Business
Business Digest
01:00 AM EDT on Wednesday, May 14, 2008
Hasbro appoints movie business liaison
Pawtucket-based toymaker Hasbro Inc. (HAS:NYSE) has appointed a movie business veteran to serve as its liaison to the motion picture industry. Hasbro said Monday it hired Bennett Schneir to take on the newly created job of senior vice president and managing director of motion pictures. He will be based in Los Angeles. The appointment is another sign that the company that helped start the action-figure craze with the introduction of G.I. Joe in the 1960s and is noted for producing Monopoly and other board games sees its future as a media-centric entertainment company. Hasbro is coming off a year when it launched a traveling stage show for one toy line and brought another to the movies. Last year’s Transformers movie generated nearly $500 million in licensing revenue for Hasbro and millions more for producers Paramount Pictures and DreamWorks Pictures. Schneir will be Hasbro’s lead creative executive for feature films, focused on the company’s new six-year strategic partnership with Universal Studios.
Astro-Med’s sales expected to increase
Astro-Med Inc. (ALOT:Nasdaq) said yesterday that sales for the first quarter that ended May 3 are anticipated to increase about 14 percent from the comparable period a year ago. The company also expects to report earnings per diluted share of 11 cents to 13 cents, up from 7 cents a year ago. During yesterday’s annual meeting, Albert W. Ondis, chairman and chief executive officer, said, “We are pleased to report that the company will achieve the same double-digit growth rate in the first quarter of fiscal year 2009 as we achieved in the last two fiscal years.” The company’s actual results will be released on May 20.
Shaw’s recalling ground beef products
West Bridgewater, Mass.-based Shaw’s grocery-store chain is voluntarily recalling Shaw’s Brand Fresh Ground Beef from Fairbank Farms following a voluntary recall issued by the supplier. The affected product may contain small pieces of hard plastic. The recall includes 90/10 Ground Sirloin Bulk, 80/20 Ground Beef Bulk and 80/20 Ground Beef Patty with a Julian date of 124 on the bottom label sell-by dates of 5/7, 5/8, 5/9, 5/10, 5/11, 5/12 and 5/13. Customers who have purchased the affected product should bring it back for a full refund or exchange.
Marcus Hotels to manage R.I. water park
Marcus Hotels and Resorts, a division of The Marcus Corp. (MCS:NYSE) has been selected by Dial Family Resorts, based in Nebraska, to manage the proposed 7th Wave Resort, a $150-million water park to be built in West Warwick. The park is a Hawaiian- and surfer-themed destination that will feature 409 rooms, a 75,000-square-foot indoor water facility, 53,000 square feet of outdoor space and 12,000 square feet of flexible meeting space. Marcus Hotels is providing pre-opening services and will manage the property under a long-term contract. The 7th Wave Resort will be the third water-park property in the Marcus Hotels portfolio. The company built the first indoor water park in an urban hotel at its company-owned and operated Hilton Milwaukee City Center.
Tech Global Partners appoints Kerkhoff
North Kingstown-based Tech Global Partners Inc., which provides assistance to technology organizations and end users with a special expertise in the retail and hospitality industries, has named Brandt Kerkhoff vice president of technology. Prior to joining Tech Global, he was recently chief information officer of JEGS Automotive and of Mac Tools. He also held senior retail information technology positions with Abercrombie and Fitch and with SubmitOrder.com
Collegium to present study results
Collegium Pharmaceutical Inc., a specialty pharmaceutical company in Cumberland, has announced that it will present a scientific poster summarizing the results of a study for its abuse-deterrent, sustained-release oral oxycodone formulation at the 27th Annual Scientific Meeting of the American Pain Society in Tampa, Fla. The company focuses on the development of pharmaceutical products in respiratory diseases and skin and skin related disorders through its subsidiary, Onset Therapeutics.
KVH Industries announces leasing program
Middletown-based KVH Industries (KVHI:Nasdaq) has launched a leasing program for its TracPhone system for shipping and offshore oil and gas operators. “With the compact [system] KVH offers commercial and industrial vessels an innovative and powerful satellite communications technology that brings significant advantages in size, data speed, and airtime costs,” said Ian Palmer, KVH’s executive vice president for satellite sales.
Maine ski resorts report a record year
Two of Maine’s largest ski areas, Sunday River, in Newry, and Sugarloaf, in Carrabassett Valley, on Monday joined other northern New England ski areas in declaring the 2007-08 season a record breaker. Together, Sugarloaf and Sunday River saw a 21-percent increase in skier visits over the previous season. Without releasing exact figures, officials said each resort tallied more skier visits than in any other year in their history. The record-breaking numbers were attributed to a combination of factors, including strong season pass sales, the long season brought on by an unusually snowy winter and continued snowmaking improvements under the ownership of Michigan-based Boyne Resorts. The strength of the Canadian dollar was also important to the strong season, as visitation to the two resorts from north of the border increased 27 percent over the past season, officials said.
Mass. bill would help offshore wind farms
A compromise bill in the Massachusetts legislature would allow offshore wind farms in ocean sanctuaries, but only if they are “appropriately scaled” and subject to a strict ocean management plan. A legislative conference committee agreed last week on the bill, which could go before the full House and Senate this week. Environmentalists and other critics of an earlier House version of the bill said it would have allowed for unlimited renewable energy development in ocean sanctuaries. State Sen. Robert O’Leary, of Barnstable, said the compromise bill recognizes the need to develop renewable energy, but puts the public interest ahead of the private interest. The measure could allow for development of a proposed wind farm in Buzzards Bay, which is one of five protected ocean sanctuaries off Massachusetts.
Rell restricts Conn. purchasing cards
Connecticut Gov. M. Jodi Rell is directing the state’s Department of Administrative Services to restrict the use of state purchasing cards, which are similar to credit cards. Rell says the cards can be used only for critical needs. The card system accounts for about $20 million in annual spending. It’s part of Rell’s effort to cut spending. She recently directed state agency heads to eliminate discretionary spending, reduce gasoline consumption, and suspend out-of-state travel for workers. The new budget, which takes effect on July 1, is $40 million to $100 million in deficit, Rell’s budget director estimates.
Welch’s hires VIA group of Portland
Concord, Mass.-based Welch’s, the processing and marketing arm of the National Grape Cooperative Association, has selected the VIA Group, of Portland, Maine, as its creative agency of record following a competitive review managed by Jones Lundin Beals of Chicago. VIA will partner with the Welch’s marketing team to drive increased preference in the marketplace and engage new customers. The work will include research, strategy and advertising –– from online to on-air.
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