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MONEY BRIEFS.

COLUMN: MONEY BRIEFS

Revenue up

FRAMINGHAM - The TJX Cos. said yesterday that a key revenue figure rose 5 percent for April, as shoppers picked up Easter merchandise ahead of the holiday.

That beat the smaller 3.6 percent increase in revenue from stores open at least a year that analysts polled by Thomson Reuters expected.

Chief Executive Officer Carol Meyrowitz said a later Easter helped offset severe weather in many U.S. and Canadian regions. The comparison is an important long-term indicator for retailers because it excludes stores that recently opened or closed.

For the 13 weeks that ended April 30, revenue in stores open at least one year rose 2 percent. Total revenue for the four weeks that ended April 30 rose 9 percent to $1.7 billion. TJX operates T.J. Maxx, Marshalls and HomeGoods off-price stores in the U.S., along with stores in Canada and the U.K. The company has operations in Worcester and Westboro.

TJX reaffirmed guidance of net income for the quarter of 75 cents to 82 cents per share. Analysts expect net income of 4 cents per share.

- Associated Press

Earnings improve

ATHOL - L.S. Starrett Co. Wednesday reported net earnings of $1.7 million, or 25 cents per share, during the fiscal third quarter ended March 26.

The results compared to net earnings of $179,000, or 3 cents per share, at the same time a year earlier.

Starrett said third-quarter sales of $58.8 million were up 21 percent from sales of $48.6 million during the same period a year ago. Strong sales in North America to industrial customers offset lower sales to construction customers, the company reported in a filing with the Securities and Exchange Commission.

Starrett produces measuring instruments and tools.

- Lisa Eckelbecker

Loss reversed

NATICK - Medical device maker Boston Scientific Corp. reported net income of 46 million, or 3 cents per share, for the first quarter of 2011.

That compares to a net loss of $1.589 billion, or $1.05 per share, for the first quarter of 2010. The company's net sales for the first quarter of 2011 were $1.925 billion, a decrease of $35 million, or 2 percent, compared to net sales of $1.960 billion for the first quarter of 2010.

Results for the first quarter of 2011 included a non-deductible goodwill impairment charge, acquisition- and divestiture-related net credits and restructuring-related costs. Boston Scientific has operations in Marlboro.

- Martin Luttrell

Production facility

CAMBRIDGE - A Massachusetts company that has invented a genetically-engineered organism that converts sunlight, water and carbon dioxide directly into fuel is building its first production facility in New Mexico.

Joule Unlimited of Cambridge on Thursday announced the lease agreement with Lea County for 1,200 acres, with potential to expand to 5,000 acres. They say Lea County has access to the needed solar energy, non-potable water and waste carbon dioxide.

Joule chief executive Bill Sims says it's a first step toward demonstrating the technology at various sites. Joule proclaims their technology could change the world, but skeptics want to see it work on a large scale.

Joule says its organism secretes a product identical to ethanol and the components of diesel fuel for $30 per barrel. Similar technologies with algae use biomass and are more costly and complicated.

- The Associated Press

Income reported

WORCESTER - World Energy Solutions Inc., an operator of online exchanges for energy and green commodities, reported net income of $300,000, or 3 cents per share, for the first quarter ended March 31.

That compares to a net loss of $100,000, or 1 cent per share, for the same quarter of 2010. The company posted revenue of $4.9 million, an increase of 12 percent over the same period a year ago.

- Martin Luttrell

Networking session

WORCESTER - The Worcester Regional Chamber of Commerce will hold a Business After Hours networking session from 5 to 7:30 p.m. on May 19 in the Cedar Room of El Basha Restaurant, 256 Park Ave.

The cost is $10 for chamber members; $20 for non-members and at the door. To register or for more information, contact Mary Hubbard at (508) 753-2924, ext. 229, or mhubbard@worcesterchamber.org.
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Title Annotation:MONEY
Publication:Telegram & Gazette (Worcester, MA)
Date:May 6, 2011
Words:699
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