Vermont’s Energy FutureJohn Goodrich, Vice President and General Manager, Weidmann Electrical TechnologyRepresentative Tony Klein, Chair, House Committee on Natural Resources and Energy Lawrence Mott, Director, New Energy Partners David O’Brien, Commissioner, Department of Public Service Robert Young, President and CEO, Central Vermont Public Service12:30 pm Lunch and Address by Governor Jim Douglas1:30 pm Wrap Up
Vermont Gov. Jim Douglas officially kicked off his yearlong National Governors Association (NGA) Chair s initiative, Rx for Health Reform: Affordable, Accessible, Accountable, at the National Press Club today. In his remarks, he also offered some initial reactions to the recently released Senate Finance Committee proposal. Douglas s initiative focuses on the critical need for health reform to reduce health care costs, ensure Americans get the highest quality of care and increase coverage for those who lack health insurance. States have proven that we can achieve real health reform that includes more cost-effective and efficient health care strategies to improve the delivery of care, said Gov. Douglas. States continue to show leadership and innovation in improving the way health care is delivered.Douglas also addressed the critical role states will play in implementing any reforms. Governors will have a lead role in implementing the broad policies set by Congress. It will take much preparation and potential restructuring on the part of governors, but we will step up to fulfill the promises of reform. He complimented the Senate Finance Committee for the substantial changes made in Medicaid, but continued to express concerns about increasing the costs to states. Coverage without significant improvements to the health care delivery system and efforts to lower health care costs will eventually cause further strain on an already unsustainable system, Gov. Douglas said. True reform cannot be done on the backs of the states, nor can it be done without the states. With the nation spending almost $7,500 per person for health services each year, Rx for Health Reform emphasizes the urgent need to make health care in the United States more affordable, more accessible and more accountable. While there is broad consensus on the need to reform health care in this county, achieving it will require teamwork, compromise and a willingness to address the tough issues surrounding health care. Gov. Douglas s initiative will help governors as they make critical decisions about health reforms.To address key challenges, Rx for Health Reform will:· Provide governors with the information they need to transition to a new health care system;· Develop state-based system improvements and cost containment measures; and· Prepare states for implementation, such as insurance market reforms, state exchanges and other national health reforms.At the conclusion of the event, Gov. Douglas unveiled the Rx for Health Reform. The site will serve as a clearinghouse for all initiative news, activities and published materials.For additional information Rx for Health Reform, visit www.nga.org/ci(link is external). The full text of the speech is attached. Source: Douglas’ office. 9.17.2009 AttachmentSize Gov Douglas National Press Club Speech-Sept 17.pdf28.77 KB
People’s United Bank,People’s United Financial, Inc (Nasdaq: PBCT) today announced net income of $24.9 million, or $0.07 per share, for the fourth quarter of 2009, compared to $26.8 million, or $0.08 per share, for the third quarter of 2009, and $33.7 million, or $0.10 per share, for the fourth quarter of 2008. Fourth quarter 2009 earnings reflect a 3.19 percent net interest margin, unchanged from the third quarter of 2009, despite continued pressure associated with the historically low interest rate environment and the company’s asset sensitive balance sheet, and a modest increase in non-interest expenses. For the year ended December 31, 2009, net income totaled $101.2 million, or $0.30 per share, compared to $137.8 million, or $0.42 per share, for 2008. People’s is the parent company of Chittenden Bank.Included in fourth quarter 2009 results are system conversion and merger-related expenses totaling $4.5 million (included in non-interest expense). After taxes, these expenses reduced 2009 fourth quarter net income by $3.1 million, or $0.01 per share. Excluding the effect of these expenses, net income would have been $28.0 million, or $0.08 per share, for the fourth quarter of 2009.The Board of Directors of People’s United Financial declared a $0.1525 per share quarterly dividend, payable February 15, 2010 to shareholders of record on February 1, 2010. Based on the closing stock price on January 20, 2010, the dividend yield on People’s United Financial common stock is 3.7 percent.”Our pending acquisition of Financial Federal reflects our strategic focus on expansion through opportunistic