Vermont Organic Fiber March 15,2006 To contact Allan Brittondirectly, call (802) 388-1344 or email him email@example.com(link sends e-mail) In making the announcement Matthew Mole, founder of Vermont OrganicFiber, said “Al’s combination of professional experience and academic trainingwill increase our ability to develop new products and processes that will benecessary to develop the organic wool market as a whole.” To learn more about VermontOrganic Fiber, visit www.vtorganicfiber.com(link is external) Middlebury,VermontNew ChiefOperating Officer for Vermont Organic Fiber For ImmediateRelease Allan Britton Joins Middlebury Firm 802.388.1313 (fax)802.388.4351 for more informationcontact: “We are excited to have Al join our team and feel that he will allow usto better our ability to further develop and supply the emerging market forcertified organic wool products,” says Mole. “He understands our mission and hasthe skills and experience that are perfect for our young, fast-growingcompany.”### Matthew Mole Founded in January 2000 Vermont Organic Fiber has quickly become a globalleader in the development and supply of certified organic wool products. Thecompany works with a worldwide network of wool producers and processors to meetthe certified organic fiber needs of its customers. The company is expert insourcing and managing the production of the highest quality wool yarns, fabric,and batting. With more than fifteen years of experience in developing thecertified organic “eco” fiber market, the Vermont Organic Fiber Company iscommitted to the highest quality products and sustainable business practicesthat support and facilitate healthy individuals, farms, and communities. Allan T. Britton (whose picture appears below) has joined Vermont OrganicFiber of Middlebury as Chief Operating Officer. He brings more than 25 years ofprofessional experience in textile manufacturing, management, and operations. Inaddition to his extensive professional experience Al also has a Ph.D. in PolymerChemistry from the College of Environmental Science and Forestry at SyracuseUniversity and a MBA from the University of New Hampshire.
Monthly Archive: January 2021
100-year-old Ray Jenkins NamedVermont’s Outstanding Older WorkerESSEX JUNCTION, Vt. – H.F. ‘Ray’ Jenkins, who turns 100 years old on Tuesday, July 18, has been named Vermont’s Outstanding Older Worker by the Experience Works Prime Time Awards Program.The honor, presented to one working individual over age 65 in each state, is given by the non-profit organization, based in Arlington, Va., to highlight people who are still contributing to their communities and keeping themselves healthy by working.The announcement of the award was made by Vermont’s Lt. Gov. Brian Dubie on Saturday, July 15 at a special open house held at the Champlain Valley Exposition held to honor Jenkins as he approached his century-mark birthday.These award recipients are selected through an extensive grassroots effort in every state, the District of Columbia and Puerto Rico. Selection committees look for individuals who best reflect the characteristics of leadership, lifelong learning, mentoring and community service, and who continue to make meaningful contributions in the work force.Jenkins, who lives in Colchester, retired as an engineer from IBM when he was 65. He has worked at the Champlain Valley Exposition for 27 years and is currently Maintenance Coordinator, working 40 hours a week as a seasonal employee (March 15-October 15). He oversees the work of three employees and coordinates the efforts to maintain the Exposition’s fleet of trucks, tractors, mowers, golf carts and other maintenance equipment.Jim Gometz, Director of Operations for the Exposition, described Jenkin’s work ethic as amazing. His ability to see the whole picture, isolate a problem and then come up with a workable solution is one of his greatest strengths. Gometz spearheaded the nomination effort earlier this year and feels the Experience Works made the right choice. “Ray has truly earned this honor. He is loved and respected by all his fellow workers and the community of friends he has made over the years working at the Exposition.”The Outstanding Older Worker awards will be presented to Jenkins and winners from the other states in Washington D.C. in October.For more information about Experience Works,visit www.experienceworks.org(link is external)
