Financial Mines

The State Banking Department revealed Wednesday that on Jan. 23, the Commissioner entered into a Consent Order with Walmart Stores’ Connecticut operation.

According to the department, Walmart self-reported a lapse in its filings for its check cashing business from Jan. 12, 2010 to Oct. 18, 2011. The mega-retailer failed to file its quarterly reports, as required of all licensed check cashing operations in the state. Walmart was ordered to pay $3,000.

Bloomfield aerospace company Kaman Corp. switched  from the Nasdaq to the New York Stock Exchange Tuesday a few months after Naugatuck-based The Eastern Co. moved its stock from the NYSE to the Nasdaq.

Kaman’s shares, traded under the same KAMN symbol, gained 6 cents to end its first full day at $33.06.

And the gains continued into day two, when the company saw its shares rise to $33.48, a gain of 42 cents, or 1.27 percent. It wasn’t easy as KAMN struggled like the rest of the market through the morning in the face of the Bogeyman of the markets, European debt issues that are blamed when shares struggle.

In Naugatuck, The Eastern Co. reported net income of$1.5 million, or 24 cents per share, for the fourth quarter of 2011 compared to $1.6 million, or 26 cents per share a year ago.

Sales at the Naugatuck company were up 17 percent for the quarter to $38.1 million compared to $32.6 million.

Shares in The Eastern Co., still traded under the symbol, EML, shed 25 cents to close at $19.50.

The WorkPlace Inc.’s Platform to Employment program to help long-term unemployed over the age of 50 find new careers received a $200,000 boost in funding from the AARP.
The WorkPlace, a nonprofit that handles the job placement and training for the state, started its P2E program last year inviting 100 people who had exhausted 99 weeks of unemployment to participate. The people, dubbed 99ers, were given classes and employment subsidized through private sector grants. The WorkPlace said so far, 50 of the first participants have been placed in jobs.
The AARP grant will support intensive core skills as well as occupational training for the program.
“The current economic uncertainty has left many older Americans concerned about making ends meet,” said Phyllis L. Kim, AARP Foundation senior vice president, Office of Grants Administration. “AARP Foundation is already in communities across the country helping vulnerable Americans with direct services, but we believe strongly that we must also invest in long-term solutions. We look forward to working with our innovative grantees who share our goals so that together, we can seed hope for older Americans who are struggling.”
“Platform to Employment is the only project of its kind in the nation and it is already has shown promising results in placing participants in jobs,” said Joe Carbone, President & CEO of The WorkPlace.  “We have seen a number of socially responsive employers, good corporate citizens, step forward and consider hiring local workers through P2E.”

Shares in Terex Corp. and Gartner Inc. dropped more than 3 percent in Tuesday trading while Harman, FuelCell Energy and Higher One all saw gains of better than 3 percent.

Terex shares lost 5.5 percent to close at$21.93 a day before the maker of industrial construction equipment is to report earnings for the last quarter. Gartner shares dropped 3.6 percent after the information technology research company reported solid earnings but failed to ignite passion among analysts for its future. (Full story in Hearst Conn. business tonight)

On the upside Tuesday, Danbury-based FuelCell Energy gained  nearly 10 percent to $1.12. The maker of industrial-sized fuel cells was

HigherOne in New Haven, also saw its stock price rise more than 5 percent, before backing off to close at $18.38, still a gain of 3.7 percent. HigherOne reported earnings after the close of trading. The company is undergoing a change in leadership, announced last month.

Finally, Harman, the audio sound pioneer was 4.25 percent higher Tuesday after the Stamford company announced net income $60 million and diluted EPS of 83 cents. (We’ll have more in tonight’s business section.)

If you received your state tax refund debit card, we’d like to talk to you about it and get your thoughts on what you think about it. Specifically, after using it, we want to know if you think the State made a good decision getting rid of checks?

Just contact Business Reporter Rob Varnon at rvarnon@ctpost.com, or 203-330-6216. Make sure you leave a number or email address at which he can reach you.

Shares in Bolt Technology surged 6.2 percent to $13.02 in Monday trading as the maker of exploration equipment for the oil and energy sector gained 76 cents.

Bolt is in the key oil exploration field at a time when there is growing competition to find and produce oil and other fuels in a world where more and more of the population is consuming fossil fuels.

Volume in trading in Bolt was nearly double the average Monday.

Gen. Martin E. Dempsey, chairman Joint Chiefs of Staff, released what many would call a mission statement for the military of the future.

In it, Dempsey declares the priority will be to focus on completing the mission in Afghanistan and then looking ahead to creating a leaner, faster and less costly force for 2020.

He also pinpoints major Pentagon concerns for conflicts of the future:

“Additionally, I anticipate a new valuation of risk. Today’s troubled political economy is elevating the relevance of cost and reality of financial risk. Discontinuous change, such as the Arab Spring, and systemic competition over nonrenewable resources are upending conventional geo-political wisdom. Expected economic trends and unexpected global events invite us to re-think the military’s role in
mitigating the risk to our Nation.”

Dempsey and the Pentagon are continuing to push forward with plans to decrease the size of the U.S. military and to cut costs, which will put pressure on the nation’s and state’s defense contractors going forward, even those, like Sikorsky, that analysts have said are expected to fully participate in a new military.

Here’s the report:

http://1.usa.gov/AlciOp

The first debit card tax refunds should be in the hands of Connecticut residents this week providing the real test on whether the state erred by eliminating paper checks.

This year, instead of a check, people owed a refund who do not authorize direct deposit, will receive debit cards. To get the money, a person must activate the card by contacting Chase Bank, which won the bid to administer the program and collect a $25,000 yearly fee as well as potential revenues from the usage of the card.

Sarah Kaufman, a Department of Revenue Services spokeswoman, said the first refund debit cards went out at the end of last week.

While individuals with returns of less than $10,000 must have their refunds direct deposited or issued via debit card, businesses will still be getting checks.

However, for the first time in the state’s history, Connecticut business can elect to have refunds direct deposited into their bank accounts.

As for the cards, while the money on the card can be accessed without penalty if a Chase or People’s United ATM is used, or when used at retail outlets, there are cases where taxpayers will forfeit part of their refund. For example, a fee may be charged at a non Chase or People’s ATM after three uses at that ATM.

Connecticut announced the move last week and surprised taxpayers and lawmakers with the news that it was eliminating check refunds in favor of plastic debit cards. Some lawmakers are calling for an inquiry.

Kaufman said if people leave money on their cards or don’t access them, Chase can only begin charging a $1-a-month fee after a year has gone by. And, Chase only gets to collect that monthly fee for two years, before whatever money is left over, is turned over to the state.

State officials supporting the switch, which has drawn criticism, say the move will greatly benefit people without bank accounts who have had difficulty cashing tax refunds.

FinMines has asked how many of the “unbanked” get tax refunds, but Kaufman said the DRS doesn’t know.

She said a 2009 FDIC study indicated 5 percent of the state’s residents don’t have bank accounts.