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Thursday, Jun 30, 2022
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EXECUTIVE SUMMARY

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TOP STORIES

Irvine-based Broadcom Corp. named Scott McGregor as the chipmaker’s new chief executive, replacing interim chief Alan “Lanny” Ross on Jan. 3. Ross, who will remain on Broadcom’s board, has led the company since January 2003 following cofounder Henry “Nick” Nicholas’ resignation. McGregor most recently headed the chipmaking unit of the Netherlands’ Royal Philips Electronics NV. The unit had sales of $6.4 billion last year. McGregor will be paid $600,000 yearly and be granted 2 million stock options (see related story, page 1).


TECHNOLOGY

Technology products distributor Ingram Micro Inc. of Santa Ana posted its strongest third-quarter results since the downturn of 2000, with operating profit of $33 million, more than double a year earlier, and a 16% sales gain to $6 billion. The company projected fourth-quarter sales “at least as strong” as the year-ago period. Ingram Micro also is cooperating with an informal Securities and Exchange Commission inquiry that it believes is related to transactions with Network Associates, now Santa Clara-based McAfee Inc., from 1998 through 2000. The company doesn’t expect it to have a material impact on earnings Irvine-based Gateway Inc. said its narrowed losses to $59.3 million in the quarter ended Oct. 2, down from a $139 million loss a year earlier, thanks to cost cutting. Excluding a one-time charge, the PC maker posted its first operating profit in 11 quarters. Sales rose 4% to $915 million Former Newport Beach-based chipmaker Conexant Systems Inc. delayed releasing its results for the quarter ended Sept. 30 until Nov. 4. The company, which has 600 workers in OC, said it needs more time to reconcile some accounts payable. Conexant said the issue wouldn’t impact its results … Tustin-based MTI Technology Corp. named Scott Poteracki as chief financial officer. Poteracki, former chief financial officer at Seattle’s Cray Inc. and Irvine’s Racal Instruments Inc., replaces Todd Schaeffer, who resigned to pursue other interests … Jack Johnson, former president of traffic engineering and sensor maker Iteris Inc., has taken over as chief executive of Anaheim-based parent company Iteris Holdings Inc. Greg Miner, Iteris Holdings’ former chief, was named chairman. The moves are part of the consolidation of Iteris Inc. into Iteris Holdings. The combined company will be known as Iteris Inc. … Irvine-based Newport Corp. saw third-quarter revenue nearly tripled to $93.6 million from a year ago, thanks to its buy of Thermo Electron Corp.’s Spectra-Physics.


San Clemente-based BioLase Technology Inc. shook up its management with former Chief Executive Jeffrey W. Jones becoming chief technology officer. Robert E. Grant, BioLase’s chief operating officer and chief financial officer, was named chief executive. John Hohener, former chief financial officer of Irvine-based Netlist Inc., will take over as chief financial officer later this month. The maker of dental lasers said the executive shifts were made as the company matures from an early-stage business … Irvine-based Trimedyne Inc. said its patent application for a laser angioplasty device was approved … The owner and three workers at Santa Ana’s Millenium Outpatient Surgery Center were indicted on charges that they defrauded health insurance companies of $34 million. They are accused of giving patients unnecessary procedures and discounted plastic surgeries in exchange for services that were billable to insurers.


Irvine-based homebuilder Standard Pacific Corp. posted record third-quarter revenue of $865.8 million, up 39% from a year ago, and net income of $75 million, up 29%. Standard Pacific expects to hit revenue of $1 billion for the first time in the fourth quarter.


Germany’s Allianz AG said it was renaming its mutual fund businesses in the U.S., with Newport Beach-based Pacific In-

vestment Management Co. taking control of the Pimco moniker. Allianz’s East Coast-based stock funds no longer will be allowed to use the Pimco name. Earlier this year the stock fund family,marketed as Pimco PEA funds,settled charges that it allowed illegal trades. The bond funds weren’t charged in the scheme.


The number of passenger traveling through John Wayne Airport in September rose 3.9% to 720,014, versus a year earlier … The Orange County Transportation Authority OK’d a $2.2 million contract with N.Y.-based Parsons Brinkerhoff Inc. for initial engineering plans for the proposed CenterLine light-rail project .


Joel Moskowitz, chief executive of Costa Mesa-based Ceradyne Inc. said he would reduce his duties at the company while he fights non-Hodgkin’s lymphoma. Ceradyne, a maker of ceramic-based body armor said its third-quarter operating profit more than doubled to $11.3 million, versus a year earlier, on a doubling of sales to $56 million … Aliso Viejo-based Fluor Corp. won $88 million in engineering and construction work at U.S. embassies in Belize and Greece … Irvine-based Meade Instruments Corp. said it bought Tucson-based solar telescope maker Coronado Technology Group LLC for $2.5 million.


ECONOMIC INDICATORS

Up: Permits for condominium and apartment building construction, with the number of permits rising 19% to 3,353 through September this year, according to the Construction Industry Research Board.

Down: Orange County venture capital fundraising in the third quarter, with nine local companies attracting funds,the fewest amount in more than eight years,and $74.8 million raised, which was higher than the second quarter but lower than the first, according to a survey by Price-waterhouseCoopers LLP, Thomson Venture Economics and the National Venture Capital Association.

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