Stories for July 2005

Friday, July 29

5square Inks Deal for Distribution

Gedas USA will resell two 5square applications, which manage the process of selling cars and provide data analysis to dealer, to its customers in the United States and Canada.

Wednesday, July 27

IRIS International Reports Record Revenue and Profits

Quarterly revenue and net income for IRIS increased 51% and 259%, respectively.

Guitar Center Posts Modest Earnings Increase

Costs related to the acquisition of Music & Arts Center pulled down second quarter earnings somewhat.

Tuesday, July 26

BioSource Signs Merger Agreement

Invitrogen Corporation will pay $130 million, or $12.50 per share for Camarillo-based BioSource International if the merger is approved by shareholders.

Vitesse Expands Into Taiwan

Camarillo-based Vitesse opened its first customer technology center in Taipei.

Monday, July 25

IHOP Franchisees to Open 28 New Restaurants

Franchisees have committed to building the new restaurants over an eight and a half year period.

Tech Exec Partners to Merge with Sierra Resource Group

The Calabasas IT consulting firm will merge with Sierra's Southern California office, which specializes accounting and finance, to expand its services.

Thursday, July 21

VEDC Reports Success in Collecting on Bad Debts

The center has cut the delinquency rate to 28 percent from 75 percent since taking over the Los Angeles Community Development Bank loan portfolio.

Candle Maker Moves Into Australia

The company's new unit has a distributor base of over 400 associates.

Wednesday, July 20

Simi Valley Hospital Pays Over $3.6 Million to Resolve Allegations of Fraudulent Medicare Billing

Hospital officials say they will provide staff with additional coding education to keep up with Medicare standards.

21st Reports Slight Decline in Earnings

Premiums written for the Woodland Hills-based auto insurer were almost unchanged from last year, while earnings dipped slightly.

Tuesday, July 19

Amgen Reports Big Second Quarter Numbers

Sale of Aranesp and Enbrel helped improve the outlook for the Thousand Oaks biotech giant.

Cheesecake Factory Net Surges, Same Store Sales Flat

Shares in Cheesecake Factory closed down 63 cents to $35.35 following the announcement.

Monday, July 18

WellPoint's Idea Division Thinking Big

WellPoint Division scours world for new business opportunities

City Wi-Fi Contract Big Boost for Firm

Beating out 14 competitors, Chatsworth-based PCC Network Solutions has received a potentially lucrative wi-fi contract with the City of West Hollywood.

Health Net Wins another Federal Contract

The Woodland Hills-based health insurer will provide medical insurance services under the Fresno County Healthy Kids program.

More Study Ordered on Wal-Mart Plan

An L.A. zoning administrator sent officials at Wal-Mart back for a second review of the traffic study the retailer prepared for its proposed store at Nordhoff Street and Tampa Avenue in Northridge.

Calabasas Cable TV Station Will Cater to Horse Lovers

A Calabasas-based TV station will cater to horse lovers

Panavision Moves Into Another Era

Jeff Weiss reports that Panavision, the legendary movie camera maker, has received its first order for its new Genesis HD digital video camera

Technicolor Expands Video Game Unit

Camarillo-based entertainment powerhouse Technicolor has announced plans to extend its reach into the gaming world.

Mortgage Brokers Scramble for Piece of Shrinking Market

Mortgage firms have turned up the volume hoping to get a bigger share of a smaller market.

Addition to Santa Clarita Center Will Boost Radiology Treatments

Jonathan Colburn reports on upgrades at a Santa Clarita oncology center that will improve radiation treatments.

Director Brothers Laughing All the Way to Hollywood

Two brothers in the film production business are finding a successful business formula in Hollywood.

CB Team Relocates to Sperry Van Ness

Senior Reporter Shelly Garcia writes about the formation of a multi-family housing unit at Sperry Van Ness by a group of former CB Richard Ellis brokers.

CB to Consolidate Valley Offices

Commercial real estate brokerage CB Richard Ellis plans to combine its Sherman Oaks and Glendale offices.

Second NetZero Founder Joins Jambo

Internet search technology firm Jambo announces the appointment of another NetZero co-founder.

Reality Show About Circus Is Next Act for Burbank Firm

Burbank-based Wolper Organization will produce reality programming related to Ringling Bros. Barnum and Bailey circus.

Health Care Industry Changes Prompt New Degree

In an attempt to meet growing market demand, DeVry University's West Hills campus is rolling out a new associate degree program in health information technology.

Hotels Take Steps to Cope with Rise in Insurance Rates

Rising hotel insurance rates are helping to cause rising room rates.

