Month: January 2021

Vermont Venture Network

Vermont Venture Network

first_imgVermont Venture Network serving the entrepreneurial community since 1989May Monthly Breakfast MeetingThursday, May 23, 2002, 8 A.M.Michael H. Gurau, President, CEI Community Ventures, Inc. 36 Water Street, PO Box 268, Wiscasset, ME 04578, Tel: (207) 882-7552, E-Mail: mhg@ceimaine.org(link sends e-mail)CEI is a non-profit community and economic development organization founded in 1977. CEI’s latest initiative is CEI Community Ventures which is a community development venture capital fund formed pursuant to the SBA New Markets Venture Capital Program. CEI Community Ventures is eligible to invest in all of Essex and Orange counties in Vermont plus 24 other census tracts, including Burlington.Randee Fagen, Vice President Sales, Marketing and Customer Services C3Gateways Services, Inc.5005 Jean Talon West, Suite 200 Montreal, PQ H4P 1W7Tel: (514) 908-2400“Multi-Tasking CRM”C3Gateways has developed a proprietary “middleware” solution, ContactIP, to manage the customer interaction with call center personnel. In July 2001, the company acquired 1000% of the shares in Helpoverip.com, which was the initial developer of the customer relationship management technology.A discussion period will follow, and your questions are encouraged.Location: The Radisson Hotel60 Battery StreetBurlington, VT tel. (802) 658-6500Meetings: Meetings are typically held the fourth Thursday of every month, 8:00 a.m. to 10:00 a.m.To pre-register: Please mail your registration form and check (payable to: VVN) for $15 to: PO Box 5839, Burlington, VT 05402. This fee includes a continental breakfast.Pre-registration will also be accepted by facsimile to (802) 658-0978 or via email to vvnmail@merritt-merritt.com(link sends e-mail). Please help us speed your check-in by pre-registering. Thank you. Please also be sure to include your email address.Name ________________________________________Title ________________________________________Company _____________________________________Address _____________________________________City/State/Zip _________________________________Telephone _________________________________Email Address _________________________________Annual Membership is $25. Members receive notification of all Vermont Venture Network events, distributed via mail and email, for a period of one year.last_img read more

Evslin to lead governor’s new Office of Economic Stimulus & Recovery

Evslin to lead governor’s new Office of Economic Stimulus & Recovery

first_imgGovernor Jim Douglas has announced the creation of the Office of Economic Stimulus and Recovery (ESR) to coordinate the State s use of federal funds authorized by the American Recovery and Reinvestment Act.   The Governor has tapped former Vermont Transportation Secretary and high tech entrepreneur Tom Evslin to head the Office as Chief Recovery Officer. The Office will be located in the Agency of Administration and report to Administration Secretary Neale Lunderville.The Vermont Federal Recovery Office, which was established in January before the recovery bill became law, has been fully incorporated into ESR.  Jim Bush will continue to serve in a leadership role as Director of Physical Infrastructure, responsible for oversight and delivery of the nearly $200 million in new state and local infrastructure projects. The scope of the American Recovery and Reinvestment Act extends beyond the original intent of Medicaid and transportation funds, said Governor Douglas.  In turn, we have expanded the Federal Recovery Office into the Office of Economic Stimulus & Recovery to ensure the federal money flows into our economy quickly and with strict accountability measures in place.The Office of Economic Stimulus & Recovery will assist and coordinate efforts of State, community and private organizations to obtain funds for projects that not only alleviate the pain of the current recession but build the infrastructure necessary for Vermonters to succeed in the second decade of the 21st century. The Office of Economic Stimulus & Recovery will work at entrepreneurial speed to make certain Vermont obtains all possible funds and gets maximum effect from tight coordination between programs, said Evslin. As much as possible, we need to use new technology to preserve Vermont values while building the foundation for a strong economy that can compete in a changing world.Accountability and transparency are key elements of the newly constituted Office. Working with Auditor of Accounts Tom Salmon, the Office will appoint a Director of Accountability from the Auditor s staff to assure that federally funded projects are designed from the beginning to meet stringent requirements for audit and accountability.  The Director will serve as a direct link between the Auditor s Office and Office of Economic Stimulus & Recovery.  This important partnership is essential to ensure that Vermont exceeds the new federal standards for transparency, accountability and effectiveness, said Auditor Salmon. We want to ensure compliance and accountability right out of the gates.Evslin has agreed to lead the Office working at minimum wage and has volunteered to return his entire salary to state coffers. I m thrilled and honored for the opportunity to help advance Vermont and position us for a strong economic recovery, Evslin continued. The Office will be staffed by existing state employees on temporary assignment from agencies and departments. In addition to a Director of Physical Infrastructure and a Director of Accountability, the Office will include staff resources for Network Infrastructure, State Programs, Planning, and Community Partnerships.Tom Evslin BioTom Evslin was Secretary of the Agency of Transportation under former Vermont Governor Richard Snelling, a member of the Board of Trustees of the Vermont State Colleges, and is currently vice-chair of The Snelling Center, a non-profit dedicated to good governance in Vermont. Evslin s civic career began as town moderator in Worcester, Vermont in the 1970s.Evslin ran a software business in Vermont for many years before going to work for Microsoft, where he was responsible for communication products.  Evslin went on to work at AT&T where he founded their first Internet business, WorldNet. In 1997 Tom and his wife, Mary Evslin, founded ITXC which was a pioneer in the use of the Internet for phone calls.  The company grew to be one of the world s largest wholesale carriers of international calls. The company went public in 1999 and is now part of Indian telecommunications giant Tata Communications. Mary Evslin was the founding chair of the Vermont Telecommunications Authority. The Evslins live in Stowe, Vermont.Source: Dennise R. Casey, Governor Douglas s Deputy Chief of Staff, March 2, 2009last_img read more

