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Green Mountain Coffee Roasters reports third quarter 2012 results, repurchase of $500 million in shares

first_img(28,914) 0.05 $0.46 $(7.4) June 25, 2011 – Acquisition-related expenses (1) $144,199 23,827 $717.2 $129.7 $271,465 * Does not sum due to rounding. 25,885 95%Finished goods 9%Net Income: Net income per common share – basic ($ in millions) – (535) 21% Selling and operating expenses $44,174 (27)%Total Net Sales – Gross profit $149.1 $1.75 Thirty-nine 29,175 Loss on extinguishment of debt (3) % Increase 399,841 Total current liabilities $3,337,130 $417.5 Thirteen weeks ended Loss on extinguishment of debt (3) 291,096 $409.1 $ Increase % Increase 19,514 149,357,480 $90.0 Gain on foreign currency, net Thirty-nine weeks ended June 25, 2011 Excess tax benefits from equity-based compensation plans 119,310 $313.5 Deferred income taxes, net 9%Non-GAAP Assets 215,153 1,959,509 (34.3) Receivables GAAP 3,032 Other current liabilities 0.05 471,875 $0.83 (233)Loss on financial instruments, net (1) 0.00 $2,912,462 1,534,166 -110 bpsLower warranty expense Stockholders’ equity: – 60 bpsGAAP operating margin of 14.9% of net sales in the third quarter of fiscal year 2012 decreased from 16.6% in the prior year period as a result of the lower gross margin.Non-GAAP operating margin, which excludes $3.0 million in expenses associated with the SEC inquiry and pending litigation in the quarter, as well as$11.5 million in amortization of identifiable intangibles related to the Company’s acquisitions, was 16.6% of net sales in the third quarter of fiscal year 2012 compared to 18.4% in the prior year period.The Company’s effective income tax rate was 39.6% for the third quarter of fiscal year 2012 as compared to a 35.8% effective tax rate for the prior year period. The increase is attributable to the extension of the 2011 Federal R&D credit in the third quarter of the prior year and lower stock option activity in the current quarter.Diluted weighted average shares outstanding as of the end of the third quarter of fiscal year 2012 increased to 159.3 million from 153.3 million from the prior year period.Balance Sheet & Cash Flow Highlights”We are pleased with the strength of our balance sheet including our low debt ratio,” said Frances G. Rathke, GMCR’s Chief Financial Officer. “As part of our ongoing efforts to drive efficiencies in our single-serve pack inventory management and distribution, we have reduced our forward-weeks coverage on hand from our fiscal second quarter.””Our higher overall inventory dollar balance in the third quarter of fiscal 2012 compared to the same period in fiscal 2011 is largely driven by increases in Keurig® brewer finished goods resulting from expected first quarter fiscal 2013 holiday demand,” continued Rathke. “In order to ensure brewer availability on retail shelves for the holiday season, all of our anticipated holiday brewer units must be on hand in North America by early October, leading to brewer and accessories inventory build beginning in our fiscal third quarter and continuing into our fiscal fourth quarter.” – June 23, 0.10 June 25, (12,449) 9%Diluted Income Per Share: 482 June 25, $129,728 Non-GAAP net income 25%Non-GAAP Income tax payable $174.2 579,219 $152.0 – 34,496 – $667.0 Financing costs in connection with public equity offering $123.4 60%Raw materials & supplies – 33.7 $126.1 $9,271 $153.0 Amortization of identifiable intangibles (3) $125,227 Expenses related to SEC inquiry (1) 496,793 $46.1 Unrealized gain of foreign currency $1.70 $424.0 Basic income per share: 0.15 $(12.8) 27,184 (907,835)Proceeds from sale of subsidiary, net of cash transferred $127.3 Cash flows from investing activities: $56,970 (13,728) (461) Net income per common share – diluted $301.5 8,392 112 796,375 Adjustments to reconcile net income to net cash provided by operating activities: 2012 $3,337,130 $1,939,016 (827) Additional paid-in capital $485.4 Diluted income per share 16%Inventories 26,311 $717,210 Accumulated other comprehensive income (loss) (45,821)Repayment of long-term debt 43,646 2,214,882 (31,778)Net Income weeks ended Thirteen weeks ended June 23, 2012 June 23, Current liabilities: $3.5 2011 25,533 Change in restricted cash 2012 Thirty-nine weeks ended June 23, 2012 13,198 453,130 92.1 $95.6 Thirteen (29,175)Deferred income taxes $0.38 % Increase (Decrease)Net Sales (6,231) 28,603 (7)Proceeds from borrowings of long-term debt 89,221 Accrued compensation costs +60 bpsOther 0.07 47,759 Expenses related to SEC inquiry (1) Gain on sale of subsidiary, excluding transaction costs N/A(*)Free cash flow is calculated by subtracting capital expenditures for fixed assets from net cash provided by operating activities as reported in the unaudited statement of cash flows. Non-GAAP operating income 37,913 (4,255) (4,956)Loss on disposal of fixed assets Thirteen weeks ended June 25, 2011 121,764 153,344,389 (608) weeks ended 19,341 5,593 Amortization of identifiable intangibles (2) 1,288,481 (14,575)Total stockholders’ equity Gross profit 650,535 Net income attributable to noncontrolling interests 29,587 $6,669 Basic weighted average shares outstanding $0.37 (59,130) 23,658 Thirty-nine weeks ended June 23, 2012 (208,678) Diluted income per share: $70.8 224 $0.52 71,737 $36.5 (981)Interest expense weeks ended $869,194 986,183 weeks ended $243.0 229 $75,747 Non-GAAP net income Thirteen weeks ended  June 25, 2011 (Decrease)Cash and cash equivalents 1,759 1,499,616 (78,171)Net Income Proceeds from notes receivable $119,310 Net change in revolving line of credit Total liabilities and stockholders’ equity Net Sales by Product Deferred financing fees 370,445 Amortization deferred financing fees 27,523 Other current liabilities Deferred income taxes, net Operating income Loss on extinguishment of debt (4) (6,157) Redeemable noncontrolling interests $300.6 $0.86 GAAP Approximately 89% of consolidated third quarter fiscal year 2012 net sales were from sales of Keurig® Single Cup Brewers, single-serve packs, andKeurig®-related accessories, with the remainder of net sales consisting primarily of sales of bagged coffee and sales from the office coffee services business.The increase in single-serve pack sales was driven by a 28 percentage point increase in sales volume and a 3 percentage point increase in K-Cup® pack net price realization due primarily to price increases implemented during fiscal 2011 to offset higher green coffee and other input costs.GMCR sold 1.4 million Keurig® Single Cup Brewers during the third quarter of fiscal year 2012. This brewer shipment number does not account for consumer returns.The Company estimates that the combination of brewer shipments from GMCR and its licensed partners resulted in shipments of 1.5 million Keurig® Single Cup Brewers in the third quarter of fiscal year 2012.The third fiscal quarter’s net sales included $20.0 million of sales of new Vue® brewers and Vue® packs. According to data from The NPD Group, Vue® brewer sales were more than two times that of other coffee and espresso makers in its price category in the quarter ending June 2012.Other products and royalties declined year-over-year primarily as a result of the sale of the Filterfresh on October 3, 2011.Operating MetricsIn the third quarter of fiscal 2012, gross margin declined to 34.9% from 36.8% in the prior year period.The decline compared to the prior year period was due in part to under-utilization of the Company’s manufacturing base as a result of lower than expected manufacturing through-put primarily due to lower K-Cup® pack demand and lower-than-planned production levels. An increase in single-serve pack obsolescence also adversely impacted gross margin in the quarter.These adverse impacts were partially offset by the single-serve pack net price realization from price increases taken in fiscal 2011 to offset higher green coffee and other input costs experienced in fiscal 2011 and the first half of fiscal 2012, as well as by a decrease in green coffee costs in the third quarter of fiscal 2012 compared to the prior year period.The following table quantifies the changes in gross margin period to period: Thirteen weeks ended June 23, 2012 Cost of sales Other income (expense), net Represents direct acquisition-related expenses of $10.6 million ($9.8 million after-tax); the write-off of deferred financing expenses as part of new debt financing of$2.6 million ($1.6 million after-tax); and the foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition of $5.3 million ($4.0 million after-tax). In addition, the Company recognized a $2.1 million tax expense related to the reversal of nondeductible acquisition-related expenses incurred during the Company’s fourth quarter of fiscal 2010 and a $3.0 million tax benefit related to the reversal of certain nondeductible acquisition-related expenses incurred during the Company’s fourth quarter of fiscal 2010 and the first quarter of fiscal 2011 that were deemed deductible in accordance with tax regulations enacted in the second quarter of fiscal 2011. This combined tax affect was reversed for purposes of this non-GAAP table.