Originally published April 27, 2007 at 12:00 AM | Page modified April 27, 2007 at 2:02 AM
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ShareNW corporate results | CombiMatrix, Cowlitz Bancorporation
Dollar figures in thousands, except per share; parentheses denote losses. CombiMatrix Biotechnology company March...
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NW CORPORATE
RESULTS | |
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| Dollar figures in thousands, except per share; parentheses denote losses. | |||
| CombiMatrix | |||
| Biotechnology company | |||
| March 31 | % | ||
| 1st QTR | 2007 | 2006 | CHG |
| Profit | ($2,097) | ($7,689) | +72.7 |
| Per share | (0.04) | (0.20) | +80.0 |
| Revenue | 1,137 | 1,245 | -8.7 |
| COMMENT: CombiMatrix, the Mukilteo unit of Acacia Research, made organizational changes to finance the expansion of the business into the molecular-diagnostics sector and to conserve capital. In February, it reduced the amount of leased space it uses at its Mukilteo operations from about 90,000 square feet to 20,000 square feet, reducing its monthly lease expense from about $200,000 a month to $55,000 a month. The reduction did not come with layoffs, although the company has cut workers in the last several months. | |||
| Cowlitz Bancorporation | |||
| Financial services | |||
| March 31 | % | ||
| 1st QTR | 2007 | 2006 | CHG |
| Profit | $1,278 | $1,060 | +20.6 |
| Per share | 0.25 | 0.21 | +19.0 |
| Assets | 465,050 | 382,567 | +21.6 |
| COMMENT: Longview-based Cowlitz said total loans increased 27 percent from a year ago to $366 million. It also said non-performing loans as a percentage of the total were 0.31 percent, down from 1.51 percent a year ago. | |||
| Fisher Communications | |||
| Broadcasting | |||
| March 31 | % | ||
| 1st QTR | 2007 | 2006 | CHG |
| Profit | ($1,245) | ($1,701) | +26.8 |
| Per share | (0.14) | (0.20) | +30.0 |
| Sales | 34,243 | 31,081 | +10.2 |
| COMMENT: The Seattle company, whose holdings include KOMO-TV and KOMO-AM radio, benefited from lower overhead expenses and increased revenue at its Seattle radio stations and its large-market Univision TV affiliates. Revenue from Fisher Plaza was up 28 percent, mainly due to increased occupancy and services fees. | |||
| Heritage Financial | |||
| Financial services | |||
| March 31 | % | ||
| 1st QTR | 2007 | 2006 | CHG |
| Profit | $2,373 | $2,564 | -7.4 |
| Per share | 0.36 | 0.40 | -10.0 |
| Assets | 864,812 | 752,547 | +14.9 |
| COMMENT: Olympia-based Heritage Financial said its net interest margin shrank in the first quarter to 4.59 percent from 4.96 percent a year ago as short-term interest rates rose substantially more than longer-term interest rates. Also, the company said competition for loans and deposits has been "exceptionally strong." | |||
| Horizon Financial | |||
| Financial services | |||
| March 31 | % | ||
| 4th QTR | 2007 | 2006 | CHG |
| Profit | $4,913 | $4,164 | +18.0 |
| Per share | 0.40 | 0.33 | +21.2 |
| 12 mo's | 2007 | 2006 | CHG |
| Profit | $19,028 | $15,655 | +21.5 |
| Per share | 1.53 | 1.25 | +22.4 |
| Assets | 1,270,327 | 1,116,728 | +13.8 |
| COMMENT: Bellingham-based Horizon Financial said its net interest margin expanded seven basis points to 4.73 percent from a year ago despite a difficult interest rate environment. Also, the company said its return on assets improved to 1.57 percent from 1.48 percent a year ago. | |||
| Northstar Neuroscience | |||
| Medical devices | |||
| March 31 | % | ||
| 1st QTR | 2007 | 2006 | CHG |
| Profit | ($6,589) | ($5,834) | -12.9 |
| Per share | (0.26) | (2.81) | +90.7 |
| Sales | 0 | 0 | — |
| COMMENT: The Seattle company's per-share figures don't track the direction of its profit because it had about 26.8 million shares outstanding in the latest period, compared with 2 million in the year-earlier period. It said its president and chief executive officer, Alan Levy, 70, will step down and become chairman of the company's board effective June 29. He will be succeeded by John Bowers, currently chief operating officer, who joined Northstar three years ago. | |||
| Puget Energy | |||
| Electric, gas utility | |||
| March 31 | % | ||
| 1st QTR | 2007 | 2006 | CHG |
| Profit | $79,061 | $92,609 | -14.6 |
| Per share | 0.68 | 0.79 | -13.9 |
| Sales | 1,003,904 | 878,148 | +14.3 |
| COMMENT: Year-over-year comparisons for the Bellevue-based parent of Puget Sound Energy were skewed because 2006's results include the former subsidiary InfrastruX, which was sold in the second quarter of 2006. Excluding InfrastruX, profit from continuing operations was up 7.5 percent in the quarter. The company counted 1.04 million electric customers and 718,000 gas customers at quarter's end. | |||
| Zones | |||
| Technology product reseller | |||
| March 31 | % | ||
| 1st QTR | 2007 | 2006 | CHG |
| Profit | $2,312 | $1,705 | +35.6 |
| Per share | 0.16 | 0.12 | +33.3 |
| Sales | 148,182 | 133,998 | +10.6 |
| COMMENT: The Auburn company's cash on hand fell to $3.2 million from $9.2 million at the end of December. | |||
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