Central Vermont Public Service (NYSE: CV) reported today consolidated earnings of $21 million, or $1.66 per diluted share of common stock, for 2010, compared to $20.7 million, or $1.74 per diluted share of common stock, for the same period in 2009. The lower 2010 earnings per diluted share of common stock are due to the completion of its common stock at-the-market program (’ATM’ see below). Other operating expenses decreased $4 million, comprised principally of a decrease in transmission expenses of $8.9 million, resulting from higher NOATT reimbursements, partially offset by higher rates from ISO-NE. Under the provisions of our alternative regulation plan, changes in transmission costs are subject to true-up in rates so there is no bottom-line impact. Other operating expenses included a reduction in reserves for uncollectible accounts of $2.1 million primarily due to a large customer bankruptcy in 2009 and subsequent recovery in 2010. These decreases were partly offset by increased service restoration costs of $5.6 million, of which $3.4 million of major storm costs were deferred under our alternative regulation plan; increased employee benefit costs of $1.2 million; increased environmental reserves and insurance costs of $0.9 million; increased depreciation expense of $0.6 million; increased property and other taxes of $0.7 million; and increased production fuel costs of $0.5 million. Interested parties may listen to the conference call live on the Internet by selecting the “CVPS 2010 Year End Earnings Call’ link on the “Investor Relations” section of the company’s website at www.cvps.com(link is external). An audio archive of the call will be available later that day at the same location or by dialing 1-877-660-6853 within the U.S. or internationally by dialing 1-201-612-7415 and entering Account 286 and Conference ID 365459. 341,925 21,098 Resale revenue decreased due to lower 2010 contract prices associated with the sale of our excess energy, and a decrease in volumes sold due to the scheduled refueling outages at the Vermont Yankee plant and Millstone Unit #3. The provision for rate refund is primarily the net deferrals and refunds of over- or under-collections of power, production and transmission costs as required by the power cost adjustment clause within our alternative regulation plan. This increase included the unfavorable impact of $3.6 million of net deferrals and refunds in 2010 vs. the unfavorable impact of $1.7 million of net deferrals and refunds in 2009. The increase in retail revenue primarily resulted from a 5.58 percent base rate increase, effective January 1, 2010, in addition to a resurgence of retail demand in the second half of 2010. Other operating revenue increased primarily due to higher levels of mutual aid performed for other utilities in 2010 and the sale of renewable energy credits. $20,586 1,511 Condensed Income statement Dividends declared on preferred stock 2,286 $2,676 $0.92 $0.18 Per common share data $1.66 Earnings per share for 2010 reflect the impact of shares issued under our ATM program. From April to December 2010, CV sold an aggregate of 1,498,745 shares in open market trading and direct placements under this program for aggregate gross proceeds of approximately $30.6 million. The sale of shares under this program has been completed. The net proceeds of the offering were used for general corporate purposes. 2011 Earnings GuidanceCV anticipates annual 2011 earnings to be in the range of $1.60 to $1.75 per diluted share. The earnings range reflects an approved retail rate increase of 7.46 percent effective January 1, 2011 and an allowed rate of return of 9.18 percent in 2011, down from 9.59 percent in 2010. 2010 2,490 38,485 Higher purchased power expense $0.18 Twelve Months 40,736 368 Total operating expense Higher equity in earnings of affiliates $1.74 0.03 Total operating revenues 11,335 $710,746 324,470 Central Vermont Public Service Corporation ‘ Consolidated 2010 results compared to 2009Operating revenue decreased $0.2 million, including a $16.3 million decrease in resale revenue and a $1.9 million decrease in the provision for rate refund, offset by a $16.9 million increase in retail revenue and a $1.2 million increase in other operating revenue. (2,183) 2010 vs. 2009 2,180 (Lower) higher other income, net 44,084 $2,069 Year-over-Year Effects on Earnings : $1.66 11,764,277 $272,728 ‘We continue to make steady progress,’ Executive Chairman, Bob Young said. ‘Increased demand in the second half, attributable to warmer weather during the summer and some easing of the economic problems of the past couple of years, helped significantly. Earnings Release Refer to our 2010 Form 10-K for additional informationForward-Looking StatementsStatements contained in this press release that are not historical fact are forward-looking statements intended to qualify for the safe-harbors from the liability established by the Private Securities Litigation Reform Act of 1995. Statements made that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Actual results will depend, among other things, upon the actions of regulators, performance of the Vermont Yankee nuclear power plant, effects of and changes in weather and economic conditions, volatility in wholesale electric markets, volatility in the financial markets, and our ability to maintain our current credit ratings. These and other risk factors are detailed in CV’s Securities and Exchange Commission filings. CV cannot predict the outcome of any of these matters; accordingly, there can be no assurance that such indicated results will be realized. