Stories for June 2007

Friday, June 29

Technicolor Property Sold

Sandstone Properties Inc., Santa Monica, has acquired the Technicolor campus in Camarillo for about $100 million.

Home Sales Continue to Slide, Prices Still Rising

Single family home sales in the San Fernando Valley plummeted 26.5 percent in May to 629 compared to the same period a year ago, although median prices increased 8.3 percent.

China Orders Additional Pollutant Detectors

China ordered additional devices from a Newbury Park company to help clean up its water resources.

Caregivers Hold Informational Picket at Clinic

An informational picket by caregivers with a non profit healthcare provider took place Friday at a clinic in San Fernando.

Thursday, June 28

Image Reports $12 Million Loss for Fiscal 07

Weak home entertainment sales and expenses connected to a pending merger agreement contributed to Image Entertainment, Inc. posting a $12.6 million loss for the 2007 fiscal year, the company reported.

Wednesday, June 27

Image Retaining Public Status Under Amended Agreement

Image Entertainment will remain a public company under an amended merger agreement with BTP Acquisition Co., LLC.

Guitar Center Sold to Equity Firm

Guitar Center Inc. has agreed to be acquired by private equity firm Bain Capital Partners LLC.

Kreido, Eco-Energy in Marketing and Distribution Agreement

Kreido Biofuels, Inc. signed an agreement to have Eco-Energy, Inc. market and distribute its bio-diesel products, the company announced.

Tuesday, June 26

Mortgage Trade Group Launches

With negative publicity related to the subprime mortgage market swirling, a group has launch a new association to help restore consumer confidence.

Metro Fare Increase Looms

A new fare structure for Metro trains and buses begins on July 1.

Radio Ad Time Auction Site Backs "Day of Silence"

Radio advertising time auction site Bid4Spots voiced its support on Tuesday for a national boycott by online broadcasters in protest of royalty rate increases.

Monday, June 25

VALLEY, L.A. COUNTY ECONOWATCH

Charts of Economic Indicators, Real Estate, Tourism...

Lifestyle Magazine Honored

The United Chambers of Commerce recently held an awards ceremony to make sure that small business owners get the respect they deserve.

Congress Mulls Change to Air Traffic Control Funding

A deadline is looming on whether a new user fee will be imposed to pay for the nation's air traffic control system, and the general aviation community is not happy about the possible change.

Private Property Permits Planned

The City of Lancaster is considering an ordinance requiring permits for filming on private property as a response to an increase in the number of reality television shows being shot there.

WELCOME HOME

SNAPSHOT: For-profit affordable housing is challenging in these heady days of rising real estate and construction costs.

Arresting Mediafish Ads Reel In Sheriff's Recruits

A West Hills-based advertising agency has developed a campaign to help attract new recruits for the Sheriff's Department, Staff Reporter Mark Madler finds.

Two Local Air Charter Firms Among Best in Nation

Two aircraft management and charter companies based at Van Nuys Airport have been named among the best in the nation by the Robb Report.

Valley-Area Hospitality Expecting Active Summer With New Hotels

Don't expect much room at the inn this summer as greater Valley area hotels brace for brisk business.

Inland Port Proposal Creates Antelope Valley Cargo Hub

A proposal would establish an inland port in the Antelope Valley.

Barneys, Spade Among Retail Lineup for Americana at Brand

The developers of The Americana at Brand have added a second round of retail tenants for the mixed-use project in Glendale.

United Chambers Honors Small Businesses

The United Chambers of Commerce recently held an awards ceremony to make sure that small business owners get the respect they deserve.

AROUND THE VALLEYS

Many July 4 Celebrations Planned for Area

Simi Has Moved Beyond 'Little House' as Film Spot

Simi Valley may be the best kept secret as a location for filming, just not to the production companies that take advantage of the area.

Wright Acquired By Bayless, Moving to Santa Clarita

Bayless Engineering & Manufacturing of Santa Clarita has acquired Wright Engineering of Canoga Park.