acquisitions,” stated Philip R. Sherringham, President and Chief Executive Officer. “At the same time, we remain committed to organic growth throughout our franchise. Our performance during 2009 reflects continued growth in our core loan portfolios as well as deposits in spite of a clearly very challenging economic environment. Year-over-year core commercial and home equity lending portfolios increased five percent and deposits grew eight percent. In addition, the pillars of our financial position strong asset quality and prudent management of our excess capital have served us well in these challenging times.”Sherringham added, “We feel our asset quality has held up very well on both a relative and absolute basis through the recent recessionary cycle and continue to believe that most of the bad news is substantially behind us. The strength of our capital and liquidity, asset quality and earnings, as well as the fact that our balance sheet remains funded almost entirely by deposits and stockholders’ equity, continue to set us apart from most in the industry.””On an operating basis, excluding system conversion and merger-related costs, earnings were $28 million, or 8 cents per share this quarter,” said Paul D. Burner, Senior Executive Vice President and Chief Financial Officer. “Significant drivers of the company’s performance this quarter were a stable net interest margin, modest loan growth across our strategic lending businesses, and lower net loan charge-offs. In spite of a 19 basis point reduction in our cost of deposits, the net interest margin was unchanged from the third quarter due to the combined effects of a 15 basis point decline in the yield on average earning assets and a 6 percent annualized increase in average deposits.”Commenting on asset quality, Burner stated, “Non-performing loans decreased $7 million this quarter, a further sign of what we believe is stabilization across the loan portfolio. Our continued modest level of net loan charge-offs in this current economic environment remains a testament to our disciplined underwriting standards.”Fourth quarter net loan charge-offs totaled $13.6 million compared to $16.0 million in the third quarter of 2009. Net loan charge-offs as a percent of average loans on an annualized basis were 0.38 percent in the fourth quarter of 2009 compared to 0.44 percent in this year’s third quarter. For the full year, net loan charge-offs as a percent of average loans were 0.29 percent compared to 0.10 percent in 2008. The level of the allowance for loan losses is unchanged from September 30, 2009.At December 31, 2009, non-performing loans totaled $168.8 million and the ratio of non-performing loans to total loans was 1.19 percent, compared to $175.7 million and 1.23 percent, respectively, at September 30, 2009. Non-performing assets totaled $205.6 million at December 31, 2009, a $12.9 million increase from September 30, 2009. Non-performing assets equaled 1.44 percent of total loans, REO and repossessed assets at December 31, 2009 compared to 1.35 percent at September 30, 2009. At December 31, 2009, the allowance for loan losses as a percentage of total loans was 1.21 percent and as a percentage of non-performing loans was 102 percent, compared to 1.21 percent and 98 percent, respectively, at September 30, 2009.For the fourth quarter of 2009, return on average tangible assets was 0.51 percent and return on average tangible stockholders’ equity was 2.8 percent, compared to 0.55 percent and 3.0 percent, respectively, for the third quarter of 2009. At December 31, 2009, People’s United Financial’s tangible equity ratio stood at 18.2 percent.Conference CallOn January 22, 2010, at 11 a.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement. The call may be heard through www.peoples.com(link is external) by selecting “Investor Relations” in the “About People’s” section on the home page, and then selecting “Conference Calls” in the “News and Events” section. Additional materials relating to the call may also be accessed at People’s United Bank’s web site. The call will be archived on the web site and available for approximately 90 days.Selected Financial TermsIn addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements this evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, and tangible book value per share. Management believes these non-GAAP financial measures provide information useful to investors in understanding People’s United Financial’s underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts. Further, the efficiency ratio is used by management in its assessment of financial performance specifically as it relates to non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of People’s United Financial’s capital position.The efficiency ratio, which represents an approximate measure of the cost required by People’s United Financial