Compiled by Mike Mason
Technology bellwether Ingram Micro Inc. said its adjusted profit in the third quarter was $60 million on sales of $6.96 billion, up 16% from a year ago. The Santa Ana-based company is the world’s largest distributor of computer products Irvine-based Gateway Inc. said it signed deals with the Social Security Administration, Department of the Interior and Department of Defense Dependents Schools for $20 million worth of computers and services. Meanwhile, Gateway reported a net profit of $15 million for the third quarter, versus a charge-laden $59 million loss a year ago. Sales were up 14% from a year earlier to $1 billion Singapore’s WBL Corp. said it will help Multi-Fineline Electronix Inc. produce printed circuit boards while the Anaheim-based company expands a plant in Suzhou, China. WBL, which owns 60% of Multi-Fineline, will gain more influence over the company’s financing plans and the right to block the choice of a new chief executive as part of the deal Irvine-based Broadcom Corp. was one of six companies that filed an antitrust suit in Europe against San Diego-based Qualcomm Inc. The communications chipmaker and the others claimed Qualcomm is violating European Union competition law and failing to keep its promise to license its cell phone technology on “fair, reasonable and non-discriminatory terms” Novato-based Sonic Solutions said a court ruled its digital media software doesn’t infringe on a patent held by Irvine-based Optima Technology Corp., which filed the case against Roxio Inc. two years ago. Sonic Solutions bought Roxio last year.
Lake Forest-based Apria Healthcare Group Inc. said it’s no longer seeking a buyer and instead plans to focus on reversing a slump in profits. The home healthcare provider in June hired Morgan Stanley to contact possible buyers for the company. The process proved drawn out and was complicated by a lawsuit, debt, falling profits and Medicare issues.
Anaheim’s City Council approved Lennar Corp.’s development in the Platinum Triangle near Angel Stadium and the Arrowhead Pond. Plans call for as many as 2,681 condominiums and townhomes. The developer’s 41-acre project, called A-Town, also includes shops and some office space. Lennar could build 11 condominium towers as part of the plan The Irvine Company said it would drop plans for 50 of the 4,000 homes it hopes to build after the proposed plan in east Orange was met with resistance from environmentalists and residents. The Irvine Co. also said it would boost its funding for traffic improvements to $8.5 million from $7.3 million. Orange’s City Council could vote on the plan Nov. 8 Maguire Properties Inc. sold a majority stake in the Washington Mutual Campus in Irvine and Stadium Gateway in Anaheim to Macquarie Office Trust of Australia as part of a $1.2 billion sale that included six buildings. Los Angeles-based Maguire is keeping a 20% stake in the portfolio of buildings.
OC startups received $132 million in venture funding in the third quarter, up from $75 million a year earlier, according to a survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association.
Irvine-based Autobytel Inc. said that it hired Merrill Lynch & Co. to help the auto marketer pursue a possible sale of the company or acquisitions of others Huntington Beach-based BJ’s Restaurants Inc. said it opened three restaurants in October. The pizza chain launched eateries in San Bruno, San Mateo and Sugar Land, Texas Chapman University in Orange named Arthur Kraft to head its George L. Argyros School of Business and Economics. Kraft, formerly dean of DePaul University’s business school, is set to start Jan. 1. Chapman business dean Francis Tuggle said earlier this year that he was stepping down The parent of alternative weekly newspaper OC Weekly is being acquired by Phoenix-based New Times Media. Village Voice Media, OC Weekly Media Inc.’s New York-based parent and publisher of the Village Voice and other alternative papers, plans to join New Media in a bid to create a national chain of alternative weeklies The Army said it plans to buy $47.8 million in body armor from Costa Mesa-based Ceradyne Inc. The military has ordered about $232 million worth of armor under a $461 million long-term pact struck last year with Ceradyne Parker Aerospace’s control systems unit in Irvine and Curtiss-Wright Controls won a pact to supply the weapons bay door drive system for the Navy’s P-8A Multi-Mission Maritime Aircraft now being developed by Boeing Co. Parker Aerospace is a unit of Parker-Hannifin Corp.
ECONOMIC INDICATORS
Up: Orange County’s jobs picture in September, with the unemployment rate falling to 3.6%, versus 4% a year ago, and the county adding 27,700 jobs in the period, according to the state Employment Development Department.
Mixed: OC’s housing picture in September, with the median price of a home sold rising 12% to $708,840, versus a year earlier, according to the California Association of Realtors. The association said the median price was down 1% from August.
