Associated Press
PORTLAND, Ore. — Three of the top companies in Oregon — a video retailer, a high-tech manufacturer and a heavy industry supplier — all made strong comebacks in 2001 in a state that was the first to declare itself in recession.
Hollywood Entertainment, which was trading for about a dollar a share a year ago, closed the calendar at $14.29 for a 1,245 percent gain. The Wilsonville-based video rental and sales chain ranks second in the nation behind Blockbuster.
Flir Systems of Portland, whose infrared imaging products were used to search for survivors of the Sept. 11 attacks on the Pentagon and World Trade Center, ended the year at $37.92, up about 582 percent from a year ago. The war on terrorism helped boost demand for FLIR equipment used for nighttime military operations and secret surveillance.
The third comeback story is Oregon Steel Mills, a Portland company that turned a profit during a period when other U.S. steel makers fell into bankruptcy.
"We were determined not to be one of them," says Oregon Steel spokeswoman Vickie Tagliafico.
In 2001, Oregon Steel curtailed some of its energy-hungry operations and made money by selling power when it was scarce and wildly expensive. Then the company won a contract to produce 370,000 tons of pipe for a line that will run from Wyoming to Southern California.
Those developments sent Oregon Steel shares from $1.06 to $9.50. By its close in December, shares had settled in at $4.95 — but still a bright spot in an otherwise troubled steel industry.
Hollywood Video likely will see continued strong demand after Americans found comfort in renting favorite movies and staying home with family following the Sept. 11 terrorist attacks, analysts say.
The company also has trimmed expenses as it battles Blockbuster for a larger chunk of the market, said Tom Pence, a portfolio manager at Strong Funds, the Milwaukee, Wis., mutual fund family.
"Even though Blockbuster is the dominant player with 35 percent of market share, there is room for Hollywood to grow," he said.
Oregon’s biggest public companies turned in mixed performances during the year.
Nike, the Beaverton athletic shoe and clothing maker and Oregon’s largest company, stayed about even in 2001, closing at $56.24. Nike reported better earnings in December than many expected — but not good enough to sway analysts from thinking Nike needs to boost shoe sales in domestic markets before it can prosper once again.
The state’s second-largest company, Willamette Industries, spent the year dodging a hostile takeover by forest products rival Weyerhaeuser.
Portland-based Willamette shares sat near $48 for most of the year, then jumped when Weyerhaeuser, based in Federal Way increased its bid to $55 last month.
The Oregon high-tech "Silicon Forest" slumped like most of the industry. Tektronix, the Beaverton electronics equipment manufacturer, saw stock prices fall 23 percent in 2001.
In the semiconductor industry, share prices dropped an average 11 percent. Among major operators in Oregon, Intel and Lattice Semiconductor both gained some from a year ago, while Mentor Graphics lost a bit and TriQuint lost 72 percent.
Copyright ©2002 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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