City of Rutland, local manufacturer propose solar project for City Hall

first_imgAllEarth Renewables, Inc.,Rutland Mayor Christopher Louras announced today a proposal developed by AllEarth Renewables, a Williston solar manufacturer, for a 150kW solar farm located at the old poor farm off of Woodstock Avenue.  The proposed solar farm in the City of Rutland would bring both clean energy and taxpayer savings to the City, Louras said.Under the project proposal, the City will both receive the solar energy and a 5 percent savings — approximately $2,050 annually — on its electric bill for the power the installation produces. The proposed farm will produce an average 205,000 kWh per year using the Vermont-made AllSun Tracker and is expected to produce enough energy to supply City Hall, the Cityâ s Jeffords Amtrak Station, and a portion of Giorgetti Arena.  The 26 solar trackers would occupy approximately 1.5 acres.â This is a win-win-win for the City.  Taxpayers save immediately on the Cityâ s electric bill, the City gets the benefit of clean, locally produced energy, and we are able to kick-start a very promising Solar City initiative. This initiative helps transition Rutland into the 21st Century,’said Louras.Rutland is poised to see significant growth in solar investment and energy innovation, as Green Mountain Power has committed to making Rutland Vermontâ s â Solar City,’as part of its merger with CVPS.â This proposal dovetails perfectly with our vision and plans for Rutland,’said Mary Powell, president and chief executive officer of Green Mountain Power. â We are thrilled to see the start of a new era of investment and innovation in Rutland, and are enthusiastic about our ability to work along with others to make it happen.âAllEarth Renewables has initiated several successful municipal projects with the towns of Hinesburg and Starksboro, as well as recent projects with the University of Vermont, Middlebury College, and Vermont Electric Coop.  The Vermont manufactured technology uses innovative GPS and wireless to follow the sun throughout the day to boost solar energy production.â We are excited to be working with the City of Rutland on this innovative proposal.  This proposed project is a great example of using solar to both produce local clean energy and deliver energy savings to customers,’said David Blittersdorf, CEO of AllEarth Renewables.The project will also serve as an education tool, said Mayor Louras.  â We think this project will help support positioning Rutland as a center for energy innovation and provide a great local educational tool for our Cityâ s students and residents.ââ This is a great example of a public-private partnership that brings renewable energy into the forefront.  It is just one more way that Rutland is moving forward in a positive direction,’Sustainable Rutlandâ s Carol Tashie said.  â We believe renewable energy must be a part of any communityâ s sustainability plan and this project offers the City of Rutland the opportunity to be a real leader in these efforts.âAllEarth Renewables, named Vermontâ s fastest growing company in 2010 and 2011 and Lake Champlain Regional Chamber of Commerce “2012 Business of the Year” has designed, manufactured, and installed over 1,000 grid-connected solar tracker systems.  The AllSun Tracker was selected as a top-10 green product for 2012 by BuildingGreen magazine. Rutland, VT ‘April 16, 2012last_img read more

Danforth acquires WT Wilson’s Pewter Port lines

first_imgDanforth Pewterers, Ltd,After 40 years at the helm of WT Wilson in Pawtucket, Rhode Island, Bill Wilson is ready to move on. He and his brother Dana are winding down the company their father founded. Luckily for retailers and consumers, the products that Bill and Dana made famous, like the Nativity Set, the12 Days of Christmas Spinning Ornaments, the Global Wildlife Collection, the Birthday Candle Train and the Name Train, will live on.  In a deal signed in mid-April, Danforth Pewter of Middlebury, Vermont has acquired the rights to manufacture and market these and other Pewter Port lines. Bill Wilson, owner of WT Wilson, said â Iâ m happy that these products have a new home. We put so much time and work into creating beautiful, extraordinary products, and Iâ m glad theyâ re going to still be available for our customers. Iâ ve known Fred and Judi Danforth for 30 years, and I trust their quality and customer service.â  According to Danforth co-founders Fred & Judi Danforth, â We have admired Billâ s talent for many years.  Itâ s a thrill for us and our production team to be bringing some of his companyâ s finest creations into our line.â  Danforth CEO Bram Kleppner added â Weâ re honored that Bill chose Danforth to manufacture these products. This is great for us for several reasons. First, the products are beautiful and weâ re sure theyâ re going to sell well for the retailers who carry our lines, and in own stores, on our own websites, and in our catalog. Second, the many figurines are a great enhancement to our line ‘we didnâ t have anything like them. Third, some of these products, like the Birthday Candle Train, are products that we get regular requests for, and now weâ ll be able to give those customers what they want.â  WTWilson was founded in 1972 by William T. Wilson in Pawtucket, RI, and under his direction and then under his sons Bill and Dana, established and maintained a reputation as one of the leading manufacturers of high quality pewter giftware and collectibles in the country.Fred and Judi Danforth founded Danforth Pewter in 1975 in Vermont. The company handcrafts a wide range of pewter giftware and home and personal accessories, and sells through a national network of independent gift stores, galleries, and museum stores, five company-owned stores in Vermont and Virginia, danforthpewter.com, shirleypewter.com and a catalog. Danforth also manufactures under contract for national brands like Life is good, and makes a full line of corporate gift and recognition pieces. This is Danforthâ s second recent expansion, following their successful acquisition of Williamsburg, Virginiaâ s Shirley Pewter in 2009.Danforth 5.4.2012last_img read more

Vermont Attorney General files brief in appeal of Vermont Yankee decision

first_imgNorthstar Vermont Yankee,by Alan Panebaker vtdigger.org According to Vermont Attorney General Bill Sorrell, the federal judge who ruled that the state legislature doesnâ t have the authority to shutter the Vermont Yankee nuclear power plant took some lawmakers’comments out of context.â The district courtâ s cherry-picking from the incomplete legislative record for favorable snippets was erroneous, therefore, and should be reversed,’the attorney general wrote in a brief filed with the Second Circuit Court of Appeals Monday.Under federal law, states are not allowed to regulate radiological safety, and in a lengthy opinion, Distric Court Judge J. Garvan Murtha mentioned dozens of references by state lawmakers to â safety.âThe stateâ s brief says this â cherry-picking’goes against precedent set in other cases that say courts should not look for â impermissible motives.âOn Jan. 19, the Vermont judge issued an opinion finding Acts 160 and 74 were preempted by federal law since they were passed for the purposes of regulating radiological safety ‘an area reserved for the feds.Since then, both the state and Entergy Corp., the plantâ s owner, appealed that decision. Although the plant has a valid federal license its application for a certificate of public good from the state is pending. The plant was scheduled to shut down March 21 but is currently operating while the state re-licensing process is ongoing.Some observers expect the legal wrangling between the state and Entergy may make its way to the U.S. Supreme Court.Vermontâ s hot-button issue presents an issue of stateâ s rights and federal preemption under the Supremacy Clause of the Constitution.â Although Act 160 sets forth a non-preempted purpose consistent with decades of Vermont energy policy, the district court nevertheless engaged in the â pointless’and â unsatisfactory’exercise of â attempting to ascertain [the Legislatureâ s] true motive,’which the Supreme Court has rejected,’the brief reads.Attorney General Bill Sorrell issued a statement Monday criticizing the lower court decision for basing its legal analysis on fragments from the legislative record.â Vermonters are proud of our citizen legislature, a place where all Vermonters are welcome to express their concerns,’Sorrellâ s statement read. â Its open, informal process allows the airing of a wide range of views. The district courtâ s approach in this case sets a troubling precedent that could chill legislative participation and debate.âThe stateâ s brief also argues that the lower court got it wrong when it found requiring â below-wholesale-market’electric rates to Vermont customers violated the Commerce Clause of the U.S. Constitution.Sorrell has been criticized for not hiring outside counsel when his office took on Entergyâ s high-powered legal team headed by former dean of Stanford Law School Kathleen Sullivan.On appeal, Sorrell enlisted an outside Washington, D.C. firm Kellog, Huber, Hansen, Todd, Evans & Figel.Vermont Yankeeâ s continued operation has been a prominent issue in the state since 2005, when the Legislature passed the first of two laws that would require approval before it could continue operating. The federal court appeals could take years, especially if the case reaches the Supreme Court. The Vermont Public Service Board will hold hearings on the re-licensing proceeding in summer 2013, and final briefs for that docket are due Aug. 26, 2013.Briefs for â friends of the court’in the Second Circuit are due June 11. The Second Circuit will likely hear oral arguments in the case later this year.June 4, 2012 vtdigger.org  State of Vermont Appeal Click Herelast_img read more

