Compiled by Mike Mason
Improving demand for computer products in North America and Europe helped Santa Ana-based Ingram Micro Inc. post sales and profit gains in the fourth quarter. Ingram, the world’s largest distributor of computer products, reported a 10% gain in sales to $7.5 billion, versus a year earlier. About $400 million in sales came from the company’s acquisition of Australian distributor Tech Pacific, which closed last year. The company said its operating profit jumped 34% in the quarter to $108.7 million … Vincent “Vinny” Smith, the longtime chief executive of Irvine-based Quest Software Inc., promoted company insider Douglas Garn to president. Smith said he wanted to focus more on company strategy and less on the day-to-day operations of the company by elevating Garn, who was Quest’s vice president of worldwide sales … Irvine chipmaker Broadcom Corp. OK’d a plan to buy as much as $250 million of the company’s common stock in the next year. The move would mark the first time the chipmaker has approved a stock buyback plan. Broadcom said it had about $1.2 billion in cash at the end of the year and wants to weaken the effects of dilution from stock option grants … Japan’s Toshiba Teli Corp., a maker of video cameras for industrial uses, has opened its first U.S. unit in Irvine. The company shares its name with Toshiba Corp., but isn’t formally part of the Tokyo-based electronics maker. The Irvine office of Toshiba Teli America Inc. houses sales, engineering, service and warehousing operations … Integrated Microelectronics Inc., a contract electronics maker based in the Philippines, has bought the Tustin plant of Auburn Hills, Mich.-based Saturn Electronics and Engineering Inc. Terms of the deal were not disclosed.
Dental laser maker BioLase Technology Inc. said it plans to license ophthalmology-related patents from Orlando, Fla.-based SurgiLight Inc. BioLase will pay about $2 million to license the patents. The deal is set to close in March … Irvine-based Spectrum Pharmaceuticals Inc. filed two abbreviated new drug applications with the Food and Drug Administration. The drug maker received $750,000 in funding from a group affiliated with J.B. Chemicals & Pharmaceuticals as part of its applications.
Santa Ana-based title insurer First American Corp. said it bought privately held United General Financial Services Inc. for an undisclosed price. Denver-based United General had sales of $208 million last year. John P. Dwyer, United General’s chief executive, is set to continue managing the unit as company president and regional vice president with First American Title Insurance Co., a unit of First American. Meanwhile, First American said it would refund about $24 million to consumers after state insurance investigators in Colorado claimed it gave kickbacks to homebuilders, lenders and real estate agents … Plans for a 42,000-square-foot retail center across from Cook’s Corner roadhouse in Trabuco Canyon were shelved after the property owner sold the parcel to the Transportation Corridor Agencies for $1.9 million.
Irvine-based Commercial Capital Bancorp said it wrapped up its $29 million buy of Los Angeles-based Timcor Exchange Corp. The bank said it issued 1.36 million shares to finance the deal.
Republican state Assemblyman Todd Spitzer said he wouldn’t run against incumbent Tony Rackauckas for OC district attorney in 2006. Spitzer said he made the decision after Rackauckas said he would hold the position for just one more term should he win next year. The race between Spitzer and Rackauckas was expected to be heated and costly.
Costa Mesa-based Earthboard Sports USA Inc., its founder and two brokers were charged with defrauding investors in the privately held company. The Securities and Exchange Commission claims the company raised $5 million to fund the skateboard maker by saying it eventually would be bought by Vans Inc. … Lake Forest-based Pacific World Corp. bought Camarillo-based Entrecap Corp. for undisclosed terms. The companies make artificial nails and eyelashes … Irvine’s Parker Aerospace won a pact from Lockheed Martin Corp. to supply flight-control parts for several fighter jets and airplanes. Parker is a unit of Cleveland’s Parker Hannifin Corp. … Anaheim-based Pacific Sunwear of California Inc. has tapped a veteran of Limited Brands Inc. to head its fast-growing chain of urban-style clothing stores. Lou Ann Bett was hired as division president of PacSun’s d.e.m.o. chain … San Clemente-based Sunstone Hotel Investors Inc. reported financial results for the first time since undertaking OC’s largest public stock offering of 2004. The company, a real estate investment trust that owns hotels, said revenue per available room was nearly 8% higher in the fourth quarter than a year earlier. Occupancy at its hotels was nearly 2 percentage points higher, Sunstone said. Sunstone reported pro forma earnings before interest, taxes, depreciation and amortization of $22 million, including $5 million in costs related to its October public offering.
