Current News

Vermont Business Magazine HNI Corporation (NYSE: HNI) has announced sales for the third quarter ended September 27, 2014, of $614.7 million and net income of $33.6 million, or $0.74 per diluted share. Non-GAAP net income per diluted share improved 33 percent from the prior year quarter to $0.81, which excludes restructuring and transition costs. HNI acquired Vermont Castings Group on October 1, 2014. The Vermont Castings Group, headquartered in Paris, KY, and with plants in Randolph and Bethel, Vermont, has annual revenue of approximately $100 million. According to Vermont Business Magazine, Vermont Castings has about 170 employees in Vermont. HNI said at the time that it had no immediate plans to restructure Vermont Castings, reduce payroll or close any of its plants.

JK Adams, based in Dorset is celebrating its 70th anniversary and invites retailers and consumers to explore its new website and E-catalogue. The new website, www.jkadams.com, has been designed to provide a user-friendly experience with improved navigation and functionality throughout, allowing home cooks access to detailed product information and to view ideas for decorating their homes, entertaining and cooking.

Created with the user experience firmly in mind, the website has been designed using the latest technology so the site is compatible with today's browsers and mobile devices - without the need for Adobe® Flash to view it. The site is organized in categories so shop owners, brides-to-be, cooks, bakers, decorators and anyone who loves good design can find what they are looking for and purchase it in minutes.

The State of Vermont has again been awarded the top U.S. Domicile for “outperforming their competitors and demonstrating the highest levels of excellence over the past 12 months.” This is the second year that the State of Vermont has been honored with this award, which was presented by Captive Review Magazine during the US Captive Services Awards on October 6 at the Westin Chicago River North.

The ceremony was attended by more than 200 captive management professionals. The award was chosen by eleven judges who were all US based captive owners or Risk Managers selected by Captive Review Magazine, which is based in London, England.

People's United Financial, Inc. (NASDAQ: PBCT) today reported net income of $61.6 million, or $0.21 per share, for the third quarter of 2014, compared to $58.5 million, or $0.19 per share, for the third quarter of 2013, and $72.3 million, or $0.24 per share, for the second quarter of 2014. Included in the second quarter's results is a net after-tax gain of $13.4 million ($0.04 per share) resulting from the formation of a merchant services joint venture. Operating earnings were $63.0 million, or $0.21 per share, for the third quarter of 2014, compared to $60.8 million, or $0.20 per share, for the third quarter of 2013, and $59.9 million, or $0.20 per share, for the second quarter of 2014.

Snow’s arrival is inevitable here in Vermont and ECHO has found a way to embrace the inevitable! Thanks to a special partnership between Burton Snowboards, Smugglers’ Notch Ski Resort, with additional support from Blue Cross Blue Shield of Vermont, ECHO will be presenting a two-week long Burton Riglet Park Program, Saturday, November 1 through Sunday, November 16, including actual SNOW outside ECHO on Saturday, November 15! This program is specifically designed to accommodate children between 3 and 8 years old.

What is a Burton Riglet Park? It is a series of small obstacles, slides and interactive stations that safely introduce the physical principles of snowboarding to kids as young as age three, up to age eight. The park, which can be created inside as well as outside, is designed to offer a fun and comfortable environment for young children to learn snowboarding through “play” and guided discovery.

The two-week program has several components:

Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of Merchants Bank, announced that its Board of Directors declared today, October 16, 2014, a dividend of 28 cents per share, payable November 13, 2014, to shareholders of record as of October 30, 2014. This quarter represents its 72nd consecutive quarterly dividend payment and its 36th consecutive quarter at the current payout level.

Vermont's congressional delegation announced Thursday that the federal government's contribution to the Vermont Low Income Home Energy Assistance Program (LIHEAP) will be $17,252,695. The new funding, from the US Department of Health and Human Services, is part of a nationwide release of $3.05 billion in LIHEAP funds to help struggling families heat their homes. The new funds represent about 90 percent of the funding approved for LIHEAP under the Continuing Appropriations Act signed into law early this year. HHS will release the remaining funds for the program following the completion of Fiscal Year 2015 appropriations bills. In FY 2014, the initial funding was $16.6 million.

This fall and winter the Vermont Small Business Development Center (VtSBDC) is presenting a series of free workshops for entrepreneurs and businesses around the state. The sessions are geared toward those who are developing new technologies and would like the know-how to bring their ideas to the marketplace. Scott Holson, VtSBDC’s technology commercialization advisor, will host several two-hour sessions in Springfield, St. Johnsbury, Middlebury and Winooski. He will cover topics including how to commercialize an idea, how to protect intellectual property, and how to find out if your idea is “fundable” through a variety of grant programs.

Following the workshops, attendees can take advantage of free one-on-one advising in making grant submissions and looking for funding options for research and development.

Vermont is one of six states new to the top 10 list in afterschool programs in 2014, according to America After 3PM, which conducted a national survey of parents. A strong afterschool participation number (24 percent, the national average is 18 percent) and an increase in the average time children spend in afterschool programs are contributing factors to Vermont’s fourth-place ranking. Strong parent satisfaction with their child’s afterschool program overall, the quality of care, and program cost are also drivers of Vermont’s entry into the top 10. Despite the fact that 95 percent of Vermont parents are satisfied with their child’s afterschool program and 88 percent of parents support public funding for afterschool programs, unmet demand for afterschool programs in the state is high.

Vermont Business Magazine Vermonters can expect a winter similar to last winter. While it seemed many locals complained about its severity, the ski resorts enjoyed a good early- and a great late-season to post 4.5 million "skier days," which was the third best on record. AccuWeather reports that while parts of the Northeast and mid-Atlantic had a gradual introduction to fall, winter will arrive without delay. According to the weather service, cold air and high snow amounts will define the season. Farther south, ice storms and snow events will threaten the Tennessee Valley and parts of the southern Plains.

Greenbacker Renewable Energy Company, based in Kansas City, MO, has announced that through a wholly-owned subsidiary it signed a definitive agreement to acquire five to-be-constructed solar power facilities throughout the state of Vermont. The deals were developed by Green Lantern Capital LLC, a successful solar developer and will be constructed by leading Engineering, Procurement and Construction (EPC) firms during 2014 and the first six months of 2015. The cost of the fully constructed facilities will be approximately $9,222,000, plus closing costs. Greenbacker was assisted in its acquisition by Black Emerald Group, a leading renewable energy advisor. The Green Maple Portfolio, when operational, will consist of ground mounted solar facilities and will sell electricity under long term Power Purchase Agreements to utility, municipality and commercial off takers.

by John Herrick vtdigger.org A new, improved model for predicting the weather could help prepare for severe storms, aid power restoration efforts, and save customers money, the state’s transmission utility announced on Wednesday. Vermont Electric Power Co. (VELCO) is building a Vermont Weather Analytics Center, a high-resolution forecast tool that aims to provide accurate, localized weather predictions. The two-year project will cost $16.6 million.