Business briefs.COLUMN: BUSINESS BRIEFS TELEGRAM & GAZETTE Bloomberg Index Central Massachusetts -3.78 123.78 Volume: 48,204,452 Up: 5 Down: 20 Unchanged: 4 Gainer: Citizens National Bancorp $84.75 +$1.75 (volume of 598 shares) Decliner: Waters Corp. $43.19 -$2.02 (volume of 1.07 million shares) People CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. appointed Data storage and software company EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. Corp. of Hopkinton announced that Sanjay Mirchandani has been appointed chief information officer. Mr. Mirchandani, 44, will report to David Goulden, EMC's chief financial officer, Mr. Mirchandani will also continue leading EMC's network of global delivery centers. He most recently served as senior vice president leading the EMC Office of Globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation . Local Share transaction Douglas A. Berthiaume, a director at Genzyme Corp. of Cambridge, sold 11,200 shares of company stock at $74.59 per share yesterday, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a company filing with the U.S. Securities and Exchange Commission. He retains 66,158 shares directly, and 4,048 shares indirectly. (The Washington Service) Streak continues WESTMINSTER - TechPrecision Corp. posted a sixth straight profitable quarter yesterday, with net income of $2.5 million, or 9 cents per diluted share, for the second quarter of fiscal 2008, an increase of 312 percent compared with net income of $600,000, or 3 cents per diluted share in the same quarter of 2007. TechPrecision, through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Ranor Inc., manufactures precision specialty metal fabrications for the defense, nuclear, alternative energy and medical industries. For the quarter ended Sept. 30, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 113.5 percent to $13.6 million. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 353.1 percent to $4.5 million. License OK'd WORCESTER - Denise Dobson-Shea has become the first black woman in Central Massachusetts to obtain a state check-cashing license, according to a press release from Ms. Dobson-Shea. She opened Worcester Check Cashiers, 91 Stafford St., last year. Ms. Dobson-Shea, of Worcester, received her license in September from the Massachusetts Division of Banks The Division of Banks is an Australian Electoral Division in New South Wales. The division was created in 1949 and is named for Sir Joseph Banks, the British scientist who accompanied James Cook on his voyage to Australia in 1770. . Worcester Check Cashiers offers check cashing, bill paying, notary notary or notary public Public officer who certifies and attests to the authenticity of writings (e.g., deeds) and takes affidavits, depositions, and protests of negotiable instruments. and the Western Union transfer/receipt service. Euros in reserve German firm Siemens AG, parent company of Morgan Construction Co. of Worcester, set aside 1 billion euros ($1.3 billion) to settle U.S. and German charges that it bribed officials in at least a dozen contries to win contracts. The provision, affecting earnings for the year ended Sept. 30, is based on the "status of ongoing discussions" with authorities, the company said. (Bloomberg News) ART: PHOTO CUTLINE: Mr. Mirchandani |
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