Current News
by tim
Ledyard Financial Group, Inc. (ticker symbol LFGP), the holding company for Ledyard National Bank, today reported its financial results for the third quarter of 2011. Net income for the quarter ended September 30, 2011, was $576,597, or $0.56 per share compared to $632,276 or $0.62 per share for the same period in 2010, a decrease of $55,679 or 8.81%. Net income for the nine months ended September 30, 2011, was $1,918,738, or $1.86 per share compared to $1,927,036, or $1.88 per share for the same period in 2010, a decrease of $8,297. The Company continues to be impacted by a slowdown in lending activity due to general economic conditions. In addition, the third quarter results in 2011 were impacted by an addition to the allowance for loan losses (’Allowance’), increased expenses associated with non-performing loans, and the charge off noted below relating to a single loan taken this quarter.
by tim
Central Vermont Public Service has asked the Vermont Public Service Board to authorize a 4.8 percent rate increase under the company’s alternative regulation plan. If approved, the increase would take effect on Jan. 1, 2012.
‘We have worked very hard to control operating costs, which are virtually flat overall,’ CVPS President and Chief Executive Officer Larry Reilly said. ‘The rate change is being drive by a variety of factors, which include new power contracts at competitive, yet slightly higher costs, and investments in our system to improve reliability for customers. Meanwhile, the rate impact was mitigated by a reduction in our allowed return on equity, which will drop from 9.45 to 9.17 percent.’
by tim
The Vermont State E-Cycles Program provides free drop-off for the collection of computers, monitors, televisions, printers, and computer peripherals (e.g., mouse, keyboard, scanner) from Vermont Households, 501c3 Charities, School Districts and Small Businesses with 10 or fewer employees.
As of today, over 85 collection sites and special collection events have partnered with the Program, with more expected to sign up to offer a convenient set of collection locations as required by the State Standard Plan. To date, the Program has collected more than 1.5 million pounds of recyclable electronic devices, with a goal of collecting over three million pounds by the end of next June.
by tim
Otter Creek Brewing Co, LLC of Middlebury, Vermont is pleased to announce that an agreement is in place with Ken and Kathleen Strong, the founders of the legendary The Shed Restaurant in Stowe, VT- to have Otter Creek Brewing acquire The Shed Brewery and the award winning Shed brand family of ales. The change is effective immediately. Plans are underway to transfer The Shed’s existing brewing equipment to Middlebury, Vermont- home of the Otter Creek Brewery and Wolaver’s Organic brands, so that there is no interruption in supply to the marketplace.
Brian Walsh, President of Otter Creek Brewing Co. said, ‘We are extremely proud that Ken and Kathy Strong have entrusted their beer brands and the rich heritage of The Shed Brewery to us. We look forward to working with them as ongoing ambassadors for Shed Mountain Ale and the entire brand family.’
by tim
The combined Boards of Trustees of Dartmouth-Hitchcock today announced the appointment of Dr. James Weinstein as Chief Executive Officer of Dartmouth-Hitchcock. This new position consolidates the leadership of Mary Hitchcock Memorial Hospital (MHMH) and Dartmouth-Hitchcock Clinic. Dr. Weinstein will also assume the presidency of Dartmouth-Hitchcock Health.
The decision to combine the leadership of these institutions into one position follows a lengthy strategic review process by the Boards, and is designed to streamline the leadership structure and allow the organization to best meet the needs of the patients and communities it serves in today’s rapidly evolving health care environment.
Dr. Weinstein will take on strategic and operational leadership of the Dartmouth-Hitchcock health system, which includes New Hampshire’s academic medical center and a network of clinics across two states, serving a patient population of 1.4 million.
by tim
The US Senate Tuesday approved a transportation budget bill that includes crucial cost waivers included in the bill by Senator Patrick Leahy (D-VT), which Governor Shumlin and others consider to be crucial to the repair and rebuilding of roads and bridges damaged by Tropical Storm Irene.
The vote on the bill was 69 to 30.
The bill also includes Leahy’s truck weight provisions for Vermont, to move heavy trucks from smaller state roads, including roads crossing through the downtowns of several Vermont communities.
