Business in brief: Key Tronic posts quarterly gain
Spokane Valley-based electronics contract manufacturer Key Tronic Corp. had revenue of $51.5 million for the quarter ending March 29, a 9 percent increase from the first quarter last year.
Key Tronic reported net quarterly net income of $1.2 million, compared with $700,000 for the third quarter of 2007. Yearly income through March was $3 million – a 20 percent increase.
The company expects revenue of $50 million to $54 million next quarter.
Company shares rose 64 cents in after hours trading Tuesday, to $3.24.
– Parker Howell
WSU gets more Riverpoint bids
Wells & Co. and GVD Commercial Properties, which has a Spokane office, submitted development proposals for portions of Washington State University’s Riverpoint Campus.
WSU officials read those proposals and bids from the Amidi Group, of Redwood City, Calif., and the NexCore Group, of Denver, earlier this month after asking for concepts for development on four parcels at the corner of Pine Street and Spokane Falls Boulevard. The latest request forbids would-be developers from planning to destroy the historic Jensen-Byrd Building.
Ryan Ruffcorn, a project manager for WSU, said the proposals include office, retail, and dining and entertainment. He expects the university to announce its decision next week.
– Parker Howell
Seattle
WaMu replaces chief risk officer
Washington Mutual Inc., hit hard by delinquencies and defaults, named a new chief risk officer Tuesday to help steer the nation’s largest savings and loan through the fallout of the mortgage and credit crises.
WaMu said John P. McMurray, who has been the company’s chief credit officer, will replace Ron Cathcart in overseeing the company’s risk management functions in areas including credit, interest rates, markets and operations. He will report to chief executive Kerry Killinger.
In a statement, the thrift said Cathcart left the company, but did not give details. Spokeswoman Libby Hutchinson said Cathcart’s departure was effective Monday.
- Associated Press
New York
Gold prices hit four-month low
Gold futures plunged to a four-month low of $874.20 Tuesday after a stronger dollar and a drop in crude prices fed selling of the metal traditionally viewed as a hedge against inflation.
Other commodities fell in a broad sell-off, with silver, copper, heating oil and agriculture futures all trading lower.
The dollar strengthened against several major currencies as investors bet that the Federal Reserve may be poised to wind up its interest-rate cutting campaign and turn its attention to curbing inflation. Lower rates can boost the economy but tend to undercut the dollar, encouraging investors to buy hard assets like gold, which is known for holdings its value.
– Associated Press