Compiled by Purnima Mudnal
TOP STORIES
Broadcom Corp. said it plans to pay $80 million for Sandburst Corp., an Andover, Mass.-based designer of chips for telecommunications networks. The acquisition is set to close this quarter. Meanwhile, Broadcom reported fourth-quarter net income of $195 million, up 174% from a year earlier. Sales rose 52% to $820.6 million. The chipmaker raised its outlook for the current quarter and saw its shares rise more than 20% on the news The parent of Orange-based subprime mortgage lender Ameriquest Mortgage Co. said it has settled with state attorneys general over claims about its lending practices. California is set to get the largest portion of the $325 million settlement, about $47 million.
TECHNOLOGY
Quarterly earnings roundup: Newport Beach-based chipmaker Conexant Systems Inc. posted adjusted “core” earnings of $7.3 million for the quarter ended Dec. 31, versus a loss of $95.3 million a year ago. The company recorded sales of $230.7 million for the quarter, up 64% from a year earlier; Costa Mesa-based software maker FileNet Corp. reported fourth-quarter net income of $14.8 million, down 12% from a year earlier. The company’s revenue rose 7.5% to $115.6 million; Lake Forest-based disk drive maker Western Digital Corp. posted net income of $104.3 million, an 86% increase from the year-ago period. The company recorded revenue of $1.1 billion during the quarter, up 17% from the year-ago period; Costa Mesa-based storage device maker Emulex Corp. reported a profit of $17.2 million, up 19% from a year earlier. The company’s revenue was up 20% to $110.3 million Irvine-based Microsemi Corp. named Lake Forest-based hard disk drive maker Western Digital’s chairman Matthew Massengill to its board … Linksys, an Irvine-based unit of Cisco Systems Inc., unveiled a device with Yahoo! Inc. for playing digital music throughout a home Irvine-based DataLogic International Inc. said it completed a $3.3 million debt refinancing with Laurus Master Fund Ltd. The company plans to use some of the proceeds for growth.
HEALTHCARE
Irvine-based medical device maker 3F Therapeutics Inc. agreed to be bought by ATS Medical Inc. of Plymouth, Minn., for $58 million. The buy is set to close in the second quarter, pending ATS shareholder approval Minneapolis-based Medtronic Inc. and Medtronic Vascular Inc. settled a patent lawsuit with Irvine-based Edwards Lifesciences Corp. Medtronic agreed to pay $37.5 million to Edwards and its partner Endogad Research Pty. Ltd. to license patents for grafts that treat aneurysms A federal appeals court upheld a $64.5 million judgment in favor of Rancho Santa Margarita-based Applied Medical Resources Corp. against Tyco International Ltd.’s U.S. Surgical Corp. unit. Applied Medical sued Tyco over a patent related to a laparoscopic surgical device.
ENERGY
Irvine-based Quantum Fuel Systems Technologies Worldwide Inc. said it formed a venture with Unique Performance of Fort Worth, Texas, to produce alternative fuel vehicles. Quantum Fuel unit Tecstar will own 50.1% of the new company.
FINANCE
Irvine-based Commercial Capital Bancorp Inc. said its net income in the fourth quarter fell 25% to $15 million. Meanwhile, Commercial Capital said it plans to buy Lawyers Asset Management Inc. for about $8 million in stock. The deal is expected to close in February.
Foothill Ranch-based Wet Seal Inc. said it plans to buy most of the assets of bankrupt G+G Retail Inc. for $15.2 million. New York-based G+G, a girls’ teen and pre-teen clothing retailer, had about 566 stores prior to its bankruptcy filing. Wet Seal said it expects to operate 450 G+G stores under the names Rave, Rave Girl and G+G. The bankruptcy court must approve the deal The OC Performing Arts Center named Terrence W. Dwyer as president and chief operating officer. Dwyer is set to begin April 20. Dwyer formerly was a director at the Alley Theatre in Houston and the La Jolla Playhouse, where he worked for 12 years San Clemente-based Sunstone Hotel Investors Inc. said it plans to buy the Hilton Times Square hotel in New York City for $242.5 million. Sunstone expects to close the deal during this quarter Costa Mesa-based Ceradyne said it signed a $70 million deal with the Army for its ceramic body armor The owners of the Mighty Ducks of Anaheim said they plan to change the team’s name to Anaheim Ducks for next season Newport Beach-based American Vanguard Corp. opened a unit in Basel, Switzerland, to target European customers for its agricultural and specialty chemicals Irvine-based Comarco Inc. said it completed the sale of its 18% minority interest in SwissQual AG to a unit of British company Spirent PLC for $6.7 million Costa Mesa-based Liberty Diversified Holdings Inc. bought MCR Printing and Packaging Corp. for $8 million Foothill Ranch-based lock distributor Hampton Products International Corp. said it bought North Windham, Conn.-based auto products supplier Keeper Corp. for undisclosed terms Peter Churm rejoined Irvine’s Diedrich Coffee Inc.’s board.
ECONOMIC INDICATORS
Up: Orange County’s job picture in December, with the unemployment rate falling to 3.2%, versus 3.6% a year ago, and nonfarm payroll up 1.3%, or by 18,700 jobs, according to the state Employment Development Department.
Up: Venture capital investing in OC last year, up 73% to $490 million compared to a year earlier, according to a study by Ernst & Young LLP and VentureOne.
