Friday, April 22, 2005
Warm trend hurts Cascade Natural Gas Corp.
Cascade Natural Gas Corp. said yesterday that its profit for the second fiscal quarter was $7.4 million, or 65 cents a share, down from $8.7 million, or 77 cents a share. Revenue fell from $117.7 million to $104.6 million. The Seattle-based utility said the lower results were because of lower gas consumption that resulted from warmer weather and conservation prompted by higher gas prices; that was partially offset by customer growth.
Tacoma-based Rainier Pacific Financial Group Inc. reported first-quarter net income of $765,000, or 12 cents a share, up from $754,000, or 10 cents a share, a year ago. Rainier Pacific operates 12 branches and has $756 million in assets.
Cowlitz Bancorporation of Longview earned $642,000, or 15 cents a share, in the first quarter, up from $397,000, or 10 cents a share, a year ago. The company has $286.3 million in assets and eight branches operating under the Cowlitz and Bay Bank names.
Quinton Cardiology Systems Inc., a Bothell medical-device maker, yesterday reported a first-quarter net income of $979,000, or 7 cents per share. That was a decrease from its nearly $1.1 million net income, or 8 cents per share, from the same period a year ago.
Revenue for the quarter was $21.3 million, a slight drop from $21.7 million for the 2004 first quarter. The company said it ended the quarter with $22.8 million in cash.
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