Microvision Inc. of Bothell reported a third-quarter loss of $6.9 million, or 39 cents a share, compared with a loss of $5.4 million for the same period last year. The maker of light-scanning and augmented vision technology said business was down during the quarter, though the U.S. Army bought 100 Nomad augmented vision devices for use by the Army’s Stryker brigade. For the fourth quarter, however, commercial contracts are at a record level, said Rick Rutkowski, Microvision’s chief executive officer. He added that he expects product sales and commercial contracts to grow significantly next year.
Weyerhaeuser Co. said Wednesday it will close a paper machine in Longview, laying off 119 people the day before Thanksgiving. The Federal Way-based wood products company expects to take a $17 million after-tax charge, or 8 cents a share, in the fourth quarter for costs related to the Nov. 26shutdown. The 47-year-old paper machine is too old to keep operating competitively, Weyerhaeuser said in a statement.
Neither Rosie O’Donnell nor publisher Gruner+Jahr USA emerged a winner in an ugly and “ill-conceived” court battle over the defunct magazine Rosie, and no money damages will likely be awarded, a Manhattan judge said Wednesday. “It seems to me that neither side has proved any damages,” state Supreme Court Justice Ira Gammerman said after lawyers for G+J and the former television host rested their cases after a two-week trial. The judge said that aside from one witness’s guess about Rosie’s future value, “there is no evidence that the magazine would have made any money at all.”
Standard &Poor’s on Wednesday lowered its long-term ratings on Ford Motor Co. to one notch above “junk” status, a decision the world’s second-largest automaker disputed. S&P last month said it was reviewing whether to lower its long-term and short-term ratings for Ford, its financing arm and rental agency Hertz Corp., but said it was highly unlikely ratings would be lowered below investment-grade status, a key qualification demanded by some large institutional investors in corporate debt. The ratings agency said it lowered Ford’s long-term ratings to BBB- from BBB, and the short-term ratings to A-3 from A-2. S&P said the ratings outlook now is stable.
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