TECHNOLOGY
Day Software Inc., a maker of website design software with its U.S. headquarters in Newport Beach, is being acquired by San Jose’s Adobe Systems Inc. for $240 million. The deal is expected to close in the third quarter. The company, which is publicly traded in Switzerland, will operate as a product line within Adobe’s digital enterprise solutions business unit. Chief Executive Erik Hansen is set to join Adobe. It’s unclear what will happen to happen to Day’s Newport Beach office, which has some 30 workers.
Irvine-based communications chipmaker Broadcom Corp. gave a sales outlook for the current quarter that beat Wall Street’s expectations. For the three months through September, Broadcom said it’s looking for sales of $1.7 billion to $1.8 billion, which at the midpoint represents an increase of about 40% from a year earlier and topped analysts’ average expectations of $1.67 billion in revenues. The company didn’t give a profit outlook. The forecast came with Broadcom’s second-quarter results, which topped expectations.
Aliso Viejo’s Quest Software Inc., a maker of business software, released second-quarter results that beat Wall Street’s expectations. Quest reported $186 million in revenue, up 13% from a year earlier and topping the $171 million expected by analysts. Excluding charges, Quest tallied $29 million in profits, up 4% from a year earlier and beating expectations of $25 million. Quest also said it’s buying Austin, Texas-based software maker Surgient Inc. for undisclosed terms. The deal is expected to close this quarter.
Santa Ana’s Ingram Micro Inc., the top distributor of computers, software and consumer electronics, reported second-quarter results that topped expectations. Ingram reported sales of $8.16 billion, up 24% from a year earlier and beating analysts’ consensus estimate of $7.9 billion. Excluding charges, the company posted $68 million in profits, more than doubling profits from a year earlier and beating analysts’ expected $61 million.
Irvine’s Epicor Software Corp., a maker of business software, gave a better-than-expected sales outlook for the current quarter with second-quarter sales that topped expectations. For the third quarter, Epicor is expecting adjusted profits of $8.2 million to $9.5 million, more than the average of $8 million analysts were expecting. Epicor is looking to report sales of $106 million to $108 million, more than the $104 million analysts had been expecting. For the second quarter, Epicor reported sales of $109 million, up 9% from a year earlier and topping the $105 million forecast by Wall Street.
Laguna Hills-based Parallax Capital Partners, an investment firm that buys and runs software companies, acquired Seattle-based Daptiv Inc., which makes Internet-based business software. Daptiv sees about $20 million in yearly sales and is profitable. Financial terms of the deal, which some market watchers value at about $13 million, weren’t disclosed. As part of the deal, Parallax said it appointed partner John Baldwin as chief executive of Daptiv.
HEALTHCARE
Sun Healthcare Group Inc. of Irvine reported a second-quarter profit in line with Wall Street’s projections and reaffirmed its 2010 guidance. Sun, which operates nursing homes, rehabilitation centers and hospices, said its profits from continuing operations totaled $11.6 million, down 13% from a year earlier. Wall Street expected Sun to make $11.1 million in the quarter.
Home healthcare provider Amerita Inc. of Irvine expanded to Oklahoma with its buy of Saffa Infusion Pharmacy in Tulsa. Terms of the deal weren’t disclosed. Amerita provides complex drugs and clinical services to patients in their homes.
REAL ESTATE
Irvine-based homebuilder Standard Pacific Corp. reported a second-quarter profit of $10.7 million, while closing on and entering contracts to buy nearly $300 million of land to build homes on. The profit, which reversed a year-ago loss, was due to higher revenue, gross margins, higher average sales prices and lower asset impairments. Standard Pacific reported revenue of $317.2 million for the quarter, up 9% from a year earlier. It reported 891 home deliveries in the quarter, down from 942 home deliveries a year ago but well above the first quarter’s 537.
APPAREL
Edmond Thomas, the chief executive who’s led an ongoing turnaround at Foothill Ranch-based Wet Seal Inc., is leaving the operator of mall clothing stores. Thomas is stepping down when his contract expires on Oct. 8, but could stay on longer if a replacement isn’t found by then.
Costa Mesa-based clothing maker Volcom Inc. reported a disappointing second quarter and offered an outlook for the current one that fell short of what Wall Street had been expecting. Volcom reported a second-quarter profit of $68,000, down from $872,000 a year earlier and well short of the $1.2 million analysts were expecting. The company said it projects a third-quarter profit of $11.5 million to $12.5 million, below the $15 million analysts had been forecasting.
FINANCE
Irvine’s Plaza Bank has acquired the sole branch of SouthwestUSA Bank in Las Vegas after it was closed by federal regulators. The branch opened under the Plaza Bank name early last week and is the Irvine bank’s first foray outside the county. As of March 31, SouthwestUSA Bank had $214 million in assets and $186.7 million in deposits. Plaza Bank assumed all of the deposits of the failed bank and purchased $137 million of its assets.
OTHER NEWS
Costa Mesa-based Ceradyne Inc., a maker of ceramics for bulletproof vests and industrial uses, beat Wall Street estimates with second-quarter results of $5.8 million in profits and $100.4 million in sales and upped its outlook for the rest of the year. The company projected a 2010 profit of $20.4 million to $29.8 million, up from a prior outlook of $15 million to $26.5 million. Ceradyne forecast 2010 revenue of $400 million to $430 million, up from $380 million to $430 million.
