The United Way of Snohomish County has purchased a 19,000-square-foot office building in downtown Everett for $3.5 million. The agency plans to occupy the vacant half of the Roberts Office Building at 3120 McDougall Ave., while the rest already is leased. Colliers International brokers from Bellevue and Tacoma represented the seller, Roberts Building LLC, in the deal.
Cascade Financial increases earnings
On Tuesday, Cascade Financial Corp. posted an 8 percent increase in fourth quarter 2006 earnings and an overall 2006 earnings increase of 11 percent. The parent company of Everett-based Cascade Bank saw its net income rise from $13 million, or $1.06 per diluted, share in 2005, to $13.4 million, or $1.08 per diluted share, in 2006. The per share data reflects a 5-for-4 stock split paid in May 2006. Cascade also reported a 16 percent increase in checking deposits and a 15 percent increase in total loans.
Railroad profits rise 21 percent
Burlington Northern Santa Fe Corp. said Tuesday its fourth-quarter profit rose 21 percent because of strong demand for shipping coal and agricultural and consumer goods. The company’s chief executive said the sluggish housing market has depressed shipments of building products, but he predicted record volume in 2007 for other parts of the business.
Yahoo profits beat expectations
Yahoo Inc.’s fourth-quarter profit topped analyst expectations to end a recent streak of financial letdowns at the Internet bellwether. The Sunnyvale-based company said Tuesday that it earned $268.7 million, or 19 cents per share, during the final three months of 2006, traditionally the peak season for Web sites such as Yahoo that depend on advertising for most of their revenue. If not for certain tax benefits, Yahoo said it would have earned 16 cents per share, exceeding the average analysts’ estimate by 3 cents per share, according to Thomson Financial.
Oil prices rise with U.S. stockpiling
Oil prices settled above $55 a barrel on Tuesday after the federal government announced plans to boost the country’s emergency crude stockpile this spring at a rate of 100,000 barrels per day. Analysts said, however, the rally may only last until today’s supply data from the Department of Energy.
United Airlines narrows its losses
Eleven months after it left federal bankruptcy protection, the parent of United Airlines announced a narrowed fourth-quarter loss Tuesday. But that wasn’t enough to soothe angry investors who sent the stock down after UAL Corp. fell far short of Wall Street expectations. The airline, which had to ground thousands of flights in December during a series of snowstorms, lost $61 million in the quarter ending Dec. 31, a loss that amounted to 55 cents per share. On average, analysts surveyed by Thomson Financial forecast a quarterly loss of 35 cents per share and revenue of $4.7 billion.
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