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. CV does not undertake any obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this press release. Reconciliation of Earnings Per Diluted Share $294,406 2009 Earnings per diluted share 4,276 $0.92 Income tax (benefit) expense (0.18) Earnings per share of common stock – diluted 5,317 3 323,210 Supplemental financial statement data 0.20 86,953 Equity in earnings of affiliates increased $3.6 million, principally due to the return on the $20.8 million investment we made in Transco in December 2009. 2010 Dividends declared per share of common stock (0.04) 0.01 0.04 $188,300 $277,529 $71,997 Average shares of common stock outstanding – diluted 11,705,518 Resale sales (3,598) $0.92 Lower operating revenue 13,027 0.16 6,236 Purchased power expense increased $0.6 million over the same period in 2009 primarily due to increased purchases from independent power producers. Balance sheet (1,689) Other 3,203 $632,152 13,160 Other (includes income tax adjustments, impact of additional common shares and various items) 156,151 (91,405) Equity in earnings of affiliates increased $1 million for the same reasons described above. (Higher) lower taxes other than income 342,098 Operating expenses: Purchased power – affiliates and other 2010 vs. 2009 $129,733 42,042 37,957 13,194,390 5,241 157,982 Other operating expenses decreased $5.8 million, largely due to the $4.3 million decrease in transmission expenses primarily resulting from higher NOATT reimbursements, and a reduction in reserves for uncollectible accounts of $1.2 million primarily due to a large customer bankruptcy in 2009 and subsequent recovery in 2010. Changes in transmission expense are subject to true-up in rates so there is no bottom-line impact. Cash used for investing activities 81,121 2,091 13,343 3,802 1,078 $201,611 (0.07) Lower transmission expenses 160,774 0.03 92 (561) 11,560 Fourth quarter 2010 results compared to 2009Fourth quarter operating revenue decreased $1.4 million for many of the same reasons described above. $5,225 2009 $231,423 Equity in earnings of affiliates 20,749 4,468 84,667 17,472 $20,381 (5,942) 12,370,486 2010 Common Stock IssuanceOn January 15, 2010, we filed a Prospectus Supplement with the SEC, noting that we entered into an equity distribution agreement that allowed us to issue up to $45 million of common equity under an ATM continuous offering program. 5,033 Income tax expense (0.02) (Higher) lower maintenance expenses (excludes exogenous major storms) Other income: 17,455 Common stock equity ‘Vermont saw a decrease of roughly 1 percent in its unemployment rate in 2010, and we are seeing signs of an improving economy,’ Young said. ‘In the meantime, we will continue to focus on providing exemplary customer service, reliability and storm management. We firmly believe that CV’s value to investors is intrinsically tied to the value we create for our customers.’ 0.05 2009 (Higher) lower other operating expenses (excludes exogenous deferral) Interest expense 2,953 $0.23 $76,993 Fourth Quarter 54,279 CV reported fourth-quarter 2010 consolidated earnings of $5.3 million, or 40 cents per diluted share of common stock, compared to $2.2 million, or 18 cents per share, for the same period in 2009. ANNUAL REPORT (52,931) Cash provided by financing activities 20,954 2,753 $2,069 $1.74 92 $0.92 (0.16) Earnings available for common stock $0.40 7,545 $0.18 (7,117) WebcastCV will host an earnings teleconference and webcast on March 16, 2011, beginning at 11 a.m. Eastern Time. At that time, CV President and CEO Larry Reilly, Executive Chairman Robert Young and Chief Financial Officer Pamela Keefe will discuss the company’s financial results, as well as progress made toward achieving the company’s long-term strategy. Other, net $0.40 Twelve Months Ended December 31 $1.66 (dollars in thousands, except per share amounts) $0.00 About CVCV is Vermont’s largest electric utility, serving approximately 159,000 customers statewide. CV’s non-regulated subsidiary, Catamount Resources Corporation, sells and rents electric water heaters through a subsidiary, SmartEnergy Water Heating Services. Cash and cash equivalents at beginning of period Dividends paid per share of common stock 40,091 (0.01) Three Months Ended December 31 11,697,392 (0.13) 11,660,170 11,979 Other operating expenses 368 18,888 Cash provided by operating activities 15,059 11,482 12,405,866 744 Operating revenues: $2,088 Purchased power expense increased $2.8 million, including a $9 million increase