Final 16 grantees of the Vermont Working Lands Fund worth $750,000

first_imgVermont Wood Manufacturers AssociationErin Sheridan LorentzRutland, VTStatewide Impact$48,000 for Workforce Development for the Secondary Wood Manufacturing Industry Vermont Woodworking SchoolCarina DriscollFranklin County$50,000 for an Incubator Space for Emerging Woodworking Businesses  The Working Lands Enterprise Initiative is administered by the Agency of Agriculture, Food and Markets, in partnership with the Vermont Department of Forests, Parks & Recreation and the Vermont Agency of Commerce and Community Development. The initiative is composed of the Working Lands Enterprise Board (WLEB) and is responsible for allocating almost $1 million in grant funds. The Board is made up of public and private sector members involved in agriculture, food systems, forestry, and/or forest products. Information regarding the Working Lands Initiative (Working Lands Service Provider Grants and Capital and Infrastructure Investments), can be found at VermontWorkingLands.com. To access the Album on Picasa:  Working Lands Press Conference AlbumTOP PHOTO: Agriculture, Food and Markets Secretary Chuck Ross, Service Provider Grant Recipient Erin Sheridan – Lorentz of Vermont Wood Manufacturers Association, and Forests, Parks and Recreation Commissioner Michael Snyder. Patricia A. Hannaford Regional Technical School DistrictLynn CoaleMiddlebury, VTStatewide Impact$55,000 for an Expansion of the Vermont Skilled Butchers and Meat Cutters Training Program Vermont Meat and Poultry Processors’AssociationStatewide Impact$15,000 to Enhance Innovation in Vermont’s Meat Processing Industry University of Vermont Extension ServiceMark CannellaBerlin, VTStatewide Impact$39,302 for Poultry and Grape Sector Business Model Research & Development Vermont Housing and Conservation BoardEla ChapinMontpelier, VTStatewide Impact$100,000 to Expand Business Assistance to Agricultural Infrastructure and Forestry Sectors The Northeast Organic Farming Association of VermontErin BuckwalterRichmond, VTStatewide Impact$20,000 for Professional Development for Farmers’Market Managers Vermont Wood Pellet CompanyChris BrooksRutland County$38,153 to Increase Pellet Mill Efficiency and Quality through Mill Upgrades   Vermont Wood StudiosPeggy and Ken FarabaughWindham County$100,000 to Expand Markets of Vermont Made Furniture by Building a Destination Shopping Experience in Southeastern Vermont  Black River Produce/ Black River MeatsJean HamiltonWindsor County$50,000 to Build Volume and Value for Vermont Livestock Producers in New Regional Meat Markets center_img A. McGovern Logging and SawmillingAndrew McGovernOrange County$20,000 for Increasing Volume of Custom Milled Wood Products through Portable Sawmill Upgrades  Vermont Refrigerated StorageBarney HodgesAddison County$43,369 for Increasing Storage Capacity for Farms, Distributers and Processors with the Construction of a 300-Pallet Freezer III. Capital and Infrastructure Investment Recipients Champlain OrchardsBill SuhrAddison County$75,000 to Expand Vermont’s Cider Apple Supply Chain  University of Vermont Extension ServiceVern Grubinger and Chris CallahanBrattleboro, VTStatewide Impact$40,000 to Increase Supply and Quality of ‘Local’Vegetable Storage Governor Peter Shumlin, Agriculture, Food & Markets Secretary Chuck Ross, Commerce & Community Development Secretary Lawrence Miller, Forests, Parks & Recreation Commissioner Michael Snyder and the Working Lands Enterprise Board today announced the final grant recipients from the Service Provider and Capital and Infrastructure areas of the Working Lands Enterprise Fund, awarding more than $750,000 to 16 grantees representing sectors across agriculture, forestry and forest products. Agriculture, Food and Markets Secretary Chuck Ross, Service Provider Grant Recipients Gus Seelig and Ela Chapin of Vermont Housing and Conservation Board, and Forests, Parks and Recreation Commissioner Michael Snyder‘Vermonters are committed to supporting and expanding our value-added farm and forest industries,’said Governor Shumlin. ‘By investing in technical assistance and infrastructure projects, these grants will help farmers and those who work our woodlands prosper and grow sustainably for future generations.’ The awards include funding for statewide support services to provide technical assistance in the areas of business, market, workforce, infrastructure, and professional development for agricultural, forestry & forest products based businesses.  Funds to support infrastructure projects will reach all corners of the state and impact multiple sectors. ‘Vermont’s working landscape captures Vermont’s culture, character, and community,’said Sec. Ross. ‘The Working Lands Enterprise Fund provides a deeper investment in Vermont’s working lands and its people. It represents a historic initiative by the State to advance Vermont’s forestry and forest products sector in a way that has never been done before.’ Secretary of Commerce and Community Development, Lawrence Miller, said ‘The working landscape is the foundation of several of our most important economic sectors: fundamental to agriculture, forest products, stone and minerals, and renewable energy, but also critical for our tourism economy. Interacting with the land in work and recreation is also a fundamental part of our culture.’ ‘Vermont’s forests provide significant contributions to our economy and well-being,’said Commissioner Snyder. ‘When we invest in support services and capital and infrastructure for working forests and forest products enterprises, this pillar of our economy grows stronger and we bolster both Vermont’s character and integrity.’ The Service Provider Grant Area received 84 Letters of Intent (LOIs), totaling $3.2 million in requested funds. Of the applicants invited to submit a full application, 27 applications were received for a total of $1.2 million in requests. The Board announced $350,000 in awards to 8 grantees representing sectors across agriculture, forestry, and forest products, all of which provide impact statewide. The Capital and Infrastructure Investment Area received 112 Letters of Intent (LOI), requesting a total of $6.7 million in requested funds. Of the applicants invited to submit a full application, 22 applications were received for a total of $2.2 million in requests. The Board announced over $400,000 in awards to 8 grantees representing sectors across agriculture, forestry, and forest products, and offering benefits to the supply chain. II. Service Provider Grant Recipients: Jasper Hill FarmAndy and Mateo KehlerOrleans County$50,000 for a Cheese Microbiology Lab to Develop ‘Artisanal Cultures’to Promote Product Quality and Safety for Vermont Producers  Vermont Solid Waste District Managers AssociationTeresa KuczynskiMiddlebury, VTStatewide Impact$55,000 for Technical Planning Services for Food Scrap Compostinglast_img read more

One in four Medicare patients with advanced cancer dies in hospital

first_imgA new report from the Dartmouth Atlas Project finds that although the use of hospice care for Medicare patients with advanced cancer is increasing many patients do not receive hospice care until they are literally on their deathbed, within three days of the end of life. Paradoxically, the updated data also find that in 2010, despite increases in the use of hospice care, more patients were also treated in intensive care units (ICUs) in their last month of life than in the period from 2003 to 2007.This report finds that care for elderly patients with cancer continues to not necessarily reflect the patients’ preferences, but the styles of treatment in the regions or health care systems where they happen to receive cancer treatment. The report concludes that where patients with advanced cancer live continues to play an important role in the care they receive.Although fewer Medicare patients with cancer died in the hospital in 2010 than in 2003-2007, aggressive treatment continues at the end of life. The findings show that just as many patients were likely to receive life-sustaining treatments, such as intubation, a feeding tube, or cardiopulmonary resuscitation, in the final month of life, or to undergo chemotherapy during the last two weeks of life, in 2010 as in 2003-2007.The report examines trends in end-of-life care for advanced cancer patients across regions, academic medical centers, and National Cancer Institute-designated cancer centers. It is the first Dartmouth Atlas report with a longitudinal analysis of the care provided to Medicare patients with advanced cancer.‘Our research continues to find that patients with advanced cancer are often receiving aggressive care until their final days, when we know that most patients would prefer care directed toward a better quality of life through hospice and palliative services. The increase in patients admitted to hospice care only days before death suggests that hospice services are often provided too late to provide much benefit.’ said David C. Goodman, M.D., M.S., co-principal investigator for the Dartmouth Atlas Project. ‘Fuller discussions with patients who have advanced cancer on their prognosis and options for care can lead to a better quality of life than many receive today.’Overall, there were substantial changes across medical centers, cancer centers, and regions, but not in the same direction; some increased care intensity over time, while others provided less intensive care. This research looks at the last six months of claims records for 212,322 Medicare patients who died in 2010. To accompany the report, Ira Byock, M.D., offers recommendations for patients on how to work with their doctors to ensure their treatment plans align with their values and preferences. The findings in this brief were also reflected in a recent report by the Dartmouth Atlas Project and the California HealthCare Foundation, which finds that patients with advanced cancer in California are more likely to receive intensive treatments than in most other regions in the country.Deaths occurring in hospitalsBetween 2003-2007 and 2010, the percentage of Medicare patients with advanced cancer dying in hospitals and the average number of days they spent in the hospital before their deaths declined across most regions, medical centers, and cancer centers. In 2003-2007, 28.8 percent of patients with cancer died in a hospital; by 2010, the rate had dropped to 24.7 percent. In 2010, the highest rates of death in a hospital occurred in Manhattan, N.Y. (43%), Elmira, N.Y. (38.1%), McAllen, Texas (37.3%), and Meridian, Miss. (37.2%). Patients with cancer were far less likely to die in a hospital in Mason City, Iowa (10.5%), Bradenton, Fla. (11.9%), Greeley, Colo. (12.2%), and Sarasota, Fla. (12.2%).Intensity of care in the last month of lifeOverall, Medicare patients with cancer were significantly more likely to spend time in the ICU, as the percentage of patients admitted to the ICU during the last month of life increased by nearly 22 percent, from 23.7 percent from 2003-2007 to 28.8 percent in 2010. In addition, the average number of days spent in the ICU during the last month of life increased from 1.3 days to 1.6 days. In 2010, more than half of patients spent time in the ICU during the last month of life in McAllen, Texas (56.4%) and Miami (51.6%). Patients in Los Angeles (47.4%), St. Petersburg, Fla. (45%), and Chicago, Ill. (44.7%), were also likely to spend time in the ICU during the last month of life. Regions with low rates included Bismarck, N.D. (9.7%), Mason City, Iowa (10.7%), and Appleton, Wis. (10.7%).Hospice care at the end of lifeMedicare patients with advanced cancer were more likely to receive hospice care in 2010, as 61.3 percent of patients were admitted into hospice care during the last month of life, compared to 54.6 percent in 2003-2007. The percentage of patients admitted to hospice care during the last three days of life increased from 8.3 percent in 2003-2007 to 10.9 percent in 2010. In 2010, the regions with the highest rates of cancer patients receiving hospice care during the last month of life included Bend, Ore. (82.2%), Sun City, Ariz. (82%), and Cedar Rapids, Iowa (81.8%). Patients with advanced cancer in the Bronx, N.Y. (26.7%), Anchorage, Alaska (31%), and Manhattan, N.Y. (35.8%) were far less likely to receive hospice care.The Dartmouth Atlas Project is located at the Dartmouth Institute for Health Policy & Clinical Practice and principally funded by the Robert Wood Johnson Foundation, with support from a consortium of funders that includes the WellPoint Foundation, the United Health Foundation, and the California HealthCare Foundation. Full data tables can be found atwww.dartmouthatlas.org(link is external).MethodologyThe report identified a 20 percent sample of all Medicare beneficiaries who died between the ages of 66 and 99 years during 2010. From these decedents, the report identified those with poor prognosis cancer diagnoses on at least one hospital claim or at least two clinician visits in the last six months of life. Decedents with hospitalization were assigned to the hospital providing the most cancer care hospitalizations in the last six months of life. All cancer decedents were also assigned to the hospital referral region of their residence.About the Dartmouth Atlas ProjectFor more than 20 years, the Dartmouth Atlas Project has documented glaring variations in how medical resources are distributed and used in the United States. The project uses Medicare data to provide information and analysis about national, regional, and local markets, as well as hospitals and their affiliated physicians. This research has helped policymakers, the media, health care analysts and others improve their understanding of our health care system and forms the foundation for many of the ongoing efforts to improve health and health systems across America.Lebanon, N.H. (September 4, 2013) ‘ The Dartmouth Institute for Health Policy & Clinical Practicelast_img read more

