CdA Mines sets income mark
Higher silver prices, along with a boost in production, helped Coeur d’Alene Mines Corp. report record income for the first quarter.
The company’s net income was $14.3 million, or 5 cents per share, compared with a net loss of $1.1 million during the first quarter of 2005.
Metal sales generated nearly $45 million during the first quarter. The company’s silver production increased and costs went down while prices for silver rose. Gold prices also rose during the quarter.
In other news, officials said the company’s Kensington Mine in Alaska should start producing gold at the end of 2007.
Spokane
Ad firm opens California office
Spokane advertising firm Magner Sanborn announced it has opened an office in Santa Monica, Calif., to work on projects with a Los Angeles wireless communications client.
Dennis Magner, president of Magner Sanborn, said the work for wireless company Amp’d Mobile Inc. requires the firm to spend time daily with that client.
The company will have three to five employees in Santa Monica. Workers from the Spokane office will also spend time traveling to that office, said Magner.
Magner Sanborn provides advertising and brand design and specializes in integrated brand marketing, said Magner. It’s done work for Yoke’s Markets, Netflix and others.
Kirkland, Wash.
Larry’s Markets files bankruptcy
West-side grocery store chain Larry’s Markets Inc. has filed for Chapter 11 bankruptcy protection and is planning to be acquired this summer.
“There are several interested parties with whom we are talking,” Larry’s Chief Executive Mark McKinney said in a news release Monday. “Our plan is to sell our stores and preserve the employment of our employees and our service to our customers in a seamless transition.”
He blamed heavy debts and an increasingly competitive market for the company’s troubles.
Larry’s has 550 workers with stores in Redmond, Bellevue, Kirkland, Tukwila and two in Seattle.
Spokane
Phoenix Project topic of meeting
A group that’s backing a concept it calls the Phoenix Project will hold a panel discussion on the topic Wednesday at the Spokane Intercollegiate Research & Technology Institute (SIRTI).
The Phoenix Project is envisioned as a cross between “Seattle’s Pike Place Market … (and) a mini-Silicon Valley,” according to Chris Kelly, of the Entrepreneurs Forum of the Great Northwest, one of the groups that supports the concept. Proponents envision artisans sharing space with professional-service businesses and tech companies in a location within Spokane’s University District or Terabyte Triangle.
Wednesday’s meeting will start at 5 p.m. in the fourth-floor boardroom at SIRTI, 665 N. Riverpoint Blvd. For more information, call (509) 483-2320.