WCAX-TV has been awarded Station of the Year honors by the VermontAssociation of Broadcasters. In addition, the Creative ServicesDepartment of WCAX-TV in Burlington, Vermont has been honored with firstplace honors for Commercial Production. The awards were presented atceremonies during the Association’s annual meeting in Killington, Vermonton May 7, 2004.Station of the Year honors are based upon a radio or television station’scommitment and importance to the community it serves. WCAX-TV is proudlycelebrating 50 years of service to the Vermont, New York, and NewHampshire. WCAX-TV has been honored as Station of the Year numerous timesby the Vermont Association of Broadcasters.WCAX-TV was awarded first place in the television commercial category fora spot produced for the Center for Technology, Essex, written and producedby Koi Boynton. Dan Burke served as Videographer/editor on the project.Runner-up honors in the commercial category were won by SmartCommunications for a spot produced for Lyndonville Savings Bank. WCAX-TVprovided production services for that project as well, including producerEric Ford and Videographer/editor Dan Burke.Koi Boynton also took runner up honors in the television promotioncategory for Killer Kids, a news promo for a series of news reports doneby the Channel 3 News Team. Dan Burke also served as Videographer/editoron that project. Bruce Babbitt served as Art Director on the honoredprojects.This particular competition encourages professional performance andrecognizes outstanding achievement among radio and television stationsserving Vermont, and all stations in the state are urged to submitentries.”We are all humbled by the Station of the Year honors. At the same time,I’m extremely happy and proud to see my team get recognized for their hardwork,” said Creative Services Director Jim Strader. “These honors areappreciated and serve to acknowledge the commitment to excellence thatWCAX-TV seeks to maintain in everything that we do. We appreciate thisrecognition and honor from the Vermont Association of Broadcasters.”WCAX-TV is the CBS affiliate in Burlington, Vermont, and is locally ownedand operated by Mt. Mansfield Television, Inc.
Month: January 2021
GREEN MOUNTAIN POWER FILES COST OF SERVICE STUDY FOR1.9 PERCENT RATE INCREASECOLCHESTER — Green Mountain Power (NYSE: GMP) has filed itscost-of-service study supporting the implementation of a January 2005 rateincrease of 1.9 percent, pursuant to a plan previously approved by theVermont Public Service Board (VPSB). This will be the first increase forGreen Mountain Power customers in four years.”Our success in controlling costs and managing the business well has meantthat our customers have not had an increase in rates since January 2001.During those four years, the consumers’ price index has risen 9.1 percentand electricity prices across the nation have gone up 10.6 percent. Whileit would be preferable to continue without an increase, we’re pleased thatwe have been able to limit the increase to 1.9 percent while continuing toprovide efficient, reliable electric service,” said Christopher L. Dutton,president and chief executive officer of Green Mountain Power.In late 2003, Green Mountain Power received approval from the VPSB for athree-year rate stability plan. That plan included a freeze on rates in2004, and increases of 1.9 percent and 0.9 percent in January 2005 and2006. Today’s filing includes a cost-of-service study demonstrating theneed for the rate increase, as required by the plan. The filing is subjectto review by the Public Service Board.The major factors driving the need for the rate increase in 2005 includethe requirement that the Company recover past energy conservationexpenditures, rising transmission costs, and the loss of deferred revenuesfrom a previous regulatory ruling.”One major reason we have been able to keep our rates low is that we haveaggressively pursued ways to stabilize power supply costs. Our contractwith Morgan Stanley, the sale of the Vermont Yankee nuclear plant andsubsequent contract for purchased power from the plant and the powercontract with Hydro Quebec all help shield our customers from theincreases in market power costs that New England is now experiencing,”explained Mr. Dutton. “Overall, the current rate arrangement approved bythe VPSB will mean that our customers will have experienced four yearswithout a rate increase and two years of minimal increases – 1.9 percentin January 2005 and 0.9 percent in January 2006. This period of ratestability, during a time of sharply rising energy costs, has given ourcustomers a competitive edge.” The 2005 rate increase would add $1.59 to the monthly bill of an average residential customer using 650 kilowatthours a month, moving it from $83.72 to $85.31. -30-
