Frontier Bank’s parent company saw its net income grow to $20.2 million, or 46 cents a share, during the third quarter, 9 percent better than the same quarter’s performance last year. Everett-based Frontier Financial Corp. said its loans increased by $489 million, or 17 percent, since the prior-year quarter. Total deposits decreased, however, by $15.7 million. Frontier’s shares closed Monday at $21.12, up 54 cents.
Biotech chooses strategic adviser
Sonus Pharmaceuticals Inc. of Bothell said it has hired Ferghana Partners to help advise the biotechnology company after the apparent failure of its experimental chemotherapy drug in late-stage clinical trials. Michael Martino, Sonus’ president and chief executive, said Ferghana will help in “identifying, evaluating and pursuing alternative strategies” for Sonus. Shares of Sonus gained a penny Monday to close at 52 cents a share.
Microsoft settles European fight
Microsoft Corp. dropped a nearly decade-long legal battle with European regulators Monday, agreeing to key parts of an antitrust ruling that has already led to hundreds of millions in fines. The world’s largest software company will slash royalties it charges rivals for interoperability information needed to make programs that work smoothly with Microsoft’s Windows operating system.
Cost of college outstrips inflation
Average tuition and fees at four-year public colleges rose 6.6 percent this year, outstripping financial aid boosts and pushing students into more borrowing. In-state students at four-year public schools are paying $6,185 this year, up $381 from last year, according to the nonprofit College Board’s annual survey of college costs. At four-year private colleges, tuition and fees rose 6.3 percent to $23,712.
Bigger computer sales boost Apple
Apple Inc.’s fiscal fourth-quarter profits jumped 67 percent and easily beat Wall Street expectations. For the three months ended Sept. 30, Apple said it earned $904 million, or $1.01 per share, compared with $542 million in the year-ago quarter. Revenue totaled $6.22 billion. Apple said it shipped a record 2.16 million Macs in the quarter, an increase of 34 percent. It sold 10 million iPods.
Gas prices on rise nationally, locally
The national average price for gasoline rose about 5 cents over the last two weeks, according to the Lundberg Survey. The average price of regular gasoline was $2.80, oil industry analyst Trilby Lundberg said. In the Puget Sound area, the average price for regular unleaded was $3.08 Monday, according to AAA.
Union locals split on Chrysler pact
In early voting, six local United Auto Workers unions representing more than 11,000 workers have turned down a new pact with Chrysler LLC, while four locals representing about 5,500 workers have said “yes.” Several big locals in Indiana and Michigan are scheduled to vote today and Wednesday.
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