TECHNOLOGY
Lake Forest disk drive maker Western Digital Corp. reported results for the June quarter that were up from a year earlier but fell short of Wall Street expectations. For the three months through July 2, Western Digital reported sales of $2.4 billion, up 26% and just short of analysts’ expectation of $2.45 billion in revenue. Including a one-time legal expense of $27 million, Western Digital posted $265 million in profits, up 35%. Excluding the charges, Western Digital still fell short of analysts’ expected $309 million in profits.
Aliso Viejo’s QLogic Corp., a maker of electronics that go into corporate data storage networks, reported sales for the June quarter that fell short of expectations. For the three months through June 27, QLogic reported $143 million in sales, up 16% from a year earlier and short of expectations of $144 million. Excluding charges, profits were $35 million, up 45% and beating the $32 million expected by analysts.
Irvine-based chipmaker Microsemi Corp. beat expectations with second-quarter results and upped its outlook for the current quarter. Microsemi reported sales of $136 million, up 27% from a year earlier and beating the $130 million expected by Wall Street. Excluding charges, profits were $25 million, up 92% and ahead of analysts’ expected $24 million. For third quarter, Microsemi said it’s looking for sales of $146 million to $148 million, topping the $140 million analysts had been expecting. It projected an adjusted profit of $27 million to $29 million, just ahead of analysts’ expectation of $27 million.
Aliso Viejo-based software startup Gaikai Inc. landed an investment from Arizona’s Limelight Networks Inc. and Intel Capital, the venture arm of Intel Corp. Terms of the investment weren’t disclosed. The company’s software streams video games over the Internet.
HEALTHCARE
Irvine-based heart valve maker Edwards Lifesciences Corp. reported second-quarter results that topped Wall Street expectations. The company said its second-quarter profit came in at $57.5 million, up 21% from a year earlier and besting the $52.2 million expected by analysts. Second-quarter sales rose 9% to $365.2 million, beating Wall Street’s forecast of $360.8 million. Edwards also raised its profit guidance for the current quarter and rest of 2010.
San Clemente-based medical device maker ICU Medical Inc. beat expectations with second-quarter results and upped its outlook for the rest of 2010. The company, which makes needleless connectors and other devices used to deliver intravenous fluids and cancer drugs, reported a profit of $7.7 million, up 47% from a year earlier and topping the $5 million expected by analysts. Revenue came in at $68.7 million, up 29% from a year earlier and surpassing the $65.2 million analysts were looking for.
Saddleback Memorial Medical Center in Laguna Hills has bought an outpatient diagnostic imaging service center in San Clemente from San Diego-based Imaging Healthcare Specialists. The center has been renamed MemorialCare Imaging Center and offers diagnostic imaging and other services. Terms weren’t disclosed.
REAL ESTATE
Irvine-based master developer SunCal Cos. was dealt another blow in its bid to turn about half of a 1,500-acre former Bay Area naval station into homes and commercial space. Alameda’s City Council voted last week not to extend a development pact with SunCal for the Alameda Point project. SunCal initially had proposed building more than 4,200 homes and more than 3 million square feet of commercial space at the site. Officials for the developer said the company is exploring its options.
The local median price for an existing home rose by nearly $12,000 in June from May, the second straight month the county’s seen price increases of more than $10,000, according to the California Association of Realtors. The median price for an existing stand-alone OC home sold in June was $517,620, a 2.3% increase from a month ago and a 6% jump in median pricing from a year earlier. The number of sales here fell by 2.5% from a month earlier, but were up 6.4% from a year earlier.
APPAREL
Costa Mesa-based clothing maker Volcom Inc. is buying the remainder of Volcom Australia, a licensee that designs and sells clothes under the company’s name. Volcom already owns 14% of Volcom Australia. Terms of the deal, expected to close in the third quarter, weren’t disclosed. One analyst estimated the deal values Volcom Australia at $8 million.
FINANCE
The Costa Mesa-based parent company of Pacific Premier Bank reported a second-quarter profit that reversed a loss a year earlier as it scaled back the amount of money it sets aside to offset bad loans. Pacific Premier Bancorp Inc., which operates the second largest bank in the county by assets, reported a profit $337,000, compared to a net loss of $713,000 a year earlier.
OTHER NEWS
Irvine-based professional services company Resources Connection Inc. reported a quarterly profit in line with Wall Street expectations while revenue fell just short. The company reported a profit of $2.3 million for the three months through May 29. That reversed a loss of $6.3 million a year earlier and met what analysts were expecting. Revenue came in at $133.9 million, up 1.4% from a year earlier and shy of the $134.9 million analysts were looking for.
Lake Forest-based construction and engineering company Primoris Services Corp. won a contract to build a Northern California power plant that pushes its backlog of work to $1 billion for the first time. The contract, won by the company’s Lake Forest-based ARB Inc. unit, is valued at $99.2 million. It calls for the company to provide construction and commissioning services for a gas power plant in Lodi.