Next Generation Store Locator Maps Now AvailableHelp Prospective Customers Find Retail Sites EasilyNovember 16, 2004Maponics, LLC (www.maponics.com(link is external)), experts in mapping services for marketing professionals, announced today the release of its Next Generation Store Locator Maps. Retailers with hundreds or thousands of different locations are looking for the ability to direct customers and prospects to the nearest store. High quality maps improve the visual impact of marketing pieces and help consumers feel comfortable they will be able to find the site being advertised. Maponics Next Generation Store Locator Maps, typically measuring between 2-inches and 4-inches square, are designed for use in high-volume printed customer communication vehicles, such as brochures, postcards, sale announcements, and welcome-to-the-neighborhood mailings.Until now, achieving the right density of street detail and labeling has been problematic for companies needing large volumes of print-ready maps covering multiple unique locations. Although small quantities of store locator maps can be created by businesses in-house, using graphic design software for mapping is simply inefficient for volumes above a few dozen. Off-the-shelf mapping software may help with the speed, but at the expense of quality. Even companies that rely on mapping service bureaus to mass-produce these graphics at a significant discount, have often had to accept mediocre quality.Maponics has long been a leader in the automated production of large volumes of store locator maps. This month, Maponics has further revolutionized this service by integrating the best street data available in the U.S. These Next Generation maps are more accurate and have the look-and-feel retailers desire. Enhanced attention to design has resulted in optimal text placement, easy-to-read labels and smooth, easy to follow streets.To see Maponics Next Generation Store Locator Maps, visit http://www.maponics.com/Site_Locator_Maps/site_locator_maps.html(link is external). Or call 800-762-5158 and talk to one of our customer service representatives. Well help you determine how Maponics products can best serve your marketing needs.About MaponicsMaponics provides custom geographic targeting and mapping to the direct mail and advertising industries. Maponics is committed to serving businesses in a knowledgeable, fast and affordable manner, allowing its clients to concentrate on their core focus. The company is located in Norwich, VT and can be reached at 1-800-762-5158.
-30- The state is asking for feedback from archeological experts, developers, and the public on a proposed new method to pay for protecting archeological sites and new rules for historic preservation.Officials with the Agency of Commerce and Community Developments’ Division for Historic Preservation are planning a series of meetings this summer to discuss a new funding system to pay for archeological studies undertaken as part of Act 250, as well as other protection activities.“We’re looking for feedback as we move forward with proposed rule changes,” said Betsy Bishop, Commissioner of the Department of Economic Development. “We want to make sure that the Division for Historic Preservation’s practices are consistent with the law, and that all applicants have clear expectations that everyone agrees upon.”Under Act 250, the state’s environmental protection and development control law, the Division for Historic Preservation makes recommendations to the district environmental commissions on whether a proposed development would impact “historic sites,” including archeological sites.“We don’t issue permits,” Bishop said. “The division recommends whether a project should get a permit, and how much field study should be done to determine whether an area is archeologically significant and should be protected. The District Commission makes those decisions.”The new rules the state is considering, Bishop said, would clarify that district commissions have the decision-making authority about such questions as whether to require additional field studies and the cost of paying for them.How applicants would pay for the costs associated with deciding what sites are historically significant and protecting them is the other part of the equation.“The recently enacted fee bill directed the Division for Historic Preservation and the Natural Resources Board to collaborate on developing a fee schedule to fund these operations,” Bishop said. “We’re asking for feedback from developers and other stakeholders on that and the rules changes.”The Division for Historic Preservation plans to hold public meetings to gather feedback from stakeholders and the public on June 23 in Williston; on June 25 in Rutland; on June 30 in St. Johnsbury; and in Rockingham on July 14.Additional details and the draft proposed rules are available at www.HistoricVermont.org(link is external) Source: Economic Development Dept
Burlington Telecom,Burlington Telecom didn’t make a $480,000 payment due last Sunday to CitiCapital, which included $386,000 in interest. However, Mayor Bob Kiss said Monday that there are ongoing negotiations with the lender.Burlington hired the financial advisory firm Dorman and Fawcett to negotiate with CitiCapital on the repayment terms for the $33.5 million loan the New York-based lender made to BT in August 2007. BT hasn’t made any interest and principal payments on the loan this year, which totals approximately $1.5 million in missed payments, according to Chief Administrative Officer Jonathan Leopold. Leopold mentioned that the city entered into a forbearance agreement with CitiCapital on July 1 that expired September 30 but was extended for an additional 30 days and expired on Sunday.The Kiss administration spent about $17 million in public money between 2007 and late 2009 in violation of state regulations to sustain BT without the City Council or the council members of the Board of Finance knowing about it. This has resulted in a pending criminal investigation, a state audit of BT, a civil lawsuit in Chittenden Superior Court brought on by taxpayers, and downgrades to credit ratings of the city, the airport, and Burlington Electronic Department.The Vermont Public Service Board ruled last month that BT was in violation of its certificate of public good.
