Month: January 2021

C & S to move headquarters out of Vermont

first_imgC & S Wholesale Grocers, based in Brattleboro, announced April 1 that it would move its headquarters to a campus-like setting in Keene, NH, by the end of 2003, taking with it 300 employees.C & S is the third largest wholesale grocer in the country and expects sales to reach $9.5 billion in 2002. It is also the largest Vermont-based company and ranked 20th by Forbes for privately held companies in the country. On Vermont Business Magazine’s Vermont 100+, C & S has been the largest Vermont-based company for over a decade, and the first to ever reach $1 billion in annual sales, accomplished in 1995.Vermont state development officials, along with local business leaders, had put together a package of tax incentives and offered to re-develop the closed Book Press, but the town of Keene also had incentives of its own, as well as the state of New Hampshire’s more desirable tax structure. The New Hampshire corporate tax, in this case, would be lower than Vermont’s even with the incentives, according to Vermont officials, and New Hampshire does not have a personal income, which is important in attracting and retaining workers.In the end C & S said, in a prepared statement, that the larger piece of land in the Black Brook Corporate Park made the option to move there more attractive.Company CEO Rick Cohen said, “C & S has outgrown its present headquarters. The construction of a new facility in Keene will greatly help us to continue to grow our business, attract additional employees, and provide our expanding corporate workforce with a first-class work environment.”On the Vermont side, state and local officials were disappointed, but pointed out that the existing warehouse and about 500 employees will remain in Vermont.The relationship between C & S has been strained at times, especially in the early 1990s when C & S applied for an Act 250 permit to build another Brattleboro warehouse. They met stiff local resistance and the case has become an icon for those who oppose or want to change the law. C & S eventually won a permit, but never built the warehouse, saying the restrictions that came with the permit were too onerous. They went on to build in North Hatfield, MA.The vast bulk of C & S’s business exists down the East Coast into the Mid-Atlantic states. The company’s business plan was to do the warehousing and distribution for supermarket chains, which the chains found cheaper than doing it themselves. C & S innovated “self-managed” warehouse teams to make the process more efficient on their end, and has managed to keep unions out.C & S was founded in 1918 in Worcester, MA, by Cohen’s grandfather. It moved to Brattleboro in 1981 to take advantage of the interstate system.last_img read more

CCV Offers Online Summer Course Options

first_imgReflecting the growing demand for classes that can be completed from apersonal computer anytime or anywhere, the Community College of Vermont isoffering over 120 credit-bearing courses during its summer 2004 session.Registration for online courses offered during the summer session is heldfrom April 26 to May 14.For Vermont college students looking to get a head start on the upcomingfall semester or looking to complete a degree requirement while away fromtheir home university for the summer, CCV’s online courses provide anaffordable and high quality option for meeting their educational goals.Credits earned at CCV are readily transferable and, with the convenienceof more than 120 online courses, students can enroll in a CCV course fromanywhere in the world. Vermont residents also benefit from CCV’s in-statetuition rates, the most affordable college tuition in the state.Online offerings cover a wide range of subjects, including business,computer science, humanities, math, science, and psychology. Among thenew classes offered this term are: Desktop Operating Systems, Introductionto Corrections, and The Literature of New England. The summer session alsoprovides a strong offering of cross-cultural courses, such as ModernMiddle East History, Peace & Turmoil in the 20th Century and Race,Ethnicity, Class & Culture. CCV is also offering 12 “hybrid” courses thatcombine online and classroom learning. These include: Human Anatomy &Physiology I & II, Natural History of Vermont, and Introduction toCounseling Theories & Practice. To view a full selection of summer onlinecourses, please go to is external).To help students acquire the special study skills required to besuccessful learners on the Web, CCV offers free online learning workshopsat each of the sites. Dates and times are listed on the Web site, or youcan contact your local CCV office.Students may register at is external) from April 26 to May 14, or atlocal CCV offices starting May 10. Classes for the summer session beginMay 24. Since many online classes fill quickly, early registration isrecommended. Financial aid is available to qualified students. For moreinformation call your local office or CCV’s online office in Newporttoll-free, at 1-800-287-4431.A Vermont State College, CCV offers associate degree and certificateprograms at 12 learning sites around the state located in Bennington,Brattleboro, Burlington, Middlebury, Montpelier, Morrisville, Newport,Rutland, Springfield, St. Albans, St. Johnsbury, and the Upper Valley.last_img read more

