Stories for February 2006

Tuesday, February 28

Beverly Hills Bancorp Restates

Beverly Hills Bancorp Inc. said it plans to restate its full year, 2004 and other quarterly financials as a result of an error in computing net operating losses and the subsequent tax liability.

Monday, February 27

Tuesday in the Valley

Universal City North Hollywood Chamber, Networking Breakfast

Forum: Developers, Investors Rate Valley-Area Market

Developers, investors give their view of the local commercial real estate climate.

CMA Offering Doctors HSAs

The California Medical Association has selected UMB Healthcare Services to provide health savings accounts to its member physicians. Marsh Affinity Group Services will provide insurance as part of the arrangement.

SCORE Looks For Younger Counseling Help

Recognizing the importance of technology to budding businesses,

Firms Help Merchants Keep Transactions Safe

Two firms work together to help merchants protect themselves from identity thieves who fraudulently use credit cards.

Comcast Ups VOD Offering

Comcast Corporation, which offers cable services to various parts of Los Angeles County, announced an agreement to offer IFC in Theaters.

Health Insurers Find Surge in Use of Sites

Patients are flocking to local insurers' Web sites set up to help them manage their care.

Image Strikes Revolver Deal

Chatsworth-based Image Entertainment, Inc., a licensee, producer and distributor of home entertainment programming has signed an exclusive distribution agreement with Revolver, a hard rock magazine.

The Next Generation

Timothy Regan, Voit Development's Valley point man, faces very different challenges than his predecessors.

The Valley's Big Squeeze

Finding properties for development or investment has become a game of stealth and cunning.

Valley-Area's Most Notable Deals

Valley-area's most notable deals.

Gas Co., Reagan Library Push Energy Efficiency Systems

The Gas Co. works with the Reagan Library on a state-of-the-art

Don't Rely on Oral Contracts - Better to Get It in Writing

A column called Ask the Attorney debuts.

Taking on the World

IT firm finds a niche helping smaller companies.

Friday in the Valley

Encino Chamber, Network Plus Breakfast, Sherman Oaks Chamber, Installation of Officers

Seminar Shows The Pitfalls of Running a Family Business

Outlining obstacles of running family businesses.

JetBlue Adding New York Flight

Seeking to capitalize on its success of non-stop flights to the East Coast, low-fare air carrier JetBlue is adding another flight out of Bob Hope Airport in Burbank.

First in Series of Roundtables Focuses on Chatsworth Site

The first of a series of business roundtables set up by L.A. City

Despite Rate Hikes, Price Rise Expected

Rising interest rates will put a lid on real estate prices after several years of frenzied escalation.

Wednesday in the Valley

San Fernando Chamber, Board of Directors Meeting

3D Systems Launches New Technology

3D Systems Corporation, a provider of 3-D printing, prototyping and manufacturing in Valencia launched a new dental lab system, the InVision Dental Professional.

Countrywide Signs Tennis Duo

Countrywide Financial Corporation, a Calabasas-based home loan lender, has signed three-time Grand Slam champions Bob and Mike Bryan to endorsement deals.

Mobile Entertainment Firm Buys German Company

A Sherman Oaks mobile entertainment firm buys one of Europe's

ValueClick Meets Street's Expectations

For the fourth quarter of 2005, Westlake Village-based ValueClick Inc. reported earnings of $13.6 million, or 13 cents per diluted share, on revenue of $116.6 million, analysts' expected 13 cents per share on revenue of $115.8 million.

Dilts Leaves Keiretsu to Form New Angel Venture Organization

Newsmakers

Below-the-Line Workers Push Probe Into Subsidies

Below-the-line entertainment workers are trying to spark a federal probe into the legality of production subsidies offered by Canada.

Today's Commercial Development Scene Especially Tricky

Senior Reporter Shelly Garcia writes that the Valley commercial real estate scene has become a tricky environment.

Lonely at the Top But Often Lucrative

Martin M. Cooper takes on executive compensation.