Following is a summary of the Leahy waiver provisions:
by tim
On the heels of the first winter storm of the season, Vermont’s congressional delegation ‘ Senators Patrick Leahy, Bernie Sanders and Representative Peter Welch ‘ today announced the immediate release over $11 million in heating assistance to eligible Vermonters.
The funds will provide assistance through the Low Income Heating Assistance Program (LIHEAP). With continued uncertainty over the final FY2012 funding levels for LIHEAP, Leahy, Sanders and Welch have pushed in recent weeks for the funds to be released immediately so states have the opportunity to help those with greatest needs now.
Leahy said, ‘Winter is setting in early across Vermont this year, and this initial infusion of heating aid is welcome, but it will not be enough. We are working on several tracks to press for adequate heating assistance for this season, and we are pointing out as forcefully as we can that time, and funding, are running short.’
by tim
Marathon Health, Inc, based in Colchester, Vermont, today announced its selection to provide onsite medical services for the Lexington-Fayette Urban County (Kentucky) Government's 6,400 employees, retirees and dependents. The Government Council approved the contract with Marathon Health at a recent meeting.
The Lexington-Fayette Urban County Government (LFUCG) is a consolidated government between the city of Lexington, Ky. and Fayette County, Ky. led by Lexington Mayor Jim Gray. Marathon Health will provide government employees and their families with its MedicalHome@Workâ ¢ model, which includes primary care, occupational medicine, health assessments, health coaching, and disease management.
by tim
Entergy Corporation (NYSE: ETR), owner of the Vermont Yankee nuclear plant in Vernon, today reported third quarter 2011 as-reported earnings of $628.1 million, or $3.53 per share, compared with $492.9 million, or $2.62 per share, for third quarter 2010. On an operational basis, Entergy’s third quarter 2011 earnings were $628.1 million, or $3.53 per share, compared with $518.1 million, or $2.76 per share, in third quarter 2010.
Consolidated Earnings ‘ Reconciliation of GAAP* to Non-GAAP Measures
Third Quarter and Year-to-Date 2011 vs. 2010
(Per share in U.S. $)
Third Quarter
Year-to-Date
2011
2010
Change
2011
2010
Change
As-Reported Earnings
3.53
2.62
by tim
The Vermont Agency of Transportation (VTrans) over the weekend opened a bridge along Route 74 in Shoreham that was closed for repair in mid September. Reopening the bridge in less than seven weeks was possible due to an accelerated construction process that reduces not only the length of construction, but also reduces the cost of repair.
Final repair costs are expected to run about $450,000. Repairing the bridge using more traditional construction techniques that include either erecting a temporary bridge or maintaining one lane of traffic over the bridge while it is under construction likely would have added between $100,000 to $300,000 to the cost of the project, and added as many as 12 weeks to the construction schedule.
by tim
Vermont Governor Peter Shumlin and administration officials today reduced Agency of Transportation damage estimates in response to Tropical Storm Irene. VTrans, which initially believed the cost of repairing all roads, culverts and bridges on the state system could exceed $600 million, now estimates the actual cost will be between $175 million and $250 million.
The agency revised its estimate following two intense months of conducting repairs to more than 500 miles of state highway and some 200 state-owned bridges. The new estimate is based on Federal Highway’s Detailed Damage Inspection Report (DDIR) process and includes a contingency for unknown costs and spring repairs.
‘This is great news for Vermont taxpayers,’ said Governor Peter Shumlin. ‘Not only are we recovering from Irene faster than anyone expected, we are also conducting repairs at a cost considerably less than anyone expected.’
by tim
Ruth B Smith has been promoted to the position of executive vice president for protection at National Life Group, it was announced today by Mehran Assadi, president and chief executive officer.
Since 2009 Smith has been in charge of the life insurance division of National Life Group, a Fortune 1000 company with $29 billion in assets under management. She oversees product development, business acquisition services, customer services, agent services, and claims management.
‘This promotion reflects Ruth's incredible record of accomplishment at National Life Group,’ said Assadi. ‘Ruth joined the company in 1999 as vice president of registered products, and was placed in charge of implementing an independent distribution channel for our life business. That effort has been successful beyond anyone's expectations. Independent distribution has been - and continues to be - critical to our growth.’