Hotel Vermont named Top 10 ‘Hot New Hotels in the US’

first_imgHot New Hotels – US1. 21c Museum Hotel Bentonville, Bentonville, Arkansas2. Refinery Hotel, New York City, New York3. Zero George Street, Charleston, South Carolina4. Capella Washington D.C., Georgetown, Washington, D.C.5. El Encanto by Orient-Express, Santa Barbara, California6. The Alexander, Indianapolis, Indiana7. Hotel Vermont, Burlington, Vermont8. The James Royal Palm, Miami Beach, Florida9. Weekapaug Inn, Westerly, Rhode Island10. The Jade Hotel, New York City, New York TripAdvisor has ranked Hotel Vermont among the Top 10 on the first-ever ‘Hot New Hotels Across the Globe’ list, which selected just 33 hotels opened within the last year across 18 countries. See the full list below.Opened in May 2013, Hotel Vermont is the first independent hotel in Burlington, and currently boasts a 4.5 rating on TripAdvisor with 95 reviews* (also #1 of 8 Burlington hotels). This comes on the heels of Buzzfeed and JetBlue You Above All naming Burlington to the 10 Places In The U.S. You’ll Want To Visit Right Now.last_img read more

US Energy Department awards $3.1 million in solar energy grants to two Vermont companies

first_imgFaraday,Norwich Technologies,The US Department of Energy awarded more than $3.1 million in grants to two Vermont companies to help make solar energy more affordable and accessible. The Department of Energy awarded a $1 million grant to Faraday in Middlebury and $2.1 million to Norwich Technologies in White River Junction. These funds are part of more than $53 million awarded by the Energy Department to advance 40 research and development projects throughout the United States. The projects are designed to drive down the cost of solar energy and bring innovative ideas to the market more quickly.Vermont’s congressional delegation – Senators Patrick Leahy (D) and Bernie Sanders (I) and Representative Peter Welch (D) – made the announcement today.“These Vermont companies are on the forefront of reducing the cost of solar energy, a crucial element in helping transform our energy system away from fossil fuels and into renewable energies,” the delegation said in a joint statement.These grants come five months after US Energy Secretary Ernest Moniz traveled to Vermont in May to join Sanders, who serves on the Senate energy and environment committees, Leahy and Welch to learn first-hand how Vermont is leading the way in transforming our energy system from fossil fuels to renewable energies like solar, wind, geothermal and biomass.“We have great news from the Department of Energy today, that two Vermont innovators, Faraday and Norwich Technologies, are receiving a combined federal investment of over $3 million to advance American solar energy manufacturing and continue to drive down solar costs,” said Gov. Peter Shumlin. “I congratulate these two companies on their grants, and thank Secretary Moniz for his continued support of Vermont’s clean energy sector. I also greatly appreciate the focus of our federal delegation, Sen. Leahy, Sen. Sanders, and Congressman Welch, who are strong advocates for the Department of Energy’s partnerships with Vermont.”Faraday is developing a $2 million map-driven tool to identify where solar arrays could be most effectively deployed. The Middlebury company’s Energy Department grant will cover half of the cost of its project.“Acquiring a solar customer today is five times more expensive than for other home upgrades,” said Robbie Adler, president of Faraday.  The delegation noted that Faraday is another bright spot in the growing number of tech companies that call Vermont home.  They have used the incubator space and seed capital deployed by the Vermont Center for Emerging Technologies, which Leahy helped establish and grow. Adler continued: “The SunShot award allows us to apply powerful Faraday technology to this important challenge. We’re honored to have been selected by the Energy Department and grateful to Secretary Moniz for his ongoing support of the remarkable SunShot program.”Norwich Technologies received two grants. The first of which is a $677,504 grant to further develop a “trough mirror” that will help enhance the effectiveness of large-scale solar installations. The grant covers 80 percent of the project’s cost.The White River Junction company also received a $1,391,548 grant award to cover half the cost of bringing the receiver components of its innovative solar design from prototype to a system than can be manufactured in a cost-effective way. This second grant to Norwich Technologies is part of a package of grants awarded to 10 U.S.-based solar manufacturers to support advancements to reduce the cost of solar energy.BURLINGTON, Vt., Oct. 22 – Vermont’s congressional delegation.last_img read more

Stowe Brewers Festival expands in second year

first_imgVermont Business Magazine The Stowe Brewers Festival is back for the second year – bigger, better, brewier – adding a third session and featuring more than 40 craft brewers from Vermont and across New York and New England, live music, more than a dozen food trucks, Vermont spirits and more. Held at Stowe’s Mayo Events Field, the 21-and-over event offers three sessions: Friday and Saturday, 5:30 – 9:30 p.m. and Saturday 11:30 a.m. – 3:30 p.m. Tickets are on sale now: standard tickets are $45 and a limited number of VIP tickets are available for $75 each. Standard ticket purchasers receive tickets for 15 three-ounce samples per session. VIP ticket purchasers also receive expedited festival entry, exclusive VIP lounge tent access, 2016 festival swag and a coveted “Hop the Line” pass. New to the festival this year, all attendees will receive five bonus “Spirit Tasting” tickets to use at a selection of Vermont distillers.“The brewer line-up is fantastic and includes a half a dozen brand new Vermont brewers who’ve started operations this year,” said Lisa Senecal, festival co-organizer. “We’re excited to be pouring some new releases from much-loved brewers and introducing new brewers to true craft beer lovers. It’s a great combination – we’re expecting a sold-out event.”The festival includes live music featuring three of the state’s premiere bands – Session 1: Gang of Thieves; Session 2: Michelle Sarah Band; Session 3: Josh Panda.Luxury motor coach transportation for attendees is also new this year. Roundtrip service from the University Mall in South Burlington, with free parking at the mall, is available for only $20 per person. Those driving to the festival will enjoy free designated driver tickets and free parking on site.The eco-friendly event will also benefit local non-profit organizations. “Our commitment to ‘doing good while having a good time’ continues in year two,” Senecal said. “The festival will again give a portion of proceeds to non-profits and is committed to a light environmental footprint with no plastic bottles, recycling and composting, all eco-friendly paper goods and utensils, a secure bike valet courtesy of Stowe Mountain Club and free, fresh, filtered water provided by What’s Your Watermark.”To buy tickets, sign up for emails or get more information, visit www.StoweBrewersFestival.com(link is external). Follow the festival on Facebook at www.facebook.com/stowebrewersfestival(link is external) and on Twitter at @StoweBrewFest.last_img read more

