Regional Briefs
Reaching Out: Westborough-based eClinicalWorks is supplying electronic medical records, practice management and business optimization software to an Illinois health care organization that sees more than 42,000 people each year. The software will be used by Crusader Community Health, which includes 54 providers and four locations in Northwest Illinois.
Doubling Down: Talent Burst has leased 6,308 square feet in Framingham to accommodate an office expansion. The IT staffing and regulatory compliance firm leased the space at the Meadows at 161 Worcester Rd. in Framingham and will move there from Apple Hill in Natick, where it leased less than 3,000 square feet, according to Craig Johnston, a broker with Wayland-based commercial real estate firm R.W. Holmes Realty Co. Inc.
Similar Losses: Devens-based American Superconductor Corp. reported a third quarter net loss of $7.8 million on revenue of $41.3 million. The company’s loss for the same period a year ago was $7.3 million. During that period, the company reported revenue of $32.6 million. AMSC said its earnings were hurt by non-cash charges totaling $2.8 million related to acquisitions and stock compensation.
Moving In: Three new tenants are taking up residence at 651 Chandler St. and 1124 Pleasant St. at Tatnuck Square. According to Worcester-based commercial real estate firm Glickman Kovago & Co., Lenox Investments LLC, the owner of the properties, recently leased a total of 5,500 square feet of retail space to a pet store, a cellular phone retailer and an interior designer.
Global Impact: Westborough-based energy efficiency contractor Noresco has been hired to make as much as $5 billion in energy and water efficiency improvements at federal facilities around the world. A long-time federal contractor, Noresco is one of 16 companies involved in the new multi-year deal, which charges the company with implementing efficiency and renewable energy projects at federally owned facilities under several different government energy and security initiatives.
Easier Being Green: The Massachusetts Bar Association and the Verizon Wireless HopeLine have launched a new green initiative that also helps prevent domestic violence. As part of its year-old MBA Lawyers Eco-Challenge, the MBA is asking attorneys to turn in their old and unused cell phones for recycling. Nearly 100 firms from across the state participate in the challenge.
Leveling Out: The overall economy contracted for the fourth consecutive month in January but at a pace slower than expected, according to the Arizona-based Institute for Supply Management. The institute’s Purchasing Managers Index, or PMI, hit 35.6 in January after registering a 32.9 reading in December. The index, which is based on a survey of purchasing executives across a wide number of industries, said the economy is contracting at a slower rate now than it has in recent months.
Agreeing to Share: Worcester-based RXi Pharmaceuticals Corp., managed by Yorkville Advisors of New Jersey, has entered into an agreement by which it may sell up to $25 million in common shares in $500,000 chunks to YA Global Investments. Under the agreement, RXi may sell, and Yorkville is obligated to buy, up to $500,000 in RXi shares at any given time during the two year term of the deal. The company also announced plans to expand its lease at Gateway Park in Worcester (see WBJ editorial on page 24).
Instrumental Gains: Milford-based Waters Corp. has acquired the entirety of Pittsburgh-based Thar Instruments Inc., a company in which Waters already owned an equity stake. Waters invested in Thar in June 2007 and during the latest transaction, Waters acquired all the remaining outstanding capital stock of the privately-held company.
Feeling Syndicated: Framingham technology research and media company IDG is now syndicating content to 44 web sites, including the sites of the Los Angeles Times, the Chicago Tribune and the Denver Post. IDG is distributing articles from its media brands, including PC World, Macworld and GamePro. The company launched the syndication network last month, via a partnership with Mochila, an online marketplace for syndicated content.
Terminal Transport: First Student Inc., a national school bus company, is moving its Framingham facility at 47 New York Ave., to Hayes Memorial Drive in Marlborough and Northborough, thanks to Genzyme Corp. Genzyme bought the land for the bus depot for $1.12 million on Jan. 7. The new 24,000-square-foot terminal cost $2.7 million, according to Marlborough city records, and is nearing completion.