Green Mountain Coffee: Revenues up, net income down

Green Mountain Coffee: Revenues up, net income down

first_imgGoodwill Intangibles, net Net sales $14,384 Other income (expense) Selling and operating expenses 26, 2009 (1,382)Income before income taxes Loss on disposal of fixed assets 5,055 $196,980 Cost of sales (25)Excess tax benefits from equity-based compensation plans 143,630 12,473 ended December 53,350 71,907 415,220 298 Basic income per share: Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) today announced its fiscal 2010 first quarter results for the thirteen weeks ended December 26, 2009, reporting strong growth. Net sales for the first quarter of fiscal 2010 were up 77 percent to $349.4 million as compared to $197.0 million reported in the first quarter of fiscal 2009. Other long-term assets Patent litigation settlement Net income (15,757)Inventories Cash and cash equivalents at end of period (40,906) 11,442 606,454 1,124 132,636 Source: WATERBURY, Vt.–(BUSINESS WIRE)–Green Mountain Coffee Roasters, Inc. 1.28.2010 $883,493 and not disbursed at the end of each period: 50,000 Current assets: General and administrative expenses (43)Interest expense 10,151 December 26, (3,451)Accrued expenses $0.37 $813,839 Weighted average shares outstanding Accounts payable Fixed assets, net Long-term debt – weeks ended 9,429 20,122 $0.27 Accrued compensation costs 23 9,983 September 26, (1,160)Other long-term assets, net – 1,671 $417 3,835 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Cash Flows(Dollars in thousands) (1,870)ESOP unallocated shares, at cost 12,687 sharesat December 26, 2009, and September 26, 2009 $73,192 (2,874)Deferred income taxes – $14,384 (10,107) 23,172 (1,574) 23,533 Fixed asset purchases included in accounts payable Current liabilities: Receivables, less allowances of $9,740 and $4,792 at December 26, 2009, and September 26, 2009, respectively Other current assets Net change in revolving line of credit 151,940 2,143 384 10 $12,494 $883,493 Tax benefit (expense) from exercise of non-qualified options and disqualified dispositions of incentive stock options Liabilities and Stockholders’ Equity 2009 38 84,316 Thirteen 6,235 145 Commitments and contingencies 76,961 169,429 Restricted cash and cash equivalents – 211 140,899 Net increase (decrease) in cash and cash equivalents (74) 55,579 $813,839 $- 250 50,000 804 Amortization of intangibles (9,421) $5,064 – Other current assets 247,538 590,174 Accrued expenses Thirteen weeks 18,570 (2,576)Deferred compensation and stock compensation 13,137 ended December – 4,662 36,181 27, 2008 6,706 124,053 21,915 $2,475 Deferred income taxes, net 34 53,192 2009 December 26, Stockholders’ equity:center_img Provision for doubtful accounts Thirteen weeks – 4,360 2,844 Gross profit 73,013 454,078 450,596 Retained earnings Cash and cash equivalents (28,758) Net cash provided by operating activities 91,559 Receivables Income tax receivable 26,599 (111) 5 Total current liabilities Income tax expense Adjustments to reconcile net income to net cash 17 $0.39 137,162 241,811 4,158 Short-term investments (4,923) Depreciation and amortization Net cash provided by (used for) financing activities 3,257 Current portion of long-term debt Common stock, $0.10 par value: Authorized – 60,000,000 shares; Issued 43,679,665 and 43,603,684 shares at December 26, 2009, and September 26, 2009, respectively (1,048) (74)Total stockholders’ equity Debt assumed in conjunction with acquisition of certain assets of Timothy s Coffee of the World Inc. 101,825 537,801 280 Total liabilities and stockholders’ equity 1,203 (9,149)Net income $241,811 $12,494 5,853 38,628,155 $1,532 Loss on futures derivatives December 27, 36,478 9,211 17,264 2,874 (1,124) 2008Cash flows from operating activities: weeks ended Cash and cash equivalents at beginning of period Weighted average shares outstanding Capital expenditures for fixed assets Changes in assets and liabilities: Net income 24,958 Other short-term liabilities (154,742) Cash flows from financing activities: 1,876 Total current assets 34,105 3,979 Acquisition of certain assets of Timothy s Coffee of the World Inc. $5,030 Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; No shares issued or outstanding Thirteen Income tax payable Total assets Accrued compensation costs Inventories $8,350 13,037 36,679,358 Net cash used for investing activities (23,701) 40,536 Income tax payable (receivable) Net income (382)Accounts payable 43,656,431 149,656 (10,083) (10,124)Proceeds from disposal of fixed assets 157,318 Accumulated other comprehensive loss 137,294 (178,298) (1,250) 18,472 2,971 2009Assets (33,500)Proceeds from issuance of common stock GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands) Cash flows from investing activities: Excess tax benefits from equity-based compensation plans $0.29 (17,000)Operating income GAAP (Generally Accepted Accounting Principles) and non-GAAP net income for the first quarter of fiscal 2010 totaled $12.5 million or $0.27 per fully diluted share. This compares to GAAP net income of $14.4 million or $0.37 per fully diluted share in the first quarter of fiscal 2009 including the favorable impact of a pre-tax $17 million or $0.27 per fully diluted