Porter Hospital’s annual campaign boosted by $100,000 in challenge grants

first_imgVermont Business Magazine Two major and anonymous financial commitments totaling $100,000 have been committed to Porter Medical Center in Middlebury in the form of “challenge grants” intended to encourage others to support the upcoming “People for Porter” annual campaign. Through these challenge grants, every donation made to Porter between September 15 and December 31 will be matched on a 2-1 basis by these donors according to Porter’s Vice President for Development Ron Hallman. “We are deeply grateful to these anonymous friends who have come together to offer this incredible challenge opportunity for our local supporters,” he said. “This is a unique opportunity for every member of this community to have their individual donation, regardless of the amount, to essentially be tripled thanks to the availability of these matching funds.”The Porter Medical Center annual campaign supports the work of both Porter Hospital and Helen Porter Healthcare and Rehabilitation Center and provides resources for health care programs, new equipment and other special projects.The 2016 annual campaign is chaired by Porter’s Interim CEO, Dr Fred Kniffin, who has personally signed more than 1,000 letters that will be mailed next week to current PMC donors, but he emphasized that this is a community-wide effort. “Porter needs the support of our community now more than ever, and I hope that both long-time donors and new friends will take this special opportunity to demonstrate their support of our community hospital and skilled nursing facility,” he said.Porter Hospital, founded in 1925, is a not-for-profit community hospital. It offers comprehensive medical care and 24-hour emergency services to residents, students and staff of Middlebury College and visitors to the area.  It also owns and operates a 105 bed long-term care facility (blue roof in above picture) which provides nursing home care, short-term rehabilitation and dementia services.Source: Porter Medical Center 9.6.2016  www.portermedical.org(link is external)last_img read more