Governor Douglas announces $200,000 grant for Middlebury

first_imgA dental office that will provide access to dental care for low to moderate income individuals in Addison County, as well as the general population, will be getting a $200,000 boost from the state, Governor Jim Douglas announced Wednesday.In a ceremony at the future home of the Addison County Dental Center, Douglas presented a $200,000 Community Development Block Grant to the Town of Middlebury that will be used to help equip and furnish the offices on Merchants Row. This is an area which has been in need of additional dental care providers for some time, Douglas said. The Addison County Dental Center will focus on providing access to dental care for low to moderate income individuals, but will also be a resource for all of the people of Addison County.Douglas noted that the dental office, located in the former Citizens Bank site, is near the Addison County Transit Resources bus route and is also within walking distance of Middlebury College, the Mary Hogan Elementary School, Middlebury Union High School and the Mary Johnson Children’s Center.The center will have 4 treatment rooms, 4 dental chairs, a reception/business office area, a sterilization center and a lab.Middlebury Town Manager William Finger, and Peg Martin and Seymour Rettinger of the non-profit Addison County Dental Center were on hand to accept the check. We are very appreciative to the Vermont Community Development Program for this generous grant and are looking forward to a grand opening of this much-needed center this summer, said Martin, a board member of the Addison County Dental Center. As a result of this contribution, the financial goals of Addison County Dental Center are almost fully realized, making us a go-ahead project, Rettinger said. We will be reaching out to the community for contributions to finish our funding needs.The Governor praised the work of the Addison County Dental Center; the Town of Middlebury; and the Vermont Health Department, as well as the dedication of the staff at the Department of Housing and Community Affairs who work in the Vermont Community Development Program. These grants are important because they leverage other financial resources and help address critical housing, service, and economic development needs in our communities, Douglas said.The Agency awards the competitive grants based on recommendations of the Vermont Community Development Board and approval of Commerce and Community Development Secretary Kevin Dorn.For information about the Vermont Community Development Program, please see the Agency of Commerce and Community Development website at: is external)last_img read more

Cisco donates $88,000 in computer equipment for Champlain College’s IT studies

first_imgChamplain College,According to Ali Rafieymehr, dean of Champlain s Information Technology and Sciences Division (IT&S), the new equipment will help students take the skills they learn in the classroom directly to the workplace when they graduate.CISCO DONATES EQUIPMENT TO CHAMPLAIN COLLEGE: (From left) Ali Rafieymehr, dean of the Division of Information Technology and Sciences at Champlain College; Champlain College junior Ben Actis and Jim Hoag, assistant professor and program director of Computer Networking and Information Security show off some of the state-of-the-art computer equipment donated to the college by Cisco Systems for classroom use.Champlain College has received $88,000 in computer equipment that offers students studying computer security, information technology and web development and design a chance to learn their skills on state-of-the-art Cisco Systems equipment. Cisco Corporation is an important entity in today s computer networking and security environment. Their technology is prevalent in enterprise networks throughout the world, he noted. Cisco s generous donation provides our students with access to state-of-the art technology and enhances the hands-on learning environment.Champlain offers a wide range of areas of study and majors that will benefit from the new equipment, including Computer Networking and Information Security, Computer and Digital Forensics and Computer Information Technology. This donation provides an opportunity to associate networking and security concepts taught in courses with a new generation of hardware. Our students gain experience with current technology prior to entering the workforce. We are grateful to Cisco for their interest in the next generation of networking and security professionals and their generosity in this donation, according to Jim Hoag, an assistant professor and program director in Computer Networking and Information Security at Champlain. It was Hoag who learned about the Cisco donation program at a conference last year and wrote the detailed application to secure the equipment from the Cisco Critical Infrastructure Assurance Group (CIAG). Cisco Systems donates equipment to enhance the education of students in the field of information assurance. The equipment includes devices used for routing, switching, firewalls, instrusion detection, wireless networking, and Voice over IP communication. The devices will be integrated into the security courses, router course, telecommunication course and senior projects in the Information Technology and Sciences Division courses. Champlain College students will gain hands-on experience with technology that is currently being integrated into networks at all levels in the real world. They will also learn to apply fundamental networking and security concepts to a new generation of devices. In this field, technology is continually changing and one must be able to adapt and understand the impact of the transition, plan appropriately, and implement effectively, Hoag said.The new equipment will be available for advanced studies, Rafieymehr noted, while the older equipment will still be used for introductory course in networking, security and for student projects. Cisco s equipment gives us the capacity to create industry like conditions in the classroom and to create problem solving exercises that have a real world feel. And in today s economic climate, we think that gives our students a strong advantage when they graduate from Champlain and begin their careers, Rafieymehr said.Champlain College, a private baccalaureate institution, was founded in 1878. Located in Burlington, Champlain College is a national leader in educating students to become skilled practitioners, effective professionals and global citizens. It was ranked 12th in the top tier of Best Comprehensive Colleges in the North by U.S. News and World Report’s America’s Best Colleges 2009. Champlain has approximately 2,000 students, presenting 32 states and 17 countries. It has study abroad programs that include campuses in Montreal, Quebec and Dublin, Ireland. For more information, visit is external).last_img read more

