Other items of interest Orange County Business Journal
MANUFACTURING
Costa Mesa-based Ceradyne Inc. plans a $100-million stock buyback using cash on hand. It expects to buy shares on the open market, in blocks or in privately negotiated deals. The maker of body armor and other ceramic products said it will retire shares it buys back. Ceradyne launched a similar effort in 2008 and still has $7.5 million to spend on stock repurchases from that effort.
Huntington Beach-based Night Optics USA, which makes night-vision goggles, has been sold to Bushnell Outdoor Products in Overland Park, Kan., for undisclosed terms. Night Optics specializes in equipment for businesses, the military and law enforcement. Bushnell markets sports and premium eyeware and accessories. Night Optics’ operations will remain in Huntington Beach, according to the company.
MARKETING
Orange County-based automakers reported robust August sales, outpacing surprisingly strong national totals. Fountain Valley-based Hyundai Motor America Inc., the largest automaker with operations here, reported sales up 9% from a year earlier to 58,505 vehicles for the month. Hyundai, part of South Korea’s Hyundai Kia Automotive Group, has temporary headquarters in Costa Mesa while its new office space in Fountain Valley is under construction. Its sister company, Irvine-based Kia Motors America Inc., saw a 26.9% increase, to 41,888 vehicles in August. Sales for Brea-based American Suzuki Motor Corp. rose 32% from a year earlier to
2,409 vehicles. Irvine-based Mazda North American Operations saw August sales up 14.7% from a year earlier to 22,632 vehicles. Mitsubi-shi Motors North America, headquartered in Cypress, reported the largest gain in August sales compared with a year earlier. Mitsubishi had an increase of 86% to 7,985 vehicles sold.
MEDIA
Shares of Irvine-based search engine operator Local.com Corp. rose after the company upped its revenue outlook for the second half of the year citing contract modifications. Investors sent shares up 4.5% in early afternoon New York trading to a market value of about $61 million after Local.com said it now expects about $21.5 million in revenue for the current quarter and $24 million for the fourth quarter. The revised outlook still leaves Local.com short of analysts’ expectations but moves it closer in terms of revenue and earnings. Analysts on average were expecting revenue of $21 million in the current quarter and $26.1 million in the fourth quarter. The company expects an adjusted net loss of $1.5 million in the current quarter. It had previously said the loss would be less than $1.9 million.
TECHNOLOGY
Santa Ana-based MSC Software Corp. acquired Free Field Technologies in Belgium. MSC makes simulation software used in new product development. Free Field specializes in simulation software for acoustic modeling that’s used in the development of automobiles and other consumer products. Terms of the deal were not disclosed. Free Field also has offices in France, Japan and Detroit.
Santa Ana-based chipmaker STEC Inc. opened a research and development center for storage software in Pune, India. The $1 million center has about 40 software engineers, with plans to hire 20 to 30 more, according to the company, which has about 900 employees companywide, including about 230 here.
TRANSPORTATION
John Wayne Airport opened a new commuter terminal that moves it one step closer to completing a $543 million airport improvement program. The North Commuter Terminal has three gates, with service offered by Delta Connection and United Express. The commuter terminal is part of a series of airport improvement projects launched in 2006. The project includes a $31 million central utility plant and a $48.5 million, 2,000-vehicle parking structure. Both projects were completed in December. Construction of a new Terminal C is the largest portion of the project. It will total 282,000 square feet and house U.S. Customs and Border Protection, which could help to bring more international flights to the airport. Terminal C is expected to open in November.
OTHER NEWS
A student at Chapman University in Orange was named one of nine “all-star student entrepreneurs by Forbes.com and voted “most likely to succeed” by fans of the business publication’s Facebook page. The recognition for Tilden Smith follows his win earlier this year of Chapman’s business plan competition. Smith and high school friend Dylan Balsz cofounded International Pet Solutions LLC, which markets a product called PetLawn.
ECONOMIC INDICATOR
DOWN: The median price for condominiums in Orange County, which fell 11.7% from a year earlier for a 22-day measurement period through mid-August, according to researcher DataQuick. The $265,000 median price is the lowest since May 2009. Sales for the period fell 9.4% from a year earlier, to 730.