Brokers Who Lead the Way in Valley-Area Transactions

Brokers who lead the way in Valley-area transactions.

Friday, February 24

Waste Management Hosts Community Meetings

Waste Management will host a series of Sun Valley Community meetings. The company provides waste and environmental services throughout North America.

Shoe Pavilion Sales Up

Shoe Pavilion Inc., a shoe retailer in Sherman Oaks had an increase in preliminary unaudited net earnings, reporting $1.3 million or $0.17 cents per share for the fourth quarter of 2005 due to improved sales.

Monday in the Valley

Encino Chamber, Education Committee

Thursday, February 23

Pacoima Credit Union Opens Branch

The Pacoima Development Federal Credit Union will open its Lakeview Terrace branch on Saturday, February 25 from 10:00 a.m. to 1:00 p.m. at 11954 Foothill Blvd.

Salem Schedules Shareholder Meeting

Radio broadcaster, Salem Communications in Camarillo will hold an annual shareholder meeting, Wednesday May 24, 2006 at 9:30 a.m. at the Westlake Village Inn, in Westlake Village.

Wednesday, February 22

Thursday in the Valley

Chatsworth/Porter Ranch Chamber, General Membership Meeting Luncheon, Universal City North Hollywood Chamber, Networking Luncheon, Mid Valley Chamber of Commerce, Business Mixer, Burbank Chamber of Commerce, Business Mixer

Homestore Changing Name

Homestore Inc. said today that it will be changing its name to Move Inc.

Net Drops at PS Business Parks

PS Business Parks Inc. said it earned $4.9 million or $0.22 per diluted share on revenues of $55.9 million for the fourth quarter of 2005.

21st Century Adding New Territories

21st Century Insurance Group continued to expand its business outside California in the fourth quarter of 2005.

IHOP 4Q Earnings Drop

Family restaurant chain IHOP Corp. in Glendale reported a 5 percent drop in 2005 fourth-quarter earnings to $10 million, or $0.53 per share on sales of $88 million.

Tuesday, February 21

Cherokee Launches in South Africa

Cherokee Inc. has signed an agreement with Pick'n Pay Retailers, which will sell Cherokee's lines of men's, women's and children's clothing along with footwear and home textiles in South Africa.

Wednesday in the Valley

Valley Economic Development Center (VEDC), Capital Access Center Open House, Woodland Hills Chamber of Commerce, Business Mixer

North American Scientific Expands

North American Scientific Inc. of Chatsworth has received approval to sell its imaging system, BAT SXi in China.

Sklar Moves Within Disney

A national search will be done by The Walt Disney Co. to find a new creative executive for its theme parks as a replacement for Marty Sklar, a 50-year veteran of the company who is taking on a new role within Disney.

On Assignment Profit Up

Healthcare staffing firm On Assignment in Calabasas increased net earnings to $821,000, or $0.03 per share on revenues of $64.7 million in the fourth quarter of 2005.

Monday, February 20

CB Makes Its Move

CB Richard Ellis has relocated its Sherman Oaks and Glendale offices to 10 Universal City Plaza effective today.

Tuesday in the Valley

Chatsworth/Porter Ranch Chamber of Commerce, Ambassadors Meeting and Encino Chamber of Commerce, Business & Professionals Luncheon

Sylmar Property Sold

A local investor has acquired a 31,828-square-foot property in Sylmar for $3.2 million.

Friday, February 17

Monday in the Valley

Winnetka Chamber of Commerce, Installation Dinner

Kaiser's Annual Revenue Rises

Kaiser Foundation Health Plan Inc., Kaiser Foundation Hospitals and their subsidiaries reported that revenue for 2005 increased to $31.1 billion, up from $28 billion in 2004.

Tech Roundup

Trio-Tech International reported a loss from continuing operations of $446,000 or $0.15 per share for the company's fiscal second quarter.

