TOP STORIES
OC stocks, like the broader market, experienced another hectic week (related items pages 1, 14 and 94) The Newport Beach Planning Commission unanimously approved a proposed $100 million hotel and timeshare resort plan for Newport Dunes … Broadcom Corp., Irvine, said it will begin making products for the DSL (high-speed Internet connections via phone lines) market … The company reported a year-to-year jump in first quarter profits, to $41.8 million, on 91% higher sales of $191.3 million Conexant Systems, Newport Beach, reported a 58% year-to-year rise in revenue for the fiscal second quarter; earnings of $47.1 million were up sharply, aside from acquisition write-offs that produced a net loss of $132 million The Cerplex Group Inc., Santa Ana, said it did not make a $2.2 million payment on debt securities and it is seeking other financing … John Markovich resigned as CFO of Tickets.com, Costa Mesa, and the company named controller Michael Rodriguez interim CFO pending a search for a permanent successor.
FINANCE
U.S. Bancorp agreed to lend $10 million to New Century Financial Corp., Irvine, in return for warrants convertible to shares that would boost its stake in New Century to 28% … Interplay Entertainment Corp., Irvine, restated its fourth-quarter and annual financials to add $1.7 million to its net loss … MindArrow Systems, Aliso Viejo, received $15 million from a group of investors … Gold Coast Baking Co., Santa Ana, landed $5 million from state economic-development bonds.
CONTRACTS
Boeing Co. received an order for three Long Beach-built 717 airliners valued at $105 million from Aerolineas Baleares … Cortex Pharmaceuticals, Irvine, licensed some compounds for treating hyperactivity to UK-based Shire Pharmaceuticals for $1 million … Litronic Inc., Irvine, received a $500,000 order from the Defense Department for security software.
DEALS
Parker Hannifin said it is exploring the sale of Commercial Metal Forming, which has a plant in Orange … Tycom Corp., Irvine, acquired Precision Carbide Tool Co. Inc., Niles, Ill. … TriZetto Group Inc., Newport Beach, and IMS Health Inc., Westport, Conn., said they are re-evaluating their planned merger … Chameleon Technologies Inc., Irvine, was acquired by Applied Micro Circuits Corp., San Diego … NetGuru Inc., Yorba Linda, said it will acquire 30% of Vital Communications Ltd., New Delhi, for $2.2 million … MedCom USA Inc., Irvine, completed its acquisition of Czech Republic-based DCB Actuaries & Consultants … USA Biomass Corp., Bell Gardens, said it will acquire Brea-based Brea Green Recycling Inc. Quest Software Inc., Irvine, said it will acquire Client/Server Solutions Inc., St. Louis, for $13 million; shares of Quest rose nearly 50% on the news.
GOVERNMENT
Supervisors voted to hold a workshop May 3 on possible uses for the closed El Toro base (related story, page 1). Opponents of an airport at El Toro said the county has underestimated the potential net profit operating or leasing out the former base’s non-aviation facilities such as offices, a golf course and stables … Huntington Beach Mayor Dave Garofalo denied that his publishing company’s contract with the city-funded Conference and Visitors Bureau is a conflict of interest … The Costa Mesa City Council voted to commit $7.7 million toward a project to improve the interchange of the San Diego (405) and Costa Mesa (55) freeways and add on- and off-ramps nearby … The OC Marshal’s Department is $900,000 in the red because of a $300,000 accounting error and a revenue shortfall, it was reported.
PERSONNEL
MAI Systems Corp., Irvine, named James Dolan CFO, replacing Brian Kretzmer, who remains CEO … Nexell Therapeutics, Irvine, named its president and CEO, L. William McIntosh, to is board … UCI Professor William Parker was named vice chancellor for research and dean of graduate studies … Focus Real Estate principal Richard Ortwein was named to the board of Hoag Memorial Hospital Presbyterian.
WHAT’S NEW
Tandy Corp. said it will use software from Costa Mesa-based FileNet Corp. for an intranet connecting its 5,000 stores … The UCI College of Medicine received a $4 million grant to study the blood disease hemachromatosis … Bridge Technology Inc., Garden Grove, began trading on the Nasdaq small-cap market under the symbol BRDG … Disneyland said it is creating a “drop-off zone” on the edge of its parking lot that offers free 15-minute parking … The Block at Orange announced two new tenants: Polly Esther’s Disco / Culture Club, and The Zone, a bowling alley and microbrewery (related story, page 3) … The Vietnamese Community of Orange County Inc. and the SBA signed an agreement to increase local Vietnamese participation in SBA programs … Beckman Coulter Inc., Fullerton, received approval from the FDA to market a blood test for osteoporosis and Paget’s disease … Barbeques Galore Ltd.’s U.S. unit, headquartered in Irvine, said it has opened three new stores in California and plans 10 to 15 more nationwide … Kmart Corp. submitted plans to the city of Lake Forest to move back into the shopping center at Rockfield Boulevard and El Toro Road that it left five years ago after opening other stores nearby … Nasdaq delisted First Alliance Corp., Irvine, which has filed bankruptcy … Quiksilver Inc., Huntington Beach, said it will open a Quiksilver Youth store in Fashion Island and a Roxy store in South Coast Plaza.
LITIGATION, INVESTIGATIONS
The creditor committee in the bankruptcy of Irvine-based First Alliance Mortgage Co. named Marak K. Mason, CEO of LA-based Fidelity Federal Bank, to be its chairman and retained the LA law firm of Klee Tuchin Bogdonoff & Stern … Newport Beach was allotted $5 million and Huntington Beach $3.8 million under an agreement among government agencies divvying up an $11.6 million settlement from the 1990 American Trader oil spill off OC … David Kim Stanley, who founded San Juan Capistrano-based Pixelon.com under the alias Michael Adam Fenne, surrendered to Virginia authorities on an embezzlement conviction … Walter James Hulsey of Rancho Santa Margarita was indicted on charges of failing to pay taxes on $3.4 million … Asics Tiger Corp., Irvine, and its Japanese parent sued Reebok International Ltd. for patent infringement … Superior Court Judge Robert Monarch ruled that the Festival of the Arts’ articles of incorporation do not preclude it moving from Laguna Beach to San Clemente; some Festival exhibitors asked the court to certify a board recall petition.
IN CONCLUSION
OC Performing Arts Center officials said they have not attracted a $50 million “naming donor” to help fund two new concert halls and will try to raise the money in other ways … A survey of Southern California beaches found the most numerous item of beach trash is plastic preproduction pellets and the biggest category of beach trash by weight is hard plastics … Michael Richard Jones, 51, president of the Black Chamber of Commerce of Orange County, died of a heart attack.
