Nortek appoints Hall as CFO

Providence-based Nortek, Inc. last week announced the appointment of Almon C. Hall III as vice president, controller and chief financial officer. Hall had been vice president and controller. In his position, Hall will have overall corporate responsibility for the financial, accounting and treasury functions for Nortek and its 30 subsidiaries.

In announcing the appointment, Richard L. Bready, chairman and CEO, said Hall’s "extensive experience with Nortek provides him with an in-depth understanding of our various operations."

Hall, who joined Nortek in 1977, has over 25 years of senior level experience with the company. Prior to joining Nortek, he worked for nine years at a public accounting firm.

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APC’s first-quarter profit falls

American Power Conversion Corp.’ first-quarter net income fell 39 percent amid a 16 percent drop in sales.

The West Kingston-based computer-equipment maker announced job cuts in March. Earlier this month the company reported net income of $16.6 million, or eight cents a share, compared with net income of $27.2 million, or 14 cents a share, a year earlier.

Rodger B. Dowdell, Jr., APC’s resident and chief executive, said in a prepared statement that information technology spending, particularly within the corporate environment, continues to lack signs of near-term improvement.

"In light of this, our strategy going forward remains much the same. We will continue to be proactive in product development, market expansion and pricing while working tirelessly to manage our costs," Dowdell said.

CVS/pharmacy exceeds fundraising goal

CVS/pharmacy, a Premier Sponsor of the National Colon Cancer Awareness Campaign, has exceeded its fundraising commitment of $500,000 for the fight against colon cancer, the second largest cause of cancer deaths in the nation. From March 15 to April 20, more than 4,000 CVS locations sold paper Caring Star icons through $1 customer donations and raised nearly $506,000. The funds will be used to help find a cure, as well as finance new treatments, for colon cancer.

"We are very pleased to have surpassed the National Colon Cancer Awareness Campaign’s Premier Sponsor fundraising goal by collecting donations totaling more than $500,000 for colon cancer research and education," said Jack Kramer, senior vice president of CVS. "We owe the success of this campaign to our customers, who generously participated in the Caring Star program, and to our colleagues working in our stores, who promoted and supported this campaign."

Capital Properties, Inc. reports first quarter losses

East Providence-based Capital Properties, Inc. has reported a net loss of $70,000 for the three months ended March 31, resulting in a basic loss per common share of 2 cents.

Capital Properties, Inc.’s business consists of the leasing of certain of its real estate interests in downtown Providence, outdoor advertising locations, and the operation of its petroleum storage facilities in East Providence.

For the three months ended March 31, leasing revenue increased 8 percent from 2001 principally because of revenue from renewals of short-term parking leases and certain tenant payments. In 2001, leasing revenue included $28,000 of temporary condemnation revenue.

Expenses applicable to the leasing segment doubled from the 2001 level principally as a result of the City of Providence property tax increase and higher professional rates.

For the three months ended March 31, revenue from petroleum storage facilities decreased 10 percent from the 2001 level principally because of lower contingent revenues, the result of a warmer winter than normal in New England, offset in part by the scheduled annual fee increase.

LIN TV raises $374 million in IPO

LIN TV Corp., an owner of U.S. television stations controlled by investment firm Hicks, Muse, Tate & Furst Inc., raised $374 million in its initial public offering after boosting the number of shares available.

The number of shares offered was increased to 17 million from the 14.6 million reported last month in a filing with the Securities and Exchange Commission. The shares were priced at $22 each, said underwriter Deutsche Bank Alex. Brown Inc.

LIN TV owns 26 network affiliated and independent stations nationwide, with sales and management services for four additional stations. LIN’s markets include Indianapolis; Buffalo, New York; and Austin, Texas. Company officials at LIN TV couldn’t be reached immediately for comment.

Bloomberg News reported that the Providence-based company said it plans touse proceeds from the stock sale to repay debts of Sunrise Television Corp., which is to be acquired in connection with the IPO. That includes $143.3 million to pay Sunrise’s outstanding bonds, loans and preferred stock, according to an SEC filing.