Southwest Moulding Honored

The United Chambers of Commerce recently held an awards ceremony to make sure that small business owners get the respect they deserve.

Passing of Torch Poses Challenges for Family

Succession planning can be a tough road for family businesses to travel and it's no different at the leading car dealer in the San Fernando Valley.

Building Boom Reflects General Aviation Growth

Van Nuys Airport is undergoing a growth spurt as several aviation companies work to boost their hangar and office space.

Home Sales Down in May

Home sales declined across the state and in Los Angeles County in May, a trade group reported.

Lovi Brothers Honored with UCC Small Business Award

The United Chambers of Commerce awarded small business owners nominated by area chambers.

Trammell Wins Auction for Troubled Sun Valley Parcel

Trammell Wins Auction for Troubled Sun Valley Parcel

Advisory Services Cost at First, Pay Off in Long Run

Advisory Services Cost at First, Pay Off in Long Run. Column by Joel G. Block

Census Bureau Proposal Seems Senseless

Census Bureau Proposal Seems Senseless. Our Changing Valley. Column by Martin M. Cooper

Portable Barricade Protects Against Errant Drivers

Delta Scientific Corp. has developed mobile barricades for use at social events.

Low-Key Camarillo Airport Attracts High-Profile Clients

Camarillo Airport is a local, low-key haven for its high profile users.

Universal City Dealership Vies For Rights to Sell Smart Cars to L.A.

New Century Automotive Group is waiting for approval to become the first area dealer for the new Smart Fortwo car.

Van Nuys Airport Impacted by Lack of Customs Agents

Van Nuys Airport officials and tenants are in discussions on how to best manage clearing passengers on international flights.

The Valley: Gotta Take The Good and the Bad

The Valley: Gotta Take The Good and the Bad. Editorial by Jason Schaff

Technicolor Layoffs Lead to Sale of Camarillo Campus

Technicolor is selling its Camarillo facility, headquarters for its DVD production, as the company refocuses on the next phase of technology.

Firefighters Quest for Burn Survivors Feted by Warner

Firefighters Quest for Burn Survivors Feted by Warner

Vulture Funds Feed on Risky Investments

The seizure of its lender by the FDIC sent Castle Precision Industries headlong into the world of vulture funds.

Ventura County "Supportive" of Small Business, Survey Reports

A survey of businesses in Ventura County shows that 69 percent find the business environment to be supportive of small business.

Friday, June 22

Sheffield Acquires Two Aerospace Companies

Sheffield Manufacturing, Inc. acquired two aerospace companies serving Northrop Grumman, Boeing and Lockheed Martin for $16 million.

AUB Gets Minority Designation

Americas United Bank in Glendale has been designated a minority depository institution by the FDIC.

Virginia Tech Chooses Glendale Firm for Emergency Notification

National Notification Network will provide an emergency notification system for Virginia Tech, the Associated Press reported Friday.

Thursday, June 21

Advanced Bionics Forms New Partnership

Valencia-based Advanced Bionics Corp and Southeast Asia-based Hearing Solution Group have formed a partnership.

Capstone Signs European Distribution Agreement

Capstone Turbine Corp. signed an agreement to have its microturbines distributed in the United Kingdom and Ireland, the company said.

Mortgage Rates Dip Somewhat

Mortgage rates dipped slightly this week to an average 6.69 percent for a 30-year fixed term, according to a data from Freddie Mac.

Cheesecake Factory Forecasts

The Cheesecake Factory in a conference call told investors that its second quarter revenue growth would be lower than Wall Street expectations.

Teledyne Subsidiary Makes Acquisition

A subsidiary of Teledyne Technologies, Inc. acquired a designer and supplier of microwave subsystems for defense applications, the company announced.

Wednesday, June 20

MyNextDeal Adds Jobs Site

MyNextDeal.com, a search engine for commercial real estate listings based in Thousand Oaks, has launched a job search feature on its Web site.

Optical Communications Acquisition Nears Completion

Oplink Communications, Inc. signed an agreement to buy the remaining outstanding shares of Optical Communications Products, Inc. and complete the acquisition of the Woodland Hills fiber optic components maker.