share patent litigation settlement. Excluding the favorable impact of the patent settlement in 2009, the first quarter of fiscal 2010 GAAP and non-GAAP fully diluted earnings per share of $0.27 represents a 163% increase over non-GAAP fully diluted earnings per share of $0.10 per share in fiscal 2009.In the first quarter of fiscal 2010, the Company incurred approximately $5.0 million of transaction expenses related to the Timothy s Coffees of the World, Inc. ( Timothy s ) acquisition, which was completed on November 13, 2009, and the pending Diedrich Coffee, Inc. ( Diedrich ) acquisition. Under the new Financial Accounting Standards Board pronouncement on business combinations, effective starting in fiscal 2010 for the Company, acquisition-related transaction expenses are required to be expensed rather than capitalized. In addition, with respect to the Timothy s acquisition which closed on November 13, 2009, a portion of these transaction expenses were treated for tax purposes as part of the cost of acquisition and were, therefore, not tax deductible. This resulted in a higher first quarter of fiscal 2010 effective tax rate of 43.0% – higher than the Company s overall fiscal 2010 effective tax rate of approximately 39.7%.During fiscal 2010 s first quarter, 650 million K-Cup® portion packs were shipped system-wide by all Keurig licensed roasters, up 82% over the year-ago quarter. Supporting continued growth in K-Cup demand, there were 1,466,000 Keurig brewers shipped during the first quarter of fiscal 2010 compared to 711,000 shipped during the first quarter of fiscal 2009.Lawrence J. Blanford, President and CEO, said, Building on our excellent fiscal 2009 performance, it is exciting to be off to an outstanding start for fiscal 2010. Our Company continues to deliver superb financial results that demonstrate the resiliency and transformative nature of our unique business model. The Keurig Single-Cup Brewing System and our growing family of brands and K-Cup portion pack products are changing the way consumers in North America prepare and enjoy their coffee and other beverages. Due to our strong first quarter financial results, we are raising our expectations for fiscal 2010 EPS from prior estimates of $1.85 to $1.95 per fully diluted share to a range of $1.95 to $2.05 per fully diluted share excluding any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010.Blanford continued, Our Company s success relies on our employees thoughtful execution of initiatives that enable sustainable growth. Recent initiatives include the acquisition of the Timothy s wholesale business and brand headquartered in Toronto in November 2009; the start-up of new higher speed packaging lines in Tennessee and Vermont; the addition of roasting and new packaging lines in our Sumner, Washington facility; and the roll-out of our Donut House Collection ¢ of coffees in K-Cup portion packs.Blanford concluded, Looking forward, we are committed to continuing to represent the best of business in terms of our growth and profitability and our ability to make a positive difference in the world.Fiscal 2010 First Quarter Financial ReviewNet SalesThe two primary drivers of the 77%, or $152.4 million, increase in the Company s net sales for the first quarter of fiscal 2010 were the 101%, or $86.0 million, increase in total K-Cup net sales and the 86.5%, or $56.7 million, increase in Keurig brewer and accessories sales. Approximately 87% of consolidated sales this past quarter were from the Keurig Brewing System and its recurring K-Cup portion pack revenue.For the Keurig business unit, net sales for the first quarter of fiscal 2010, after the elimination of inter-company sales, were $217.8 million, up 106% from net sales of $105.6 million in the first quarter of fiscal 2009. The Keurig segment net sales increase over the prior year quarter was due to strong At Home brewer and accessories sales plus a 158% increase in K-Cup sales to retailers and to consumers from Keurig.com. Additionally, royalty income from the sale of K-Cups from third party licensed roasters increased $2 million over the prior year quarter and totaled $11.0 million.For the Specialty Coffee business unit ( SCBU ) net sales for the first fiscal 2010 grew 44% to $131.6 million, after the elimination of inter-company sales, as compared to $91.3 million reported in the first quarter of fiscal 2009. Dollar net sales growth was strongest in channels that benefit from sales of K-Cup portion packs including supermarkets, consumer direct and away from home coffee channels. Net sales related to the Timothy s brand, which are included in the Company s results for the first time, represented approximately 8 percentage points of the 44% increase in SCBU s net sales, and 4 percentage points of the 77% increase in GMCR s total company sales. Fair Trade Certified ¢ coffees represented approximately 30% percent of coffee pounds shipped this quarter.Costs, Margins and IncomeGross profit increased to 29.1% of total net sales compared to 27.1% for the corresponding quarter last year. This improved gross profit margin was due to improved SCBU gross margin driven by manufacturing efficiencies combined with the higher manufacturing gross margin due