Q4 2019 Hart Charts Press Release

For Immediate Release

February 7, 2020

S&P 500 Index Beats Hart Capital Inland Northwest Index

Hart Capital Management, Inc. has released its fourth 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 7.7% over the last three months, compared to the S&P 500 that gained 8.5%.

Hecla Mining Company (HL) led the way for the quarter, producing a gain of 92.6% due to factors including favorable pricing for precious metals, reduction in the company’s debt, and the re-opening of the Lucky Friday Mine. Itron, Inc. (ITRI) and W.T.B. Financial Corporation (WTBFB) were the other two leaders, gaining 13.5% and 8.5%, respectively. Key Tronic Corporation (KTCC) was the laggard with a 14.3% loss due to tariff pressures and a sharp increase in the demand for sheet metals, which resulted in underwhelming revenues for the quarter.

For the entirety of 2019, Itron, Inc. (ITRI) was on top with a 77.5% gain driven by multiple quarters of positive earnings beats and expanding margins. Hecla Mining Company (HL) was the runner-up with a 43.6% gain as shares saw momentum in the second half of 2019. Clearwater Paper Corporation (CLW) and Key Tronic Corporation (KTCC) were the bottom two performers for the Index, losing 3.7% and 12.4%, respectively.

The Hart Capital Composite, which measures each component by its total market value, increased by $1,445.1 million, or 13.1% in the fourth quarter. This gain was led by Hecla Mining Company (HL), which added $819.4M to its market capitalization during the quarter. Over the trailing twelve months, the Composite gained $3,329.6 million, or 36.3%. Itron, Inc. had the largest increase in market capitalization in 2019, gaining $1,457.6M over the course of the year. The Hart Capital Composite figure from twelve months prior included $138.9 million in market value from Idaho Independent Bancorporation, Inc. prior to its acquisition by First Interstate BancSystem, Inc. (FIBK) of Billings, MT in April 2019. It has since been removed from the Index and Composite.

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, [email protected]

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