EXECUTIVE SUMMARY
TOP STORIES
Ingram Micro Inc., Santa Ana, said its fourth-quarter profits met the high-end of expectations but warned it doesn’t see the technology sector picking up anytime soon; the tech distributor’s stock fell 2% to 16.95 on the news PacifiCare Health Systems Inc., Santa Ana, reported a $26.4 million loss including charges and saw its shares fall sharply on analysts’ concerns about the company’s openness about woes in its Medicare business and legal issues; Texas said last week it is suing the insurer over back claims Apria Healthcare Group Inc. named president and chief operating officer Lawrence Higby as its chief executive, replacing outgoing chief Philip L. Carter, who left after leading a four-year turnaround.
ENERGY
The Irvine City Council voted to hire a consultant to study forming a municipal utility A state Senate committee voted Tuesday to seek criminal charges against Enron Corp. for allegedly concealing evidence.
FINANCE
Nationscapital Mortgage Corp., Orange, was ordered by an administrative law judge to return more than $712,000 to 120 Washington state borrowers and fined the company its owner James Chisick more than $700,000; the judge’s order also barred Chisick from doing business in Washington for 20 years.
TECHNOLOGY
Computer memory products maker Kingston Technology Co., Fountain Valley, said 2001 revenue fell 44% to $900 million Conexant Systems Inc., Newport Beach, said Balakrishnan S. Iyer, senior vice president and chief financial officer, was elected to a new seat on the company’s board of directors Frank Perna, chief executive of Santa Ana-based MSC.Software Corp., was named CEO of the year by the Software Council of Southern California.
HEALTHCARE
The Food and Drug Administration recalled two prostate cancer herbal treatments made by BotanicLab Inc., Brea, because they contained traces of a prescription tranquilizer and blood thinner Irvine-based Radiance Medical Systems Inc. agreed to buy Endologix Inc., also of Irvine.
GOVERNMENT
Toll road officials agreed to scale back the planned expansion of the Foothill (241) Toll Road from eight to four lanes through South County because of weak traffic projections; officials also voted to hire a consultant to study how to improve the finances of the San Joaquin Hills (73) Toll Road A Federal appeals court ruled that four major oil companies must pay for nearly all of the $100 million cleanup of the McColl toxic dump site in Fullerton, reversing a lower court decision that held the U.S. government responsible Buena Park said it plans to expand its redevelopment area to cover nearly 60% of the city In a bid to offset an expected falloff in state funding, Irvine officials started mailing ballots for a proposed property tax increase to some 60,000 landowners The state Public Works Board approved a Santa Ana Civic Center site for the new 4th District Court of Appeal.
REAL ESTATE
Irvine Planning Commissioners raised concerns about two Irvine Company developments near El Toro that would generate more than twice the traffic that an airport at the former Marine base would The National Association of Realtors said the median home price in OC was $360,900 in the fourth quarter, second-highest in the country behind San Francisco’s $463,900 The May Department Stores Co. picked Costa Mesa-based Day Construction Co. to build a 140,000-square-foot Robinsons-May at the Irvine Spectrum.
WHAT ELSE IS NEWS
Restaurant owner Prandium Inc., Irvine, said its bid to sell 14 Hamburger Hamlets fell through and warned it may be forced into liquidation bankruptcy if it can’t find a buyer Taco Bell Corp., Irvine, recorded its fifth straight month of increased same-store sales as fourth-quarter sales rose 8% from a year ago The Keith Cos., Costa Mesa, said it is buying for undisclosed terms a Midwestern engineering firm that specializes in government projects, the company’s third acquisition since a secondary stock offering last year Johnson Controls Inc. said it will lay off 100 to 140 workers at its Fullerton auto battery plant The chief executive and chairman of Fleetwood Enterprises Inc., Riverside, resigned after the maker of recreational vehicles and manufactured homes reported its seventh straight quarterly loss for the December quarter Aviation Distributors Inc. founder Osamah S. Bakhit of Mission Viejo pleaded guilty to 18 counts of deceiving Far East National Bank and Arthur Andersen and defrauding shareholders who bought about $7 million of the Lake Forest-based company’s stock; he is set to be sentenced Aug. 19 in federal court in Santa Ana Chicago Pizza & Brewery Inc., Huntington Beach, hired C. Douglas Mitchell as its new chief financial officer Former Orange County Chief Executive William Popejoy settled for undisclosed terms his lawsuit with owners of the Balboa Bay Club over his bid to buy a majority stake in the club.
