Worcester Business Journal

www.wbjournal.com May 25, 2015 • Worcester Business Journal 7 in 26 months that MAR reported year- over-year increases. The number of condominiums put under agreement also rose, by 24.5 percent. In addition, the organization's forecast for future sales showed that Realtor confidence in market health and prices were both positive, and higher than in April 2014. Massachusetts displayed little progress in adding women to board and chief executive positions of major nonprofits over the last two years, according to a Boston-based organization that promotes the advancement of women. The Boston Club said an analysis of the top 150 nonprofits in the Bay State revealed only a 1-percent increase in women board members in two years, based on research conducted by Simmons College, also in Boston. The research also shows that boards with 50 percent women were more likely to have a woman CEO. Beverly A. Brown, chair of the club's Nonprofit Board Committee, said that underscores the need to push for gender parity on boards, since they hire their CEOs. Solar energy industry officials and advocates called for the lifting of the state cap on solar production, which they say is impeding projects, causing delays in hiring and leading some companies to consider leaving Massachusetts. Because of the cap, hundreds of projects — including municipal and commercial solar projects — in 171 cities and towns in National Grid's service territory have been put on hold, according to Janet Besser, vice president of policy and government affairs for the New England Clean Energy Council. "It's not like a future problem, it's a right-now problem," added Hannah Masterjohn, director of policy and new markets at the Clean Energy Collective. Besser and others offered testimony to the legislature's Joint Committee on Telecommunications, Utilities and Energy. (State House News Service) n REGIONAL BRIEFS FRAMINGHAM - Profits at Staples, which is on the verge of buying its chief rival in the retail office supply market, fell 38.5 percent in its most recent quar- ter amid weaker sales, the company announced last week. Revenue for the quarter, which ended May 2, totaled $5.26 billion, down from $5.65 billion in the same quarter last year. Net income, $59 million, was down sharply from $96 million. But those numbers were in line with company expectations, chairman and CEO Ron Sargent said in a statement. "We … stabilized profitability across the company, which reflects continued progress on our strategic reinvention," Sargent said. But the revenue numbers fell short of expectations of analysts at Zacks Investment Research. The consensus estimate pegged sales at $5.46 billion. For its second quarter, Staples said it expects lower sales. Staples wrote off $45 million in pre- tax charges for restructuring and related activities. The company closed 28 North American stores during the quarter, part of the 197 stores Staples has closed on the continent since January 2014. (The company plans to shutter at least 225 by the end of 2015.) Staples also said it has secured $350 million in annual savings since the start of 2014; its goal is $500 million by the end of this year. The company also said it spent $15 million as part of its pending acquisition of Office Depot. In February, Staples announced it would buy its chief rival for $6.3 billion, which it said would lead to annual cost savings of $1 billion within three years. That deal is expected to be completed by the end of this year after approvals from both regulators and shareholders of Office Depot,. It's the second straight quarter of fall- ing numbers for Staples. Despite that, the company said its commercial sales in North America grew 3 percent, while copy and print sales in those stores and online also grew. But outside North America, Staples saw a 19-percent drop in sales, to $782 million, and a $20 million net loss. n Staples profits drop 38.5% >> Continued from previous page P H O T O / F I L E BUSINESS LOANS WITH MORE OPTIONS AND LESS OBSTACLES. "WHY NOT?" Webster • Dudley • Oxford • Auburn • Worcester • Shrewsbury With Business Loans from Webster Five, you can choose from a wide range of lending solutions to meet any need, from financing start-ups to funding acquisitions. All with a variety of terms, easy qualifying requirements and fast approvals. So nothing will come between you and success. It's banking for better business. And another Webster Five "WHY NOT?". Learn more at web5.com. KHJ18922_WEB130_BIZ LEND_6.5x8.5_MECH.indd 1 9/16/13 9:25 AM

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