Business in brief: Itron reports loss

Liberty Lake energy meter and data company Itron Inc. posted a quarterly loss of $3 million, or 7 cents a share, compared to a profit of $5.6 million and 15 cents a share one year earlier.

Company officials said the results reflect global economic concerns and U.S. utilities postponing orders to see how federal stimulus dollars are allocated.

Gross revenue for the third quarter came to $408.3 million, compared with $484.8 million from the same quarter in 2008.

Itron manufactures meters for the energy, water and gas utility industries. Its technology has been adopted by end users around the planet.

Trading Wednesday saw Itron shares fall to $55.91, a loss of $1.70.

Tom Sowa

Key Tronic earnings drop

Spokane Valley-based contract manufacturer Key Tronic Corp. reported a dip in fiscal year first-quarter earnings of $300,000, or 3 cents per share, compared with $400,000 and 4 cents a share from the same period one year ago.

For the quarter the company booked net revenue of $41.3 million compared to $48.2 million a year ago.

Key Tronic concentrated on reducing costs and ramping up new customer programs while the company looks ahead to 2010, said President and CEO Craig Gates.

Sales took a hit in large part due to the economic decline among customers, said Gates.

Tom Sowa

Firm joins Payne Financial

Spokane insurance firm Wolf-Majeskey-Rapp has merged with Payne Financial Group, which has offices in Washington, Idaho and Montana.

Clients will not experience a disruption in their service, the companies said Wednesday. Wolf-Majeskey-Rapp will operate as a member of Payne Financial Group and will keep its office at 4005 E. Broadway Ave.

“This is a great opportunity for both Payne Financial and Wolf-Majeskey-Rapp to expand our breadth of services, depth of expertise, and provide even better service for our clients,” Walt Wolf, president at Wolf-Majeskey-Rapp, said in a news release.

Payne Financial Group provides insurance solutions, surety and employee benefits for private individuals and businesses. It operates in Spokane at the Courtyard Office Center, 827 W. First Ave., Suite 225.

Staff reports

Wal-Mart selling caskets

Bentonville, Ark. – The world’s largest retailer wants to keep its customers even after they die.

Wal-Mart has started selling caskets on its Web site at prices that undercut many funeral homes, long the major seller of caskets. The move follows a similar one by discount rival Costco, which also sells caskets on its site.

Wal-Mart, based in Bentonville, Ark., quietly put up about 15 caskets and dozens of urns on its Web site last week.

Prices range from $999 for models like “Dad Remembered” and “Mom Remembered” steel caskets to the $1,699 “Executive Privilege.” All are less than $2,000, except for the Sienna Bronze Casket, which sells for $3,199.

Associated Press