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RI BUSINESS

Rhode Island business news: September 2022

The "Superman Building," center, stands in downtown Providence, R.I., on March 27, 2013.Steven Senne/Associated Press

Sept. 15, 2022

R.I. to receive $82.5m grant to upgrade iconic Pell Bridge

NEWPORT — Rhode Island is expected to receive an $82.5 million grant from the US Department of Transportation to upgrade the iconic Pell Bridge that connects Newport and Jamestown.

US Senators Jack Reed and Sheldon Whitehouse and Congressman Jim Langevin and David Cicilline announced Thursday that planned improvements to the deck, suspension system, and towers will extend the life of New England’s longest suspension bridge by “an additional 50 to 75 years.”

The project will include a partial depth replacement and rehabilitation of the bridge deck in the main suspended and west approach spans, according to Whitehouse’s office. Climate change has led to more severe storms and more frequent use of salt and other treatments to make the road safe for travel, which accelerates the loss of pavement quality. The new pavement will be made out of a denser material that is more resistant to the effects of chemical deterioration.

The Pell Bridge opened in 1969 and was dedicated in honor of the late US Senator Claiborne Bell. The bridge carries four lanes of traffic across Narragansett Bay and is operated by the Rhode Island Turnpike and Bridge Authority.

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“This investment from the U.S. Department of Transportation will accelerate and expand planned maintenance and extend the life of the iconic Newport Pell Bridge by an additional 50 to 75 years,” said Lori Caron Silveira, executive director of the authority in a statement Thursday. “With collaboration across state government, leadership from our federal team, and support from private sector partners and organized labor, we are confident that this is only the beginning.”

The news comes just four years after Rhode Island’s congressional delegation secured $20 million in federal funding to upgrade the ramps leading from Aquidneck Island to the Pell Bridge in 2018.

R.I. unemployment rate increases to 2.8 percent

CRANSTON — Rhode Island’s unemployment rate was 2.8 percent in August, the state’s Department of Labor and Training announced Thursday, which is an increase from 2.7 percent in July.

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The number of employed Rhode Island residents was 558,700, up 700 over the month and up 17,900 over the year. Since April 2020, the number of employed Rhode Island residents is up 112,600, according to the state.

Two sectors — professional and technical services and administration and waste services — were the only that reported job losses in August, cutting 300 and 200 jobs respectively.

Governor Dan J. McKee said Rhode Island has momentum “and we are seeing that month after month.”

“It is the focus of my administration each and every day to build on that momentum and increase families’ incomes across Rhode Island,” said McKee in a statement Thursday. “Today’s news is encouraging, showing that jobs have increased by 2,500 over the month and that the state has regained nearly 92 percent of the jobs lost during the pandemic.”

Last year, the rate was 5.8 percent in August.

The U.S. unemployment rate was 3.7 percent in August, which is an increase from 3.5 percent in July.

“In addition to historically-low unemployment rates, Rhode Island has one of the top-ranked economic recoveries in the nation and there are good-paying jobs still available,” said McKee.

Sept. 14, 2022

Hawkins Way Capital acquires 247-unit student housing apartment on College Hill

PROVIDENCE — Hawkins Way Capital announced Wednesday that it acquired The Edge at College Hill, a 247-unit apartment building serving students at Brown University, the Rhode Island School of Design, and Johnson & Wales University.

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After some improvements, the company intends to rename the building “FOUND Study College Hill” and integrate it into a nationwide network of FOUND student housing properties totaling more than 3,000 beds managed by Hawkins Way Capital and their affiliates.

FOUND Study College Hill is comprised of a 15-story high-rise tower and 5-story midrise historic building which offer furnished studio, one-bedroom and two-bedroom apartments to students, according to a Hawkins news release.

“FOUND Study College Hill, located on Providence’s Main Street and proximate to ample shopping, dining and entertainment destinations, is positioned to provide high-value housing for local students in a market historically lacking premium student housing supply,” said Ross Walker, Hawkins Way Capital’s managing partner, in a statement Wednesday.

