LINCOLN – A.T. Cross Company recently reported a net loss in the second quarter of $325,000, or 2 cents per share, compared to a net loss of $3.3 million, or 19 cents per share, in the second quarter of 2001.
Consolidated revenue for the quarter increased to $27.5 million compared to $27.3 million in the second quarter of 2001. The 2001 quarter included a pre-tax loss provision of $5.9 million relating to the carrying value of technology related investments.
The company recorded an operating loss of $825,000 in the quarter compared to operating income of $341,000 in the prior year period, due to increased spending in marketing and selling support and lower gross profit margins.
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Memorial earns $50,000
Roddy Foundation grant
PAWTUCKET – The Fred M. Roddy Foundation Inc. recently awarded $50,000 to the Cancer Center at Memorial Hospital. The grant is payable in two installments, in 2002 and 2003.
The announcement came three months after a site visit at Memorial Hospital by Roddy Foundation representative. They toured the new Cancer Center, which was officially dedicated this month.
The Cancer Center is a collaboration with Dana-Farber/Partners CancerCare, which represents the combined adult cancer care and research strength of Massachusetts General Hospital, Dana-Farber Cancer Institute and Brigham and Women’s Hospital. The Fred M. Roddy Foundation was established under the will of industrialist, inventor and entrepreneur Fred M. Roddy, founder of Cumberland Engineering, formerly in Providence.
RI Indian Council, Fannie
Mae re-open housing authority
PROVIDENCE – A $15,000 grant from Fannie Mae, the nation’s largest source of home mortgages, will allow for the Rhode Island Indian Council to re-establish an Indian Housing Authority in Providence. The Housing Authority will focus on helping low-income native Americans achieve the goal of home ownership. Officials hope the program will also create a model that can be used in the state’s other urban areas.
Darrell Waldron, executive director of the Indian Council, said the re-establishment of an Indian Housing Authority will help increase affordable home ownership opportunities for low income Native Americans.
Former Boston beer exec
joins RDW
PROVIDENCE – Tim Jermain, former director of marketing for the Boston Beer’s Samuel Adams, has joined Providence-based RDW Group as the vice president of business development. According Adweek, a local trade publication, officials at the RDW Group are hoping that Jermain will help the company expand into the Boston marketplace. RDW, which is headquartered in Providence, has a satellite office in Worcester. In 2001, RDW reported billings of $73 million and revenue of $11 million, representing a roughly 10 percent decrease from the previous year.
Blount-Barker shipbuilding
awarded contract
WARREN – Blount-Barker Shipbuilding has signed a contract with Delaware River Port Authority to convert the M/V Essex to passenger service only. The 100-foot open deck passenger/auto ferry with single-ended propulsion will be converted to increase the maximum capacity from 149 to 600. Modifications include a conversion to double-ended propulsion, enclosing the main deck and providing a steel canopy to cover the upper deck.
The M/V Essex was redesigned and engineered by Bristol Harbor Marina Design, a naval architecture and marine engineering company located in Bristol. Reconstruction on the ferry began in mid-April with completion scheduled for October 2002.
Two public high schools
receive $885,000
PROVIDENCE – Hope High School and Mount Pleasant High School will share a check for $884,918 to create "Smaller Learning Communities." The funding which came through the U.S. Department of Education, is designed to restructure large high schools to create a more personal, safe and productive environment for students.
Hope and Mt. Pleasant plan to use the funds to personalize instruction by creating smaller specialized schools within the larger high schools, offering credit recovery programs for students who have fallen behind, conducting intensive professional development, emphasizing project-based learning to engage students and establishing a summer transition program for incoming freshman. Mt. Pleasant also plan to create space for an Advanced Placement Program, and Hope is planning to make physical distinctions among small, specialized communities within the school.
Workers who could, stayed
longer
PROVIDENCE – Compared to a year ago, more Americans are staying at their current job than pursuing new opportunities, according to the latest Lee Hecht Harrison Career Mobility Index. Based on a nationwide survey, the index suggested the continuing economic downturn has made employees increasingly risk averse with respect to career moves.
Gil Swick, senior vice president of the company’s Providence office, said that during the second quarter 2001 the recession was just under way so employees had fewer concerns about taking a chance on new opportunities.
(Compiled from news reports and releases.)