New WCAX owner Gray TV makes big gains 2Q 2017

first_imgDepreciation Adjustments to reconcile from net income to  29,559 Cash Corporate Expenses Interest expense 232 Total Revenue (less agency commissions): $    442,496 Revenue (less agency commissions): (3,553) 2,309 69 % (10,393) Syndicated programming and licensing expenses decreased $0.6 million, or 5%, in the second quarter of 2017 compared to the second quarter of 2016. Total 31.0 (2,851) (67)% (in thousands except for per share data) (77,326) Total 3 % $        1.13 14,066 Non-GAAP cash flow (2): 69.4 (48,149) (10,656) Quarter of Income tax expense (432) (less agency commissions) (Gain) loss on disposals of assets, net 8,128 735,152 $              226.7 Income tax expense Adjustments to reconcile from net income to Broadcast Cash Flow: 91,248 Record Net Income, Broadcast Cash Flow and Free Cash Flow – Our net income was $70.6 million for the second quarter of 2017. Our Broadcast Cash Flow was $93.2 million for the second quarter of 2017 ($94.0 million on a Combined Historical Basis). Our Free Cash Flow was $55.9 million for the second quarter of 2017 ($57.2 million on a Combined Historical Basis).  (5,750) $     430,142 2016 2,921 18 % 9,649 Political advertising revenue decreased $14.3 million, or 74%, to $5.0 million.  24,269 $     24,202 $     81,066 $          7,223 2017 25 % 19 % Amortization of deferred financing costs $     226,681 (5,547) 47,893 $    81,066 15 % Free Cash Flow $     117,335 71,244 $           3,708 Amount  (62)% $         2,197 (Gain) loss on disposals of assets, net 18,587 $       81,066 22,264 Selected Operating Data on Combined Historical Basis (unaudited): 14 % Corporate and administrative expenses excluding $     9,649 23,791 37,117 7,873 30,981 Broadcast Cash Flow Less (11,750) 2017 $        70,561 $       17,662 71,878 National advertising revenue increased $0.7 million, or 2%, to $31.9 million. Common stock contributed to 401(k) plan  Non-GAAP cash flow (2): Broadcast Cash Flow 72,501 Six Months Ended June 30, $   55,883 Income tax expense 12 % Broadcast Cash Flow Less Cash Corporate Expenses (8) Amount  $        100,000 Reconciliation on Combined Historical Basis, in thousands – Quarter: Free Cash Flow $        6,444 $       55,883 Other June 30, 55,222 149,637 Operating expenses (1): 55 % 55,222 Corporate and administrative expenses excluding (432) 2017 to $      (282,829) $     120,717 % Change From 2015 2015 244,029 non-cash stock-based compensation Operating expenses $           8,500 16 % $    276,767 81,038 $           8,409 13 2016 Net income $         3,356 20 % (420) $        0.24 (17) 10,620 Net income $   173,292 1,434 12,981 $       16,118 6,650 13.0% $     13,291 103,968 $     1,756,747 Adjustments to reconcile from net income to  $     57,244 Total Leverage Ratio – As of June 30, 2017, our Total Leverage Ratio, Net of all Cash (as defined below) was 5.41 times on a trailing eight-quarter basis. On August 7, 2017 we received approximately $90.8 million in proceeds from the reverse auction for broadcast spectrum (the “FCC Spectrum Auction”) that was conducted by the Federal Communications Commission (“FCC”). Adjusting for the subsequent receipt of the FCC Spectrum Auction proceeds, as of June 30, 2017 our Total Leverage Ratio, Net of all Cash and Net of Auction Proceeds was 5.14 times on a trailing eight-quarter basis.Other Highlights and Recent Developments:On May 1, 2017, we completed the acquisition of television stations WDTV-TV (CBS) and WVFX-TV (FOX/CW), a legal duopoly in the Clarksburg-Weston, West Virginia market (DMA 169) (the “Clarksburg Acquisition”) for $26.5 million. We had operated these stations under a local marketing agreement (“LMA”) since June 1, 2016, and the LMA expired upon completion of the acquisition.  (2) See definition of non-GAAP terms and reconciliation of the non-GAAP amounts to net income included elsewhere herein. 1,434 Purchases of property and equipment Broadcast Cash Flow (216) $   145,164 25,588 Political advertising revenue decreased $20.9 million, or 80%, to $5.1 million. Broadcast Cash Flow 18 % Cash Corporate Expenses 15 $   122,900 Other $     204,444 5,653 5,363 27 % 12,841 Operating expenses before depreciation, amortization 87 % Other revenue was unchanged at $3.9 million.Broadcast Operating Expenses on As-Reported Basis.Broadcast operating expenses (before depreciation, amortization and gain or loss on disposal of assets) increased $16.2 million, or 14%, to $133.5 million for the second quarter of 2017 compared to the second quarter of 2016. The 2017 Acquisitions and 2016 Acquisitions, collectively, accounted for approximately $32.4 million of our broadcast operating expenses in the second quarter of 2017, and the 2016 Acquisitions accounted for approximately $20.9 million of our broadcast operating expenses for the second quarter of 2016. Including the impact of the 2017 Acquisitions and the 2016 Acquisitions, total retransmission expense increased $9.8 million, or 41%, to $33.8 million in the second quarter of 2017 compared to the second quarter of 2016.Excluding the impact of the 2017 Acquisitions and the 2016 Acquisitions:Non-compensation expenses increased by $5.6 million, or 10%, in the second quarter of 2017 primarily due to retransmission expense increases of $5.3 million and net increases in several categories including programming, licensing and professional fees. (in thousands) 12,068 4,190 (11,750) Amortization of net original issue premium on 40,283 2017 to 2017 to (305) $       143,000 Broadcast Cash Flow Free Cash Flow $     1,838,614 $     117,917 depreciation, amortization of intangible assets and  – $     157,913 Retransmission consent 52.0% (45,544) 3 % 2,910 (1,633) Purchases of property and equipment 26.4% $          2,939 Loss from early extinguishment of debt Operating expenses (1): On May 1, 2017, we completed the acquisition of television stations WABI-TV (CBS/CW) in the Bangor, Maine market (DMA 156) and WCJB-TV (ABC/CW) in the Gainesville, Florida market (DMA 161) (collectively, the “Diversified Acquisition”) for $85.0 million. We had operated these stations under an LMA since April 1, 2017, and the LMA expired upon completion of the acquisition.  30,320 Miscellaneous income, net Gain on disposals of assets, net Gray Television, Inc. 54 % (5,653) 7 Syndicated programming and licensing expenses decreased $1.1 million, or 5%, in the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016. (84)% and (gain) loss on disposal of assets, net: $     436,675 Non-GAAP cash flow (2): 2016 $       93,972 $       91,248 % Change 13 % $    143,464 On May 4, 2017, we announced that we entered into an agreement to acquire WCAX-TV (CBS) in the Burlington, Vermont – Plattsburgh, New York market (DMA 97) for $29.0 million (the “Vermont Acquisition”). We completed the acquisition on August 1, 2017. We had operated this station under an LMA since June 1, 2017, and the LMA expired upon completion of the acquisition.Effects of Acquisitions and Divestitures on Our Results of OperationsFrom October 31, 2013 through June 30, 2017, we completed 23 acquisition transactions and three divestiture transactions. As more fully described in our Form 10-Q to be filed with the Securities and Exchange Commission today and in our prior disclosures, these transactions added a net total of 50 television stations in 30 television markets, including 25 new television markets, to our operations.We refer to the seven stations acquired (excluding the stations acquired in the Clarksburg Acquisition) during the first six-months of 2017 and the stations we commenced operating under an LMA during that period as the “2017 Acquisitions.” We refer to the 13 stations acquired in 2016, and that we retained in those transactions, as well as the stations in the Clarksburg Acquisition that we commenced operating under an LMA on June 1, 2016, as the “2016 Acquisitions.” During 2015, we completed six acquisitions, which collectively added seven television stations in six markets (four new markets) to our operations, and we refer to those stations as the “2015 Acquisitions.” Unless the context of the following discussion requires otherwise, we refer to the stations acquired in the 2017 Acquisitions, the 2016 Acquisitions and the 2015 Acquisitions, collectively, as the “Acquired Stations.”Due to the significant effect that our acquisitions and divestitures have had on our results of operations, and in order to provide more meaningful period over period comparisons, we present herein certain financial information on a “Combined Historical Basis.” Unless otherwise defined, Combined Historical Basis reflects financial results that have been compiled by adding Gray’s historical revenue and broadcast expenses to the historical revenue and broadcast expenses of the Acquired Stations and removing the historical revenues and historical broadcast expenses of divested stations as if they had been acquired or divested, respectively, on January 1, 2015 (the beginning of the earliest period presented). In addition, our Combined Historical Basis non-GAAP terms “Broadcast Cash Flow,” “Broadcast Cash Flow Less Cash Corporate Expenses,” “Operating Cash Flow as Defined in our 2017 Senior Credit Facility,”  “Free Cash Flow” and “Total Leverage Ratio, Net of All Cash” give effect to the financings related to the acquisition of the Acquired Stations as if these financings occurred on January 1, 2015, and certain anticipated net expense savings resulting from the completed acquisitions. Free Cash Flow presented on a Combined Historical Basis also includes adjustments for the purchase of property and equipment and income taxes paid, net of refunds, as if the acquisition of the Acquired Stations occurred on January 1, 2015. Combined Historical Basis financial information does not reflect all purchase accounting and other adjustments required, and includes certain other amounts not included, in pro forma financial statements prepared in accordance with Regulation S-X. $                               336,723 2,556 $       83,692 7,331 $   92,477 7 % OTHER SELECTED DATA: $ 27,388 Amount  (80)% $          8,409 (62)% 83,129 Free Cash Flow (dollars in thousands) Results of Operations for the Second Quarter of 2017Revenue (less agency commissions) on As-Reported Basis.The table below presents our revenue (less agency commissions) by type for the second quarter of 2017 and 2016 (dollars in thousands): 2016 Political advertising revenue (less agency commissions) (10,415) 280,558 332 WCAX-TV,Vermont Business Magazine Gray Television, Inc (NYSE: GTN and GTN.A), which bought WCAX-TV in Burlington from the Martin family last spring for $29 million, has announced record-setting results of operations for the period ended June 30, 2017, including record revenue, record net income and record Broadcast Cash Flow. Gray experienced accelerating market trends throughout the second quarter of 2017. As a result, its operating revenue and political advertising revenue significantly exceeded the high end of the guidance ranges that we had provided for this period.Gray also succeeded in recording broadcast and corporate and administrative expenses below the low end of its guidance. This performance, plus the gain on disposal of two licenses through its participation in the FCC reverse auction for broadcast spectrum (proceeds from this auction which were received on August 7, 2017, were $90.8 million and the cost of the assets disposed was $13.1 million), produced fully diluted net income per share of $0.97 in the second quarter of 2017. Looking forward, on a Combined Historical Basis, we anticipate that aggregate local and national advertising revenue, excluding approximately $8.2 million of advertising revenue attributable to the broadcast of the 2016 Summer Olympics, will increase in the low to mid-single digit percentage range in the third quarter of 2017 compared to the third quarter of 2016.Related Stories:WCAX-TV sold to Gray Television, Inc for $29 millionLast day for Martins owning WCAX-TVFinancial Highlights:Record Revenue – The following table presents certain of our record results on an As-Reported and Combined Historical Basis for the second quarter of 2017 and the respective percentage