Hawkins Way Capital, which is based in California, recently purchased the 1,220-room Sheraton Boston Hotel in the Back Bay neighborhood for $233 million in February. The deal was a joint venture with global asset manager Värde Partners.

FOUND Study College Hill marks Hawkins’s seventh acquisition since December 2021, combining more than $930 million in investments.

Sept. 13, 2022

CVS Health appoints Dr. Jeffrey Balser to board of directors

WOONSOCKET — CVS Health appointed Dr. Jeffrey R. Balser on Tuesday to serve on its board of directors effective immediately. Balser has also been named to the Board’s Medical Affairs Committee.

“Dr. Balser’s extensive experience in a wide range of roles across health care organizations will be an invaluable asset for the Board,” said CVS Health President and CEO Karen S. Lynch. “His deep clinical expertise and leadership of a prestigious health system gives him the insight to help support our strategy to serve consumers and meet their health needs differently.”

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Balser has served as the CEO and president of Vanderbilt University Medical Center since 2009. He is a member of the National Academy of Medicine and serves on its governing council. He also currently serves on the boards of VUMC, Tulane University, and the Nashville Health Care Council.

Sept. 11, 2022

URI’s efforts to study plastic pollution receives federal boost

PROVIDENCE, R.I. (AP) — Researchers at the University of Rhode Island are getting some federal assistance for their efforts to better understand plastic pollution and the threat it poses to the ocean.

The university is set to receive $1 million in grant funding dedicated to studying how plastics spread through the environment as well as ways to reduce their harmful impact.

Plastic products are a leading type of marine pollution, devastating oceanic ecosystems and entangling large animals. Tiny particles released from textiles, packaging or discarded plastics, meanwhile, have been found in fish, birds and people.

Known as microplastics, these miniscule bits of pollution have been called a growing environmental threat that requires immediate attention.

URI already has a network of nearly 50 faculty members in different departments working on efforts to study and address plastic pollution.

“Unchecked plastics pollution is a threat to our health, our environment, and our economy,” said Democratic Rep. Jim Langevin of Rhode Island, who helped to get the funding approved.

Langevin and U.S. Sen. Jack Reed, D-Rhode Island, announced the grant money last week.

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Sept. 7, 2022

AMPed up: Providence arena announces new naming rights deal

PROVIDENCE, R.I. (AP) — Insurance company Amica has reached a 10-year deal for the naming rights to the downtown Providence arena that for two decades has been known as the Dunkin’ Donuts Center.

The 14,000-seat facility will now be known as the Amica Mutual Pavilion, or the AMP Providence, the Lincoln-based insurer and the Rhode Island Convention Center Authority announced Tuesday.

The deal is worth about $900,000 per year.

“Amica was founded in Providence more than 115 years ago, and securing naming rights to the Civic Center honors our lasting commitment to the state,” Ted Shallcross, who takes over as Amica’s president and CEO on Oct. 1, said in a statement.

The venue that opened in 1972 was originally known as the Providence Civic Center but had been called the Dunkin’ Donuts Center — or simply “the Dunk” — since 2001.

It is home to the Providence College men’s basketballl team, the minor league Providence Bruins hockey team, and also hosts concerts and family events. It was used as a testing and a mass vaccination site during the coronavirus pandemic.

Sept. 5, 2022

CVS to buy home health-care provider Signify for $8 billion

DALLAS (AP) — Drugstore operator CVS Health Corp. said Monday that it will buy home-health provider Signify Health for $8 billion.

CVS said Signify has more than 10,000 employees including physicians and nurses, a presence in every state, and offers technology platforms.

“This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience,” CVS CEO Karen Lynch said in a statement announcing the deal.

The acquisition would continue CVS’ effort to grow from its pharmacy-chain roots to other sectors of the health industry. In 2018, the Woonsocket, Rhode Island, company purchased health insurer Aetna for $69 billion.

Aug. 30, 2022

Congregation facing eviction from nation’s oldest synagogue

A Jewish congregation in New York City has moved to evict Rhode Island congregants who worship at the nation’s oldest synagogue as part of a long-running dispute over control of the historic building.

