Red Lion issues earnings report
Red Lion Hotels Corp. announced third-quarter earnings of $1.5 million, or 7 cents a share, compared with income of $6.8 million, or 51 cents per share, in the year-ago period.
The Spokane company’s current-year quarterly results were affected by a charge of $4.9 million related to the early repayment of debt.
Revenue per available room, a key indicator of financial health in the hospitality industry, increased 9.9 percent, to $62.73.
Olympia
State suspending aid fund charge
The Washington Department of Labor and Industries announced it will partially suspend a charge paid by workers and employers next year.
The state will lower to zero the rate paid into the Medical Aid Fund in second half of 2007, according to a press release from Gov. Chris Gregoire. That fund “currently has more money than is necessary to pay health benefits for injured workers,” acting L&I director Judy Schurke said in a statement.
The suspension would benefit companies differently depending on their claims experience and how many employees are covered.
L&I previously had announced the agency’s intent to lower by 2 percent the average premium rate for workers’ compensation next year. That proposal is headed for a series of public hearings next month.
Washington
IRS urged to offer free filing portal
Leaders of the Senate Finance Committee say a deal between the Internal Revenue Service and private tax preparers that allows people to submit returns by computer is too restrictive and discourages electronic filing.
Sens. Charles Grassley, R-Iowa, and Max Baucus, D-Mont., said declines in participation in the Free File program show it is not working.
“If the tax preparation industry cannot provide free basic filing services without hidden costs and traps, perhaps it is time to consider having the IRS provide a direct filing portal to enable all taxpayers to file electronically without cost,” they wrote IRS Commissioner Mark Everson on Thursday.
A recent report by an internal watchdog at the Treasury Department noted that fewer people were using the program after renegotiation of the contract between the IRS and the private industry that went into effect in January.
Beaverton, Ore.
Nike plans soccer market expansion
Nike Inc. said Thursday that veteran manager Joaquin Hidalgo will lead a soccer market expansion effort to make Nike the top brand by the next World Cup in 2010.
The Beaverton-based athletic shoe and clothing giant has built its soccer line into a $1.5 billion business that saw 20 percent growth last year.
For the 2006 World Cup, Nike launched its “Joga Bonito” – play beautiful – soccer marketing campaign that featured a Web site and digital television access that attracted more than 100 million soccer fans.