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The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
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Egghead Software Achieves Turnaround

Egghead Software turned around its profit picture in fiscal 1995, earning $934,000 in the fourth quarter and $2.67 million for the year, compared with losses in the comparable year-earlier periods, the computer software retailer said Thursday. The earnings translated to 5 cents per share on sales of $220 million in the quarter ended April 1. In the fourth quarter of 1994, Egghead lost $407,000 on sales of $209.5 million.

Eagle Posts Record Sales, Earnings

Eagle Hardware & Garden Inc. reported record sales and earnings on Thursday for its first fiscal quarter of 1995. The Renton, Wash.-based hardware chain earned $2.7 million, or 12 cents per share, on sales of $130.1 million during the quarter ending April 28.

Albertson’s Profits Shoot Up 46 Percent

Albertson's Inc., the nation's fourth-largest food retailer, said Thursday first-quarter profits jumped 46 percent from the same period of 1994, from $68.2 million to $99.3 million. The company said some of the increase was due to an accounting change recognized in the first quarter last year. Excluding the cumulative effect of the change, earnings jumped 16.6 percent.

United Security Earnings Improve

United Security Bancorporation Tuesday reported increased earnings, although per-share results slipped because of adjustments made for a stock split, dividend and private placement. The company, which owns two banks, a leasing operation and insurance company, had net income for the quarter ended March 31 of $542,000, or 34 cents per share, compared with $465,000, or 36 cents per share, a year ago.

Procter & Gamble Earnings Surge 31 Percent

Procter & Gamble Co. said Thursday that fiscal third-quarter earnings rose 31 percent from the same period a year ago, when the company sustained big losses on interest-rate derivatives. The consumer goods maker earned $631 million, or 88 cents per share, in the three months ended March 31. That compared with earnings of $482 million, or 66 cents per share, in the same period a year earlier. In the 1994 January-March quarter, the company took a one-time charge of $102 million to cover losses on two interest-rate swap contracts. The latest results reflected a $50 million charge to cover the costs of rebuilding plants damaged in the Jan. 16 Kobe, Japan, earthquake and helping Japanese employees.

Continental Airlines Trims First-Quarter Loss

Continental Airlines Inc. reported Wednesday that first-quarter losses narrowed sharply, attributing the improvement to cost-cutting efforts and an increase in passenger traffic. The company lost $30.2 million, or $1.21 a share, in the three months ended March 31. That compared with a loss of $71.6 million, or $2.86 a share, during the same period a year ago. Revenues rose to $1.41 billion from $1.36 billion. Continental said passenger traffic grew 2.8 percent in the quarter.

Pegasus Gold Posts $1.8 Million Loss

Spokane-based Pegasus Gold Inc. lost $1.8 million, or 5 cents a share, in the first quarter. That compares with a loss of $1.7 million, or 5 cents a share, for first quarter 1994. Increased expenditures on international exploration hurt earnings during the first quarter of this year, the company reported. However, total gold production increased 41 percent to 122,223 ounces, a record for the first quarter.

Safeco Earnings Rise 16 Percent Losses From Earthquake Fail To Slow Insurance Company

Insurer SAFECO Corp. reported on Monday firstquarter net income of $65.2 million, up 16 percent from $56 million a year earlier despite additional losses from the January 1994 earthquake in Southern California. Earnings for the quarter ended March 31 were $1.04 per share on revenues of $936 million, compared with 89 cents per share on revenues of $903.8 million in the first quarter of 1994.

Boeing Earnings Drop 38 Percent For Quarter

Earnings reports The Boeing Co. earned $181 million in the first quarter of 1995, a 38 percent plunge from $292 million a year earlier, a reflection of airline woes translating into fewer deliveries of commercial jetliners, the company said Monday.

