Q2 2019 Hart Charts Press Release

For Immediate Release

July 23, 2019

Hart Capital Inland Northwest Index Beats the S&P 500 Index

Hart Capital Management, Inc. has released its Second Quarter 2019 Hart Capital Inland Northwest Index & Composite (the Hart Charts). The Index, which tracks seven of the largest and most influential publicly traded companies in the Inland Northwest in a methodology similar to that of the Standard & Poor’s 500 (S&P 500), increased 6.9% over the last three months, compared to the S&P 500 that gained 3.8%. During the same period, the Composite rose $566.8 million, or 5.9%.

Itron, Inc. (ITRI) lead the way for the quarter, producing a gain of 34.1% after the company beat the Street’s first quarter earnings estimates. Avista Corporation (AVA) and W.T.B. Financial Corporation (WTBFB) were the other two leaders, gaining 9.8% and 3.6%, respectively. Hecla Mining Company (HL) was the laggard with a 21.7% loss due to concern surrounding the company’s access to debt refinancing, low gold grades at underperforming Nevada Operations mines, and a prolonged strike at the Lucky Friday mine.

On a year-to-date basis, Itron, Inc. (ITRI) was on top with a 32.3% gain. PotlatchDeltic (PCH) was runner-up with a 23.2% gain, benefiting from a 30% rise in lumber prices in January. Key Tronic Corporation (KTCC), Hecla Mining Company (HL) and Clearwater Paper Corporation (CLW) were the bottom three, losing 11.9%, 23.7%, and 24.1%, respectively.

Notably, Itron, Inc. (ITRI) was the only company to produce a positive return over the twelve-month period ending June 30, 2019, with a gain of 4.2%. The remaining companies in the Index produced negative returns as they were still recovering from the deep losses of the fourth quarter of 2018. W.T.B. Financial Corporation (WTBFB) lost the least, down 3.3%. Hecla Mining Company (HL) lost nearly half of its value during the period, down 48.3%.

The Hart Capital Composite increased $566.8 million, or 5.9%% over the second quarter. Over the trailing twelve months, the Composite fell $1.9 billion. However, $268.1 million of the loss can be attributed to both Northwest Bancorporation, Inc. and Idaho Independent Bancorporation, Inc. being acquired by First Interstate BancSystem, Inc. (FIBK) of Billings, MT during the period. The former was completed on April 8th. As a result, the Hart Charts now has one less constituent.

View a copy of the most recent Hart Charts here.

Hart Capital Management, Inc. is an independent, research-focused investment firm that serves the Inland Northwest from its offices in Spokane, Washington and Coeur d’Alene, Idaho. The Hart Capital Composite reflects the value of publicly traded companies in the Inland Northwest. It does not directly reflect the investment positions that Hart Capital Management makes on behalf of its clients.

For detailed information related to Hart Capital Management, Inc. or the Hart Charts, please contact us directly.

Contact: Craig Hart, (509) 444-7007, craig@hartcap.com

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