Green Automotive Co. in Newport Beach closed its acquisition of U.K.-based Liberty Electric Cars Ltd. The combined businesses will have operations in North America, Europe and the Pacific Rim. Green is involved in the conversion, import and worldwide distribution of eco-friendly vehicles. Liberty designs, manufacturers and markets electric-vehicle technologies for use in its own converted vehicles and for sale to others.
Orange County Chief Executive Tom Mauk resigned effective Aug. 3 amid criticism of his handling of sexual-harassment complaints against former public works director Carlos Bustamante, who remains a member of the Santa Ana City Council. The board of supervisors said the county’s chief financial officer, Bob Franz, will become acting chief executive.
Quality Systems Inc. lost about a third of its market value on a steep fall in its share price that followed weaker-than-expected quarterly results. The Irvine-based company, which makes software programs for doctors, dentists and hospitals, also declined to affirm or revise its guidance for the full year. The drop-off appeared to have halted late last week, as shares rose slightly on Friday, to a market value of about $972 million. The healthcare information technology sector is generally facing a slump in demand, according to analysts, with the industry facing prospects of a shrinking base of customers due to consolidation. Quality Systems reported $15.5 million in profit for the June quarter, the first of its fiscal year, an 18% drop from the same period a year earlier. Revenue was $118.3 million, up 18% from a year ago. Quality Systems in May had projected a profit range of $90.6 million to $98.3 million for the fiscal year, which would have reflected growth of 20% to 25%. The company also had said it expected revenue of $515 million to $533 million for the year, a similar increase. President and Chief Executive Steven Plochocki said in a statement that the company will not address previously announced guidelines for the 12 months ending in March 2013, citing “evolving conditions affecting our industry and uncertainty in predicting future results.”
Boston-based 2100 Trust LLC closed its purchase of Irvine-based Freedom Communications Holdings Inc., owner of the Orange County Register and other publications in California, Arizona and Colorado. The sale of the company—which will continue to operate as Freedom Communications—was announced last month on undisclosed terms.
Costa Mesa-based home-goods discounter Anna’s Linens Inc. expanded its credit facility to $70 million from a previous $50 million in anticipation of continued store openings. Anna’s Linens has 300 stores in 20 states.
Indianapolis-based Simon Property Group Inc., which owns The Outlets at Orange and Ontario Mills shopping malls, appointed former marketing consultant Sarah Argun as director of business development. Duties include heading up promotional activities for the malls.
Bentonville, Ark.-based Wal-Mart Stores Inc. opened its first Walmart Neighborhood Market grocery store in California. The 31,000-square-foot Huntington Beach store will operate 24 hours per day and employ about 65 workers.
Calabasas-based audio-technology manufacturer DTS Inc. closed its $148 million acquisition of SRS Labs in Santa Ana. DTS said the deal for SRS—which makes products to enhance home-audio systems—broadens its range of audio-related intellectual properties.
Republican presidential candidate Mitt Romney held a fundraising breakfast at the Hyatt Regency Irvine on July 23. He later held a meet-and-greet with small business owners at Endural LLC, a manufacturer of plastic shipping containers in Costa Mesa.
The Securities and Exchange Commission has cleared STEC Inc. and its cofounder and President Mehrdad Mark Moshayedi of any wrongdoing related to an insider trading investigation. The SEC left in place charges against STEC Chairman and Chief Executive Manouchehr Moshayedi, which carry a potential lifetime ban from serving as an officer or director of any publicly traded company.
ECONOMIC INDICATOR
UP: OC’s residential real estate picture, which saw the rate of home foreclosures decrease slightly to 2.2% in May, according to Santa Ana-based data provider CoreLogic. That compared with a 2.08% local foreclosure rate a year earlier. CoreLogic reported that 5.03% of OC mortgages were 90 days or more past due and considered delinquent in May, compared with 6.24% a year earlier.