Community College of Vermont gets $150,000 for job-training program

first_imgUS Representative Peter Welch on Wednesday announced a $150,000 federal grant for an innovative job-training program offered by the Community College of Vermont.Alongside recent graduates and teachers at CCV’s Montpelier site, Welch touted the Career Readiness Certificate Program as an effective means of equipping Vermonters with vital entry-level skills, while also supporting Vermont employers in need of a quality workforce.The federal appropriation Welch secured will help CCV increase the number of students it can serve through the program and expand it to sites around the state.“In this difficult economy, Vermonters must be equipped with skills that make them competitive in today’s workforce, and Vermont businesses require high-quality, well-trained employees to achieve their goals,” Welch said. “This grant will help the Community College of Vermont match qualified workers with quality employers through its innovative Career Readiness Certificate Program.”In its first year of operation, the Career Readiness Certificate Program has served 138 Vermonters. The free, 10-week program includes instruction in mathematics, reading, computer skills, data analysis, project management and teamwork. Currently, the program is being offered at CCV’s Barre/Montpelier, Upper Valley, St. Johnsbury and Brattleboro sites.“This program has received national attention because of the way it helps participants develop both the academic skills and the soft skills that employers tell us are needed to land and keep a job,” said Community College of Vermont Interim President Joyce Judy. “It benefits employees, who gain the skills to qualify for an interview, a new job, or higher pay, and it benefits employers looking to hire those who have mastered the skills needed for jobs.”Green Mountain Coffee Roasters is one of several Vermont businesses to enroll its employees in the CCV program. Pru Sullivan, the company’s director of continuous learning, and supervisor Mike Vasseur took part in Wednesday’s announcement.“Everyone who comes out of this class is a lot more confident across the board as far as learning new skills and taking on new challenges,” Vasseur said. “A real philosophy at Green Mountain Coffee Roasters is the better the employee training, the better company you have overall because you have employees who are really stepping up.”Source: Welch’s office. 2.17.2010# # #last_img read more

