VANDERVERT CONSTRUCTION PLACED IN RECEIVERSHIP
Prominent Spokane-based general contractor Vandervert Construction Inc. has closed and been placed under receivership. Spokane-based law firm Davidson, Backman, Medeiros PLLC was appointed to serve as the general receiver for Vandervert Construction in an effort to help the company pay off as much of its debt as possible, according to a notice filed in Spokane County Superior Court (See follow-up story on page 1).
EWU COMMITS TO SPACE IN CATALYST BUILDING
Eastern Washington University President Mary Cullinan said the university plans to move three academic departments to the $50 million, Avista Development-proposed Catalyst Building, in Spokane’s University District. Construction of the 150,000-square-foot structure is scheduled to start in September on the 500 block of east Sprague Avenue and to be completed in April 2020.
JANUARY HOME SALES OUTPACE 2017 START
The Spokane Association of Realtors reported 464 homes sold in the Spokane area in January through its Multiple Listing Service, an increase of 22.4 percent compared with sales in January 2017. The median sales price for homes sold in January was $208,500, up 6.9 percent compared with the year-earlier month.
PONDERAY NEWSPRINT, PUD SETTLE LITIGATION
Pend Oreille County Public Utility District and Ponderay Newsprint Co. announced they’ve settled litigation concerning breach-of-contract allegations by the PUD and counterclaims by Ponderay Newsprint. Under the agreement, Ponderay Newsprint, which has 140 employees, will submit annually a 48-month schedule of estimated power needs with a commitment to a year-to-year contract. The agreement includes long-term energy cost incentives for Ponderay Newsprint and support for the PUD to market power to additional customers.
CLEARWATER PAPER POSTS JUMP IN EARNINGS
Clearwater Paper Corp., of Spokane, reported fourth-quarter net income of $80.9 million, or $4.88 a diluted share, up compared with income of $9.3 million, or 56 cents a share, in the year-earlier quarter. The company attributed the large increase in earnings primarily to a benefit related to recent tax law changes. The company’s sales during the quarter grew 2.6 percent, and if the tax benefit were excluded, the company would have had income of $14.4 million, or 87 cents a share, which still would have exceeded the year-earlier quarter.
POTLATCH’S NET INCOME DIPS
Spokane-based Potlatch Corp. reported net income of $11.6 million, or 28 cents a diluted share, for the fourth quarter of 2017, down from $14.4 million, or 35 cents a share, during the year-earlier quarter. Net income for the full year of 2017 was $86.5 million, or $2.10 a share, a steep increase compared with income of $10.9 million, or 27 cents a share, for 2016. The company said 2016 income was hindered by the after-tax loss on the sale of central Idaho acreage and environmental charges.