News Briefs
February home sales beat last year
For the second straight month, single family home sales increased compared to last year, according to the Massachusetts Association of Realtors. February marks the first time there have been year-to-year sales gains for two consecutive months since February and March of 2006, according to the association. The association reported 2,409 single-family home sales in February, a 1.2 percent increase over the 2,380 sold in February of last year. February sales were down 12.2 percent compared to January, during which 2,744 single-family homes were sold. But the association said a dip between January and February is typical. February's median selling price of $325,000 for detached, single-family homes fell 4.1 percent below the $339,000 recorded in February of last year.
Building's new owner calls for redevelopment
WORCESTER - A group that plans to redevelop 88 Shrewsbury St. finalized the purchase of the building for $825,000. 88 Shrewsbury Street LLC, which is managed by Steven E. Greene from Hartford Turnpike in Shrewsbury according to the Secretary of the Commonwealth's office, bought the 14,000-square-foot building and accompanying land from Shrewsbury Street Investments. According to broker Glickman Kovago & Co., Greene plans to redevelop the property, which now houses a Verizon store and one other business, and lease space there to retail businesses.
Fitness center gets facelift
AUBURN - Route 20's Auburn Complex will undergo renovations. The first phase of renovation is planned for June with completion targeted in early September. Walter Beede, owner of the Auburn Wellness center, anticipates the changes to the 24-hour exercise facility will tailor to customer needs. Improvements will include cardio equipment, a circuit strength area and 50,000 lbs. of free weights.
Media
T&G to cut staff by 10
WORCESTER - While the Boston Globe reported that 24, or 6 percent, of its newsroom will accept a voluntary buyout offer aimed at reducing costs, the Worcester Telegram & Gazette will be making cuts outside the editorial department. Bruce Gaultney, publisher of the T&G, said that under 10 people employed by the paper will be taking buyouts, but none of those cuts will be on the editorial side of the business. He said the buyouts would be offered in a variety of departments. While the buyouts are planned, Gaultney said that an official announcement "should be soon."
Retail
Acquisition good horse sense for Littleton co.
LITTLETON - Dover Saddlery Inc. of Littleton announced 2006 net income of $1.4 million on revenue of $73 million. Dover's net income for 2006 was up 69 percent over the previous year, and revenue was up 17 percent. For the fourth quarter of 2006, Dover's revenue increased 16 percent to $21 million. The company's retail store revenue for 2006 increased 38 percent to $12.8 million. Dover attributed the increase to its acquisition of Dominion Saddlery in June for $1.5 million, and the opening of two new Dover Saddlery stores. Dover Saddlery is a direct marketer of equestrian products, and was founded in Wellesly in 1975.
Biomedical
Med. device maker turns a profit
FITCHBURG - Fitchburg-based Arrhythmia Research Technology Inc. announced net income for 2006 of $2.2 million on revenue of $19.3 million. Revenue jumped 50 percent over the previous year, and net income increased 37 percent over the same period. For the fourth quarter of 2006, Arrhythmia reported revenue of $5.9 million, an increase of 98 percent over the $3 million it reported for fourth quarter of 2005. Net income for the fourth quarter of 2006 was $556,000 compared to $441,000 in the previous year.
Heart laser co. reports small gains
FRANKLIN - PLC Medical Systems Inc. of Franklin reported fourth quarter net income of $36,000 on revenue of $1.7 million. In the fourth quarter of 2005, the company reported a net loss of $397,000 on revenue of $1.8 million. PLC's total net income for 2006 was $1.3 million on revenue of $7.1 million compared to a net loss of $1.3 million on revenue of $7.6 million in 2005. PLC Systems is a medical technology company that specializes in the cardiac and vascular markets.
Drug co. CEO banks bonus
MARLBORO - Sepracor Inc. of Marlboro said the company approved a 2006 cash bonus of $525,000 for CEO Timothy J. Barberich. According to U.S. Securities and Exchange Commission filings, Sepracor, a pharmaceutical research firm, also said Barberich would also receive $914,375 in salary in 2007. In 2005, the company CEO was paid $547,194 in salary and got a bonus of $330,000, according to company filings.
Energy
Grid applies for lower rates
NORTHBORO - Northboro-based National Grid has filed new, lower power supply rates for its 1.2 million state customers with the Massachusetts Department of Telecommunications and Energy. Customers who continue to receive power from National Grid would get the new rate May 1 if approved. The proposal would decrease a typical customer's monthly bill by 8.4 percent, or $7.28, to $79.45. Every six months, National Grid buys half of its wholesale power for the following year in a competitive bidding process.
Health Care
Small in Japan
NATICK - Medical device maker Boston Scientific of Natick said its Vitality DR implantable heart defribillator has been approved for market in Japan. The company said Vitality DR is the smallest dual chamber implantable defribillator currently available in Japan. Implantable defribillators are designed to shock the heart out of abnormal and potentially fatal rhythms. More than 100,000 of the company's implantable defribillators have been implanted in patients around the world since the company first introduced the product in Europe in 2002. Boston Scientific estimated that sudden cardiac death claims as many as 50,000 in Japan every year.
High Tech
Marathon gets $12 million, to hire 20
LITTLETON - Littleton-based Marathon Technologies Corp. said it has received $12 million in venture funding for the company's continued operation. The funding came from Sierra Ventures, which led this, the second round of funding for the company, Atlas Ventures, and Longworth Ventures. According to Gary Phillips, Marathon's president and CEO, the funding will allow Marathon to hire about 20 new employees. That would expand the company's workforce to about 90. Most of the new hires would be engineers, Phillips said. Marathon makes computer data back-up and recovery software, and was started with $14 million in venture funding. The company filed for federal Chapter 11 bankruptcy in 2001, but expects to be profitable by the end of this year.
Southboro firm buys Army fuel cell contractor
SOUTHBORO - Fuel cell power system maker Protonex Technology Corp. of Southboro agreed to buy Colorado-based Mesoscopic Devices for $12.4 million. Protonex makes portable, low cost fuel cell systems for commercial customers and the military. Among other things, Mesoscopic makes fuel cell power products, including one of the first portable cells that operates on liquid fuel. Its primary business is with the government, the military, and commercial customers. Of the total purchase price, $3.2 million will be payable in cash, and the rest in common shares of Protonex.
Server co. set for IPO
FRAMINGHAM - Netezza Corp. of Framingham is going public. The server and data storage company said it had filed a registration statement with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of common stock. The company said it has not determined the number of shares to be sold, or the price range for the proposed offering.
Small Business
Deadline near for small biz disaster loans
The U.S. Small Business Administration is reminding businesses in counties that border Connecticut that the deadline for applying for federal economic injury disaster loans is April 16. Businesses in Worcester, Hampden and Berkshire counties are eligible for the loans because they are adjacent to Connecticut counties named in a disaster declaration between April and July of 2006. The SBA loans are available to farm related and non-farm related small businesses and small agricultural cooperatives that suffered economically as a result of the weather disaster. Small businesses could qualify for up to $1.5 million.
The News Briefs are compiled from staff and wire reports
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