Spokane Journal of Business

Top Stories

Avista exec to retire

Avista Corp. senior vice president and chief human resources officer Karen Feltes plans to retire Feb. 1, 2020, after 21 years with the company. Separately, the Spokane-based power company promoted Mark Thies to executive vice president and CFO, Heather Rosentrater to senior vice president of energy delivery, and Kevin Christie to senior vice president of external affairs and chief customer officer. The promotions are part of Avista’s plan to ensure continuity in its senior leadership team through the CEO transition; Dennis Vermillion will replace Scott Morris when he retires later this year.

Key Tronic posts gain for quarter

Key Tronic Corp., the Spokane Valley-based electronic manufacturing services provider, posted net income of $800,000, or 8 cents a share, for its fiscal 2019 fourth quarter that ended June 29. That’s up from a net loss of $2.2 million, or 20 cents a share, during the year-earlier quarter. For all of fiscal 2019, the company posted a net loss of $8 million, or 74 cents a share, compared with a loss of $1.3 million, or 12 cents a share, in fiscal 2018.

Hecla reports quarterly loss

Hecla Mining Co., of Coeur d’Alene, reported a second-quarter net loss applicable to common shareholders of $36.4 million, or 7 cents a diluted share, compared with net income of $3.5 million, or 1 cent a share, during the second quarter of 2018. In a press release, Hecla President and CEO Phillips S. Baker Jr. attributed the loss to several factors, including timing of lead shipments at one mine and a higher depreciation expense. 

Avista’s earnings are flat for Q2 

Avista Corp. reported second-quarter net income of $25.3 million, or 38 cents a diluted share, nearly the same as the earnings of $25.6 million, or 39 cents a share, the power company posted in the year-earlier period. The company said gains were partially offset by a $7 million donation to fund “initiatives to strengthen our local communities.” Separately, the company also declared a quarterly dividend of 38.75 cents a share.

Itron experiences earnings surge

Itron Inc., the Liberty Lake-based maker of meter reading technology, posted second-quarter net income of $20.1 million, or 49 cents a diluted share, up compared with income of $2.7 million, or 7 cents a share, in the year-earlier quarter. The company has raised its full-year earnings guidance based on a strong first half of the year, which it attributed to increased customer demand.

Parking program rebrands

The City Ticket park and ride program has been rebranded as Shuttle Park. The $40 Shuttle Park pass, made possible through a partnership of Spokane Transit Authority, Public Facilities District, and Downtown Spokane Partnership, is a monthly option for users to catch an STA shuttle to and from downtown while parking at Spokane Veterans Memorial Arena.

Farm Credit’s earnings dip

Spokane-based agricultural lending cooperative Northwest Farm Credit Services reported earnings of $67.2 million for the second quarter of 2019, compared with $69.7 million for the year-earlier quarter. The decrease is primarily due to a higher provision for credit loss expense and a smaller refund of premiums from the Farm Credit System Insurance Corp., said Phil DiPofi, Northwest FCS president and CEO. Total capital has increased 2.6% during the first two quarters to a total of $2.6 billion.

Clearwater Paper reports loss

Spokane-based Clearwater Paper Corp. reported a net loss of $424,000, or 3 cents per diluted share for the 2019 second quarter that ended June 30, a decline from net income of $7 million, or 42 cents a share, in the year-earlier quarter. Net sales, however, totaled $452 million for the second quarter, up from $432 million in the year-earlier period. The decline in income was due to the maintenance costs at the company’s Lewiston, Idaho; Shelby, North Carolina; and Cypress Bend, Arkansas mills associated with the startup of a new paper machine, converting lines, and depreciation and interest expenses, said Linda K. Massman, Clearwater Paper president and CEO.