Current News

This year’s competition for the highly anticipated Deane C. Davis Outstanding Business of the Year Award was impressive. All of the Vermont businesses who applied for this prestigious award were worthy but only three could be named as finalists. The finalists this year are The Foley Family of Companies of Rutland, Green Mountain Power of Colchester and Small Dog Electronics of Waitsfield. All three businesses exemplify the standards by which the Deane C. Davis Outstanding Business Award nominees are judged.

Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) announced today that it plans to offer an aggregate of 7,100,000 shares of its common stock in an underwritten public offering. Certain stockholders also plan to offer an aggregate of 403,883 shares of common stock in the offering. The Company also plans to grant the underwriters a 30-day option to purchase up to 1,125,582 additional shares of common stock to cover overallotments, if any. BofA Merrill Lynch is serving as sole book-running manager of the offering.
The Company intends to use the net proceeds from the offering to repay outstanding debt under its credit facility and for general corporate purposes.

Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, today announced its fiscal 2011 second quarter results for the thirteen weeks ended March 26, 2011. Revenues doubled over the second quarter of 2010 and net income nearly tripled. GMCR also announced that it was initiating a new stock offering (see related story).
Second Quarter Fiscal 2011 Performance Highlights*

Net sales up 101% over the same period in fiscal 2010
GAAP EPS of $0.44; Non-GAAP EPS of $0.48
GAAP operating income increases 198% over Q2’10; Non-GAAP operating income improves 178% over the year ago quarter
GAAP net income increases 172% over Q2’10; Non-GAAP net income up 147% over Q2’10

Vermont’s best downtown revitalization projects of 2010 were recognized at the annual Vermont Green Mountain Awards Ceremony last week at the Vermont Preservation and Downtown Conference in Poultney.
The Vermont Agency of Commerce and Community Development recognized nine downtown revitalization projects, one outstanding volunteer and five National Accredited Main Street Communities at the annual conference at Green Mountain College on Friday.
‘These Vermont communities demonstrate an exceptional level of dedication,’ said Lawrence Miller, Secretary of the Agency of Commerce and Community Development. ‘Vibrant downtowns are vital to Vermont’s economy, and the downtown awards recognize the towns, cities and volunteers that help make Vermont a better place to live and work.’

The US Department of Housing and Urban Development announced today that it is recognizing the State of Vermont and the city of Burlington with its coveted ‘Doorknocker Award’ for their outstanding work in producing affordable housing. From creating a stable living environment for those with disabilities to providing rental assistance to homeless veterans, each community represents a model for developing innovative housing solutions to meet their specific needs. (See below for description of Vermont developments honored.)

David Ashley, Senior Vice President of Freeman French Freeman, will reach two milestones May 13 ‘ his 75th birthday and the day he retires after a 53-year career with Vermont’s oldest architectural firm.

Ashley joined Freeman French Freeman in 1958 after graduating with a BA in architecture from Yale University. He is the only member of the firm to have worked with its founders: Bill Freeman, through the ‘70s; John French, until he retired in ‘67; and with Ruth Freeman, who died in ‘71.

Ashley’s studies at Yale were conducted by many of the great names in architecture from that era, including Louis I. Kahn. Ashley attended Philip Johnson design critiques and standing room only Frank Lloyd Wright lectures. He was also active in the Marching and Concert Bands at Yale. Locally, he has been a member of the Enosburg and Westford-Fairfax Town Bands, the St. James Bell Choir and the Sterling Weed Orchestra of St. Albans.

Manufacturing Solutions Inc of Morrisville has received designation as a HUBZone certified small business concern (SBC). The HUBZone Empowerment Contracting program, enacted into law in 1997, encourages economic development in historically underutilized business zones - "HUBZones" by providing access to more Federal contracting opportunities.

‘This designation will give us and our customers a leg up in our efforts to secure government contracts,’ says business owner, Garret Hirchak. ‘We look forward to bringing more growth and innovation to this part of Vermont while offering clients from around the country the option for efficient and cost-competitive domestic manufacturing.’

Central Vermont Public Service (NYSE-CV) honored retiring leader Bob Young at the annual meeting of shareholders today, and set out a bold new vision aimed at improving value for customers, shareholders and the state of Vermont.
Lead Director Bill Sayre honored Young for transforming CV during his tenure as president, and presented him with a framed page from the Congressional Record that included a speech from Representative Peter Welch, D-VT, who feted him on the House floor.
‘When Bob Young became president, that utility faced many challenges,’ Welch said in the speech. ‘He faced them directly: rising costs, transmission system upgrades, a customer base that wanted reliable power but green power. Bob Young succeeded in making CVPS an award-winning company. He focused on customer service and environmental concern and stewardship, proving that green power could be reliable and affordable.’

Fletcher Allen radiologist Dr Kristen Destigter has received a $100,000 grant from the Bill And Melinda Gates Foundation, to help her further improve her efforts on the Imaging the World project by getting ultrasound technology in developing countries.
"In the developing world, maternal mortality and morbidity is very high," Destigter said.
She said that rate could be lowered by using portable ultrasound machines, which currently run around $8,000. She's hoping to use the grant to make a similar machine that's more affordable. The smaller machines will allow health care workers in rural areas to conduct ultrasounds as long as they have sunlight and cellphone reception. Solar power can charge the device in places where there is usually limited access to power, then with a phone network, an image can be sent like a text message.

The Visiting Nurse Association of Chittenden and Grand Isle Counties Holly D. Miller building at 1110 Prim Road in Colchester has earned the U.S. Environmental Protection Agency’s Energy Star rating signifying the building performs in the top 25 percent of similar facilities nationwide for energy efficiency. The prestigious award is given to commercial buildings such as banks, supermarkets, hospitals, hotels and schools that use an average of 35 percent less energy and also release 35 percent less carbon dioxide into the atmosphere.

by Anne Galloway, www.vtdigger.org April 30, 2011 The Shumlin administration wants Entergy Corp to pay for any legal expenses the state may incur as it defends itself against a lawsuit Entergy initiated against the state two weeks ago.
That counterintuitive payment approach is called a ‘billback,’ according to a Department of Public Service official, who assured the Senate Finance Committee on Friday, such legal maneuvers are ‘an age-old tradition.’
If the state, for example, was bringing a case in front of the Nuclear Regulatory Commission, it could charge Entergy for the cost of hiring experts and lawyers, according to Sarah Hofmann, deputy commissioner of the Department of Public Service. The ‘causer,’ or the entity that caused the need for a legal suit, is liable for the cost, she said.

Construction of the new Rutland Academic Center for the Community College of Vermont has begun. CCV will be relocating its Rutland campus to new a new location at the corner of West Street and Wales Street in downtown Rutland. The new Academic Center is being constructed for CCV with occupancy scheduled for the end of this year, in time for spring semester classes starting January 2012. CCV has entered into a long term lease for approximately 32,500 sq. ft. with developer and construction manager DEW Construction Corp. of Williston. CCV selected the site over several other locations, stating the West and Wales location offered a prominent location in addition to on-site parking and the ability to expand as their enrollment continues to grow.