The New York-based Congregation Shearith Israel on Monday filed a motion in state District Court to take control of Touro Synagogue by removing its current tenants — the Newport-based Congregation Jeshuat Israel.

Congregation Shearith Israel said in court documents that it sent a notice in October demanding that Congregation Jeshuat Israel leave the premises as of Monday.

“CJI, and any others still in possession of the premises, must vacate the premises as of midnight on the termination date,” Shearith Israel wrote.

Members of Congregation Jeshuat Israel released a statement Friday saying their goal was to have a long-term lease so the congregation could have the security of knowing they and future generations can continue to worship in the synagogue.

Aug. 24, 2022

Brown University acquires trove of Mumia Abu-Jamal’s prison papers

PROVIDENCE, R.I. (AP) — Brown University has acquired a trove of records, writings and artwork from Mumia Abu-Jamal, a political activist and journalist who spent decades on death row for the shooting death of a Philadelphia police officer in the 1980s.

The Ivy League university in Providence, Rhode Island, says the collection documents Abu-Jamal’s trial, prison and death row experience, which gained him global recognition as a face of the movement against the death penalty.

Abu-Jamal is serving a life sentence without the possibility of parole after Philadelphia prosecutors agreed to drop their death penalty case in 2011.

But the former Black Panther Party member has for decades maintained his innocence in the killing of Philadelphia Police Officer Daniel Faulkner, who witnesses testified was fatally shot by Abu-Jamal as he was arresting his brother during a traffic stop.

Brown University says that the collection was acquired through a trust and that the purchase price is confidential. It includes more than 60 boxes of materials spanning the years 1981 to 2020.

Among its items is a pair of glasses Abu-Jamal wore for years; journals filled with his personal thoughts, poems and legal arguments; and part of the visitor list Abu-Jamal is still required to maintain, the university said.

Brown has also obtained related personal papers from Johanna Fernández, a Brown graduate and longtime advocate for Abu-Jamal whom he has entrusted with storing his papers.

Together, the materials will anchor a new collecting focus at the university’s John Hay Library called “Voices of Mass Incarceration.”

The university says the effort will help researchers understand how the “expanding carceral system has transformed American society” by giving them “unprecedented access” to first-person accounts of incarcerated people.

“This collection will give scholars a rare chance to peer inside prison walls and understand how incarcerated people live, think and advocate for themselves,” said Kenvi Phillips, director of library diversity, equity and inclusion at Brown.

Aug. 21, 2022

2 more Coast Guard cutters now call Rhode Island home

NEWPORT, R.I. (AP) — A pair of 270-foot (82.3-meter) U.S. Coast Guard vessels involved in search-and-rescue operations, military exercises and maritime law enforcement are now based in Rhode Island, authorities said Friday.

The cutters Tahoma and Campbell, each with a crew of about 100, were welcomed to Naval Station Newport at a ceremony attended by Democratic U.S. Sen. Senator Jack Reed, Coast Guard Commandant Adm. Linda Fagan and other dignitaries.

“Saving lives, stopping drug smugglers, supporting national security missions overseas, and keeping commerce flowing across the waves are all in a day’s work for the Coast Guard, and we are grateful for the unwavering dedication and professionalism of our Coast Guard members,” Reed said in a statement. “The Coast Guard has an active presence here in Rhode Island, and we’re pleased to see it grow even stronger.”

Both cutters had previously been based at Portsmouth Naval Shipyard in New Hampshire.

The medium-endurance cutters are part of the Famous-class of vessels that began service in the late 1980s. Both are are equipped with sophisticated communication and navigation equipment and armed with a 76mm deck gun and carry an MH-65 Dolphin helicopter.

Newport is already home to three other Coast Guard cutters.

Aug. 19, 2022

R.I. delegation calls for SBA to distribute remaining Restaurant Revitalization Fund dollars

PROVIDENCE — Rhode Island’s Congressional delegation is calling on the U.S. Small Business Administration to provide additional support to Rhode Island’s restaurants that are still feeling the impact of the COVID-19 pandemic.

