July 25, 2006 in Business

Teck Cominco earnings rise

The Spokesman-Review
 

Canadian mining conglomerate Teck Cominco reaped a $613 million profit during the second quarter.

The company, which operates a smelter north of Spokane in Trail, British Columbia, said high prices for zinc copper have rewarded the company with record earnings.

The firm has reached an agreement with the U.S. Environmental Protection Agency this year to fund a study about how to deal with Columbia River pollution created by its smelter.

Teck Cominco said the profits – equal to $2.95 a share – are double those earned during the same three months last year.

Idaho Independent Bank has reported $3 million in earnings during the second quarter, compared with $1.7 million in earnings during the second quarter of 2005.

The bank’s per-share earnings during the second quarter were 99 cents, compared with 58 cents during the same period last year.

For the first six months of the year, Idaho Independent Bank reported $5.3 million in income, compared with $3 million in income during first half of 2005.

Sterling Financial Corporation, based in Spokane, reported earnings of $16.9 million, or 48 cents per share for the its second quarter, compared with $16million in earnings and 46 cents per share for the same period in the prior year. Earnings for the six months ended June 30 were $32.3 million or 92 cents per share, compared with $31.9 million or 91 cents per share for the same period in 2005. The increase in both periods reflects growth in interest income, company officials said in Monday’s release.

Company CEO Harold Gilkey said the results reflect strong performance in several areas, including total assets, loans receivable and total deposits.

“The 19 percent increase in total assets, year over year, was driven by a 32 percent growth in loan balances. Deposits continue to demonstrate robust growth, increasing 27 percent over the same period last year,” said Gilkey in an earnings release.

DALLAS

Texas tops in wind energy

Long known as a top oil- and natural gas-producing state, Texas has gained new energy acclaim by becoming the nation’s top producer of wind energy.

Texas capacity stands at 2,370 megawatts, enough to power 600,000 average-sized homes a year, according to a midyear report released today by the American Wind Energy Association.

That puts Texas slightly ahead of California, the nation’s leader since 1981. California has 2,323 megawatts of capacity. The total U.S. capacity is 9,971 megawatts.

Texarkana, Ark.

Lawsuit filed against Google

A set of plaintiffs in a class-action suit argued Monday that Google has not exercised reasonable care to prevent “click fraud” and has misrepresented efforts to stop swindlers.

The arguments came as an Arkansas judge considers whether to accept a $90 million settlement offer from Google Inc.

Texarkana company Lane’s Gifts and Collectibles filed the suit, which Miller County Circuit Judge Joe Griffin certified as a class action.


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