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W W W. M A I N E B I Z . B I Z 7 A U G U S T 1 1 , 2 0 2 5 Maine nets budget surplus Maine is emerging from a budget surplus slump, although still fall- ing well short of its peak in fiscal year 2022. e state ended FY 2025 with a $152.2 million general fund surplus, the Department of Administrative and Financial Services reported. At the end of FY 2022, the surplus peaked at $595.1 million, following several years of growth. For FY 2023, the surplus was $141 million. Maine ended its 2024 fiscal year with $93.5 million in surplus funds. e state ended FY 2025 with a record $1.03 billion "rainy day" fund and an upgraded credit rating from Fitch Ratings, an international credit rating agency that upgraded its bond credit for Maine from AA to AA+, the second highest rating that Fitch issues. Nursing home owner files for Chapter 11 Genesis HealthCare Inc., the Pennsylvania-based owner of close to a dozen nursing homes and related facilities in Maine, has filed for Chapter 11 bankruptcy protection and hired an investment bank to explore a potential sale of all or part of the busi- ness. e company owns nearly 200 skilled nursing centers and senior liv- ing communities in 17 states. In Maine, Genesis owns Cedar Ridge Center in Skowhegan; Orono Commons in the Penobscot County town; Oak Grove Center in Waterville; Sandy River Center in Farmington, Harbor Hill Center in Belfast; Windward Gardens in Camden; Sedgewood Commons in Falmouth; Windward Gardens in Falmouth; Marshwood Center in Lewiston; Pine Point Center in Scarborough; Springbook Center in Westbook; and River Ridge Center in Kennebunk. Genesis is seeking to restructure its debt via a Chapter 11 case filed in U.S. Bankruptcy Court for the Northern District of Texas, based in Dallas. N O T E W O R T H Y S T A T E W I D E A federal program could provide work- ing waterfronts with a 30% tax credit on up to $1 million when they invest in disaster mitigation expenses, accord- ing to U.S. Sen. Angus King, I-Maine, and U.S. Rep. Chellie Pingree, D-1st District Maine, who co-sponsored legis- lation to offer a disaster mitigation tax credit to working waterfronts located on the coasts and on navigable waterways IDEXX earnings best Wall Street estimates IDEXX Laboratories Inc. (Nasdaq: IDXX) on Aug. 4 posted first-quarter earnings and revenue that beat mar- ket expectations and again raised its full-year guidance as a weakening U.S. dollar enhances its income overseas. e Westbrook-based maker of veteri- nary diagnostics and software reported diluted earnings per share of $3.63, an increase of 49% as reported and 17% on a comparable basis. Earnings per share exceeded the $3.31 per share consensus estimate of analysts polled by Zacks Investment Research. First-quarter rev- enue was $1.11 billion, an increase of 11% as reported and 9% organic, driven by double-digit growth in the company's Companion Animal Group, its largest business division. e figure is 4.01% above the Zacks consensus estimate. Falmouth company expands with German deal Southworth International Group Inc., which is based in Falmouth, said it acquired Gruse Maschinenbau GmbH & Co., an established manufacturer of engineered industrial lifting equipment based in Aerzen, Germany. Financial terms of the transaction were not disclosed. "Gruse is a natural fit," said James Cabot, Southworth's president and CEO. Southworth International Group, founded in 1890, is a privately held com- pany with locations in North America, Europe and China. It has 500 employees, including 100 in Falmouth. Its custom- ers are manufacturers and warehous- ing and logistics companies. Gruse, based in the northwestern German state of Lower Saxony, is a 150-year-old mechanical engineering company spe- cializing in customized lifting solutions that support production processes and optimize material handling. Gruse has customers in 55 countries. N O T E W O R T H Y S O U T H E R N Portland International Jetport com- pleted a $21.6 million project to ex- pand and enhance its concourse. The project added three passenger board- ing bridges, seven ADA accessible S T A T E W I D E S O U T H E R N Federally Insured by NCUA EMPOWERING MEMBERS STRENGTHENING COMMUNITIES BEST OF THE 207 2024 SILVER CREDIT UNION HELPING MEMBERS UNLOCK THEIR FINANCIAL POTENTIAL SINCE 1921. FIND A BRANCH NEAR YOU AT EMPEOPLE.COM/LOCATIONS Learn to make a difference. Developing leaders who lead with heart! " My experience at SJC was transformative. The solid educational foundation combined with a culture of collaboration and camaraderie gave me the tools and confidence I needed to become an effective leader. SJC didn't just prepare me academically, it empowered me to lead with purpose, and for that, I'm incredibly grateful." Get started today at sjcme.edu/difference Kendra Coates '91 SVP/Chief Financial Officer MMG Insurance Proud Alum, Saint Joseph's College of Maine

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