St. John Knits International Inc. cofounder and chief designer Marie Gray and creative director Kelly Gray said they are retiring from the Irvine-based company the family founded four decades ago. Thirty-eight-year-old Kelly Gray, St. John’s signature model since she was a teen, said she’ll remain a consultant to the company. Kelly’s mother Marie will keep her seat on the board of directors. Cofounder Robert Gray retired in 2002 Quiksilver Inc. called its $312 million buy of France’s Skis Rossignol SA complete. With a final share bid under way, Quiksilver said it expects to have close to 100% of Rossignol’s shares, up from 94% now. The company said it plans to force a sale of remaining shares if necessary. Quiksilver named Jean-Francois Gautier as the Rossignol unit’s president Ameriquest Capital Corp. has allotted $325 million toward expected settlements with 30 states over its lending practices. Orange-based Ameri-quest has been accused of charging unfair loan fees and not providing accurate home appraisals. The subprime lender said the fund is the maximum amount it expects to pay out in refunds and fines. Meanwhile, President Bush nominated Ameriquest owner Roland Arnall as ambassador to the Netherlands.
Tech bellwether Ingram Micro Inc. said sales in the second quarter were $6.8 billion, up 20% compared to a year earlier. Operating profit was $71.3 million, a 49% increase over the year ago period. Santa Ana-based Ingram’s earnings included results from its $530 million buy of Australia’s Tech Pacific … Epicor Software Corp. said Chairman and Chief Executive George Klaus plans to remain with the company through 2007. Klaus has led the business software maker since 1996. Next in line to take over the company could be Mark Duffell, who was promoted to president and chief operating officer Fountain Valley-based Kingston Tech-
nology Co. said it’s setting up a wafer testing plant in Japan with three other companies. Kington’s investment in the company, called Tera Probe Inc., is $26.7 million Irvine-based RiverOne Inc., a maker of supply chain management software, said it raised $6 million in venture funds Irvine-based Gateway Inc. postponed its earnings release until Aug. 4. The computer maker said it is waiting for guidance from the Securities and Exchange Commission over a recent settlement with Microsoft Corp. Gateway expects the SEC’s advice to benefit the company.
Cypress-based PacifiCare Health Systems Inc. said more members in its plans and fewer medical costs helped revenue and profit in the second quarter. The Cypress-based health plan operator said its second-quarter profit jumped 22% to $92.6 million on an 18% rise in revenue to $3.6 billion, versus a year earlier … Costa Mesa-based Valeant Pharmaceuticals Inter-national said it plans to pursue approval of its Viramidine drug for hepatitis C in Japan Adventist Health said it plans to sell 208-bed South Coast Medical Center in Laguna Beach.
Brea-based Ventura Foods LLC said it plans to buy two businesses from Dallas-based Dean Foods Co. Ventura is set to pick up the Marie’s dressings and Dean’s dips units in the deal. The agreement calls for a long-term licensing deal that lets Ventura use the Dean’s trademark on the dips. The deal still needs regulatory approval. Terms of the acquisition weren’t disclosed Foothill Ranch-based teen retailer Wet Seal Inc. said it plans to take a $15.3 million charge in the second quarter for a turnaround consultant’s compensation. Charges in future quarters also are expected … Costa Mesa-based body armor maker Ceradyne Inc. said its profit rose 75% to $11.4 million in the second quarter on a 129% sales jump to $89.9 million Federated Stores Inc. said it is set to close a Macy’s store at The Shops at Mission Viejo and a Robinsons-May store at Westfield Shoppingtown Mainplace in Santa Ana. The closures come in the wake of Federated’s buy of May Department Stores Co. earlier this year. Federated is shuttering 21 stores in the Southland and 68 U.S. locations overall.
ECONOMIC INDICATORS
Up: Orange County venture funding in the second quarter, with 20 local companies getting $240 million in funds, up from about $53 million a year ago, according to a survey by PricewaterhouseCoopers LLP, Thomson Venture Economics and the National Venture Capital Association.
Mixed: The housing market in June, with the median-priced home down 0.2% to $702,400, versus May, but up 6.8% higher than a year ago, according to the California Association of Realtors.
