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15th Anniversary for Abarim Snohomish County Stock Index For additional information contact: Tim Raetzloff 425 670 8167 The Abarim Snohomish County Stock Index (ASCSI) is 15 years old tomorrow. I hope not to work tomorrow, so I made up the annual report today. On November 21, 2008, I reported that the ASCSI had suffered its worst year ever. Last year, on November 21, 2008, the combined market capitalization of the 11 ASCSI companies was 2.239 billion dollars. Market capitalization is calculated by multiplying the value of one share by the number of shares outstanding. This year was better, although it may not have seemed so as we went through it. Today, one year later, the combined market capitalization of the 11 ASCSI companies is 2.926 billion dollars, a gain of 31%. Snohomish County is up, but it has been a rough year. On March 9, the ASCSI reached its all-time low. The recovery from that low has been rapid. Snohomish County is up 67% in less than 9 months. The "big 4" companies in Snohomish County are Seattle Genetics at 928 million dollars in market capitalization; Intermec at 787 million dollars; SonoSite at 404 million dollars; and Zumiez at 368 million dollars. This is the 2nd year, in the last 12 years, that no company in Snohomish County has a market capitalization of one billion dollars or more. Seattle Genetics was above the one billion dollar mark for much of the last 3 months, but isn't there on the ASCSI anniversary. This year there are 11 ASCSI companies; on November 21, 2008 there were 10. We lost one of the notable names in Snohomish County this year, Frontier Financial. Frontier shares have traded under one dollar for much of 2009, and Frontier does not qualify for inclusion in the ASCSI at this time. Frontier is one of 5 Snohomish County companies that have had a market capitalization of one billion dollars or more at some time in the past. The other companies were ICOS, Intermec, Zumiez, and Seattle Genetics. The newcomers in the ASCSI are MDRNA and Neah Power Systems. MDRNA is not exactly new, it is descended from Nastech Pharmaceuticals, a long-time ASCSI company. The 15th year of the ASCSI was a definite improvement over the 14th year. Here's hoping that the trend continues. The 11 companies in the Abarim Snohomish County Stock Index are: Cascade Financial Intermec MDRNA Neah Power Systems OncoGenex The Abarim Snohomish County Stock Index is a promotional index prepared by Abarim Business Computers. For inclusion, a company must have its headquarters in Snohomish County, its shares must trade on a recognized exchange where quotes are always available by a computer online, its shares must trade over $1 per share, and it must be current in all required regulatory filings. If a company's shares fall below $1 for a calendar month it will be removed from the index. If a company's shares trade above $1 for a calendar month it will be added to the index. Abarim Business Computers holds an investment portfolio, which does not include any companies that are part of the Abarim Snohomish County Stock Index. Inclusion in the Abarim Snohomish County Stock Index, or a link at the Abarim web site does not constitute a recommendation or endorsement by Abarim Business Computers or its employees. Edmonds, WA " The Friendliest Town on Puget Sound " For additional information contact: Tim Raetzloff 425 670 8167 ASCSI Rebounds during 3rd Quarter September 30, 2009 The Abarim Snohomish County Stock Index rebounded sharply during the 3rd quarter. For the quarter the ASCSI was up 36.40 to 151.09, a gain of 31.7%. Combined market capitalization in Snohomish County was up even more, 43.8% to 3.775 billion dollars. Market capitalization is calculated by multiplying the value of one share by the number of shares outstanding. Combined market capitalization totals the value of all the companies in Snohomish County. Combined market capitalization is still far below the 9 billion dollars that Snohomish County reached in December 2006; the ASCSI was at 496.04 at its peak on December 4, 2006. Zumiez (ZUMZ) was the big gainer during the quarter, up from $8.01 to $16.41, a gain of 105%. Seattle Genetics (SGEN) was up 44% during the 3rd quarter; SGEN also sold more than 12.5 million additional shares to continue funding research. Those 12.5 million shares added 175 million dollars to the combined market capitalization of the county, 7% of the total gain in market capitalization. SGEN market capitalization jumped to 1.4 billion dollars at quarter end. SGEN is the 5th Snohomish County company to pass the 1 billion dollar threshold in market capitalization. ICOS was the first, a decade ago, followed by Intermec (Unova at that time), Frontier