Merchants Bancshares earnings down

first_img### “urn:schemas-microsoft-com:office:smarttags” />SOUTHBURLINGTON, VT – MerchantsBancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, todayannounced net income of $2.67 million, or diluted earnings per share of 42cents, for the quarter ended June 30, 2006. This compares with net income of$3.06 million, or diluted earnings per share of 48 cents, for the quarter endedJune 30, 2005. The return on average assets was 0.96% and the return on averageequity was 16.62% for the second quarter of 2006, compared to 1.15% and 18.89%,respectively, for the second quarter of 2005. Merchants declared a dividend on July20, 2006, of 28 cents per share, payable August 17, 2006, to shareholders of record as ofAugust 3, 2006. For more information on the quarter please refer to Merchants’quarterly Form 10-Q, which will be filed on or about August 1, 2006, and will beavailable on the SEC website at www.sec.gov(link is external).Mr. Joseph Boutin,Merchants’ President and Chief Executive Officer; Ms.JanetSpitler, Merchants’ Chief FinancialOfficer; and Mr. Michael Tuttle, President and Chief Executive Officer ofMerchants Bank will host a conference call to discuss these earnings results at10:00 a.m. Eastern Time on Thursday August 3, 2006.  Interested parties may participate inthe conference call by dialing (800) 230-1085; the title of the call is Earnings Release Conference Call forMerchants Bancshares, Inc. Participants are asked to call a few minutes prior to register.  A replay will be available until noon onThursday August 10, 2006. The U.S. replay dial-in telephonenumber is (800) 475-6701. The international replay dial-in telephone number is(320) 365-3844. The replay access code is806414.Thecontinuing mission of Merchants Bank is to provide Vermonters with a truecommunity bank. It fulfills this commitment through a branch-based system thatincludes 35 bank offices and 42 ATMs throughout Vermont, personal bankersdedicated to top-quality customer service, and streamlined products:FreedomLYNX® Banking, which consists of Free Checking forLife®, a Money Market Account, Free Online Banking and Bill Pay,Overdraft Coverage, Direct Deposit, a Free Debit Card and Free Automated PhoneBanking; TimeLYNX® Certificates of Deposit; HomeLYNX® HomeEquity Loans; RealLYNX® Residential Mortgages and CommerceLYNX®Business Banking. Merchants Bank also includes a trust and investmentdivision, known as Merchants Trust Company, serving individuals andinstitutions. For more information about Merchants Bank, visit mbvt.com.Merchants’ stock is traded on the NASDAQ National Market system under the symbolMBVT. Member FDIC. Equal Housing Lender.Some of the statements contained in this press release mayconstitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections,future plans and strategies, anticipated events or trends and similarexpressions concerning matters that are not historical facts.  The forward-looking statements reflectMerchants’ current views about future events and are subject to risks,uncertainties, assumptions and changes in circumstances that may causeMerchants’ actual results to differ significantly from those expressed in anyforward-looking statement. Forward-looking statements should not be relied on since they involveknown and unknown risks, uncertainties and other factors that are, in somecases, beyond Merchants’ control and which could materially affect actualresults.  The factors that couldcause actual results to differ materially from current expectations includechanges in general economic conditions in Vermont, changes in interest rates,changes in competitive product and pricing pressures among financialinstitutions within Merchants’ markets, and changes in the financial conditionof Merchants’ borrowers.  Theforward-looking statements contained herein represent Merchants’ judgment as ofthe date of this release, and Merchants cautions readers not to place unduereliance on such statements.  Forfurther information, please refer to Merchants’ reports filed with theSecurities and Exchange Commission. MessageBODY { MARGIN-TOP: 25px; FONT-SIZE: 12pt; MARGIN-LEFT: 25px; COLOR: #800080; FONT-FAMILY: Myriad Pro}P.msoNormal { MARGIN-TOP: 0px; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; COLOR: #ffffcc; FONT-FAMILY: Helvetica, “Times New Roman”}LI.msoNormal { MARGIN-TOP: 0px; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; COLOR: #ffffcc; FONT-FAMILY: Helvetica, “Times New Roman”}For Release: August 1, 2006Merchants Bancshares,Inc. Announces 2006 Second QuarterResultslast_img read more

