EXECUTIVE SUMMARY
Compiled by Mike Mason
TOP STORY
Michael Harrah won approval for his 37-story office tower in downtown Santa Ana. The 518,000-square-foot building, which would be Orange County’s tallest, is dubbed One Broadway Plaza. Opponents of the tower, which was proposed five years ago, said they plan to challenge the approval … A preliminary recommendation from the Workers’ Compensation Insurance Rating Bureau calls for a 3.5% increase in rates for companies renewing workers’ comp policies after Jan. 1. The bureau’s recommendation likely will be tweaked to include savings from changes in disability rates, but is likely to fall short of businesses’ expectations following the state’s recent workers’ comp reform.
Shares of Irvine-based Broadcom Corp. slipped 3% to 35.3 after the chipmaker said it swung to a second-quarter operating profit of $83 million, versus a loss of $887 million a year earlier, on a 70% jump in sales to $641 million. Some analysts were disappointed in Broadcom’s third-quarter sales outlook, which calls for a 5% to 7% gain in sales compared to the June quarter. Meanwhile, Broadcom said it plans to expand its board of directors to include one person nominated by shareholders. The plan is part of a proposed settlement with shareholders who sued the chipmaker over allegedly misleading statements about its prospects … Costa Mesa-based FileNet Corp. warned that its third-quarter results would fall short of Wall Street expectations. The company said customers were more hesitant than expected to sign software deals. The warning comes after second-quarter earnings results that were lower than initial analyst estimates Irvine-based Boost Mobile LLC said it added 68,000 subscribers in the second quarter, its slowest growth rate since launching two years ago. Officials with the company’s parent, Nextel Communications Inc., said price increases slowed growth … Irvine-based DynTek Inc. said it bought Schenectady, N.Y.-based AMR Networks LLC for undisclosed terms … The Defense Department said it would give Newport Beach-based Acacia Research Corp. $2.3 million to develop a sensor system to monitor biological and chemical agents. Acacia’s CombiMatrix unit already won a $5.9 million contract to work on the system … Garden Grove-based DPAC Tech-nologies Corp. hired Moss Adams LLP as its auditor after Deloitte & Touch LLP resigned.
TECHNOLOGY
The Food and Drug Administration approved Irvine-based Allergan Inc.’s Botox drug for treating excessive armpit sweating … San Clemente-based Biolase Technology Inc. shares fell 27% to 8.8 after the maker of dental cosmetic and surgical lasers said sales in the second quarter would be lower than expected. The company also warned that third quarter revenue would fall short of prior forecasts … Irvine-based Cardiac Science Inc. said it raised $12.4 million in a private sale of stock. Buyers were led by Perseus LLC, a prior investor in the maker of defibrillators. Cardiac said it plans to use the money for working capital and to develop products … The owners of Buena Park’s Unity Outpatient Center were charged with bilking insurance companies of $96 million by performing unneeded, risky surgeries on about 5,000 patients … San Juan Capistrano-based ChromaVision Medical Systems Inc. named Ronald A. Andrews Jr. as its chief executive. Andrews Jr. replace Chairman Michael F. Cola, who has served as interim chief executive since February.
The Federal Bureau of Investigation joined a probe of the illegal conversion of 120 condos in Huntington Beach. Owners must pay more than $22,000 in fees to get proper permits for their condos.
GMAC Mortgage Corp. said it plans to buy Anaheim-based Pacific Republic Mortgage Corp. for undisclosed terms. Pacific Mortgage made $7.9 billion in mortgages last year. The lender has 144 workers in Anaheim and 31 lending offices. The deal is expected to close in the third quarter … Long Beach-based Farmers and Merchants Bank said it plans to open branches in Huntington Beach and Laguna Hills.
GOVERNMENT
Anaheim city officials said they’re trying to lure the Republican or Democrat parties for their 2008 national conventions.
WHAT ELSE IS NEWS
Montreal-based lingerie retailer La Senza Corp. said it plans to sell its 10.4% stake in Foothill Ranch-based Wet Seal Inc. La Senza, which is owned by Wet Seal Chairman Irving Teitelbaum, owns about 3.1 million shares of the stock that recently traded at 4.3, a 52-week low … Cypress-based Mitsubishi Motors North America Inc. plans to cut its U.S. auto production and lay off 1,200 workers at its assembly plant in Normal, Ill. Mitsubishi’s June sales fell 48%, versus a year earlier … A federal bankruptcy judge set an Aug. 12 date for the auction of bankrupt Costa Mesa gun maker Bryco Arms. The company was forced to file for bankruptcy after an Oakland court found it partly liable for the paralysis of 17-year-old Brandon Maxfield as a result of shooting accident. The auction gives Maxfield a chance to bid on the company, which he says he will shutter if he wins control San Clemente-based Four Star Distribution said it would sell four of its snowboard brands to Burlington, Vt.-based Burton Snowboards. Four Star said it wants to concentrate on its skateboard shoe and clothing brand products … Aliso Viejo-based Fluor Corp. said it won a $700 million contract for engineering work on a copper mine in northern Chile.
