Business in brief: Seattle fund raises stake in Red Lion

A Seattle investment company has purchased almost two million shares of Red Lion Hotels Corp. since August 2007, making it the largest holder of shares in the Spokane-based hospitality company.

The 1,943,324 shares owned by Columbia Pacific Opportunity Fund raised its stake in Red Lion to more than 10 percent.

But Red Lion President Anapam Narayan said Columbia Pacific Advisers, the fund manager, has indicated they acquired the shares as an investment only, not as a precursor to further action. The Seattle company would have to make additional filings with the U.S. Securities and Exchange Commission should its intentions change, he noted.

Red Lion shares have slumped since last summer, touching a 52-week low, $7.52, on Feb. 12.

– Bert Caldwell

Coeur d’Alene

Hecla earnings near record

Hecla Mining Co.’s 2007 earnings of $52.2 million were the second-highest on record for the 117-year-old Coeur d’Alene firm.

The company’s all-time high was in 2006, when Hecla posted earnings of $68.6 million.

CEO Phil Baker said last year’s strong performance came despite gold production dropping 45 percent at the company’s Venezuelan properties.

The Lucky Friday Mine in Mullan, Idaho, turned in one of its best performances in terms of income and cash flow, producing 3.1 million ounces of silver.

Metals prices were very strong last year, which also helped the company’s bottom line. Silver averaged $13.39 per ounce. Gold was at $697 per ounce. Lead, an important byproduct at the Lucky Friday and Hecla’s Greens Creek mine in Alaska, reached nearly $1.80 per pound during the second half for 2007. For the entire year, lead averaged $1.17 per pound, more than double the 2006 price.

– Becky Kramer

Kennewick, Wash.

Lockheed Martin a Hanford finalist

Lockheed Martin has confirmed it is a finalist for Hanford’s Mission Support Contract.

The Department of Energy contacted bidders for the Hanford contract this week to let them know if they were among the finalists. The DOE determined a competitive range for the contract award earlier this month. The range was used to narrow the bidders to an unspecified number based on their cost and technical approach.

The DOE considers details about the competitive range and the identity of bidders for the contract procurement sensitive and has released no more information.

It is seeking a contractor to do work valued at up to $325 million a year for up to 10 years. The contractor would provide services needed to support contractors performing the work of cleaning up contamination from the past production of plutonium for the nation’s nuclear weapons program. The contract work includes security, fire protection, computer services and other information technology, utilities, training at HAMMER and road and railroad services.

The work is part of Fluor’s contract, which expires this fall.

– The Tri-City Herald