(2) (18,662) 11,027 2,315 Cash distributions to redeemable noncontrolling interests shareholders Loss on extinguishment of debt (118,113)Income tax receivable/payable, net Acquisition-related expenses (1) Interest expense (11,552)Accounts payable (16,685) 10,096 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) 126.4 38 116%Packaging & other raw materials Net sales Thirty-nine (3)%Thirty-nine weeks cash provided by operating activities Loss on financial instruments, net Unrealized loss on financial instruments, net 155,071,117 Change in cash balances included in current assets held for sale (158)Net cash used in investing activities 139.1 Expenses related to SEC inquiry (2) Diluted income per share: Diluted weighted average shares outstanding (11,819)Gain on foreign currency, net $869.2 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands) $1.70 Net sales (52,560)Income before income taxes -320 bpsNet price realization September 24, Represents the write-off of debt issuance costs and original issue discount, net of tax, primarily associated with the extinguishment of the Term B loan under the Credit Agreement. – – Non-GAAP operating income Cash and cash equivalents $0.83 11,794 Restricted cash and cash equivalents $125,227 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) June 25, 265,862 189,637 Inventories 667,005 262,201 Income taxes receivable Tax benefit from exercise of non-qualified options and disqualified dispositions of incentive stock options 4,401 Long-term assets held for sale 1,164 13,811 $717.2 789,305 (1,082,070) Income tax expense Acquisition of LJVH Holdings, Inc. (Van Houtte), net of cash acquired $12,989 $0.49 1,159,171 Represents the write-off of debt issuance costs and original issue discount, net of tax, primarily associated with the extinguishment of the Term B loan under the Credit Agreement.(5) – 846,323 (198,836) Thirty-nine weeks ended June 23, 2012 15,553 $270,741 Goodwill 21,034 2012 1,131,527 $183.5 – 253,546 117,982 474 Total assets Operating income General and administrative expenses 6,464 4,014 Net income per common share – diluted $174.7 2,996 $103.0 $0.49 Acquisition-related expenses (1) 933 (1) June 23, 12,449 108,085 Diluted weighted average shares outstanding $106.8 77,626 9,617 Deferred income taxes, net Operating income 243 Just after the stock market closed Wednesday, Green Mountain Coffee Roasters, Inc, (GMCR) (NASDAQ: GMCR) announced its third quarter fiscal year 2012 results for the thirteen and thirty-nine weeks ended June 23, 2012. It also announced that its board had authorized a $500 million share repurchase. Against the third quarter of 2011, Q3 2012 sales were $869.2 million, or 21 percent greater and net income per share was 46 cents, an increase of 25 percent from last year. The stock is near its 52-week low ($17.11/$115.98) as it finished the day at $17.91, down 35 cents or $1.92 percent. Shares were up by early Thursday to $22.74, a gain of $4.82 from Wednesday’s close (+26.93%). GMCR also announced that Norman H Wesley, former CEO and Chairman of Fortune Brands, Inc, has joined its Board of Directors. 28,072 34,613 Current liabilities related to assets held for sale June 23, 9,828 $0.37 $119.3 Thirty-nine weeks ended June 25, 2011 Amortization of identifiable intangibles (3) 11,027 $152.6 41%Brewers & accessories 212,101 425,159 Other long-term liabilities 55,601 120,583 $0.37 49,134 (29,830)Income before income taxes – Other income (expense), net 45,598 92,120 34,496 143,606,691 $173,639 2011 Common stock, $0.10 par value: Authorized – 500,000,000 shares; Issued and outstanding – 155,526,602 and 154,466,463 shares atJune 23, 2012 and September 24, 2011, respectively Provision for doubtful accounts 952,953 $73,520 -120 bpsFavorable green coffee costs $26.9 411,727 678,891 Long-term debt and capital lease obligations $138,988 2011 575,969 Other investing activities $464,466 (906,708)Net cash (used in) provided by financing activities June 23, 2012 $3,197,887 11,541 Total current assets $869.2 2011 Thirty-nine June 23, 6%EBITDA – LTM(*) 513 $421.9 Cash flows from operating activities: Net income *$1.16 Other long-term assets Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense.(3) General and administrative expenses $265.9 50,176 Cash and cash equivalents at beginning of period Thirteen weeks ended June 25, 2011 – weeks ended 4,538 2,103 Change Q3 2011 to Q3 2012Manufacturing base under-utilization Non cash financing and investing activities: 3,343 $0.46 15,447 43,260 4 32%Other Products and Royalties $262,201 $75.7 – $280,603 – (167,680) After tax: 83,170 48,755 ($ in millions except earnings per share) $56.3 $309,554 9,577 Operating income Gain on sale of subsidiary June 23, $ Increase (214) 264,080 $3,197,887 799 $82.2 1,912,215 1,231 Changes in assets and liabilities, net of effects of acquisition: Thirteen weeks ended June 23, 2012 (58,229)Inventories 73%Single-serve packs Principal payments under capital lease obligations 4,643 Deferred compensation and stock compensation 129,728 (1,106)Accrued expenses (7)%Other $0.52 Current assets held for sale $270,741 2012 Expenses related to SEC inquiry (2) 203,398 Receivables, less uncollectible accounts and return allowances of $39,389 and $21,407 at June 23, 2012 and September 24, 2011, respectively Net income attributable to GMCR 2,889 12,054 $23.4 Represents the gain recognized on the sale of Filterfresh, net of income taxes of $9.6 million. (2,388)Other long-term liabilities Gain on sale of subsidiary (5) 14,524 Net cash provided by operating activities Cash flows from financing activities: Net income attributable to noncontrolling interests (702)Proceeds from issuance of common stock in public equity offering 125,999 (163,949) Diluted income per share +110 bpsVue®-related impact 240 449 $488.2 $182.7 672,248 137,733 (5,068) Proceeds from issuance of common stock under compensation plans 159,299,578 (175,474)Proceeds from disposal of fixed assets 340 Selling and operating expenses 7,810 – – 19,732 36,231 0.03 2011 Proceeds from issuance of common stock for private placement 21%Operating Income: 2012 Loss on extinguishment of debt (4) Accrued expenses weeks ended 2011 ($ in millions) “Our third quarter results demonstrate continued business strength and solid fundamentals, particularly in light of the robust comparable quarter we reported in the year ago period,” said Lawrence J Blanford, GMCR’s President and CEO. “Our Keurig® Single Cup Brewing system continues to revolutionize the way North Americans prepare and consume their single-serve beverages and our proven ability to grow consumer awareness and demand for the system has enabled us to deliver extraordinary results over the past five years.””As we become larger, however, our sales growth trajectory will understandably moderate from hyper-growth to a level more in-line with other successful growth businesses,” continued Blanford. “Based upon our current analysis of business fundamentals and the single-serve opportunity, we believe we will deliver annual sales growth in the range of 15% to 20% with annual earnings growth in the mid-teens over the longer term.”Board Authorized Share RepurchaseGMCR’s Board of Directors has authorized the Company to repurchase up to $500.0 million of its common shares over the next two years, at such times and prices as determined appropriate by the Company’s management in collaboration with the Board of Directors. The shares will be purchased with cash on hand, cash from operations, and funds available through our existing credit facility.”Based on expectations for future growth and the Company’s ability to generate meaningful free cash flow in 2013 and 2014, the Board of Directors has decided to strategically deploy its capital by authorizing the repurchase of common shares from time to time depending on market conditions,” said Michael J. Mardy, Interim Chairman of GMCR’s Board of Directors. Amortization of intangibles 529,494 $638.0 673,048 Capital expenditures for fixed assets $124,132 (25,685)Excess tax benefits from equity-based compensation plans 159,364,440 (0.10) (37,895) 0.07 565,883 91,032 (3,909) Fixed Assets acquired under capital lease obligations/vendor notes 15%Debt outstanding and capital lease obligations 791,197 2,371 Net income attributable to GMCR Other current assets Expenses related to SEC inquiry (1) 7,686 $714.9 (8,248) $390.8 $34,293 Liabilities and Stockholders’ Equity Net increase in cash and cash equivalents 134,788 $124,132 Amortization of identifiable intangibles (2) 12,989 23,812 Cash and cash equivalents at end of period $144.2 – Thirty-nine Business Outlook and Other Forward-Looking InformationCompany Estimates for Fourth Quarter and Fiscal Year 2012In its guidance for its fourth quarter (which contains 14 weeks), the Company refined estimates for its fiscal year 2012.For the fourth quarter of fiscal year 2012, the Company anticipates:Total net sales in the range of $889.9 million to $925.5 million, or net growth of 25% to 30%, from $711.9 million in the fourth quarter of fiscal year 2011.Fourth quarter 2012 non-GAAP earnings per diluted share in a range of $0.45 to $0.50 per diluted share, excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; and any impact from anticipated Company share repurchases.We anticipate the fiscal 2012 fourth quarter tax rate to be similar to the 37.7% year to date tax rate. Last year’s fourth quarter tax rate was 23.7% primarily attributable to the release of valuation allowances related to a $17.7 million capital loss carryforward and a $5.4 million net operating loss carryforward in the fourth quarter of fiscal 2011.For its fiscal year 2012, the Company anticipates:Total net sales in the range of $3.79 billion to $3.84 billion, or net growth of 43% to 45%, from $2.65 billion in fiscal year 2011.Fiscal year 2012 non-GAAP earnings per diluted share in a range of $2.21 to $2.26 per diluted share, excluding approximately $0.20 per share due to the amortization of identifiable intangibles related to the Company’s acquisitions; any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; any gain from the sale of the Filterfresh business; and any impact from anticipated Company share repurchases.Capital expenditures in the range of $475 to $525 million, down from prior estimates of $525 to $575 million.Slightly negative free cash flow for fiscal 2012.Company Outlook for Fiscal Year 2013The Company provided its outlook for its fiscal year 2013:Total net sales growth in the range of 15% to 20% over fiscal 2012.Fiscal year 2013 non-GAAP earnings per diluted share in a range of $2.55 to $2.65 per diluted share, excluding approximately $0.18 per share due to the amortization of identifiable intangibles related to the Company’s acquisitions; any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; and, any impact from anticipated Company share repurchases.Capital expenditures in the range of $380 million to $430 million.Free cash flow in the range of $100 million to $150 million.Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits such as transaction expenses related to the Company’s acquisitions including the foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition; any gain from sale of the Filterfresh U.S.-based coffee services business; legal and accounting expenses related to the SEC inquiry and pending litigation; and non-cash related items such as amortization of identifiable intangibles and losses incurred on the extinguishment of debt, each of which include adjustments to show the tax impact of excluding these items. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the “GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations” tables that accompany this document for a full reconciliation the Company’s GAAP to non-GAAP results.Conference Call and WebcastGreen Mountain Coffee Roasters, Inc. will be discussing these financial results with analysts and investors in a conference call and live webcast available via the Internet at 5:00 p.m. ET today, August 1, 2012. Management’s prepared remarks on its quarterly results will be provided via a Current Report on Form 8-K and also posted under the events link in the Investor Relations section of the Company’s website at www.GMCR.com(link is external). As a result, the conference call will include only brief remarks by management followed by a question and answer session. The call along with accompanying slides is accessible via live webcast from the events link in the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm(link is external). The Company archives the latest conference call for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, Passcode 5540931 from 9:00 p.m. ET on August 1, 2012 through 9:00 p.m. ET on Sunday, August 5, 2012.About Green Mountain Coffee Roasters, Inc.As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative Keurig® Single Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and donating a portion of its pre-tax profits to social and environmental projects.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.Forward-Looking StatementsCertain information contained in this release, including statements concerning expected performance such as those relating to net sales, earnings, cost savings, acquisitions and brand marketing support, are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Generally, these statements may be identified by the use of words such as “may,” “will,” “would,” “expect,” “should,” “anticipate,” “estimate,” “believe,” “forecast,” “intend,” “plan” and similar expressions intended to identify forward-looking statements. These statements may relate to: the expected impact of raw material costs and our pricing actions on our results of operations and gross margins, expected trends in net sales and earnings performance and other financial measures, the expected productivity and working capital improvements, the ability to maximize or successfully assert our intellectual property rights, the success of introducing and producing new product offerings, ability to attract and retain senior management, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing, the expected results of operations of businesses acquired by us, our ability to issue debt or additional equity securities, our expectations regarding purchasing shares of our common stock under the existing authorizations, and the impact of the inquiry initiated by the SEC and any related litigation or additional governmental inquiry or enforcement proceedings.These and other forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the successful acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, changes in regulatory requirements, and global economic conditions generally which would include the availability of financing, interest, inflation rates and investment return on retirement plan assets, as well as foreign currency fluctuations, risks associated with our information technology systems, the threat of data breaches or cyber-attacks, and other risks described in the Company’s filings with the Securities and Exchange Commission.Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.GMCR-C Net income attributable to GMCR $26,970 5,160 622 157,349 June 25, 18,258 $56,348 Supplemental disclosures of cash flow information: $43.9 471,374 724 $42.3 $138,988 Third Quarter Fiscal Year 2012 Performance Highlights – Depreciation Net income attributable to GMCR Thirty-nine weeks ended June 25, 2011 Other long-term assets, net – 147,663,350 Cost of sales 98 $73,296 Current portion of long-term debt and capital lease obligations Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense.(4) 155,459,690 Thirteen 310,321 488,182 7,876 7,859 $271,465 15,341 83%Note: Complete GAAP to Non-GAAP reconciliation tables provided with this release.(*) EBITDA is earnings before interest, taxes, depreciation, and amortization. LTM is last twelve months. Other current assets Current assets: 4,643 31%Brewers and Accessories 174,708 Basic income per share: GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Cash Flows(Dollars in thousands) (305,532) After tax: After tax: 4,811 +250 bpsIncrease in obsolescence 421 $- Fixed asset purchases included in accounts payable and not disbursed at the end of each period – 7,671 $116.9 Retained earnings 2,084 $1.76 11,475 Represents legal and accounting expenses related to the SEC inquiry and pending litigation classified as general and administrative expense.(2) (48,244) Amortization of identifiable intangibles (2) GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation(Dollars in thousands, except per share data) Amortization of identifiable intangibles (3) Net income per common share – basic 40%Accounts receivable, net $425,159 GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation(Dollars in thousands, except per share data) 2012 108%Coffee 10,573 850 4,442 7,193 30%Non-GAAP $131,903 29,587 Fixed assets, net Accounts payable $131.9 Income tax expense $73.3 June 25, 1,095 (Decrease) $73,296 – Effect of exchange rate changes on cash and cash equivalents Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; No shares issued or outstanding Expenses related to SEC inquiry (2) Accrued compensation costs – Balance Sheet & Cash Flow Highlights – $(0.8) $76,138 $82,931 Intangibles, net $56,348 Non-GAAP net income per share 105.4 Commitments and contingencies (5,024) $229.4 (Decrease)Single-Serve Packs – (Decrease) $82.9 Basic weighted average shares outstanding 165,835 303,311 – Long-term liabilities related to assets held for sale GAAP 0.02 88,748 $0.47 265,511 Gain on sale of subsidiary (5) 95,512 Provision for sales returns 0.13 Third Quarter Fiscal Year 2012 Financial ReviewNet Sales 0.01 – Non-GAAP net income per share $0.46 49,258 $249.5 179%Thirty-nine weeks free cash flow (*) (513) Represents legal and accounting expenses related to the SEC inquiry and pending litigation classified as general and administrative expense.(3) After tax: 1,589 435,414 Source: Green Mountain Coffee Roasters, Inc.  WATERBURY, Vt.–(BUSINESS WIRE) 8.1.2012last_img read more

