EXECUTIVE SUMMARY
Compiled by Mike Mason
TECHNOLOGY
Irvine-based Broadcom Corp. was ordered to pay $3 million to Plano, Texas-based Microtune Inc. for infringing on a chip patent. Broadcom, which can sell its new version of the tuner chip under the ruling, also must pay Microtune’s court costs. Microtune has a separate suit set for trial next year on Broadcom’s new tuner chip, while Broadcom has charged Microtune with unfair trade practices … Irvine-based Rainbow Technologies Inc. said it plans to buy privately held security hardware maker Chrysalis-ITS Inc. of Canada for an undisclosed amount … Santa Ana-based SRS Labs Inc. said its second-quarter operating income rose 6.7% to $174,028, versus a year ago, on a 12.3% jump in revenue to $4.5 million. Thomas Yuen, SRS Labs’ chief executive, said the third quarter remains “challenging” … Costa Mesa-based Irvine Sensors Corp. said its operating loss for the quarter ended June 29 narrowed 15.1% to $1.4 million, versus a year ago, on a 39% decline in sales to $2.4 million. The maker of miniature electronic devices said sales were hurt by delays in government contracts and less demand for its chips from Palm Inc. Irvine’s Linksys Group, a unit of Cisco Systems Inc., and Taiwan’s D-Link Systems Inc., which has its U.S. base in Irvine, both saw their share of the “Wi-Fi” gear market fall in the second quarter, according to a report by Phoenix-based Synergy Research Group Inc. Linksys’ share declined to 23% in the second quarter from 28% in the prior quarter, while D-Link fell to 15% from 16%.
HEALTHCARE
Costa Mesa-based ICN Pharmaceuticals Inc. said it settled six of seven class action lawsuits stemming from its offer to buy back shares of Ribapharm Inc. that it sold in a public offering last year … Lake Forest-based Apria Healthcare Inc. filed to sell $200 million of convertible bonds in a private placement. The offering is set to close Wednesday … Irvine-based Sicor Inc. said its chief financial officer, Jack E. Stover, resigned to “pursue other interests.” David C. Dreyer, the drug maker’s controller, has replaced Stover for now … Laguna Niguel-based OptimumCare Corp. reported second-quarter sales of $1.9 million for the June quarter, 52% higher than a year ago. The healthcare staffing company said its loss before taxes widened to $158,955 in the quarter, compared to a loss of $143,483 last year A pair of OC companies paid the Business Software Alliance to settle charges they were using unlicensed Microsoft Corp. software. Aliso Viejo-based SafeGuard Health Enterprises Inc. will pay $175,000, while Huntington Beach-based Pacific Advance Civil Engineering will pay $80,000.
REAL ESTATE
Newport Beach-based William Lyon Homes Inc. said its second-quarter operating income more than doubled to $22.6 million, versus a year ago, on a 22.6% increase in revenue. The homebuilder had net new home orders of 948, up 23.4% from a year ago … Santa Ana-based First American Title Insurance Co. bought Dallas-based Allegiance Title Co. for an undisclosed amount.
FINANCE
FMR Corp.’s Fidelity Investments unit said it doubled its stake in Irvine-based heart-valve maker Edwards Lifesciences Corp. to 11% and cut its holdings in Irvine-based chipmaker Broadcom Corp. by more than half to 4%.
GOVERNMENT
The El Toro Reuse Planning Authority plans to spend about $1 million in the next 12 months to fight any lingering efforts to build a airport at the former El Toro Marine base … Fitch Inc. upgraded its outlook on John Wayne Airport’s $141 million in revenue bonds to “positive” from “stable” and affirmed its debt rating at “A+”. Fitch cited the airport’s healthy passenger demand and management for the move. Meanwhile, John Wayne’s July passenger traffic rose 9.3% to 814,123, versus a year ago The Orange County Registrar of Voters said it will use forms made by Irvine-based Scantron Corp. in the October recall vote … The Orange County Transportation Authority said it will replace its 20-year-old human resources system with software from St. Paul, Minn.-based Lawson Software Inc.
WHAT ELSE IS NEWS
Boeing Co. said it wouldn’t fight the Air Force’s decision to hand over satellite launch contracts worth about $1 billion to Lockheed Martin Corp. Boeing had the launches taken away after the Air Force found it held internal Lockheed documents that helped Boeing win the contracts in the 1990s. Boeing now hopes to win back the right to bid on future rocket-launch contracts for its Huntington Beach-based satellite operations … Foothill Ranch-based Oakley Inc. said it plans to pay a 14-cents-a-share annual dividend, its first since going public in 1995. The dividend will cost the sunglasses maker $10 million … Aliso Viejo-based Fluor Corp. won a deal to provide construction equipment and vehicles in the building of a 750-megawatt hydroelectric plant near Tepic, Mexico (see related story, page 1) Sparks, Md.-based McCormick & Co. sold its packaging business to Lancaster, Penn.-based Kerr Group Inc. for $143 million. The packaging business includes an Anaheim-based unit, Setco … Shares of Newport Beach-base SM & A; were set to start trading on the Nasdaq National Market this week. It was listed on Nasdaq’s SmallCap Market … Fortune magazine named Santa Ana’s Corinthian Colleges Inc. No. 6 on its 100-fastest growing businesses list Soka University in Aliso Viejo has inked a deal with Baltimore-based Avatech Solutions Inc. to install software that allows students, faculty and staff access to the school’s building and engineering information … Ringler Associates Inc. moved its headquarters from Newport Beach to Aliso Viejo where it bought 7,000 square feet of space on Aliso Creek Road.
ECONOMIC INDICATORS
Up: Orange County’s jobs picture in July, with the number of nonfarm jobs rising 0.1% to 1,392,900, versus a year ago, and the unemployment rate falling to 4% from 4.6% last year.
Yamaha Moves Division to OC
Musical instruments maker Yamaha Corporation of America, part of Japan’s Yamaha Corp., has moved its band and orchestral sales and marketing arm to its U.S. headquarters in Buena Park to have everyone under one roof.
“We were the only division that wasn’t here,” said Rick Young, vice president and general manager of the band and orchestral unit.
About seven people moved from Grand Rapids, Mich., to Buena Park, according to Young. The company hired about 23 people locally to make up for those who didn’t make the move. The division has about 55 people, the bulk of which are in Buena Park.
The band and orchestral unit caters mainly to retailers that sell to schools.
The band instrument business is stronger in the Midwest and on the East Coast, Young said. But Yamaha thought it was a better idea for the sales and marketing team to work with its other divisions, he said.
The band and orchestral unit started out in Buena Park before moving to Michigan, where Yamaha makes instruments.
,Sherri Cruz