Consolidated Communications,FairPoint Communications, Inc (NasdaqCM: FRP), the major provider of communications services in Vermont, New Hampshire and Maine, today announced its financial results for the second quarter ended June 30, 2011. Net loss was $27.1 million in the second quarter of 2011 as compared to a net loss of $54.2 million a year earlier. Consolidated EBITDAR increases to $70.5 million in the quarter on revenue of $262.6 millionHigh-speed Internet subscriber growth accelerates to 5.4% year-over-year versus a 1.9% loss a year earlierVoice access line loss slows to 9.3% year-over-year versus 11.6% a year earlierNet loss improves to $27.1 million versus $54.2 million a year earlier”Our momentum continues to build,” said Paul H Sunu, CEO of FairPoint. “We are pleased with the success our team is achieving on multiple fronts. Our operating and customer metrics continue to improve. Our regulatory environment is improving. We are meeting our network deployment commitments for the broadband and fiber-to-the-tower initiatives. These efforts are now making their way into the financial results.”High-speed Internet penetration increased to 28.3% of voice access lines at June 30, 2011, following the addition of more than 7,600 subscribers in the quarter. The Company surpassed 305,000 high-speed Internet subscribers in the quarter, reaching an all-time high. Company-wide, year-over-year voice access line loss slowed for the fifth consecutive quarter to 9.3%.FairPoint ended the quarter with revenue of $262.6 million and Consolidated EBITDAR(1) of $70.5 million. The second quarter was favorably impacted by revenue assurance activities, including back-billing, and sustained improvements in service quality.Operating and Regulatory HighlightsHigh-speed Internet subscriber growth accelerated to 5.4% year-over-year, compared to a 4.8% increase in the first quarter of 2011 and a 1.9% decline in the second quarter of 2010. FairPoint added 15,410 high-speed Internet subscribers in the first half of 2011, compared to approximately 140 in the second half of 2010.Voice access line loss continued to slow as FairPoint lost approximately 22,700 lines in the second quarter of 2011 as compared to approximately 24,900 and approximately 29,100 in the first quarter of 2011 and the second quarter of 2010, respectively. As a result, the rate of voice access line loss slowed to 9.3% annually versus 9.6% in the first quarter of 2011 and 11.6% in the second quarter of 2010.The FairPoint customer experience continues to improve. Sustained improvements in retail and wholesale service quality, along with a reversal of penalties accrued in earlier periods, benefited the second quarter of 2011. Retail and wholesale service quality penalties favorably affected revenue in the second quarter of 2011 by $3.4 million, compared to a reduction in revenue of $1.8 million and $3.3 million in the first quarter of 2011 and second quarter of 2010, respectively.FairPoint continued its northern New England broadband expansion efforts during the quarter and announced the completion of its Vermont regulatory broadband commitment. With this latest achievement, FairPoint now offers high-speed Internet service to more than 83% of its customers inMaine, more than 85% of its customers in New Hampshire, nearly 90% of its customers in Vermont and more than 90% of its Telecom Group customers throughout the other 15 states in which FairPoint operates.Earlier this year, FairPoint announced an initial network build that will bring fiber to more than half of the approximately 1,600 wireless communications towers the Company serves in its northern New England service footprint. As of June 30, 2011, fiber had been placed to more than 400 of these towers. The Company remains on track to meet its 2011 fiber build commitments.On June 9, 2011, Gov. Paul LePage of Maine signed into law a bill directing the Maine Public Utilities Commission to develop a plan to reform telecommunications regulation in the state. The bill sets a state goal of creating a regulatory structure that ensures a level playing field for all telecommunications providers. FairPoint expects to benefit from this regulatory reform.Financial HighlightsSecond Quarter 2011 as compared to Second Quarter 2010Revenue was $262.6 million in the second quarter of 2011 as compared to $271.6 million a year earlier. The decrease was primarily the result of a 9.3% decline in voice access lines year-over-year, which led to decreases in voice services and access revenue. Partially offsetting the decline were lower service quality penalties, the impact of revenue assurance activities, including back-billing, and a 3.1% increase in data and Internet services revenue.Operating expenses, excluding depreciation, amortization and