Bothell firm posts profits, shifts focus
Published 10:19 pm Thursday, May 14, 2009
Bothell’s MDRNA Inc. reported earnings of $7.3 million, or $0.23 per share, during the last quarter, a major turnaround from the same period of a year ago, when it reported a $16.5 million loss. “The first quarter of 2009 was a period of significant accomplishment for the company,” said J. Michael French, president and chief executive. He said it reduced or eliminated its liabilities and transitioned itself to an RNA drug discovery company during in the past few months. Revenue for the three months ended March 31, 2009, was $14.2 million, compared with $1.3 million for the same quarter a year ago. French noted the company ended the quarter with $7.7 million in cash and cash equivalents, compared with $3.4 million at the end of 2008. He noted the company has received a “going concern” opinion from the KPMG accounting firm and is awaiting a response from NASDAQ on its plan to continue its market listing.
Nordstrom sales beat expectations
Upscale department store chain Nordstrom Inc. said it was raising its outlook for the full year after it beat Wall Street forecasts for the first quarter thanks to stronger-than-expected sales. The Seattle-based retailer said Thursday that it earned $81 million, or 37 cents per share, for the three months that ended May 2. That’s about a third less than the previous year’s profit of $119 million, or 54 cents per share. Excluding a one-time gain from a federal tax audit, Nordstrom earned $69 million, or 31 cents per share. Analysts surveyed by Thomson Reuters expected Nordstrom to earn 26 cents per share on revenue of $1.69 billion.
Nike to eliminate 1,750 jobs worldwide
Shoe and apparel company Nike Inc. said Thursday that it will cut about 1,750 jobs worldwide, or 5 percent of its global work force. About 500 of the jobs lost will be at Nike’s world headquarters in Beaverton, Ore. The company did not specify what departments the cuts would be in. Nike had announced in February that it would cut jobs as part of a realignment of its business. In March, it said it was reducing layers of management, among other changes.
Wal-Mart continues ‘Staycation’ theme
Wal-Mart Stores Inc., which posted flat first-quarter earnings Thursday, will spend another summer marketing its wares to families who want to have fun even in hard times. The world’s largest retailer plans to keep the “staycation” theme it adopted last year, when skyrocketing fuel and food prices kept people home. Now, it’s unemployment that has people looking for something to do at home. Groceries account for about half of Wal-Mart’s U.S. sales, and the company has picked up market share in the recession as shoppers focus on necessities. New customers lured to Wal-Mart because of the poor economy are doing some of that buying.
From Herald staff and news services