Asset Sales Boost Earnings For Asarco

New York-based Asarco Inc. reported higher first quarter earnings Monday that were propelled by cash from asset sales and recovery of bad debt. The mining and mineral refining company earned $65.7 million, or $1.56 per share, the first quarter of this year. That represents a 147 percent increase over the $26.6 million, or 64 cents a share, Asarco earned first quarter 1994.

Kaiser Reports First Profitable Quarter Since 1992 Higher Aluminum Prices Offset Costs Attributed To Brief Strike

Despite the eight-day strike that seriously limited its U.S. operations in February, Kaiser Aluminum Corp. Thursday reported its first profitable quarter since the fourth quarter of 1992. The company reported net income of $3.5 million on sales of $513 million, for the first quarter of 1995. That compares with a net loss of $34.7 million on sales of $415.1 million in the first quarter of 1994. Included in the results are onetime pre-tax expenses of approximately $17 million associated with the 8-day strike by the United Steelworkers of America that idled five U.S. plants, including the company's smelters at Mead and Tacoma, and its Trentwood rolling mill.

Itron Posts Record Revenues, Earnings

Itron Inc. Tuesday reported record revenues and earnings for the quarter ended March 31. The Spokane-based company sold $36.1 million worth of automatic meter-reading equipment to the utilities industry during the quarter, a 43 percent increase over the same period last year.

Wang Will Take $65 Million Charge

Wang Laboratories Inc. said Friday it will take a $65 million charge in the just-finished quarter for layoffs and other costs tied to its acquisition of businesses from Groupe Bull, the struggling French computer maker. Wang said the charge will cause a substantial net loss for its third quarter, which ended Friday, and also for the fiscal year ending June 30. The $65 million charge includes $43 million in severance packages, $13 million for the write-down of certain assets and $9 million for the elimination of some plants.

Eagle Hardware Sales Rise, Profits Fall

Eagle Hardware & Garden, Inc. announced Thursday a 61 percent increase in sales in the past year, to $518.8 million in 1994 from $322.9 million in 1993. Net income for 1994, however, dropped 26 percent in the past year, according to Tukwila, Wash.-based Eagle's fiscal year report ending Jan. 27, 1995.

Ernst Posts Increase In First-Quarter Sales

Ernst Home Center Inc. said sales for the first quarter of fiscal 1995 totaled $122,339,000, up 8.7 percent from the same period of 1994. Comparable store sales (sales from stores open more than one year) were up 4.4 percent for the quarter.

Dell Computer Profits Shoot Up

Profits for Dell Computer Corp. more than tripled in its fiscal fourth quarter on strong sales of notebook and higher-end systems based on the Pentium microprocessor, the company said Tuesday. For the quarter ended Jan. 29, Dell earned $60.3 million, or $1.36 per share, including a one-time benefit of about $5 million, or 10 cents per share, from an extra month of international operations. That compares with $17.7 million, or 39 cents per share, in the fourth quarter of fiscal 1994. Sales topped $1 billion for the first time, rising 39 percent from $742.9 million to $1.03 billion.

Washington Trust Income Falls Slightly

Washington Trust Bank net income was off slightly last year, but only because of a timely restructuring of the bank's securities portfolio. The Spokane-based institution, which also operates several branches in the Columbia Basin, Wednesday reported earnings of $13.6 million for 1994, down from $16 million in 1993.

Panhandle Bank Earnings Surge 42%

Earnings for the Panhandle State Bank in Sandpoint exploded in 1994. Assets, loans and deposits also surged, and stockholder equity was up 29 percent. Net income for the year reached $1.4 million, or $5.48 per share, a 43 percent gain over 1993.

Aetna Chalks Up Fourth-Quarter Profit

Aetna Life & Casualty on Wednesday reported a $160 million profit in the fourth quarter, compared with a loss of $1.1 billion in 1993 that resulted when the company dumped some unprofitable investments. The quarterly profit amounts to $1.42 per share, vs. a loss of $10.10 per share in the fourth quarter of 1993.