The Restaurant Revitalization Fund still has $180 million in unobligated funds and U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Jim Langevin and David Cicilline want Rhode Island’s restaurants to be prioritized.

In a letter to SBA Administrator Isabella Guzman, U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Jim Langevin and David Cicilline requested that the SBA use the remaining $180 million to prioritize restaurants in states with the lowest percentage of funded eligible applicants to “to ensure program funds are distributed in a geographically equitable manner.”

Only 30 percent of restaurants in Rhode Island that applied to the Restaurant Revitalization Fund actually received relief — which is the lowest rate in the country by more than 10 percentage points compared to any other state in New England. Applicants were considered on a first-come, first-serve basis. Smaller restaurant owners have told the Globe previously that they were not able to file fast enough due to fewer resources and the ongoing labor shortage.

Senate Republicans blocked bipartisan legislation in May that would have appropriated another $40 billion toward the fund. The bill failed to receive the necessary 60 votes after five Republicans voted against considering it. The additional funding would have been enough to provide every fund applicant that had not received assistance with a full grant.

“While we are disappointed that congressional Republicans have prevented Congress from sufficiently funding RRF, we understand SBA still has $180 million in unobligated program funds,” in the delegation’s letter to Guzman. “Even with some set aside for litigation or required to be sent to the Department of the Treasury, awards on that scale could make a transformative difference for the numerous restaurants still struggling with aftershocks from the pandemic’s economic crash.”

Aug. 17, 2022

Providence launches grant program for arts and culture events

PROVIDENCE — The city announced a new grant program that’s designed to help nonprofits pay for public arts and culture events. Grants are worth up to $50,000 and are available on a first-come, first-serve basis.

Applicants must be registered, 501(c) arts and culture organizations with city addresses that organize special programs like outdoor dining, festivals or crafts, food markets, among other events and can show that they were hit financially during the pandemic.

The $500,000 program was paid for using a portion of Providence’s American Rescue Plan Act dollars.

Judge: CVS, other pharmacies owe 2 Ohio counties $650m in opioids suit

CLEVELAND (AP) — A federal judge in Cleveland awarded $650 million in damages Wednesday to two Ohio counties that won a landmark lawsuit against national pharmacy chains CVS, Walgreens, and Walmart, claiming the way they distributed opioids to customers caused severe harm to communities and created a public nuisance.

US District Judge Dan Polster said in the ruling that the money will be used to abate a continuing opioid crisis in Lake and Trumbull counties, outside Cleveland. Attorneys for the counties put the total price tag at $3 billion for the damage done to the counties.

Lake County is to receive $306 million over 15 years. Trumbull County is to receive $444 million over the same period. Polster ordered the companies to immediately pay nearly $87 million to cover the first two years of the abatement plan.

In his ruling, Polster admonished the three companies, saying they “squandered the opportunity to present a meaningful plan to abate the nuisance’' after a trial that considered what damages they might owe.

Walmart and Walgreens both said they will be appealing the ruling. CVS did not immediately respond to a request for comment.

Trumbull County Commissioner Frank Fuda praised the award in a statement, saying “the harms caused by this devastating epidemic’' can now be addressed.

Lake County Commissioner John Hamercheck said in a statement “Today marks the start of a new day in our fight to end the opioid epidemic.”

A jury returned a verdict in November in favor of the counties after a six-week trial. It was then left to Polster to decide how much the counties should receive from the three pharmacy companies. He heard testimony in May to determine damages.

The counties convinced the jury that the pharmacies played an outsized role in creating a public nuisance in the way they dispensed pain medication into their communities.

It was the first time pharmacy companies completed a trial to defend themselves in a drug crisis that has killed a half-million Americans since 1999.

Attorneys for the pharmacy chains maintained they had policies to stem the flow of pills when their pharmacists had concerns and would notify authorities about suspicious orders from doctors. They also said it was doctors who controlled how many pills were prescribed for legitimate medical needs not their pharmacies.

