Enron accounting fine, witness says
Last-minute changes to quarterly earnings reports prosecutors contend were ordered by Enron Corp. chief executive Jeffrey Skilling to improve the company’s reputation on Wall Street were accurate, and not the result of improper tapping of company reserves, a defense expert testified Wednesday.
“The whole process of financial reporting, in a company as large as Enron, to get financial statements out … is an enormous undertaking,” said Walter Rush, an accounting expert hired by Skilling. “And people are scrambling, trying to get these estimates put together.
“There are changes going on up to the very last second. It is universal. Every company goes through this.”
Rush was the second consecutive accounting expert to take the stand, following University of Southern California professor Jerry Arnold, who testified for Enron founder and former CEO Kenneth Lay in the 14th week of their federal fraud trial.
U.S. District Judge Sim Lake said late Wednesday he wanted testimony and rebuttal witnesses finished no later than the end of next week, and tentatively set reading of his charge to the jury and the start of closing arguments for May 15. Defense lawyers would get to make their final arguments the following day, with prosecutors getting the remainder of their closing time on May 17. The case would then go to the jury.
Spokane
Grocery Outlet in bigger site
Grocery Outlet recently moved into a larger store at 7810 N. Division.
The 25,000-square-foot building has double the space of the previous location, said Mike Clancy, who operates the north Spokane and east Spokane Grocery Outlet stores with his wife, Donna Clancy.
Having more space enabled the business to expand on beer and wine selections and other merchandise, he said.
The Clancys opened their first store on East Sprague in 1983. Six years ago, the couple started a north Spokane store, about a block away from the new location. Over the years, they modified their discount store model by bringing in more frozen foods and adding fresh produce.
Grocery Outlet is celebrating its grand opening on Saturday with giveaways and drawings.
Coeur d’Alene
Hecla Mining sees earnings gain
Higher metals prices and profits from the sale of a gold stock helped Hecla Mining Co. post first-quarter earnings of $38.4 million.
The earnings, released Wednesday, amounted to 32 cents per share. During the first quarter of 2005, Hecla posted a loss of $3.3 million, or 3 cents per share.
Silver prices averaged $9.69 per ounce during the first quarter of this year, and the average price for gold was $558 per ounce.
In addition, the company received an after-tax gain of $35.6 million on the sale of Alamos Gold Inc. Hecla invested $21 million in the stock and sold its shares in January for $57 million in cash.
Hecla operates gold and silver mines in Idaho and Latin America. It is also a part-owner of a mine in Alaska.