TOP STORIES
Conexant Systems Inc., Newport Beach, postponed the spin-off of its Internet equipment unit and posted a loss in line with lowered expectations for its fiscal first quarter ICN Pharmaceuticals Inc., Costa Mesa, warned profits for 2000 and 2001 would trail estimates in part because of slowing royalties for its hepatitis C treatment ribavirin; the company said it still plans to spin off Ribapharm and another unit Fluor Corp., Aliso Viejo, named Alan Boeckmann to the new positions of president and COO; no replacement was named for Boeckmann as president and CEO of the Fluor Daniel unit Microsoft Corp. renewed its distribution contract with a unit of Santa Ana-based Ingram Micro Inc. for two years Fitch IBCA, Duff & Phelps lowered its rating of an OC investment pool because the fund put $40 million into Southern California Edison notes over the past four months.
TECHNOLOGY
Emergent Information Technology Inc., Newport Beach, completed a $25 million private placement with Libra Mezzanine Partners Procom Technology Inc., Irvine, acquired Italy’s Scofima Software TDK Semiconductor acquired the 164,000-square-foot former Fujitsu building in Anaheim for $12.4 million from The Hamilton Co., Newport Beach, and will move there from its Tustin facility; Fujitsu is moving the Anaheim unit to the Irvine Spectrum Wonderware Corp., Irvine, said it will cut 20% of its company-wide workforce, about 150 positions, by month’s end FutureLink Corp., Lake Forest, said it will cut 53 jobs, about 8% of its workforce Pingpong.com, Fountain Valley, laid off 31 of its 47 employees and abandoned its plan to develop a search engine for Internet users Swell Inc., San Juan Capistrano, laid off up to 20 employees Litronic Inc., Irvine, received a $9 million order from BIZ Interactive Zone, Irvine Irvine Sensors Corp., Costa Mesa, named interim CEO Robert G. Richards president and CEO and added him to its board Endologix Inc., Irvine, named CEO Franklin D. Brown chairman, replacing founder Michael Henson, who remains a director George Lee resigned as CEO of McGlen Internet Group Inc., Tustin, and will be replaced by president and co-founder Mike Chen pending completion of the company’s acquisition by Lan Plus Corp. Ceradyne Inc., Costa Mesa, said its fourth-quarter earnings will exceed analysts’ expectations Rus, Miliband & Smith, Irvine, sued Newport Beach-based Winfire and its founders, Chad and Ryan Steelberg, for more than $80,000 in allegedly unpaid fees; Chad Steelberg said the company disputes some of the firm’s billings Datalogic Consulting Inc., Garden Grove, will acquire the international operations of Provitek Inc.
HEALTHCARE
Costa Mesa-based ICN Pharmaceuticals Inc.’s Tiazole, a drug for treating a type of leukemia, was granted orphan-drug status by the FDA, which will provide seven years of marketing exclusivity after its final approval.
GOVERNMENT
The Santa Ana Regional Water Quality Control Board is studying whether to declare the waters off Huntington Beach “impaired” under federal law, the first step in imposing sweeping new limits on runoff and discharges throughout the Santa Ana River watershed and northwest OC The federal Office of Management and Budget dropped a proposal to combine the economic data for LA and Orange counties into one figure in future reporting The Tustin City Council approved environmental documents for the planned reuse of the former Tustin air base over the objections of the Santa Ana Unified School District and the Rancho Santiago Community College District, who say they need more land that is provided in the plan An environmental report on a proposed expansion of Los Angeles International Airport says passenger demand will outstrip the improvements unless an airport is built at El Toro or some other OC site.
REAL ESTATE
Frank Foster, president and COO of Newport Beach-based Fieldstone Communities Inc., has added the post of CEO, replacing Keith Johnson, who becomes vice chairman The Fullerton City Council approved a plan by Houston-based Morgan Group to build a five-story, 183-unit luxury apartment building on 2 acres near Chapman Avenue and Harbor Boulevard A Los Angeles Superior Court judge upheld the authority of the state Airport Land Use Commission to continue to limit development near the former El Toro base Developer Hearthside Homes Inc., Newport Beach, and landowner Signal Landmark sued the state Coastal Commission alleging its downsizing of a proposed residential project on the Bolsa Chica Mesa near Huntington Beach was illegal Joan Irvine Smith said she opposes a state plan to develop a luxury resort at Crystal Cove State Park.
FINANCE
Fidelity National Financial Inc., Irvine, said it will sell 6 million shares under a shelf registration; the firm also said it expects fourth-quarter earnings to meet expectations The U.S. Labor Department sued the now-defunct Irvine-based Waldron & Co. and its former president, Cery B. Perle, alleging they pocketed money withheld from employees’ paychecks for retirement funds Downey Financial Corp., Newport Beach, posted lower than expected earnings and saw its stock drop 18%.
WHAT’S NEW
SHURflo Pump Manufacturing Co. Inc. signed a 10-year, $25 million lease for 233,000 square feet in the Warland Cypress Business Center and will move its operations and 400 jobs there from Garden Grove RemedyTemp Inc., Irvine, promoted COO Greg Palmer to president and CEO, replacing Paul Mikos, who becomes chairman, succeeding founder Robert McDonough, who becomes vice chairman; meanwhile, the firm said it will take a $2 million charge for the fourth quarter because of unpaid invoices by EToys Inc. The Service Employees International Union and employers agreed on the first-ever contract covering OC janitorial workers, which will raise wages to $7.45 an hour in 18 months and add medical benefits beginning in 2003 International Education Corp., Irvine, will close its Southern California International College campuses in Brea and Santa Ana Abdo H. Khoury, CFO of ARV Assisted Living Inc., Costa Mesa, added the title of president OC ranked second, behind Los Angeles, among U.S. metropolitan areas with the greatest improvement in air quality in the past 20 years, according to a the Foundation for Clean Air Progress, a business group A security guard was injured in a shootout with three or four would-be robbers at Traditional Jewelers in Fashion Island.
