EXECUTIVE SUMMARY
Compiled by Mike Mason
TOP STORIES
Irvine-based Allergan Inc. said it plans to exercise a right to buy its Irvine research affiliate Bardeen Sciences Co. for about $250 million. Meanwhile, the drug maker said its first-quarter operating income rose 65% to $97.8 million, vs. a year earlier, on a 23% gain in sales to $391.2 million. Allergan said its sales guidance is unchanged… A state Senate committee killed a proposed bill that would have legalized a cheaper alternative to title insurance,lien protection. Opponents of the bill, including the top title insurers in the U.S., Irvine-based Fidelity National Financial Inc. and Santa Ana-based First American Corp., say lien protection provides only limited coverage.
TECHNOLOGY
Shares of Santa Ana-based Ingram Micro Inc. tumbled 14% to 10 after the computer products distributor lowered its profit and sales forecast for the second quarter. Ingram’s chief executive, Kent Foster, said he saw “no indication of any upturn in (information technology) demand.” Ingram said it swung to a first-quarter net profit of $10.1 million, vs. a loss of $265.4 million a year ago, on a 2.5% decline in sales to $5.5 billion … Irvine-based Broadcom Corp. said it will pay $25 million in cash and take a onetime charge of $88 million to accelerate stock options stemming from its 2001 acquisition of its ServerWorks unit. Broadcom also will take a $41 million charge related to final payouts from the acquisition.
HEALTHCARE
Milan Panic, founder of Costa Mesa-based ICN Pharmaceuticals Inc., will give up his board of directors seat in May. Panic, who stepped down as chief executive and chairman of ICN after losing a proxy battle last year, will remain a $53,571-per-month consultant to the drug maker (see related story, page 1) … Cypress-based PacifiCare Health Systems Inc. said its first-quarter operating profit rose 72% to $132.6 million despite a 4% decline in revenue to $2.7 billion. PacifiCare’s decline in enrollment was somewhat offset by higher premium charges … Irvine-based Edwards Lifesciences Corp. bought the technology and intellectual property assets of Sacramento-based Embol-X Inc. for undisclosed terms.
REAL ESTATE
Irvine-based homebuilder Standard Pacific Corp. said its first-quarter income before taxes grew 38% to $40.7 million, vs. a year earlier, on sales growth of 40% to $404 million. Sales gains were aided, in part, by acquisitions in Florida and the Carolinas.
GOVERNMENT
Gov. Gray Davis endorsed a bill that he said would cut $1.5 billion from the cost of treating workers in the beleaguered workers’ compensation system. The reforms don’t go far enough, according to the state Chamber of Commerce.
WHAT ELSE IS NEWS
Walt Disney Co. said operating income at its parks and resorts unit in the quarter ended March 31 fell 45% to $155 million, vs. a year earlier, on a 3% decline in revenue to $1.5 billion. Disney said it’s seeing an uptick in short-term bookings at its resorts. Meanwhile, Arizona businessman Arturo Moreno got approval form Major League Baseball’s ownership committee to buy the Anaheim Angels from Disney for $182 million. Baseball owners could hold a full vote on the sale at their May 14-15 meeting … Aliso Viejo-based Fluor Corp. said its first-quarter earnings before taxes grew 13% to $16.6 million, vs. a year earlier, on a 17% decline in revenue to $2.1 billion.
ECONOMIC INDICATORS
Down: Orange County’s take of venture capital funding in the first quarter, down 31% to $59.6 million vs. a year earlier, marking the lowest quarterly amount of money raised in five years, according to a study by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association.