change from the second quarter of 2016 (dollars in millions): Corporate and administrative expenses excluding  2017 to 30.6% (25,588) 11,617 Miscellaneous income, net 311 (216) $       85,908 Net income 7,211 $         325,189 $     70,561 Local (including internet/digital/mobile) $         9,649 $     196,633 2017 As-Reported 2016 7,245 (432) 58 % 22,264 Depreciation of intangible assets and non-cash stock-based compensation 3 % (37,117) Non-cash stock-based compensation $       57,157 8 (1,113) (33)% 6,657 25.7% Non-GAAP cash flow (2): 1,597 Quarter of Revenue (less agency commissions): Broadcast Cash Flow 11 % – $     125,851 $          8,524 $      251,955 2016 Reconciliation on As-Reported Basis, in thousands – Year to Date: 2016 9,209 491 We believe our third quarter of 2017 retransmission consent revenue will increase by approximately $14.0 million to approximately $70.0 million.Broadcast Operating Expenses (before depreciation, amortization and gain or loss on disposal of assets) on Combined Historical Basis.Our total broadcast operating expenses for the third quarter of 2017 are anticipated to increase from the third quarter of 2016 on a Combined Historical Basis by approximately 5% or $6.0 million to $7.0 million. This increase reflects an expected increase of $7.1 million in retransmission expense (to approximately $35.0 million for the third quarter of 2017).Non-GAAP TermsFrom time to time, Gray supplements its financial results prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) by disclosing the non-GAAP financial measures Broadcast Cash Flow, Broadcast Cash Flow Less Cash Corporate Expenses, Operating Cash Flow as defined in Gray’s Senior Credit Agreement (“Operating Cash Flow”), Free Cash Flow and Total Leverage Ratio, Net of All Cash. These non-GAAP amounts are used by us to approximate the amount used to calculate key financial performance covenants contained in our debt agreements and are used with our GAAP data to evaluate our results and liquidity. These non-GAAP amounts may be provided on an As-Reported Basis as well as a Combined Historical Basis.We define Broadcast Cash Flow as net income plus loss from early extinguishment of debt, corporate and administrative expenses, broadcast non-cash stock based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast obligations and network compensation revenue.We define Broadcast Cash Flow Less Cash Corporate Expenses as net income plus loss from early extinguishment of debt, non-cash stock based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, and non-cash 401(k) expense, less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast obligations and network compensation revenue.We define Operating Cash Flow as Combined Historical Basis net income plus loss from early extinguishment of debt, non-cash stock based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense and pension expenses less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast obligations, network compensation revenue and cash contributions to pension plans.We define Free Cash Flow as net income plus loss from early extinguishment of debt, non-cash stock based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, amortization of deferred financing costs, any income tax expense, non-cash 401(k) expense and pension expense, less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast obligations, network compensation revenue, contributions to pension plans, amortization of original issue discount on our debt, capital expenditures (net of any insurance proceeds) and the payment of income taxes (net of any refunds received).Our Total Leverage Ratio, Net of All Cash is calculated as our Operating Cash Flow for the preceding eight quarters, divided by two, which is then divided by our long term debt, excluding net premiums and net deferred financing costs, but including any other debt, net of all cash. Auction proceeds receivable from the FCC Spectrum Auction of $90.8 million were recorded on our balance sheet as of June 30, 2017 related to the disposal of two of our licenses in the FCC Spectrum Auction. These proceeds were received on August 7, 2017. The Total Leverage Ratio, Net of all Cash and Net of Auction Proceeds Receivable from FCC Spectrum Auction, reflects what our leverage ratio would have been if the proceeds from the FCC Spectrum Auction had been received on or prior to June 30, 2017.These non-GAAP terms are not defined in GAAP and our definitions may differ from, and therefore not be comparable to, similarly titled measures used by other companies, thereby limiting their usefulness. Such terms are used by management in addition to and in conjunction with results presented in accordance with GAAP and should be considered as supplements to, and not as substitutes for, net income and cash flows reported in accordance with GAAP. Contributions to pension plans 10 % Revenue (less agency commissions): Basic per share information: 2 % Total deferred financing costs, net $      95,356 Total Leverage Ratio, Net of All Cash Political $       81,394 7,556 Operating income (12,500) $   103,968 30 % 2017 50 % Change $      19,304 Common stock contributed to 401(k) plan  12,739 11,860 2,518 Payments for program broadcast rights (76,849) (dollars in thousands) 3.7 $           59,144 53.3% 133,545 (1,433) 13.7% $     31,597 Adjustments to reconcile from net income to  1,196 (10,415) 5,090 (5,492) Operating Cash Flow as Defined in Senior Credit Agreement (2) See definition of non-GAAP terms and reconciliation of the non-GAAP amounts to net income included elsewhere herein. Broadcast Cash Flow 2,851 (141) Corporate and administrative expenses excluding  depreciation, amortization of intangible assets and  $  12,110 116 % non-cash stock-based compensation $   25,928 (311) Reconciliation on As-Reported Basis, in thousands – Quarter: senior notes Retransmission consent revenue increased $13.9 million, or 25%, to $69.9 million. (dollars in thousands) 4,813 Purchases of property and equipment (51,177) Retransmission consent revenue increased $28.6 million, or 26%, to $140.2 million. 21,341 $     12,110 Amortization of intangible assets $ 50,144 48,149 $     79,786 Non-cash stock based compensation Professional fees decreased $1.0 million, or 14% in the second quarter of 2017 compared to the second quarter of 2016. Miscellaneous income, net 145,164 8 2016 Selected Operating Data (Unaudited) $        0.37 $      71,713 109,184 70,008 2,309 Historical (65) 18 % Net income Loss from early extinguishment of debt $       83,129 72,748 non-cash stock-based compensation Pension expense 24,202 7,160 National advertising revenue increased $7.6 million, or 16%, to $55.8 million.  Interest expense As-Reported 67 % 5.2% June 30, Corporate and administrative 31.8% $          3,723 2016 $      25,928 2017 2.7% 11,004 314 2016 $    430,142 $    152,385 Political advertising revenue decreased $7.5 million, or 67%, to $3.7 million. Three Months Ending September 30, Total revenue increased $59.8 million, or 16%, to $430.1 million for the six-months ended June 30, 2017compared to the six-months ended June 30, 2016. Revenue from the 2017 Acquisitions and 2016 Acquisitions, collectively, accounted for approximately $108.5 million of our total revenue in the six-months ended June 30, 2017. The 2016 Acquisitions accounted for approximately $50.7 million of our total revenue in the six-months ended June 30, 2016.The changes in revenue for the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016 were approximately as follows:Local advertising revenue (including internet/digital/mobile) increased $26.4 million, or 14%, to $220.5 million.  OPERATING REVENUE: 1.6% 4,482 Other revenue increased $0.9 million, or 8%, to $11.9 million.Excluding the total revenue contributed by the 2017 Acquisitions and 2016 Acquisitions, our total revenue increased by $2.0 million in the six-months ended June 30, 2017 as compared to the six-months ended June 30, 2016. The components of this net increase included the following: retransmission consent revenue increased by $18.9 million due primarily to increased retransmission consent rates; political advertising revenue decreased by $14.7 million due to 2017 being the “off-year” of the two-year election cycle; and local revenue decreased by $2.0 million.Excluding the revenue contributed by the 2017 Acquisitions and 2016 Acquisitions, local and national advertising revenue declined, in part, as a result of the impact of the broadcast of the 2017 Super Bowl on our FOX-affiliated stations generating approximately $0.6 million of local and national advertising revenue, compared to $1.6 million that we earned from the broadcast of the 2016 Super Bowl on our CBS-affiliated stations.Revenue (less agency commissions) on Combined Historical Basis.On a Combined Historical Basis, total revenue increased $5.8 million to $442.5 for the six-months ended June 30, 2017 compared to $436.7 in the six-months ended June 30, 2016, as a result of the following:Local advertising revenue (including internet/digital/mobile) decreased $1.1 million, or less than 1%, to $228.9 million. (162) (17)% Six Months Ended June 30, Other revenue was unchanged at $9.4 million.Local and national advertising revenue declined, in part, as a result of the impact of the broadcast of the 2017 Super Bowl on our FOX-affiliated stations generating approximately $0.6 million of local and national advertising revenue, compared to $2.1 million that we earned from the broadcast of the 2016 Super Bowl on our CBS-affiliated stations.Broadcast Operating Expenses on As-Reported Basis.Broadcast operating expenses (before depreciation, amortization and gain or loss on disposal of assets) increased $41.1 million, or 18%, to $267.0 million for the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016. The 2017 Acquisitions and 2016 Acquisitions, collectively, accounted for approximately $60.2 million of our broadcast operating expenses in the six-months ended June 30, 2017, and the 2016 Acquisitions accounted for approximately $31.7 million of our broadcast operating expenses for the six-months ended June 30, 2016. Including the impact of the 2017 Acquisitions and the 2016 Acquisitions, total retransmission expense increased $19.7 million, or 43%, to $66.0 million in the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016.Excluding the impact of the 2017 Acquisitions and the 2016 Acquisitions:Non-compensation expenses increased by $12.5 million, or 12%, in the six-months ended June 30, 2017 primarily due to retransmission expense increases of $10.4 million and professional fee increases of $2.9 million. $        0.37 483 % Total (247) Income taxes paid, net of refunds 2,772 47,894 90,824 16,118 Amortization of net original issue premium on Free Cash Flow 7,554 4,242 depreciation, amortization of intangible assets and  Income tax expense $     38,132 $         8,524 26,215 Payments for program broadcast rights Broadcast Cash Flow Less $ 370,356 (23,791) Corporate and administrative Miscellaneous income, net excluding corporate 401(k) contributions $    280,032 267,016 Payments for program broadcast rights Operating Cash Flow as defined in $  226,681 $      24,202 Payments for program broadcast rights Contributions to pension plans National advertising revenue increased $4.9 million, or 19%, to $31.0 million.  2016 % 25,470 3.7 186,113 % Change 5,013 Six Months Ended 4.7 Broadcast 11,897 $      133,545 Three Months Ended June 30, 2017 (74) National (1) Excludes depreciation, amortization, and (gain) loss on disposal of assets. 