Financial, and Zumiez. SGEN is the 2nd largest biotech in Washington, as measured by market capitalization, behind Seattle-based Dendreon. The ASCSI has 11 companies at quarter end, the same as at the end of the 2nd quarter, but not the same companies. Frontier Financial (FTBK) was dropped from the ASCSI after trading below $1 a share for more than a month. For the last 10 days of September FTBK has traded above $ 1 a share and may re-qualify for the ASCSI if that share value is maintained for a month. The new company in the ASCSI is Neah Power Systems (NPWS), which qualified for inclusion by a reverse stock split, which enabled NPWS to trade over $1 a share for more than a month. Abarim Snohomish County Stock Index 151.09
The Abarim Snohomish County Stock Index is a promotional index prepared by Abarim Business Computers. For inclusion, a company must have its headquarters in Snohomish County, its shares must trade on a recognized exchange where quotes are always available by a computer online, its shares must trade over $1 per share, and it must be current in all required regulatory filings. If a company's shares fall below $1 for a calendar month it will be removed from the index. If a company's shares trade above $1 for a calendar month it will be added to the index. Abarim Business Computers holds an investment portfolio, which does not include any companies that are part of the Abarim Snohomish County Stock Index. Inclusion in the Abarim Snohomish County Stock Index, or a link at the Abarim web site does not constitute a recommendation or endorsement by Abarim Business Computers or its employees. Cardiac Science Edmonds, WA " The Friendliest Town on Puget Sound " For additional information contact: Tim Raetzloff 425 670 8167 ASCSI Up 16.9% in 2nd Quarter June 30, 2009 The Abarim Snohomish County Stock Index (ASCSI) was up 16.9% in the 2nd quarter of 2009. The results were slightly skewed by the performance of OncoGenex, which is one of the smallest companies in Snohomish County, but was up 379% in the quarter. Without OncoGenex, Snohomish County was up about 11%. OncoGenex was the biggest mover in the ASCSI, but not the biggest mover in the county. Neah Power Systems, a non-ASCSI stock because it trades under $1, was up 3175% in the 2nd quarter, from less than half a penny to more than 13 cents; I have no idea what sparked the move in either company. During the 2nd quarter MDRNA re-qualified for inclusion in the ASCSI and was added to the index on June 12.
114.69
The Abarim Snohomish County Stock Index is a promotional index prepared by Abarim Business Computers. For inclusion, a company must have its headquarters in Snohomish County, its shares must trade on a recognized exchange where quotes are always available by a computer online, its shares must trade over $1 per share, and it must be current in all required regulatory filings. If a company's shares fall below $1 for a calendar month it will be removed from the index. If a company's shares trade above $1 for a calendar month it will be added to the index. Abarim Business Computers holds an investment portfolio, which does not include any companies that are part of the Abarim Snohomish County Stock Index. Inclusion in the Abarim Snohomish County Stock Index, or a link at the Abarim web site does not constitute a recommendation or endorsement by Abarim Business Computers or its employees. Cardiac Science
March 20, 2009 OK - here's the story. My articles in the Beacon carry a disclaimer at the bottom that I own Washington Mutual and don't own any of the other stocks mentioned in the article. Yes, I did hear that Washington Mutual is dead. And, no, the death of Washington Mutual didn't hurt me much, except emotionally. It did hurt emotionally. Washington Mutual shares were very friendly to me and my family. We sold our shares several years ago, before the collapse. That is - we sold all but 75 shares. Those 75 shares belonged to my mother. We could never find those shares. What she did with the shares we will never know. It is supposedly easy to get lost certificates replaced. In fact it is fairly easy to get lost certificates replaced. The 75 shares of Washington Mutual aren't the only certificates that my mother lost. We were able to replace the shares in other companies. I have power of attorney for my mother, and I was the one who handled the replacement of certificates with the transfer agents. Transfer agents are the folks who are paid to keep track of company's shares. The transfer agent is the one who verifies that shares are legitimate and are properly endorsed for sale by someone who has the right to sell the shares. The purpose of a transfer agent is to weed out those who would attempt to sell shares that they don't