Nestor, Inc.
in Providence
reports profit
The company, a provider of intelligent software solutions, reports consolidated revenues of $1,441,000 and net income, after taxes and minority interest, of $16,000 for the three months ended March 31, 1999.
For the first quarter of 1999, the company’s consolidated revenues increased 55 percent from $932,000 reported during the same quarter last year. In the corresponding quarter of 1998, the company experienced a net loss, after taxes, of $739,000.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
”Many of the market factors that had previously delayed decision making by financial institutions seem to be diminishing now,” said David Fox, Nestor’s president and chief executive officer. “With diminished Y2K and merger pre-occupations in the financial-services industry, our prospects were able to move forward with their risk-management initiatives.”
Also, in the first quarter, Nestor Traffic Systems, Inc., was established as an independently financed subsidiary. Through a $2.3 million equity transaction, a 37.5 percent interest in the subsidiary was sold to a group of private investors.
JD American Workwear gets $3 million deal
JD American Workwear, Inc., a leading manufacturer of patented safety workwear, has completed negotiations with Unifirst Corp. to supply JD Safety Work Pants to all of Unifirst’s 114 customer service centers in the United States and Canada. The national rollout of the JD Safety Work Pants could add $3 million to $4 million in sales for the company during the next year, according to David Debaene, the company’s president.
The Unifirst relationship should provide a strong base for growth, according to DeBaene. Unifirst has agreed to have more than 2,000 drivers promote and sell JD Safety Work Pants on a direct basis to their existing customers.
Based in Coventry, JD American Workwear products are also available through the JC Penney catalog, Modern Farm catalogs, Payless Cashway stores and through a marketing agreement with Mason Shoes.
AFC Cable Systems shows record profits
AFC Cable Systems, Inc., of Providence, reports record net income for the first quarter ended April 3, 1999, of $6,870,000, a 25.1 percent increase over net income of $5,490,000 in the first quarter of 1998. Record sales for the first quarter of 1999 were $72,888,000, 11.6 percent higher than $65,286,000 in the corresponding period last year, said Ralph R. Papitto, chairman of the board and chief executive officer.
AFC Cable Systems manufacturers cost and labor-saving electrical and communication products and systems used primarily in construction and renovation of nonresidential buildings.
Diluted earnings per share (EPS) for the quarter also increased, by 15.2 percent, to .53 cents from .46 cents. EPS did not grow as much as net income because shares outstanding increased by 10.3 percent, attributable mainly to a secondary stock offering in May 1998. Average shares outstanding and common stock equivalents (diluted) were 13,058,443 at the end of the first quarter of 1999, versus the 11,841,464, shares outstanding at the end of the first quarter last year.
Fleet Boston lineup begins to emerge
Fleet Financial Group and BankBoston recently announced key management appointments for the combined institution, Fleet Boston Corporation, a merger expected to be completed in the fall.
”We sought to draw on the strengths of each company to put in place a management team capable of meeting our strategic objectives and providing our customers with more diversified products and services and access to market opportunities around the world,” said Terrence Murray, Fleet Financial Group’s chairman and chief executive officer.
Murray will be chairman and CEO of the Fleet Boston Corporation, a position he will leave to Chad Gifford, BankBoston’s chairman and CEO, on December 31, 2001. Until then Gifford will serve as president and chief operating officer of the merged bank.
Gifford will be responsible for Fleet Boston’s businesses, as well as several key staff functions. Reporting to him will be: Robert Higgins, president, Commercial and Retail Banking; Henrique de Campos Meirellas, president, Global Banking and Financial Services; Anne Finucane, Corporate Marketing and Communications; Melville E. Blake, III, chief of staff; and Susannah Swihart, Charitable Foundation.
Other appointments include: Eugene M. McQuade as chief financial officer; H. Jay Sarles as the head of the Administration & National Consumer Group; Michael R. Zucchini and Joseph Smialowski will lead the Technology Group; and David L. Eyles, who will head Risk Management.
Citizens bank earnings up 18%
Citizens Financial Group, Inc. today reported net income of $63.9 million for the quarter ended March 31, which is an 18 percent increase over the earnings of $54.3 million reported for the comparable quarter in 1998. Net income for the six-month period ended March 31 was $114.8 million, a 14 percent increase over earnings of $100.5 million reported the same time last years.
Assets for the four-state bank holding company rose to $18.9 billion at March 31, compared to $16.8 billion a year ago, reflecting continued commercial and consumer loan and investment portfolio growth.
Citizens’ recent acquisition of State Street Bank’s commercial lending business will bring total assets to $21 billion upon its completion this fall. Citizens’ commercial load portfolio has grown from $3.7 billion to $4.8 billion over the past year. With the State Street transaction, Citizens’ commercial loans and commitments will exceed $7 billion.
”We are well on our way to a sixth consecutive year of record profits at Citizens. Our momentum reflects a growing attraction to the long term customer focus that differentiates us within the New England financial services marketplace,” said Lawrence K. Fish, chairman, president and CEO of Citizens.