reorganization, were $202.8 million in the second quarter of 2011 as compared to $230.3 million a year earlier. The second quarter of 2010 was unfavorably impacted by a one-time project abandonment charge totaling $12.3 million, which was a Consolidated EBITDAR add-back. Excluding the impact from project abandonment, the favorable variance of $15.2 million, or 7.0%, was primarily the result of reductions in contracted services and data and voice transport costs.Consolidated EBITDAR was $70.5 million in the second quarter of 2011 as compared to $72.3 million a year earlier. Consolidated EBITDAR for the second quarter of 2010 was favorably impacted by the add-back of $8.3 million related to the net effect of a financial restatement. Although the items related to the financial restatement may have been recurring in nature, FairPoint’s credit facility allows the Company to add back the net effect on Consolidated EBITDAR from a financial restatement for any period before Jan. 24, 2011. Excluding the benefit from this financial restatement add-back, Consolidated EBITDAR for the second quarter of 2010 would have been $64.0 million. The $6.5 million favorable variance year-over-year is primarily explained by the operating expense reductions offset partially by the decline in revenue discussed above.Capital expenditures were $52.1 million in the second quarter of 2011 as compared to $62.8 million a year earlier. FairPoint satisfied its regulatory commitment for broadband expansion in Vermont during the quarter. Major capital initiatives for the remainder of 2011 include the continued expansion of theVantagePoint(sm) network, the fiber-to-the-tower build, regulatory broadband commitments in Maine andNew Hampshire, information technology improvements and enhancements, success-based capital projects for targeted revenue opportunities, and network and facilities maintenance.Second Quarter 2011 as compared to First Quarter 2011Revenue was $262.6 million in the second quarter of 2011 as compared to $254.8 million in the first quarter of 2011. The favorable variance is primarily attributable to the $5.2 million change in service quality penalties discussed above and revenue assurance activities, including back-billing, during the second quarter of 2011.Operating expenses, excluding depreciation, amortization and reorganization, decreased $13.8 million to$202.8 million as compared to $216.6 million in the first quarter of 2011. The favorable variance is primarily attributable to the $13.5 million vacation accrual booked in the first quarter of 2011.Consolidated EBITDAR increased $21.4 million to $70.5 million as compared to $49.1 million in the first quarter of 2011. The first quarter of 2011 was unfavorably impacted by the $13.5 million annual vacation expense. Adjusting for the vacation accrual, Consolidated EBITDAR increased $7.9 million versus the first quarter of 2011, which was primarily the result of the revenue increase described above.Capital expenditures were $52.1 million in the second quarter of 2011 as compared to $53.7 million in the first quarter of 2011.FairPoint’s cash position remained stable at $13.1 million at the end of the second quarter of 2011 as compared to $15.4 million at the end of the first quarter of 2011. The Company has not drawn on its $75 million revolving credit facility and as of June 30, 2011, it had $63.0 million available for borrowing, net of$12.0 million outstanding letters of credit.2011 GuidanceThe Company previously provided Consolidated EBITDAR guidance of $260 million to $280 million and remains comfortable with that range.For purposes of calculating Consolidated EBITDAR, FairPoint adds back pension expense net of any cash contributions. As previously disclosed, FairPoint expects to contribute approximately $6.8 million to its company-sponsored employee pension plan during the third quarter of 2011.Quarterly ReportThe information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s quarterly report for the quarter ended June 30, 2011, which will be filed with the SEC on or prior to Aug. 15, 2011. The Company’s results for the quarter ended June 30, 2011, are subject to the completion of its quarterly report for such period.Fresh Start AccountingOn Jan. 24, 2011, the Company emerged from Chapter 11 bankruptcy protection and its Plan of Reorganization became effective. For purposes of generally accepted accounting principles, the Company adopted fresh start accounting as of Jan. 24, 2011, whereby the Company’s assets and liabilities were marked to their fair value as of the date of emergence. Accordingly, the Company’s condensed consolidated statements of financial position and operations for periods after Jan. 24, 2011, will not be comparable in many respects to periods prior to the