SWANSEA — Firstfed America Bancorp announced that before an extraordinary loss as the result of its early “extinguishment” of debt, its net income was $13.5 million for fiscal year 2002, an increase of $4.3 million, or 45.9 percent from fiscal 2001. Net income for the fourth quarter of fiscal year 2002 increased by 4.1 percent to $2.6 million, compared with $2.5 million for the fourth quarter in 2001, the bank reported.
The company’s board of directors declared a quarterly dividend of $0.14 per share payable May 22 to all shareholders of record as of May 8, 2002. Firstfed completed its acquisition of People’s Bancshares, Inc. on Feb. 28, 2002 for about $72 million in cash and stock. In March of this year, Firstfed prepaid Federal Home Loan Bank advances and other borrowings totaling $161.5 million, which resulted in an after-tax extraordinary loss on early extinguishment of debt of $568,000, or $0.09 per share.
Fall River Five reports lending at all time high
FALL RIVER – Fall River Five Cents Savings Bank reported its lending level in 2001 were at an all time high of $114 million. John J. McSweeney, president and chief executive officer, reported the results recently at the bank’s annual meeting. McSweeney told trustees, corporators and management personnel that the bank’s assets totaled $404 million and that its commercial loan portfolio had increased by 45 percent. McSweeney and all 17 officers of the bank were reelected at the meeting.
Marriott to open residence hotel in North Dartmouth
NORTH DARTMOUTH – Marriott International, Inc., announced that it would open a 96-suite residence hotel here this month. The company did not specify the date of the planned opening. The hotel will be operated as a franchise and managed by KW Hotel Group of Wayland, Mass. The hotel, to be located between New Bedford and Fall River is designed, will be designed for stays of five nights or more, with each suite equipped with a fully equipped kitchen, as well as in-room modems and available faxing, copying and printing facilities.
Factory Five reaches settlement with Ford, Shelby
WAREHAM – Factory Five Racing, a kit car company, has settled trademark disputes with Ford Motor Company and Carroll Shelby, an automobile designer and builder. Partridge Snow & Hahn, a Providence law firm, which represents Factory Five, said the company had acknowledged Ford and Shelby’s registered trademark rights to the Cobra and its related snake design. In return Shelby gave up its claims concerning trade dress or body design of Factory Five kits and abandoned its attempts to force Factory Five to change the shapes of its auto bodies. A spokesman for the law firm, Steven E. Snow, a partner, said, “This is an instance where styles may look similar, but no one design is associated with a single source. So, Factory Five is free to continue to produce, sell and market its cars and kits.”
Maynard firm raises $5 million from investors
MAYNARD – SiteScape, Inc., which makes Wed-based software, has raised $5 million from investors, including Science Applications International Corp., a government contractor, the Boston Globe reported. The Globe said SiteScape hopes the investment by Science Applications will help its sales of its collaboration software to the defense sector as well as other customers. SiteScape has 50 employees.
Friendly reports revenue improvement
WILBRAHAM – Friendly Ice Cream, Inc. reported operating revenue of $4.1 million for the first quarter of 2002 and an 8.8 percent increase in restaurant revenues for that quarter, compared with the same quarter in 2001. Moreover, the company reported food service and franchise revenues increased 48 percent and 36 percent respectively in that quarter, compared with 2001. Despite the improved revenues, however, the company still reports a net loss for the quarter, $1.6 million or 22 a share. But that is an improvement from the same quarter a year ago when it posted a net loss of $3.2 million, or 43 cents a share for the corresponding quarter. Total revenue for the quarter rose to $131.5 million, compared with $125.7 million for the same quarter a year ago. Offsetting the revenue gains was the reduction of $11.9 million in restaurant revenues because of the termination of some of its weaker restaurants and the sale of some of those restaurants to franchisees, the company announced.
State Street Corp. lays off 375, hints more will follow
BOSTON – State Street Corp. confirmed growing rumors and reports over the last few weeks by laying off 375 employees from its eastern Massachusetts work force, and hinted more layoffs could be expected along with other cost-cutting moves. Boston-based State Street manages investments and handles securities for mutual funds and pension funds. The Boston Globe reported the company announced it planned to take a $13 million after-tax charge related to the layoffs. The company employs about 19,000 people worldwide, the Globe reported.
(Compiled from news reports and releases, print and electronic.)
