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Almanac
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Business New Haven
1/11/1999
By: BNH
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Taking a Dive
The Shelton-based FlexiInternational Corp. may be the fastest of Connecticut's fastest-growing technology companies, but its stock performance in 1998 has more closely resembled that of a Greg Lougainis. FlexiInternational, which creates software for financial accounting, was one of three New England firms cited by the December 30 Wall Street Journal as examples of stocks that lost nearly all their value in a matter of months. Despite revenue growth of some 13,800 percent between 1993 to 1997, FlexiInternational's stock, which ended 1997 at 15 1/2, closed December 30 at $1.94 a share. The company blames its recent stock performance on the loss of a few large clients.
Unsafe at Any Speed
A group headed by consumer advocate Ralph Nader on December 29 announced the formation of a group opposed to the recently approved $374 million football stadium in Hartford. The ad hoc group, to be known as Stop the Stadium, hopes to rally grass-roots opposition to the stately pleasuredome and even perhaps challenge legislative approval in court, Nader said. Calling the stadium deal a “boondoggle” and “corporate socialism,” Nader said he hopes to file a lawsuit within a matter of months.
Read All About It
Two Sacred Heart University professors have founded a scholarly journal devoted to entrepreneurship. And, taking a cue from their subject matter, they hope to make their publication one of the most successful in its field. Management professors Laurence M. Weinstein and Madan Annavarjula recently unveiled the inaugural edition of the New England Journal of Entrepreneurship, which is targeted at business-school deans and management professors. And although the frequency is now only semi-annual, the pair have high hopes for the future. “Even though the name says New England,” says Weinstein, “we would like to go international.”
Gender Inequality
at the Top
Top-earning female corporate officers earn 68 cents in salary and bonus to every dollar made by their male counterparts. So says a new report from Catalyst, a New York-based group headed by former Yale secretary Sheila Wellington, which studies issues pertaining to female executives. Even when CEOs - who are almost exclusively male and earn on average far more than other executives - are taken out of the mix, women executives still earn only 77 cents to each dollar earned by male peers. The study also found only 63 women among the 2,320 top-earning corporate officers in Fortune 500 companies.
A River Runs Through It
Waterbury chemical manufacturer MacDermid Inc. has joined forces with a charitable foundation operated by its chairman's family in pledging $120,000 toward restoring the Naugatuck River. The three-year commitment will fund a full-time river steward, one of just three in the state, who will work with area conservationists, sportsmen and residents to develop and lead local efforts to make the waterway as swimmable and fishable as possible. A greenway project is also under way to make the banks of the river cleaner and more accessible.
Not for Women Only
The National Association of Women in Construction (NAWIC) seeks applications for its 1999 “Crystal Vision” award, which recognizes an individual for her or his outstanding achievements in advancing the role of females in the construction industry. NAWIC invites nominations from all construction-related fields, including architecture, engineering, highway/road construction, skilled trades and safety/health. Nominees may be from all employment levels as well, from owners to tradesworkers. A winner will be recognized at the association's annual national convention September 1-4 in Anaheim, Calif. Nominations must be postmarked by February 27. Information is available by calling 817-877-5551, or nomination forms may be downloaded at www.nawic.org.
He Got Up and Went
CuraGen Corp. co-founder and executive vice president Gregory T. Went has left the New Haven-based biotech firm. Went and CuraGen co-founder Jonathan Rothberg aren't saying much about the divorce, announced December 23, other than that Went left “to seek a new opportunity.” Went also resigned from the company's board of directors. With 300 employees in New Haven, Branford and Gainesville, Fla., CuraGen develops processes for simplifying and accelerating genomics-based drug discovery and development. Last spring the company embarked upon an initial public offering.
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