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Vermonters First reappears with ads attacking ‘Democratic’ taxes

first_imgby Nat Rudarakanchana February 27, 2013 vtdigger.org Conservative super PAC Vermonters First has resurfaced for the first time since November, with two new ads on WCAX that blame Vermont Democrats for new gas, property and heating fuel taxes.The Vermont Press Bureau’ s Pete Hirschfeld broke the news Wednesday morning.The ads claim that Vermont Democrats are proposing at least $70 million in new tax revenues, levied against working Vermonters. The ads urge constituents to contact legislators and protest the taxes.Tayt Brooks, the group’ s founder, declined to comment.Ryan Emerson, a spokesman for the state’ s Vermont Democratic Party, said the ads are an unsurprising but ‘ disconcerting’ attempt by Vermonters First to lump Democratic politicians together as supporters of new taxes, at a time when Democrats haven’ t reached consensus on these controversial measures.‘ This is another attempt by Vermonters First to muddy the waters,’ Emerson said. ‘ It’ s too early in the session to see where the budget ends up. ‘¦ There hasn’ t been any broad-based agreement on the budget thus far.’‘ The $70 million [figure] may come from the projected budget shortfall,’ Emerson continued. ‘ If that’ s the case, there’ s a number of ways to address that, not just raising taxes.’ To imply otherwise, Emerson said, ‘ is just being dishonest to Vermonters.’At this point, two of the three tax proposals that Vermonters First highlights are still subject to fierce debate, though a 5-cent property tax increase cleared the House last week, backed by a unified Democratic vote over Republican objections.A 4 percent sales tax on gas is a Shumlin administration proposal now under discussion in the House Transportation Committee. A nonpartisan 65-member task force recommended a new excise tax on heating fuels in January.The state currently projects a budget shortfall of $50 million to $70 million in the upcoming fiscal year. A 1 cent property tax raise usually generates about $10 million in revenue, so the new proposal passed by the House would raise about $50 million, and keep track with a 5.5 percent increase in K-12 public education spending. The administration’ s gas tax would raise $28.24 million, or $36.5 million when combined with additional bonding. An excise tax on heating fuels could raise up to $30 million annually, but it’ s unclear whether that proposal will be acted on this session.Gov. Peter Shumlin didn’ t include a heating fuel assessment in his budget address, but later this week the House Natural Resources Committee members will vote on H.216, a bill that may fund energy efficiency by adding 0.5 percent to an established gross receipts tax on some fuels.Democrats don’ t plan to launch a counterattack or buy any advertising of their own, Emerson said.Meanwhile, at a press conference on Wednesday, Shumlin defended his gas tax proposal as a way to avoid sending $60 million in federal funds back to Washington, D.C., and said he’ d craft a bipartisan solution to the state’ s waning gas tax revenues.Asked if he cared about how politically unpopular gas and property tax hikes might be, Shumlin responded: ‘ I didn’ t run for governor to find the path of least resistance. I ran for governor for one reason: I want to create jobs, and prosperity, better income for those better jobs. And I will do anything sensible as governor to make that happen.’‘ I don’ t get up every morning and think: Well, is this going to be popular? Is this not going to be popular? I think: How can I be effective?’Emerson pointed out that because Vermonters First is tackling issues under legislative debate, it needs to formally register as a lobbyist with the Secretary of State, which the group did on late Wednesday afternoon.State statute requires any group lobbying on legislative issues to register within 48 hours of any lobbying.According to WCAX, the ads cost $7,800, and will appear 31 times, from today until March 1.last_img read more