1,272 Operating expenses (1): 2017 to 1,789 $      222,170 (3)% 17 % June 30, 2017 $      5,029 Miscellaneous income, net 8 % 10,745 $    152,159 710 % Broadcast $        0.25 senior notes $    270,843 Interest expense 2017 to Cash (640) – Income before income tax expense 118,454 Reconciliation on Combined Historical Basis, in thousands – Year to Date: 2016 5.41 Operating Cash Flow as defined in $                                218,375 (7,331) 2016 665,144 Net income Corporate and administrative expenses excluding (420) (152) (896) 2017 $    194,081 $     148,920 Corporate and administrative 798 100.0% Weighted-average shares outstanding – (710) December 31, (77,374) Guidance for (7,660) excluding corporate 401(k) contributions Broadcast 92,218 (22,264) Weighted-average shares outstanding $     49,379 as defined in the Senior Credit Agreement: Amortization of intangible assets 72,665 12 % % Change From Revenue (less agency commissions): 4.0 17,552 Other Financial Data: As of $          6,444 Broadcast Other $         0.97 Cash 5,272 $          42,360 11,384 Percent 6 % (216) Borrowing availability under our revolving credit facility Selected Operating Data on As-Reported Basis (unaudited): (640) (87)% (896) 2017 $     51,591 Net cash provided by operating activities 9,132   Broadcast Cash Flow: Net cash used in investing activities   Broadcast Cash Flow: 2015 300 % Receivable from FCC Spectrum Auction 83,692 (1,113) Capital leases and other debt – (Gain) loss on disposals of assets, net 69.9 51.3% depreciation, amortization of intangible assets and  High End 2015 Revenue (less agency commissions) 55,795 Guidance for – Quarter of the Third 44,964 (23,791) 25 % Third 89,798 Combined Historical Basis Operating Cash Flow 4,242 148,920 Corporate and administrative expenses excluding 54 % – $     92,218 2017 Political advertising revenue Broadcastcenter_img $       86,936 Retransmission consent 15,707 Loss from early extinguishment of debt National advertising revenue decreased $0.8 million, or 1%, to $59.0 million. % Change $ 196,633 $     204,490 Net income (4) (gain) loss on disposal of assets): 80 Percent 2015 13 % Interest expense Revenue (less agency commissions) % Change 5.14 1,158 $            9,000 Interest expense $     49,379 2017 20 % 2.1% $           3,000 2015 $           3,500 (1)% $        11,218 3,553 (67) – We believe our third quarter of 2017 retransmission consent revenue will be approximately $70.0 million.Broadcast Operating Expenses (before depreciation, amortization and gain or loss on disposal of assets, net) on As-Reported Basis.For the third quarter of 2017, we anticipate our broadcast operating expenses will increase from the third quarter of 2016, reflecting the additional broadcast operating expenses of the 2017 Acquired Stations and the 2016 Acquired Stations. We anticipate that our broadcast operating expenses will also reflect an increase in retransmission expense of approximately $10.0 million to approximately $35.0 million for the third quarter of 2017.Corporate and Administrative Operating Expenses (before depreciation, amortization and gain or loss on disposal of assets) on As-Reported Basis.For the third quarter of 2017, we anticipate our corporate and administrative operating expense will increase to within a range of approximately $8.5 million to $9.0 million, primarily attributable to increases in professional services fees.Third Quarter of 2017 on Combined Historical Basis:Based on our current forecasts for the third quarter of 2017, we anticipate the following changes from the Combined Historical Basis results for the third quarter of 2016. For the purposes hereof, our Combined Historical Basis for the third quarter of 2016 have been adjusted to give effect to the 2017 Acquired Stations and the 2016 Acquired Stations as if they had been acquired in the first day of the earliest period presented.Revenue on Combined Historical Basis.We believe our third quarter of 2017 total revenue will change by approximately -6% to -7%, due primarily to 2017 being an off-year of the political advertising revenue cycle. 57 We believe our third quarter of 2017 national advertising revenue will increase in the low single digit percentages. We currently anticipate that national advertising revenue from our non-NBC affiliated stations will increase in the mid-single digit percentage range in the third quarter of 2017, while our advertising revenue from our NBC affiliated stations will decrease in the low single digit percentage range due to the Summer Olympics programming in 2016. our 2017 Senior Credit Facility (67)% $       50,873 excluding corporate 401(k) contributions Other income (expense): receivable from FCC Spectrum Auction Net income excluding corporate 401(k) contributions 18,312 senior notes 15 % 1,407 Depreciation 85,908 % Change Net income 1,272 Third Total revenue increased $30.0 million, or 15%, to $226.7 million for the second quarter of 2017 compared to the second quarter of 2016. Revenue from the 2017 Acquisitions and 2016 Acquisitions, collectively, accounted for approximately $61.0 million of our total revenue in the second quarter of 2017. The 2016 Acquisitions accounted for approximately $34.1 million of our total revenue in the second quarter of 2016.The changes in revenue for the second quarter of 2017 compared to the second quarter of 2016 were approximately as follows:Local advertising revenue (including internet/digital/mobile) increased $13.2 million, or 13%, to $117.9 million.  Amortization of intangible assets Non-cash stock-based compensation 87,020 $          5,029 1,009 2016 2017 Depreciation 481,989 Broadcast Cash Flow our 2017 Senior Credit Facility 5,638 $     70,561 Interest expense 358 % 2017 to $     146,163 Quarter of 57 % (1,433) Amortization of program broadcast rights senior notes 47,893 $       81,038 311 Amortization of program broadcast rights 18 % 2,731 (77,326) As-Reported 22,743 Corporate and administrative 2,772 7 Three Months Ended June 30, (5,274) depreciation, amortization of intangible assets and  Third Quarter of 2017 Comparisons to the Third Quarter of 2016, Which Included the Broadcast of the 2016 Summer Olympics: Our local and national advertising revenues (excluding political advertising revenue) during the third quarter of 2016 were significantly influenced by the broadcast of the 2016 Summer Olympics on our NBC – affiliated stations. In the third quarter of 2016, these stations earned approximately $6.0 millionof local advertising revenue and $2.2 million of national advertising revenue from the broadcast of the 2016 Summer Olympics. Currently, we anticipate that our NBC – affiliated stations will replace approximately one-half of that Olympic local and national advertising revenue with additional local and national advertising revenue from new and existing accounts in the third quarter of 2017 as compared to the third quarter of 2016. Accordingly, on a Combined Historical Basis, local and national advertising revenue for our NBC affiliated stations is expected to be lower in the third quarter of 2017 compared to the third quarter of 2016. Conversely, on a Combined Historical Basis, our stations affiliated with all other networks are currently expected to increase their aggregate local and national advertising revenue in the low single digit percentage range in the third quarter of 2017 compared to the third quarter of 2016. On a Combined Historical Basis, we anticipate that aggregate local and national advertising revenue, excluding approximately $8.2 million of advertising revenue attributable to the broadcast of the 2016 Summer Olympics, will increase in the low to mid-single digit percentage range in the third quarter of 2017 compared to the third quarter of 2016.Comments on Third Quarter of 2017 GuidanceThird Quarter of 2017 on As-Reported Basis:Revenue on As-Reported Basis.Based on our current forecasts for the third quarter of 2017, we anticipate the following changes from the third quarter of 2016:We believe our third quarter of 2017 local advertising revenue (including internet/digital/mobile) will increase in the high single digit percentages.  2017 9,219 Other (42,360) 4,704 $       86,691 Diluted per share information: non-cash stock-based compensation 2017 to Non-cash stock-based compensation $                            1,730,882 5 % 97,818 104,363 1,232 1,158 – Income taxes paid, net of refunds 23,791 51,591 Retransmission consent (162) non-cash stock-based compensation Change – Other depreciation, amortization of intangible assets and  Cash Corporate Expenses Amount  (23,791) 8,130 100.0% $   225,903 Broadcast 1,097 798 Other Miscellaneous income, net Free Cash Flow 14,066 Net cash provided by financing activities Loss from early extinguishment of debt (6,438) (7,544) Broadcast Cash Flow Less 2017 $      393,668 (13,879) Non-cash stock-based compensation (7,544) 1 % $       86,641 – 117,335 $   95,356 $   86,936 Broadcast Cash Flow (448,437) Net income 11,750 $     79,247 $       17,705 52.4% 57,244 71,821 Selected operating data: $    220,514 2 % 136,944 2016 (24,269) 5,502 526 Interest expense 1,196 2,002 (Gain) loss on disposals of assets, net (76,799) Three Months Ended June 30, Retransmission consent revenue increased $39.1 million, or 40%, to $136.9 million.  Common stock contributed to 401(k) plan  16,872 $          104,727   Broadcast Cash Flow: Interest expense Three Months Ended 45,544 $       37,098 $      86,445 4 % Operating expenses (1): 84 % Quarter of 9,891 of Total $       87,020 2017 10,235 (1,433) 100.0% $   19,304 Purchases of property and equipment (Gain) loss on disposals of assets, net (47,722) 6,658 Payments for program broadcast rights 2,556 of Total  (24,103) Broadcast Cash Flow Less Cash Corporate Expenses depreciation, amortization of intangible assets and  79,267 $        93,239 10,498 12,980 Other (5,272) (9,130) $    370,356 (5,153) depreciation, amortization of intangible assets and – (14,066) $     267,016 2,267 18 % $      220,000 8 % We believe our third quarter of 2017 local advertising revenue will decrease in the low single digit percentages. We currently anticipate that local advertising revenue from our non-NBC affiliated stations will increase in the low single digit percentage range in the third quarter of 2017, while our advertising revenue from our NBC affiliated stations will decrease in the high single digit percentage range due to the Summer Olympics programming in 2016. 1,009 Other Adjustments to reconcile from net income to  2 % Contributions to pension plans 624 (1,633) $   79,786 5,029 25,470 (7,141) 3,708 Amortization of deferred financing costs (13,475) 2,267 (13,475) Political (1) 2015 excluding corporate 401(k) contributions $     50,144 (216) Operating Cash Flow as defined in Senior Credit  1,597 (8,396) Income taxes paid, net of refunds $     149,637 2015 (1,248) $      226,681 – (22,264) (5,351) 11,897 Three Months Ended $     17,662 % Change (14,019) 142,555 Amortization of program broadcast rights Percent $     24,844 $     21,716 $         5,069 14 $                               673,446 0 % Low End Political 62 % 13 Combined 1,228 8,754 Free Cash Flow 8 31.9 152,159 2017 $     17,705 18,312 (247) Three Months Ended June 30, (dollars in thousands) OPERATING EXPENSES % Change Revenue (less agency commissions): 54,936 16,027 the Third $          196,633 Income tax expense We expect our third quarter of 2017 national advertising revenue will increase by 18% to 20%. 71,713 (6,438) $ 430,142 $   173,194 (before depreciation, amortization and Percent 34,838 Long-term debt, including current portion Common stock contributed to 401(k) plan  Compensation expense decreased $0.5 million, primarily due to decreases in incentive compensation costs. Non-cash share based compensation expenses were $2.1 million and $1.9 million, respectively, for the six-months ended June 30, 2017 and the six-months ended June 30, 2016.Loss from Early Extinguishment of Debt.In the six-months ended June 30, 2017, we recorded a loss from early extinguishment of debt of approximately $2.9 million, or $1.7 million after tax, related to the amendment and restatement of our senior credit facility.Gain on Disposal of Assets.We reported gains on disposals of assets of $76.8 million and $0.4 million in the six-months ended June 30, 2017 and 2016, respectively. On May 30, 2017 we tendered two of our broadcast licenses and made other modifications to our broadcast spectrum related to our participation in the FCC Spectrum Auction. Our proceeds from this auction which were received on August 7, 2017, were $90.8 millionand the cost of the assets disposed was $13.1 million.Taxes.During six-months ended June 30, 2017, we made aggregate federal and state income tax payments of approximately $0.9 million.Detailed table of Operating Results 46,982 14 1 Third Auction proceeds receivable from FCC Spectrum Auction (5,703) Six Months Ended Loss from early extinguishment of debt June 30, non-cash stock-based compensation $          79,027 93,239 $     229,313 $      217,000 8,409 of Total  2016 $      79,267 Loss from early extinguishment of debt Political 86,691 Reconciliation of Total Leverage Ratio, Net of All Cash, in thousands except for ratio: 22 % $     26,652 12,224 of Total 71,849 Amortization of intangible assets As-Reported Compensation expense were unchanged in the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016.Broadcast Operating Expenses on Combined Historical Basis.On a Combined Historical Basis, broadcast operating expenses (before depreciation, amortization and gain on disposal of assets) increased $9.2 million, or 3%, to $280.0 million for the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016. The increase reflects, in part, the following:Retransmission expense increased $14.2 million, or 26%, to $68.5 million for the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016, consistent with increases in retransmission consent revenue.    