Lyndon State College offers new Performing Arts Management degree

first_imgLyndon State College is announcing a new degree. The Bachelor of Science in Performing Arts Management will first be offered in the fall of 2010. Students majoring in Arts Management can select among three concentrations: artist management, venue management and theater operations management.The Performing Arts Management degree will prepare students to serve in administrative, managerial and leadership positions in an area related to music and performing arts. Core courses include Financial Accounting, Introduction to Business, Introduction to Business Software, Principles of Management, Principles of Marketing, Business Ethics, Fiscal Management, Event Management and Promotion, Strategic Media Communication and Introduction to Media Communication. All students will also complete Lyndon’s General Education requirements, which are specifically designed and intended to provide a basis of liberal arts for all Lyndon students.In addition, students must meet the requirements of the career-related internship after participating in courses such as the Music Industry Co-op, Event Management and Promotion, Artist Management and Development, Music Venue Management, Entrepreneurship in the Music Industry, House and Box Office Management and Theatre Operations Management Techniques. All of these courses are designed to integrate real-world experience with classroom instruction.Two current faculty members will be central in this new program: Britt Moore and Joe Gittleman. Both came to Lyndon following extensive experience in the industry. Moore worked in California as a sound engineer, and Gittleman is the founder and member of the Mighty Mighty Bosstones, a successful Boston-based band founded in 1983.As with most Lyndon courses, Arts Management students will “do” what they study – they will not be isolated in the classroom, but will be exposed to the demands of an actual work environment. The motto of the Music & Performing Arts and Arts Management departments is “Be early, work hard, say thanks.”Upon graduation, students will be prepared to enter a career with a balance of knowledge in a field associated with music business or theater arts management. There has been a growing trend over the years of students opting for professional courses in their college education. At this time, 65% of Lyndon students are enrolled in such programs.Source: Lyndon State College 3.29.2010last_img read more

Vermont Chamber of Commerce names 2011-2012 Top Ten Winter Events

first_imgThe Vermont Chamber of Commerce announces the highly anticipated 2011-2012 Top Ten Winter Events.  Each year, a panel of independent judges chooses Vermont’s best activities, selected for their diversity, wide appeal, and consistency with Vermont’s brand. Vicky Tebbetts, Vermont Chamber Senior VP, noted, ‘Vermont is known for being a destination in which to relax, reconnect with friends and family, get outdoors, and get back to basics. This year’s Vermont Chamber Top Ten Winter Events feature time-honored traditions as well as contemporary experiences from all regions of the state.’ The Vermont Chamber Top Ten Winter Events take place from November 2011 through March 2012. The winners in chronological order are: Thanksgiving Weekend at Billings Farm & MuseumWoodstock, November 25 ‘ 27, 2011, 10 am ‘ 3:30 pmWalk back in time during Thanksgiving at Frederick Billings’ 1890 farmhouse. Visitors are greeted by costumed interpreters as they demonstrate cooking a traditional Thanksgiving meal in the historic kitchen. Relax in the Victorian parlor and learn how the American Thanksgiving evolved; ride in horse drawn wagons around the farm fields. Adults $12, seniors $11, students (5-15) $6, ages 3-4 $3, 2 and under free. is external), 802-457-2355. Vermont International FestivalEssex Junction, December 2-4, 2011, Fri. 5 – 8 pm, Sat. 10 am ‘ 6 pm, Sun. 10 am ‘ 5 pmThe Vermont International Festival is a unique, unforgettable