EXECUTIVE SUMMARY
Compiled by Mike Mason
TECHNOLOGY
Shares of Aliso Viejo-based QLogic Corp. fell 23% to 33 after the company warned its revenue for the quarter ended March 28 would be slightly lower than a prior forecast. QLogic said sales were hurt by its failure to get expected orders from two buyers of its data storage gear … Irvine-based Broadcom Corp. said it would vest all of Chief Executive Lanny Ross’ options if he stays on until a permanent successor is found. Ross stepped in as chief last year when Henry T. Nicholas III left the company. Ross would earn about $5.7 million if the options were vested at last week’s stock price … Santa Ana-based MSC.Software Corp. said it plans to restate its 2001 and 2002 financial results to make adjustments for revenue recognition, stock options and other items. It also said it would delay filing its 2003 annual report while it looks into whether information was withheld from its independent auditors relating to stock options of a departing employee of a foreign unit … Irvine-based Lantronix Inc. sold most of its Premise software unit to an undisclosed buyer for $1 million. Lantronix said net proceeds from the deal would be $300,000 to $400,000 after fees and restructuring costs … Lake Forest-based Western Digital Corp. said it plans to build a network of service centers in India.
HEALTHCARE
Irvine-based Masimo Corp. was awarded $134.5 million by a federal jury who found that rival Nellcor, a unit of Tyco International Ltd., violated four of Masimo’s patents. Nellcor said it plans to appeal the verdict … Tustin-based Peregrine Pharmaceuticals Inc. said it received a European patent for its cancer treatment … The Food and Drug Administration said the American Red Cross’ Costa Mesa human tissue bank did not follow all necessary procedures to prevent potential infectious diseases or cross-contamination in its stock of heart valves and skin. The Red Cross said it would correct regulators’ concerns before it restarts skin and heart valve shipments from its Costa Mesa facility, which is one of the largest skin banks in the U.S. … Newport Beach-based Nationwide Health Properties Inc. said it plans to spend $187 million on up to 24 assisted living facilities in 13 states. Nationwide Health said it would lease the buildings to Seattle-based Emeritus Corp., which already operates the buildings … Newport Beach-based Health Care Property Investors Inc. said its former chief financial officer, James Reynolds, resigned. Reynolds has filed a lawsuit against Health Care Property and two executives, alleging defamation and age discrimination, among other charges.
REAL ESTATE
John Laing Homes, a unit of Newport Beach-based WL Homes LLC, plans to build 36 low-income townhomes in Anaheim. The homes are expected to sell in the high-$200,000s and are set to be finished later this year.
GOVERNMENT
John Wayne Airport saw a record 673,627 travelers use the airport in February, up 16.6% from a year earlier. Takeoffs and landings rose 5.7% to 27,357, versus a year earlier … Orange County Registrar Steve Rodermund certified results of the March 2 election, but said one race for a Democratic Party post might have been affected by problems with the county’s new electronic voting system. Rodermund said 33 voters in the race for six seats on the Democratic Central Committee received incorrect ballots; Art Hoffman trailed Jim Pantone for the sixth spot by 13 votes … Los Alamitos sued Cypress over a plan by the Cottonwood Christian Center to build a 30-acre facility at Katella and Lexington Drive in Cypress. Los Alamitos claims the worship center will create more traffic than expected. The suit threatens the start of Costco Wholesale Corp.’s plan to build a store on land swapped by Cottonwood Christian Center in exchange for its parcel … The city of Anaheim was ordered to pay $2 million to Bill Gammoh, owner of the Taboo Gentlemen’s Club, after the city denied him permission to open the nude entertainment club in 1994. Anaheim was ordered by the state appeals court to issue the permit in 1999, with Gammoh suing for lost revenue between 1994 and 2001, when the club opened. Gammoh successfully claimed his constitutional rights were violated by the city’s permit denial.
WHAT ELSE IS NEWS
The Mighty Ducks of Anaheim plan to offer 5% interest on season-ticket payments made by May 17 in a bid to lure season-ticket commitments from National Hockey League fans worried that players and management won’t reach a collective bargaining deal in time for the 2004-2005 season. The Ducks plan to pay interest from May 18 until the first game is played, whether a potential strike or lockout delays the season or it goes ahead as planned. For season-ticket buyers who make half their payment by July 31, the team also will pay 5% interest from Aug. 1 until the season begins. The Ducks’ attendance rose 15% this year. The team had 11 sellouts, versus 7 last year. Ducks’ season ticket prices are from $450 per ticket to $3,825 … Western State University College of Law lost an appeal to keep its American Bar Association accreditation. The bar association said the school has high attrition rates and low scores on bar exams. The association’s House of Delegates will make a final decision in August … Shares of Australia’s Barbeques Galore Ltd., which has its U.S. operation based in Lake Forest, jumped 71% to 8.8 after the company said its fourth-quarter operating income more than doubled to $5.1 million on a 24% jump in sales to $63 million. The company cited a stronger U.S. economy and a move of some manufacturing offshore for the better results.
ECONOMIC INDICATORS
Up: Apartment rents in Orange County, with the average monthly rent expected to rise 6% this year and 9% in 2005, according to the University of Southern California’s Lusk Center for Real Estate.