Walmart issued a statement Wednesday saying the counties’ attorneys “sued Walmart in search of deep pockets, and this judgment follows a trial that was engineered to favor the plaintiffs’ attorneys and was riddled with remarkable legal and factual mistakes. We will appeal.”

Walgreens spokesperson Fraser Engerman said ‘’The facts and the law did not support the jury verdict last fall, and they do not support the court’s decision now.

“The court committed significant legal errors in allowing the case to go before a jury on a flawed legal theory that is inconsistent with Ohio law and compounded those errors in reaching its ruling regarding damages.”

CVS is based in Rhode Island, Walgreens in Illinois and Walmart in Arkansas.

Two chains — Rite Aid and Giant Eagle — settled lawsuits with the counties before trial. The amounts they paid have not been disclosed publicly.

Mark Lanier, an attorney for the counties, said during trial that the pharmacies were attempting to blame everyone but themselves.

The opioid crisis has overwhelmed courts, social services agencies and law enforcement in Ohio’s blue-collar corner east of Cleveland, leaving behind heartbroken families and babies born to addicted mothers, Lanier told jurors.

Roughly 80 million prescription painkillers were dispensed in Trumbull County alone between 2012 and 2016 — equivalent to 400 for every resident. In Lake County, some 61 million pills were distributed during that period.

The rise in physicians prescribing pain medications such as oxycodone and hydrocodone came as medical groups began recognizing that patients have the right to be treated for pain, Kaspar Stoffelmayr, an attorney for Walgreens, said at the opening of the trial.

The problem, he said, was “pharmaceutical manufacturers tricked doctors into writing way too many pills.”

The counties said pharmacies should be the last line of defense to prevent the pills from getting into the wrong hands.

The trial before Polster was part of a broader constellation of about 3,000 federal opioid lawsuits consolidated under the his supervision. Other cases are moving ahead in state courts.

Kevin Roy, chief public policy officer at Shatterproof, an organization that advocates for solutions to addiction, said in November the verdict could lead pharmacies to follow the path of major distribution companies and some drugmakers that have reached nationwide settlements of opioid cases worth billions. So far, no pharmacy has reached a nationwide settlement.

CEO of Hasbro’s eOne division stepping down by end of year

PAWTUCKET — Darren Throop, the CEO and president of Hasbro Inc.’s Entertainment One division, announced this week that he will step down at the end of the year when his contract expires.

Throop has been with the division for 20 years and played a lead role in Hasbro’s acquisition in the company in 2019 for $3.8 billion.

Hasbro representatives did not specify why Throop was leaving the division.

Aug. 12, 2022

Neighborhood Health Plan of Rhode Island names Talia Brookshire as company’s first chief diversity officer

SMITHFIELD — Neighborhood Health Plan of Rhode Island named Talia Brookshire as its first-ever chief diversity officer and a member of its executive leadership team on Thursday after a national search.

In the newly created position, Brookshire will lead the strategic and day-to-day operational advancement of Neighborhood’s diversity, equity, and inclusion “culture and practices” while building out the company’s diversity initiatives, multicultural marketing campaigns, and community-building outreach.

Prior to joining Neighborhood, Brookshire lead grassroots programs in various industries including professional and Olympic sports governing bodies, universities, manufacturing and non-profit agencies, according to a news release. Most recently, Brookshire worked for Western Governors University.

“Talia’s impressive body of work in the diversity, equity and inclusion space and the energy and passion she exhibits for this important work quickly made her a favorite during our national search,” said Peter Marino, Neighborhood’s president and CEO.

Aug. 11, 2022

Restaurant group in Newport sued by federal government for wage violations

NEWPORT — The owners of a major Newport restaurant group is being sued by the federal government for alleged federal wage violations.

The owners behind Stoneacre Brasserie, Stoneacre Garden, Stoneacre Tapas, and Stoneacre Picnics — as well as owners Christopher Bender and David Crowell — are listed as the defendants in a federal lawsuit that was filed last week in U.S. District County by United States Secretary of Labor Marty Walsh.

