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Business Wire
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Business New Haven
2/22/1999
By: Kristine Hansen
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NU Must Cut Rates
NEW BRITAIN - On February 5, state regulators ordered Northeast Utilities (NYSE: NU) to cut its electric rates by four percent. Also, the Department of Public Utility Control said that Connecticut Light & Power (CL&P) must reduce its revenue requirements by $231.9 million and that its return on equity must be reduced from 10.7 percent to 10.3 percent. $95.8 million will be reimbursed to CL&P customers through a four-percent rate reduction. The reduction is effective for 1999, but state law requires that electric rates be reduced further at the time deregulation becomes effective January 1, 2000, when rates are required to be ten percent lower than in December 1996.
Sikorsky Deal Worth
$500 Million
STRATFORD - Sikorsky Aircraft Corp., a unit of United Technologies Corp. (NYSE: UTX), announced that is has a contract to supply 50 S-70 Black Hawk helicopters to the Turkish military. The deal is worth more than $500 million. Shipments will commence immediately and continue through 2001
ZYGO Quarterly Sales Decrease Sharply
MIDDLEFIELD-According to ZYGO CORP (NASDAQ: ZIGO) problems in Asia and weak semiconductor and data storage markets resulted in sharp declines in sales for the past quarter. Net sales of $15,979,000 for the three months and $31,417,000 for the six months ended December 31, 1998, decreased by $11,298,000 or 41% and $20,176,000 or 39%, respectively, from the net sales in the comparable prior year periods. Gross profit for the three months and six months ended December 31, 1998, amounted to $6,119,000 and $11,493,000, respectively, a decrease of $5,457,000 and $11,548,000 from the comparable prior year periods
Ames Reports Sales
ROCKY HILL - Ames Department Stores Inc. (NASDAQ: AMES) reported that revenues for the fiscal year ending January 30 were $2.507 billion, compared to $2.203 billion for the 52 weeks ending January 31, 1998, representing a 13.8-percent increase. For the fourth quarter ended January 30, net sales were $872.7 million, compared to $714.1 million for the fourth quarter a year ago. January sales also included the newly acquired Hills Stores Co. Ames now has 301 Ames stores and 155 Hills stores.
Bradlees Looking
at Caldor Sites
BOSTON - Bradlees Inc. (OTCBB: BRLY), which emerged from Chapter 11, is hoping to win up to 50 locations that are occupied on the East Coast by the bankrupt Caldor Corp. (OTCBB: CLDR) which is planning to go out of business, close 145 stores and lay off employees. However, Caldor locations are also being looked at by other retailers such as Kohl's, Target and
K mart.
Aetna Pension
Venture in Poland
HARTFORD - Aetna International Inc., a unit of Aetna Inc. (NYSE: AET) has announced a joint pension venture with Powszechny Bank Kredytowy, S.A. Warsawie (PBK) to market pension products in Poland once privatization of the Polish pension business is complete, which is expected by March 1. This will add another sector to Aetna's international pension business that includes ventures in Peru, Mexico, Latin America and Chile.
Cannondale To Offer Custom Frames
BETHEL - Cannondale (NASDAQ: BIKE) is entering into a new market: the manufacture of custom-sized frames for road racing bicycles. Through “Custom Cannondale,” the company will use lighter specialty aluminum tubes to construct the custom frames. Cannondale plans also to offer the product in Europe, Japan, Canada and Australia and by next year penetrate the more than 60 countries where it now markets its current bicycle and accessory product lines
Tridex Gets Orders of $5 Million
WESTPORT - Tridex Corp. (NASDAQ: TRDX), a provider of POS and back-office management software, has announced that it has received orders from Ace Harware and Lowes Home Centers for its point-of-sale solutions software. Aggregate annual revenues for these orders are expected to be in the range of $5 million.
Anthem Using IMA EDGE
SHELTON - Information Management Associates (NASDAQ: IMAA) announced that Anthem Blue Cross & Blue Shield of Connecticut is using IMA's EDGE product to enhance its customer service. Anthem is using the system to improve efficiency and response time of its service agents for its 800,000 Connecticut members. Anthem is an Indiana-based mutual insurance company which is the Blue Cross & Blue Shield licensee for Connecticut, as well as Kentucky, Ohio and Indiana.
MacDermid Appoints Griebel president
WATERBURY - MacDermid Inc. (NYSE: MRD) has announced that R. Nelson (Oz) Griebel will assume the position of president and COO on February 15. Griebel, previously president of BankBoston Connecticut, will also join the MacDermid board of directors. Also, Stephen Largan, previously director of finance for a Ford Motor Co. subsidiary, will join MacDermid as vice president of finance.
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