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Business Wire
Starter Corp. Files Chapter 11
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Business New Haven
5/3/1999
By: Kristine Hansen
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NEW HAVEN - Starter Corp. (NYSE: STA) filed for bankruptcy on April 19. The company's assets were listed at $118.1 million while liabilities were $120.5 million. The company had not filed its 1998 10K due to negotiations with creditors and investors. Starter affiliates Starter Delaware Inc., Starter Outlet Stores Inc., and Starter Galt Inc. also filed for protection under Chapter 11.
BankBoston Reports Second Quarter Profits Down
BOSTON - BankBoston Corp. (NYSE: BKB) announced that profits for its first quarter were $223 million, representing a six-percent decrease over the same period a year ago. Earnings per share for the quarter were 75 cents per share, compared to 79 cents for the prior year's first quarter.
Stock Split for TransSwitch
SHELTON - TranSwitch Corp. (NASDAQ: TXCC) announced a three-for-two stock split for its common stock, subject to shareholder approval. The split will be effected through a stock dividend for holders of record as of April 26. Distribution will occur some time after the company's shareholder meeting, set for May 27.
In a separate announcement, TranSwitch reported first quarter revenues of $14,461,000, representing a 68-percent increase over 1998 first quarter revenues of $8,606,000. Net income for the quarter was $3,124,000 (18 cents per share diluted), compared to net income to $561,000 (four cents per share) for the comparable 1998 period.
Cannondale's New Bike
a Hit
BETHEL - Cannondale Corp.'s (NASDAQ: BIKE) new motocross bike, the Cannondale MX400, has been named “Bike of the Year”by Dirt Rider magazine. The product is Cannondale's first entry into the motocross market.
People's Reports Increase in Earnings
BRIDGEPORT - People's Bank (NASDAQ: PBCT) announced increased net income for the quarter ended March 31 of $27.9 million (44 cents per share), versus $25.4 million (41 cents per share) for the 1998 first quarter.
In a separate announcement, People's has joined with senior organizations and the Crime Prevention Association of Connecticut to assist in the prevention of crimes against seniors. The effort includes education of seniors about crime prevention and avoidance of fraud. According to the National Sheriffs' Association, People's is the first major company to join in such efforts.
Aquarion Q1 Earnings Up
BRIDGEPORT - Aquarion Co. (NYSE: WTR) announced net income of $3,365,000 (30 cents per share) for the first quarter ended March 31, compared to $3,035,000 (27 cents per share) for the prior year's first quarter. Revenues for the quarter were $25.7 million, compared to the prior year's first quarter revenues of $25.4 million.
HUBCO EPS Up By Half
MAHWAH, N.J. - HUBCO Inc. (NASDAQ: HUBC) announced first-quarter earnings of $24.6 million (61 cents per diluted share), compared to $14.9 million (35 cents per share) for the 1998 first quarter. The bank holding company recently combined its Bank of the Hudson, Hudson United Bank and Lafayette American Bank into one bank under the name Hudson United Bank (HUB).
ZYGO Options on Two Exchanges
CHICAGO - The Chicago Board Options Exchange (CBOE) and the Philadelphia Stock Exchange (PHLX) announced that they will list options for the Middlefield-based Zygo Corp. (NASDAQ: ZIGO) effective April 16. The options (ticker UZY) will trade on the January cycle with initial strike prices of 10, 12 1/2 and 15.
Assets of Bear MGC Cutlery Acquired by Swiss Army Brands
SHELTON - Swiss Army Brands Inc. (NASDAQ: SABI) announced its acquisiiton of assets of Jacksonville, Ala.-based Bear MGC Cutlery Inc. in a cash-and-stock deal worth in excess of $11 million. Rights to certain intellectual property owned by Bear were also acquired by Swiss Army. Bear MGC Cutlery manufactures knives and multi-tools. Operations are expected to remain in Alabama.
Advest Profits Down
HARTFORD - Advest Group Inc. (NYSE: ADV) announced that profits for its second quarter ended March 31 dropped 36 percent due to reduced stock offering underwriting. Profits of $3 million (33 cents per share diluted) for the second quarter on revenues of $82.6 million compared to the prior year's second quarter profits of $4.8 million (51 cents per share) on revenues of $82.4 million.
Downey Printing Group Acquired by World Color
GREENWICH - Downey Printing Group, the sixth-largest telephone directory printer in North America, was acquired by World Color Press Inc. (NYSE: WRC) for undisclosed terms. Downey, with three facilities in Iowa, had 1998 revenues of about $41 million.
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