own, and weed out counterfeit shares of stock. As in every walk of life, some transfer agents are more competent and efficient than others. I became very used to talking to folks with Jersey accents. New Jersey is where many of the transfer agents are located - right across the river from Wall Street, but in a much lower rent district. And the folks at the transfer agents in New Jersey get fired if they make a big mistake - unlike the folks on Wall Street in New York who get a big bonus from TARP money when they bankrupt the company - totally different culture. Most of the transfer agents that I worked with were efficient. I paid for a bond at AIG to guarantee that the lost certificates would never surface again and new stock certificates were issued. Washington Mutual was different. Maybe there was a message there. Washington Mutual's transfer agent made me jump through hoop after hoop. Then, just as the process was complete and we were ready to get certificates issued, the transfer agent would find another hoop to jump through, another certification to prove that I really had the right to have a certificate issued for my mother. Part of the problem was that I could never talk to the same person twice. Washington Mutual's transfer agent was nominally also located in New Jersey, but I was usually taking to someone in Jamaica, or the Bahamas, or somewhere in the Caribbean, but, seemingly, never the same place or person. It didn't help that the folks at the transfer agent regularly told me that the process would be much easier if my mother was dead. Maybe that is how this sort of thing is remedied in New Jersey or Jamaica. Ultimately the price of Washington Mutual faded and faded and faded and it wasn't worth the time investment for the amount of money involved. That is why I continued to have the disclaimer about Washington Mutual. Once WaMu disappeared in September the disclaimer should have been removed, but miscommunication between me and my editor, Al Hooper, and later miscommunication between Al and his computer (it's a Mac and doesn't always respond to communication that started on an inferior PC) caused the WaMu disclaimer to continue long after it had outlived its usefulness. It may appear again someday like a ghost. Now I am going to present Al with another problem. I actually hadn't owned any shares of stock between April 2002 and a couple of weeks ago. I sold out of the market completely when my wife was diagnosed with cancer. Then I waited because I thought the market was too high. Then I waited because I thought the market would drop more. On March 12 I bought shares for the first time in 7 years. This is not a recommendation to buy. I usually buy too soon and sell too soon, but I hold for a medium term and it usually works out. Based on my track record the market could go down another 20% after I buy and it would be normal. So the advice is this. Make your own decisions. Don't jump because someone else did. I don't think I will put any more disclaimers at the bottom of the column. If I own a stock that is mentioned in a report, I will put a note right there in parentheses that I own the stock - like this (I own shares of ZZZZ but that doesn't mean that you should). As for Washington Mutual - I do still control those 75 shares for my mother, which may or may not have value on any given day because of expectations about the lawsuit between the WaMu holding company and the government and JP Morgan Chase. I may yet find it necessary to work with the transfer agent to get a replacement certificate. Maybe that will be a story for another day.
Seattle Genetics Provides A Bit of Good News February 6, 2009 On February 2, Seattle Genetics sold more than 5.7 million shares of stock at $9.72 a share. The gross proceeds from the sale are more than 54 million dollars. Seattle Genetics intends to use the net proceeds from this offering to fund research and development, including clinical trials and manufacturing campaigns for its proprietary product candidates, and for general corporate purposes, including working capital. Seattle Genetics now has 85.5 million shares outstanding and has a market capitalization of 880 million dollars as of the close of trading on February 6, 2009. Market capitalization is calculated by multiplying the value of one share by the number of shares outstanding, and provides a snapshot of the value of a company. Seattle Genetics is the most valuable company in Snohomish County. In the 15 years that I have measured Snohomish County with the Abarim Snohomish County Stock Index, Seattle Genetics is the 6th company to wear the title of most valuable company in Snohomish County. The others were CellPro, Fluke, ATL Ultrasound, ICOS, and, most recently, Intermec.
