Stimson workers to get aid
Workers at Stimson Lumber Co.’s Atlas Mill in Coeur d’Alene will become eligible for federal retraining and readjustment assistance after the mill closes, the U.S. Department of Labor announced Tuesday.
Stimson said earlier this fall that it would close the mill on Dec. 31, putting 120 people out of work. At that time, the company said it would apply for the federal benefits.
The Department of Labor said the mill qualifies for assistance because it was found to have been affected by foreign imports of pine and cedar boards. Also, because a “significant number” of its employees are aged 50 or older, making retraining potentially not suitable, those workers will qualify for a wage subsidy if they take new jobs at a lower rate of pay.
The federal benefits also include retraining assistance, relocation allowances and health coverage tax credits.
Workers at the Atlas Mill will receive severance pay from Stimson and access to health insurance for three months, the company said earlier.
Calpine replaces longtime CEO
San Francisco Power merchant Calpine Corp. said Tuesday that it has replaced its longtime chief executive as well as its chief financial officer in an abrupt shake up that sent the company’s stock price below $1 as investors fretted about a possible bankruptcy.
Among Calpine’s pending projects is a liquefied natural gas import facility near Warrenton, Ore., at the mouth of the Columbia River.
The Port of Astoria has signed a five-year lease with Calpine. The company lists itself as the nation’s largest user of natural gas, and has options for two 30-year extensions if the Warrenton project materializes.
No formal application has been filed for the Warrenton site with the Federal Energy Regulatory Commission in Washington, D.C
The San Jose, Calif.-based company depicted the departures of CEO Peter Cartwright, who founded Calpine 21 years ago, and CFO Robert D. Kelly as a pivotal step toward alleviating a myriad of financial headaches.
Calpine board member Kenneth Derr, who retired as Chevron Corp.’s CEO in 1999, will lead the company temporarily. Eric Pryor, a Kelly subordinate, is now Calpine’s interim CFO.
TiVo shortfall less than expected
San Jose, Calif.
TiVo Inc. reported a narrower-than-expected loss for the third quarter and cautioned Tuesday that its fourth-quarter loss will be between $17 million and $22 million.
For the three months ended Oct. 31, the pioneer of digital video recorders lost $14.2 million, or 17 cents per share. That was a 46 percent improvement over a loss of $26.4 million, or 33 cents a share, in the year-ago period.
Revenue rose by nearly 30 percent to $49.6 million from $38.3 million in the quarter last year.
Analysts were expecting the Alviso-based company to lose 24 cents a share on revenue of $42 million, according to a poll by Thomson Financial.
TiVo, which pioneered DVRs that lets users easily record television shows to a hard drive and pause live TV, is facing tough competition as it strives to reach sustainable profitability.