WaMu Promises Job Search Assistance

Washington Mutual Inc. will provide severance packages and job search assistance for the 600 employees to be let go with the closure of its Chatsworth loan-processing center, the company said Thursday.

VEDC Opens Downtown Office

The Valley Economic Development Center (VEDC), a non-profit business development corporation, has relocated its Capital Access Center to downtown Los Angeles.

Thursday, February 16

Friday in the Valley

Woodland Hills Chamber, Gala Recognition Dinner & Dance

Burbank Airport Ends Parking Discount

Bob Hope Airport in Burbank will return rates for most of its parking lots to 2002 levels effective Monday, February 20th. Rates at three of the airports four economy lots will increase, although the largest economy lot will remain at its current daily ma

Kwan Signs On With Disney

Figure skater Michelle Kwan has signed on as a spokesperson and representative for The Walt Disney Corp, the Burbank-based entertainment company announced Thursday.

Construction Begins for NoHo Retail

J.H. Snyder Co. will hold a groundbreaking ceremony for the retail component of its NoHo Commons project on February 27.

Guitar Center Earnings Below Expectations

Guitar Center reported a 23.6 percent increase in its fourth quarter 2005 earnings, the Westlake Village guitar retail chain reported income of $33.5 million, or $1.14 per share on consolidated net sales of $562.8 million compared to earnings of $28.3 mil

Wednesday, February 15

Porto's Stops Burbank Traffic

The popularity of the new Porto's Bakery and Caf & #233; has led the Burbank City Council to take steps to improve traffic circulation near the business.

Thursday in the Valley

Sun Valley Area Chamber Mixer

CaminoSoft Stumbles

CaminoSoft Corp. lost $221,537 or $0.02 per share in its fiscal first quarter ended Dec. 31, as the company's efforts to expand its sales base fell short of expectations.

Masterplan Buys Genesis Technology

Masterplan, a Chatsworth-based provider of technology services to more than 1,400 healthcare customers, has acquired Genesis Technology Partners.

RPMC Lands New Balance Account

RPMC, a Calabasas-based marketing company, will promote the centennial event for New Balance, a manufacturer of athletic footwear headquartered in Boston, Mass.

Tuesday, February 14

Image and Source Settle Lawsuit

Image Entertainment Inc. has settled a lawsuit with Source Entertainment Inc., clearing the way for the two companies to issue DVD and CD products, it was announced Tuesday.

Wednesday in the Valley

Woodland Hills Chamber, Networking Luncheon

Chad Reports Earnings Drop

Chad Therapeutics Inc. reported earnings of $39,000, or $0.00 per diluted share, on revenues of $5.91 million in the third quarter of fiscal 2006, compared to earnings of $505,000, or $0.05 per diluted share, on revenues of $6.44 million in same period th

Egami to Distribute Video with Google

Egami Media, Inc., a subsidiary of Chatsworth-based Image Entertainment Inc., has signed a non-exclusive agreement to distribute its digital content through Google Video's online store.

Chip Company Sells Plant

Optical Communication Products Inc. said today that it has sold the assets related to one of its business segments to The Furukawa Electric Co.

Monday, February 13

VCs Focusing on Later-Stage Funding

There is plenty of money chasing deals these days but investors are staying selective, a business forum is told

Officials Pushing Meeting Center

Many in Santa Clarita business community are pushing for the area to have its own convention center

Tuesday in the Valley

California Entrepreneur Women, Tips for Effective Networking

Amgen and Biovitrum Widen Development Alliance

Amgen Inc. and Sweden-based Biovitrum AB have expanded their alliance in a deal that gives Amgen worldwide rights to develop and commercialize potential diabetes treatments the companies have been developing.

Valencia Town Center Redevelopment Planned

Expansion of Valencia Town Center planned

THQ Signs Publishing Agreement with Polish Developers

THQ Inc. signed a deal with Polish Developer People Can Fly to publish the company's forthcoming video game; under the relationship People Can Fly joins THQ's studio system, which includes 12 internal studios and over 25 independent development teams.

