Frontier Bank is now home to a Small Business Administration loan department, located at the bank’s administrative headquarters in Everett. The department will make 7(a) loans to eligible business and professional firms throughout Frontier Bank’s 50-branch network, according to a statement from the bank. The department is the latest step in Frontier’s mission to move away from real estate loans, which sent the bank’s stock plummeting in the last year. After censure from the federal government, Frontier executives announced that they would take steps to diversify the bank’s loan portfolio — partly through investment in small companies.
Zumiez’s quarterly earnings $5.1 million
Everett-based Zumiez Inc., a retailer of action sports-related clothing and gear, reported earnings of $5.1 million, or $0.17 per diluted share, for the quarter ending Oct. 31. That compares to net income of $6.8 million, or $0.23 per diluted share, in the third quarter of 2008. Comparable store sales decreased 8 percent for the most recent quarter, compared to a 5.8 percent decrease in the third quarter of 2008. CEO Rick Brooks said the company performed better than expected and saw improvement in same-store sales compared to earlier in the year. He said employees were careful in managing inventory, working with vendors and finding ways to inspire consumers.
Dell net income falls 54 percent
Dell Inc. said Thursday that its net income dropped 54 percent in the latest quarter and amid signs the company isn’t fully benefiting from the computer industry’s fledgling recovery. Dell’s numbers missed Wall Street’s forecasts, and the shares fell almost 6 percent in extended trading. In the last quarter Dell lost its ranking as the world’s No. 2 personal computer maker, a slot now held by Taiwan’s Acer Inc. Dell rivals such as Acer and Hewlett-Packard Co. have stolen market share from Dell in part by exploiting their more significant presence in retail stores.
AOL to cut 2,500 for restructuring
The struggling Internet company AOL plans to shed up to 2,500 jobs — more than a third of its work force — as it prepares to separate from Time Warner and finally sever their ill-fated marriage. Major job cuts had been expected and seemed certain after Time Warner said last week that AOL would take $200 million in charges for severance and other restructuring-related costs. But the magnitude was not known until Thursday. AOL, which has already pared thousands of workers in recent years and now employs about 6,900, is asking for volunteers to accept buyouts. If it falls short of the 2,500 target, it plans layoffs to reach a payroll cut of up to 2,300 positions, a third of its current total. The cuts will leave AOL at less than a quarter the size it was at its peak in 2004, when it had more than 20,000 employees.
From Herald news services
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