Current News

The Senate Thursday night unanimously passed legislation introduced this week by Vermont Senator Patrick Leahy (D-Vt.) to assist trademark owners in maintaining the protection of their brands. Last year, Vermont s Rock Art Brewery, a small micro-brewery in Morrisville, Vermont, was the subject of such a threat. The Trademark Law Technical and Conforming Amendments Act makes necessary adjustments to the nation s trademark laws, improving efficiency in the trademark system. Many small Vermont businesses that hold trademarks will benefit from improving the efficiency of the system.
The Vermonster wins in battle with Monster

Ethan Allen Interiors Inc, a manufacturer and retailer of high-end furniture, has reported a fall in sales and a loss in operating results for the three and six months ended December 31, 2009. Some of the loss is attributable to restructuring, including the closing of the manufacturing operations in its Beecher Falls, Vermont, plant, which resulted in the loss of 260 employees last summer. The Orleans plant was not affected.

ARC Mechanical Contractors of Bradford, Vermont, announced today the acquisition of Montshire Mechanical Services Inc in Lebanon, NH. For 20 years Montshire Mechanical has provided refrigeration and air-conditioning service to the Upper Valley. After years of dedicated hard work, owners Skip Spaulding and Joe Lukash are ready to slow down and enjoy the fruits of their labor. They are confident that ARC will continue their commitment to quality refrigeration and air conditioning service.
ARC Mechanical Contractors, located in Lebanon, New Hampshire and Bradford, Vermont, has provided quality heating, ventilation, air conditioning and refrigeration (HVAC-R) service and sales to the Upper Valley for over 60 years. Not only can ARC service the equipment previously handled by Montshire Mechanical, ARC can service and install plumbing, mechanical piping, heating, ventilation, air conditioning, refrigeration, ductwork, and control systems.

The Board of Directors of Washington Electric Cooperative (WEC) has called on the Vermont Legislature to vote against authorizing continued operation of the Vermont Yankee nuclear power plant after its current operating license expires in 2012. They further urged legislative leaders to vote on the matter early in this legislative session.
In a resolution adopted unanimously at its January 27th meeting (attached), the WEC board cited several reasons for its position, expressing concerns about Vermont Yankee owner Entergy s poor track record in operating the plant, its proposed spin-off of plant ownership to a debt-laden entity Enexus, the growing on-site stockpile of high level radioactive waste, insufficient funding for decommissioning potentially worsened by recent leaks of radioactive materials, as well as WEC s potential liabilities for paying part of these costs.

Sabina Haskell, a veteran Vermont communicator, will join FairPoint s Corporate Communications department February 8, 2010, as PR Manager for Vermont. The position has been vacant since November 2009, when Beth Fastiggi was promoted to VP of governmental relations for Vermont. Haskell has an extensive communications background having served as an editor at several Vermont newspapers, a communications director for a state government agency and is currently the deputy secretary of the Vermont Agency of Natural Resources. Earlier in her career she was an account executive for Hill & Knowlton, Inc., a full service public relations firm.
She holds a Bachelor of Arts degree in journalism from the University of Wisconsin-Madison, and is a past president of the Vermont Press Association. Sabina will be based in Burlington.

Merchants Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, today announced net income of $12.48 million or diluted earnings per share of $2.04 for the year ended December 31, 2009. This compares with net income of $11.92 million or diluted earnings per share of $1.96 for the previous year. Merchants earned $3.80 million or diluted earnings per share of $0.62 for the quarter ended December 31, 2009, compared to net income of $3.06 million or diluted earnings per share of $0.51 for the same quarter of the previous year. Merchants previously announced the declaration of a dividend of 28 cents per share, payable February 18, 2010, to shareholders of record as of February 4, 2010.

Vermont State Treasurer Jeb Spaulding announced today that Vermont successfully sold $52 million in general obligation bonds, in a competitive auction that marked the State’s first-ever sale of “Build America Bonds.” Yesterday’s auction resulted in both the largest number of bids received and the lowest interest cost the State has incurred on a bond sale in decades.
Build America Bonds, often referred to simply as “BABs,” were made available under the American Recovery and Reinvestment Act of 2009. Unlike traditional municipal bonds, BABs are subject to federal income tax, but are still exempt from Vermont State income tax. By using BABs, the State pays a higher interest rate, but receives a 35 percent subsidy on that rate from the federal government. When this subsidy is factored in, BABs often have a lower interest rate than traditional tax-exempt bonds.

US Senators Patrick Leahy (D-VT) and Bernie Sanders (I-VT) and Representative Peter Welch (D-VT) today hailed a major announcement that Vermont will receive $50 million for major rail improvements along Amtrak’s Vermonter line. The funding will help pay for construction of track, roadbed and bridge improvements along 190 miles of railroad used by Amtrak Vermonter service between St. Albans, Vt., and Springfield, Mass., according to the U.S. Department of Transportation. The upgrade will reduce trip times and improve reliability.
President Obama and Vice President Biden are to announce the grants Thursday in Orlando, Fla. They are part of $8 billion in high-speed-rail awards made nationwide under the American Recovery and Reinvestment Act. More than $55 billion in applications were submitted for the $8 billion available under the recovery bill that Congress passed last year.

Weekly unemployment claims fell for the fourth consecutive week. This follows an end-of-the-year spike in new claims. It comes on the heels of a rise in the Vermont unemployment rate of 6.9 percent in December 2009, up from 6.4 percent in November. It is not clear at this point whether a drop in claims will result in a drop in the January 2010 unemployment rate, which will not be released until March. Year-to-year claims are also down. For the week of January 23, 2010, there were 1,022 new regular benefit claims for Unemployment Insurance last week, a decrease of 244 from the week before. Altogether 14,835 new and continuing claims were filed, a decrease of 217 from a week ago and 1,070 fewer than a year earlier. The Department also processed 4,932 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 74 fewer than a week ago.

Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) today announced its fiscal 2010 first quarter results for the thirteen weeks ended December 26, 2009, reporting strong growth. Net sales for the first quarter of fiscal 2010 were up 77 percent to $349.4 million as compared to $197.0 million reported in the first quarter of fiscal 2009.

New York Governor David Paterson traveled to Crown Point, NY, today and was expected to announce that a new ferry operating at the location of the former Champlain Bridge was expected to begin operation by the end of January, in other words, by Sunday at the latest. Full, regular service is expected first thing Monday. This has been a long-time coming for those commuters using circuitous travel routes to reach destinations to and from Vermont, and for those businesses on both sides of Lake Champlain who count on those commuters. The free service will run around the clock and every day. The crossing will take about 15 minutes.

Residents in the area surrounding the Lake Champlain Bridge share family, friends and business relationships on both sides of the lake, Vermont Governor Douglas said. Establishing this new, free ferry service will allow these relationships and commerce to resume more normally.

With the help of federal stimulus funds available through the American Recovery and Reinvestment Act (ARRA), the Vermont Economic Development Authority (VEDA) has committed $21.7 million in specially interest rate-subsidized loans to Vermont businesses and farms for the period ending December 31, 2009. On the commercial side, the stimulus financing leveraged an additional $41.3 million in private financing to support projects totaling $55.8 million.
“In the eight months since ARRA funds were allocated to VEDA by the General Assembly during the 2009 Legislative Session, Vermont businesses and farms stepped up to the plate during a particularly difficult economy and took advantage of unprecedented low interest rates to make business investments,” said Jo Bradley, VEDA’s Chief Executive Officer. “These investments are vital to the protection and creation of Vermont jobs and the strengthening of Vermont’s economy overall.”