Sept. 1 / Itron, Cisco collaborate on network
Itron Inc., the Liberty Lake-based maker of automated meter-reading technology, said it will collaborate with Cisco, the big San Jose, Calif.-based maker of networking equipment, to create a smart-grid network for utilities. Itron said it will license and embed Cisco IP technology within its OpenWay meters, as well as distribute Cisco networking equipment and software as part of its smart-meter deployments.
Aug. 27 / Nurses win case against Sacred Heart
The Washington State Nurses Association won a three-year-old case in Spokane County Superior Court regarding missed rest breaks by its more than 1,600 registered nurses at Providence Sacred Heart Medical Center & Children's Hospital here. A Superior Court judge ordered the hospital to pay $104,700 in overtime damages to some Sacred Heart nurses and $222,500 in attorney's fees and expenses. Sacred Heart said it hasn't decided yet whether to appeal the ruling.
Aug. 26 / Sterling completes recapitalization effort
Sterling Financial Corp., the Spokane-based parent of Sterling Savings Bank, announced the completion of a $730 million capital raising from institutional and private investors. Sterling said it exceeded bank regulators' requirements for recapitalization. Separately, 12 of Sterling's board members resigned, and three new directors were added to its smaller board. Leslie S. Biller, former vice chairman and chief operating officer of Wells Fargo & Co., was named chairman, and will be paid $150,000 annually, plus $4.5 million in either Sterling common stock or cash compensation through 2012.
Aug. 26 / City of Deer Park buys golf course
The city of Deer Park bought the 150-acre Deer Park Golf Club, 60 golf carts, and building fixtures for $1 million at a public auction. The city plans to lease the 18-hole golf course to a manager in return for a percentage of the revenue it earns. The golf course was among several parcels of land offered at auction by Warren Developments Inc., of Deer Park, which had planned a golf community and resort there.
Aug. 25 / Avista, WUTC staff settle rate-hike case
Avista Corp., of Spokane, and Washington Utilities and Transportation Commission staff announced a tentative rate case settlement in which Avista customers in the state would see a 7.2 percent rate hike for electricity and a 3.2 percent hike for natural gas, beginning Dec.1, if approved by the commission. The increases would boost Avista's annual electric revenues by $29.5 million and its natural gas revenues by $4.6 million. Avista had sought a 13.4 percent electricity rate hike and a 6 percent hike in gas rates.
Aug. 25 / Coldwater Creek reports $1.5 million profit
Coldwater Creek, the Sandpoint-based specialty women's fashion retailer, reported net income of $1.5 million, or 2 cents a share, for its fiscal quarter ended July 31, up sharply from a net loss of $4.9 million, or 5 cents a share, in the year-earlier quarter. The company said its net sales for the latest quarter were $253.5 million, up from $225.2 million in the year-earlier period.
Aug. 24 / North Idaho voters approve tech school
Voters in North Idaho's Coeur d'Alene, Post Falls, and Lakeland school districts approved a levy to build a $9.5 million professional-technical high school on the planned 20-acre Kootenai Technical Education Campus, on the Rathdrum Prairie. The school, which will be open to students from all three districts, is expected to open in 2013.
Corrections & Amplifications
Spokane-based Rockwood Clinic PS plans to move its Rockwood Heart Center this winter into the Deaconess Health & Education Center, at 910 W. Fifth. That information was provided incorrectly to the Journal for a story that published Aug. 26. The center's current address, 3104 S. Regal, was reported incorrectly.
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