Zumiez Inc., the Everett-based retailer of action sports gear and clothing, said net sales rose in July by 42 percent, to $28 million, compared to the same four-week period last year. Sales at stores open for at least a year rose by 9.7 percent, while purchases at new stores in the fast-growing chain made up the rest. Zumiez stock ended Wednesday’s trading at an all-time high of $42.93, up $1.93 from the previous day’s close.
Research expenses boost Nastech loss
Nastech Pharmaceutical Co. of Bothell lost $12.4 million, or 50 cents a share, during the second quarter, up sharply from a loss of just $600,000 in the same period last year. The company blamed the higher net loss on a combination of lower revenue and increased spending on research and development costs. The developer of nasally inhaled treatments brought in revenue of just under $5 million in the latest quarter, down from more than $11 million a year ago.
Lynnwood’s City Bank OKs dividend
The board of directors for Lynnwood-based City Bank have maintained a cash dividend of 15 cents a share, payable to shareholders of record as of Sept. 7. The dividend, to be paid out on Sept. 21, is the 94th dividend issued in the bank’s 33-year-history.
Sprint Nextel earnings drop
Wireless provider Sprint Nextel Corp. on Wednesday said second-quarter profits dropped sharply, but it still beat Wall Street estimates and had positive news on subscriber growth for the first time in almost a year. The company said it earned $19 million, or 1 cent per share, during the three months ending June 30, compared with $370 million, or 10 cents per share, a year ago.
U.S. home sales near five-year low
Home sales will hit a five-year low this year, as wary lenders cut back on loans for many borrowers, a trade group for real estate agents said Wednesday. The National Association of Realtors’ revised forecast calls for existing home sales of 6.04 million in 2007, down 6.8 percent from last year. The forecast was 1 percent lower, or 70,000 fewer homes, than July’s prediction of 6.11 million. This year’s sales would be the lowest since 2002, when sales hit 5.63 million.
Cisco shares rise 25 percent
Cisco Systems Inc. shares jumped 7 percent after the network equipment maker reported fiscal fourth-quarter results that beat Wall Street’s expectations and boosted its financial forecast. Cisco’s profit jumped 25 percent as it continues to see strong sales of the routers and switches that direct traffic over the Internet and other technologies tied to a boom in multimedia online content. The company said after the market closed Tuesday that net income for the period ended July 28 was $1.93 billion, or 31 cents per share, compared with $1.54 billion, or 25 cents per share, during the same quarter a year ago.
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