Prime Pacific Financial Services Inc., the holding company for Prime Pacific Bank, reported a 146 percent increase in earnings for the second quarter. The Lynnwood-based bank reported $320,000 in net income for the quarter ending June 30. That compares with $130,000 for the same period last year.
North County Bank doubles its profit
North County Bank reported its profit nearly doubled in the most-recent quarter. The bank reported a profit of $1.1 million for the second quarter, compared with a profit of $628,000 in the same period last year. The Arlington-based bank said it plans to open its fourth branch this fall in Mill Creek.
Bothell biotech’s income declines
Cardiac Science Corp. reported net income of $118,000 during the second quarter, down from $879,000 in the same period last year. The maker of heart defibrillators and cardiac monitoring equipment said the latest quarter’s income was affected by $1.3 million in legal expenses related to an ongoing patent dispute. Gross revenue for the quarter, was up 79 percent over the same period of 2005, primarily due to the merger since then of Cardiac Science and Quinton Cardiology.
Market punishes SonoSite earnings
SonoSite Inc.’s second-quarter profit of $1.3 million didn’t impress investors, and the Bothell company’s stock fell hard Thursday. When the markets closed, SonoSite’s stock had lost $6.97 a share, or 18.5 percent, to close at $30.75. A consensus of analysts had expected the company’s earnings to be closer to 13 cents a share, instead of the 8 cents a share reported Wednesday.
Comcast income grows 7 percent
Comcast Corp., the nation’s largest cable TV operator, said Thursday its second-quarter net income rose 7 percent from a year ago as revenue soared, highlighted by a leap in subscribers for its Internet telephone service. Comcast also raised its financial outlook for the entire year, with the number of new subscribers to Comcast Digital Voice expected to be 30 percent to 40 percent higher than previously forecast. During trading, shares of Comcast hit $34.33 – a new 52-week high – on the Nasdaq, before closing at $34.02, up $1.50, or 4.6 percent.
Google settles ‘click’ fraud case
An Arkansas judge on Thursday approved a $90 million settlement between Google and its advertisers who claimed the leading Internet search company improperly billed them for fraudulent “clicks” on their ads. By settling claims made in the plaintiffs’ class-action lawsuit, Google will give advertising credits that are the equivalent of a $4.50 refund on every $1,000 spent in its advertising network during the past 41/4 years. No one will receive cash except the lawyers, who will split $30 million.
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