Current News

The third quarter of 2009 resulted in strong operating results for Stantec as gross revenue increased 10.5% to C$384.2 million and net revenue increased 6.1% to C$306.7 million compared to the third quarter of 2008. Gross margin increased from 56.0% to 56.5% and cash from operating activities increased from C$54.6 million in the third quarter of 2008 to C$62.9 million in 2009. Stantec's South Burlington office employs about 45 people, with another 40 in North Springfield.
During the quarter, the Company recorded a C$35.0 million goodwill impairment charge due to fluctuations and continuing uncertainty from economic conditions related to the US West operations. The goodwill impairment charge is non-cash in nature and does not affect Stantec’s liquidity, cash flows from operating activities, or debt covenants, and does not impact future operations.

NBT Bank Regional President Matt Durkee announced that Peter McCarthy has been hired as vice president and senior commercial banking relationship manager. In this position, McCarthy is responsible for developing and managing business relationships with the bank’s commercial customers in Vermont. He is based at the bank’s regional office at 150 Bank Street in Burlington.
“We are pleased to have Peter McCarthy on our commercial banking team,” Durkee said. “His experience serving all types of companies in Vermont will be very beneficial to our customers.”
McCarthy has more than 20 years of banking experience. Before joining NBT Bank, he led the commercial banking group for Citizens Bank in Burlington, where he worked for eight years. He previously held positions in private banking and commercial banking for KeyBank in Burlington, where he worked for nine years.

On Wednesday, November 25, the day before Thanksgiving, Stratton Mountain resort will officially begin its 2009-10 ski and snowboard season. The first snowfall fell on the summit in mid-October and the snow guns began operating on Tuesday.
According to Stratton Slopes and Trails Manager Al Desroches “We typically choose the day before Thanksgiving to open because not only is it a festive time, but it will allow us ample opportunity to make enough snow, groom it out, and present the best possible conditions to our guests.”

The Senate voted late this afternoon for a 14-week extension of unemployment insurance benefits. The extension would help about 1,800 Vermonters whose benefits were to have run out by the end of this year.
“Winter is coming and in Vermont and around the country we simply cannot leave families in the lurch without any source of income,” said Senator Bernie Sanders (I-VT).
Sanders said workers who have lost their jobs during the worst recession since the 1930s have remained unemployed an average of 27 weeks – longer than at any time since the end of World War II.
Senator Patrick Leahy (D-VT) said, “By extending unemployment benefits, the homebuyer tax credit, and business tax relief, this bill will help many Vermont families and businesses that are struggling through this recession. There is a clear need to lengthen the lifeline to jobless families and to continue these proven methods of strengthening the economic recovery.

The Vermont Chamber of Commerce is pleased to announce its 2010 Board of Directors and Executive Committee. Mark Saba, Owner of the Formula Ford Auto Group was elected as the Board Chair. Saba replaces Rick Milliken, Vice President and General Manager of the Doubletree Burlington Hotel.
The Vermont Chamber Board of Directors represents a diversity of Vermont businesses from around the state. The knowledge and experience that each member brings to the Board will be needed for the Vermont Chamber of Commerce to continue growing its membership and to insure that Vermont businesses remain viable during these difficult economic times that many Vermont businesses are facing, said Mark Saba, Vermont Chamber Board Chair and Owner of the Formula Ford Auto Group.
Executive Committee:
Mark Saba, Formula Ford Auto Group, Chair
Mark Wetmiller, TD Bank, First Vice Chair
Dr. Ty Handy, Vermont Technical College, Second Vice Chair

Former State Senator Matt Dunne of Hartland announced Tuesday that he will be a Democratic candidate for Governor of Vermont. He is emphasizing his business credentials in what promises to be a heavily contested primary. Already, former lieutenant governor and current state Senator Doug Racine (Chittenden County), Secretary of State Deb Markowitz, state Senator Susan Bartlett and, likely, Senate President Pro Tem Peter Shumlin (Windham) have announced their intentions to run for the seat being vacated by Governor Douglas. On the Republican side, Lieutenant Governor Brian Dubie has said he will run, which will leave other GOP politicians looking for other electoral opportunities.