Newmark Merrill Opens Retail Development

Woodland Hills-based Newmark Merrill said today it has opened a $27-million shopping center in Ontario.

Tuesday, June 19

Warner Bros. Speeds to Mattel in Toy Deal

Warner Bros. Consumer Products inked a deal with Mattel, Inc. to develop product lines for next summer's anticipated blockbusters "The Dark Knight" and "Speed Racer."

Housing Starts Fall in May

Housing starts fell in May further dampening the outlook for the general economy.

Dick Clark Named Honorary Chairman for Neuroscience Center

Entertainment figure Dick Clark and his wife Kari will serve as honorary co-chairs for Providence St. Joseph Medical Center's $11 million initiative to create a state-of-the-art neuroscience facility.

Simulations Plus, Inc. Receives $100,000 Research Grant

Pharmaceutical software developer Simulations Plus, Inc. has been awarded a $100,000 Small Business Innovation Research Grant.

Preliminary Injunction Granted Against Whole Foods

A judge approved a request for a temporary injunction blocking the proposed sale of Wild Oats Markets Inc. to Whole Foods Market Inc., Associated Press reported.

Monday, June 18

Beverly Hills Bancorp Exploring Sale

Beverly Hills Bancorp Inc. told shareholders that it is considering selling the Calabasas-based banking company.

TechnoConcepts Takes on New Name

TechnoConcepts, Inc. has announced it will now do business under the name Terocelo, Inc. as it makes a transition from research and development to a product and market-driven company.

Transit Agency Installs Xirrus Wi-Fi System

Xirrus, Inc. has installed its Wi-Fi Array equipment at three buildings of the transit agency for Pierce County, Washington, the company announced.

FLD Corp. Converts $653,000 of Debt to Common Stock

FLD Corp., the largest creditor of American Soil Technologies, Inc. in Pacoima, has converted $653,000 of debt to the company's common stock.

Burbank Staffing Company Gets Bank Client

Burbank-based Workway, a temporary and direct hire staffing company, said it has been selected to provide staffing services to Citizens Business Bank.

Friday, June 15

Cherokee Earnings, Sales Slide

Stung by the loss of two of its licensing accounts, Cherokee Inc. reported net earnings decreased by 15.2 percent to $5 million or $0.56 per share for the first quarter ended May 5 as revenues slid by 9 percent.

Simulations Plus to Join Russell Index

Simulations Plus Inc., a developer of software for the biotech industry, has been chosen for the preliminary list of companies to be added to the Russell Microcap Index.

Antelope Valley Hospital CEO Steps Down

Antelope Valley Hospital chief executive officer Les Wong announced June 15 he will be step down as CEO.

Thursday, June 14

uWink Signs First Franchise Agreement

uWink Inc., the startup restaurant and entertainment venue, has inked its first franchise deal.

Retail Sales Surge Ahead in May

Retail sales in May rose by 1.4 percent over April, the largest increase in more than a year, according to data released by the Commerce Department.

Fernando Award Nominees Announced

The Fernando Award Foundation, Inc. whittled down its nominees for the 2007 Fernando Award to recognize an area resident for the charitable and volunteer work.

AML Profits Dip in Fiscal 2007

AML Communications, Inc. reported a 30 percent drop in its net profits for the 2007 fiscal year.

Printer Maker Says Injunction Won't Stop Sales

Thermal printer manufacturer FutureLogic, Inc. will continue to sell and ship one model of its printers in the face of a legal action by a competitor, company executives said.

Wednesday, June 13

Disney Radio Holdings Merges with Citadel

The Walt Disney Co. completed the spinoff of its radio holdings company, it was announced Wednesday.

Kreido Signs Agreement for Biostock Storage

Camarillo-based Kreido Biofuels, Inc. has entered into a long-term liquids handling agreement with Vopak Terminal North America, Inc.

Vitesse Sues Auditing Firm for Malpractice

Vitesse Semiconductor Corp. seeks $100 million in damages from its former auditing firm in a lawsuit filed Wednesday alleging professional malpractice.

