March 31, 2008
Central Mass In Review
Acton
Mag. Says Acton Gym Among Country’s Top 30
Men’s Health Magazine has named Acton’s Teamworks one of the 30 best gyms in the country. Teamworks Centers, a corporate team-building firm and indoor sports and recreation company, established its fitness division three years ago. In addition to taking part in national initiatives like FitSchools, Teamworks regularly submits articles to Men’s Health, Pulse and T-Nation.
Fitchburg
Workers’ Credit Union Rated ‘Outstanding’
Fitchburg-based Workers’ Credit Union has received an “outstanding” rating for its lending practices from the Massachusetts Division of Banks. The rating is the highest possible. The Division of Banks said the credit union had a high loan-to-deposit ratio over the past two years and did a good job serving low to moderate income families. According to Workers’, 34 percent of its loans were to low and moderate income households.
Franklin
PLC Gets FDA Go-Ahead
Franklin-based PLC Systems Inc. has received approval from the U.S. Food and Drug Administration to begin trials of equipment designed to prevent renal failure. The company expects trials to begin this spring. The trials will be headed by doctors at Northwestern University Medical School and the University of Vermont College of Medicine. PLC’s RenalGuard systems are intended to prevent renal failure in patients undergoing cardiovascular imaging procedures or radiology procedures.
Hopkinton
Hopkinton Co. Borrows Another $5M
The financial backers of Hopkinton-based Alseres Pharmaceuticals Inc. have pumped another $5 million into the company. The company, formerly known as Boston Life Sciences Inc., borrowed the $5 million from Robert L. Gipson, a former director of the company, senior director of New York City-based investment manager Ingalls & Snyder LLC and general partner of Ingalls & Snyder Value Partners LP. Also involved in the loan were Thomas Gipson, Arthur Koenig and Highbridge International LLC. The group has loaned the company $25 million since the company was founded in 1992.
Littleton
Suit Settlement Pushes Dover Saddlery Profits Down
Littleton-based equestrian retailer Dover Saddlery Inc. saw a 43 percent drop in net income in 2007 largely because it lost $600,000 settling a lawsuit, the company said. For the year ended Dec. 31, the company reported an 11.4 percent increase in total revenue, to $81.4 million. But net income dropped to $800,000, from $1.4 million last year. Besides the settlement, which was related to financial advisory services before the company’s 2005 IPO, the company said it paid additional interest because of its operation’s growth.
Marlborough
New Exact CEO Could Sell Co.
Marlborough-based biotech company Exact Sciences Corp. has asked investment banking firm Leerink Swann LLC to help the company find “strategic alternatives for the business” that could include a sale or merger, according to U.S. Securities and Exchange Commission filings. The company said it would not discuss the matter further until its board of directors has “approved a definitive transaction.”
ThinkEngine Reports Slumping Sales, Earnings
Marlborough-based ThinkEngine Networks Inc. reported a net loss of $7.4 million for 2007, a more severe dip into the red than the $5.6 million loss the company reported for 2006. The Internet communications network company also reported a fourth quarter loss that had grown from $916,000 in 2006 to $3 million in 2007. The company’s revenue also took a hit in the most recent fiscal year, slipping from $9.6 million in 2006 to $7.3 million. Fourth quarter revenue fell from $2.7 million in 2006 to $1.8 million in 2007.
Northborough
Lease In Place For New Northborough CVS
Woonsocket, R.I.-based retail pharmacy chain has signed a lease for a new CVS currently under construction at 24 W. Main Street in Northborough. CVS will lease the property from Northboro Center Plaza LLC.
Webster
Commerce Reports Lowest Earnings In 5 Years
Webster-based Commerce Group Inc., parent of the Commerce Insurance Co., reported net earnings of of $190 million for 2007, its lowest yearly earnings since 2003, according to U.S. Securities and Exchange Commission filings. The net income figure is a drop from $241 million in 2006. Commerce’s deal to merge with the Spanish insurer Mapfre is expected to close soon.
Worcester
Mass Megawatts Faces Closure
If Worcester-based Mass Megawatts Wind Power can’t sell more of its wind power systems in the next year, it may not be able to stay in business. In a quarterly filing with the U.S. Securities and Exchange Commission, he company says that “without additional sales, there is substantial doubt about the company’s ability to continue as a going concern.” The company said its “lack of long-term experience in new product development could have an adverse impact on the company.”
Late Report From RXi Parent
CytRx, the Los Angeles-based parent of Worcester’s RXi Pharmaceuticals Corp., has been so tied up with getting RXi on the stock market that it won’t file its annual report on time. The company said it would miss the filing deadline for its annual report, which by U.S. Securities and Exchange Commission rule, must be filed within 90 days of the end of the fiscal year. CytRx’s fiscal year ended Dec. 31.
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