Economic index at lowest level in two years
URI economics professor Leonard Lardaro’s monthly Current Conditions Index dropped to 58 for December, lowest in the last two years and well behind the previous December’s 92. In spite of the dropping index (November was 67, compared to 100 in 1997), Lardaro said there is strength in existing home sales, retail sales and construction employment. An index of above 50 means the economy is expanding.
CVS executives shifting positions
WOONSOCKET – With the announcement recently that its chairman and co-founder, Stanley Goldstein, was stepping down from that position, CVS set in motion a series of executive shifts. Thomas Ryan, the company’s chief executive will become chairman this spring. Goldstein, who founded the company 36 years ago with his late brother Sidney Goldstein, will continue to be a director with the company. Ryan, who had been president of CVS, will turn that title over to Charles Conaway, the chief financial officer. Conaway will also become the company’s chief operating officer. The changes will be made officially at the company’s annual meeting, April 14. The company said it was seeking someone to replace Conaway as chief financial officer.
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Infinite Group announces reverse stock split
WARWICK – Infinite Group, Inc. has announced a one for five reverse stock split. Starting on Feb. 16, the company’s common stock was to be traded for 20 trading days on the Nasdaq Small Cap System under the IMCID symbol. According to a statement by Clifford G. Brockmyre, president and chief executive of the company, the stock split was approved by the company’s stockholders in December “to assure company compliance with the NASDAQ SmallCap Market maintenance listing requirements.” Infinite Group is in laser material processing, advanced manufacturing methods, high productivity production tooling and laser-applications technology.
APC announces 2-for-1 stock split
WEST KINGSTON – With a vote of approval from the its board of directors, but subject to stockholder approval, American Power Conversion has announced a 2-for-1 stock split. Stockholders will vote at the company’s annual meeting in May. If stockholders approve, the split will be made on May 28. APC manufactures resistance equipment to protect computers from damage caused by power surges and losses.
New manager promises Blithewold rescue
BRISTOL — The owners of Blithewold, an estate on Narragansett Bay renown for beautiful gardens, have found a new manager that promises to rescue the landmark from its financial woes. The Heritage Trust of Rhode Island, which keeps the historical landmark open to the public, unanimously approved a tentative lease to the nonprofit group Save Blithewold Inc. Save Blithewold has raised nearly $600,000 in donations and pledges, which will relieve a financial pinch threatening to put the estate in the hands of a private developer. Save Blithewold plans to keep the mansion and grounds open to the public.
VNA lays off 82 employees
PROVIDENCE — The Visiting Nurses Association of Rhode Island laid off 82 employees because of nearly $9 million in operating losses. “It is after great deliberation and with sadness that we need to take these actions,” Sue Squibb, president of the agency, said in a letter to employees. But, she said, “we need to return the VNARI to financial stability.” VNA of Rhode Island is one of seven visiting nurses agencies in Rhode Island. In this state and across the country, home health-care agencies are feeling a sharp financial squeeze. VNA of Rhode Island said it had operating losses of $2 million in the first quarter of the current fiscal year, after losses of $6.6 million last year. The losses are due to shortfalls in reimbursements from the federal Medicare program and from managed-care payers, the agency said.
While 82 employees are losing their current jobs, 30 new positions are being created, the agency said.
Single family home sales at record high
PROVIDENCE — Sales of existing single-family homes in Rhode Island hit a record high last year, spurred by the strong economy, low mortgage rates and tax breaks, according to a report released recently. Sales rose in 36 of the state’s 39 cities and towns, the Rhode Island Association of Realtors said. Only Central Falls, Foster and West Greenwich showed decreases. Nearly 9,000 existing single-family homes exchanged hands last year, 21 percent more than the previous year, the association said. It was the first time in Rhode Island history that more than 8,000 homes were sold in a single year. The median price of homes that were sold was also up — from $118,000 to $122,600, an increase of 3.9 percent.
Governor adds Urbani to Lottery Commission
PROVIDENCE – Gov. Lincoln Almond has appointed Lynne Urbani of Cranston to serve on the state’s Lottery Commission. Urbani is president and chief executive officer of Coordinated Health Partners, Inc., a subsidiary of Blue Cross. She replaces Donald Wyatt who, until his death, served on the Commission since May of 1995. Urbani’s term is due to expire on March 25, 2001.
(Compiled from news reports and releases, print and electronic.)
