The Colibri Group Inc., of East Providence, a privately held company that designs, manufacturers and markets branded jewelry, lighters, accessories and clocks, said yesterday it had completed new financing that included an equity investment by the company's major shareholder and recapitalization of the company's bank lines. Chief executive officer Jim Fleet said the company had made a substantial investment late last year and early this year when it relocated and consolidated its operations in East Providence. "The equity investment made by our firm, Founders Equity, confirms its continuing commitment to Colibri's business, its multiple product lines and positions the business to maximize the use of Colibri[sup 1]s diverse distribution channels and better serve the consumer," said Warren Haber, Founders managing partner and chairman of Colibri. The company also said Fleet joined the board of directors of Colibri.

Mass. Agency sides with Cape Wind developers

The Massachusetts Energy Facilities Siting Board has sided with the developers of the proposed Cape Wind energy farm in Nantucket Sound after the Cape Cod Commission denied the project a permit for an electric transmission line. The board ruled they had the authority to review the commission's denial and that the review would be limited to the transmission line -- not the impacts of the wind farm. Critics say the proposed 130-turbine wind farm is an environmental hazard and will mar the pristine view of the sound. Cape Wind Associates, the developer, argued that the commission's decision was inconsistent with a 2005 ruling by the siting board approving the power lines, which would carry electricity to a switching station in Barnstable.

New submarine completes sea trials

The nation's newest nuclear-powered attack submarine, the New Hampshire (SSN 778), returned to the Electric Boat shipyard in Groton, Conn., yesterday following the successful completion of its first voyage in open seas, called alpha sea trials. The voyage included submerging for the first time, performing propulsion-plant operations and conducting high-speed runs on the surface and underwater. New Hampshire will be delivered to the Navy by the end of summer. Director of Naval Nuclear Propulsion Adm. Kirkland Donald, who directed the sea trials, said, "New Hampshire, the fifth of the Virginia Class, performed satisfactorily in all operations and this success is a direct result of the hard work of both the crew and the shipbuilders." Electric Boat, which has facilities at Quonset Point as well as Groton, has received contracts to build the first 10 submarines of a planned 30-ship Virginia Class fleet under a teaming agreement that splits the construction workload with Northrop Grumman Shipbuilding. Electric Boat is a wholly owned subsidiary of General Dynamics.

Japan bars shipments of Maine lobster

Shipments of North American lobster, also known as Maine lobster, have been banned by Japan because of a misunderstanding over safety, U.S. officials said Wednesday. News of the stalled shipments of live lobster came two days after the U.S. Food and Drug Administration warned consumers not to eat the green substance known as tomalley that's found in the body cavity of lobsters. Tomalley can be contaminated by red tide. Lobster industry officials say some people who received the FDA advisory thought lobster should be avoided altogether, but the lobster meat in the tails and claws remains safe to eat. About 250,000 pounds of lobster worth more than $1 million is shipped each week to Japan, said Bonnie Spinazzola, executive director of the Atlantic Offshore Lobstermen's Association in New Hampshire. In Japan, the U.S. Commercial Service, part of the Commerce Department, is in discussions with the Japanese government in hopes of lifting the ban.

Tax-free weekend Aug. 16-17 in Bay State

Massachusetts shoppers will get a tax-free weekend this month. Governor Patrick signed a law Wednesday lifting the state's 5- percent sales tax for the weekend of Aug. 16-17. Goods costing up to $2,500 will be exempt from the tax. But boats, cars, meals and tobacco products will be excluded from the holiday, as will be telecommunication services and gas, steam and electricity utilities. Lawmakers said a similar holiday has boosted sales in recent years during the summer doldrums. They say it will be particularly helpful this year, with the country's economic slowdown and gas prices at record highs.

Rogers reports second-quarter revenues

Rogers, Conn.-based Rogers Corp. (NYSE:ROG), a developer and manufacturer of high performance, specialty material-based products, has announced second-quarter revenues of $97.7 million and net earnings of 44 cents per diluted share. Revenues and earnings were in line with the company's April 30 guidance of $97 million to $100 million in sales and 41 cents to 45 cents in earnings. Last year's second-quarter revenues from continuing operations were $97.9 million with a net loss of 28 cents per diluted share, which included $12.9 million, or 47 cents per diluted share, of restructuring charges. Rogers' gross margin for this year's second quarter was 32.1 percent versus 16.0 percent in the second quarter of last year, which reflects the restructuring charges. Inventories at the end of the second quarter totaled $48.3 million versus $47.9 million at the end of the first quarter and $51.2 million at the end of last year. Rogers' balance sheet ended the second quarter with a cash and short-term investment balance of $43.5 million and the company generated free cash flow of $19.3 million. Capital expenditures were about $6.1 million for the second quarter and $9.1 million year-to-date. Total capital expenditures for the year are expected to be about $25 million.

CutisPharma partners with Rite Aid

Woburn, Mass.-based CutisPharma, Inc., a developer of products for prescription compounding, has announced a partnership with Rite Aid Corp. to provide unit-of-use kits to the approximately 27,000 pharmacists and pharmacy technicians at approximately 5,000 Rite Aid stores nationwide. The kits are designed to provide an easy and time- saving solution for pharmacies, using pre-measured, pre- weighed components to enable pharmacists to dispense prescribed dosage accurately every time.

Electricity supply helped by new power cables

Two utility companies say this summer's electricity supply for the region has been improved with the early opening of new power cables buried under Long Island Sound. Connecticut Light & Power and the Long Island Power Authority replaced seven fluid-filled transmission cables between Norwalk, Conn., and Northport, N.Y., from the late 1960s with three solid-core, 138-kilovolt cables. The $129-million project was expected to be finished in the fall. The utilities say the early finish will bolster electricity reliability in the high-demand months of summer. The cables carry up to 300 megawatts of electricity, enough to power about 300,000 average- size homes.

Maine businesses may pay more for electricity

Starting in September, some Maine businesses will be facing double-digit increases in their standard-offer electric rates. The Public Utilities Commission on Tuesday approved new energy prices, which apply to customers that have not made their own electricity supply arrangements. Large business customers of Central Maine Power will see their standard offer prices rise 32 percent, while those for medium-size customers will go up 23 percent. For Bangor Hydro customers, the figures are just under 20 percent for large businesses and 21 percent for medium businesses. However, the latest rate increase for natural-gas customers is smaller than expected. The PUC approved a 3.36-percent hike for Northern Utilities. That's well below the 17-percent increase the state's largest natural gas distributor originally requested. Company spokeswoman Sheila Doiron said gas prices fell unexpectedly, prompting Northern Utilities to adjust its request accordingly.

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Story Source: Providence Journal