Everett-based Cascade Financial Corp., parent company of Cascade Bank, reported a 16 percent increase in earnings per share for the third quarter compared to the same quarter of 2006. Cascade’s net income increased 14 percent to $3.8 million, or 31 cents per share, compared to $3.3 million a year ago. For the first nine months of 2007, the banking company’s net income grew to $11.5 million, up 18 percent over the same time period last year.
Prime Pacific sees improved earnings
Prime Pacific Financial Services, the Lynnwood-based holding company of Prime Pacific Bank, made $426,000 in after-tax income during the third quarter, up 32 percent from the same quarter last year. That increased the company’s earnings per share from 26 cents to 33 cents in the latest quarter. As of Sept. 30, Prime Pacific reported assets of $159 million, up 45 percent from a year ago.
Nebraska firm buys Edmonds company
HDR, an engineering and consulting firm based in Omaha, Neb., has acquired Pharos Corp. of Edmonds, a real estate and right-of-way consulting firm. Financial terms of the agreement were not disclosed. Pharos, which employs 70 people, now will be called as HDR|Pharos. Founded in 1989, Pharos has provided consulting services for highways, transit, railroad, airport and utility projects throughout the United States. Much-bigger HDR employs 6,500 people in 150 offices around the world.
Amgen wins verdict in patent lawsuit
In a decisive victory, biotech giant Amgen Inc. won a jury verdict Tuesday involving a patent case that could have allowed a competitor to muscle in on its lucrative anemia drug franchise. Swiss drugmaker Roche Holding had planned to introduce an anemia drug as early as this year. In a statement, Amgen said it was pleased with the verdict.
Lockheed soars on defense sales
Lockheed Martin’s third-quarter profit surged 22 percent, as it continued to post strong sales of satellites and fighter jets. The firm posted revenue of $11 billion, an increase of 16 percent. It was the largest quarterly sales gain since 2004. Sales in its aeronautics business increased to $3.34 billion.
Acquisition boosts AT&T’s bottom line
Catapulted by its acquisition of BellSouth Corp., AT&T Inc. reported net income of $3.1 billion in the third quarter, 42 percent higher than in the same period last year. Revenue nearly doubled to $30 billion, from $15.6 billion a year earlier. Including costs and major acquisitions, earnings per share were 50 cents.
More auto workers reject Chrysler pact
Members of the largest of three United Auto Workers locals in Kokomo, Ind., overwhelmingly rejected Tuesday night a tentative contract with Chrysler. Seven locals representing more than 16,000 workers have now turned down the pact; five locals have approved it. A large chunk of the 45,000 workers covered by the contract are still voting.
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