Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Wednesday, June 18, 2008 Hampton Lumber in Darrington to shut down for a week Hampton Lumber will shut down its Darrington sawmill, kilns and boiler operations the week of June 30 for semiannual maintenance, said David Roane, the facility's manager. It will reopen July 7. The mill was shut down sporadically earlier this year because of slower demand for lumber, but the market has improved somewhat, Roane said. The planer mill in Darrington will stay open during most of the Fourth of July holiday week. Arizona firm buys LipoSonix Arizona-based Medicis Pharmaceutical Corp. will buy LipoSonix Inc. of Bothell for $150 million, along with up to $150 million in milestone payments. Founded by former SonoSite executive Jens Quistgaard, LipoSonix is developing a body-sculpting system that uses ultrasound to break up fat deposits. The device already has been approved in Europe. Medicis said it plans to keep a "strong presence" in Bothell, where LipoSonix employs about 40 people. Best Buy profits drop 7 percent Best Buy said its first- quarter profit dropped 7 percent, but what its executives didn't say seemed to bother Wall Street more. Officials at the nation's largest consumer electronics retailer did not predict a larger-than- expected full-year profit, or a turnaround in the economy. They did not forecast a big boost from the economic stimulus checks that went out just before the end of the quarter. Best Buy shares dropped 5 percent. Same prices, smaller cereal box It's a little less cereal for the same amount of money. Kellogg Co. is using smaller packaging while charging the same prices for five of its cereals sold in the United States, effectively raising their prices for the second time this year. The company started shipping the new boxes to stores in early June. Boxes were reduced by an average of 2.4 ounces for 14 items sold under the Apple Jacks, Cocoa Krispies, Corn Pops, Froot Loops and Honey Smacks brands, said Kellogg spokeswoman Susanne Norwitz. Net ad revenue ends growth streak Internet advertising revenue dipped slightly in the first quarter to about $5.8 billion, ending a streak of 13 quarters of consecutive quarterly growth. The first-quarter figures from the Interactive Advertising Bureau still represent an increase of 18 percent from nearly $4.8 billion in the first quarter of 2007. And the fourth quarter is generally stronger because of holiday sales, so a dip between the fourth and first quarters is not unreasonable. But the numbers suggest the overall economic slowdown might be dampening online advertising. Air Canada cuts workers, flights Air Canada said Tuesday it will cut up to 2,000 jobs, or 7 percent of its work force, while reducing its number of flights as it struggles along with other carriers to cope with high fuel prices. Canada's biggest airline will reduce capacity on routes to the United States by 13 percent, meaning a 7 percent cut across the board, including domestic and international flights. From Herald staff and news services

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