SRS Kicks Off National Mobile Pact With Rose Bowl Broadcast
TECHNOLOGY by Andrew Simons
This year’s Rose Bowl blowout may have disappointed some, but not SRS Labs Inc.
The Santa Ana-based maker of audio enhancement technology debuted a new offering from its SRSWOWcast unit during the bowl game broadcast. It was the first showing under the company’s licensing pact with National Mobile Television Inc., a Los Angeles-based provider of remote broadcast facilities.
National Mobile provides TV broadcast trucks for big events. The company’s gear and services are used at local concerts in the park to national sports broadcasts. The deal marks SRSWOWcast Technologies entry into the multibillion dollar broadcast market, according to the company.
Under the terms of the pact, which SRS closed late in December, SRSWOWcast is licensing its new broadcast phase protec-tor and sports audio processor products to National Mobile’s 46-truck fleet. SRS Labs is set to receive a licensing fee for each use of the company’s technology. SRS called it a multimillion-dollar deal but did not disclose terms.
“And it goes all to SRS Labs’ bottom line,” said Jennifer Drescher, vice president of marketing for SRSWOWcast.
DDi Lands Credit
Anaheim-based DDi Corp., a contract maker of circuit boards, recently finished talks with J.P. Morgan Chase & Co. about its revolving credit facility.
A newly struck amendment to the credit line provides DDi with relief from covenants for the six quarters through March 2003 and is subject to modification under certain conditions, which weren’t disclosed.
“We are pleased with the results of our negotiations with J.P. Morgan and our loan syndicate,” said Bruce McMaster, chief executive of DDi. “The amendments to the agreement provide the company with strong liquidity and added financial flexibility to support our current operating initiatives and growth objectives pending the recovery in the electronics manufacturing services industry.”
DDi’s income has been on a yearlong slide, with the company posting an $11 million loss in the July-September quarter.
The renegotiation of DDi’s credit comes on the heels of a management change at the company. Charles D. Dimick, DDi’s chairman, and Martin Malone, chief executive of DDi Europe, said earlier this month that they are retiring.
McMaster is assuming Dimick’s duties. David Blair, previously chief executive of Britain’s L Gardner Group PLC, is set to take over as president and chief executive of DDi Europe.
Water Pik Gets Financing
Following its credit borrowing and a $20.6 million real estate financing, Newport Beach-based Water Pik Technologies Inc. just closed on a $15 million equipment financing deal with Bank of America Corp. The initial funding is $10.3 million. The balance of the commitment is available until Sept. 30.
“This equipment financing, together with the previously announced $20.6 million real estate financing, has increased our liquidity by more than $23 million through the refinancing of assets previously provided as security for the company’s revolving credit facility,” said Victor C. Streufert, Water Pik’s chief financial officer.
Water Pik has been riding out the economic slowdown with relative ease so far. In the most recently reported quarter, Water Pik made $6.1 million in profit on $74.2 million in sales. Profits were up 5.2%, while sales rose 12.4%.
“Our financial results reflect the positive impact of the initial roll-outs of a significant number of innovative new products across both business segments and our focus on expense control and working capital management,” Chief Executive Michael P. Hoopis said.
California Software Expands Pact
California Software Corp., a developer of software that helps switch between IBM Corp. computer platforms, has expanded an existing contract with mortgage broker First Nationwide Mortgage Corp.
“Our new contract with First Nationwide expands our existing relationship and will allow First Nationwide to process more loans using our software applications,” said Carol Conway, president of California Software.
Stomp Unveils Software
Burning compact discs may be a mindless activity for some, but not for Costa Mesa’s Stomp Inc. The tiny company makes a line of software products that adds pizzazz to the otherwise tedious process of burning CDs. Its most recent release: Click ‘N Design 3D.
Click ‘N Design’s features include easy to use 3D text, a label wizard for instant results, dynamic circular text editing, and multiple options for graphic effects.
Best Hires Western Dig Alum
Irvine-based Best Software Inc., a maker of accounting software, hired Western Digital Corp. alum Timothy Leyden as its chief financial officer. Before joining Best, he served as principal of Pittiglio, Rabin, Todd and McGrath, a management-consulting firm.
Before that, he spent 17 years at Western Digital in various executive level positions, including vice president of finance and operations for hard disk drives and vice president of finance for semiconductors; chief information officer; and senior director of sub-systems manufacturing.