to the increase in volume of SCBU manufactured K-Cups as a percentage of total system volume. Slightly offsetting this gross profit margin improvement was the significant increase in sales of Keurig At Home Single-Cup brewers, which were sold at approximately cost, as part of the Company s strategy to drive demand for its K-Cup portion packs by increasing the installed base of Keurig brewers.Selling, general and administrative expenses (SG&A) improved as a percentage of net sales to 22.5% from 23.0% in the prior year. This improvement was primarily the result of leveraging selling and organizational resources on a higher sales base. General and administrative expenses included the $5.0 million acquisition-related expenses mentioned above as well as the amortization of identifiable intangibles of $2.1 million due to the Company s acquisitions.Excluding the impact of the pre-tax $17 million patent litigation settlement recorded in the first quarter of fiscal 2009, the Company increased its operating income by 190% to $23.1 million in the first quarter of fiscal 2010, as compared to $8.0 million in the first quarter of fiscal 2009. Operating margins significantly improved as a percentage of net sales to 6.6% from 4.0% in the prior year period.Interest expense was $1.0 million and $1.4 million in the first quarter of fiscal 2010 and fiscal 2009, respectively.Income before taxes for the first quarter of fiscal 2010 increased 236% to $21.9 million as compared to $6.5 million in the first quarter of fiscal 2009 excluding the pre-tax $17 million patent litigation settlement.The Company s tax rate was 43.0% as compared to 38.9% in the prior year quarter. The increase was due to a portion of the acquisition-related expenses not being deductible for tax purposes.GAAP and non-GAAP net income for the first quarter of fiscal 2010 was $12.5 million as compared to GAAP net income of $14.4 million and non-GAAP net income of $4.0 million in the corresponding quarter last year. Note that first quarter fiscal 2009 GAAP results included the favorable impact of a pre-tax $17 million patent litigation settlement.The Timothy s acquisition was slightly accretive to the first quarter of fiscal 2010 earnings per share excluding the one-time acquisition-related expenses.Balance Sheet HighlightsCash and short-term cash investments were $123.6 million at December 26, 2009, down from $292.1 million at September 26, 2009, primarily due to the cash acquisition of Timothy s for approximately $157 million, in U.S. dollars, subject to adjustment.Accounts receivable increased 100% year-over-year to $140.9 million at December 26, 2009, from $70.3 million at December 27, 2008, as a result of continuing strong sales during the first quarter of fiscal 2010 and due to acquiring Timothy s business in November 2009.Inventories decreased as planned to $124.1 million at December 26, 2009, from $137.3 million at September 26, 2009, reflecting strong holiday sales of At Home Single-Cup Keurig brewers and K-Cups. Inventories increased 86% year-over-year from $66.8 million at December 27, 2008, as part of the Company s effort to ensure sufficient inventories of brewers and K-Cups for the second quarter of fiscal 2010 to meet consumer demand.Business Outlook and Other Forward-Looking InformationRevised Certain Company Estimates for Fiscal Year 2010:Total consolidated net sales growth of 57% to 62%, up from prior estimates of 55% to 60%.Total K-Cup portion packs shipped system-wide by all Keurig licensed roasters to increase in the range of 73% to 78%, up from prior estimates of 68% to 73%.An operating margin in the range of 11.8% to 12.5% excluding any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010, up from prior estimates of 11.5% to 12.0%.Interest expense of $4.0 million to $5.0 millionA tax rate of 40.1% as compared to 38.2% in fiscal 2009 excluding the tax impact of any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010.Fully diluted GAAP earnings per share in the range of $1.95 to $2.05 per share, up from prior estimates of $1.85 to $1.95 per share. The fully diluted GAAP earnings per share estimates include $11 million pre-tax or $0.15 per diluted share non-cash amortization expenses related to the identifiable intangibles of the Company s acquisitions and exclude any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010.Company Estimates Relating to Balance Sheet and Cash Flow for Fiscal Year 2010:Capital expenditures for fiscal 2010 in the range of $95 to $115 million.Depreciation and amortization expenses in the range of $44 to $48 million including $11 million for amortization of identifiable intangibles.First Issue of Company Estimates for Second Quarter Fiscal Year 2010:Total consolidated net sales growth of 64% to 69%.An operating margin in the range of 14.0% to 14.7% excluding any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010.Fully diluted GAAP earnings per share in the range of $0.56 to $0.61 per share. The fully diluted GAAP earnings per share estimates include $2.3 million pre-tax or $0.03 per diluted share non-cash amortization expenses related to the identifiable intangibles of the Company s acquisitions and exclude any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010. This compares to the prior year fully diluted GAAP earnings per share of $0.33 per share.