in short-term purchases, due to higher retail load and higher replacement power requirements, largely offset by a $6.4 million decrease in purchases under long-term contracts, due to the extended scheduled refueling outage at the Vermont Yankee plant and lower capacity costs from Hydro-Quebec. $0.23 85,589 Investments in affiliates (1,632) 0.43 $0.40 $171,514 492 Total assets (5,640) Total other income Other income, net decreased $0.4 million, largely due to changes in the cash surrender value of variable life insurance policies included in our Rabbi Trust. $1.75 38,294 Earnings per share of common stock – basic Long-term debt (excluding current portions) $0.00 53,527 (0.05) 2010 Earnings per diluted share Cash Flows 13,144,056 $6,722 Net income (0.11) (0.04) 160,195 Average shares of common stock outstanding – basic Provision for rate refund 2,647 Retail sales Cash and cash equivalents at end of period Utility operating income Other income, net increased $0.7 million, largely due to higher non-utility revenues and higher interest and dividend income. Form 10-KOn Tuesday, March 15, 2011, the company filed its annual 2010 Form 10-K with the Securities and Exchange Commission. A copy of that report is available on our web site, www.cvps.com(link is external) , under the “Investor Relations” section. Please refer to it for additional information regarding our condensed consolidated financial statements, results of operations, capital resources and liquidity.
US Senator Bernie Sanders (I-VT) delivered the keynote address Tuesday at a conference on a cutting-edge Vermont initiative to improve energy efficiency, save consumers money and create good-paying jobs.Vermont was awarded $69 million in federal funds in 2009 to match an equal investment by the state’s utilities to develop a more efficient and more reliable electric system. The so-called smart-grid project will make Vermont the first state in the nation to provide high-tech meters in virtually all businesses and homes. By 2013, real-time information on energy consumption will let consumers make smarter choices.Sanders spoke at the conference hosted by the University of Vermont and Sandia National Laboratory, a world leader in energy research working with the state on implementation of the smart grid.‘I am excited about the partnership with the Sandia National Lab because of what that partnership can do to not only make us a leader in energy efficiency and sustainable energy but also in the process to create good-paying jobs for Vermonters,’ Sanders said afterward.A member of the Senate energy committee, Sanders has been instrumental in persuading the New Mexico-based national energy lab to open a New England satellite center at the University of Vermont.‘This is a big deal. We have before us an extraordinary opportunity â ¦ to be a leader for the nation,’ Sanders told the conference. ‘If we can pull off half of what I think we can, this will be a significant step forward.’A new Sandia-Vermont Center for Excellence would conduct advanced research that will bring the nation closer to energy self-sufficiency, increase energy efficiency, and develop a new green economy. This partnership will work with businesses and academic researchers to develop new technologies, new policies and new procedures.‘What Vermont offers Sandia, the Department of Energy, and the nation is a real-world model for this new research and technology,’ Sanders said.‘Over the long-term, this center will help create jobs and new educational opportunities for Vermont students and workers. It will make Vermont’s and America’s businesses more competitive both in the new technologies of the smart grid and locally distributed sustainable energy.’ Source: Sanders’ office. BURLINGTON, Vt., May 17, 2011
Governor Peter Shumlin and the Vermont Agency of Transportation today announced the roll out of a brand new web-based Public Information Project that was made possible through a partnership with Google. A new map, utilizing Google, will advance the emergency response effort following Hurricane Irene. The map can be found at the VTrans website: www.aot.state.vt.us(link is external). ‘In the wake of this unprecedented storm that has ravaged our infrastructure it is all hands on deck, and the state is working to assess both state and local roads and bridges,’ said Sue Minter VTrans Deputy Secretary. ‘A new and improved mapping system, which will be publicly available, will help us identify and publicize damaged infrastructure for the travelling public, as well as for our response team,’ she said. The Google map was established within 24 hours to meet the growing demands for accurate maps both for Agency personnel and for public information needs. The effort began when Matt Dunne, head of Google Community Affairs, contacted the Agency with the offer to assist, as they