Current News

by Tim McQuiston Vermont Business Magazine Green Mountain Coffee Roasters, Inc shares rose rapidly in after hours trading Wednesday to over $110 per share on the news that Coke would buy 10 percent of the company. The Coca-Cola Company (NYSE: KO) and Green Mountain Coffee Roasters, Inc (NASDAQ: GMCR), based in Waterbury, Vermont, announced today that the companies have signed a 10-year agreement to collaborate on the development and introduction of The Coca-Cola Company's global brand portfolio for use in GMCR's forthcoming Keurig Cold at-home beverage system.

Green Mountain Coffee Roasters, Inc, based in Waterbury, Vermont (NASDAQ: GMCR), a leader in specialty coffee and single-cup coffee makers, today announced its results for the 13 weeks ended December 28, 2013. Results included net sales of $1.4 billion, up 4 percent over the same period a year ago, and earnings per share up 30 percent.
GMCR released the results after markets closed Wednesday. Shares traded heavily during the day and closed up slightly at $80.88.
GMCR also announced a long-term deal with Coca-Cola that will see Coke also buy 10 percent of GMCR for $1.25 billion. SEE STORY. GMCR's EO Brian Kelley is a former Coke executive.
After the news was released, shares shot up over 30 points by 5 pm to over $110 in after hours trading. The 52-week range is $42.25 - $89.66.
Performance Highlights

Governor Peter Shumlin and Transportation Secretary Brian Searles today announced the recipients of $2.2 million in federal funds for municipal grant projects under the Transportation Alternatives Program (TAP). The majority of the funding will be used for construction projects in Putney, St Albans, Williston, Hyde Park, Cabot, Rutland City, Springfield, Montpelier, Readsboro and North Bennington.
More than 14,000 feet of sidewalks with crosswalks, flashing beacons and curb ramps are among the many safety improvements slated for construction. In addition, grant funds will be used to repair the roof of the North Bennington train depot. The program will also provide close to $100,000 in scoping funds for proposed projects in Wilmington, Burke, Springfield, Hartford, Fair Haven and Killington.

Builder Chet Pasho of Hartland, Vermont, has been named Residential New Construction Partner of the Year by Efficiency Vermont. The award recognizes exceptional achievement in constructing energy efficient homes that provide lower energy and maintenance costs, superior comfort and air quality, strong resale value, and durability.
‘Chet has been a leader in the residential building industry for decades,’ said Peter Schneider, Senior Energy Consultant with Efficiency Vermont. ‘Chet started incorporating advanced framing and air sealing techniques into his projects well before other builders and he is still at the forefront of homebuilding innovation.’

by Morgan True vtdigger.org Negotiations for a second massive information technology project with the tech giant CGI officially fell through last week, state officials said. Vermont canceled its request for bids on the Integrated Eligibility ‘IE’ Solution Project on January 24. The project is meant to provide tracking and eligibility systems across programs administered by the Agency of Human Services.
CGI was the only company to bid on the contract, said Doug Racine, secretary of the Agency of Human Services, and the state felt it needed more options.
‘This is a big project and we need to explore our options to make sure we get the best vendor possible,’ he said.
Racine said CGI’s poor work performance on the state’s health care exchange website was a factor in the decision to cancel and reissue the request for bids.

by Hilary Niles vtdigger.org Business leaders peppered the state’s top politicians with questions about mandatory paid sick leave and raising the minimum wage Tuesday.

Governor Peter Shumlin, House Speaker Shap Smith, Senate President Pro Tem John Campbell and Lieutenant Governor Phil Scott took turns addressing the concerns of the business community at the Vermont Chamber of Commerce’s annual legislative luncheon.
New labor proposals were added to a list of perennial issues topping the private sector’s agenda for the 2014 legislative session. Vermont’s tax climate and business regulations, as well as health care, tourism funding and workforce training were also discussed.

