Compiled by Mike Mason
TOP STORY
Santa Ana-based Powerwave Tech-nologies Inc. said it plans to buy a majority of Britain’s Filtronic PLC’s wireless infrastructure unit for about $340 million in cash and stock. Powerwave said it plans to pay $150 million in cash and 20.7 million in shares to fund the deal. Both boards have approved the deal. It still must be OK’d by Filtronic shareholders. The deal is expected to close by the end of September.
The Securities and Exchange Commission asked Irvine-based chipmaker Broadcom Corp. for documents relating to the company’s granting of options. The Los Angeles office of the SEC is leading “an informal request for information” regarding its stock-option practices Aliso Viejo-based Quest Software Inc. said in a filing with the Securities and Exchange Commission that several of its directors and officers were named in a shareholder lawsuit over stock option grants. In early June, Quest said it received an informal SEC inquiry about past stock options grants Irvine-based SpecificMedia Inc. raised $10 million in venture funding from Enterprise Partners Venture Capital and Shepherd Ventures. SpecificMedia, which provides online advertising services, said it plans to use the funds to boost sales and marketing (see story, page 3) Santa Ana-based Ingram Micro Inc. bought a European technology products distributor that expands its retail and inventory management operations. Ingram Micro, the world’s largest technology distributor, has completed the purchase of Norway’s SymTech Nordic AS, which it plans to fold into its Europe unit. Terms weren’t disclosed. SymTech has operations in Norway, Sweden and Denmark. SymTech Nordic distributes products with radio frequency identification tags,advanced bar code technology,and point-of-sales gear, including scanners for store checkout Irvine-based wireless testing gear maker Comarco Inc. reported a quarterly net loss of $575,000, versus a loss of $1.5 million a year earlier. Sales rose 33% to $10.6 million. The company affirmed its full-year targets of 20% sales growth.
Costa Mesa-based Valeant Pharm-
aceuticals International said the Food and Drug Administration approved Zelapar, a pill used in combination with others to treat Parkinson’s disease. Zelapar will be used as an additional treatment for patients who use the standard drug cocktail of levodopa and carbidopa for Parkinson’s, but are showing a deteriorating response to that combination.
The Irvine Company made official the hiring of former Maguire Properties Inc. executive Richard Gilchrist as head of its office division. Gilchrist, 60, has worked as a consultant for the Irvine Co. for the past few weeks. He’s set to assume the position as president on July 6. He replaces William “Bill” Halford, who left earlier this year to take over the top spot at Newport Beach-based developer Bixby Land Co. (see story, page 4) Nexus Cos. has started construction on a two-tower, $350 million condominium project in Santa Ana. The two 25-story buildings are Skyline at MacArthur Place. The 349-condo project is set for completion by early 2008. Sales will begin later this summer. Nexus is handling both the development and construction of the towers Santa Ana-based First American Corp. said it plans to take a $25 million charge in the second quarter to account for a lawsuit against one of its title insurance units. The company said in a regulatory filing that a jury awarded competitor Fidelity National Financial Inc. $41.3 million in a case filed against First American Title Insurance Co. The judgment included $6.3 million in compensation and $35 million in damages. The lawsuit involved a breach of fiduciary duty claim, according to the filing. First American said it plans to appeal the case.
Irvine-based telescope maker Meade Instruments Corp. said the SEC is doing an informal inquiry into its stock options grants. Separately, Meade said it settled a shareholder dispute by expanding its board. Meade is expanding its board from seven to nine members to make way for two representatives from investors that had complained about performance and executive pay Irvine-based Autobytel Inc. said it’s cutting 10% of its workers. That means the online marketing company, which had 426 people as of December, will cut about 40 jobs. The cuts are part of Autobytel’s efforts to cut costs. Autobytel said it expects to take a charge of up to $350,000 in the second quarter as a result of the job cuts. The company also said its independent accounting firm, PricewaterhouseCoopers LLP, plans to resign after it completes some reports for the quarter ending June 30. Autobytel said there was no disagreement between the companies Newport Beach-based Ambassadors International Inc. said its cruise ship unit bought the 49-passenger ship, Executive Explorer, for $2.5 million.