Capstone Loss Decreases for Fiscal 2007

Capstone Turbine Corp. reported a decrease in its net loss for the 2007 fiscal year ending on March 31.

Hospitalist Co. Acquires Colorado Medical Services Firm

IPC Hospitalist Company added eight physicians and two nurse practitioners following the acquisition of a medical services firm based in Pueblo, Colo.

Tuesday, June 12

Capstone Turbine Inks Agreement With TurboGenix

Capstone Turbine Corp., a Chatsworth-based manufacturer of microturbine energy systems, has signed an exclusive sales agreement with Florida-based TurboGenix, Inc.

Strike at Providence St. Joseph Called Off

Members of SEIU 121 RN and SEIU UHW, reached an agreement to continue bargaining during a 30-day cooling off period.

Disney Teams With Indian Producer

Disney and Yash Raj Films expect the first feature in the partnership in 2008.

DreamWorks Sets Up Deferral Plan

Studio will allow some executives to defer a portion of base salary and bonus compensation under plan.

Monday, June 11

Valley Businesses Raise $250,000 With Relay for Life

This regular feature focuses on philanthropic activities in Valley-area companies and businesspeople

VALLEY BRIEFS

News briefs for the week

AROUND THE VALLEYS

NoHo Art Installation Triggered by Traffic. A look at the people, places and things that make our valleys tick.

Kaiser Communicates With Patients En Espanol

More than half of the workforce at Kaiser Permanente is made up of ethnic minorities, as is half of its board of directors.

Making His Move

If you're looking for Delta Tau Data Systems, Inc., you'll find the company everywhere from semiconductors to the entertainment industry.

SOX Audit Revision May Save Small Businesses Little

Revisions to Sarbanes- Oxley will help, firms say, but not enough.

McKeon Replaced as Daily News Publisher

Less than a year after taking over as Daily News publisher, John McKeon has been replaced in that position.

Sempra Challenges International Employment Values

As Sempra Energy expands into international markets, its work culture challenges local attitudes about who can hold a job.

Kreido Moving Ahead with Bio-Diesel Process

Kreido Biofuels, Inc. expects to conduct tests later this year at its Camarillo headquarters with equipment to manufacture bio-diesel and other chemical products.

Amgen Purchases Mass. Biotech Firm

Amgen Purchases Mass. Biotech Firm

Employee Groups Help Both Workers and Management

Employee Groups Help Both Workers and Management

Sheraton's Global Presence Inspirational At Local Level

Sheraton Hotels & Resorts operate in 70 countries, serving as inspiration for the company's diversity efforts at home.

Health Net Seeks Multicultural Force

Health Net has incorporated a 2007-09 Diversity Strategic Plan to carry out its vision.

Merrill Lynch Partners With LAUSD, USC on Diversity

Merrill Lynch is a financial services company that believes diversity doesn't have to come at the expense of excellence.

United Begins Service Out of Palmdale

The much-anticipated start of scheduled commercial flights from LA/Palmdale Regional Airport began on June 7.

Huge Rise in Apartment Supply

Recent events in NoHo indicate that the vision of an urban village is really taking shape, finally.

VALLEY, L.A. COUNTY ECONOWATCH

VALLEY, L.A. COUNTY ECONOWATCH - Charts of Economic Indicators, Real Estate, Tourism...

Diversity: Yes, It Is a Valley Thing

Diversity: Yes, It Is a Valley Thing. Editorial by Jason Schaff, Editor of the San Fernando Valley Business Journal

Wells Fargo Niche Markets

Wells Fargo Niche Markets. Valley Branch Managers Likely to Speak Farsi, Pashtu

NEWSMAKERS

Valley area business people on the move.

Time Warner Cable Mentor Program Aids Local Growth

Time Warner Cable's workplace diversity program is set-up to make those from different backgrounds feel included.

Prime, Yet Problematic, Parcel

If Burbank Media District is so sought after, why did a recent parcel there sell for well under its appraised value?

