Avista proposes structural change
Avista Corp. has proposed changing its corporate structure by forming a holding company for its business units, including its regulated utility serving Eastern Washington and North Idaho.
The move would not affect the day-to-day operations of the company.
An Avista spokeswoman declined to elaborate on the financial incentives for the switch, complying with a 30-day “quiet period” mandated by the U.S. Securities and Exchange Commission.
Shareholders will vote on the proposal. If approved by shareholders and regulators, each share of Avista Corp. stock would be exchanged for one share of holding company stock.
A name for the new holding company has not yet been announced.
Also Wednesday, Avista announced the pending retirement of David Clack, who has been a member of the company’s board of directors for 18 years. The board has nominated Heidi Stanley, chief operating officer of Sterling Savings Bank, to replace Clack.
Spokane
Positive report spurs Itron stock
Shares of Spokane-based Itron Inc. soared Wednesday by $8.53, or 16.9 percent, closing at $59.16. The jump followed Itron’s announcement Tuesday of record earnings and sales for the fourth quarter and 2005.
Itron shares hit a 52-week high Wednesday. The previous high had been $53.90, according to Yahoo financial data.
Itron provides automated data collection, monitoring and metering services to utilities.
Itron also said its 2006 bookings are more than double those of a year ago. The company forecasts revenue this year of $605 million to $615 million.
Seattle
2,500 to lose jobs at WaMu offices
Washington Mutual Inc., the nation’s largest savings and loan, said Wednesday it will cut 2,500 jobs by closing 10 home loan support offices as it scales back to better match current mortgage market demand.
In a statement released Wednesday, the Seattle-based company did not specify where the 10 offices are or when the workers would be laid off.
A company spokesman did not immediately return a call seeking further details.
The company has more than 2,600 retail banking, mortgage lending, commercial banking and financial services offices across the country.
Los Angeles
MovieBeam cuts Spokane service
The revamped version of home-movie entertainment service MovieBeam will be available in 29 cities, but not in Spokane, company officials said Wednesday.
The Disney Co. launched the service in three cities in 2003, including Spokane. MovieBeam allows subscribers to watch recent films off a hard-drive device that regularly shuffles movie titles.
In May 2005, Disney shut down the service, but new investors, including Cisco Systems and Intel, allowed it to reopen.
MovieBeam will focus only on the nation’s largest markets, company spokesperson Michelle Cox said.