The U.S. Department of Labor is claiming that Bender and Crowell, who are both managers at the Stoneacre locations, were among those receiving tips from the tip-sharing pool — which is a violation of federal law.

“As this is an ongoing legal matter, we are not able to comment at this time,” a Stoneacre spokeswoman wrote in an email Friday.

In the lawsuit, Walsh alleged the defendants did not pay their employees the federal minimum wage, kept tips, failed to maintain accurate employment-related records, and required overtime. Walsh also claimed that the restaurant group misclassified employees as exempt from overtime pay requirements.

According to court documents, these violations allegedly took place between April 2016 and January 2021.

Aug. 10, 2022

Bryant University names new VP for business affairs

SMITHFIELD — Bryant University named Donna Ng its new vice president for business affairs and chief financial officer after a national search.

Ng will begin her term Oct. 3, 2022 after working as the vice president for finance and administration at Skidmore College. She will serve on the university’s leadership team and have a vital role in advancing initiatives of Bryant’s Vision 2030 Strategic Plan.

Aug. 9, 2022

KVH Q2 earnings snapshot

MIDDLETOWN, R.I. (AP) _ KVH Industries Inc. (KVHI) on Tuesday reported a loss of $1.4 million in its second quarter.

The Middletown, Rhode Island-based company said it had a loss of 8 cents per share. Earnings, adjusted for one-time gains and costs, were 4 cents per share.

The maker of mobile communication and navigation equipment posted revenue of $41.8 million in the period.

Salem named chair of Woods Hole Oceanographic Institution board

Paul Salem, a senior managing director emeritus at Providence Equity Partners, has been named chair of the Woods Hole Oceanographic Institution’s board of trustees.

Salem, a Rhode Island resident, will transition into the role officially on Jan. 1, taking over for David Scully, who has served as the board chair for the past seven years.

Paul Salem, a senior managing director emeritus at Providence Equity Partners, will become chair of the Woods Hole Oceanographic Institution’s board of trustees.Handout

“I am humbled by the opportunity to serve with the leadership of WHOI and the Board of Trustees,” Salem said. “This role will combine my passion for the ocean with the opportunity to work with the amazing scientists and engineers at WHOI to remain a world leader in protecting and saving our oceans.”

Salem served for 28 years as a senior managing director at Providence Equity Partners, a global private equity firm specializing in the media and communication industries. While at Providence, he helped grow Providence’s assets under management from $171 million to over $50 billion. He also serves as chairman of MGM Resorts International.

Salem is the former chairman of the board of Year Up, a nonprofit focusing on closing the opportunity divide for low-income young adults. And he is a board member of Edesia Global Nutrition, a social enterprise that treats acute nutrition around the globe.

Salem is a graduate of Brown University and received a master’s degree in business administration from Harvard Business School. He is now enrolled in the Harvard Advanced Leadership Initiative, focusing on climate change and the oceans.

“Trustee leadership speaks to a special connection to the institution and its mission,” WHOI President and Director Peter de Menocal said. “It is an honor and privilege to have Paul join our community, filling the shoes of David Scully. Paul is a remarkable leader with a deep commitment to making a difference. I am certain he will help WHOI achieve new levels of leadership.”

Aug. 8, 2022

CVS may acquire Signify Health to broaden medical services

Woonsocket-based CVS Health may acquire Signify Health Inc. in order to expand into the home-health services market, according to the Wall Street Journal on Monday.

Signify Health is also looking to strategic alternatives, including a sale.

“Initial bids are due this coming week and CVS is planning to enter one, some of the people said. Others also are in the mix, they said, and CVS could face competition from other managed-care providers and private-equity firms,” the report by the Wall Street Journal said.

Signify’s shares rose more than 18 percent in premarket trading Monday after reports of CVS’s potential acquisition.

Wall Street has largely focused on CVS’s efforts to add primary-care practices and doctors to its payroll, though executives have also discussed their ambitions to expand its in-home health presence,” reported the Wall Street Journal.