Cascade Financial Frontier Financial OncoGenex The Abarim Snohomish County Stock Index is a promotional index prepared by Abarim Business Computers. For inclusion, a company must have its headquarters in Snohomish County, its shares must trade on a recognized exchange where quotes are always available by a computer online, its shares must trade over $1 per share, and it must be current in all required regulatory filings. If a company's shares fall below $1 for a calendar month it will be removed from the index. If a company's shares trade above $1 for a calendar month it will be added to the index. Abarim Business Computers does not hold an investment in any companies that are part of the Abarim Snohomish County Stock Index. Inclusion in the Abarim Snohomish County Stock Index, or a link at the Abarim web site does not constitute a recommendation or endorsement by Abarim Business Computers or its employees.
Snohomish County and the Boeing Effect At Abarim Business Computers, Inc. I have calculated the Abarim Snohomish County Stock Index (ASCSI) for more than 13 years, and have become reasonably familiar with the economic tradewinds in Snohomish County. Boeing is not a component company in the ASCSI, but Boeing is the single largest economic influence in Snohomish County. Boeing has contributed to the very healthy growth of Snohomish County in this decade. Unfortunately, it appears that Boeing is at a watershed and, in the short term, Snohomish County will be carried along with Boeing. The 787 program is months behind schedule. Boeing has promised that it will have the 787 certified by the end of this year, at least 6 months behind the original schedule. David Greising and Julie Johnsson, writing in the Chicago Tribune in December, report that some of Boeing's suppliers are feeling the financial pinch caused by the delay in production of the 787. According to Greising and Johnsson, Spirit AeroSystems only produced 2 completed nose sections by the end of 2007. In 2008, Spirit will be expected to produce 45 nose sections in 2008 to meet the new Boeing projections, but won't begin to recoup upfront costs until the first plane is delivered to All Nippon Airways sometime in 2009. Boeing also has political problems. John McCain is probably Boeing's last choice for President, but he will certainly be the Republican nominee. It was McCain who thwarted the lease of 100 Boeing tankers to the Air Force in 2003. On the Democratic side, Boeing may not be any happier. Barack Obama is a Senator from Illinois, and Boeing is a Chicago company, sort of. Obama is not known to be favorable to the aerospace industry, and Boeing has used up much of its good will in Chicago. In November 2003, Robert Reed, writing in Chicago Magazine, reported disappointment that Boeing had moved barely 40% of the promised jobs to Chicago from Seattle, and none of the promised side benefits. More recently Daniel Gross, writing in Slate, reported that "Chicago's one big win in recent years- in 2001 it convinced Boeing to relocate its headquarters from Seattle to Chicago - has been something of a loser." Boeing moved so few corporate jobs to Chicago that, as of today, the SEC still lists Seattle as the business address, and Chicago as the mailing address. The 787 may be affected by political woes. The FAA is supposedly independent of political pressure and FAA approval is supposed to be based on aircraft safety, but, like FDA approval of new medicines, it seems to be affected by political winds. A new aircraft, a new concept, like the 787 seems far more likely to quickly be approved by a Bush administration FAA than by any likely successor administration. If Boeing fails to complete the 787 approval by December, it is likely that the delivery schedule will be delayed by several more months of increased scrutiny of the project, with resulting cash flow problems for Boeing and its suppliers. A Boeing failure to deliver the 787 on the already delayed schedule will affect the entire country, but it will have a concentrated affect in Snohomish County. The entire country will be affected by the stock price adjustment of Boeing shares that will follow another delay. Boeing is the 3rd biggest component in the Dow Jones Industrial Average. Boeing in not the 3rd biggest company in the DJIA, but, because Boeing has the 3rd highest share price, it has the 3rd largest percentage affect on the DJIA. For example, if Microsoft, a much more valuable company than Boeing, were to lose half of its share value, the result would drop the DJIA by about 115 points. If Boeing were to lose half of its share value, the DJIA would drop by about 325 points. For Snohomish County the effect will be magnified. A significant stock market drop will affect everybody and every part of the country. Job losses caused by a delay in the 787 program will hit home at the same time in every locale where 787 work is done. Obviously Snohomish County is one of those locales. Hiring for the 787 program has been relatively small compared to the launch of previous Boeing models. Layoffs will also be relatively small compared to other Boeing downturns. The number of Boeing suppliers that have located jobs in Snohomish County has also been disappointingly small. That