July 14, 2007 in Business

Company News: Idaho bank reports rise in net income

The Spokesman-Review

COEUR d’ALENE – Idaho Independent Bank reported a net income of $3 million for the quarter ended June 30, a slight increase over the second quarter of 2006. The bank reported earnings per share of 50 cents for the second quarter of 2007, unchanged from the same time period last year.

Year-to-date, the bank’s net income was $5.6 million, an increase of 6.1 percent over the $5.3 million earned during the first six months of 2006. As of June 30, the bank had total assets of $620.6 million, an increase of 11 percent over the same time period last year.

Established in 1993 as a state-chartered, commercial bank, Idaho Independent operates branches statewide, including in Coeur d’Alene, Hayden Lake, Sun Valley and Boise. The bank has about 215 employees.

“Chile’s dominant carrier LAN Airlines SA said Friday it will add 32 Boeing 787 Dreamliner long-haul aircraft to the company’s fleet between 2011 and 2016, marking the largest investment in the company’s history.

LAN said it will buy 26 aircraft, and acquire six more through leasing contracts, spending about $3.2 billion.

The Santiago, Chile-based airline said its board also approved 10 Dreamliner purchase options for 2017 and 2018.

The 787 Dreamliner is expect to begin commercial operations by the end of 2008. The fuel-efficient, ecologically friendly airplane has the capacity to seat 250 to 300 passengers, in two classes.

“The Energizer Bunny is taking on skin care products, wet wipes and sippy cups. Energizer Holdings Inc., known for its infinitely running bunny, will buy Playtex Products Inc. for $1.16 billion as the company expands its portfolio of personal care products.

Investors liked the news: Playtex shares soared 15.8 percent, or $2.45, to $17.97 in trading. Energizer shares rose almost 1 percent, or 94 cents, to $107.67.

St. Louis-based Energizer is offering $18.30 per share for Playtex Products Inc., the companies said in announcing the deal late Thursday. The price represents an 18 percent premium over Playtex’s closing stock price Thursday.

Westport, Conn.-based Playtex may be best known for the feminine care products that make up 35 percent of its net sales, but it acquired Hawaiian Tropic in the spring, boosting an already substantial skin care division. Playtex owns Banana Boat sun screen, and skin care products made up 37 percent of net sales before the recent acquisition.

Energizer’s purchase of Playtex does not include Playtex Apparel Inc., a separate company that makes bras and other apparel.

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