celebration of the cultures that comprise our community. Find crafts from all over the world, ethnic and gourmet foods, and traditional international music, dance and stories. Local cultural and ethnic organizations provide information about their programs with exhibits, demonstrations and workshops. This annual gala offers a fun environment in which to learn and experience new things and appreciate other cultures. Admission is good for the entire weekend: individuals $6, seniors 65+ $3, children 6-12 $3, family passes $15. is external), 802-863-6713. Christmas in WestonWeston, December 3, 2011, 11 am ‘ 4 pmAn old-fashioned Christmas festival! Tours, sleigh rides, Santa, caroling and more. Experience the Vermont Country Store, the Museum Mill, the Old Parish Church, and many other locations throughout Weston. Free. is external) or is external), 802-228-5830. Coolidge Holiday Open HousePlymouth Notch, December 11, 2011, 10 am ‘ 4 pmEnjoy the traditions of the season at Plymouth Notch ‘ one of Vermont’s most picturesque villages. Visit the Coolidge Birthplace decorated as it would have been in 1872, the year the future president was born. Several other historic buildings are also open free of charge. is external), 802-672-3773. First Night BurlingtonBurlington, December 31, 2011, noon ‘ midnightFirst Night Burlington is Vermont’s largest one-day event, celebrating New Year’s Eve in downtown Burlington. This substance-free performing arts festival is in 20 different venues downtown and is fun for all ages! Adults $18, kids $5, family pack $39. is external), 802-863-6005. 2012 Stowe Winter CarnivalStowe, January 16-29, 2012The 38th Annual Stowe Winter Carnival, ‘The Greatest Stowe on Earth,’ is a fourteen-day festival that takes place in the heart of quintessential Stowe, Vermont. The town comes alive in late January with a celebration of winter sports and the arts. Events such as the Snowgolf and Snowvolleyball Tournaments, Stowe Schuss Ski Race, and the 12th Annual Ice Carving Festival entice everyone to the outdoors! Free for spectators, some entry fees for participants. is external), 802-777-5510. Chester Winter CarnivalChester, February 17-19, 2012Fun for all ages! Events are guaranteed to get one outside for winter fun. Sled races, dog sled rides, skating outdoors and broom hockey warm one’s heart and evoke laughter on the coldest February days! Free admission. is external) or is external), 802-875-2693. 30th Annual U.s. Open SnowboardingStratton Mountain, March 4-11, 2012, 9 am ‘ 5 pmThe final stop of the Burton Global Open Series and the longest standing snowboarding event on the planet. Come watch as amateurs compete on the same platform as the world’s best riders including Vermont superstars Louie Vito, Hannah Teter, and 2011 defending champion Kelly Clark. Free. is external), 800-STRATTON. Vermont Chili FestivalMiddlebury, March 10, 2012, 2 ‘ 4 pmWarm up with the Better Middlebury Partnership’s 4th Annual Vermont Chili Festival! Taste the best of the best from restaurants and caterers around the state, when they flock to historic downtown Middlebury. Cast your vote for the award-winning chili! The event includes activities for all ages. Adults $3, children under 12 $2. is external), 802-388-4126. Green Mountain Film FestivalMontpelier, March 16-25, 2012Expect the best at the Green Mountain Film Festival – one won’t be disappointed. Powerful programming on a wide range of subjects, interesting and often unexpected guests, and a convivial atmosphere make this ten-day event an audience favorite. ‘I traveled the world without leaving Vermont,’ is frequent spectator sentiment. Admission fees vary. is external), 802-262-3423.  The Vermont Chamber of Commerce, the largest statewide, private, not-for-profit business organization represents nearly every sector of the state’s corporate/hospitality community. Our mission is to create an economic climate conducive to business growth and the preservation of the Vermont quality of life.last_img read more