may turn out to be a blessing. The critical fact of potential Boeing layoffs associated with a delayed 787 program is that the layoffs will come at a time of already slowing job growth. Snohomish County will not suddenly be pushed into depression, but the county will feel it and should be getting ready now. There is no way of knowing if a stock market pullback and a recession will also slow delivery schedules for other Boeing multi-aisle aircraft. If that were to happen the effect would be significant layoffs at Boeing Everett, and would pull Snohomish County into recession. That seems not a high probability scenario, but one that should be watched for the possible consequences. Snohomish County is still highly dependent on the aerospace industry. A significant delay in the 787 delivery schedule will certainly be felt in Snohomish County; if that is accompanied by a national recession, it will be felt hard in Snohomish County. Of the shareholder-owned companies in the Abarim Snohomish County Stock Index, if seems likely that the companies that would suffer the most would be the banks. The 3 largest banks in Snohomish County (the 3 which are in the ASCSI) have been boosted in their growth by the health of their home county. All 3 have grown outside of Snohomish County, but the core business, and some of the most profitable business is here. All 3 are have more than one billion dollars in assets. Frontier is at about 4 billion dollars in assets and was recently named the most profitable bank in the country, of the 150 largest banks, by Bank Director Magazine. A recession in the core market will hurt all 3. Most of the other companies in the ASCSI will rise or fall with the national economy. The biotechs have already been hurt by the drying pool of capital and other factors, including the well-intended but heavy-handed Sarbanes-Oxley. A national recession may cause more distress for biotechs, but a local recession is unlikely to affect them at all - it may even be slightly beneficial in attracting suitable employees at less cost. Snohomish County went to great expense and effort to attract the 787 program. This year we will discover if that expense and effort was worth it. The Abarim Snohomish County Stock Index is a promotional index prepared by Abarim Business Computers. For inclusion, a company must have its headquarters in Snohomish County, its shares must trade on a recognized exchange where quotes are always available by a computer online, its shares must trade over $1 per share, and it must be current in all required regulatory filings. If a company's shares fall below $1 for a calendar month it will be removed from the index. If a company's shares trade above $1 for a calendar month it will be added to the index. Abarim Business Computers holds an investment portfolio, which does not include any companies that are part of the Abarim Snohomish County Stock Index. Inclusion in the Abarim Snohomish County Stock Index, or a link at the Abarim web site does not constitute a recommendation or endorsement by Abarim Business Computers or its employees.
13th Anniversary for Abarim Snohomish County Stock Index For additional information contact: Tim Raetzloff 425 670 8167 One year ago 3 Snohomish County companies were valued at one billion dollars or more, and 6 were valued at 500 million dollars or more. This year only one company, Intermec, has a value of more than one billion dollars, and 5 have a value of more than 500 million dollars. The biggest damage in 2007 was in biotech. The largest biotech company in Snohomish County, ICOS, was sold in 2007 to Eli Lilly in a merger where many shareholders believed that they did not receive full value. 2 other biotechs had disappointing news on proposed products that were in trials and suffered a large loss in share value as a result. The best hope that I can offer is that 1998 was actually worse than 2007. In 1998 the 2 largest companies in Snohomish County were merged out of existence, and Snohomish County lost half of its combined market capitalization. Snohomish County has recovered nicely since 1998 and, hopefully, will again. It is perhaps ironic that the company which led Snohomish County out of the 1998 downturn was ICOS. The 10 companies in the Abarim Snohomish County Stock Index are: Cascade Financial Frontier Financial Nastech Pharmaceutical The Abarim Snohomish County Stock Index is a promotional index prepared by Abarim Business Computers. For inclusion, a company must have its headquarters in Snohomish County, its shares must trade on a recognized exchange where quotes are always available by a computer online, its shares must trade over $1 per share, and it must be current in all required regulatory filings. If a company's shares fall below $1 for a calendar month it will be removed from the index. If a company's shares trade above $1 for a calendar month it will be added to the index. Abarim Business Computers holds an investment portfolio, which does not include any companies that are part of the Abarim Snohomish County Stock Index. Inclusion in the Abarim Snohomish County Stock Index, or a link at the Abarim web site does not constitute a recommendation or endorsement by Abarim Business Computers or its employees.