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 and non-cash related items such as amortization of identifiable intangibles related to the Keurig acquisition completed on June 15, 2006, the acquisition of Tully s wholesale business and brands completed on March 27, 2009, the one-time operating income related to the settlement of the Company s Kraft litigation, and the acquisition of Timothy s completed on November 13, 2009. These amounts are not in accordance with, or an alternative to, GAAP. The Company s management believes that these measures provide investors with greater 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.Green Mountain Coffee Roasters, Inc. will be discussing these financial results and future prospects with analysts and investors in a conference call available via the Internet. The call will take place today at 5:00 PM ET and will be available, with accompanying slides, via live webcast on the Company s website at www.GMCR.com(link is external). The Company archives the latest conference call on the Investor Relations section of its website for a period of time. A replay of the conference call also will be available by telephone at 719-457-0820, Passcode 2020624 from 9:00 PM ET on January 27th through 9:00 PM ET on Monday, February 1, 2010.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.About Green Mountain Coffee Roasters, Inc.As a leader in the specialty coffee industry, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR s operations are managed through two business units. The Specialty Coffee business unit produces coffee, tea and hot cocoa from its family of brands, including Tully s Coffee®, Green Mountain Coffee®, Newman s Own® Organics coffee and Timothy s World Coffee®. The Keurig business unit is a pioneer and leading manufacturer of gourmet single-cup brewing systems. K-Cup® portion packs for Keurig® Single-Cup Brewers are produced by a variety of licensed roasters, including Green Mountain Coffee, Tully s Coffee and Timothy s. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certified ¢ coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. Visit www.gmcr.com(link is external) for more information.Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are forward-looking statements within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as anticipate, believe, could, estimate, expect, feel, forecast, intend, may, plan, potential, project, should, would, and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company s success in efficiently expanding operations and capacity to meet growth, the Company s success in efficiently and effectively integrating Tully s and Timothy s wholesale operations and capacity into its Specialty Coffee business unit, the Company s success in introducing new product offerings, the ability of lenders to honor their commitments under the Company s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, Keurig s ability to continue to grow and build profits with its roaster partners in the At Home and Away from Home businesses, the impact of the loss of major customers for the Company or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, the successful completion of the acquisition of Diedrich Coffee, Inc. and subsequent integration, the Company s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, as well as other risks described more fully in the Company s filings with the SEC. Forward-looking statements reflect management s analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.Additional InformationThis press release is neither an offer to purchase, nor a solicitation of an offer to sell, any securities. The tender offer to purchase shares of Diedrich common stock referenced in this press release has been made pursuant to a Tender Offer Statement on Schedule TO, containing an offer to purchase, a form of letter of transmittal and other documents relating to the tender offer (the Tender Offer Statement ), which GMCR and Pebbles Acquisition Sub, Inc., a wholly owned subsidiary of GMCR, filed with the SEC and first mailed to Diedrich stockholders on December 11, 2009. Security holders of Diedrich are advised to read the Tender Offer Statement, because it contains important information about the tender offer. Investors and security holders of Diedrich also are advised that they may obtain free copies of the Tender Offer Statement and other documents filed by GMCR with the SEC on the SEC s website at http://www.sec.gov(link is external). In addition, free copies of the Tender Offer Statement and related materials may be obtained from GMCR by written request to: Green Mountain Coffee Roasters, Inc., Attention: General Counsel, 33 Coffee Lane, Waterbury, Vermont 05676.GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) 16,663 (8)Repayment of long-term debt 9,543 5,839 (578) $73,192 Capital lease obligations (8) (168,619) 4,368 1,476 400 Additional paid-in capital 23,074 99,600 $349,363 135,981 Deferred income taxes, net 1,977 145 Noncash financing activity: 124,083 Diluted income per share: provided by operating activities: 45,828,777last_img read more

