TOP STORIES
Newport Beach contract chipmaker Jazz Semic-onductor Inc. withdrew its long delayed initial public offering. The company, an offshoot of Newport Beach-based Conexant Systems Inc., had planned to raise $150 million in a stock sale. In a Securities and Exchange Commission filing, Jazz cited market conditions for nixing the offering. Conexant has a 40% stake in Jazz The National Hockey League’s board of governors unanimously approved Henry and Susan Samueli’s buy of the Mighty Ducks of Anaheim from Walt Disney Co. for a reported $75 million. The Samuelis,Henry is cofounder, chairman and chief technical officer of Irvine chipmaker Broadcom Corp.,had been talking with Disney for some time on the buy. The sale includes Disney Ice, the team’s practice rink.
Lake Forest-based Western Digital Corp. boosted its forecast for the quarter ending July 1, fueled by what it said was strong demand for its hard disk drives used in personal video recorders, notebook and business personal computers. In a regulatory filing, Western Digital said it expected quarterly sales of $900 million to $915 million, up from its previous target of $875 million to $900 million, and earnings in line with previous forecasts. Still, the company’s shares slumped after an analyst raised concerns about the company’s ability to meet its profit forecast in the current quarter Anaheim-based contract electronics maker Multi-Fineline Electronix Inc. said it plans to buy photo imaging technology company Applied Optics Inc. for $6.3 million. Multi-Fineline is set to operate Applied Optics as a separate unit called Aurora Optical Inc. Irvine-based DynTek Inc., a provider of technology services, said it plans to cut costs by $1.6 million yearly. The company said it plans to focus on general and administrative expenses, which could mean layoffs … Foothill Ranch-based Comprehensive Computer Services Inc. said it plans to move its headquarters to Bartlett, Tenn. Irvine-based Printronix Inc. warned that it might post a loss in the June quarter because of a slowdown in orders. Printronix, which makes high-speed industrial printers, said it was seeing slower orders from Asian and European customers Irvine-based computer maker Gateway Inc. landed an $8 million computer and services contract with the Air Force.
Skilled Healthcare Group Inc., a Foothill Ranch-based nursing home operator, has undergone a $420 million recapitalization as a prelude to a possible sale. Heritage Partners Inc. of Boston, which owns about 50% of Skilled, said it hired Credit Suisse First Boston to help it explore “strategic alternatives” for the company … Irvine-based Quality Systems Inc. posted quarterly earnings results that beat Wall Street expectations. Quality said that it posted net income of $4.8 million in the quarter ended March 31, versus $3.1 million a year earlier. Analysts had expected profit of $4.2 million. Revenue in the quarter rose 36% to $25 Irvine-based Edwards Lifesciences Corp. is delaying U.S. enrollment in a clinical trial for its percutaneous, or less invasive, heart valve. The company said it is voluntarily pausing after complications were reported in fewer than 10 test cases in Canada Irvine-based medical device maker Cardiac Science Inc. said it has expanded its distribution deal with General Electric Co.’s GE Healthcare unit, which will market Cardiac Science’s Powerheart automated external defibrillators on an “exclusive basis” to hospitals in the U.S. and Canada.
The city of Irvine approved The Irvine Company’s Orchard Hills development, which calls for 4,310 homes and a 130,000-square-foot mall on 4,253 acres north of the former El Toro Marine base. Meanwhile, Newport Beach-based Irvine Co. reportedly is in escrow to buy the SBC and NBC towers in downtown San Diego. The Irvine Co. declined to comment on the report.
The Orange County Transportation Authority set its 2005-06 budget at $682 million. Some $45 million will be used to fund widening of the Garden Grove (22) Freeway Santa Ana retailers agreed on a split of tax funds used to improve the downtown area. The Downtown Business Council and Calle Cuatro groups each will get $26,000 to promote the areas plus $37,500 generated from past festivals.
Irvine-based St. John Knits International Inc. tapped Brazilian supermodel Gisele Bundchen for its fall advertising campaign. Bundchen is set to appear in St. John ads in September fashion magazines. Kelly Gray, St. John’s creative director and daughter of founders Robert and Marie Gray, has been the company’s signature model since she was a teen … Cargo shipper BAX Global of Irvine, a unit of Virginia-based Brink’s Co., is reportedly up for sale for as much as $500 million … Pacific Sunwear of California Inc. said its president and chief merchandising officer, Timothy Harmon, planned to retire July 1 after 14 years at the Anaheim-based surfwear retailer. PacSun plans to tap its division presidents to fill Harmon’s role. Meanwhile, the company said Reenie Benziger was named executive vice president of merchandising for its PacSun division. Benziger comes from Gap Inc. Aliso Viejo-based Fluor Corp. was tapped by Lockheed Martin Corp. and the University of Texas as part of a bid to operate the Los Alamos National Labratory in New Mexico. A decision on who will manage the Department of Energy’s troubled Los Alamos lab is expected by Dec. 1. The University of California has been criticized for lax security and other issues at the lab under its management.
ECONOMIC INDICATORS
Up: Orange County’s housing market in May, with the median price paid for an OC home sold up 8.7% to $590,000, versus a year earlier, and the number of homes sold up 3.7% to 4,548, according to La Jolla-based DataQuick Information Systems.
