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Business Wire Briefs
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Business New Haven
12/13/1999
By: Kristine Hansen
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AmBank Declares Dividend
WATERBURY - Directors of the American Bank of Connecticut (AMEX: BKC) have declared a quarterly dividend of 23 cents per share and a six-cent-per-share special dividend, both payable December 23 to shareholders of record December 10.
In a separate announcement, American Bank said it will acquire three branches of FleetBoston located in Woodbury, Southbury and Middlebury. Following completion of these acquisitions it is expected that American Bank will have assets of $850 million with 18 offices.
Webster To Buy FleetBoston Offices
WATERBURY - Webster Financial Corp. (NASDAQ: WBST) announced an agreement to buy four FleetBoston branches in Thomaston, Meriden, Guilford and Brookfield. The announcement also said Webster expects to merge with New England Community Bankcorp by year's end, and intends to complete the acquisition of the FleetBoston branches in 2000. Webster had previously announced its purchase of six Connecticut branches of Chase Manhattan Bank, expected to be completed in the first quarter of 2000.
Citibank, Shizuoka Ink Pact
TOKYO - Citibank NA, whose parent is Citigroup Inc. (NYSE: C), has announced an agreement with Japanese-based Shizuoka Bank Ltd. whereby Citibank will market financial products to Shizuoka customers. The marketing will be targeted to Shizuoka's wealthier clientele.
Lawsuit Targets HMOs
HATTIESBURG, Miss. - On November 22 several attorneys filed a lawsuit alleging violation of anti-racketeering laws by HMOs. The suit is targeted against five health-maintenance organization operators: CIGNA Corp. (NYSE: CI), Aetna's Prudential Insurance Co. of America, Foundation Health Systems Inc. (NYSE: FHS), Humana Inc. (NYSE: HUM) and PacifiCare Health Systems Inc. (NASDAQ: PHSY). Previously, in October lawsuits were filed against Aetna and other HMOs in Miami and Philadelphia.
Sikorsky To Stay in Florida
STRATFORD - Sikorsky Aircraft, a unit of United Technologies Corp. (NYSE: UTX), announced it will continue to operate its West Palm Beach, Fla. flight test operations. However, the company also said it is continuing to study alternatives for its S-76 helicopter center presently located in West Palm Beach.
CNE Does a 360
BRIDGEPORT - Connecticut Energy Corp. (NYSE: CNE) directors declared a quarterly dividend at $0.335 per share, payable December 17. The dividend marks its 360th consecutive quarterly dividend. The company has paid dividends for 149 years and has increased the dividend in 19 of the past 20 years. In April, Connecticut Energy announced an agreement to merge with Energy East Corp. (NTSE: NEG).
eLottery To Sponsor Lottery Confab
NORWALK - Executone Information Systems Inc.'s (NASDAQ: ELOT) subsidiary, eLottery Inc., was selected as a sponsor of the fifth La Fleur's Lottery World Symposium scheduled for May in Washington D.C. Speakers at the symposium will discuss major trends affecting the lottery industry.
Farrel Corp. Q3 Results
ANSONIA - Farrel Corp. (NASDAQ: FARL) announced net income of $1.1 million (20 cents per share) on sales of $20.1 million for the third quarter ended October 3. That compares to a net loss of $202,000 (three cents per share) on sales of $21.6 million for the 1998 third quarter. The company attributes the rosier picture to changes in product mix and cost savings as a result of consolidating its facilities in the UK. For the nine-month period, Farrel reported net income of $1.3 million on sales of $50.7 million, compared to net income of $645,000 on sales of $62.6 million for the comparable 1998 period.
Alexion Completes Stock Offering
NEW HAVEN - Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) announced the completion of a follow-on offering, with US Bancorp Piper Jaffray Inc. and Hambrecht & Quist, LLC serving as underwriters. The three million common stock shares were offered at $14 per share, with proceeds to be used for general corporate needs and for the funding of research and drug-discovery programs.
Amphenol Files for Common-Stock Offering
WASHINGTON, D.C. - On November 18, Amphenol Corp. (NYSE: APH) filed with the Securities and Exchange Commission for the public offering of 2.75 million common shares. The registration statement said the proceeds of the offering will be used for repayment of a portion of a term loan and for redemption of some of the company's senior subordinated debt.
Connecticut H2O Posts Nine-Month Results
CLINTON - Connecticut Water Service Inc. (NASDAQ: CTWS) announced results for the nine-month period ending September 30. Net income was $6.04 million ($1.25 per average common share), versus $5.6 million ($1.16 per share) for the comparable 1998 period. The company attributed increased water consumption to the hot and dry spring and summer. The company also announced a quarterly common stock dividend of $0.29666 per share for shareholders of record December 1, payable along with the company's regular quarterly dividends for holders of preferred stock.
Zygo Names CEO
MIDDLEFIELD - Zygo Corp. (NASDAQ: ZIGO) announced that its president and chief operating officer, J. Bruce Robinson, has been named chief executive officer. He succeeds Gary Willis, who will remain as chairman. Willis had served as CEO since 1993.
Q3 Results for Raytech
SHELTON - Raytech Corp. (NYSE: RAY) reported net income of $3.4 million (94 cents per diluted share) on sales of $62.5 million for its third quarter ended October 3. This compares to net income of $3.1 million (87 cents per diluted share) on sales of $61.5 million for the 1998 third quarter. For the 39 weeks ending October 3, Raytech posted net income of $13.2 million ($3.76 per diluted share) on sales of $195.7 million, compared to net income of $13.2 million ($3.71 per diluted share) on sales of $188 million for the comparable 1998 period. Since 1989 the company has been under the protection of the U.S. Bankruptcy Court due to asbestos-related liabilities.
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