Current News
by tim
FairPoint Communications, Inc. (NYSE: FRP, FRP.BC) announced Wednesday its financial results for the three and six months ended June 30, 2009. Net income for the quarter showed a $17.8 million loss, or 20 cents per diluted share. For the first six months, net income showed a loss of $26,595 or 30 cents per diluted share. Revenue totaled $299.6 million for the second quarter of 2009, a 3.9 percent decline compared with $311.6 million in the first quarter of 2009.
Highlights
Successfully completed an exchange offer for nearly 83 percent of outstanding senior notes enabling the Company to reduce cash interest expense for the second quarter of 2009 by approximately $14.4 million.
by tim
For the Week of 08/01/2009. There were 785 new regular benefit claims for Unemployment Insurance last week, a decrease of 45 from the week before. Altogether 12,752 new and continuing claims were filed, 324 fewer than a week ago and 5,423 more than a year earlier. The Department also processed 3,862 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 63 more than a week ago. In addition, there were 749 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 8 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc
by tim
United Cerebral Palsy (UCP) released today the 2009 Case for Inclusion Report (www.ucp.org/medicaid), ranking all 50 states and the District of Columbia for the Medicaid services they provide to their Mental Retardation/Developmental Disability populations. The report finds that all states have room to improve outcomes and services for individuals with intellectual and developmental disabilities. While too much money is still spent isolating people in large institutions and waiting lists for services are increasing overall, real and notable progress has been made in just one year. "Still, too often the goals of independence, productivity and community inclusion are at odds with reality," said CEO Stephen Bennett.
The top and bottom ten states in terms of quality of Medicaid service provided are;
by tim
The Douglas Administration announced Wednesday afternoon a proposal to reduce state worker costs by $7.4 million. The proposal sent to the Legislature does not include layoffs, but indicates that layoffs (a reduction in force or RIF) remains a possibility if an agreement is not reached by mid-September. This proposal was developed jointly with the committee and represents a collaborative effort by the Legislature and the governor to address the $28 million FY10 shortfall and take steps to shrink out-year deficits.
by tim
Governor Jim Douglas announced today that 42 Vermont arts organizations have been awarded funding totaling $606,000 through the American Recovery and Reinvestment Act (ARRA). These grants will help preserve jobs in Vermont s nonprofit arts sector that have been threatened by declines in philanthropic and other support during the current economic downturn.
The American Recovery and Reinvestment Act is designed to jumpstart the economy, create and protect jobs, and invest in key priorities, said Governor Douglas. Like other jobs, arts jobs help individuals and families pay household expenses, put children through college and achieve financial stability.
by tim
U.S. Senator Patrick Leahy (D-Vt.) Wednesday announced that the Pentagon has increased the order for troop vehicles built in part by Bennington-based Plasan North America, creating additional jobs in the area. He said the Defense Department has approved a second contract for Wisconsin-based Oshkosh Corporation and Plasan North America to build an additional 1,700 Mine Resistant Ambush Protected All-Terrain-Vehicles (M-ATV) for $1.06 billion. At the beginning of July, Leahy announced a $1.05 billion Department of Defense contract to produce 2,244 M-ATVs. The first contract created an estimated 100 jobs and this second contract will solidify those positions for a longer term and create up to 50 additional jobs beyond the 100 created last month.
by tim
The Senate today voted 60 to 37 for an amendment by Sen. Bernie Sanders (I-Vt.) to provide an extra $350 million for milk price supports to increase government purchases of surplus dairy products.
Reducing supply will result in higher prices for dairy farmers desperate for help as they cope with the lowest prices in nearly four decades. The extra $350 million would provide farmers on average an estimated $1.50 extra per hundredweight, the industry's standard unit of measurement.
Family-based dairy agriculture is on the verge of collapse, Sanders told colleagues in a Senate floor speech. This is not a regional issue. This is a national issue. From the east coast to the west coast, what we are seeing is prices plummeting below the cost of production.
by tim
delSECUR CORPORATION, a Nevada Corporation based in South Burlington, Vermont (Pink Sheets: DLSC) announced today that its Board of Directors has accepted, subject to the approval of the majority of the shareholders entitled to vote, an agreement to purchase the Intellectual Property Assets of delSECUR CORPORATION. The consideration for such purchase will be in the form of a 49% interest in the shares of common stock of Q Tech Systems, Inc., an Ontario, Canada Corporation.
by tim
Marble Valley Regional Transit District (The Bus) and Stagecoach Transportation Services Inc. (STSI) of Randolph, Vermont are working in partnership to create a new public transportation route that will reestablish scheduled bus service between Rutland and White River Junction. In 2008, Vermont Transit discontinued scheduled service between Rutland and White River Junction.
The new route, if awarded funding by the State of Vermont Agency of Transportation, will begin in November and be named the Route 4 East Connection. The Route 4 Each Connection will travel Vermont Route 4 picking up and discharging passengers in Rutland, Killington, Bridgewater, Quechee, Woodstock, and White River Junction with local connections in the White River Junction area and into the Lebanon, West Lebanon areas of New Hampshire.
The Route 4 East Connection will offer connections to:
by tim
The State Alliance for e-Health (The Alliance) will meet for its semi-annual conference. Key topics are scheduled to include implementation of the Health Information Technology for the Economic and Clinical Health (HITECH) Act, which is part of the Recovery Act of 2009, as well as quality improvement and health reform. The Alliance also will unveil its latest report Preparing to Implement HITECH: A State Guide for Electronic Health Information Exchange. Alliance members will hear from a number of experts, including Dr. David Blumenthal, National Coordinator for Health IT, U.S. Department of Health and Human Services.
WHAT: Tennessee Governor Phil Bredesen, co-chair, Vermont Governor Jim Douglas, co-chair, State Alliance for e-Health Members
WHEN: Friday, August 7, 2009 9:00am 4:00pm EDT
WHERE: Sheraton Burlington Hotel and Conference Center
870 Williston Road
Burlington, VT 05403
by tim
On August 3, 2009, the Central Vermont Public Service Corporation (NYSE: CV) Board of Directors approved the following resolutions for the issuance of common and preferred stock dividends. CVPS also announced that its second quarter earnings report will be released August 7.
RESOLVED: That out of reserved and unrestricted earnings of the Company a quarterly dividend at the rate of twenty-three cents ($.23) per share is hereby declared on the issued and outstanding shares of
Common Stock, $6 Par Value, payable November 13, 2009 to stockholders of record at the close of business November 3, 2009.
by tim
Rep. Peter Welch late last week voted against legislation that would subject Vermont family farmers, small businesses and artisan food producers to unreasonable fees. The Food Safety Enhancement Act (H.R. 2749) would prevent food-borne illnesses by increasing the number and scope of food inspections but would do so at the expense of small food producers. The bill unfairly subjects Vermont farmers, maple syrup producers and cheese-makers to the same $500 annual registration fee as large, multi-state agri-businesses.
Welch worked to amend the bill to create a sliding fee scale which would take into account the size of a business. While Welch was successful in reducing the fee from $1,000 to $500, he argued that the flat fee still unfairly penalizes small producers.