Current News

IBM (NYSE: IBM) today announced second-quarter 2014 diluted earnings of $4.12 per share, compared with diluted earnings of $2.91 per share in the second quarter of 2013, an increase of 42 percent. Operating (non-GAAP) diluted earnings were $4.32 per share, compared with operating diluted earnings of $3.22 per share in the second quarter of 2013, an increase of 34 percent. There was no mention in the earnings release of Globalfoundries, the semiconductor company rumored to be a possible suitor for IBM's Systems & Technology Group, which includes the chip-making plant in Essex Junction, Vermont. Overall, IBM earnings were up for the quarter, but revenues were down. In the conference call that followed the release, IBM CFO Martin Schroeter was asked, among other things, about the future of its chip business and about the rumors persisting about its sale to another firm, though Globalfoundries was not mentioned directly.

People's United Financial, Inc (NASDAQ: PBCT) today reported net income of $72.3 million, or $0.24 per share, for the second quarter of 2014, compared to $62.1 million, or $0.20 per share, for the second quarter of 2013, and $53.1 million, or $0.18 per share, for the first quarter of 2014. Included in this 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 discussed below. Operating earnings were$59.9 million, or $0.20 per share, for the second quarter of 2014, compared to $62.4 million, or $0.20 per share, for the second quarter of 2013, and $56.5 million, or $0.19 per share, for the first quarter of 2014. The Company's Board of Directors declared a $0.165 per share quarterly dividend, payable August 15, 2014 to shareholders of record on August 1, 2014. Based on the closing stock price on July 16, 2014, the dividend yield on People's United Financial common stock is 4.4 percent.

Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of Merchants Bank, announced that its Board of Directors declared today, July 17, 2014, a dividend of 28 cents per share, payable August 14, 2014, to shareholders of record as of July 31, 2014. This quarter represents our 71st consecutive quarterly dividend payment and our 35th consecutive quarter at the current payout level.

Vermont Business Magazine The winners of Vermont's 2014 moose hunting permits were determined Thursday at a lottery drawing in Montpelier. Governor Peter Shumlin, standing alongside Fish & Wildlife Commissioner Louis Porter, started the computer-generated selection process that randomly picked 335 winners among more than 11,600 lottery applications. Governor Shumlin announced that the first five permits went to local veterans. There were 309 winners from Vermont. Altogether, 12 states were reprsented, from as far away as Florida and Oregon. See list below.

Vermont's gasoline prices have fallen slowly but steadily and a national report suggests prices across the US will continue to fall. Vermont's price per gallon ($3.716 average) is now lower than a week ago, a month ago and a year ago.

The US average retail price of gasoline has fallen below $3.60/gal for the first time since April 10, 2014. Prices have been on an 18 consecutive-day streak where the current price was less than the price from the previous day, and it’s the highest number of consecutive down days since the period between April 4, 2013 and April 19, 2013, when prices fell 11.8cts/ gal from $3.63 to $3.52. The US average, now $3.583/gal., has dropped by 5 cents in the past week.

The Agency of Natural Resources has launched its Web-based “Universal Recycling Materials Management Map” (Materials Management Map). Following the passage of the Universal Recycling law in 2012, ensuring consistent recycling, food scrap, and waste services statewide by 2020, the map connects residents, businesses, and institutions with collection services and food rescue agencies, haulers, and composters with sources of quality food and food scraps. The map will provide the information needed to reduce waste and increase the development of infrastructure and systems to manage food waste for beneficial uses.

Fletcher Allen Health Care has received a “Top 25 Environmental Excellence Award” from Practice Greenhealth, (PGH) a leading national association devoted to environmentally responsible health care. This is the 5^th year in a row Fletcher Allen has been selected by PGH for its top award, which recognizes health care facilities that set the highest standards for environmental practices. Special recognition was given this year to waste prevention and handling, sustainable food service, and leadership.

Vermont’s academic medical center has implemented dozens of initiatives in the past 20 years from using “green” cleaning products to composting to recycling.

2013 highlights include:

Vermont Business Magazine Friday, July 18, the Vermont Department of Agriculture will hold a public hearing regarding a petition to require "Best Management Practices" for select farms in the Missisquoi Bay Basin. Missisquoi Bay is an ecologically rich region of the lake that includes Lake Champlain's largest river delta and the Missisquoi National Wildlife Refuge (designated as a wetland of international importance). On many summer days it's a great place to paddle, catch fish, or cool off with a swim. But the bay is also plagued by blue-green algae blooms that inhibit use, threaten public health and have reverberating economic effects. These blooms are fed in part by nutrient loading.

Senator Patrick Leahy has announced funding for two Vermont Forest Legacy projects that will conserve critical forestlands in the Groton Forest Legacy Initiative and Windham Region Working Forest.

The two projects when completed will total more than 11,600 acres of conserved forestland in Vermont that will permanently protect wildlife habitat linkages and wildlife corridors. These projects also preserve public access, including hiking, hunting, fishing, cross-country skiing and designated trails for snowmobiles.

It truly is Christmas in July at Stratton Mountain Resort as shiny new gondola cabins, the latest HKD snowguns, new snowcats, two new glades, buses and bullwheels, grips, racks and rental gear have arrived in what will be a $7 million capital investment for the upcoming season at Stratton Mountain.These projects follow on the heels of last year’s $10.5 million investment that touched virtually every aspect of the resort experience. Additional projects this summer include new Village shops and restaurants, expansion of the Carlos Otis Clinic and the Patricia Kaltsas Performing Arts Center at Stratton Mountain School, which brings that two-year total to more than $21 million.

The overwhelming majority of Vermont Gas customers who converted in 2013 to heating with natural gas rated the experience with Vermont's natural gas utility "excellent" or "very good," according to a survey conducted by Vermont Gas.

The top three factors that influenced their decisions to choose natural gas included, in order of priority: lower price, higher efficiency equipment, and the fact that it's better for the environment. The next most-cited factor was the convenience of natural gas.

More than half of these new customers found out about the benefits of natural gas from family members, friends and neighbors. Throughout the sales, construction and equipment conversion process, Vermont Gas customers consistently rated company technicians as very courteous - and wanted to share their positive experiences with others.

On Tuesday, July 8, at approximately 9:30 pm a storm over the Burlington Air National Guard Station, caused hangar doors at the 158th Fighter Wing to collapse inward and damaged six Vermont Air National Guard F-16s.
"Of the six aircraft, four should be returned to service within the next two to three weeks. All of the repairs will be performed by airmen of the 158th FW Maintenance Group," said Colonel Hank Harder, Director of Staff-Air.
An assessment team of members from the F-16 Aircraft Depot, from Hill Air Force Base, are assessing the total damage to the aircraft and the associated equipment.
Damage assessments to facilities are still in-process awaiting a structural engineer's report.

Source: Vermont National Guard 7.17.2014