Rutland affordable housing project gets $175,000 for energy efficiency

Rutland affordable housing project gets $175,000 for energy efficiency

first_imgUS Senator Bernie Sanders (I-VT) today announced a $175,000 federal energy efficiency grant for a 17-unit affordable housing project in the historic St. Stanislaus School and Convent buildings. The project’s extraordinary energy-saving improvements could make it a national model.  While a typical weatherization project in Vermont can save 20 to 30 percent on energy consumption, the St. Stanislaus project will aim to reduce energy use for heating by 60 percent, and reduce carbon emissions by 80 percent or more. One result will be that energy costs at the St. Stanislaus project will be slashed by thousands of dollars every year.“I am very pleased that this grant will help the St. Stanislaus project set a new standard for energy efficient affordable housing,” Sanders said. There is little doubt in my mind that in the years to come the energy mix in this state will be very different than it is today.  This federal support will help move our state toward a greener economy.“At a time when many Vermonters are struggling economically, when affordable housing can be very hard to come by and when many low- and moderate-income people are spending 50 percent of more of their limited income on housing, this affordable housing project is sorely needed and I’m very excited to see it built in Rutland.” “Sen. Sanders is giving us an exciting challenge and a tremendous opportunity,” said Elisabeth Kulas, executive director of the Housing Trust of Rutland County. “We’ve been sensitive to energy improvements and the concept of renewal energy in our affordable housing development, having dabbled with solar hot water and spray foam insulation in the recent past. This grant is creating a pathway to implement the most advanced, yet proven, energy technologies. “Furthermore, and equally notable, pursuing this initiative in a project that is also meeting the National Park Services’ highest historic preservation standards  adds one more critical dimension and means this will serve as a poster child for historic preservation with energy efficiency and renewals technology for the rest of the country,” Kulas added.In order to achieve the energy efficiency goals, the project will increase roof and wall insulation and install high-efficiency lighting and appliances. It also will feature a wood pellet boiler, a solar hot water heater, triple-glazed windows, and an energy-saving ventilation system.In addition to the $175,000 grant that Sanders secured from the U.S. Department of Energy, the $4.6 million project also received $1.25 million from the federal stimulus package and significant funding from the Vermont Housing Conservation Board and other investors.The project will revitalize two long-abandoned historic buildings in West Rutland.  Both the school building and the convent which housed nuns who taught there are included on the state’s historic register and the National Register of Historic Places.Source: WEST RUTLAND, Vt. Oct. 27 – US Senator Bernie Sanderslast_img read more

Dealer.com acquires Burlington’s EpikOne

Dealer.com acquires Burlington’s EpikOne

first_imgDealer.com (www.dealer.com(link is external)), the global leader in online marketing solutions for the automotive industry, today announced that it has acquired selected assets of EpikOne, Inc., a Burlington-based digital consultancy specializing in metrics strategies, media measurement and user experience optimization.  Terms of the transaction were not disclosed.As a trusted partner in Google’s AdWords, Analytics, Website Optimizer and Search programs, EpikOne developed an unparalleled understanding of the Google product suite and built one of the world’s leading consultancies with this expertise.  Clients ranging from startups to Fortune 500 companies have relied on EpikOne to deliver the latest in digital metrics and web analytics and ‘ more importantly ‘ to turn metrics into actionable information for marketers.  EpikOne has worked with leading global brands across a wide range of industries, including Bulgari, Conde Nast, Eurail, GE Healthcare, Harvard, Intuit, Mattel, Morgan Stanley, the National Hockey League, Sony Music and Travelocity.”The acquisition of EpikOne is a case where the sum of the parts will definitely be greater than the whole,” said Rick Gibbs, President and Chief Technology Officer at Dealer.com.  “We have already strategically redeployed EpikOne’s employees throughout Dealer.com ‘ to maximize their immediate impact on the business and expedite product development.  With these new capabilities to support metrics and intelligent dashboards tailored specifically to the automotive space, we believe we’ve leapfrogged many of our competitors who continue to rely on more generic solutions.”Dave Winslow, co-founder of EpikOne and now Intelligence Chief at Dealer.com, added, “We are very pleased to join forces with Dealer.com, the clear leader in automotive digital marketing.  We built EpikOne as generalists working with some of the world’s best-known brands, but now look forward to focusing on the auto industry, where the opportunities and rewards for those who truly excel online remain very substantial.”About Dealer.com ( www.dealer.com(link is external) )Dealer.com is the global leader in online marketing solutions for the automotive industry, providing award winning e-marketing solutions to automotive manufacturers, auto dealers and multi vertical media companies.  The company’s innovative websites and integrated online tools include advertising alternatives that significantly lower the cost of customer acquisition, enhancing dealers’ efficiency and profitability.Recent national and international accolades include: Inc. magazine’s 2010 Top Small Company Workplaces and Inc. 5000, the Ernst & Young Entrepreneur of the Year, top ranking in The Net Promoter® Score Survey of customer satisfaction, Deloitte’s Technology Fast 500 and the Web Marketing Association’s Automobile Standard of Excellence. In addition, Dealer.com was the 2009 Top Rated Website Provider on DrivingSales.com, and won the 2010 Dealers’ Choice Diamond Award for Best Website Solution and the 2009 Most Comprehensive Search Marketing Platform Award from the Automotive Search Marketing Association. For more information visit: http://www.dealer.com/promo/look-inside.htm(link is external).BURLINGTON, Vt., Jan. 27, 2011 /PRNewswire/ —last_img read more

