EXECUTIVE SUMMARY
TOP STORIES
Sprint Corp. will close its Irvine call center and lay off 1,100 workers Option One Mortgage Acceptance Corp., Irvine, filed to sell up to $3.5 billion in mortgage-backed securities over time Boeing Co.’s Seal Beach-based space and communications group will cut 1,000 jobs at its El Segundo facility Nike Inc. acquired Costa Mesa-based Hurley International The Public Utilities Commission agreed to a financing pact that will allow the state to issue $11.1 billion in bonds to pay for energy purchases.
ENERGY
Edison International reported a fourth-quarter profit of $2.2 billion, thanks to lower energy costs and a state pact that allows the utility to maintain rates at current high levels A judge excluded hundreds of millions in power sales from a suit in which the state is seeking $1.5 billion in refunds from power providers.
TECHNOLOGY
Newport Corp., Irvine, completed its acquisition of Massachusetts-based Micro Robotics Systems Inc. for about $55 million Intersil Corp., Irvine, entered a partnership with Cisco Systems Inc. to develop wireless networking gear Eaton, Pa.-based LNP Engineering Plastics will close its Santa Ana plant and lay off 70 workers E-Tunnel Electronics Co., the Chinese partner of Ingram Micro Inc., Santa Ana, sold its assets and liabilities to Shanghai Yingtong Electronics Technology Co., which will help Ingram pursue business in China Raining Data Corp., Irvine, said it will restate 2001 financial statements downward by $2 million to correct accounting misapplications regarding acquisitions in 2000 Broadcom Corp., Irvine, was sued by a group of shareholders over its accounting of warrants issued in connection with acquisitions; several similar suits against the company are pending Interplay Entertainment Corp., Irvine, received a delisting notice from Nasdaq and the company did not say whether it would appeal NQL Inc., which moved from Santa Ana to New Jersey last year, filed for Chapter 11 bankruptcy protection Zet-tek Inc., Anaheim, acquired Huntington Beach-based JR Swiss Engineering University of California, Irvine, professor William Sirignano was elected to the National Academy of Engineering.
HEALTHCARE
Endocare Inc., Irvine, acquired Timm Medical Technologies Inc., Eden Prairie, Minn., for $34.8 million ICN Pharm-aceuticals Inc., Costa Mesa, pulled out of negotiations to buy British biotechnology company Bioglan Pharma PLC Sicor Inc. raised its sales and earnings estimates for 2002 and its shares rose 15% to 15 on the news ChromaVision Medical Systems Inc., San Juan Capistrano, named Carl Apfelbach chief executive, succeeding founder Douglas Harrington, who continues as chairman; meanwhile, ChromaVision was selected by Abbott Laboratories to assist it in research on potential anti-cancer drugs.
GOVERNMENT
The state legislative analyst said California will have a revenue shortfall next year $5 billion larger than that estimated in Gov. Gray Davis’ proposed budget The U.S. Fish and Wildlife Service is moving to roll back “critical habitat” designations on more than 500,000 acres of land in Southern California while it reviews its economic impact analyses A state Public Utilities Commission audit alleged SBC Pacific Bell hid $2 billion in revenue for three years and recommended the company be required to refund $349 million to customers; the company denied improprieties and said it will contest the recommendation The Metropolitan Water District reported that Southern California has enough water supplies to accommodate expected growth through the next two decades Assemblyman John Campbell, R-Irvine, introduced a bill to extend the leases and raise the rents at the 294-unit El Morro Village mobile home park, to fund restoration of the historic cottages nearby Tustin filed suit in federal court, challenging a state law mandating that 100 acres of the shuttered Tustin air base be given over to two Santa Ana school districts.
REAL ESTATE
Creditors of TNR Development were expected to begin foreclosure proceedings on the 12-home Hewes Park Estates in Orange, which would void the sales contracts signed by the 11 families living in the homes; one home remains unsold.
FINANCE
Corinthian Colleges Inc., Santa Ana, named Ernst & Young its independent auditor, replacing Arthur Andersen Impac Mortgage Holdings Inc., Newport Beach, raised $56.6 million in a secondary offering Kelly P. Dudley was named senior vice president and chief operating officer of First American Trust, Santa Ana Shabi Asghar resigned as president of Irvine-based New Century Financial Corp.’s mortgage unit.
WHAT ELSE IS NEWS
Amtech Lighting Services, Anaheim, received a multimillion-dollar contract to revamp the lighting at San Francisco’s Embarcadero Center … A group of bondholders agreed to purchase the Irvine-based Coco’s and Carrows restaurant chains from bankrupt FRD Acquisition Co. and will seek a new management team for the chains DGWB, Santa Ana, created a new youth marketing unit called Cynic.
