Compiled by Mike Mason
Technology bellwether Ingram Micro Inc. said it expects to meet earnings guidance for the current quarter, despite some challenges in Europe. The Santa Ana-based technology products distributor said it should earn $49 million to $56 million in the quarter, up 18% to 34% from a year earlier. Ingram Micro expects to hit sales of $7.15 billion to $7.35 billion, up 4.5% to 7%.
Irvine-based Allergan Inc. said the Food and Drug Administration signed off on Juv & #269;derm, a line of skin fillers used on the lower part of the face to smooth out wrinkles and folds. Allergan acquired Juv & #269;derm through its $3.2 billion buy of Santa Barbara’s Inamed Corp. Meanwhile, Allergan said that it prevailed in a patent lawsuit against Apotex Inc. of Toronto, and Apotex’s Novex Pharma unit. Apotex was looking to sell generic versions of Allergan’s Acular, a drug to treat itchy eyes Lake Forest-based contact lens and surgical products maker Cooper Cos. reported a lower quarterly profit and warned about results for the rest of this year and next. Cooper posted a profit of $13.7 million for the quarter ended April 30, down 51% from a year ago. Revenue was up 1% to $211.7 million. Profit and sales fell short of analysts’ expectations. Acquisition and restructuring charges impacted profits Santa Ana-based Advanced Medical Optics Inc. upped its profit outlook for 2006 and next year, thanks to a share buyback and debt retirement. The maker of contact lens solutions and eye surgical devices now said it could earn up to $151 million this year, 4% more than previously estimated Irvine-based Spectrum Pharmaceuticals Inc. agreed to grant stock worth $550,000 to Reno, Nev.-based Altair Nanotechnologies Inc. to resolve a licensing dispute.
Irvine-based Standard Pacific Corp. said it plans to lower its outlook for profits and homes sold in 2006, following a steep drop in new home orders in the past two months. Orders for new homes for April and May were down 40% from a year earlier. Cancellations and softening demand were to blame British hedge fund Polygon Global Opportunities Master Fund claimed it has enough shares to block William Lyon’s bid to take Newport Beach-based homebuilder William Lyon Homes private. Lyon recently said he and trusts he controls own more than 90% of the company’s shares, which he said would be enough to force the sale of the rest of the shares Irvine-based mortgage lender New Century Financial Corp. said it did $5.5 billion in loans in May, up 28% from a year earlier. The company’s results were boosted by an acquisition last year. The company has done $10.2 billion in loans so far this quarter, up 16% from a year ago.
On the election front: John Moorlach and Chriss Street, who worked as a tag team calling the county’s early 1990s bankruptcy, prevailed by wide margins in last Tuesday’s voting over intense opposition from public employee unions. Moorlach, the county’s treasurer, easily won a seat on the Board of Supervisors, beating Stanton Councilman Dave Shawver 70% to 30%, according to initial results from the county Registrar of Voters. Street, who ran to replace Moorlach as treasurer, beat Pat Desmond 65% to 35% John Wayne Airport officials said passenger traffic in May fell 1.5% to 818,789, versus a year earlier. Total takeoffs and landings were down 1.4% to 30,575.
Norwalk, Conn.-based hedge fund Pirate Capital LLC said it may mount a bid to force Tampa-based OSI Restaurant Partners Inc. to sell off some of its units, including Newport Beach-based Fleming’s Prime Steakhouse and Wine Bar. The hedge fund said it’s upset that OSI is expanding with its Blue Coral Seafood & Spirits restaurant at Fashion Island at a time when the company recently said its overall sales are weaker-than-expected Huntington Beach-based Quiksilver Inc. said its profit fell in the second quarter, with costs from its acquisition of Rossignol and some weakness in Asia-Pacific having an impact. Quiksilver said its operating profit was $18.7 million in the quarter, down from $54.1 million a year earlier. The company’s sales rose 23% to $516.9 million. Revenue was boosted by last year’s acquisitions of Rossignol and Cleveland Golf, which together contributed $86.2 million in revenue during the period San Clemente-based Metagenics Inc. said it bought Belgium food supplement maker Biodynamics NV for undisclosed terms Margaret (Heinz) Karcher, the wife of Carl’s Jr. founder Carl N. Karcher, died Tuesday at 91 from liver cancer. Along with her husband, Margaret Karcher was an Anaheim icon. She and her 14 brothers and sisters were raised on an orange grove that was developed into the onetime headquarters of CKE Restaurants Inc. in Anaheim. The site still houses a Carl’s Jr. warehouse and offices … Joel Waller was named chairman of Foothill Ranch-based Wet Seal Inc. Waller, who is chief executive of the teen retailer, replaces Henry Winterstern, who remains a director. Winterstern said he was too busy to continue as chairman of Wet Seal Costa Mesa-based Ceradyne Inc. and Alcan Inc. plan to develop a container to handle nuclear waste. Ceradyne has set up a unit with Alcan’s Dubuc Works operation, Ceradyne Canada, and plans to build an 80,000-square-foot plant in Saguenay, Quebec The Westin South Coast Plaza began work on a $3 million upgrade that includes a revamped lobby, outdoor gazebo and private cabanas around the pool.