Vermont strengthens captive insurance law, allows incorporated protected cells

Vermont strengthens captive insurance law, allows incorporated protected cells

first_imgLegislation passed by the 2011 session of the Vermont Legislature and signed into law by Governor Peter Shumlin expands Vermont’s captive laws, to include allowing cells within a sponsored cell captive to be formed as incorporated protected cells.  The bill was signed into law before a group of industry supporters on May 11. ‘This bill is testimony to our commitment to keep pace with the changing needs of this industry,’ said Governor Peter Shumlin.  ‘I commend the Legislature for their hard work and commitment to keeping Vermont ‘the gold standard’ for captive domiciles.’Another change in the new captive insurance law creates greater flexibility within cell structures on business written by a sponsored captive and who can own a sponsored captive. ‘These updates will allow more companies to domicile in Vermont and utilize the option of having incorporated cells.  This is accomplished without limiting any rights or protections afforded by cells created by contract,’ said David Provost, Deputy Commissioner of Vermont’s Captive Insurance Division.‘Cell owners will now have more options,’ said Dan Towle, Director of Financial Services.  ‘Vermont will continue to license quality companies that may be sponsors of cell structures as long as they meet our regulatory requirements.  The new law offers greater flexibility in their structures and ownership.’  Vermont currently has 18 sponsored cell captives with over 100 individual cells.The bill also makes permanent the elimination of the first year minimum tax of $7,500 for newly licensed captives. ‘It was a way for the Legislature and Governor to say thank you to an industry that has been so beneficial to Vermont,’ said Richard Smith, President of the Vermont Captive Insurance Association (VCIA).  The VCIA was a strong supporter of this legislation and was a partner with the State in its passage.After a strong 2010 with the licensing of its 900th captive insurance company, the State of Vermont enacted these changes to the Captive Insurance law in the Legislature as part of its annual enhancements to its captive statute, according to the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).Vermont is off to its strongest start in years with nine captives licensed thus far with five applications in progress.  Vermont is the largest captive insurance domicile in the U.S. and the third largest in the world, with $25 billion in gross written premium in 2010.  Vermont is also home to captives formed by 42 of the companies that make up the Fortune 100, and 18 of the companies that make up the Dow 30 have Vermont captives.Get to Know Captive InsuranceCaptive insurance is a regulated form of self insurance that has been around since the 1960’s, and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act.  Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability. Growth sectors of the captive insurance industry include securitization, professional medical malpractice coverage for doctors and hospitals, and the continued trend of small and mid-sized companies forming captive insurance companies.A sponsored captive is a structure created by a sponsor (typically an insurance company or other financial institution) to house individual insurance arrangements called ‘cells.’ Each cell is created by the insured party, who is usually a customer of the sponsor, to insure its own risk.  Such programs are ideal for insured who want to explore the use of a captive without starting their own or to address a short-term insurance issue (captives are considered long-term solutions to long-term issues).  In many cases, they serve as incubator space for new captive insurance companies, as the cell owner discovers the benefits of creating their own captive.An incorporated protected cell is a cell of a sponsored captive that is created under Vermont’s corporation laws as a true corporation, as opposed to a cell that is created by contract. Montpelier, VT–May 19, 2011. Photo of Governor Shumlin signing the legislation courtesy of State of Vermontlast_img read more

SBA lending in Vermont through July exceeds $50 million

SBA lending in Vermont through July exceeds $50 million

first_imgThe US SBA loan volume report for the 10-month period (October 1st through July 31st) is $50,453,400. These are Vermont loans only. This compares to $64,826,244 for the same period last year. The federal fiscal year ends September 30. Once again, Peoples United Bank was the largest SBA lender with 51 loans totaling $9,612,100.last_img