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Trademark monitoring’ company settles with Vermont attorney general over deceptive mailings

first_imgThe Vermont Attorney Generals Office has reached a settlement with Trademark Monitoring Services, Inc., California, for mailing solicitations to Vermont businesses that misrepresented that the businesses owed it money for trademark-related services. Under the settlement, TMS must comply strictly with Vermont and federal law regulating through-the mail offers, pay full refunds to the businesses that sent it money, and pay $10,000 to the State of Vermont in penalties and costs.The office of Vermont Attorney General William H. Sorrell has received a number of complaints from individuals and businesses concerning unauthorized billings by out-of-state companies. Billing people for things they didnt agree to buy is a violation of Vermont law, said Attorney General Sorrell, and we will take legal action against companies that engage in that practice.Because of an increase in this type of billing, the Vermont legislature has decided to make the violation of law more specific. Today the Senate takes up an amendment to Vermont law previously passed by the House of Representatives that outlines the requirements for sending solicitations so that they will not be mistaken for bills.TMS, whose offices are located at 355 South Grand Avenue, Room 2450, Los Angeles, California 90071, and whose Chief Executive Officer is Artem Basan, offers services such as monitoring trademarks and service mark registrations and searching for similar trademarks. The cost of these services ranged from $485 to $1,285 per year.TMS sent mailings to 18 Vermont businesses, resulting in payments by three of them, two of which stopped payment on their checks. In the absence of any evidence to the contrary, the Attorney General concluded that the TMS mailings misrepresented that businesses owed it money, by using language such as PROCESSING FEE â ¦ DUE NOW, PAST DUE NOTICE, Final Date for Payment, and YOU MUST PAY THE FULL AMOUNT DUE BY [DATE] TO AVOID ADDITIONAL PENALTIES AND LATE FEES.In addition, TMS mailings did not contain as prominent a disclaimer as is required by the United States Postal Service for through-the-mail solicitations that could reasonably be considered a bill, invoice or statement of account due.According to the Attorney General, these practices violated the Vermont Consumer Protection Acts prohibition on unfair and deceptive acts and practices in commerce.For more information on the settlement, call the Attorney Generals Office at (802) 828-5507.VAG 5.8.2013last_img read more

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US Census: Counties in Vermont have lower than average wages

first_imgEmployment in Vermont’s only large county, Chittenden, increased 0.2 percent from December 2011 to December 2012, the US Bureau of Labor Statistics has reported. (Large counties are defined as those with employment of 75,000 or more as measured by 2011 annual average employment.) The employment gain in Chittenden ranked 274th among the 328 large counties in the nation, and was below the national increase of 1.9 percent. Vermont overall ranks 38th nationally in average weekly wages.Nationally, employment increased in 287 of the 328 largest counties from December 2011 to December 2012. The largest over-the-year percentage increase in employment was recorded in Elkhart, Ind., up 7.4 percent. Sangamon, IL, posted the largest over-the-year decrease in employment among the large counties in the US with a loss of 2.5 percent.Employment in Chittenden County was 98,986 in December 2012, accounting for 32.3 percent of employment statewide. Nationwide, the 328 largest counties accounted for 71.3 percent of total U.S. employment. The average weekly wage in Chittenden County rose 4.1 percent from the fourth quarter of 2011 to the fourth quarter of 2012 to $981. (See table 1.) Nationally, the average weekly wage increased 4.7 percent over the year to $1,000.Employment and wage levels (but not over-the-year changes) are also available for the 13 counties in Vermont with employment below 75,000. All 13 smaller counties in Vermont had average weekly wages below the national average. (See table 2.)Large County Wage ChangesChittenden County’s 4.1-percent wage increase from the fourth quarter of 2011 to the fourth quarter of 2012 placed 104th nationally. (See table 1.) Nationwide, 316 of the 328 largest counties had over-theyear increases in average weekly wages from the fourth quarter of 2011. San Mateo, Calif., had the largest wage increase among the largest U.S. counties (107.3 percent).Of the 328 largest counties, 10 experienced over-the year decreases in average weekly wages. Lake, Ohio, had the largest average weekly wage decrease with a loss of 3.2 percent. Passaic, N.J., had the second largest decrease in average weekly wages, followed by Genesee, Mich.; Atlantic, N.J.; and Benton, Wash.Large County Average Weekly WagesThe average weekly wage in Chittenden County placed 109th among the 328 largest U.S. counties in the fourth quarter of 2012. The county’s $981 average weekly wage was $19 below the national average.Among the highest-paid large U.S. counties, San Mateo, Calif., held the top position with an average weekly wage of $3,240. New York, N.Y., was second with an average weekly wage of $2,107, followed by Santa Clara, Calif. ($1,906), and Suffolk, Mass. ($1,724).Horry, S.C. ($576) reported the lowest wage nationwide, followed by the counties of Cameron and Hidalgo, Texas ($609 and $612, respectively). Wages in the lowest-ranked county, Horry, were less than one-fifth of the average weekly wage reported for the highest-ranked county, San Mateo, Calif.Average Weekly Wages in Vermont’s Smaller CountiesThe 13 counties in Vermont with employment below 75,000 had average weekly wages lower than the national average of $1,000. Among these smaller counties, Washington had the highest wage ($861) followed by Franklin ($820). Essex reported the lowest weekly wage, averaging $638 in the fourth quarter of 2012.When all 14 counties in Vermont are considered, 4 reported average weekly wages under $699, 7 had wages from $700 to $799, and 3 had wages of $800 or more. The lowest paid counties, those with wages below $699, were generally located in the northern part of the state. (See chart 1.)last_img read more

