Q1 2020 Hart Charts Press Release

For Immediate Release

April 13, 2020

S&P 500 Index Beats Hart Capital Inland Northwest Index

Hart Capital Management, Inc. has released its First Quarter 2020 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), decreased 23.9% over the last three months, compared to the S&P 500 which lost 20.0% of its value in the quarter.

Clearwater Paper Corporation (CLW) led the way for the quarter, producing a gain of 2.1%. Clearwater Paper was able to weather severe stock market headwinds thanks to a significant increase in demand for retail tissue products related to Covid-19 consumer stockpiling. There were no other companies in the Hart Charts which saw an increase in value over the course of the first quarter. Of the remaining six companies, Avista Corporation (AVA) performed the best and finished the first quarter down 10.9%. Avista benefitted from multiple analyst upgrades during the latter half of march, and their share price rallied from a low of $33.04 on March 23rd, back to $42.49 at the end of the quarter.

Over the trailing twelve months, Itron, Inc. (ITRI) was on top with a 19.7% gain driven by multiple quarters of positive earnings beats and expanding margins. Clearwater Paper was the runner-up with a 12.0% gain as shares outperformed the rest of the Index in the most recent quarter. Key Tronic Corporation (KTCC) And W.T.B. Financial Corporation (WTBFB) were the bottom two performers for the Index, losing 52.8% and 26.3%, respectively.

The Hart Capital Composite, which measures each component by its total market value, decreased by $3,285.5 million, or 26.3% in the first quarter. This loss was led by Itron, Inc. (ITRI) which lost $1,079.6M of its market capitalization during the quarter. PotlatchDeltic Corporation (PCH) also experienced a very difficult quarter, losing $794.5 million of its market capitalization. Over the trailing twelve months, the Composite lost $409.1 million, or 4.3%. Itron had the largest increase in market capitalization over the last twelve months gaining $397.6 million over the course of the year. The Hart Capital Composite figure from twelve months prior included $154.0 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.

A copy of the most recent Hart Charts has been included with this release for review. View 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. Our website can be found at www.hartcap.com.

Contact: Craig Hart, (509) 444-7007, [email protected]

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