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Northern Power Systems restates 2015 financial results

Mon, 07/25/2016 - 7:55pm -- tim

Vermont Business Magazine Northern Power Systems Corp (TSX: NPS), a Barre-based developer and manufacturer of wind turbines, today announced financial results for its fourth quarter and year ended December 31, 2015 on Form 10-K, which comprehensively completes its non-cash restatement of previously issued financial statements which, as the company announced on May 24, 2016, should no longer be relied upon. Northern Power restated its report based on the timing of revenues for foreign sales. It plans to issue first and second quarter 2016 results in August, which it states below will be below prior quarter sales. Revenues for 2015 were $54 million, which were the same as 2014. Net loss in 2015 was $7.8 million compared to a net loss of $8.8 million in 2014. Northern Power is known for its off-grid and remote-location wind generation stations. 

PAI: More are working, but help is short for the jobless

Mon, 07/25/2016 - 9:37am -- tim

by Public Assets Institute The good news: In May Vermont employers created 900 more jobs than were first reported. According to revised figures released this month, there were 317,300 non-farm payroll jobs in May — up about 100 over April. The bad news? Jobs were down in June by about 1,400. Still, preliminary data show nearly 4,000 more jobs this June than in the same month in 2015.

GMP makes progress on power outages, new storm coming

Mon, 07/25/2016 - 9:22am -- tim

Vermont Business Magazine Green Mountain Power reported on its Facebook page early Monday that the number of power outages due to Saturday's storm was down to 1,800. Crews are focused on the Royalton area. GMP said in the post that it expects to get power back to all customers today. However, GMP noted that another thunderstorm is expected to hit Vermont later on Monday, which could cause further outages. GMP crews continue to work around the clock, restoring power to 32,400 customers since a wave of powerful thunderstorms swept across Vermont Saturday afternoon.

People's United reports Q2 2016 net income up to $0.23 per share

Mon, 07/25/2016 - 9:11am -- tim

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT) has reported net income of $68.5 million, or $0.23 per share, for the second quarter of 2016, compared to $61.7 million, or $0.20 per share, for the second quarter of 2015, and $62.9 million, or $0.21 per share, for the first quarter of 2016. The Company's Board of Directors declared a $0.17 per share quarterly dividend, payable August 15, 2016 to shareholders of record on August 1, 2016.  Based on the closing stock price on July 20, 2016, the dividend yield on People's United Financial common stock is

REDC announces Rutland Road Pitch entrepreneurs for August 1

Mon, 07/25/2016 - 9:03am -- tim

Vermont Business Magazine Rutland Economic Development Corp. (REDC) has announced the names of three Rutland-area entrepreneurs who will pitch their business ideas to investors on August 1, 2016. Ana DiTursi will pitch an expansion of her specialty food business, Ana’s Empanadas. Rollin Rochele will pitch a new fitness product called Clustas. Jake Grinbergs, a Castleton University student, will pitch SPAERAGAMES, an online fitness business. The pitch event is scheduled for 4-6 p.m. in the Fox Room at the Rutland Free Library.

Roper: Potential tax increases coming after the election

Mon, 07/25/2016 - 8:52am -- tim

by Rob Roper Before Peter Shumlin became governor, he famously said that there was no more tax capacity left in Vermont. We were ‘tapped out.” Since then, Shumlin and majorities in the legislature have passed hundreds of millions of dollars worth of new taxes and fees. Despite this, the state still deals with a consistent structural budget deficit and revenue shortfalls.

Smith: Trump’s missed opportunity

Mon, 07/25/2016 - 4:37am -- tim

by Mike Smith If a Republican wants to be elected president of the United States, uniting the Republican Party — which ranges from New England moderates to Southern conservatives — is an essential step. But apparently Donald Trump’s campaign doesn’t agree that party unification is a prime objective. Instead, the campaign went out of its way, almost from the outset of the Republican National Convention this week, to alienate those who could help them win the presidency. 

GMP restores power to 26,000; 6400 remain out

Sun, 07/24/2016 - 10:44pm -- tim

Vermont Business Magazine Green Mountain Power reported Sunday evening that its crews continue to make progress restoring power to 26,000 customers who lost power during Saturday’s severe thunderstorm that hit Vermont and parts of New England. 6,400 customers are still without power and an army of crews will work around the clock to get the power back on, with about 500 people in the field.

Weekly unemployment claims fall back to under 500

Sun, 07/24/2016 - 6:54am -- tim

Vermont Business Magazine Weekly unemployment claims fell again last week to a more typical, low summer level. However, claims in 2016 generally have been running above 2015 claims. For the week of July 16, 2016, there were 427 claims, down 113 from the previous week's total and 64 more than they were a year ago. By industry, claims were higher for the month and for the year for construction, but fell steeply for Manufacturing; Service, as is typical, carried the most claims. 

VPR nets three national awards for news coverage

Sat, 07/23/2016 - 6:28am -- tim

Vermont Business Magazine In late June, Public Radio News Directors Inc. and emcee Korva Coleman of NPR presented 173 awards to 72 organizations at its conference in St Louis for work done at stations and other outlets during calendar year 2015. Vermont Public Radio took home three of the awards for commentary, newscast, and arts feature. The annual PRNDI Awards is the only national competition devoted to rewarding outstanding local public radio news in a variety of categories.