have done for states along the eastern seaboard impacted by Hurricane Irene. Google worked diligently along with VTrans IT staff, and within 8 hours a prototype was developed. The web-map ‘went live’ 24 hours later. ‘VTrans has been striving for some time to improve public information about road conditions, particularly during emergencies,’ Minter said, noting the limitations of their current system. ‘Google reached out to help us improve our public outreach and information. Without this support, we would not have been able to meet this important need,’ she said. Dunne explained, ‘We are pleased to have worked with the Vermont Agency of Transportation to put together a map documenting road and bridge closures, flooding and other information. We hope this map is helpful to the state and fellow Vermonters recovering from Hurricane Irene.’The map will be a dynamic product ‘in the making.’ It will be updated daily as more information becomes available. The public is also invited to add their information at the Agency website. VTrans’ public information project also includes a Call Center for people in search of traveler information. The Agency has been inundated with calls for assistance and responded by creating the following hotline: (800) 866-7099 which will be staffed between 7:00 AM and 5:00 PM. VTrans. 9.1.2011
Porter Airlines is launching seasonal service to Burlington, Vermont, this winter, expanding its US network and adding a new destination for passengers looking to enjoy a season on the ski hills. With twice-weekly roundtrip flights from Billy Bishop Toronto City Airport to Burlington International Airport beginning on Dec. 15 until April 8, passengers can enjoy easy access to some of Vermont’s best skiing and a rich assortment of local attractions.”This is a great partnership that will boost tourism in Vermont and provide an economic boost to our ski areas,” said Vermont Governor Peter Shumlin.In a joint statement, Senators Patrick Leahy and Bernie Sanders, and Rep. Peter Welch said, “Porter Airlines, Ski Vermont, Governor Shumlin, the Burlington International Airport and Customs and Border Protection came together to introduce the people of Toronto to the best skiing and riding in the U.S.A. This announcement underscores the ‘international’ in Burlington International Airport, creating seasonal scheduled nonstop service between Toronto and Burlington. While it will offer a much-needed influx of visitors to the state this winter, especially needed following the devastating blow of Hurricane Irene, it will also give Vermonters an unprecedented opportunity to visit and do business in Toronto.” Senator Leahy, Senator Sanders and Congressman Welch wrote to Porter Airlines this summer inviting them to begin service between Toronto and Burlington. This fall, the lawmakers have worked with the airport and other stakeholders to help iron out details surrounding clearing international visitors at the airport. “Our new service to Vermont is a perfect complement to our current winter schedule already featuring prime destinations such as Mont Tremblant and Quebec City,” said Robert Deluce, president and CEO of Porter Airlines. “Burlington offers access to an incredible array of spectacular ski hills, and a vibrant community to explore.”The Burlington schedule includes weekly roundtrips on Thursdays and Sundays, with the exception of long weekends which offer Thursday and Monday roundtrip options. One-way fares start as low as $99, plus applicable fees and taxes.Special Porter ski packages from Stowe Mountain Resort, Jay Peak, Smugglers Notch and Sugarbush will be offered at the Ski, Snowboard & Travel show in Toronto, October 13-16, and at www.skivermont.com(link is external) in the coming week.About Porter Airlines Porter Airlines is Canada’s third-largest scheduled carrier, based at Billy Bishop Toronto City Airport. Porter is an Official 4 Star Airline® in the World Airline Star Rating® by Skytrax, committed to offering speed, convenience and service as part of a premium travel experience. A refined journey begins on the ground with comfortable airport lounges and service-oriented team members. The experience continues seamlessly in the air with spacious interiors and well-appointed crew. Passengers enjoy complimentary services, including free in-flight wine, beer and premium snacks, all aboard modern aircraft.The airline currently offers flights to Toronto, Ottawa, Montreal, Quebec City, Moncton, Halifax, St. John’s,Thunder Bay, Sault Ste. Marie, Sudbury, Windsor, New York (Newark), Chicago (Midway), Boston(Logan), and has seasonal flights to Mt. Tremblant, Que. and Myrtle Beach, S.C.Join VIPorter frequent flyer program to earn a free flight after as few as five one-way trips. www.flyporter.com(link is external) SOURCE Porter Airlines Inc. TORONTO, Oct. 13, 2011 /PRNewswire