Industry Clusters Develop Providing Higher Paying Jobs

Four major industry clusters develop

Companies Looking to Hire Laid-Off Workers

Many of the more than 1,300 workers to be laid off at two Valley companies are expected to be hired by other firms, officials say.

Monday in the Valley

Valley Industry and Commerce Association (VICA) Membership Committee Meeting

Dilts Exits Keiretsu

John Dilts has resigned his position as president of the Keiretsu Forum chapters in Los Angeles, Westlake Village and Santa Barbara.

MPAA Sues File Sharers

The Motion Picture Association of America filed a round of lawsuits against individuals using software to illegally trade films that have been nominated for an Academy Award.

Banks Clamor to Fill Local Financial Void

Several banks have opened up in Santa Clarita as the area grows

Amgen Major Expansion Won't Include Local Site

Amgen's recent investments throughout the world, where it will build and expand manufacturing plants will largely bypass its local operations

Home Furnishings Retailer Targeting Urban Dwellers

Senior Reporter Shelly Garcia writes about a new home furnishings retailer setting up shop in the Valley and targeting urban apartment and condo dwellers.

Lowe's Westlake Defeat Really a Temporary Stalemate

Senior Reporter Shelly Garcia writes about the defeat of the controversial Lowe's project in Westlake Village.

Area Becomes Popular Film Location

Filming soars as firms find location convenient

Businessman Has Watched Area Become Powerhouse

Auto dealer Don Fleming, active in the business and economic community, has seen Santa Clarita change greatly in the last 20 years

Local Companies Report Earnings

Electronic Clearing House and DTS Inc. reported earnings for their first and fourth quarters, respectively.

Brokerages Moving in to Take Advantage of Boom

Commercial brokerages move in to take advantage of the boom of Santa Clarita Valley

Fast Growth Drives New Focus On Traffic

Area's fast growth brings attention to infrastructure

Sunday, February 12

Auction for Toxic Site Planned

The long-delayed auction to decide who will buy the idle site of the former

M. David Paul to Sell Sites In Burbank

M. David Paul & Associates has put its portfolio of Burbank commercial properties up for sale.

Friday, February 10

Westcord to Market Conejo Property

Westcord Commercial Real Estate Services has been named to market two Conejo Valley buildings for Arden Realty.

Friday in the Valley

Granada Hills Chamber Installation

MGA to Make "Shrek" Toys and Games

MGA Entertainment Inc., headquartered in Van Nuys, has signed an agreement with DreamWorks Animation SKG, a division of the feature film production company, to make toys and games based on the "Shrek" movie franchise.

Pride Business Development Hires Head of Corrections Armor Division

Camarillo-based, Pride Business Development Holdings, Inc., a personal protective clothing manufacturer, hired Tom McMillan to head the corrections armor department of its body armor division, Bodyguard Inc.

Larwin Completes Four Buildings in Lancaster Business Park

Larwin Investment Co. completed four new industrial buildings in its first phase of development at Fox Field Business Park in Lancaster.

Thursday, February 9

K-Swiss Reports Increase Sales for 2005, Fourth Quarter Profits Fall

K-Swiss Inc. saw increased sales in 2005, but its fourth quarter earnings fell 26 percent because of a one-time tax benefit in fourth quarter 2004.

Image Puts Up Record Revenue in Third Quarter

Image Entertainment, a licensee, producer and distributor of home entertainment programming, reported third-quarter earnings of $2.3 million, or $0.11 per share on record revenues of $39.2 million compared with $1.9 million, or $0.10 per share on sales of

Wednesday, February 8

Advanced Photonix More Than Triples Profits

Camarillo-based semiconductor manufacturer, Advanced Photonix, Inc. reported a 263% increase in net earnings and revenues shot up 69% in the third quarter.

PS Business Park Purchases Maryland Business Park

PS Business Parks, Inc., an equity real estate investment trust in Glendale, acquired WesTech Business Park for about $69.6 million.

