Q3 2019 Hart Charts Press Release

For Immediate Release

October 18, 2019

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

Hart Capital Management, Inc. has released its third 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 8.3% over the last three months, compared to the S&P 500 that gained 1.2%.

Key Tronic Corporation (KTCC) led the way for the quarter, producing a gain of 27.5% after the company beat the Street’s quarter earnings estimates. Itron, Inc. (ITRI) and Clearwater Paper Corporation (CLW) were the other two leaders, gaining 18.2% and 14.2%, respectively. W.T.B. Financial Corporation (WTBFB) was the laggard with a 3.6% loss due to the impact of falling interest rates that negatively impacted most financials.

On a year-to-date basis, Itron, Inc. (ITRI) was on top with a 56.4% gain due to better earnings and improved forward guidance. PotlatchDeltic Corporation (PCH) was runner-up with a 29.9% gain, benefitting from a 30% rise in lumber prices in January. Clearwater Paper Corporation (CLW) and Hecla Mining Company (HL) were the bottom two performers for the Index, losing 13.3% and 25.4%, respectively.

Notably, only Itron, Inc. (ITRI) and PotlatchDeltic Corporation (PCH) produced a positive return over the twelve-month period ending September 30, 2019, with a gain of 15.2% and 0.3% respectively. The remaining companies in the Index produced negative returns as they were still recovering from the deep losses of the fourth quarter of 2018. Avista Corporation (AVA) lost the least, down 4.2%. Hecla Mining Company (HL) lost over a third of its value during the period, down 36.9%.

The Hart Capital Composite, which measures each component by its total market value, increased $864.6 million, or 8.5% over the third quarter. Over the trailing twelve months, the Composite fell $340.4 million. However, $183.5 million of the loss can be attributed to Idaho Independent Bancorporation, Inc. being acquired by First Interstate BancSystem, Inc. (FIBK) of Billings, MT earlier this year.

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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