Public Charities: Attorney General Martha Coakley said the annual reports of charities operating in Massachusetts will now be available to the public through a new feature on the AG’s web site. The Public Charities Annual Filing Document Search, which came on line today, is part of an effort by Coakley’s office to make information about nonprofit organizations and their donors more readily available to the public.
On the Rebound: Lower mortgage rates and falling prices prompted a 6.3 percent increase in the number of sales contracts on existing homes during December, according to the National Association of Realtors. The association said the increase in signed contracts should result in “healthy” sales totals for January and February.
Organized Change: Leominster Mayor Dean Mazzarella and other city officials recently joined with small business owners from the city to start a new business organization. Mazzarella said the organization’s functions could include joint marketing efforts, information sharing, expert presentations and support for existing city events like winter and summer downtown strolls, which showcase local businesses.
Continued Decline: Consumer spending fell for the sixth straight month in December, according to the U.S. Department of Commerce. The decrease ended the worst year for consumer spending since 1961, the department said. Purchases dropped by 1 percent after decreasing by 8 percent in November. The department also said personal savings rose by 3.6 percent during the month.
Wholesales Hurting: Two Central Massachusetts discount retail titans, TJX Cos. Inc. of Framingham and BJ’s Wholesale Club Inc. of Natick, posted weak January sales results. BJ’s said January sales hit $656.7 million, a 0.9 percent increase over the same month a year ago, while same-store sales decreased by 0.7 percent. TJX reported January sales of $1 billion, a 6 percent decrease compared to January 2008.
Unwanted Increases: During the week ending Jan. 31, 626,000 Americans filed claims for unemployment insurance coverage for the first time, according to the U.S. Department of Labor. That’s an increase of 35,000 from the previous week’s revised figure of 591,000. The 4-week moving average was 582,250, an increase of 39,000 from the previous week.
Clean Efforts: Fitchburg environmental remediation company TerraTherm Inc., which develops and implements technology to clean up contaminated sites, has received a “Gold Medal for Business Achievement” from The Environmental Business Journal. According to TerraTherm, it was chosen for its growth in revenue, productivity and recent project awards.
Oil Change: Seaman Paper Co., the Templeton company that makes wrapping tissue, confetti for the Super Bowl and Hershey’s Kiss paper strips is terminating its need of oil fuel. George Jones, president of Seaman Paper Co. of Massachusetts Inc., said the company already reduced its oil use by 63 percent by installing a wood-burning boiler and is now in the process of adding another one.
Terminal Diagnosis: Philadelphia-based Rohm and Haas Co., which employs about 600 people in Marlborough, said its fourth quarter profit plunged by 82 percent along with demand for its products. The company reported fourth quarter earnings from operations of $32 million compared to $180 million for the same period the prior year. The company said in January that it plans to lay off about 900 employees and idle or close underutilized plants in the face of “widespread market weakness.”
Local Growth: Quinsigamond Community College in Worcester is one of the top 25 fastest growing community colleges in the country, according to Community College Week magazine. The magazine compiled a list of the top 50 fastest-growing public two-year community colleges with enrollments of more than 2,500. QCC ranked 25th in the category for colleges with enrollment between 5,000 and 9,999..
Changing of the Guard: James F. Paulhus has been named president and CEO of Whitinsville-based UniBank. Paulhus has been the bank’s executive vice president for three years and has been in banking for nearly 30 years. He takes over for Kenneth J. Redding, who served on the bank’s board of directors for 25 years.
No Closure: Even as the number of foreclosed homes on the market spiked in 2008, only three percent of homebuyers purchased a foreclosed home during the year, according to the Massachusetts Association of Realtors. The Waltham-based association released its 2008 Massachusetts Profile of Homebuyers, which found that 35 percent of homebuyers last year considered purchasing a foreclosed home, but either “could not find the right home,” or found the process for buying a foreclosure too difficult.
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