Steady Economic Growth Seen for 2006, Retail and Entertainment Sectors Face Challenges

While Southern California can expect steady economic growth overall in 2006; the entertainment, housing and retail industries may face trouble, experts said at the Los Angeles Economic Development Corporation's annual economic forecast.

Tuesday, February 7

CallSource Acquires Markette Systems

CallSource, a Westlake Village-based company that provides online call-tracking technology to companies in various industries acquired Markette Systems in Washington, which offers similar technology.

Diodes Profit Increases

Semiconductor manufacturer Diodes Inc. announced record revenues of $61.4 million for the fourth quarter ending Dec. 31.

Easton to Merge With Riddell Bell

Easton Sports Inc. and Riddell Bell Holdings have merged, forming Easton-Bell Sports Inc., the two companies said today.

Sport Chalet Earnings Down on Rent, Advertising Expenses

Earnings at Sport Chalet decreased in the third quarter of fiscal 2006 due to the costs of expansion and advertising.

North American Scientific Gets Green Light From FDA

North American Scientific Inc., a medical device maker in Chatsworth, announced that the Food and Drug Administration approved its line of preloaded needle kits for radiation implants used in prostate cancer treatment.

Monday, February 6

Bob Hope Airport Has Record Year

Bob Hope Airport served more than 5.5 million passengers last year, a record number of passengers that airport officials attributed to the arrival of two new airlines and the continued growth in ridership aboard Southwest Airlines jets.

Angels Owner Purchases Station

The nation's largest Spanish language AM radio station has been purchased by a partnership headed by Arte Moreno, owner of the Los Angeles Angels of Anaheim baseball team.

Cohen named Businessperson of Year

Encino Chamber honors local attorney.

Walt Disney Posts Earnings Increase

The Walt Disney Co. announced an increase in first-quarter earnings fueled by a boost in its theme parks, television and consumer products units.

MannKind Posts Larger Fourth Quarter Loss on Increased Expenses

Valencia-based MannKind Corp. posted a wider loss in the fourth quarter due to increased operating costs and other expenses.

Friday, February 3

THQ's Third Quarter Profits Fall Less Than Expected

Agoura Hills based video-game publisher THQ Inc saw its profits fall in the third quarter, with a decline in sales by 11 percent.

Local Banks Report Earnings

FCB Bancorp reported earnings of $3.2 million in 2005 compared with earnings of $2.4 million in 2004. The bank's total assets at the end of 2005 were $467 million, an increase of 65 percent over the previous year.

Thursday, February 2

Disney Begins Pre-Production on "Narnia" Sequel

Walt Disney Pictures and Walden Media announced they have started pre-production on "The Chronicles of Narnia: Prince Caspian," with Andrew Adamson, the Academy Award nominated director of the first film in the Narnia series.

Lowe's Project Nixed

Westlake Village city officials turned down a proposal to build a large retail center anchored by Lowe's.

Four Assisted Living Properties Sold by LTC

LTC Properties Inc. has sold four assisted living properties, the company said today.

Amgen to Invest $1 Billion in Puerto Rico

Amgen Inc. announced plans to spend $1 billion to expand its manufacturing operations in Puerto Rico.

Wednesday, February 1

IHOP Provides 2006 Guidance

IHOP Corp. expects earnings per share to range between $2.25 and $2.35 on a diluted basis for the company's 2006 year.

Superior Slashes Manufacturing Force

Van Nuys-based auto parts manufacturer, Superior Industries International, Inc. announced plans Wednesday to restructure its Van Nuys facility and lay off of about 375 workers.

Health Net Announces Fourth-Quarter Profit Increase

Health Net reported net income of $76.7 million, or $0.65 per share on revenues of $2.95 billion in the fourth quarter. For the same quarter in 2004, the company reported a net loss of $85.6 million, or $0.77 per share on revenues of $2.87 billion. Last y