There were 1,138 new regular benefit claims for Unemployment Insurance last week, a decrease of 86 from the week before, as filings fell for the first time since mid-September. The September Vermont unemployment rate was 6.7 percent, down one-tenth from August. However, economists believe that it will rise to over 7 percent by the end of this year. The current US rate is 9.8 percent, up one-tenth from August. Altogether 10,111 new and continuing claims were filed, an increase of 130 from a week ago and 2,566 more than a year earlier. The Department also processed 4,794 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 48 more than a week ago. In addition, there were 1,220 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 49 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/.

There is an unfamiliar sound in the Mount Snow Valley, it’s the sound of silence. With Peak Resorts investing $9 million in state of the art fan guns, gone are the days of loud air-water equipment, in is the quiet hum of progress. Mount Snow’s veteran team of snowmakers hit the slopes Tuesday night putting North America’s finest fleet of snow making machines to work. Firing up a total of 111 guns Mount Snow is continuing their early season push, having already opened with lift service on October 17th, the earliest in its history.
With an early season window of cold temperatures the decision was made to begin an aggressive campaign with the intention of opening with top to bottom lift service the second week of November. Mount Snow plans to open with two of its mountain faces spinning lifts, both the Main Face and Carinthia. Carinthia will open with a full terrain park on Nitro featuring boxes, rails and jumps.

Level 3 Communications, Inc has announced that it has increased the capacity of its communications network in Vermont and has expanded the number of businesses that can take advantage of the company’s far-reaching fiber-optic backbone. Additionally, the company has named Tracy Guy-Davis as Level 3’s general manager for New England. In her position, Guy-Davis will focus on delivering an outstanding customer experience for customers in the region.
“Vermont is an important market for Level 3 and we have built strong relationships with businesses throughout the state,” said Guy-Davis. “Level 3 is dedicating itself to enhancing the customer experience throughout Vermont because now more than ever we are seeing increased customer demand for a competitive alternative in the marketplace.”

As Vermont families struggle to make ends meet, health care often is neglected due to inadequate health insurance or no insurance at all. In response to this health care crisis, the Vermont State Employees Credit Union (VSECU) recently donated $10,000 to the Vermont Coalition of Clinics for the Uninsured to give more Vermonters access to quality health care.
The coalition of clinics are a vital resource in Vermont s health care system by providing medical and dental services to over 5,000 Vermonters who cannot afford adequate health insurance, said Judy Rosenstreich, member of VSECU s Board of Directors and chair of its Charitable Contributions Committee. We are proud to support an effort that helps so many Vermonters obtain quality health care, regardless of their ability to pay.

General Dynamics Armament and Technical Products has been awarded a $17 million contract to produce gun systems for the Phalanx Block 1B Close-In Weapon System (CIWS) and the Centurion Land-Based Phalanx Weapon System by Raytheon Missile Systems (NYSE: RTN) of Louisville, KY. General Dynamics Armament and Technical Products is a business unit of General Dynamics (NYSE: GD). Project management for this contract will be performed in Burlington, Vermont, and product testing will be done at the General Dynamics firing range in Jericho. General Dynamics employs about 450 in Burlington. The company announced last month that it will move its Vermont operations to the IBM campus in Williston in 2010.

TPI, the largest sourcing data and advisory firm in the world and a unit of Information Services Group, Inc. (ISG) (Nasdaq: III, IIIIU, IIIIW), an industry-leading information-based services company, today announced it has been selected to advise the State of Vermont on using IT more efficiently and cost-effectively.
Under the contract, TPI will perform an independent assessment of the use of desktop, infrastructure and networking technologies in all state agencies and independent departments. Comparing internal costs and performance with data from the public and private sectors, TPI will identify options based on current best practices for reducing costs, improving service delivery and enhancing data security and IT governance.