12th Anniversary for Abarim Snohomish County Stock Index For additional information contact: Tim Raetzloff 425 670 8167 The real significance of 8.465 billion dollars is found by comparing that number to where Snohomish County was the day the ASCSI was born 12 years ago. The total value of all companies in Snohomish County, the combined market capitalization, was 830 million dollars on November 21, 1994. The combined market value of Snohomish County was small compared to Washington or the United States. 830 million dollars was about 1% of the value of Washington and 16 one-thousandths of one per cent of the value of the United States. The largest company in Snohomish County, Cellpro, had a market capitalization of 241 million dollars. 8.465 billion dollars from 830 million dollars in 12 years is a big jump for Snohomish County, but how does it compare to the rest of the world. There has been inflation since 1994, and the stock market has been up more than it has been down. The value of Washington companies has led the nation and the world. In 1994 the combined market capitalization of Washington companies was about 1.6% of the combined market capitalization of the United States. The same comparison today gives Washington about 3.7% of the combined market capitalization of the United States, nearly 600 billion dollars. Snohomish County is now about 1.4% of the Washington total and has more than tripled its share of the United States total to 52 one-thousandths of one per cent of the United States. OK, Snohomish County is still small by national and international comparisons, especially since our neighbor county to the south is truly a world leader by every measure. But there has been growth, measurable growth. The number of companies has grown from 6 companies in the original ASCSI to 11 now and 12 in a week or two. The market capitalization has grown to 10 times what it was in 1994, and has grown more than 3 times as fast as the nation as a whole. The largest company in Snohomish County is now worth 2.1 billion dollars, 3 companies have a value over 1.3 billion dollars each, and 6 companies are worth more than 500 million dollars.
In 12 years Snohomish County has progressed from an almost insignificant blip on the world financial radar, to a small, but now noticeable, blip. Perhaps the next 12 years will see growth to a genuine presence in world financial circles. And there is some reason to believe that is a real possibility. In April President Hu of China visited the United States. In a visit of 4 days, President Hu stayed in the Seattle area for 2 days, about half of that time in Snohomish County, arriving and departing the Seattle area via Paine Field, and he delivered a major policy speech at the Future of Flight Aviation Center. There is no question that the United States, after a century as the world economic and political leader, is about to lose that role to China. The Puget Sound Region, and Snohomish County in particular, seem well placed to continue to thrive as a credible link between the economies of the present and the future. The 11 companies in the Abarim Snohomish County Stock Index are: Cascade Financial Nastech Pharmaceutical The company that I expect to soon add to the ASCSI is Neah Power Systems, which has completed the required filings at SEC to qualify, but has, at this moment, not moved to a qualifying exchange.
Snohomish County Home to 3 Billion-dollar Banks Edmonds, WA " The Friendliest Town on Puget Sound " October 13, 2006 For additional information contact: Tim Raetzloff 425 670 8167 Snohomish County is home to 3 billion-dollar banks for the first time, as measured by assets. Lynnwood-based CityBank announced its quarterly earnings after the close of the market yesterday, and, for the first time in CityBank's 32-year history, CityBank has assets exceeding one billion dollars. Everett-based Frontier Financial first topped one billion dollars in assets in 1998, and had 3.099 billion dollars in assets on June30, 2006. Everett-based Cascade Financial was the 2nd Snohomish County bank to top one billion dollars in assets in 2004, and had 1.294 billion dollars in assets on June 30, 2006. CityBank is the 3rd billion-dollar bank in Snohomish County and reported 1.017 billion dollars in assets as of September 30, 2006. This is further evidence that Snohomish County is establishing itself as a secondary economic center in Washington, behind King County and moving parallel to Spokane County in growth of locally based industry and financial markets. Frontier Financial is also a billion-dollar company, measured by market capitalization, one of three in Snohomish County - the others are ICOS and Intermec. Market capitalization is calculated by multiplying the value of one share by the total number of shares outstanding. CityBank, Frontier Financial, Cascade Financial, ICOS, and Intermec are all component companies in the Abarim Snohomish County Stock Index (ASCSI). The ASCSI was at an all-time record high of 454.57 at the close yesterday, up more than 400% since the inception of the ASCSI in November 1994.
