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Originally published Friday, February 9, 2007 at 12:00 AM

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Business Digest

Career-center site to be on Facebook

Pacific Northwest Seattle-based Jobster said Thursday it is partnering with Facebook, the popular social-networking site for college students...

Pacific Northwest

Jobster

Seattle-based Jobster said Thursday it is partnering with Facebook, the popular social-networking site for college students, to provide a career center.

Jobster will be the site's exclusive job-search partner and help students find jobs through a site on Facebook in the spring.

Jason Goldberg, Jobster's chief executive, also said during a conference call Thursday that it redesigned its Web site, where employers will be able to post free job listings and get matched up with jobseekers who post profiles of themselves online.

Last month, Jobster — a darling of the so-called Web 2.0 world that has raised $48 million in venture capital — laid off 60 of its 145 employees to try to reach its goal of becoming cash-flow positive by the end of the year.

Isilon System

Revenue report sends stocks down

Isilon Systems' stock dropped 17.7 percent Thursday, a day after the Seattle company, which develops storage systems for digital content, released fourth-quarter results.

The company reported Wednesday that its net loss for the fourth quarter was $10.4 million, or 72 cents a share. On an adjusted basis, the net loss for the period was 6 cents a share, in line with Wall Street expectations.

But the company's 2006 revenue of $62.3 million disappointed investors.

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The stock, which went public in December, fell $4.48 Thursday to close at $20.83.

Targeted Growth

Shot of cash aids genetics work

Seattle-based Targeted Growth announced it had raised $22.3 million to continue development of genetic technology that it says can improve crop yields about 20 percent.

The company is applying the patented technology to corn, soy and canola, which are in growing demand as raw material for producing ethanol and biodiesel.

Chief Executive Tom Todaro said it has also licensed certain technology to Monsanto and is "probably four-five years from the first commercial sales" under that deal.

In the biofuels sector, the company intends to develop its own seeds and license those, he said.

Targeted Growth, which raised a previous $10 million in May, said the new infusion was led by Capricorn Management and AllianceBernstein.

Mazama

Investment grows in Martha Stewart

Mazama Capital Management, the largest outside shareholder in Martha Stewart Living Omnimedia, more than doubled its stake to 9.6 percent.

The investment in New York-based Martha Stewart Living, which produces TV shows, magazines and merchandise, rose to more than 2.43 million shares since September, the Portland-based money manager said in a regulatory filing Thursday.

Eastman Kodak

3,000 more jobs cut in overhaul

Eastman Kodak is cutting 3,000 more jobs this year as the picture-taking pioneer wraps up its wrenching transformation into a digital-imaging company focused on consumer photography and commercial printing.

By year's end, its work force will slip below 30,000, less than half what it was just three years ago.

On top of 27,000 layoffs already targeted, Kodak said Thursday it is reducing its payroll even further to accommodate the $2.35 billion sale last month of its health-imaging unit and its costly foray this week into a high-margin inkjet-printer market dominated by Hewlett-Packard.

Circuit City

Store closures planned to cut costs

Circuit City, the nation's No. 2 consumer-electronics retailer, said Thursday it plans to close seven domestic Superstores, a Kentucky distribution center and 62 company-owned stores in Canada to cut costs and improve its financial performance.

The closings will take place over the next six months at an expected total cost of $85 million to $105 million, all to be incurred in the current fourth fiscal quarter, which ends Feb. 28, Circuit City said.

Circuit City would not identify the stores to be closed because company officials were in the process of notifying employees. The stores will be closed Monday, then reopen Wednesday for clearance sales, spokesman Bill Cimino said.

Toll Brothers

Revenue drop of 19% forecast

Toll Brothers, the nation's largest builder of luxury homes, said Thursday that it expected its first-quarter home-building revenue to fall by 19 percent, signaling that the housing market is likely to remain feeble in early 2007.

The Pennsylvania-based homebuilder also warned that write-downs are expected to balloon to between $60 million and $160 million or more just for the quarter. In December, Toll Brothers projected a $60 million, land-related write-down for the whole 2007 fiscal year.

Write-downs also include charges Toll Brothers would incur from walking away from land it has optioned for possible purchase.

GlaxoSmithKline

Earnings growth expected to slow

GlaxoSmithKline, the world's second-largest pharmaceutical company, reported a 5 percent increase in fourth-quarter earnings Thursday but predicted earnings growth would slow this year despite the launch of several new products as generic competition picks up.

Net profit for the three months ended Dec. 31 came to $2.3 billion, up from $1.43 billion a year ago. Quarterly revenue rose marginally to $11.7 billion from $7.56 billion.

For the full year, net profit rose 15 percent to $10.6 billion, from $6 billion in 2005.

Compiled from Seattle Times business staff, The Associated Press and Bloomberg News

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