CVPS reports half-year earnings up 45.7 percent to $9.2 million

first_imgRUTLAND, VT–(Marketwire – August 08, 2011) – Central Vermont Public Service (NYSE: CV) reported consolidated earnings of $9.2 million, or 67 cents per diluted share of common stock, for the first six months of 2011 compared to $5.6 million, or 46 cents per diluted share of common stock, for the same period in 2010. Second-quarter earnings were $0.7 million or 5 cents per common share, 6 cents lower than in 2010. The improved earnings overall were driven in part by increases in operating revenue and decreases in operating expenses and storm restoration costs compared to the first six months of 2010, reduced in the second quarter by costs associated with the company’s pending sale to a subsidiary of Gaz Metro Limited Partnership, Northern New England Energy Corporation, which also owns Green Mountain Power Corporation, the second largest utility in Vermont. Year-to-date earnings of $9.2 million, or 67 cents per diluted share, 21 cents higher than 2010 $10.4 million increase in operating revenues $ 2.6 million decrease in service restoration costs $ 2.6 million increase in transmission costs $ 3.4 million increase in equity in earnings of affiliates $ 3.1 million in merger-related costs Second-quarter earnings of $0.7 million, or 5 cents per diluted share, 6 cents lower than 2010 $4.3 million increase in operating revenues $0.8 million decrease in service restoration costs $1.9 million increase in transmission costs $1.9 million increase in equity in earnings of affiliates $3.1 million in merger-related costs Due to pending merger, earnings guidance is discontinued”The sale and ultimate merger with Green Mountain Power will provide exceptional benefits to shareholders, customers, stakeholders and the state of Vermont,” CVPS President and CEO Larry Reilly said. “In the short term, expenses associated with the sale have had, and will continue to have a negative effect on earnings; however, the sale agreement allows the Company to continue to pay a quarterly dividend of 23 cents per share. Beyond merger expenses, we continue to make steady progress as evidenced by the improved overall earnings, and the sale will ultimately provide shareholders a significant premium.””Pending the sale, we will continue to focus on high-quality customer service and reliability, which are the cornerstones of our success for customers and shareholders alike,” Reilly said. “The sale will provide economic strength to the new, merged company that will create an even greater value proposition for customers in the years ahead.”Year-to-Date 2011 results compared to 2010Operating revenues increased $10.4 million, including a $11.2 million increase in retail revenues, a $1.2 million increase due to a reduction in the provision for rate refund, partially offset by a $1.2 million decrease in other operating revenues, and a $0.9 million decrease in resale revenue.The increase in retail revenues primarily resulted from a 7.46 percent base rate increase, effective January 1, 2011 and higher customer usage, due to colder weather in 2011. The provision for rate refund is related to deferrals and refunds as required by the power cost adjustment component of our alternative regulation plan. Other operating revenues decreased primarily due to less mutual aid provided to other utilities in 2011. Resale revenues decreased due to lower 2011 contract prices associated with the sale of our excess energy, and lower volume available for resale due to higher retail load.Purchased power expense increased $2.2 million, comprised of an increase of $7.8 million due to higher output at the Vermont Yankee plant in 2011 and higher related capacity costs, an increase of $1.1 million due to higher output and market rates from independent power producers, partially offset by a decrease of $6.2 million from lower capacity costs and lower volumes from ISO-NE and a $0.5 million decrease from lower output from Hydro-Quebec.Other operating expenses increased $3.1 million. This included a $2 million increase in regulatory amortizations, including $4.2 million of 2010 exogenous costs related to major storms and tax law changes, partially offset by $1.7 million of 2008 major storm costs recovered in 2010. Also included were a $2.6 million increase in transmission expenses driven by higher rates from ISO-NE, and higher Vermont Transmission Agreement billings, partially offset by higher NEPOOL Open Access Transmission Tariff reimbursements, and a $1.3 million increase in operating income tax expense as a result of a higher level of earnings. These increases were partially offset by an unfavorable charge of $0.7 million in the first quarter of 2010 required by health care reform legislation and $3.1 million in service restoration costs incurred for a major storm in February 2010.Equity in earnings of affiliates increased $3.4 million due to the return on the $34.9 million investment that we made in Transco in December 2010.Other, net decreased $2.7 million primarily due to $3.1 million of merger-related costs, partially offset by $0.4 million of higher income from variable life insurance policies.Second quarter 2011 results compared to 2010Second quarter operating revenues increased $4.3 million for many of the same reasons cited above.Purchased power expense increased $2.6 million for many of the same reasons cited above.Other operating expenses increased $1.3 million due to a $1.9 million increase in transmission