The Abarim Snohomish County Stock Index is a promotional index prepared by Abarim Business Computers. For inclusion, a company must have its headquarters in Snohomish County, its shares must trade on a recognized exchange where quotes are always available by a computer online, its shares must trade over $1 per share, and it must be current in all required regulatory filings. If a company's shares fall below $1 for a calendar month it will be removed from the index. If a company's shares trade above $1 for a calendar month it will be added to the index. Abarim Business Computers holds an investment portfolio, which does not include any companies that are part of the Abarim Snohomish County Stock Index. Inclusion in the Abarim Snohomish County Stock Index, or a link at the Abarim web site does not constitute a recommendation or endorsement by Abarim Business Computers or its employees.
Snohomish County Home to 4 Billion-dollar Companies Edmonds, WA " The Friendliest Town on Puget Sound " June 30, 2006 For additional information contact: Tim Raetzloff 425 670 8167 Snohomish County was home to 2 billion-dollar companies, as measured by market capitalization, when the 2nd quarter began. Snohomish County is home to 4 billion-dollar companies as the 2nd quarter ends. Market capitalization is calculated by multiplying the value of one share by the number of shares outstanding. There were 12 companies in Snohomish County that qualified for inclusion in the Abarim Snohomish County Stock Index (ASCSI) at the beginning of the 2nd quarter and 13 companies in Snohomish County that qualified at the end of the 2nd quarter. Frontier Financial and Zumiez are the 2 new billion-dollar companies. Frontier had topped one billion dollars in market capitalization, intra-day, on March 1, 2006. On April 28, 2006 Intermec and Icos are the other 2 billion-dollar companies in Snohomish County. Icos was the first to top one billion dollars, intra-day, on November 19, 1998, and closed above one billion dollars in market capitalization on December 11, 1998. Intermec, then known as Unova, topped one billion dollars in market capitalization, intra-day, on October 10, 2003, and closed above one billion dollars on October 13, 2003. Today Intermec is #1 at 1.448 billion dollars, Icos is #2 at 1.436 billion dollars, Zumiez is #3 at 1.035 billion dollars, and frontier Financial is #4 at 1.024 billion dollars in market capitalization. The population of Everett has just topped 100,000 for the first time, and now Everett is suddenly home to 3 billion-dollar companies, up from only one at the beginning of the quarter. This sudden bloom of billion-dollar companies is remarkable because 11 years ago, when I began the Abarim Snohomish County Stock Index, there was no company in the county with a value over 240 million dollars and the value of the entire county was 830 million dollars. We now have 4 companies that exceed the value of the entire county just 11 years ago. At the inception of the ASCSI, 11 years ago, only 4 companies had a market capitalization of 100 million dollars or more. For the quarter the ASCSI was up 1% to 445.37. The biggest gainer was Zumiez, up 23% and $7.02 a share after calculating the 2 for 1 stock split. The bank stocks in the ASCSI were all up. All but one of the tech and biotech stocks were down. Zumiez is currently the only retail stock in the ASCSI, and it was up spectacularly.
Cardiac Science Cascade Financial CityBank CombiMatrix (Acacia tracking stock) Frontier Financial ICOS Corporation Helix BioMedix Intermec Nastech Pharmaceutical Seattle Genetics SonoSite Sonus Pharmaceuticals Zumiez
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