Small Dog customers vote with feet — and paws

first_imgThe numbers are just coming in for Small Dog Electronics’ new flagship store and by all measurements, it’s an undisputed winner.The Apple Specialist (#1 in New England, #3 in the nation) opened its doors in Burlington, Vermont and it was clear that customers voted with their feet – and their wallets.”We knew that the Burlington store would blow all earlier records we had ever set for retail,” says Don Mayer, founder and CEO of the online Apple reseller, “but the pent-up demand was even bigger than we projected.” Small Dog Electronics (www.smalldog.com(link is external)) started its internet enterprise in 1995 and added an adjunct retail outlet a few years later, nestled in the outlying mountainside village of Waitsfield, Vermont. Four months ago, a retail space in the busiest shopping intersection in Chittenden County opened up. “We knew if we were ever going to grow the retail side of the business, it had to be the perfect location,” Mayer describes, “and suddenly – it just appeared.” The store occupies 3700 sq. ft in a highly trafficked shopping center just south of Burlington, Vermont’s largest city and most populated county. It opened on October 28.”Twelve days into the new Burlington store, sales are trending more than two and a half times the volume of its counterpart in Waitsfield.” Mayer reports. “Heck, if I had a dollar for every person that said ‘thank goodness you’re finally here,’ it would be triple.”Between the flurry of ribbon-cutting festivities, and a blitz of special theme days for students, photographers, and other professionals, more than 2000 people visited Small Dog Electronics in its opening week. Over $10,000 worth of iPods, computers and other prizes were given away in special events and promotions with the help of vendor attendees including MacWorld, Canon, Olympus, LaCie, and Apple.The opening of the flagship store catapults Small Dog Electronics into new territory. One, Mayer describes as “very Mac-friendly and Mac-sophisticated. “Vermont has grown considerably in the past twenty years,” Mayer explains, “and Burlington is the epicenter for thriving national businesses like Ben & Jerry’s as well as a popular college town. Vermonters have been our online customers for years and they let us know in this first stretch, how happy they are with our new, more accessible location.”Dogs, too, are always part of the mix at Small Dog Electronics, and the new store is no exception. Dogs are welcome and christened the store in a variety of ways. “There’s a reason why we chose hard wood floors,” says retail store manager, Hannah Parfitt. “They’re nice looking and so easy to clean.”last_img read more

Governor, lawmakers make peace over $4.7 billion budget

first_imgUnlike last year when Vermont Governor Jim Douglas vetoed the budget the Legislature handed him, only to have lawmakers override his veto in a special session in June, the 2011 $4.7 billion budget was signed by the governor in May, with praise coming from him and his former antagonists.“The economic upheaval Vermonters have experienced has contributed to serious troubles in our state’s fiscal situation.  But despite these challenges, we can feel good about the work done here, under the Golden Dome, in 2010,” Douglas said in his adjournment address. “While other states are cutting programs and raising taxes in response to the fiscal crisis, Vermont, I am proud to say, is moving in a different direction.  We are looking toward the future and striving for economic success.”Speaker of the House Shap Smith had similar sentiments: “Vermonters can be proud of the work the legislature did this year under very difficult circumstances. The Legislature, working with the administration, put in place policies that will create new jobs and restore our state’s fiscal health while avoiding devastating cuts and new broad-based taxes.”Both sides early on agreed that the bitterness from last year had to be set aside this year in order to resolve what turned out to be a $170 million budget shortfall in the usually contentious $1.08 billion General Fund budget. That potential deficit included $113.2 in federal stimulus money.The hole was filled in large and small ways. Large: $38.9 million in Human Services, between cuts and a $12 million tax increase on hospitals, nursing homes and home health agencies; $37.8 million in Challenges for Change, by making government more efficient, many have wondered whether this will actually be achieved; $16.97 in state retirement savings ($15.2 million from teachers); $13.3 million in forgiven Medicaid expenses; $9.27 million in pay and benefit cuts from state workers negotiated last year with the administration; many millions transferred from other budgets, as insurance fees or Medicaid reimbursements for special education, and other monies moved around to and from other budgets, but not from new revenues or cuts. Small: Several items including $1.1 million expanding the tobacco tax, $5 million in a carryover from FY 2010, and $1.1 million in greater tax enforcement.The Legislature not only balanced the budget, it did not raise broad-based taxes and instead made cuts to the capital gains and estate taxes, which were raised last year. It was those taxes that more than anything prompted the governor’s veto last year.Having said all that, Vermont will face perhaps a dire situaton next year. As of now, there is no federal stimulus money earmarked for states. While it is possible, even likely, that Congress and the Obama Administration will renew its budget-relief effort for states, which is effectively a federal tax cut, Vermont cannot assume that it will be forthcoming. As things stand now, Vermont faces a looming $122 million General Fund deficit next year (fiscal 2012). As economic conditions change, that number could swing considerably for the better or worse.last_img read more

