Whidbey Island Bank’s holding company reported its earnings rose to $1.9 million, or 19 cents per share, in the fourth quarter of 2007, up from $1.8 million in the same period of 2006. Expenses associated with the bank’s merger with Everett-based Frontier Financial reduced overall profits by $513,000 in the latest quarter. Whidbey Island Bank’s net income for all of 2007 was $9.4 million. Total assets grew to $882 million last year, and loans increased to $806 million.
Shares of Zumiez on the rebound
Shares of Everett-based Zumiez Inc. have rebounded this week in strong fashion. The stock price ended last week at $15.59, continuing a long slide fueled by investors’ worries about retail sales. By the end of Wednesday’s trading, however, shares were at $18.52, 19 percent higher than Friday’s close. The shares have a way to go before reaching previous highs, however, as they traded above $50 as recently as October.
Settlement near for tainted toy trains
The maker of “Thomas &Friends Wooden Railway” toys has agreed to pay $30 million to settle a class-action lawsuit by thousands of families who purchased lead-tainted products. Under the deal, RC2 Brands will offer cash refunds or replacement toys, plus what the company calls a bonus toy; it also promises to implement new quality controls, said Jay Edelson, lead attorney for the plaintiffs. A judge is expected to approve the plan in May.
Investors unhappy with Apple’s future
Investors lopped $15 billion off Apple Inc.’s market value Wednesday, punishing the company for a disappointing earnings outlook. Fears about weakening consumer spending and a slowdown in iPod sales growth helped fuel a sell-off in Apple shares, which fell $16.57, or nearly 11 percent, to close at $139.07. The stock had fallen 20 percent early, but regained ground during the day.
CEO of eBay Inc. confirms departure
Meg Whitman confirmed she will soon step down as chief executive of eBay Inc., the online auction company that went from startup to multibillion-dollar household name in her 10-year tenure. Whitman, 51, will remain on eBay’s board of directors. The announcement came as eBay reported a 53 percent gain in fourth-quarter profits. The San Jose, Calif.-based company said that it earned $530.9 million, or 39 cents per share.
Wal-Mart to focus on energy, trade
Wal-Mart Stores Inc., which launched a broad environmental push in 2005, wants to expand that focus to other issues such as energy prices, international trade and U.S. health-care costs. Chief Executive Lee Scott outlined plans Wednesday to push for more energy-saving products for shoppers, work with other retailers on social and environmental standards for the foreign companies they buy from, and trim prescription and health records costs.
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