expenses driven by higher rates from ISO-NE, and higher Vermont Transmission Agreement billings, partially offset by higher NEPOOL Open Access Transmission Tariff reimbursements; and a $0.3 million increase in operating income tax expense as a result of a higher level of earnings, partially offset by a $1 million decrease from lower regulatory amortizations including $0.8 million of 2008 major storm costs recovered in 2010.Equity in earnings of affiliates increased $1.9 million for the same reason cited above.Other, net decreased $2.7 million for the same reasons cited above.2010 Common Stock IssuanceEarnings per share for 2011 reflect the impact of shares issued under our at-the-market 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 net proceeds of the offering were used for general corporate purposes. No equity issues are anticipated in 2011.2011 Earnings Guidance Due to the pending merger, the Company is discontinuing earnings guidance.Webcast CV will host an earnings teleconference and webcast on August 9, 2011, beginning at 11 a.m. Eastern Time. At that time, CV President and CEO Larry Reilly and Chief Financial Officer Pamela Keefe will discuss the company’s financial results and recent developments in the company’s planned sale and merger.Interested parties may listen to the conference call live on the Internet by selecting the “CVPS 2011 2nd Quarter Earnings Conference Call” link on the “Investor Relations” section of the company’s website is external). An audio archive of the call will be available later that day at the same location or by dialing1-877-660-6853 within the U.S. or internationally by dialing 1-201-612-7415 and entering Account 286 and Conference ID 374944.About CVCV is Vermont’s largest electric utility, serving more than 160,000 customers statewide. CV’s non-regulated subsidiary, Catamount Resources Corporation, sells and rents electric water heaters through a subsidiary, SmartEnergy Water Heating Services.Form 10-QOn Monday, August 8, 2011, the company filed its quarterly Form 10-Q with the Securities and Exchange Commission. A copy of that report is available on our web site, 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.Reconciliation of Earnings Per Diluted Share First Six Months Second Quarter 2011 vs. 2010 2011 vs. 2010 —————– —————–2010 Earnings per diluted share $ 0.46 $ 0.11 Major Income Statement Variances:————————————— Higher operating revenue – customer rate mix 0.05 0.06 Higher operating revenue – retail sales volume 0.05 0.00 Lower medical expense 0.04 0.00 Variable life insurance 0.03 0.03 Merger-related fees (0.14) (0.14) Other (includes income tax adjustments, impact of additional common shares and various items) 0.18 (0.01) —————– —————–2011 Earnings per diluted share $ 0.67 $ 0.05 ================= ================= Forward-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, th ere 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. Central Vermont Public Service Corporation – Consolidated Earnings Release (dollars in thousands, except per share amounts) Three months ended June 30 Six months ended June 30Condensed Income statement 2011 2010 2011 2010———————— ———– ———– ———– ———–Operating revenues: Retail sales $71,638 $67,585 $154,896 $143,647 Resale sales 9,744 6,984 17,439 18,323 Provision for rate refund 167 2,201 3,558 2,326 Other 2,719 3,167 5,460 6,648 ———– ———– ———– ———–Total operating revenues 84,268 79,937 181,353 170,944 ———– ———– ———– ———– Operating expenses: Purchased power – affiliates and other 39,778 37,211 81,130 78,929 Other operating expenses 43,744 42,414 89,692 86,610 Income tax expense (481) (791) 2,376 1,047 ———– ———– ———– ———– Total operating expense 83,041 78,834 173,198 66,586 ———– ———– ———– ———–Utility operating income 1,227 1,103 8,155 4,358 ———– ———– ———– ———– Other income: Equity in earnings of affiliates 6,987 5,115 13,928 10,510 Other, net (2,919) (193) (2,814) (157) Income tax expense (1,222) (1,714) (3,524) (3,303) ———– ———– ———– ———– Total other income 2,846 3,208 7,590 7,050 ———– ———– ———– ———– Interest expense 3,337 2,866 6,584 5,761 ———– ———– ———– ———–Net income 736 1,445 9,161 5,647Dividends declared on preferred stock 92 92 184 184 ———– ———– ———– ———–Earnings available for common stock $644 $1,353 $8,977 $5,463 ========= ====== ====== ======= Per common share data————————Earnings per share of common stock – basic $ 0.05 $ 0.11 $ 0.67 $0.46Earnings per share of common stock – diluted $ 0.05 $ 0.11 $ 0.67 $0.46 Average shares of common stock outstanding – basic 13,399,128 12,078,724 13,376,675 11,903,080Average shares of common stock outstanding – diluted 13,482,185 12,109,591 13,444,680 11,933,923 Dividends declared per share of common stock $ 0.23 $ 0.23 $ 0.69 $ 0.69Dividends paid per share of common stock $ 0.23 $ 0.23 $ 0.46 $ 0.46 Supplemental financial statement data————————Balance sheet Investments in affiliates $ 176,981 $ 133,604 Total assets $ 713,579 $ 623,084 Common stock equity $ 273,899 $ 241,338 Long-term debt (excluding current portions) $ 228,300 $ 160,869Cash Flows Cash and cash equivalents at beginning of period $ 2,676 $ 2,069 Cash provided by operating activities 31,468 27,251 Cash used for investing activities (8,035) (12,333) Cash provided by (used for) financing activities 233 (14,343) ———– ———– ———– ———– Cash and cash equivalents at end of period $ 26,342 $ 2,644 =========== =========== =========== =========== Refer to our 2011 Form 10-Q for additional information  last_img read more