Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Friday, March 21, 2008 Bothell firm wins contract from Air Force Business briefly Lumera Corp. of Bothell has received a $2.2 million contract from the U.S. Air Force Research Laboratory to make low-voltage, reliable electro-optic modulators that can be used in radar and satellite equipment. The new contract comes on the heels of a $2.4 million extension of another defense-related contract for Lumera. Originally launched as a subsidiary of Microvision, Lumera was spun off three years ago. Sold earnings help Zumiez revive Shares of Everett-based Zumiez Inc. bounced back from a recent lull, gaining $1.51, or more than 9 percent, Thursday to close at $17.49. Since the seller of action sports gear and clothing announced relatively good fourth-quarter earnings on March 13, its shares generally have gained ground after a long slide that brought the share price from more than $50 in October to less than $14 early last week. Winnebago profits slump 67 percent Motor home manufacturer Winnebago Industries Inc. said Thursday its second quarter profits fell nearly 67 percent as consumer confidence in the economy helped drag down sales of recreational vehicles. High fuel prices hurt, too. Filling up the tank of one of Winnebago's largest motor homes would cost more than $400 at Thursday's prices, about 47 percent more than a year ago, for example. It could cost about $244 to fill up a smaller one. The earnings results were below Wall Street expectations, and its shares dropped 8 percent in midday trading. The Forest City, Iowa-based company said it cut employment by 9 percent, or about 300 people, during the quarter to bring production in line with slowing sales. Frontier Financial increases dividends The board of directors of Frontier Financial Corp., which trades on the NASDAQ exchange under the symbol of FTBK, has declared a second-quarter cash dividend of 18 cents per share to shareowners of record as of April 7. The increased dividend is payable April 21. "This represents a 12.5 percent increase over the second quarter of 2007 and the 34th consecutive quarter in which the cash dividend has increased. Frontier paid a cash dividend of $0.175 per share in the first quarter of 2008," said John Dickson, president and CEO. Frontier is an Everett-based financial holding company providing financial services through its commercial bank subsidiary, Frontier Bank. Frontier offers a wide range of financial services to businesses and individuals. EBay expected to cut 125 jobs EBay Inc. said Thursday it is cutting 125 jobs in Europe and North America, including 70 positions at the online auctioneer's headquarters in San Jose, Calif. Company spokesman Jose Mallabo said the work force reduction is part of a reorganization to streamline operations -- not cut costs. The cuts amount to less than 1 percent of the company's global head count of 15,500 people. Mallabo says the cuts in Europe are the result of a centralization of corporate functions. He wouldn't talk about what jobs were affected at headquarters. John Donahoe will take over the company March 31. From Herald staff and news services

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