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Public bank advocates press for study

first_imgby Hilary Niles vtdigger.org Proponents of a state-owned ‘public bank’ want policymakers to consider alternatives to depositing taxpayer funds with out-of-state shareholders. The renewed call coincides with a $53 million civil penalty settlement by TD Bank, the state’s primary depository.The state of Vermont kept an average end-of-day balance upwards of $236 million with TD Bank in fiscal year 2013. The American subsidiary of Canadian banking giant Toronto-Dominion Bank held about two-thirds of all the state’s unrestricted funds and earned about $787,000 for its services, according to a July memo from State Treasurer Beth Pearce to state Sen. Anthony Pollina, P-Middlesex.Pollina, who is co-chair of the Senate Government Operations Committee, asked how much TD Bank held because he wants to know what would happen if that money never left Vermont.It’s an intriguing question, Secretary of Administration Jeb Spaulding said, and one that’s been asked before. Spaulding, who previously served as state treasurer from 2003 to 2010, said the case has never been made that a state-owned bank is more advantageous than commercial banking.‘Another study wouldn’t be high on our list,’ Spaulding said.A formal study is just what Pollina is aiming for.‘Right now, we pay our taxes, the money’s deposited primarily into TD Bank, they take our money, and they lend it out any way they want, not necessarily prioritizing Vermont,’ Pollina said. ‘They lend from to New Jersey to China. They make a profit off our money and that goes into the pockets of shareholders.’Pollina argues that state government could save on the interest and fees if, instead of depositing money with and then borrowing from corporate banks, ‘we had the potential to use our own money and essentially borrow from ourselves.’To help test the theory, Pollina also asked Pearce about 10 years’ worth of bonding the state had sold (almost $300 million in new general obligations), projected bonding in the coming years (more than $80 million annually through fiscal year 2015), the amount of interest paid on said bonds (close to $225 million in the last 10 years) and the cost of bonding through management fees, commissions and other related costs (about $4 million since 2004).Pearce, who was attending a conference Monday, was unable to comment for this article. In her summer memo, she said the state had chosen to place the majority of its unrestricted funds with TD Bank because it gets the best interest rate there. She added that the lockbox services the bank provides ‘ essentially, handing physical checks ‘ would be too cumbersome and costly an enterprise for the state to undertake on its own.And that’s an important consideration for Rep. Cynthia Browning, D-Arlington. She said she’s reluctant to see the state take on any function that may be provided better by private industry, but she wants to understand more about why state funds are deposited the way they are.Recent law enforcement actions against TD Bank particularly piqued Browning’s interest. Facing the first civil penalty of its kind leveled by the U.S. Treasury’s new Financial Crimes Enforcement Network, TD Bank has agreed to pay $52.5 million to settle charges that it failed to report suspicious activity related to a $1.2 billion Ponzi scheme based in Florida.Secretary of Administration Jeb Spaulding. Photo by Josh Larkin/VTDigger‘I’m not saying we should only be investing in Vermont banks,’ Browning said, acknowledging her preference to shop around for the best prices and returns on investment. ‘But I really question rewarding banks that are part of this kind of misbehavior, or at least that are this sloppy with â ¦ deposits.’TD Bank could not be reached for comment before publication.Alleged misbehavior aside, some public banking advocates feel the private banking sector has thwarted the state’s study of public banking options.The specific structure of a state bank in Vermont, much less how it would be regulated, are far from answered, admits Gwen Hallsmith. As founder of consulting firm Global Community Initiatives, she’s working with Vermonters for a New Economy, a group that’s pressing the public banking issue. Hallsmith emphasized that her discussion of public banking stems solely from her role as a private citizen, not in relation to her work as director of planning and community development for the City of Montpelier.‘If the bill to study the idea of a public bank and its economic impact were actually done, instead of being blocked by the bank lobby, then we could answer those questions,’ Hallsmith said. ‘I don’t think we’re ready to (start one) tomorrow.’How a public bank may workOne of the central questions about public banks is whether they would compete with private banks for business.To some extent, Vermont already handles certain lending on its own: The Vermont Economic Development Authority provides business loans, the Vermont Housing Finance Agency finances affordable housing, the Vermont Student Assistance Corp. assists Vermonters seeking post-secondary education, and the Vermont Municipal Bond Bank facilitates loans for capital projects in cities and towns.The first task on the agenda for Pollina’s proposed study committee, if it’s approved in the 2014 legislative session, would be to evaluate the possibility of consolidating those operations into one state agency. The potential is not without complications, according to a brief 2010 report by the Legislature’s Joint Fiscal Office, which took a preliminary peek at how North Dakota’s success with public banking may or may not translate to Vermont.The proposed study’s second goal would be to look at moving the state’s deposits out of private banks and into a public institution. The state bank wouldn’t accept deposits from individuals or private entities; it would just manage the state government’s own money. Yet here is where potential competition with private industry may come into play.The JFO authors noted in 2010 that the entities currently holding the state’s cash deposits ‘would be adversely affected if they were all directed toward a state bank.’Worry about cutting into the record profits of multinational banks may not keep everyone up at night, but a state bank’s impact on smaller community banks is another matter ‘ and stakeholders appear unclear on how that prospect may affect Vermont-chartered institutions.‘Everything sounds good,’ Spaulding said. ‘We like co-ops, I like co-ops, and a public bank sounds great.’ But the advantages may unintentionally undermine other assets, he warned. ‘We don’t want to do anything to undermine community banks and their relationships with local communities.’Pollina and Hallsmith say state bank could help community banks stay afloat in an increasingly consolidated market, they argue.Banks collateralize the deposits they hold, so smaller banks are by nature limited in the amount they’re able to manage, Hallsmith said. By serving as a back-stop or capital lender for local entities, a state bank may help community banks both manage more money and extend more funds through retail loans, she suggested.Pollina said that’s what’s transpired in North Dakota, which started its own state bank in 1919.‘The banks there love the North Dakota state bank. Because when they need more money, they don’t turn to Wall Street to borrow. They turn to their own state bank to borrow,’ he said. ‘A lot of the lending that takes place would still happen through the local banks.’But it may happen with a lower interest rate, he said, because the state may be able to afford charging less. Shareholders wouldn’t be clamoring for profits, and the nature of lending to ‘neighbors’ may keep prices down, he said.A state bank’s sustainability and profitability would be hard to predict, however. The JFO report questions the amount and sources of capital it would require to launch, how a state bank would be regulated and what a realistic profit expectation may be.Pollina said the Government Operations Committee held onto S.55, which would create a study committee, until the next legislative session out of concern that pending amendments from other senators would dilute and divert its mission. He intends to revisit the proposal in 2014 and draft new legislation related to public banking this fall.In the meantime, Hallsmith said, a private study of a state bank’s economic impacts is forthcoming. After a prior bill to create a study committee failed in the Legislature, she worked to commission one by the Gund Institute for Ecological Economics at University of Vermont and the Political Economy Research Institute at the University of Massachusetts, with funding from the Donella Meadows Institute, where she holds a seat on the board.last_img read more

