SWANSEA – Record diluted earnings for the first quarter of 2003 have been reported by FIRSTFED America Bancorp, Inc. Earnings per share of $.55 cents for the first quarter of 2003 compared with $.53 cents per share for the same quarter in 2002. Net income was reported to be $4.4 million for the first quarter of the fiscal year $2003, a 4.6 percent increase from the same period last year when a $3.0 million net was recorded. The company’s board of directors also declared a quarterly dividend of $0.15 cents a share, compared with $0.14 cents a share declared for each of the last four quarters.
American plans Eagle service
to LaGuardia
BOSTON – American Airlines feeling a growing threat to its claim to dominance of Northeast air service from the proposed code-sharing agreement between United, the nation’s largest airline and US Air, which operates one of the two shuttle services to New York City (Delta is the second), announced that it would begin daily service between Logan Airport and LaGuardia Airport in New York. The service by American Eagle, the regional affiliate of America, is scheduled to begin Sept. 24 with 10 daily round trips between Boston and New York from 7 a.m. to 7 p.m. American already provides service to other airports in the New York area, Kennedy, Newark, Islip and White Plains, but LaGuardia in Queens is closest to Manhattan and the easiest to reach.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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Biogen profits plummet
despite sales increase
CAMBRIDGE – Despite increased marketing and sales efforts, Biogen, Inc. reported that its profits fell 40 percent in the second quarter, compared with the same quarter a year ago. Biogen has been feeling the effects of increased competition to its multiple sclerosis drug, Avonex, the Boston Globe reported. The company reported net income for the second quarter at $43.4 million, or 29 cents a share, compared with $71.9 million or 47 cents a share a year ago. Biogen also reported increased sales of Avonex worldwide to $251 million from $243 million a year ago. U.S. sales of the product in the second quarter were reported at $176 million, a 2 percent increase from the same quarter a year ago.
Harvard Bioscience acquires
Genomic Solutions
HOLLISTON – Harvard Bioscience, Inc., announced that it acquiring Genomic Solutions, Inc., of Michigan, for cash and stock valued at $26 million, the Boston Globe reported. Harvard Bioscience expects to complete the acquisition by the end of this year and increase its annual revenue by $5 million, the Globe said. David Green, president of Harvard Bioscience, was reported in the Globe as saying, "We will have one of the broadest product ranges and widest array of distribution channels in the industry." The acquisition was designed by Bioscience to get access to Genomic’s sales force. Harvard Bioscience sells research tools for drug discovery and development.
Marine Life Center gets
donation to upgrade telephone
BUZZARDS BAY – A donation from TriNET Systems of Sharon, Mass. to the National Marine Life Center here has resulted in a significant upgrade in the center’s telephone service. The upgrade, which includes voice mail, not only improves current equipment and service but also permits growth as the renovation of the center is complete and the hospital for stranded marine animals and the science education center are fully operational. TriNET has been listed in Inc. magazine as among the 500 fastest growing companies in America. The NMLC describes itself in a release as a not-for-profit corporation organized to develop and then operate a facility to provide medical care to stranded marine animals. The NMLC release also states that more seals, dolphins, whales and sea turtles come ashore in this region than anywhere else in North America.
Gillette’s second quarter
net rises 27 percent
Gillette Co. said second-quarter profit climbed 27 percent as Mach3 razor sales rose and costs fell. The company’s shares gained as much as 7 percent, their biggest increase in about 18 months.
Net income at the world’s largest razor maker rose to $293 million, or 28 cents a share, from $232 million, or 22 cents, a year earlier, the company said in a statement. Sales increased 5.3 percent to $2.02 billion from $1.92 billion for Gillette, which also makes Duracell batteries and Braun appliances.
Chief Executive James Kilts boosted sales by increasing advertising 10 percent and adding new products, including the Mach3Turbo, a redesigned version of Gillette’s 4-year-old men’s razor. Kilts, who took over 17 months ago, also has cut 3,700 jobs, closed six plants and reduced debt.
"Kilts is doing a great job," said John C. Thompson, of Thompson Plumb & Associates, whose $1.8 billion in assets included more than 350,000 shares at the end of March. "He’s taking a lot of costs out of the system and returning the company to historic levels of growth." (Bloomberg News)
(Compiled from news reports and releases.)