100 years later, Hotel Vermont to rise again in Burlington

100 years later, Hotel Vermont to rise again in Burlington

first_imgSOURCE Hotel Vermont BURLINGTON, Vt., Sept. 19, 2011 /PRNewswire/ — Photo: Artist rendering of proposed Hotel Vermont courtesy of Hotel Vermont The ground will be broken Wednesday for a LEED-certified hotel as local developers Jay Canning and Chuck DesLauriers announce the commencement of construction on the new 125-bedroom Hotel Vermont and Hen of the Wood Restaurant in Burlington. Vermont Governor Peter Shumlin and Commerce Secretary Lawrence Miller will attend the groundbreaking event starting at 5:00 p.m. on September 21, 2011. It’s expected to open in 2013.Hotel Vermont will open at 41 Cherry Street in Burlington 100 years after the original Hotel Vermont first welcomed guests on the corner of Main Street and St. Paul Street.  The property will be locally developed, owned and operated with design, construction and management teams all Burlington-based.  NBT Bank and the US Department of Agriculture collaborated to finance the project. The family of developer DesLauriers has owned and operated lodging and hospitality businesses inVermont since the 1950’s.  Co-developer Jay Canning said, “As locals with many years of hotel experience, we have worked to create a uniquely Vermont lodging experience in our hometown. HotelVermont will be the city of Burlington’s own.”Israel Smith of Smith Buckley Architects in Burlington teamed with Kim Deetjen of TruexCullins Interiors to utilize design features such as hardwood floors and luxury shower and bath areas in guestrooms.  Green design practices and indigenous materials have also been a focus, with the development team expecting LEED certification from the U.S. Green Building Council.  PC Construction of Burlington was selected as the general contractor.Hotel Vermont will stimulate the senses of leisure and business travelers seeking an authentic “Vermont” experience that exudes comfort and casual warmth while encouraging productivity. Public spaces indoors and out will be comfortable and complemented by thoughtful food and beverage offerings throughout the day. The hotel lobby features a wood-burning hearth, granite-clad central core area, and materials including reclaimed red oak flooring.Juniper Lounge will serve morning pastries and coffee as well as farm-inspired “carbon-negative” cocktails (using ingredients that balance our carbon footprint), limited-production beer and wine and small plates throughout the day.  An outdoor terrace with an open hearth will overlook the Burlington waterfront and the 7,500 square foot Harbor Terrace, Burlington’s first green roof and garden, which Canning and DesLauriers opened in 2007. Bronze sculptures on the rooftop by artist Richard Erdman of Williston, Vermont assure an eye-catching view, whatever the season. The hotel will also offer two water-view function rooms with 1,100 square feet of space for meetings and events.Hotel Vermont will be the Burlington home of one of Vermont’s favorite restaurants, Hen of the Wood Restaurant, featuring acclaimed farm-to-table cuisine by 2011 James Beard Award nominee Chef Eric Warnstedt.The hotel and restaurant will bring 70 new jobs to Burlington and both are scheduled to open in April 2013.last_img read more

Stephen Leffler, MD, named Fletcher Allen’s Chief Medical Officer

Stephen Leffler, MD, named Fletcher Allen’s Chief Medical Officer

first_imgStephen Leffler M.D. has been appointed Chief Medical Officer (CMO) at Fletcher Allen Health Care.  He is currently medical director of the Emergency Department and president of the medical staff. Dr. Leffler succeeds John Brumsted M.D., Fletcher Allen’s interim president and chief executive officer. As CMO, Dr. Leffler will be the senior clinical executive responsible for medical staff affairs, the Jeffords Institute for Quality, technology management and ethics. He will also participate in strategic planning and lead continued development of a regional integrated system of care, drawing upon his experience working with other hospitals and physicians in the area.During his nearly two decades at Fletcher Allen Dr. Leffler has served on numerous clinical committees and has been a key collaborator on significant organizational initiatives including Fletcher Allen’s regional STEMI project -a program to ensure heart attack victims receive life-saving care as rapidly as possible.Dr. Leffler received his medical degree from the University of Vermont and completed his residency training in Emergency Medicine at the University of New Mexico in 1993.  About Fletcher AllenFletcher Allen Health Care, together with our partners at the University of Vermont College of Medicine and the College of Nursing and Health Sciences, is Vermont’s academic medical center. Our mission is to improve the health of the people in the communities we serve by integrating patient care, education and research in a caring environment. Fletcher Allen serves as a regional referral center — providing advanced care to approximately one million people in Vermont and northern New York — and as a community hospital for approximately 150,000 residents in Chittenden and Grand Isle counties. For more information about Fletcher Allen, find us online at http://www.fletcherallen.org(link is external) or on our Facebook, Twitter, YouTube, and blog sites at www.fletcherallen.org/socialmedia(link is external).last_img read more