Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Wednesday, July 23, 2008 Profits slip, loans grow for Cascade Financial Corp. Earnings for Everett-based Cascade Financial Corp. dropped 10 percent during the past quarter in comparison with a record profits of a year ago. The company earned $3.6 million in the past three months. During the second quarter of 2007, the company earned $4 million. The 2008 second- quarter earnings equaled 30 cents per diluted share, down from 32 cents a year ago. The second-quarter results included a $1.2 million provision for loan losses. Carol Nelson, Cascade CEO, called the results "solid as we continue to strengthen our franchise." She noted that loan and deposit totals hit record levels. The company's share price rose $1.06 on Tuesday to $7.96, a 15.36 percent increase. Boeing buys aircraft designer The Boeing Co. is buying aircraft design and development company Insitu Inc. of Bingen for undisclosed terms to help boost its presence in the unmanned systems market. The purchase is expected to close by the end of September, following regulatory approval. Puget Energy near Canadian takeover A settlement to clear the way for the takeover of Puget Sound Energy by Canadian and Australian investors was announced Tuesday. The agreement includes major utility customers, critics of the $7.4 billion merger and the staff of the Washington Utilities and Transportation Commission, which has the final word on approval. According to a statement issued by the utility, details of the agreement will be filed with the commission no later than Wednesday. Earlier, commission staff had opposed the takeover. Crude oil prices fall again Tuesday Oil prices tumbled more than $3 a barrel Tuesday as Tropical Storm Dolly grew increasingly unlikely to threaten supply, giving traders one less reason to buy as a strengthening dollar helped keep prices in check. The sell-off was a throwback to last week's sharp declines, and dragged crude to its lowest level since early June. It was oil's fifth decline in the last sixth sessions. Light, sweet crude for August delivery fell $3.09 to settle at $127.95 a barrel. Earlier the contract dropped as low as $125.63. Neah Power sees breakthrough Bothell's Neah Power Systems Inc., a developer of fuel cells, announced Tuesday that it successfully demonstrated a reliable, automated process for bonding their patented silicon electrodes to support frames and generating electrical current for extended periods. It said it tested the cells for more than 72 hours of continuous operation. Chris D'Couto, president and CEO, said the work was a key milestone as the company looks for a commercial use for its energy product. Correction Rep. Rick Larsen, D.-Wash., supports approval of the free- trade agreement for South Korea. He hasn't made a decision on similar agreements for Panama and Colombia. A story on Page D1 in Tuesday's Business section mischaracterized his position on the pacts with Panama and Colombia. From Herald staff and news services

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