March 17, 2008
Central Mass In Review
Charlton
Charlton Co. Fined For Waste Violations
A Charlton fiber optics manufacturer has been hit with a $30,348 state Department of Environmental Protection fine for hazardous waste violations. According to the DEP, Incom Inc. was found, during a DEP inspection, to be treating and accumulating hazardous waste. The company also failed to have a hazardous waste training or contingency plan in place, DEP said, and failed to complete a Toxics Use Reduction Act plan.
Framingham
Symbollon To Purchase Chinese Co. For $1.5M
Framingham’s Symbollon Pharmaceuticals Inc. said it plans to acquire Chinese pharmaceutica company Xi’an Maidefa Pharmaceutical Co. Ltd. (Medpharm) for $1.5 million. Medpharm was founded by Yongjun Duan, former director of research and development of Symbollon.
Framingham Is Hiring
The Framingham area saw the greatest January increase in jobs of any Massachusetts metropolitan area, according to state data. The state Executive Office of Labor and Workforce Development reports that employment in the area rose 1.4 percent in January, an increase of 2,100 jobs compared to January 2007. Jobs increased by 0.7 percent in the state as a whole. The Leominster-Fitchburg-Gardner area saw a loss of 100 jobs, or 0.2 percent. The Worcester area gained 1,300 jobs, a 0.5 percent increase.
Franklin
Franklin Co. Transitions To Loss
After a profitable 2006, Franklin cardiac device company PLC Systems lost $819,000 in the fourth quarter and $2.4 million in 2007 as a whole. The company earned $36,000 in the fourth quarter of 2006 and $1.3 million for that year. The company’s fourth quarter revenues also declined from $1.7 million in 2006 to $1.2 million in 2007. Full-year revenue declined from $7.1 million to $6 million.
Groton
Skimming Scheme Lands Groton Man In Jail
A Groton man convicted of wire fraud and preparing false tax returns will spend 46 months in federal prison and must repay the $1.7 million he skimmed from clients. According to U.S. Attorney Michael J. Sullivan, Michael R. Thorpe, 61, of Groton ran Chelmsford-based Payroll Express and a second company, GFA Inc. According to Sullivan’s office, between 1999 and 2003, Thorpe diverted more than $1.7 million of his Payroll Express clients’ IRS tax payments to accounts held by GFA. Thorpe provided the IRS and clients with falsified payroll tax forms, and was caught when the IRS alerted the clients about the unpaid taxes. The clients were forced to pay the unpaid taxes as well as penalties and interest.
Hopkinton
Smaller Loss, More Revenue At Caliper
Hopkinton-based Caliper Life Sciences Inc. continued its slow climb toward breaking even in 2007, posting a net loss of $24 million for the year, compared to a loss of $29 million the previous year. For the fourth quarter, the company reported a net loss of $5.7 million compared to a net loss of $8.9 million in the fourth quarter of 2006.
Littleton
Former Fed Chairman Joins Still River Board
Littleton-based Still River Systems has elected Paul Volcker, the former chairman of the Federal Reserve, as one of two new members of its board of directors. Volker led the Federal Reserve from 1979 until 1987. Also joining the board is Dr. Jay Rao, a portfolio manager at Seneca Capital in New York who also serves as a clinician at Bellevue Hospital in New York and a faculty member at NYU School of Medicine.
Marlborough
Marlborough Co. Gets $4.25M
Proficiency Inc., a Marlborough-based software developer, has raised $4.25 million in a funding round led by Israel-based Catalyst Investments. Two of the company’s current funders, Carmel Ventures and Pitango Venture Capital, both also of Israel, took part in the funding as well.
AMEX Turns Off ThinkEngine
Marlborough Internet communications company ThinkEngine Networks Inc. has lost too much money to continue listing on the American Stock Exchange. The company said it received a delisting notice from the exchange. The notice said the company’s history of losses and its inability to achieve stockholders’ minimum equity requirements had made it subject to delisting.
Natick
Gas Prices Good For Wholesale Club
Natick-based BJ’s Wholesale Club Inc. says strong January sales pushed fourth quarter net earnings to $50.2 million compared to $11.9 million for same period the previous year. The company said strong merchandise sales, favorable margins and the high profitability of gasoline sales combined with lower-than-expected expenses pushed up profits.
Oxford
IPG Purchases Patent Portfolio
Oxford laser-maker IPG Photonics Corp. has purchased more than 440 U.S. and foreign patents from British Telecom. The company said the patents were part of a portfolio of “pioneering” laser patents held by British Telecom dating back to the early 1990s. The patents are related to current and future photonics components, systems and devices. Financial terms of the transaction were not disclosed.
Worcester
Shrewsbury St. Loses Bancroft Chrysler
The Harr Motor Group has purchased Bancroft Chrysler Jeep’s assets, and is moving the cars and trucks on Bancroft’s lot to a new Harr Chrysler Jeep Dodge dealership at its 100-120 Gold Star Blvd. complex. Harr recenly completed a multi-million dollar renovation at its Dodge, Toyota, Ford and Scion dealerships on Gold Star. According to Harr spokesman Alan Berman, the Bancroft building on Shrewsbury Street “will not be an auto company” once Bancroft is cleaned out.
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