Current News

Darn Tough Vermont, American manufacturer of the fastest growing collection of performance socks, reports that 2013 sales and profitability were the best yet in its, and parent company Cabot Hosiery’s, 35-year history with 2013 revenue up 78 percent over 2012.
‘We ended 2013 with a strong quarter that was 38 percent over plan, and are extremely proud of our continued growth in a highly competitive industry,’ says Ric Cabot, president and CEO of Darn Tough Vermont.

by Anne Galloway vtdigger.org The Vermont Senate passed a campaign finance bill on Thursday that Democrats and Republicans alike openly questioned. After an hourlong debate, in which the legislation was characterized as a necessary stopgap, senators held their noses and passed the legislation 20-8.
The legislation, S.82, now awaits the governor’s signature.
The state’s previous campaign finance law was struck down by the U.S. Supreme Court in 2006. Vermont has, in effect, had no legal rules in place since that time. In the meantime, the courts have struck down laws that would limit independent expenditures made on behalf of candidates for mass media buys.
The bill, which was originally conceived of as a vehicle for reform of the current system, was seen by many as a step backward. Nevertheless, a majority of Democrats, who dominate the Senate and stand to gain the most from the bill, supported it.

The Vermont Mayors Coalition today announced its 2014 legislative session goals and its commitment to collaborate on and advocate for these areas of common interest to their cities and towns.’ At a news conference in the State Capitol’s Cedar Creek Room, the Coalition released its Legislative Policy Summary for the 2014 legislative session, including calls for:’
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Mental health system reform;
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Statewide property tax reform to promote education cost containment;
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Addiction prevention, treatment, and enforcement initiatives;
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Strengthening Vermont’s downtowns; and
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Waterway protection from stormwater run-off .’
The Vermont Mayors Coalition was created last year by Vermont’s eight mayors and includes:’ ‘
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Bill Benton, Vergennes;
‘·’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Liz Gamache, St. Albans;

People's United Financial, Inc (NASDAQ: PBCT) today reported net income of’ $59.3 million, or’ $0.20’ per share, for the fourth quarter of 2013, compared to’ $61.2 million, or’ $0.18’ per share, for the fourth quarter of 2012, and’ $58.5 million, or’ $0.19’ per share, for the third quarter of 2013. ‘ Operating earnings were’ $60.0 million, or’ $0.20’ per share, for the fourth quarter of 2013, compared to’ $63.2 million, or’ $0.19’ per share, for the fourth quarter of 2012, and’ $60.8 million, or’ $0.20’ per share, for the third quarter of 2013.
For the year ended’ December 31, 2013, net income totaled’ $232.4 million, or’ $0.74’ per share, compared to’ $245.3 million, or’ $0.72’ per share, for 2012.’ Operating earnings were’ $241.1 million, or’ $0.77’ per share, for 2013, compared to$253.9 million, or’ $0.75’ per share, for 2012.

by John Herrick vtdigger.org
A hearing on Vermont Yankee Tuesday evening drew some pointed criticism over the state’s agreement with Entergy on the plant’s upcoming closure and proposed decommissioning.
At the same time, others testifying before the quasi-judicial Public Service Board (PSB) argued the state’s agreement provides the best deal possible for when the 41-year-old plant closes at the end of 2014.

Union Bankshares, Inc (NASDAQ - UNB) has announced net income for the year-end 2013 was $7.1 million, which represents a 4.3 percent increase over net income for the year-end 2012 of $6.8 million. ‘ Earnings per share as of December 31, 2013 increased to $1.60 per share, compared to $1.54 per share, for 2012. ‘ Results for 2013 reflect a year to year increase in net interest income of $345 thousand, or 1.6 percent, a decrease in the provision for loan losses of $355 thousand, or 53.8 percent, a decrease in noninterest expenses of $1.8 million, or 7.9 percent. ‘

The’ Spates Block in Downtown Newport - Bill Stenger and Ariel Quiros now own the Spates Block on Main Street and plans are moving forward for the new commercial space soon to be’ called the Renaissance Block. Demolition and’ construction will begin’ this summer on the’ $50 million EB-5 project.’ Newport City planners are involved with the architectural design of the Renaissance Block and the permit’ process.’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘
Jay Peak Resort

Moody’s announced Wednesday an improvement in Burlington International Airport’s revenue bond outlook from Ba1 negative to Ba1 stable on the City of Burlington's $43.16 million revenue bonds. This improved outlook is the result of a variety of reasons which are outlined below.
Gene Richards, left, listens as Mayor Miro Weinberger speaks during the announcement last November that Allegiant Air would be offering seasonal, direct service to Orlando.
BTV’s Director of Aviation, Gene Richards, said, ‘The improvement in the bond rating demonstrates the bright future ahead for the airport and shows the hard work of the BTV Team, through the direction of the Mayor, in ensuring that BTV remains financially strong for many years to come.’’

Food entrepreneurs have added at least 2,220 new jobs and at least 199 new businesses to the Vermont economy since the 2009 launch of the Farm to Plate Investment Program. Over the same time period, total employment across all economic sectors grew by 7,654 new jobs. Food manufacturing jobs are at the heart of Vermont’s ‘Recession’ recovery, increasing from 4,628 to 6,121 jobs (a 32% increase). These numbers were released yesterday by the Vermont Sustainable Jobs Fund in the 2013 Farm to Plate Annual Report.’

A public forum on the impact of industrial wind towers on property values will take place on Friday, January 17, at 6:30 pm at the White Church, 55 Main Street, Grafton. This is the second of three forums on Wind Development in Rural Communities sponsored by Vermonters for a Clean Environment, a statewide not-for-profit organization.’
Michael McCann, a professional real estate appraiser, will be the main speaker. McCann is a Chicago based appraiser who has studied and appraised wind project impacts on property values from coast to coast, and has qualified and testified as an expert witness on this subject before various zoning boards, siting committees and litigated cases.’ ‘

Scott Giles, president and CEO of Vermont Student Assistance Corp, will testify before the Senate Committee on Health, Education, Labor & Pensions, Thursday, January 16 at 10 am.’
Giles’ testimony is part of the committee’s hearing, ‘Strengthening Federal Access Programs to Meet 21st Century Needs: A look at TRiO and GEAR UP,’ as Congress prepares to reauthorize the Higher Education Act this year. The hearing will be webcast live.’ ‘
Giles joins a panel of six other experts in improving higher education access for Americans, particularly low- and middle-income students and those who are the first to pursue education beyond high school.’

Adding to efforts to make Rutland the solar capital of New England, the Solar Center at Rutland Regional Medical Center is now on-line.’ The solar farm, built through collaboration between Green Mountain Power and Rutland Regional Medical Center, is a 140.4-kilowatt system showcasing a touch-screen production monitor, a walking path and educational materials for visitors.’
Visitors to Green Mountain Power’s downtown Energy Innovation Center can also track the production of the new solar farm on a digital display, which shows how much energy is produced, the amount of coal required to produce the same amount of energy, and related data.’