by John Herrick vtdigger.org Vermont’s water bodies need cleaning up, but so far funding for the effort remains murky. The state is under pressure from the Environmental Protection Agency to clean up Lake Champlain. In response, the House Committee on Fish, Wildlife and Water Resources is drafting a 50-page bill designed to restore and preserve the state’s water quality. Water runoff from agricultural and urban landscapes is blamed as the chief cause of water pollution.
The bill includes strategies to prevent pollution runoff, including new standards for agriculture and livestock practices, construction guidelines for roads and bridges, and stormwater management tools.
The committee has identified a funding source for cleanup costs that aligns with Gov. Peter Shumlin’s no new broad-based taxes pledge, according to Rep. David L. Deen, D-Putney, chair of the committee.

by John Herrick vtdigger.org
Midwest farmers used four times as much propane to dry their crops last fall than the year before, and Vermont fuel dealers and customers are feeling the heat. A wet fall has led to a shortage in supply that has driven residential prices to record highs across the country this year. Dealers have to travel further to find enough propane to serve their customers, Vermont dealers say.
The average price for residential propane in Vermont has increased from $3.75 per gallon in December to $4.22 per gallon on Feb. 3, according to the U.S. Energy Information Administration.
‘It hasn’t been a whole lot fun out there,’ said Peter Bourne, owner of the heating fuel dealer Bourne’s Energy, which serves the northern half of the state.
He said his company will not leave customers cold, but traveling long distances in search of fuel has driven up propane prices this winter.

by Anne Galloway vtdigger.org
The omnibus Farm Bill just passed by Congress Tuesday will hurt the food stamps program. The bill includes $8.6 billion in cuts over the next 10 years in the Supplemental Nutrition Assistance Program. U.S. House Republicans had initially sought $40 billion in reductions.
Senator Bernie Sanders, I-Vermont, says he is disappointed by the cuts; he characterized the reductions as ‘both morally and economically wrong to cut assistance to families in a very difficult economy.’
SEE FARM BILL STORY
For all practical purposes, the new bill eliminates what is known as the ‘heat and eat’ program in northern states. It requires 17 states to come up with additional monies to fund food stamps for people who are eligible for the Low Income Heating Assistance Program.
Only Vermont has said it will consider making up the difference in fiscal year 2015.

The Vermont Community Loan Fund is now accepting applications for Building Bright Futures Grant (BBFG) funding. BBFG grants can be used for assistance in starting, relocating, expanding, or improving a child care program’s physical facility and accessibility, for real estate purchase, facility construction, facility renovation and pre-development costs. Grant requests may not exceed $25,000, or 25% of the total project cost, whichever is less. Keep in mind that the application process for these funds is very competitive, and funds are limited. Applications must be received at VCLF by no later than 3:00 pm on March 28, 2014 to be considered.
Priority will be given to full-day, full-year operations and comprehensive operations that integrate services with other programs and services, and operations where 25% or more of total enrollment capacity is or will be filled by child care financial assistance-eligible children.

Vermont’s Mt Philo Inn was recently designated a Fodor’s Choice Hotel, a ‘best of the best’ list of properties that Fodor editors have chosen for ‘providing a remarkable experience in their price range or category.’
Originally built as an inn in 1896, the property has until recently functioned as long-term apartment rentals. Innkeepers and owners David and Jane Garbose opened the Mt. Philo Inn to overnight guests in August, the first time in 50 years, after a major three-year renovation.
The Mt. Philo Inn exudes ‘the ideal blend of historical and contemporary boutique décor,’ wrote the Fodor’s reviewer who stayed at the Inn in the fall. In their renovations and redesign, the Garbose’s preserved the inn’s original woodwork, sourced local building materials, commissioned artwork from local artisans, and decorated with a minimalist and eclectic style.

The largest bargaining unit in the Vermont State Employees Association has ratified a contract calling for 2.5 percent pay increases in each of the next two years.
The non-management unit, which represents 5,000 state employees, and the Defender General unit, which represents about 20 workers, voted overwhelmingly in favor of the contract with the administration that runs July 1, 2014, to June 30, 2016, VSEA President Shelley Martin said in a news release.
‘VSEA is extremely pleased that our members belonging to the union’s Defender General and Non-Management Units have voted in large numbers to ratify new contracts with the State,’ Martin said. ‘The NMU vote is especially gratifying because this Unit is VSEA’s largest, representing a very diverse group of workers across Vermont, many of whom have competing interests or different priorities.’