Earnings watch | It's that time again, when the hard truth of last year's business performance is laid bare in year-end earnings figures. A recent batch of company reports was mixed:
It’s that time again, when the hard truth of last year’s business performance is laid bare in year-end earnings figures. A recent batch of company reports was mixed:
Despite a tough fourth quarter, Idexx Laboratories Inc. of Westbrook, which supplies diagnostic products and services for veterinary care, reported profit for the year of $116 million, up from $94 million in 2007. Revenue for the year increased 11% to $1.02 billion, from $922.6 million.
Fairchild Semiconductor of South Portland reported a loss for the year of $167.4 million, compared with a profit of $64 million a year ago. Sales dropped 6% to $1.57 billion from $1.67 billion last year. The company attributed a fourth-quarter loss to steep charges, including a goodwill impairment charge of $203.3 million.
Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, said its 2008 net income rose 19% to $8.6 million from the previous year. Its total loan portfolio ended the year at $634 million, a 9.3% increase from Dec. 31, 2007, led by growth in business loans.
Camden National Corp.’s net income dropped $5 million last year from 2007, though its performance was strong during the fourth quarter. The company earned $15 million in 2008, down from about $20 million earned in 2007, because of investment securities losses and higher loan loss provisions. The company recorded net losses in its investment securities portfolio totaling $15.6 million in 2008, but its board of directors in November decided not to ask for federal bailout money.
The First Bancorp of Damariscotta reported net income for the year of $14 million, up 7.1% from the $13.1 million posted for 2007. The company’s loan portfolio increased $59.1 million during the year, with the majority in commercial loans. The growth in 2008 was attributed to higher deposits, which rose $144.5 million, or 18.5%.
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