General
Cowlitz Bancorp first quarter earnings up 65 percent
Cowlitz Bancorp reported net income of $1.1 million for the first quarter of 2006, up 65 percent over the same period last year. Earnings per diluted share were 21 cents, versus 18 cents.
Total loans increased 45 percent to $287.3 million, total deposits were up 30 percent to $321.7 million and total assets were $382.6 million, up 33 percent.
Longview-based Cowlitz Bancorp’s newly acquired Seattle branch allows the bank to expand its international trade finance capabilities. The company expanded its presence in Southwest Washington with the opening of its first full-service Bay Bank branch in Vancouver.
Riverview reports 2006 results
Riverview Bancorp reported that net income increased 49 percent to $9.7 million for the 2006 fiscal year. The company said expanding net interest margin, excellent organic loan and core deposit growth and the contribution from the American Pacific Bank acquisition contributed to growth. Earnings per diluted share were $1.72, versus $1.33.
Net income for the fourth quarter increased 56 percent to $2.6 million. Earnings per diluted share were 46 cents, versus 34 cents. For the fourth quarter, deposits grew 33 percent to $607 million, loans increased 45 percent to $623 million and total assets increased 33 percent to $764 million.
The bank opened a new operations center and its 10th Clark County branch last year. Vancouver-based Riverview said it will open at least one new bank facility this year in the Portland/Vancouver metropolitan area this year.
Nautilus first quarter income off 45 percent
Nautilus Inc. announced first quarter sales of $185 million, up 18 percent from a year ago. Net income was $5.2 million, off 45 percent. Earnings per share were 16 cents, versus 28 cents. The company said manufacturing issues that slowed its performance in the fourth quarter of 2005 have been corrected and all six new cardio products are now in production. Earlier this year, the company reorganized its executive team and developed three business units, Fitness Equipment Business, International Equipment Business and Fitness Apparel Business.
Barrett Business Services income up 46 percent
Barrett Business Services Inc. reported revenues for the first quarter increase 19 percent from a year ago to $58.3 million. Net income was $1.4 million, up 46 percent. Diluted earnings per share were 12 cents, versus 10 cents.
BBSI provides human resource management solutions to large and small companies throughout the United States. Earlier this year, the company relocated from Portland to new corporate offices in Vancouver near the Vancouver mall.
MedBulk ships begin calling at Port of Longview
MedBulk Maritime Limited began shipping wood pulp through the Port of Longview early this year. The shipper is part of the d’Amico Group, an Italian company specializing in the transport of forest products, steel and breakbulk cargos from the West Coast of North America to the Mediterranean.
Approximately 30,000 tons of wood pulp will be loaded onto a dozen MedBulk vessels annually. Wood pulp arrives by truck from Pope & Talbot’s Halsey, Ore., pulp mill.
The new business has potential for steel shipments through the port in the future. MedBulk ships sailing back to Longview with empty holds travel eastward across the Pacific Ocean – a route that might prove beneficial for steel shipments.
Bureau receives award for exceptional reporting practices
The Southwest Washington Convention and Visitors Bureau has again been given national recognition by the Destination Marketing Association International for their excellence in reporting to the Association’s Meeting Information Network. MINT is a prospecting tool and historical meetings database in use by more than 160 convention and visitor bureaus and destination marketing organizations nationwide.
The SWCVB was awarded the 2006 Reporting Excellence award. In 2005, it was distinguished as the best in budget category for Exceptional Reporting Practices.
Destination Marketing Association International is a professional, educational and networking resource for convention and visitor bureaus and tourism boards worldwide.
Salmon Creek Burgerville location implements composting program
The Holland Inc. has implemented a composting pilot program at its Salmon Creek Burgerville location. Burgerville is disposing of all paper and food waste into a composting container picked up weekly by Waste Connections Inc. of Clark County.
The composting materials are then sent to family-owned Cedar Grove Composting, an organic recycling company. Cedar Grove Composting transforms the waste into nutrient-rich compost which is sold for use in new and existing lawns, as a soil amendment for mulch and for use in vegetable gardens.
The pilot program will be evaluated with the potential for the program to be implemented at all of the 39 Burgerville locations throughout Oregon and Washington.
WD Briefs
L&I renames WISHA Division of Occupational Safety and Health
The Department of Labor and Industries has changed the name of the division responsible for workplace safety and health from WISHA to the Division of Occupational Safety and Health, or DOSH.
The change coincides with a restructuring of the state’s workplace safety and health program to better ensure consistent enforcement statewide, and the naming of a new assistant director for workplace safety, Steve Cant.
Though the name change is effective immediately, L&I will continue to use its existing WISHA letterhead stationary, brochures and publications until supplies have been depleted.
B&F Briefs
West Coast Bank adds support Web site, more payment solution services
At the new www.ideposit.com Web site, which is linked to the bank’s customer Web site, www.wcb.com, visitors can watch a video demonstrating the iDeposit process and customer benefits.
The ARC payment solution allows a company to convert paper checks received from a customer into an electronic payment for processing through the Automated Clearing House. This provides quicker processing on questionable accounts and reduces credit risk exposure.
The RCK payment solution allows a business to re-present a paper check after the check has been returned for insufficient or uncollected funds, increasing the likelihood of collection, again minimizing credit risk exposure.
I&T Briefs
Dotster adds capabilities to Web hosting packages
Dotster Inc., a Vancouver-based provider of domain registration and Web hosting packages and services, announced a new suite of Web hosting packages for businesses and consumers. Dotster’s new packages feature expanded capabilities, such as increased storage space and more bandwidth, at a cost equal to current price points. Dotster will automatically upgrade all current customers’ packages on its latest hosting platform to reflect the new capacities.
The added storage space allows for more content, links and pages as well as higher-quality graphics and photos on a user’s Web site. The expanded bandwidth ensures that their Web sites can handle the increase in interactive traffic as their business or community grows.
New Edge Networks expands EarthLink’s access footprint
Following the acquisition of Vancouver-based New Edge Networks, EarthLink Inc. announced the expansion of its Small to Medium Enterprise unit.
The newly named unit, EarthLink Business Solutions, will take advantage of the company’s recent acquisition of New Edge Networks, which builds and manages networks for businesses and communication providers nationwide.
With New Edge Networks, EarthLink Business Solutions customers will have access to the largest broadband footprint in the country. New Edge’s presence will also enable EarthLink’s retail and channel partners to sell business access nationwide.
Battle Ground Wireless expands coverage area
Battle Ground Wireless has expanded its coverage area in the Allworth Valley and lower Risto Road areas. Its 900mhz non-line-of-site technology allows customers not within sight of Yacolt Mountain to receive Battle Ground Wireless internet. The company has provided high-speed wireless internet to the Battle Ground area, including many businesses, since 2003. Visit www.bgwireless.com or call 360-666-7648 for more information.