Coming Attractions

Peter Dobson, CEO of Mann Theatres, firmly believes in moviegoers and the future of movies.

Jumping Through Hoops To Get A Job

To control workers' compensation costs, some companies are putting employees through rigorous pre-employment testing.

Glendale Memorial Prescribes Diversity Training for All

Glendale Memorial Prescribes Diversity Training for All

The ABC's of Employing Summer Student Workers

The ABC's of Employing Summer Student Workers

Do Well-Intended Programs Suffer During Tough Times?

Promoting workplace diversity is easier in good economic times, but many companies make it work when the climate changes too.

MyNextDeal Partners With Catylist

MyNextDeal.com, a commercial real estate search engine in Thousand Oaks, has partnered with Catylist Inc. to provide access to Catylist's database of commercial real estate listings.

Holy Cross May Build New Santa Clarita Valley Hospital

Providence Holy Cross Medical Center is exploring opening an acute care hospital in the Santa Clarita Valley.

Santa Clarita Sees Filming Rise

The number of filming permits issued in May increased over the same period from a year ago, according to figures released by the City of Santa Clarita.

Glendale Hilton Employees Extend Boycott

Glendale Hilton Employees Extend Boycott

No New Taxes in Governor's Budget Plan

No New Taxes in Governor's Budget Plan. Editorial by Gregory N. Lippe

City, Agencies Offering Inexpensive Green Incentives

City and agency programs make it easier to be green, senior reporter Shelly Garcia writes.

Providence Goes Off-Site To Reach Underserved Latinos

Providence Goes Off-Site To Reach Underserved Latinos

Workplace Diversity Has Effects Within Community

Workplace Diversity Has Effects Within Community. But Some Say Companies Should Be Doing More

Private Equity Firm Buys Metrocities Mortgage

Metrocities Mortgage inked a deal with a majority investor.

Union Bank Initiative Moves from Diversity to Inclusion

Union Bank Initiative Moves from Diversity to Inclusion

Business Partners: Can't You All Just Get Along?

Business Partners: Can't You All Just Get Along?

VALLEY STOCK WATCH

Stock activity for 50 selected greater San Fernando Valley-based public companies: Bi-Weekly Top Gainers, Losers; The Valley 50 Stock Index; 52-week Performance; Market Summary / Indexes

Wellpoint Takes A Scientific Approach To Diversity Issue

Diversity is more than just about whom you hire to work for your company; it can also impact your health.

Tech Firm Drastically Cuts Workforce

JMR Electronics held out as long as it could, but the data storage company finally made the plunge to outsourcing.

Diversity Definitions Broaden Over Time

Not only is the workforce becoming more diverse, but the way folks look at diversity is changing too.

Comerica Banks On State's Cultural Diversity to Grow

In the last two years, Michigan-based Comerica Bank has doubled the number of banking centers it operates in California

Potential Kohl's Store Has Granada Hills Up In Arms

Neighbors in Granada Hills have a bone to pick with the idea of a new Kohl's in their community.

At Verizon, Women May Be Breaking The Glass Ceiling

At Verizon, Women May Be Breaking The Glass Ceiling.

Amgen Creates Inclusive Global Work Environment

The Business Journal takes a look inside the 15 companies that have made notable strides in workforce diversity

Pepsi Diversity Training Enhances Customer Service

Recruitment efforts by the Pepsi Bottling Group don't differ much from how any large corporation attracts new employees, especially to have a diverse workforce.

Staffdriver Forms Alliance With NursingCorp.

Burbank-based Staffdriver, a nationwide outsourcer of administrative and payroll services to the staffing industry, has formed an alliance with Arizona-based NursingCorp., a provider of turnkey business systems to the temporary health care staffing indust

Friday, June 8

Metro Adding Valley Bus Service

Two new bus lines serving the San Fernando Valley are part of service improvements starting this month from the Los Angeles County Metropolitan Transportation Authority.

Casual Dining too Slow?

Concerns that rising gas prices will benefit the fast food sector at the expense of the casual dining sector led one analyst to remove The Cheesecake Factory from her top restaurant stock picks.

