Spokane Journal of Business

Hart Capital stock index increases 14 percent in third quarter

Hart Capital says measure similar to S&P shows hike for public companies here

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Hart Capital Management Inc., a Spokane-based investment firm, says its Inland Northwest Index of publicly traded companies in the Inland Northwest rose 14.3 percent for the third quarter, under an index methodology similar to that of the Standard & Poor's Index.

In comparison, the S&P 500 increased by 5.8 percent during the third quarter, the Hart Capital report says.

Coeur d'Alene Mines Corp., Coldwater Creek Inc., and Hecla Mining Co. had the top-performing stocks with increases in value of about 64 percent, 51 percent, and 38 percent, respectively.

The lowest-performing stock during the quarter was that of Red Lion Hotel Corp., which fell 28 percent. The company recently suspended a review of strategic options to find potential buyers, merger opportunities, or other alternatives that would increase the company's value. The review was suspended after 75 potential suitors or partners were found but none extended offers to buy or partner with the company.

Coeur d'Alene Mines' stock has rebounded the most since the second quarter, when it had dropped almost 26 percent in value compared with the first quarter. The shift for both Coeur and Hecla is mainly because the price of silver has moved up 25 percent since the end of July, says Craig Hart, Hart Capital Management's president.

During the 12-month period ended Sept. 30, the Inland Northwest companies' index has risen by 28 percent, compared with an increase of 27 percent in the S&P 500, Hart Capital says. Key Tronic Corp., the Spokane Valley provider of electronic manufacturing services, remains at the top with a stock price that rose by nearly 187 percent during that period.

Meanwhile, Hart Capital's Inland Northwest Composite, which gauges the aggregate market value of the same 15 companies, increased by $2.2 billion in the third quarter to $12.4 billion, up 31 percent from a year earlier.

Hart Capital's report says the combined value increase is due to $1 billion and $500 million market capital increases in Coeur d'Alene Mines and Hecla Mining, respectively. Market capitalization is share price multiplied by the number of outstanding shares.

Coeur also rebounded in this category, after having a quarter-to-quarter drop of $555.5 million in market capitalization as of June 30.

During the latest quarter, 11 of the companies in the composite saw a rise in market value. In addition to the two mining companies, Potlatch Corp., Sterling Financial Corp., Clearwater Paper Corp., Itron Inc., WTB Financial Corp., Coldwater Creek, Key Tronic, Intermountain Community Bancorp., and Idaho Independent Bank all showed increases.

Meanwhile, Northwest Bancorporation Inc. and Ambassadors Group Inc. had declines in market value of $400,000 and $600,000, respectively. Red Lion Hotels and Avista Corp. saw the largest market capitalization drops in the third quarter, down by $45.6 million and $53.8 million, respectively.

Hart Capital Management, which is located at 601 W. Main in downtown Spokane, is a privately owned wealth and asset management investment firm with clients located around the Inland Northwest. It has eight employees including Hart. It started issuing its quarterly Inland Northwest index and composite report in 2006.

Treva Lind
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