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Vermont Tech adds three sustainable design and technology degree programs

first_imgVermont Technical College,The growing fields of sustainable design and technology are quickly developing in the state of Vermont and beyond, and Vermont Tech is pleased to announce the addition of three expanded Bachelor of Science degrees to educate students in these innovative areas. Enrolling first-year students for the fall of 2014, the new degrees are Green Building Design, Renewable Energy and Sustainable Land Use. These degrees are designed to prepare students to secure meaningful work in these technical fields or pursue graduate studies.’ ‘The development of these three degrees provides expert preparation for students in a series of cross-disciplinary and growing technical fields,’ said President of Vermont Tech, Dr Philip Conroy. ‘Graduates of these programs will have the skills and expertise to develop into industry leaders or continue their education in a master’s degree program.’The curriculum for the expanded Sustainable Design and Technology degrees emphasizes the application of sustainable technologies in service to a vibrant and adapting economy. The Green Building Design degree focuses on the design of buildings and communities that can power themselves without the use of fossil fuels, using efficient and innovative technologies to harness the energy of the sun, earth and wind.The Renewable Energy degree integrates studies in engineering, technology, science and business to prepare graduates to design, implement and manage renewable energy systems and similar technologies. Students learn to evaluate renewable resources, complete site assessments, design systems, model system performance, utilize data acquisition tools and integrate energy systems into landscapes, buildings and communities.The Sustainable Land Use degree prepares graduates to design and manage land use projects through the combined studies of engineering, technology, science and business. Students learn to evaluate natural and cultural resources, perform site assessments, design conserved land and residential/commercial development projects, model system performance, utilize data acquisition tools, and integrate sustainability into land use and human practice.‘As Vermont continues to position itself as a leader in sustainable technologies and design, Vermont Tech is proud to be able to provide the practical education our workforce and economy needs,’ noted Conroy.About Vermont Tech ‘ Vermont Tech is the only public institution of higher learning in Vermont whose mission is applied education. One of the five Vermont State Colleges, Vermont Tech serves students from throughout Vermont, New England, and beyond at its two residential campuses in Williston and Randolph Center, regional campuses in Brattleboro and Bennington, and at five nursing campuses located throughout the state. Vermont Tech takes an optimistic, rooted and personal approach to education to support students in gaining the confidence and practical skills necessary to not only see their potential, but to experience it. Our academic programs encompass a wide range of engineering technology, agricultural, health, and business fields that are vital to producing the knowledgeable workers needed most by employers in the state and in the region.’  www.vtc.edu(link is external).last_img read more

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Ski Vermont boasts record number of pre-Thanksgiving resort openings

first_imgComing off the heels of one of the best seasons in 20 years, Vermont begins the 2013-14 season with record breaking openings. Due to investments in snowmaking and cooperating temperatures in November, Vermont will have ten resorts open to the public by November 23, 2013.’ ‘We can attribute earlier openings to the Vermont’s expanding investments in state-of-the-art, highly efficient snowmaking,’ said Ski Vermont President Parker Riehle. ‘Newer technology in snowmaking not only bolsters our 80% statewide snowmaking coverage, but allows resorts to produce better quality snow at variable temperatures, extending the ski and snowboard season in Vermont. We can’t recall the last time we had 10 resorts open the week prior to Thanksgiving, and it is likely the first time ever.’Killington Resort was the first to open the weekend of October 25 and currently has top to bottom skiing with 24 trails open. Okemo Mountain Resort, Mount Snow Resort and Bromley Mountain all followed suit opening in mid-November. Okemo opened with top to bottom skiing for the first recorded time in history due to their $1 million investment called Operation Snowburst, and continues to expand terrain by pumping 7,000-9,000 gallons of water per minute into the snowmaking system.In just 52 hours Mount Snow’s snowmaking team produced enough snow to allow the resort to open six trails on November 15 with top-to-bottom terrain and a terrain park, the earliest opening since 2007. The night prior, Mount Snow’s high output fan guns were turning about 100 gallons of water per minute into snow.Perhaps the most surprising opening was Rikert Nordic Center in Ripton, VT.’  Rikert started making snow on November 9 showcasing a growing trend in snowmaking investments at Nordic resorts in Vermont with seven cross-country centers boasting this critical technology. Rikert opened on Saturday November 16 to the public and photos can be found on the Facebook page.Opening day will occur this weekend at five more resorts: Stratton Mountain Resort, Sugarbush Resort, Stowe Mountain Resort, Jay Peak Resort and Smugglers’ Notch Resort.‘I’ve never seen so much snow on the trails for opening day, and I’ve been here for 27 years,’ said Stratton’s’ snowmaking manager Kevin Booth. ‘We can thank a great stretch of snowmaking weather.’Stowe Mountain Resort will open with more terrain than usual, including one of their famed Front Four trails, Liftline. This can be attributed to their $8.1 million investment in snowmaking over the last year.Mother Nature has also done her part at some resorts, such as Jay Peak who already recorded up to 4’ of snowfall by November 13th. Watch the video here.November 21, 2013 Ski Vermont‘last_img read more

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About five jobs to be lost in Vermont as Velan consolidates

first_imgVelan Valve Corporation,Vermont Business Magazine The Velan Valve plant in Williston will lose about five workers as the steep fall in oil prices has caused its Montreal-based parent company to cut back. VBM estimates that there 160 employees in Vermont. Velan reports that it did $150 million in revenues in 2014. In the context of the downturn affecting the oil and gas industry, Velan Inc (TSX: VLN(link is external)), a world-leading manufacturer of industrial valves, is reducing its number of employees by about 110 through a combination of temporary layoffs and elimination of certain positions in its North American facilities. The company is also announcing plans to transfer production from one of its Montreal plants, located on Ward Avenue in Ville St-Laurent, to the plant adjacent to the head office, also located in Ville St- Laurent, thereby reducing its North American manufacturing footprint to improve operational efficiencies.Approximately half of the employees being released are in unionized jobs and the other half are management and staff. About 75% are in Montreal, 20% in Granby, Quebec and the remainder in Williston, Vermont. Some employees will retire, some lay-offs may be temporary, and all other employees affected by this decision will be offered work transition assistance from the Company. This will reduce the company’s global manpower by about 5%.The Ward Avenue plant is the oldest Velan plant dating back to 1956. The process to transfer production activities from the Ward Avenue building will be phased in over a period of nine to 12 months.It is anticipated that the overall estimated cost of the production transfer and the workforce reduction will amount to approximately US$2.5 million.Steps taken to improve performance”The layoffs were necessary as the result of an economic downturn that is impacting some of our important markets, especially the energy markets where the falling price of oil and the state of the global economy are creating uncertainty and affecting our bookings,” said Yves Leduc, President of Velan, “Against tough global competition, we need to become a more agile organization with a leaner cost structure. Meanwhile, in the weeks ahead, the Company and its management team will introduce a series of strategic initiatives designed to revitalize our growth and improve our operational performance.”Tom Velan, CEO of Velan, stated, “This was a very difficult decision but, when there is a downturn in our markets and our customers have to reduce their spending, we also have to downsize. We deeply regret the impact on our employees and their families and I hope that we can assist the employees who aren’t retiring to find new jobs despite the tough economy.”About VelanFounded in Montreal in 1950, Velan Inc. (www.velan.com(link is external)) is one of the world’s leading manufacturers of industrial valves, with sales of US$456 million in the fiscal year ended February 28, 2015. The Company has manufacturing plants in 10 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.MONTREAL, QUEBEC–(Marketwired – September 15, 2015) – Velanlast_img read more

