Up:
Employment in OC in March, at 1,420,200 jobs, up 46,000 from March 2000. Unemployment was 2.4%, the same as February and down a tick from March 2000’s 2.5%.
Mixed:
Home sales and prices in OC in March, according to DataQuick Information Systems Inc., which reported 4,327 sales, down from 4,754 in March 2000, at a median price of $292,000, up from $287,000 in February.
Mixed:
Trade through the ports of Los Angeles and Long Beach in March. Imports were up 14% and 9.6% year-to-year, respectively, while exports rose 6.5% at the LA facility, but fell 13.8% at Long Beach.
ENERGY
The state is projected to spend $150 million a day buying energy in the summer, more than twice what it’s spending this month Legislators said Gov. Gray Davis’ deal to buy the transmission grid of Southern California Edison would not be approved if a vote were held now.
TOP STORIES
Allergan Inc., Irvine, said it will exercise its option to buy back spinoff Allergan Specialty Therapeutics Inc. for $71 million and take a second-quarter charge of $40 million for the deal Broadcom Corp., Irvine, warned it will post a second-quarter net loss and a 23% sequential drop in quarterly revenue and said it will make unspecified layoffs.
TECHNOLOGY
Conexant Systems Inc., Newport Beach, received a contract to supply chips to the broadband communications unit of Motorola Inc., which had been relying on Irvine-based Broadcom Corp. as its sole supplier Newport Corp., Irvine, posted better-than-expected pre-charge earnings Interplay Entertainment Corp., Irvine, raised $12.7 million in a private placement and received a $15 million line of credit Boeing Co.’s Seal Beach-built X-40A space-plane prototype completed its second successful test flight; Boeing’s Huntington Beach facility received a $1 million contract from NASA to study options for a sample-return Mars mission Broadband Interactive Group, Irvine, cut 13 positions in various departments and added eight positions in sales and marketing Exult Inc., Irvine, named Michael Henn executive VP and CFO and said it will meet first-quarter expectations Tickets.com Inc., Costa Mesa, will use the Visa USA payer authentication system with its online ticket sales Buyproduce, Irvine, will acquire Florida-based Kirkey & Associates Inc. MicroNet Technology Inc., Irvine, was acquired by BNL Technologies, LA LoudEnergy.com, Newport Beach, acquired the assets of bankrupt Riffage.com Go2 Systems Inc., Irvine, acquired the go2.com domain name from GoTo.com, which is changing its name (see related story on page 1).
HEALTHCARE
TriZetto Group Inc., Newport Beach, acquired Waukegan, Ill.-based Infotrust Co. for $12.6 million, and plans to raise $53.7 million in secondary offering MedCom USA Inc., Irvine, will lay off 24 employees, about 20% of its U.S. staff, and filed to sell up to $20 million in stock at a discount to a private fund; also, its shareholders approved a 1-for-4 reverse stock split intended to boost the share price over $1 and avoid delisting by Nasdaq ICN Pharmaceuticals Inc., Costa Mesa, will reduce its 14-member board by two as part of its restructuring into three separate firms.
GOVERNMENT
The state Department of Fish and Game said it will spend $5 million to build a 20,000-square-foot marine studies center on Shellmaker Island in the Upper Newport Bay Two Santa Ana-based school districts sued Tustin over its plan for the closed Tustin air base, where the districts want land for a new school William Woollett was named interim city manager of Aliso Viejo, which will formally incorporate July 1 The EPA fined Huntington Beach-based Doug Brown and Associates $20,000 for selling unregistered pesticides; the company blamed an administrative error and said its products now are registered.
REAL ESTATE
State Sen. Joe Dunn, D-Anaheim, introduced a bill that would allow fines against local governments that do not meet the state’s affordable-housing requirements The Santa Ana City Council approved Brehm Communities’ plan to build 36 homes on nine acres in the northern part of the city.
FINANCE
Fidelity National Financial Inc., Irvine, will acquire 77% of Vista Information Solutions Inc., San Diego First American Corp., Santa Ana, plans to raise $175 million in a sale of convertible debt securities David Flattum was named managing director and general counsel of Allianz Asset Management and will be based in Newport Beach LoanTrader Inc., Irvine, will shut its Internet mortgage service and concentrate on creating software for the mortgage industry.
WHAT ELSE IS NEWS
Varco International Inc., Orange, plans to raise $200 million in an offering of senior notes Creditors of Anaheim-based CKE Restaurants Inc. agreed to extend debt waivers due to expire April 30 to Jan. 31 after the company agreed to limit capital spending; meanwhile, CKE named Dennis Lacey CFO, replacing Carl Strunk who was named executive VP, finance Oakley Inc., Foothill Ranch, posted better-than-expected first-quarter earnings Abbott Resources Group, Irvine, sold its Abbott HR unit to Sacramento-based Onvoi Business Solutions A Nasdaq hearing panel gave Diedrich Coffee Inc., Costa Mesa, was given until May 14 to raise its share price to $1 to avoid delisting, and the company will seek shareholder approval for a 1-for-4 reverse stock split at its May 7 annual meeting; Diedrich shares were in the 50-cent range late last week George W. Kessinger was named president and CEO of Goodwill Industries International, Bethesda, Md.; he had been president of the nonprofit’s OC operations Chapman University trustees Donald Sodaro and Edgar Pankey put up a $3.5 million challenge grant for the university’s school of film and television, which is raising money to build a studio complex on the campus Manuel Ramirez, CEO of Strabala Ramirez & Associates, was elected president of OC’s Hispanic Chamber of Commerce A Garden Grove woman sued the Disneyland Hotel alleging sexual harassment, sexual discrimination and wrongful termination.