Secretary of State seeks nominations for Centennial Nonprofit Awards

first_imgIs your nonprofit a century old?  If yes, then the Secretary of State is looking for you!  Secretary Deb Markowitz is seeking applicants for the 2010 Vermont Centennial Nonprofit Awards program.  This program honors nonprofits that have operated in Vermont for at least 100 years. Any nonprofit that has been in operation in Vermont for 100 years or more can participate in this awards program by filling out an application form. Secretary Markowitz said, “The Vermont Centennial Nonprofit Award acknowledges Vermont’s oldest nonprofits for enriching our heritage. This program deepens our understanding of how Vermont’s nonprofits have enhanced our community life during the last hundred years.” “It is important to recognize Vermont’s nonprofits for their longevity,” added Markowitz. “It takes a tremendous amount of dedication to keep a nonprofit active for 100 years.”Award recipients will be honored at a reception to be held later this year at the historic Vermont State House.   Applications are due by September 30, 2010.Source: Secretary of State. 8.31.2010. For more information about the awards program and to print an application form, visit the Vermont Centennial Nonprofit Awards page on the Secretary of State’s website: http://www.sec.state.vt.us/centennial_nonprofit.html(link is external) or contact Ginny Colbert at 802-828-2148.last_img read more

Alabama company to acquire Shoreham Telephone Company

first_imgOtelco,Otelco Inc. (NASDAQ: OTT)(TSX: OTT.un), a wireline telecommunications services provider in Alabama, Maine, Massachusetts, Missouri, New Hampshire and West Virginia, today announced it has signed a definitive agreement to acquire Shoreham Telephone Company, Inc. for approximately $4.5 million in cash, subject to certain purchase price adjustments.‘The acquisition of Shoreham is a strategically important opportunity for Otelco to continue the expansion of our footprint in New England,’ said Mike Weaver, President and Chief Executive Officer of Otelco. ‘While Shoreham has similar roots to Otelco as a rural wireline telephone provider, its existing network in Vermont provides an excellent point from which our CLEC (OTT Communications) can begin serving our fourth state. We are very excited about this transaction and its impact as a catalyst for future growth.’Shoreham, located in Shoreham, Vermont, is a privately owned company that has provided telecommunications solutions to residential and business customers for nearly a century. The company offers a complete set of voice, data and Internet services to its customers in middle Vermont. For the year ended December 31, 2010, Shoreham generated approximately $2.4 million in total revenue and had 4,975 access line equivalents.Otelco plans to finance the acquisition from cash on its balance sheet. The acquisition is expected to close in 2011 following regulatory approvals.ABOUT OTELCOOtelco Inc. provides wireline telecommunications services in Alabama, Maine, Massachusetts, Missouri, New Hampshire and West Virginia. The Company’s services include local and long distance telephone, network access, transport, digital high-speed data and dial-up internet access, cable television and other telephone related services. With more than 99,000 voice and data access lines which are collectively referred to as access line equivalents, Otelco is among the top 25 largest local exchange carriers in the United States based on number of access lines. Otelco operates ten incumbent telephone companies serving rural markets, or rural local exchange carriers. It also provides competitive retail and wholesale communications services through several subsidiaries. For more information, visit the Company’s web site at www.OtelcoInc.com(link is external).FORWARD LOOKING STATEMENTSStatements in this press release that are not statements of historical or current fact constitute forward looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the timing of the acquisition to differ from that expressed by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms ‘believes’, ‘belief,’ ‘expects,’ ‘intends,’ ‘anticipates,’ ‘plans,’ or similar terms to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission.ONEONTA, Ala.–(BUSINESS WIRE)–4.5.2011last_img read more