to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill impairment charges, amortization of acquisition-related intangibles and fair value adjustments, losses on real estate assets and nonrecurring expenses) (the numerator) to (ii) net interest income on a fully taxable equivalent basis (excluding fair value adjustments) plus total non-interest income (including the fully taxable equivalent adjustment on bank-owned life insurance income, and excluding gains and losses on sales of assets, other than residential mortgage loans, and nonrecurring income) (the denominator). People’s United Financial generally considers an item of income or expense to be nonrecurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less goodwill and other acquisition-related intangibles) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangibles) (the denominator). Tangible book value per share is calculated by dividing tangible stockholders’ equity by common shares outstanding (total common shares issued, less common shares classified as treasury shares and unallocated ESOP common shares).Source: BRIDGEPORT, Conn., Jan. 21, 2010 /PRNewswire-FirstCall/ —
Financial security and access to resources is the number one predictor of whether domestic violence victims will stay or leave an abusive relationship, according to recent research. A new partnership between The Allstate Foundation and the Vermont Network Against Domestic and Sexual Violence will make that choice a little easier. The Allstate Foundation Domestic Violence Program will award $54,000 to the Vermont Network Against Domestic and Sexual Violence to support economic empowerment strategies for survivors.The financial impact for a domestic violence survivor can last for years while the survivor works to repair or build credit, build assets and secure housing, childcare and transportation. In its fifth year, the Moving Ahead Economic Empowerment Grantprogram provides funding in the areas of financial education, job readiness and training, match savings programs or individual development accounts (IDA) and micro-loans, helping survivors on their path to financial security.”Survivors need access to information and strategies that this grant program provides now more than ever to help them on their path to financial freedom,” said Jennifer Kuhn, program manager for The Allstate Foundation’s Domestic Violence Program. “The current economic climate demands that financial empowerment services be provided on the local level. The Allstate Foundation is proud to support these efforts and help make financial security a reality for many survivors.”The Vermont Network Against Domestic and Sexual Violence will use the funding for financial literacy, job readiness and job training, matched savings and micro-loans. The financial literacy program develops the knowledge and skills for advocates and provides both one-on-one and group support for survivors’ emergent economic needs and subsequent plans for long-term safety and economic security.The grant program has provided more than $575,000 to ten state domestic violence coalitions this year. As a part of The Allstate Foundation’s commitment to ending domestic violence, the Moving Ahead Grant programs have provided more than$15 million in programming and direct support since their inception.About The Allstate Foundation Domestic Violence ProgramThe Allstate Foundation’s Domestic Violence Program helps domestic violence survivors overcome economic challenges and lead financially independent lives, free from abuse. Through a partnership with the National Network to End Domestic Violence, the program provides a network of financial resources, including a comprehensive financial empowerment curriculum; funds direct services, including education and job training assistance; and spreads the word on how to empower those touched by domestic and economic abuse. For more information and to find out how to help, visit www.ClickToEmpower.org(link is external).SOURCE The Allstate Foundation. BURLINGTON, Vt., Nov. 5, 2010 /PRNewswire/ —
Quality Management Support, Inc, a full service quality and business management consulting firm, announces that it has opened offices in Cornwall, Vermont. The newly established Vermont office will allow QMS to expand its services in the Northeast. The company will maintain its existing offices in Metairie, LA.QMS, in its consultation with clients, specifically addresses the ISO 9000, ISO 14000, ISO 17025, API Q1, TS 16949 and AS9100 Q quality system standards, the Food Industry Standards: HACCP, AIB and NSF Cook & Thurber, Lean Manufacturing and Best Business Practices. QMS provides integrated web-based management systems which support best business practices. Additionally, Quality Management Support offers a multitude of quality system training programs.Source: QMS. Cornwall, VT ‘ December 8, 2010 – www.QualityManagementSupport.com(link is external)