Broadcast Cash Flow: Pension expense (46,982) $    17,662 1,789 $          4,311 40 Revenue (less agency commissions): 26,207 2016 (dollars in thousands) 510 2015 $    166,225 Amortization of intangible assets 7 % 81,394 Interest expense (5,653) 13.0% 100.0% Amortization of deferred financing costs Other 8 Net income 7 Six Months Ended June 30, Net (decrease) increase in cash 12,224 Compensation expense decreased by approximately $2.4 million, or 2%, for the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016.Corporate and Administrative Operating Expenses on As-Reported Basis.Corporate and administrative expenses (before depreciation, amortization and gain or loss on disposal of assets) decreased $8.1 million, or 33%, to $16.1 million for the six-months ended June 30, 2017compared to the six-months ended June 30, 2016. The decrease reflects, in part, the following:Non-compensation expense decreased $7.6 million, primarily due to a decrease of $7.7 million in professional fees related to acquisition activities. (10,601) (18,587) $              117.9 2.8% 2015 15 $     27,388 Depreciation Pension expense June 30, 63 % $   50,873 (33)% $     70,236 $    370,356 $         0.98 11,617 21 % 1,228 $   26,652 Retransmission consent revenue increased $18.8 million, or 37%, to $69.4 million.  (10,666) $        13,291 51,177 Depreciation Compensation expense decreased by $0.9 million in the second quarter of 2017.Broadcast Operating Expenses on Combined Historical Basis.On a Combined Historical Basis, broadcast operating expenses (before depreciation, amortization and gain or loss on disposal of assets) increased $3.0 million, or 2%, to $136.4 million in the second quarter of 2017 compared to the second quarter of 2016. The increase reflects, in part, the following:Retransmission expense increased $7.1 million, or 26%, to $34.2 million in the second quarter of 2017 compared to the second quarter of 2016, consistent with increases in retransmission consent revenue.  152,385 25,729 142,946 40 depreciation, amortization of intangible assets and 2016 $           45,475 $   156,622 non-cash stock-based compensation Pension expense 54 % (76,799) 141 Guidance for the Three-Months Ending September 30, 2017 Based on our current forecasts for the third quarter of 2017, we anticipate the changes from the three-months ended September 30, 2016 as outlined below. Our estimates for the third quarter of 2017 include approximately $59.5 million of revenue and $36.7 million of broadcast operating expense estimated to be contributed by the 2017 Acquired Stations and 2016 Acquired Stations. Our as-reported results for the third quarter of 2016 included approximately $37.1 million of revenue and approximately $20.9 million of broadcast operating expenses contributed by the 2016 Acquired Stations. The table below presents our estimates of certain selected operating data for the third quarter of 2017 (dollars in thousands): Broadcast Cash Flow Less Cash Corporate Expenses 2015 2016 21 % $       92,477 47,722 Other revenue decreased $0.9 million, or 17%, to $4.7 million.Excluding the total revenue contributed by the 2017 Acquisitions and 2016 Acquisitions, our total revenue increased by $3.1 million in the second quarter of 2017 as compared to the second quarter of 2016. The components of this net increase included the following: retransmission consent revenue increased by $9.8 million due primarily to increased retransmission consent rates, and political advertising revenue decreased by $6.4 million due to 2017 being the “off-year” of the two-year election cycle.Revenue on Combined Historical Basis.On a Combined Historical Basis, total revenue increased $7.1 million to $229.3 million in the second quarter of 2017 compared to $222.2 million the second quarter of 2016, as a result of the following:Local advertising revenue (including internet/digital/mobile) was unchanged at $119.8 million. Political non-cash stock-based compensation 2,851 12,250 National 13.3% Interest expense (42,604) $       22,272 Political (1,433) Total 4.9% (in thousands) 7,331 Total We believe our third quarter of 2017 political advertising revenue will be within a range of approximately $3.0 million to $3.5 million.  $      133,413 150,930 $     163,703 1 % 2016 (74)% (1) Excludes depreciation, amortization, and (gain) loss on disposal of assets. Local (including internet/digital/mobile) 10,368 Adjusted Total Indebtedness, Net of All Cash 24,103 (7,331) 3,183 (46,982) Amortization of intangible assets $       25,988 166,225 173,194 157,913 Broadcast Cash Flow Less Cash Corporate Expenses $     136,412 4,361 (14,066) 4 % 225,903 8,130 (75,044) Broadcast Cash Flow Less Cash Corporate Expenses 146,163 (432) (1,007) 80 37 % 204 % (45,544) $                            1,838,614 1.2% 541 84,126 (155) non-cash stock-based compensation Common stock contributed to 401(k) plan  (152) Amortization of net original issue premium on (24,269) 163,703 Six Months Ended June 30, Corporate and administrative Political advertising revenue decreased $5.9 million, or 62%, to $3.7 million.  Amortization of deferred financing costs (216) National 6,657 Six Months Ended June 30, Contributions to pension plans (305) 11,750 Free Cash Flow Corporate and administrative expenses excluding 93,972 8 % 86,641 50,549 $    26,652 (14,019) (624) 26,070 $      16,118 2017 (13,879) 136,288 $              119.8 $   57,157 Contributions to pension plans 2017 2,002 12 % Corporate and administrative expenses excluding Professional fees decreased $1.3 million, or 8%, in the six-months ended June 30, 2017 compared to the six-months ended June 30, 2016. 4,190 5,653 % Change Political (7,556) Premium on subordinated debt, net 2016 June 30, Total $      141,000 30 % Amortization of program broadcast rights $              229.3 967 Pension expense Amortization of program broadcast rights 43,026 Operating Cash Flow as defined in Senior Credit Agreement 2015 $        1.12 June 30, 2017 Operating Cash Flow as defined in Senior Credit Agreement Corporate and administrative expenses excluding depreciation, amortization Eight Quarters Ended (4)% 156,622 Total Leverage Ratio, Net of All Cash and Net of Auction Proceeds Adjusted Total Indebtedness: (7,554) Three Months Ended June 30, (1)% 69,371 Corporate and administrative expenses excluding Broadcast Cash Flow Less Cash Corporate Expenses $       3,708 19,304 $                            1,821,706 (70,008) 122,900 $   150,930 3.0% (413,217) Corporate and administrative Amortization of net original issue premium on Agreement, divided by two 8,524 71,835 $           60,000 Long term debt, including current portion 1 % 72,510 (624) $   37,098 (1,250) (2,500) 104 % – 22,743 198,524 48,149 Income tax expense 3 % 12,841 Broadcast Cash Flow Adjusted Total Indebtedness, Net of All Cash and net of auction proceeds Income taxes paid, net of refunds Local (including internet/digital/mobile) Compensation expense decreased by approximately $2.4 million, or 3%, in the second quarter of 2017 compared to the second quarter of 2016.Corporate and Administrative Operating Expenses on As-Reported Basis.Corporate and administrative expenses (before depreciation, amortization and gain or loss on disposal of assets) decreased $0.1 million, or 1%, to $8.4 million in the second quarter of 2017 as compared to the second quarter of 2016, primarily as a result of decreases in incentive compensation costs. Non-cash share based compensation expenses were $1.1 million and $1.0 million in the second quarters of 2017 and 2016, respectively.(Gain) Loss on Disposal of Assets.We reported a gain on disposal of assets of $77.3 million in the second quarter of 2017 and a loss on disposal of assets of $1.2 million in the second quarter of 2016. On May 30, 2017, we tendered two of our broadcast licenses and made other modifications to our broadcast spectrum related to our participation in the FCC Spectrum Auction. Our proceeds from this auction which were received on August 7, 2017, were $90.8 million and the cost of the assets disposed was $13.1 million.Taxes.During the second quarter of 2017, we made aggregate federal and state income tax payments of approximately $0.6 million. During the remainder of 2017, we anticipate making income tax payments (net of refunds) of approximately $1.0 million. We anticipate making significant federal and state income tax payments beginning in 2018, assuming no significant changes to the corporate tax code as currently in effect.Results of Operations for the Six-Month Period Ended June 30, 2017Revenue (less agency commissions) on As-Reported Basis.The table below presents our revenue (less agency commissions) by type for the six-month periods ended June 30, 2017 and 2016 (dollars in thousands): 53,687 5 % The CompanyWe are a television broadcast company headquartered in Atlanta, Georgia, that owns and operates over 100 television stations and leading digital assets in markets throughout the United States. As of the date of this release, we own and/or operate television stations in 57 television markets that broadcast more than 200 separate program streams, including 104 channels affiliated with the CBS Network, the NBC Network, the ABC Network and the FOX Network. Our portfolio, including pending acquisitions, includes the number-one and/or number-two ranked television station operations in essentially all of our markets, which collectively cover approximately 10.6 percent of total United Statestelevision households.Cautionary Statements for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform ActThis press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. These “forward-looking statements” are not statements of historical facts, and may include, among other things, statements regarding our current expectations and beliefs of operating results for the third quarter of 2017 or other periods, the impact of recently completed transactions, future operating expenses, future income tax payments and other future events. Actual results are subject to a number of risks and uncertainties and may differ materially from the current expectations and beliefs discussed in this press release. All information set forth in this release is as of August 8, 2017. We do not intend, and undertake no duty, to update this information to reflect future events or circumstances. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2016 and may be contained in reports subsequently filed with the U.S. Securities and Exchange Commission (the “SEC”) and available at the SEC’s website at www.sec.gov(link is external).Conference Call InformationWe will host a conference call to discuss our second quarter operating results on August 8, 2017. The call will begin at 9:00 AM Eastern Time. The live dial-in number is 1(800) 310-1961 and the confirmation code is 9602721. The call will be webcast live and available for replay at www.gray.tv(link is external). The taped replay of the conference call will be available at 1 (888) 203-1112, Confirmation Code: 9602721 until September 7, 2017.SOURCE ATLANTA, Aug. 8, 2017 /PRNewswire/ — Gray Television, Inc. www.gray.tv(link is external)VBM vermontbiz.comlast_img read more