EXECUTIVE SUMMARY
TECHNOLOGY
Costa Mesa-based Emulex Corp. said it completed its stock offer for Bothell, Wash.-based Vixel Corp. About 92% of Vixel’s common stock and all of its preferred shares were tendered … Irvine-based Exult Inc. said it signed a seven-year deal for human resources services and systems with Circuit City Stores Inc. for an undisclosed amount … Jyoti Chatterjee resigned as president and chief operating officer of Yorba Linda-based NetGuru Inc. Chatterjee, who also stepped down from NetGuru’s board, is expected to take another job with the company. Chief Executive Amrit Das will take over the president role, with Santanu Das named as chief operating officer. Meanwhile, NetGuru said its operating loss in the September quarter narrowed to $660,000, versus $1.2 million a year earlier, on a 25% decline in sales to $4.3 million … Irvine-based Connexion by Boeing said Japan Air Lines will install its Internet service on 68 long-haul planes early next year. Connexion, a Boeing Co. unit, also said Singapore Airlines plans to install the high-speed Internet service on 40 of its jets … Costa Mesa-based Tickets.com Inc. said it will restate its earnings for 2001 and 2002. The company will conduct a new audit for 2001 because Arthur Andersen, which audited the company’s results that year, has shut down. Tickets.com reported a loss of $47.2 million on sales of $51.7 million for the first three quarters of 2002. It didn’t release its full-year numbers for 2002 … Lake Forest-based MAI Systems Corp., a maker of software and technology for the tourism industry, said its third-quarter operating profit rose 17% to $528,000, versus a year ago, despite a 16% decline in revenue to $4.8 million.
HEALTHCARE
Irvine-based Ista Pharmaceuticals Inc. said it priced its 4 million stock offering at $9.50 a share. The $38 million offering is set to close Tuesday … Cypress-based PacifiCare Health Systems Inc. scaled back its fourth-quarter earnings forecast to reflect the cost of redeeming $175 million in bonds, plus dilution from a 3.8 million share offering … Regulators gave Irvine-based Allergan Inc. the OK for its $230 million buy of Oculex Pharmaceuticals Inc.
REAL ESTATE
Brea-based Homeseekers.com Inc. filed for bankruptcy protection. The company, which operates a home-finding Web site, has more than $10 million in debt. Homeseekers.com employed 70 workers as of a count earlier this year.
FINANCE
Newport Beach-based Downey Financial Corp. cut an undisclosed number of employees after consolidating four OC mortgage processing facilities into a single unit at the company’s headquarters Newport Beach-based CommerceWest Bank said it swung to net income of $461,000 for the first three quarters of the year, versus a loss of $824,000 a year earlier. Total assets in the period grew 113% to $83.8 million … Irvine-based Westcorp raised its net income forecast 1.7% to $120 million for the year. The auto finance company also upped its 2004 net income expectations 8.3% to $170 million. Westcorp cited improving credit quality for the higher forecast.
GOVERNMENT
The Orange City Council approved Chapman University’s plan to add 17 acres to its 40-acre campus. Chapman owns the land, which is mostly to the west of the school and includes the Cypress Street neighborhood. The private university wants to grow from 4,600 students to 8,700 by 2016.
WHAT ELSE IS NEWS
More than 400 people who ate, or are related to someone who ate, at a Chi-Chi’s restaurant in Beaver County, Penn., have contracted hepatitis A. One person who got the disease at the restaurant died, though the death hasn’t been linked to the outbreak. The Chi-Chi’s chain is owned by struggling Irvine-based Prandium Inc. … Stamford, Conn.-based MeadWestvaco Corp. said it plans to buy privately held Day Runner Inc. of Fullerton for an undisclosed amount … Irvine-based Quantum Fuel Systems Technologies Worldwide Inc. said IMPCO Technologies Inc.’s India unit ordered 800 electronic controllers for fuel systems … October passenger traffic at John Wayne Airport rose 14% to 760,130, versus a year ago. The airport said the number of takeoffs and landings at the airport fell 8% to 28,368 in October while air cargo tons moved rose 18% to 1,370 Anaheim-based Pacific Sunwear of California Inc. said its third-quarter operating profit rose 51% to $39 million, versus a year ago, on 23% growth in sales to $281 million. PacSun said it is comfortable with its fourth-quarter earnings outlook, including same-store sales growth of 5% to 6%.
TOP STORY
Irvine won approval from the Local Agency Formation Commission to annex 4,700 acres at the former El Toro Marine base. The site is set to be redeveloped into homes, businesses, schools and parkland. Annexation stands to move Irvine past Anaheim as Orange County’s largest city. The Navy is expected to auction off about 1,000 acres of base land early next year … Costa Mesa-based drug maker ICN Pharmaceuticals Inc. marked a year of restructuring with a new corporate name: Valeant Pharmaceuticals International. Valeant, which now trades under the ticker symbol VRX, is paring its factories to five and trimming its worker count to 5,000. The company had 33 factories and 12,000 workers before making the cuts under its new management team
