Other items: Merger to create 3rd-largest Credit union in state; Firm plans merger with First Montauk; ContentGuard deal back under scrutiny ...

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Starbucks will delay filing its first-quarter earnings results with the Securities and Exchange Commission (SEC) and may restate past financial statements to correct how the company accounts for real-estate leases.

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The first-quarter report will be filed by Feb. 16, or no more than five days late, Seattle-based Starbucks said yesterday in a statement. The correction won’t change first-quarter earnings per share, which were announced last month, or the company’s earnings forecasts, Starbucks said.

Starbucks, which has about 9,000 stores, decided to change its accounting based on an SEC letter Feb. 7 that gave guidelines for reporting on incentives from landlords to fund improvements.

Credit unions

Merger to create 3rd-largest in state

Twin County and Harborstone credit unions have agreed to merge, creating the state’s third-largest credit union with $1.07 billion in assets.

After the merger, which is subject to regulatory approval and scheduled for October, the combined company would have about 440 employees and 120,000 members.

The company, which plans to pick a new name, has not decided where it will be headquartered, but a new headquarters for Twin County Credit Union is under construction near Olympia. Harborstone is headquartered in Lakewood, south of Tacoma.

Olympic Cascade Financial

Firm plans merger with First Montauk

Olympic Cascade Financial, parent of ailing Seattle stock brokerage National Securities, said it signed a merger agreement with First Montauk Financial, based in Red Bank, N.J.

The deal, subject to shareholder approval, also calls for a $4 million infusion of capital by St. Cloud Capital, an investment firm based in Los Angeles, Olympic said. Marshall Geller, a St. Cloud managing director, is expected to become nonexecutive chairman of a merged board.

The current chief executives of Olympic and First Montauk, Mark Goldwasser and Victor Kurylak, will serve as chief executives. They expect to complete the deal this year.

Separately, Olympic reported a loss of $255,000 for the three months ended Dec. 31, compared with a profit of $401,000 in the year-earlier quarter. Revenue slipped to $13.1 million from $15.5 million.


ContentGuard deal back under scrutiny

The European Commission said yesterday that it has resumed its antitrust review of an investment by Microsoft and Time Warner in anti-piracy software company ContentGuard.

Spokesman Jonathan Todd said the European Union (EU) head office set an April 7 deadline to approve or block the deal. Todd said information submitted by the companies involved was “sufficient to meet our information requirements, therefore we restarted the clock on the in-depth investigation on the original ContentGuard deal, involving Microsoft and Time Warner.”

EU regulators suspended the investigation Dec. 1 after technology company Thomson joined the proposed venture.

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