N.Y. Stock Exchange Delists Panavision After 40 Years Media & Technology by Carlos Martinez The news gets worse and worse for motion picture camera-maker Panavision Inc. The Woodland Hills company was delisted last week by the New York Stock Exchange after it failed to meet minimum capitalization requirements set by the exchange. It had been listed on the NYSE for more than 30 years. Adding to Panavision’s woes were newly released second-quarter figures last week that show a 22-percent drop in revenue from the same quarter a year earlier. The company reported a $6.4 million loss on $43.3 million in revenue, compared to a $1.1 million loss on $55.2 million in revenue a year earlier. The double dose of bad news is not what Panavision needs as it continues to struggle with its mounting debt, said Milan Vukovic, an analyst for Infinity Financial. “Anytime you get delisted, it sends a red flag to investors and you’re really going to have a hard time getting financing and restructuring your debt,” he said. Panavision is now listed on the Over-the-Counter Bulletin Board under its new symbol PVIS. Its NYSE symbol had been PVI. The company’s total debt is $533.4 million with assets listed at $605.6 million. Panavision has not posted an annual profit since 1997. Saban Bids for German TV Giant Billionaire producer and creator of TV’s “Mighty Morphin Power Rangers” Haim Saban has submitted a $2.6 billion bid for bankrupt German television conglomerate KirchMedia, a unit of Kirchgruppe A.G. Saban, chairman and CEO of Burbank-based Saban Entertainment Inc., submitted his bid earlier this month along with six other groups competing for control of KirchMedia’s assets, said a spokesman for Saban. A German bankruptcy court is overseeing the bidding process after the company filed for bankruptcy protection in February. KirchMedia’s core assets include a 52.5-percent stake in Germany’s largest on-air television broadcaster ProSiebenSat.1. The company also owns scores of films, television programs and rights to sporting events and German soccer league matches. Saban last year sold his 49.5-percent stake in Fox Family Channel to Disney for about $1.5 billion. Semtech Denies Infringement Claim Semiconductor-maker Semtech Corp. is ready for a fight, or so it seems after it vehemently denied it infringed on patents owned by Maxim Integrated Products Inc. of Sunnyvale. Semtech CEO John D. Poe said his company has not violated any patents and that Semtech has issued its own patent for the technology in the SC1402 power supply controller, which Maxim claims violates its patents. In its suit filed on Aug. 9, Maxim accuses Semtech of using its patented technology in the power supply device for computers, communications and electronic testing equipment. The SC1402 was originally issued in August 2000. In its court response, Semtech affirmed that the device does not violate patents and suggested that Maxim’s patents are invalid. Semtech said it will continue to sell the SC1402 while it fights the lawsuit. Jack Gifford, Maxim’s chairman, said he is committed to defending his company’s patented technology. “We value our reputation as an innovator in this field and we are committed to defending our intellectual property,” he said. Semtech makes semiconductors for computers, communications equipment and industrial devices. During 2001, the company reported $26 million in net income on revenue of $191.2 million. NBC Says No to KVEA Raises Despite a non-binding Los Angeles City Council resolution last week, NBC officials said they don’t plan to raise the pay of television anchors and reporters at Telemundo Communications’ Glendale-based KVEA-TV Channel 52 to that of their NBC counterparts at sister station KNBC-TV Channel 4. Paula Madison, general manager of KNBC, said the network has no plans to alter salary structures for KVEA on-air personnel. Madison said things may change should KVEA employees vote to join the American Federation of Television and Radio Artists. AFTRA said it is currently organizing at the station and a vote on whether to unionize could take place later this year. NBC acquired Telemundo and its 23 television stations, including KVEA last September for $2.7 billion. Altrio Cashes In on Adelphia Woes Glendale-based broadband provider Altrio Communications Inc. is gaining subscribers in Monrovia where customers of Adelphia Communications have been abandoning the cable firm due to its ongoing financial troubles. Brenda Trainor, Altrio vice president of public policy, said the company has gained nearly 2,000 customers since April in the San Gabriel Valley community served by Adelphia. “It’s not our intention to benefit from their problems, but it is happening,” she said. The company, which began operations in October 2000 with an initial $125 million raised from venture capitalists, has signed agreements with Pasadena, Arcadia and Monrovia to provide broadband service. Altrio offers cable television, Internet access and video on demand through its fiber optic broadband connections. The company offers its “BoxSeat” cable service equivalent to basic cable on other systems, offering 80 channels and costing $39.95 a month. Staff Reporter Carlos Martinez may be contacted by calling (818) 676-1750, ext. 17 or by e-mail at [email protected].
