Current News

Gifford Medical Center celebrated a ninth consecutive year of financial success and announced the winners of health grants and scholarships at the 103rd Annual Meeting of the Randolph hospital s corporators Friday evening at Chandler.
Gifford, with health centers throughout central Vermont, met its state-set operating margin of 2.2 percent in fiscal year 2008 and saw its revenues continue to climb as the medical center grew to include about a dozen new health care providers as well as expanded clinic space, hospital President and Chief Executive Officer Joseph Woodin said.

The Brattleboro Development Credit Corporation (BDCC) announces the finalists for the 2009 Business Plan Competition. From the 36 submissions received last week, the selection committee chose seven in the Existing Business category and six in the New Business category.

Lane Press in South Burlington and Omya in Proctor are the latest Vermont firms to lay off workers. Each stated that the recession has slowed business resulting in a need to reduce payroll.
Lane Press laid off 29 in March after laying off 10 in January. This leaves them with about 225 employees. In January, the printer also cut hours and reduced pay for most workers. The company prints high-end glossy magazines, such as college alumni magazines. It stated that clients have been cutting back on frequency of publication, such as going from monthly to bi-monthly, or printing on less expensive paper.
Omya said it cut seven workers at its two sites in Vermont and five others in operations outside the state. It employs 63 in Proctor and 145 in Florence. It mines and distributes calcium carbonate as an additive for many products from glossy paper to plastics to antacid tablets.

Gregory D Woodworth has been named senior vice president and general counsel of National Life Group.
In his three years with National Life, Greg has shown he is a superb lawyer of the highest integrity, said Mehran Assadi, NLGroup s president and chief executive officer.
Greg has a broad knowledge of our business, a deep appreciation of our regulatory environment and a keen ability to explain complex legal issues in ways that allow us to understand the importance of the issue, said Assadi.
As the regulatory and compliance challenges grow for our industry, I am very pleased to have someone of Greg s judgment and integrity serving as our general counsel, he said.

Two of the nation s leading solar power installers announced today that they have entered into an agreement for groSolar of White River Junction, Vt., to acquire the residential solar division of Borrego Solar Systems of El Cajon, Calif. Financial terms of the agreement were not disclosed. Borrego Solar residential division operates in California as well as Massachusetts.

Thank you, President Finney and Champlain College, for hosting us at this timely conference today. We welcome this opportunity to offer Vermonters, Vermont businesses, and Vermont communities a chance to learn more about how they can take advantage of the recently passed federal economic recovery act. And the more rapidly and effectively that Vermont puts these resources to work, the better we will be able to keep Vermonters working today, and the better we will be able to lay the groundwork for growing our economy for the jobs of tomorrow.

Secretary of Administration Neale F. Lunderville today (March 6, 2009) released General Fund revenue results for the month of February, the eighth month of Fiscal Year 2009. General Fund revenues exceeded target for the month as compared to the consensus revenue target revised in mid-January. The General Fund revenues of $60.32 million for the month of February 2009 were +$2.91 million or +5.08% above the $57.41 million consensus revenue forecast for the month. Year-to-date, General Fund revenues of $735.23 million remain below the forecast by -$11.13 million or -1.49% for FY 2009. We have seen a very modest bounce back in General Fund revenue receipts, but it is important to understand that about half of the favorable results for the month were due to a one-time settlement in Corporate Income Tax. Through February, we remain $11 million below the year-to-date forecast, said Secretary Lunderville.

At the request of President Barack Obama, Governor Jim Douglas will host one of five regional forums on health reform at the University of Vermont s Davis Center on Tuesday, March 17. Governor Douglas will be joined by Governor Deval Partrick (D-MA), officials from the Obama Administration and other guests to discuss health care reform.
This is a great opportunity for Vermont to showcase our groundbreaking efforts on health care reform to our region and the nation, Governor Douglas said. By focusing on prevention to lower cost and increasing access to health care for more residents, Vermont continues to lead the nation on this important issue, he continued.

FairPoint Communications, Inc. (NYSE: FRP) ("FairPoint" or the "Company"), a leading provider of communications services to communities across the country, has announced its financial results for the three and twelve months ended December 31, 2008. FairPoint completed its acquisition of Verizon Communication's wireline and related operations in Maine, New Hampshire and Vermont (the "Northern New England business") on March 31, 2008. As a result of that transaction, which was treated as a "reverse acquisition" for accounting purposes, the financial statements for all periods prior to March 31, 2008 reflect the operating results and assets and liabilities of the Northern New England business only. For purposes of analysis, certain financial information for periods prior to March 31, 2008 is presented on a pro forma basis, assuming the acquisition and related transactions had occurred on January 1, 2007.
Highlights

Speaker Shap Smith and Senate President Peter Shumlin today announced their legislative priorities for the remainder of the 2009 session. Speaker Smith and Senator Shumlin made a commitment to passing at least seven pieces of legislation that will create good paying jobs for Vermonters, encourage the development of clean renewable energy, reduce the Governor s proposed tax burden on businesses and grant equal marriage rights to all Vermonters.
The legislative leaders highlighted seven pieces of legislation that they are committed to passing before the legislature adjourns in May.
● An economic development and jobs creation bill that will include targeted money for venture capital.
● The Speaker s $125 million bonding proposal that will fund a variety of transportation projects such as increased funding for state and local roads and bridges and capital projects to strengthen our public transit system.

Founded in 1959 as Baden s House of Trophies the company s primary focus was on bowling trophies. The company expanded into commercial engraving as Vermont Industrial Engravers and finally settled on Vermont Trophy & Engraving in 1973, since becoming the largest recognition manufacturer in the region. The company s motto is Recognition is Respect Made Visible
Current owners, Steve & Margi Swett, bought the business from Roger and Bobbi Merchant in July 1996, after many years in the corporate sector. Our initial interest in the business stemmed from its reputation for quality. The value we wanted to add was an expanded focus on customer service and relationship building - over the past 13 years our base of repeat and corporate customers has grown significantly, so we feel that was a pretty good business model, said Steve Swett.

Governor Jim Douglas will announce tomorrow the award of a $746,000 Community Development Block Grant to the City of Winooski. The ceremony will take place Friday, March 6, 2009 at 2:30 pm at Winooski City Hall, 27 West Allen Street, Winooski.