Caterpillar Earnings Fall 21%

Caterpillar Inc. on Friday reported a 21 percent drop in quarterly earnings from a year ago, blaming a decrease in sales and prices, primarily in North America and Latin America.

The world’s largest maker of construction equipment said its net income for the October-December period was $239 million, or 67 cents a share, down from $301 million, or 83 cents a share, a year earlier. That beat the 64 cents a share earnings projected by analysts surveyed by First Call/Thomson Financial.

In other reports:

Bolstered by a record performance in its building division, Boise Cascade Corp. posted net income of $148.2 million in 1999.

Income was $2.22 per share, compared with $20.7 million, or 9 cents per share, in 1998.

Higher average wood product prices, lower log costs, and growth in sales more than doubled income in the building division.

Sales of office products were also very strong for the Boise-based company, said George Harad, CEO and chairman.

Idaho Independent Bank posted a net income of $1.8 million for 1999 - a record year for the 6-year-old bank.

Growth in assets, deposits and loans contributed to the bank’s 33 percent growth and income last year.

Idaho Independent Bank, established in 1993, has branches in Coeur d’Alene, Boise, Hayden Lake, Meridian and Nampa. A West Boise branch is slated to open in February.

Tribune Co., the parent company of the Chicago Tribune and the Chicago Cubs, reported a 19 percent increase in profits for the final quarter of 1999 Friday amid continued growth in its television business.