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Christopher Ziegler wins 2016 Norman R Alpert Research Prize

first_imgBioTek Instruments,Vermont Business Magazine BioTek Instruments is pleased to congratulate Christopher Ziegler as the recipient of the 2016 Norman R Alpert Research Prize. Ziegler is a graduate student in the Cellular, Molecular and Biosciences (CMB) program at the University of Vermont (UVM), and was responsible for characterizing a new aspect of virology that helps to explain the basis for production of defective interfering viruses. This is detailed in his March 2016 PLoS Pathogens publication, “The Lymphocytic Choriomeningitis Virus Matrix Protein PPXY Late Domain Drives the Production of Defective Interfering Particles(link is external)”.Dr Nicholas H Heintz, former CMB Program Director at UVM, officially announced Ziegler as the winner, saying, “Chris supplied substantial intellectual capital to the project, and collectively, his findings have important implications for understanding host-pathogen relationships.” The project focused on arenaviruses that produce a population of both infectious and defective particles. When infected, the production of defective particles ensures that host animal does not die, but rather is able to spread the virus to other animals, including humans. Dr. Heintz further explains, “The real surprise in Chris’s findings was that the molecular pathways for producing defective and infectious viruses differ, implying that the ratio of the virus particles can be fine-tuned in response to environmental conditions.”The annual Norman R Alpert Research Prize is sponsored by BioTek Instruments to honor the company’s founder, who also served as Professor and Chair of the Department of Molecular Physiology and Biophysics at the University of Vermont for almost thirty years. In addition to his internationally recognized expertise in cardiac hypertrophy, Dr. Alpert was passionate about teaching and especially mentoring young scientists, and this Research Prize continues his legacy of encouraging and developing talent at UVM in bioscience fields. Nominated UVM students and their published manuscripts are evaluated for research quality, originality, creativity and impact on the respective field by a UVM faculty-based committee, and the finalist receives a certificate and cash award from BioTek Instruments.BioTek Instruments, Inc, headquartered in Winooski, VT, USA, is a worldwide leader in the design, manufacture, and sale of microplate instrumentation and software. These technologies are used to aid life science research, facilitate drug discovery, provide rapid and cost-effective analysis, and enable sensitive, accurate quantification of molecules across diverse applications. BioTek espouses a “Think Possible” approach that sets the tone for fresh ideas, unsurpassed customer service and original innovations. As such, they are often honored for local accomplishments and technological innovations, including Best Places to Work in Vermont,North American New Product Innovation Award for Workflow Solutions in Life Sciences, andScientists’ Choice Awards®: Drug Discovery Product of the Year and Best New Life Sciences Product.Source: August 31, 2016, WINOOSKI VT, USA – BioTeklast_img read more

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Encore Renewable Energy commissions two 1.4 MW solar projects

first_imgAbove, Hyde Park solar. Below, Stowe solar project. Encore photos.Vermont Business Magazine Encore Renewable Energy has commissioned of two separate 1.4 MW solar arrays for the Town of Stowe Electric Department and Village of Hyde Park Electric Department, respectively. Both projects were financed with low interest debt under the US Treasury Department’s Clean Renewable Energy Bonds (CREBs) program. The low cost of capital associated with the CREBs financing, along with cost savings afforded by the concurrent development and construction of the two projects, will allow both municipal electric departments to own these assets at generation costs well below market rates for Purchase Power Agreements for similarly sized third-party owned projects. The projects will also afford both utilities with protection against compliance payments under the State of Vermont’s recently enacted Renewable Energy Standard.“I reached out to Encore Renewable Energy early in the concept phase of the project and they worked diligently with The Village of Hyde Park toward completing the project development process and without cost to the Village to find the best site possible for our solar project and subsequently to support the public approval process for the project. The Encore team delivered this important project for our ratepayers at a total project cost that results in significant long term electric savings for the Village. Encore Renewable Energy was key to the success of Hyde Park Solar, Waterhouse Project. We look forward to working with Encore again.” said Carol Robertson, General Manager of The Village of Hyde Park.“The Stowe Electric Department appreciates the professional and comprehensive approach that Encore Renewable Energy brought to the development of this important project for the ratepayers in our community. Working in parallel on a similar project for our neighboring public utility in Hyde Park and under an extremely tight timeline, Encore provided the high quality project development and management services necessary to bring our project to reality, and we couldn’t be more pleased with their work” said Ellen Burt, General Manager of Stowe Electric Department.Encore was responsible for coordinating and managing all aspects of the projects including siting, design, permitting, financing, construction and commissioning activities. Encore also ran a competitive auction process to secure the most qualified construction contractor at the lowest price possible for both projects.The Stowe project is sited on an abandoned portion of the Town of Stowe gravel pit. The Hyde Park project is located adjacent to one of the largest commercial customers within the municipal electric service territory. “Encore is thrilled to have been able to support both Stowe Electric Department and the Village of Hyde Park on these two unique and groundbreaking solar projects”, said Chad Farrell, Encore’s Founder and President. “These projects are the culmination of a significant amount of work across a number of different organizations and we are pleased to be able to be of assistance in the delivery of clean, renewable energy for these two municipal electric departments at extremely competitive price points.”About Encore Renewable EnergyEncore is a Burlington, Vermont-based leading clean energy development company focusing on commercial, industrial and community-scale solar PV systems and 21st century solutions for underutilized property. Founded in 2007 as Encore Redevelopment, Encore specializes in the design, development, financing, permitting, and construction of renewable energy projects. For more information about Encore, visit EncoreRenewableEnergy.com(link is external)Source: Encore 10.7.2016last_img read more

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