Aug. 5, 2022

Gannett, parent company of Providence Journal and Newport Daily News, reports $53.7m loss

Gannett Co., the parent company that owns and operates the Providence Journal, Newport Daily News, and several other local newspapers, reported a $53.7 million loss in the second quarter on Thursday, a decrease from a $14.7 million profit in 2021.

The company, which operates publications in 45 states and has some operations in the United Kingdom, also sent a solemn email to staff that showed layoffs were on the way.

Media division head Maribel Perez Wadsworth warned of these layoffs in the “coming days” and wrote in an email “we will … be making necessary but painful reductions to staffing, eliminating some open positions and roles that will impact valued colleagues.”

Gannett’s stock fell another 28.5 percent after already being down by 45 percent this year.

Mike Reed, Gannett’s CEO and chairman who earned $7.74 million in 2021, told analysts on a call that digital advertising fell below expectations as companies reduced their schedule, both print circulation and print advertising were “off more than expected,”labor shortages and expenses are rising, the cost of newsprint is up by 31 percent, and inflation and “economy uncertainty” is not expected to improve.

“We are not satisfied with our overall performance in the second quarter,” Reed said in a release. Later on Thursday during a company earnings call he said, “Like many companies across many industries, we experienced a very challenging second quarter resulting from the difficult economic environment and rising pressures on the consumer.”

“Our weakening consumer demand led to larger-than-expected decline in print subscription revenues, effectively pulling forward expected print revenue losses,” he continued.

However, Reed claimed that Gannett has grown its number of paid digital-only subscribers and the revenue they generate by 35 percent over the last year.

Aug. 4, 2022

Bally’s beats Wall Street expectations, reporting Q2 income of $59.5m

PROVIDENCE, R.I. (AP) — Bally’s Corporation on Thursday reported second-quarter net income of $59.5 million.

On a per-share basis, the Providence, Rhode Island-based company said it had net income of 98 cents. Earnings, adjusted for non-recurring gains, came to 32 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The hotel casino operator posted revenue of $552.5 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $601.9 million.

Bally’s expects full-year revenue in the range of $2.2 billion to $2.3 billion.

Bally’s shares have dropped 40% since the beginning of the year. The stock has dropped 52% in the last 12 months.

Aug. 3, 2022

CVS reports strong Q2 results

WOONSOCKET, R.I. — CVS Health Corporation on Wednesday reported second-quarter net income of $2.95 billion.

“Despite a challenging economic environment, our differentiated business model helped drive strong results this quarter, with significant revenue growth across all of our business segments,” said Karen S. Lynch, Woonsocket-based CVS Health president and CEO, in a statement.

The company paid down $1.5 billion of long-term debt, while returning $740 million to shareholders through dividends during the three months ended June 30.

The Woonsocket, Rhode Island-based company said it had net income of $2.23 per share. Earnings, adjusted for one-time gains and costs, came to $2.40 per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.16 per share.

The drugstore chain and pharmacy benefits manager posted revenue of $80.64 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $76.57 billion.

CVS Health expects full-year earnings in the range of $8.40 to $8.60 per share.

CVS Health Corporation announced Wednesday that the company saw total revenues increases to $80.6 billion for the three months that ended on June 30, which is an increase of 11 percent compared to 2021. Total revenues increased to $157.5 billion for the year.

CVS also enrolled six million active users on the company’s individualized “Health Dashboard” since its launch earlier this year. CVS has also expanded free health screenings in support of community health partners as part of the company’s “commitment to advancing health equity.”

This report also included content from the Associated Press.

First woman of color elected new RIHEBC board chair

The Rhode Island Health and Educational Building Corporation’s board members voted to name Channavy Chhay as their next Chair effective immediately, the organization announced Wednesday.

Chhay has served as the executive director of the Center for Southeast Asians in Providence since 2011. She is the first woman of color to serve as RIHEBC board chair.

More Rhode Island business news.


Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her on Twitter @alexagagosz and on Instagram @AlexaGagosz.