adoption of fresh start accounting.Conference Call InformationAs previously announced, FairPoint will host a conference call and simultaneous webcast to discuss its second quarter 2011 results at 9:30 a.m. (EDT) on Tuesday, Aug. 9, 2011.Participants should call (866) 314-5232 (US/Canada) or (617) 213-8052 (international) at 9:20 a.m. (EDT)and enter the passcode 53808235 when prompted. The title of the call is the Q2 2011 FairPoint Communications, Inc. Earnings Conference Call.A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call (888) 286-8010 (US/Canada) or (617) 801-6888 (international) and enter the passcode 70917035 when prompted. The recording will be available from Tuesday, Aug. 9, 2011, at 12:00 p.m. (EDT) throughTuesday, Aug. 16, 2011, at 11:59 p.m. (EDT).A live broadcast of the earnings conference call will be available online at www.FairPoint.com/investors(link is external). An online replay will be available shortly thereafter.Use of Non-GAAP Financial MeasuresThis press release includes certain non-GAAP financial measures, including but not limited to Consolidated EBITDAR and adjustments to GAAP measures to exclude the effect of special items. Management believes that Consolidated EBITDAR may be useful to investors in assessing the Company’s operating performance and its ability to meet its debt service requirements, and the maintenance covenants contained in the Company’s credit facility are based on Consolidated EBITDAR. In addition, management believes that the adjustments to GAAP measures to exclude the effect of special items may be useful to investors in understanding period-to-period operating performance and in identifying historical and prospective trends. However, the non-GAAP financial measures, as used herein, are not necessarily comparable to similarly titled measures of other companies. Furthermore, Consolidated EBITDAR has limitations as an analytical tool and should not be considered in isolation from, or as an alternative to, net income or loss, operating income, cash flow or other combined income or cash flow data prepared in accordance with GAAP. Because of these limitations, Consolidated EBITDAR and related ratios should not be considered as measures of discretionary cash available to invest in business growth or reduce indebtedness. The Company compensates for these limitations by relying primarily on its GAAP results and using Consolidated EBITDAR only supplementally. A reconciliation of Consolidated EBITDAR to net income is contained in the attachments to this press release.About FairPoint Communications, Inc.FairPoint Communications, Inc. (NasdaqCM: FRP) (www.FairPoint.com(link is external)) is a leading communications provider of high-speed Internet access, local and long-distance phone, television and other broadband services to customers in communities across 18 states. Through its fast, reliable data network, FairPoint delivers data and voice networking communications solutions to residential, business and wholesale customers. VantagePoint(sm), FairPoint’s resilient IP-based network in northern New England, provides business customers a fast, flexible, affordable Ethernet connection. VantagePoint(sm) supports applications like video conferencing and e-learning. Additional information about FairPoint products and services is available at www.FairPoint.com(link is external).Cautionary Note Regarding Forward-looking StatementsSome statements herein are known as “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained herein that are not historical facts. When used herein, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements, including the Company’s plans, objectives, expectations and intentions and other factors. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date hereof. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made on related subjects in the Company’s subsequent reports filed with the SEC.Certain information contained herein may constitute guidance as to projected financial results and the Company’s future performance that represents management’s estimates as of the date hereof. This guidance, which consists of forward-looking statements, is prepared by the Company’s management and is qualified by, and subject to, certain assumptions. Guidance is not prepared with a view toward compliance with published guidelines of the American Institute of Certified Public Accountants, and neither the Company’s independent registered public accounting firm nor any other independent expert or outside party compiles or examines the guidance and, accordingly, no such person expresses any opinion or any other form of assurance with respect thereto. Guidance is based upon a number of assumptions and estimates that, while presented with numerical