Geneva-based PrivatAir has ordered one Boeing 787 VIP airplane valued at $162 million. The business aviation group exercised a purchase right and already has two other 787s on order. Boeing says it now has 841 orders from 55 customers for its new midsize, long-haul jet. Boeing announced Wednesday that it was delaying the program another three months because of production problems and it would not make the first deliveries until next year.
Neah Power cuts staff, costs
Neah Power Systems Inc. of Bothell said it is cutting staff and other costs and focusing on developing its micro fuel cells for military applications. The small company did not disclose how many people will be laid off, but it said the actions will “significantly reduce monthly expenditures.” Last September, Neah Power demonstrated a micro fuel cell prototype, which is small enough to fit into electronic devices. Shares of Neah Power fell 2 cents, or 13 percent, Thursday to close at 13 cents.
Bothell firm faces lawsuit
A Seattle-based law firm is leading a proposed class- action lawsuit in federal court on behalf of shareholders of CellCyte Genetics Corp. of Bothell. The complaint from Hagens Berman Sobol Shapiro LLP alleges that CellCyte’s executives and business partners published false information about the history of the company’s chief executive officer, Gary Reys. These published statements helped to create an “unrealistically positive assessment of CellCyte’s prospects for investors,” the complaint charges. After Reys’ experience was questioned in media reports, CellCyte’s stock price fell dramatically.
American Airlines doubles surcharge
American Airlines, the nation’s largest carrier, doubled its fuel surcharge Thursday to $40 per round trip just days after a slightly larger increase led by United Airlines failed. A spokesman for Fort Worth-based American confirmed that the airline raised its previous fuel surcharge from $10 one-way and $20 round-trip. Spokesman Tim Smith said American’s fuel costs rose nearly 30 percent in the fourth quarter of last year, and 33 cents of every dollar American takes in goes to pay for fuel.
WaMu losses hit $1.87 billion
Washington Mutual Inc., the country’s biggest savings and loan, said Thursday it had a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio. The quarterly loss was $2.19 per share, compared with a profit of $1.06 billion, or $1.10 per share in the same period last year. Those earnings included a write-down of $1.6 billion that WaMu had previously disclosed as the value of its home loan portfolio withered. Revenue totaled $3.41 billion, lower than expectations. Revenue included net interest income (what the bank made on loans minus what was paid out on deposits) and non-interest income (the cash WaMu made from mortgage loan service fees and other fees and charges). Shares of WaMu fell 93 cents, nearly 7 percent, to $12.46 in after-hours electronic trading, after closing at $12.53.
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