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ADDENDUM – October 29, 2012

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Other news items of interest from the Orange County Business Journal

Cypress-based shoes-and-apparel retailer Vans Inc. posted a 21% revenue increase during a three-month period ended Sept. 29. Corporate parent VF Corp. of Greensboro, N.C., said the increase would have been 26% excluding the impact of exchange rates. Vans launched a LXVI ath- letic-footwear line in June.

American Apparel Inc. opened a clothing store at Irvine Spectrum Center. The 4,000-square-foot location is the L.A.-based retailer’s third OC store, along with Huntington Beach and Costa Mesa locations.

California State University, Fullerton, launched campaign to create a $1 million endowment for its economic forecasting activities. Jim Woods, a 1967 CSUF business school graduate, made a $500,000 contribution to the campaign with his wife, Jeanette. Woods is a former chief executive of Baker International Corp. in Orange and later of Houston-based Baker Hughes Inc.

Questcor Pharmaceu-ticals Inc. posted a 144% rise in third-quarter profit to $55.7 million. The Anaheim-based drug company reported a 135% rise in quarterly sales to $140.3 million.

The Resort at Pelican Hill in Newport Beach was ranked the top Southern California resort in the 2012 Conde Nast Traveler Readers’ Choice Awards. Other OC resorts making the list included Surf & Sand Resort & Spa in Laguna Beach, No. 11; Hyatt Regency Huntington Beach Resort & Spa, No. 13; Disney’s Grand Californian Hotel & Spa in Anaheim, No. 19; and Laguna Cliffs Marriott in Dana Point, No. 20.

Investors of Ceradyne Inc., which makes ceramics-based body armor and other products, investors filed a lawsuit against directors of the Costa Mesa-based company in connection with its $860 million acquisition by Minnesota-based 3M Co. Investors claim Ceradyne didn’t seek other bids before accepting 3M’s offer.

A new radio station based in Laguna Hills—KX, broadcasting alternative rock at 93.5 FM—is owned by Shepherd of the Hills Church in Laguna Niguel. Laguna Beach’s last locally based radio station, KTED-AM, stopped broadcasting in 1951.

The Daily Pilot—a Los Angeles Times publication covering Costa Mesa, Newport Beach and Irvine—will cut back to five days a week with an end to its Tuesday edition on Nov. 6. The paper will be published Wednesday-through-Sunday after that date. Los Angeles Times subscribers in Costa Mesa and Newport Beach will receive the Pilot five days a week, and Irvine subscribers will see the Daily Pilot delivered on Sundays.

Irvine-based Standard Pacific Corp., OC’s biggest publicly traded homebuilder, had $21.7 million in third-quarter net income, compared with a $6.4 million loss a year earlier. Its quarterly revenue rose 31% on $317.4 million in home sales.

Irvine-based frozen yogurt chain Yogurtland Franchising Inc. opened its first restaurant in New York. A second Big Apple location is planned for Brooklyn by year’s end.

BJ’s Restaurants Inc., which operates a chain of 127 restaurants, posted an 8% increase in third-quarter net income to $6.8 million. The Huntington Beach-based company reported a 16% rise in revenue.

Broadcom Corp. posted a 19% drop in third-quarter profit to $220 million. The Irvine-based chipmaker reported adjusted profit of $476 million, topping Wall Street’s consensus projection of $424.8 million. Its quarterly revenue rose 9% from a year earlier to $2.13 billion

The Anaheim City Council advanced a $319 million streetcar plan by a 3-to-2 vote. The city has lined up $24.6 million in project funding and aims to secure additional federal and state backing.

Dhananjay Rawal, owner of Tustin-based Enviro Compliance Solutions Inc., was named Small Business Person of the Year for the Santa Ana District of the Small Business Administration. The Mumbai native was honored at an Oct. 25 luncheon celebrating Minority Enterprise Development Week.

ECONOMIC INDICATOR

MIXED: New business filings in Orange County in September, which saw a drop of 44% from August and 10% from September 2011, according to the county Clerk-Recorder’s office. A total of 1,532 new fictitious business names were filed in September. Officials noted that filings often drop in economic recoveries as hiring resumes and the jobless return to the workplace instead of starting new businesses.

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