May 26, 2019
Business Latest News | Memorial Day Weekend | Bangor Metro | Sports Betting | Today's Paper

Red Sox duck boat victory parades are no can of corn

Elise Amendola | AP
Elise Amendola | AP
Boston Red Sox manager Alex Cora, left, waves the flag of Puerto Rico as coach Ramon Vazquez holds the championship trophy during a parade to celebrate the team's World Series championship over the Los Angeles Dodgers, Wednesday, Oct. 31, 2018, in Boston.

First Red Sox pitching ace Pedro Martinez got beaned on the forehead by an errant baseball during a duck boat parade in 2004 celebrating Boston’s first World Series victory in 86 years.

Then on Wednesday, Red Sox manager Alex Cora and the World Series trophy were hit by beer cans thrown during the parade, damaging flags on the trophy.

Imbibing and throwing full cans of beer at newly crowned champions passing on the duck boats is a well-established tradition in Boston. But The Washington Post reported Cora and the team’s security director didn’t appreciate the projectile and immediately pointed at the perpetrator in the crowd.

A 19-year-old Sandwich, Massachusetts, who immediately expressed remorse for hitting Cora, was charged with being a minor in possession of alcohol, assault and battery with a dangerous weapon and being disorderly. There were five other arrests during the celebration. It isn’t clear who damaged the trophy.

But fans shouldn’t worry. Red Sox spokesman Chris Gilligan tells the Bangor Daily News the trophy already has been repaired.

Black Friday couch potatoes

No need to rush to make plans or leave the comfort of your couch after the Thanksgiving meal, a recent national study by Genesys, a Daly City, California, analysis company finds.

Only 37 percent of Americans plan to brave the crowds and, in places like Maine, the cold of Black Friday crowds.

Genesys said the switch to online shopping continues to disrupt what used to be a holiday tradition — dreaded by some, looked forward to year-long by others — and what had been America’s most active in-store shopping day of the year.

Genesys culled its results from 1,000 adult respondents nationwide.

“There is a general agreement among respondents that despite the appeal of the price reductions, physical stores are far too busy (67 percent) and are just not worth the hassle (31 percent),” the report said. And that’s not to mention some in-store physical fights over low-priced or rare items.

“For the 2018 Black Friday festivities, Americans are trading in their physical shopping carts for online carts,” Janelle Dieken, senior vice president of Genesys, said.

But there are downsides to shopping on the internet, she said. “Convenience is king, but online shopping is hardly hassle-free if customers are met with difficulties making payments, trouble finding answers to questions quickly, lack of response when using live chat and, not to mention, security issues.”

Maine’s billion-dollar companies get bigger

Three of Maine’s largest public companies, all with revenues in the billions of dollars, reported higher revenues for their most recent quarters this week.

WEX Inc., the South Portland-based company that provides financial and technical services for corporate credit cards, reported Wednesday that its revenues for the third quarter that ended Sept. 30 rose 18 percent to $382.7 million compared to the same quarter last year

President and CEO Melissa Smith told investors on a conference call that new acquisitions such as Texas-based electronic payments network Noventis and contracts with several large companies contributed to the company’s growth. The company expects contracts with Exxon Mobil to contribute to revenue in 2019.

WEX is the second-largest nonbank public company in Maine. The third quarter was the ninth consecutive quarter of double-digit growth, led by strong performance in the travel and corporate solutions business and the fleet business, said WEX’s Chief Financial Officer Roberto Simon.

WEX forecast that revenue for all of 2018 is estimated as high as $1.49 billion, and net income is expected be as high as $359 million.

Veterinary health company IDEXX, the largest nonbank public company in Maine, on Thursday said its revenue for the third quarter of 2018 rose 11 percent to $545 million compared to the same quarter last year.

Sales of companion animal diagnostics boosted sales, according to the company, which is based in Westbrook.

The company estimates revenues for all of 2018 to be up to $2.215 billion or 12.5 percent. For 2019, it expects revenues to rise a maximum of 9.5 percent to $2.425 billion.

Camden National Corp., the parent company of Camden National Bank, on Tuesday reported a 3 percent revenue rise to $40.8 million compared to the third quarter of 2017. This quarter’s amount was up 5 percent over the second quarter of 2018.

Net income for the third quarter ended Sept. 30 rose 24 percent to $14.1 million compared to the third quarter of 2017. That was up 15 percent over the second quarter of 2018.

Total assets rose 3 percent in the nine months from Dec. 31, 2017 until Sept. 30, 2018 to $4.2 billion.

Publicly held Camden National and privately held Bangor Savings Bank have been neck-in-neck in terms of assets for years. As a private bank, Bangor Savings only reveals financial information once a year, a spokesperson said.

The rankings by USbanklocations.com flipped in the second-quarter rankings after Bangor Savings closed on its acquisition of Granite Bank of New Hampshire in April, which added assets.

In the first quarter of this year, which ended March 31, Camden National still topped Maine-based banks in assets at $4.1 billion, ranking it 259th nationally. Bangor Savings had $3.8 billion in assets, coming in at 268th nationally. Bar Harbor Bank & Trust was third at $3.5 billion and ranked 288th.

But when the second quarter ended, following the closing of the Granite Bank merger, Bangor Savings moved to the top with close to $4.3 billion in assets, while Camden National was second at close to $4.2 billion. That ranked Bangor Savings 250th nationally and Camden national 255th.

The most recent numbers from Camden National would appear to keep it in the second slot in assets among Maine banks.

Chinese owner of Maine paper mills buys West Virginia mill

ND Paper LLC completed its purchase of Resolute Forest Products Inc., a recycled pulp mill located in Fairmont, West Virginia, on Nov. 1.

Based in Oakbrook Terrace, Illinois, ND Paper is a wholly owned subsidiary of Nine Dragons Paper (Holdings) Ltd. of Hong Kong.

ND Paper paid $62 million in cash for Resolute.

The company also has closed on its purchases of mills in Rumford in June and Old Town in October.

 



Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like