Seattle Genetics Inc.’s first quarter loss totaled $8.8 million, or 16 cents a share, compared to an $8.7 million loss a year ago. The Bothell-based developer of anti-cancer drugs saw revenue reach $4.3 million, more than double its revenues from a year ago. But expenses grew during the quarter to $14.6 million, compared to $11.6 million in 2006’s first quarter. That’s mainly because of expensive late-stage trials for its drug candidates. Company shares closed Tuesday at a 52-week high of $9.94.
Lakewood Best Buy to open May 4
Best Buy’s new store in the Lakewood Crossing shopping center in north Marysville will open at 10 a.m. May 4, according to the electronics retailer. The new store along Twin Lakes Avenue joins the recently opened Red Robin, Costco and Target. Several other large stores, including Office Depot and La-Z-Boy, are now under construction.
Earnings increase at Frontier Bank
Earnings for Frontier Financial Corp.’s first quarter rose 13.6 percent to $17.5 million, compared with net income of $15.4 million in 2006. Everett-based Frontier Financial, the parent of Frontier Bank, said the earnings were affected by a pre-tax increase in net interest income of $5.4 million. On a diluted per share basis, first quarter net income for the quarter ending March 31 was 38 cents per share compared with 35 cents in 2006.
Cascade Bank profits rise 19%
Cascade Financial Corp., parent company of Everett’s Cascade Bank, reported a 19 percent increase in net income for the first quarter of 2007, compared to year-ago earnings. The increase is partly the result of early adoption of new financial standards, the company said. In the quarter ending March 31, Cascade earned $3.8 million, or 30 cents per diluted share, compared to $3.2 million, or 26 cents per diluted share, in the first quarter of 2006. All per share data has been adjusted to reflect a 5-for-4 stock split last May.
State ranks second in high-tech pay
Washington state isn’t in the nation’s Top 10 when it comes to high-tech jobs, but it is second in high-tech payroll checks. The technology association AeA reported Tuesday that a new study ranked Washington’s $13.1 billion tech payroll as the nation’s 10th highest. But high tech workers averaged $83,700 a year, No. 2 in the nation. The high pay is partly because of a strong software sector in Washington. With 41,000 jobs, it ranks second in the U.S. behind California.
P-I paid millions for right to buy Times
Hearst Corp., which owns the Seattle Post-Intelligencer, has been paying The Seattle Times $1 million a year since 1999 for the right to buy the newspaper first should it be put up for sale, according to documents released Tuesday. Hearst has feuded with The Times since 2003 when The Times tried to dissolve a joint operating agreement between the papers. Last week, the sides announced that they had settled their legal fight, with The Times agreeing to continue the pact until at least 2016.
From Herald staff
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