specificity, are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control and are based upon specific assumptions with respect to future business decisions, some of which will change. Management generally states possible outcomes as high and low ranges which are intended to provide a sensitivity analysis as variables are changed but are not intended to represent actual results, which could fall outside of the suggested ranges. The principal reason that the Company releases this data is to provide a basis for management to discuss the Company’s business outlook with analysts and investors. The Company does not accept any responsibility for any projections or reports published by any such outside analysts or investors. Guidance is necessarily speculative in nature, and it can be expected that some or all of the assumptions of the guidance furnished by us will not materialize or will vary significantly from actual results. Accordingly, the Company’s guidance is only an estimate of what management believes is realizable as of the date hereof. Actual results will vary from the guidance and the variations may be material. Investors should also recognize that the reliability of any forecasted financial data diminishes the farther in the future that the data is forecast. In light of the foregoing, investors are urged to put the guidance in context and not to place undue reliance on it.(1) Consolidated EBITDAR means earnings before interest, taxes, depreciation, amortization and restructuring items as defined in the Company’s credit facility. Consolidated EBITDAR is a non-GAAP financial measure. A reconciliation of Consolidated EBITDAR to net income is contained in the attachments to this press release.
Miro Weinberger announced his candidacy today for the 2012 Burlington mayoral race, promising the opportunity for a fresh start in City government.Joined by his wife Stacy, daughter Li Lin, and a crowd of supporters in downtown Burlington, Weinberger, a Democrat, pledged to put Burlington’s fiscal house in order, restore accountability to City government, and provide strong, vocal leadership on important priorities.‘It is critical that we succeed as a City at putting our fiscal house in order and restore trust to our government. Without fiscal responsibility, little progress will be made on other important priorities,’ said Weinberger.Weinberger brings a fresh perspective to Burlington politics. ‘I come to this race not as a career politician, but with 15 years of highly-relevant experience in both business and nonprofit management,’ said Weinberger. ‘I will lead by restoring a culture of accountability to the mayor’s office. When I am mayor the buck will stop with me, not with my appointees.’Weinberger is a small business owner, having co-founded the Hartland Group in Burlington, which has built over 200 affordable and market rate homes consisting of over $40 million in development in the region. He is also a former vice president for a non-profit community development organization in New York.Born and raised in Vermont, Weinberger attended Yale University and has a master’s degree in Public Policy and Urban Planning from Harvard’s Kennedy School of Government. He has worked for two US Senators, including Senator Patrick Leahy (D-VT).Jessica Nordhaus, founder/original CEO of Horny Toad Apparel and mother of three added, ‘I have known Miro for over 20 years. He is trustworthy, diligent and fiscally responsible ‘ just the type of person we need in City Hall right now. I know he will engage the community in critical conversations and will not be afraid to make the tough decisions. He will strengthen our city and lead us to an even better Burlington.’‘This election will be about selecting the candidate most capable of moving the City forward. This should be an election about Burlington being its best,’ Weinberger added. ‘It’s what will keep our families here and attract small businesses. It’s what provides us the jobs, tourism, entertainment events and the economic prosperity we need to thrive.’Weinberger also launched www.miroformayor.com(link is external), which includes his announcement speech, early endorsements, and more information on how people can get involved.
Consolidated Communications,Vermont Business Magazine issued the following correction related to a story on FairPoint Communications in its October 2011 issue:‘A photo caption from 2009 was mistakenly attached to a photo on page 43 in the October 2011 issue that indicated that regulators are questioning FairPoint’s continued operation. That is not the case. The accompanying article discusses FairPoint’s response to Tropical Storm Irene and its future plans and should not have contained outdated and incorrect information. We regret the error.”Timothy McQuiston, Editor. 10.7.2011