Thursday, June 7

Film Industry in Santa Clarita is Booming

The number of filming permits issued in May increased over the same period from a year ago, according to figures released by the City of Santa Clarita.

United Service Starts in Palmdale

New commercial air service began Thursday morning between LA/Palmdale Regional Airport and San Francisco.

Capstone Signs Equipment Deal

Capstone Turbine Corp. signed on as the original equipment manufacturer for Stellar Energy Systems, the company announced.

30-Year Mortgage Hits High

Rates on 30-year mortgages hit their highest level in 10 months this week, according to data released by Freddie Mac.

Wednesday, June 6

Sale of OCP Shares Closes

Oplink Communications, Inc. closed on its purchase of a majority share of fiber optic components manufacturer Optical Communications Products, Inc.

Unions, Medical Center Still Divided

Providence St. Joseph Medical Center and the unions that represent its registered nurses and service and tech employees were no closer to reaching agreement about patient care, contracts and other divisive issues when the two sides met briefly for schedul

FTC to Fight Whole Foods Acquisition

The Federal Trade Commission said it would seek to block the proposed merger of Whole Foods Market Inc. and Wild Oats Markets Inc., charging that the deal would stymie competition in the organic groceries sector.

Firm Obtains $2 Million for Tech Company

GroundWorkEquity, LLC helped obtain $2 million in funding for Culver City technology company Interneer, Inc.

Disney, Lee Ink Development Deal

The Walt Disney Co. and renowned comic book artist Stan Lee inked a deal giving the media conglomerate first look at content created by Lee's POW! Entertainment.

Sport Chalet Disappoints

Too few snow days in California led to disappointing fourth quarter results at La Canada-based retailer Sport Chalet.

Tuesday, June 5

Vitesse Names New Auditing Firm

Vitesse Semiconductor Corp. has chosen BDO Seidman, LLP as its new independent registered public accounting firm, the company announced Tuesday.

Teledyne Wins Hydrogen Generator Contract

A subsidiary of Teledyne Technologies Inc. received an $11 million contract for hydrogen generator systems to be used on power plant construction and steel processing plant expansion projects.

New President at Dole

David DeLorenzo has been named president and CEO of Dole Food Co.

Natrol Acquires Medical Research Institute

Natrol, Inc., has acquired sports nutrition product supplier Medical Research Institute, the company has announced.

Monday, June 4

Santa Clarita Ranks Among Top Retail Markets

The city of Santa Clarita was ranked as one of the top 25 city retail markets in California based on retail sales in 2005 in the California Retail Survey.

Consumers Doing More Shopping Online

Consumers may be opting for online shopping more frequently as gas prices rise.

North American Scientific Reports Loss

North American Scientific Inc. reported that the company lost $3.2 million or $0.11 per share for its fiscal second quarter ended April 30 on revenues of $6.2 million.

Amgen Acquiring Bay Area Biotech Company

In a $420 million deal, Amgen has agreed to acquire Ilypsa, Inc., a private San Francisco Bay Area biotechnology company that develops renal care pharmaceutical products.

Friday, June 1

Strike Looming at Providence St. Joseph

Registered nurses and service and tech employees at Providence St. Joseph Medical Center in Burbank have served notice they intend to strike at 6 a.m. on June 12.

Certification Firm Buys out Indiana Company

Production standards certification firm National Quality Assurance, USA acquired TRA Certification, giving the company access to new customers in the Midwest.

Beverly Hills Bancorp Declares Dividend

Beverly Hills Bancorp Inc. has declared a $0.125 cent per share dividend for stockholders of record as of June 15.

Wal-Mart to Cut Number of New Stores

Wal-Mart , which has lately seen sales in some of its categories weaken, said it will scale back the planned number of superstore openings this year to between 190 and 200.

Airprotek Rides Into Mexico

Airprotek International Inc., a distributor of safety jackets and vests utilizing air bag technology, has named two sales representatives to develop retail and direct to consumer sales channels in Mexico.