Compiled by Mike Mason
Rancho Mission Viejo LLC, environmentalists and the county agreed on a pact that should clear the way for development of the largest vacant swath of land left in Orange County. The deal calls for the same amount of homes as previously planned,14,000,along the county’s southern foothills near San Juan Capistrano. But the developer is setting aside more open space,17,023 acres,a 12% increase from the initial plan. Now 75% of Rancho Mission Viejo’s acreage is set to be open space and protected habit, versus 66% previously approved by the county. The development is set to be built in the next couple of decades.
Shares of Irvine-based Gateway Inc. fell following a dimmer-than-expected outlook from the personal computer maker. Gateway lowered its sales and profit guidance for the year, citing competition and delays resolving tax issues. The company said it now could see sales of $3.9 billion to $4 billion for the year, down from the $4 billion to $4.25 billion it earlier expected. Gateway could earn $45 million for the year, down from an earlier profit view of about $59 million Alteer Corp., an Irvine-based maker of medical practice management software, has raised $16.5 million in venture funding. The funding was led by MedVenture Associates of Emeryville and Sanderling Ventures of Palo Alto, along with existing investor Skyline Ventures, also based in Palo Alto Engineering software maker MSC.Software Corp. named Glenn Wienkoop president and chief operating officer. Wienkoop held the same positions at Mountain View-based BDNA Corp. before taking the MSC job Irvine-based TDK Semiconductor Corp. changed its name to Teridian Semiconductor Corp. after being sold by Japan’s TDK Corp. earlier this year. In April, San Francisco private equity firm Golden Gate Capital LP bought what’s now Teridian for undisclosed terms. TDK had planned to spin off part of the chip designer a few years ago but pulled back amid a soft market for chip stocks.
California’s nurse staffing law has added to the strains on Orange County hospitals caused by population growth, according to a report by the Washington, D.C.-based Center for Studying Health System Change. The nurse staffing law, which took effect in March despite efforts by the governor to delay it, requires one nurse for every five patients, one more than before. The county has 1.9 staffed hospital beds per 1,000 residents, versus an average of 3.1 beds per 1,000 people in other metropolitan areas, the report said.
Newport Beach’s Impac Mortgage Holdings Inc., a real estate investment trust that buys mortgages, said it filled a new position: executive vice president of mergers and acquisitions. Impac hired William Morris for the spot The city of Orange’s Planning Commission approved The Irvine Company’s nearly-4,000-home housing development on land east of the city. The development will add up to 12,000 residents to Orange, whose City Council is set to vote on the project Oct. 11.
Costa Mesa-based Experian Information Solutions Inc. said it agreed to pay the government $950,000 and refund customers to settle claims that its ConsumerInfo.com Inc. unit in Irvine misled customers into enrolling for a credit monitoring service. Experian is a unit of Britain’s GUS PLC Comerica Inc. opened a branch in Newport Beach at Fashion Island.
Gov. Arnold Schwarzenegger set Dec. 6 for a special election to fill the Orange County congressional seat vacated by Christopher Cox, if no candidate gets a majority in an Oct. 4 primary. State Sen. John Campbell is the frontrunner for the heavily Republican seat representing Newport Beach and Irvine. Former Assemblywoman Marilyn Brewer also is vying for the seat, along with 15 other candidates. Cox became chairman of the Securities and Exchange Commission earlier this month The county of Orange completed refinancing of its bankruptcy debt from more than a decade ago by issuing bonds. The move retired $565 million in debt a decade early and saves $102.5 million, according to the county.
Australia’s Billabong International Ltd., parent of Irvine surfwear maker Billabong USA, reported lower-than-expected yearly profit and predicted slower growth for the company’s current 12-month period. Billabong reported a 44% rise to $94 million in profit for the 12 months ended June 30. Company watchers had expected a better showing after Billabong twice upped its outlook earlier in the period. Profit growth for the 12 months through next June is likely to ease to 15%, the company said. Sales for the recently ended period were $636 million, up 25%. The Irvine operation was a bright spot. Sales for Billabong USA rose 29% to $294 million. Earnings before interest, taxes, depreciation and amortization rose 47% to $63.3 million Anaheim-based Pacific Sunwear of California Inc. appointed former Limited Brands executive Michael Weiss as a director. Weiss spent two decades at Limited, most recently as chief executive of the retailer’s Express chain Huntington Beach’s battle with Santa Cruz over the “Surf City USA” name is set to go before the state Senate committee next week after Palo Alto Democrat Joe Simitian proposed a solution favoring Santa Cruz.
ECONOMIC INDICATORS
Mixed: Orange County’s housing picture in July, with the median home price of $601,000 down $2,000 from June, but up 14.5% from a year earlier, according to La Jolla-based market tracker DataQuick Information Systems. There were 4,341 homes sold in July, up 3.5% compared to a year earlier.
