Compiled by Mike Mason
TOP STORY
Gen. William Lyon said he plans to take Newport Beach-based William Lyon Homes Inc. private by buying the remaining portion of the company’s common stock outside his control at $82 per share. The transaction would be worth $200 million. The move follows Lyon’s January buy of 655,569 shares from investment firm Bricoleur Capital Management LLC for $67 per share. A trust fund for his son bought 331,437 shares. The general retains voting rights for those shares. Several stock holders, including Eastside Investors LLP, filed suit to block the buyout, claiming the price was too low … Cisco Systems Inc. said it is buying privately held Sipura Technology Inc. with plans to fold it into its Irvine-based Cisco-Linksys LLC unit. Cisco plans to pay $68 million in cash and stock options for San Jose-based Sipura, which makes voice over Internet protocol telephones and adapters … San Clemente-based Sunstone Hotel Investors Inc. is buying five hotels and a joint venture stake from Marriott International Inc. for $419 million. Sunstone plans to spend $36 million to upgrade the six Renaissance hotels, which still will be run under contract by Marriott (see related story: Sunstone Bringing Fairmont Name to Sutton Place Hotel.)
TECHNOLOGY
Autobytel Inc. named board member Richard A. Post as chief executive. Out is Jeffrey Schwartz, who is set to continue working for the company and will remain a director and vice chairman. Autobytel also said that Richard G. Walker, formerly its executive vice president, corporate development and strategy, now is chief operating officer. The company, which hooks up auto buyers and dealers via its Web site, is looking at its financial reports going back to 2002 (see story, page 13) … Garden Grove-based DPAC Technologies Corp. said it’s inked a formal deal to buy Hudson, Ohio-based QuaTech Inc. The companies first said they planned to combine in early March. The deal still needs to be approved by DPAC’s shareholders and $4 million to $5 million in financing to fund the deal must be raised. DPAC and QuaTech plan to get approval and raise the funds in the next three months … Tustin-based SI Technologies Inc.’s acquisition by Vishay Intertechnology Inc. was completed. Malvern, Pa.-based electronics component maker Vishay completed its buy of SI for roughly $18 million and said it would pay up to $12 million of SI’s debt, which stands at about $11 million. The deal had been approved by the companies’ boards last month. SI’s shareholders approved the deal last week. The buy first was announced in October … Santa Ana-based tech bellwether Ingram Micro Inc. reported higher sales and profits for the first quarter. Sales at the technology products distributor rose 13% to $7.1 billion from a year earlier. Net income also was up 13% to $42.4 million. The company said the gains were helped by strong European sales, which rose 12%.
HEALTHCARE
Sybron Dental Specialties Inc. raised its sales expectations for 2005. The Orange-based maker of braces and other dental products said it expects revenue of $630 million to $640 million this year, up from a prior forecast of $620 million to $630 million. Net income is expected to be $1.70 to $1.78 per share, in-line with a previous estimate … Irvine-based Allergan Inc. said sales of the drug maker’s flagship Botox wrinkle-reducing drug missed analysts’ forecasts in the first quarter. Overall, Allergan’s net income was $80 million on total sales of $527 million in the period. The drug maker now expects to post net income of $97 million to $99 million in the second quarter. Analysts were expecting profit of at least $99 million in the quarter … PacifiCare Health Systems Inc. said its profit rose 25% in the first quarter on an increase in senior health plan membership, a big acquisition and growth in its mail-order drug delivery business. The Cypress-based health plan operator said it posted net income of $86 million on revenue of $3.4 billion in the quarter, compared with a profit of $67 million on sales of $3 billion a year earlier.
WHAT ELSE IS NEWS
Foothill Ranch retailer Wet Seal Inc. said its method of accounting for tenant improvement allowances and rent holidays doesn’t agree with guidelines set by the Securities and Exchange Commission or generally accepted accounting principles in the U.S. The company plans to refile its annual report for the 12 months ended Jan. 31, 2004 and its quarterly reports for the first three quarters of the year ended Jan. 29, 2005 … Corinthian Colleges Inc.’s shares fell 17% to $14 after the Santa Ana-based operator of for-profit schools said it expects to post net income of $18 million to $20 million in the quarter ending June 30, less than the $22 million forecast by a survey of analysts by Thomson Financial. Meanwhile, Corinthian said it posted net income of $22.4 million in the quarter ended March 31, 5% higher than a year earlier. Revenue was 17% higher to $254 million.
ECONOMIC INDICATORS
Up: Venture funding in the first quarter, with the amount of money invested in Orange County companies doubling to $132 million, versus a year earlier, according to the MoneyTree survey by Pricewater-houseCoopers, Venture Economics and the National Venture Capital Association.
