Compiled by Mike Mason
Irvine-based DispenseSource Inc. said it recently closed a $13.7 million round of venture funding Santa Ana-based MSC.Software Corp. said it plans to sell its Japanese services unit, Estech Corp., to Information Services International-Dentsu Ltd. for undisclosed terms. The deal is set to close within 30 days Irvine-based Gateway Inc. posted sales of $1.12 billion for the fourth quarter, up 9% from a year earlier but lower than Wall Street expectations. The company posted net profits of $22.4 million, up about 50% from a year earlier Aliso Viejo-based Buy.com Inc. reported fourth-quarter net income of $7.7 million, versus a loss of $1.4 million a year earlier. The profit includes a $12.2 million gain from the sale of an investment. Sales were $111.6 million, up 27% from a year earlier.
The University of California, Irvine, said the chief executive of UCI Medical Center, Ralph Cygan, resigned amid allegations of mismanagement over its liver transplant program. Cygan said he planned to return to the UCI School of Medicine’s faculty Irvine-based Allergan Inc. said its fourth-quarter profit rose about 8%, driven by double-digit sales growth of its core Botox wrinkle reducing drug. Allergan earned $122 million in the quarter on sales of $595 million, which were up 7%.
Irvine-based New Century Financial Corp. said fourth-quarter profit beat expectations with a 45% gain to $114 million, versus a year earlier. New Century’s net interest income from loans came in at $202.2 million, up 33%. The subprime mortgage lender also said that Brad Morrice, vice chairman, president and chief operating officer, is set to become chief executive on July 1. Morrice replaces Robert Cole, who will stay on as executive chairman after July Orange-based Ameriquest Mortgage Co. said its Irvine-based Argent Mortgage Co. unit planned to cut 15%, or 660 workers, from its staff The Irvine Company said it closed its buy of the two office towers at Newport Gateway Center from Britain’s Equitable Life Assurance Society for about $215 million. Meanwhile, the Irvine Co. said William “Bill” Halford, president of the company’s office division, has left to pursue other business opportunities (see story, page 3) Littleton, Colo.-based mortgage lender Aurora Loan Services LLC said it plans to close a regional operations center in Irvine and cut about 100 workers.
The county Board of Supervisors approved a $120 million, 20-year plan to improve Dana Point Harbor.
Nashville, Tenn.-based Sagittarius Brands Inc. and several private equity firms said they plan to buy Lake Forest-based Del Taco Inc. for undisclosed terms. The deal for Del Taco, which has 450 restaurants it owns or franchises, is expected to close within 60 days Omaha, Neb.-based ConAgra Foods Inc. said it plans to shift its Irvine-based grocery unit to Naperville, Ill. as part of a restructuring. Some 220 workers will be affected by the move, which is expected to be finished by June Irvine-based St. John Knits International Inc. said it plans to close a plant in Alhambra where it makes and distributes clothes The U.S. men’s volleyball team said it plans to move its headquarters to Anaheim from Colorado Springs Vernon-based BCBG Max Azria Group Inc. made a bid for G+G Retail Inc.’s assets. Foothill Ranch-based Wet Seal Inc. also has offered to buy G+G out of bankruptcy. Formal bidding for the company’s assets is set for next week Young & Rubicam Brands in Irvine named Rick Eiserman to head its office. Eiserman replaces David Murphy, who resigned from Y & R; in November to take a job as president of Saatchi & Saatchi Worldwide Inc.’s Torrance office Foothill Ranch-based Wet Seal Inc. said its same-store sales in January increased 51.4% versus a year earlier Anaheim-based Pacific Sunwear of California Inc. said its same-store revenue was up 4.9% compared to a year ago.
