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Business Wire
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Business New Haven
4/19/1999
By: BNH
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Stanley Cutting Connecticut Jobs
NEW BRITAIN - The Stanley Works (NYSE: SWK) announced that it will cut approximately 400 jobs in Connecticut. The company is planning to relocate certain product lines to Stanley plants located in other parts of North America and Asia. Layoffs, to begin in May or June, are expected to be completed by year's end.
Starter Will Delay 10-K
NEW HAVEN - Starter Corp. (NYSE: STA) of New Haven announced it will delay the filing of its 1998 Form 10-K as a result of its discussions with bankers and possible investors regarding funding. Also, the company said its 1998 reported loss will be greater than that of 1997.
NU Eyes Possible Restart of Millstone 2
NEW YORK - Northeast Utilities (NYSE: NU) said that it plans to restart its Millstone 2 nuclear plant in mid- or late April. The restart is hoped to follow the company's April 16 meeting with the Nuclear Regulatory Commission. The plant is currently in Mode 3 readiness for the restart when approved by the NRC.
UI Increases Share in Bridgeport Energy
NEW HAVEN - The United Illuminating Co. (NYSE: UIL) announced that it will exercise its option to increase its ownership in Bridgeport Energy LLC from four to 33 percent. The options were with Duke Energy (NYSE: DUK), majority owner of Bridgeport Energy, which owns a power plant in Bridgeport.
Curagen Searching for CEO
NEW HAVEN - Curagen Corp. (NASDAQ: CRGN) announced March 31 that it is searching for a new president and CEO. The company's founder, Jonathan M. Rothberg, will remain as chairman and chief scientific officer. The board of directors has formed a special search committee and has also signed on with Spencer Stuart, an executive-recruiting company.
Stock Split for TSI
WILTON - TSI International Software Ltd. (NASDAQ: TSFW) announced that its shareholders approved an increase of authorized shares to 70 million, which would allow for a two-for-one stock split effective April 1. The approval was made at the company's annual meeting March 26.
Special Shareholder Meeting for Perkin-Elmer
NORWALK - Perkin-Elmer Corp. (NYSE: PKN) has scheduled a special shareholder meeting April 27 to consider a recapitalization proposal which would create two new classes of common stock to be called Celera Genomics Group Stock and PE Biosystems Group Stock. The company would also effect a name change to PE Corp.
HUBCO Consolidates Operations Under New Name
MAHWAH, N.J. - HUBCO Inc. (NASDAQ: HUBC) announced that it has consolidated its Lafayette American Bank, Hudson United Bank and Bank of the Hudson into one operating network named Hudson United Bank. The transaction involves over 160 branches in the tri-state area. Subject to shareholder approval at the annual meeting April 21, the company plans to change the name of its holding company to Hudson United Bancorp.
Executone to Change Name, Divest Operations
MILFORD - Executone Information Systems Inc. (NASDAQ: XTON) announced that it is changing its name to eLottery Inc. reflecting the remaining business of the company after a proposed divestiture of telephony and health-care operations. Also, Executone directors announced an offer by a group led by Stanley J. Kabala, the company's chairman and CEO, to acquire the divested companies. The new eLottery will provide services and products to lottery markets both domestic and internationally.
COOL Posts Hot Sales Growth But Net Loss
KENT - Cyberian Outpost Inc. (NASDAQ: COOL) announced a 310-percent increase in net sales for its fourth quarter ended February 28 to $33.1 million, vs. $8.1 million for the prior year's fourth quarter. The figure also represents a 41-percent increase over third-quarter net sales. The fourth quarter net loss was $7.8 million (34 cents per share diluted), compared to $4.5 million (48 cents per share diluted) for the previous year's fourth quarter. For the fiscal year ended February 28, net sales rose 276 percent over the prior year to $85.2 million, from $22.7 million the previous year. Net loss for the year was $25.2 million ($1.24 per diluted share), compared to a net loss of $7.1 million (86 cents per diluted share) for the 1998 period.
VION Post Year-End Results
NEW HAVEN - Vion Pharmaceuticals Inc. (NASDAQ: VION) recorded fourth quarter ended December 31, 1998 net losses of $3.8 million (27 cents per share) on revenues of $1.1 million compared to a $ 2.1 million (22 cents per share) net income on revenues of $5.2 million for the 1997 fourth quarter. Net losses for the 1998 year were $14.9 million ($1.24 per share) on revenues of $1.9 million, compared to a net loss of $6.5 million (75 cents per share) on revenues of $5.2 million for 1997.
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