Comerica Opens in Warner Center

Comerica Bank has relocated its West San Fernando Valley unit to an expanded branch located in Warner Center.

Universal Creates Development Post

Universal Studios Hollywood has created a new position of promotions and product development.

'Safety Net' Hospital Officials Worried Over Payments

A new hospital financing system that Gov. Schwarzenegger developed with the federal government has health care officials worried that they may be unable to keep up standards of care because of it.

Friday, July 15

Troika Raises $14.4 Million

Westlake Village-based networking storage solutions provider will use Series B round for marketing.

Thursday, July 14

Valley Community Clinic Names New CEO

Paula Wilson, who has worked at the clinic since 1992, will replace longtime CEO Ann Britt.

Wednesday, July 13

American Soil Technologies to be Represented by Israeli Firm

Pure Chemicals will represent American Soil Technologies and promote its products to major prospective customers.

Numotech Signs National Distribution Agreement with Airgas Puritan Medical

The Northridge-based company said the deal will help the company manage its business with health care organizations across the country, and support its five-year worldwide federal sales contract.

Tuesday, July 12

21st Century Urging Motorists to Hang Up and Drive

21st's "Just Drive" campaign will encourage drivers to avoid distractions like talking on the phone, eating or applying makeup.

Monday, July 11

Bank of Santa Clarita Posts Asset, Deposit Growth

The bank, which launched last year, has reduced its net losses by 15 percent since the first quarter.

Prime Rate Hikes Lift Earnings at First Commerce Bancorp

The Encino-based bank reported a net income increase of $0.15 per share in the comparable period last year.

Wednesday, July 6

Unit of Japanese DIS Co. Readies to Enter U.S. Market

DIS Co. subsidiary Westlake Canyon Partners acquired MorNorth Mortgage Holdings Inc. to help it take Japanese companies into U.S. public markets.

Disney Internet Group to Enter Wireless Phone Business

The company is partnering with Sprint to offer wireless service, custom handsets and applications targeted at families.

Salem Completes Station Exchange With Univision

The San Francisco stations had been operating under local marketing agreements, but have now switched owners.

Health Net's Finances Under Review after $117 Million Verdict

A.M. Best Co, the world's oldest insurance rating and information source, announced that Health Net's life/health and health maintenance organizations are under review with negative implications after a $117 million verdict in lawsuit against the company.

Tuesday, July 5

Caruso Gets Okay to Proceed With Lawsuit Against General Growth

The California Court of Appeals today ruled that Rick Caruso, CEO of Caruso Affiliated Holdings, can proceed with a lawsuit against General Growth Properties that arose over plans to develop an open air shopping center next door to General Growth's Glenda

Villaraigosa Makes Ethics a Priority with First Executive Directive

At the start of his first full week in office, the new Mayor of Los Angeles appointed an official Counsel to the Mayor to act as a legal and ethical advisor and asked all city employees to sign an ethics pledge.

QoSmetrics Signs a Deal with Toyo Corporation

The Camarillo-based network hardware company will allow TOYO to re-sell its products to Japanese carriers and service providers.

Monday, July 4

Banks Changing Lending Approach

Traditional banks are changing the way they approach commercial lending.

Trade Show Pushes Mainstreaming of Adult Industry

The ninth annual installment of industry trade show Erotica-LA demonstrated attempts of the adult entertainment world to move more toward the mainstream

Mosaic Capital Expands in Push for Larger Share of Middle Market

Mosaic Capital Investment Bankers is expanding in a push to corner a larger share of local, middle-market investment banking transactions.

Weight Loss Firm Target of FTC Files Chapter 7

Enforma Natural Products Inc., which has been in court for years debating Federal Trade Commission charges that it made unsubstantiated weight loss claims about its products, has filed for bankruptcy.

Guitar Center Planning Move Into Overseas Market

Guitar Center Inc. names one of its longtime executives to head an effort to expand overseas

Merger Strengthens Gamma's Influence

Northridge-based Gamma Medica has taken a major step to be at the forefront of a technological revolution in the medical imaging industry with the purchase fo a company in Norway.

The Aviator

Corporate jet pioneer Clay Lacy has personally watched the business aviation industry soar in the Valley.

Streamcast Head Undaunted by U.S. Court Decision

The CEO of Streamcast Networks, creators of the Morpheus software targeted by Hollywood as responsible for film and music piracy, is optimistic his firm will prevail despite a setback in the U.S. Supreme Court.

Device Credited for CHAD Boost

CHAD Therapeutics is crediting its home oxygen machine that allows pateitns to refill their own canisters for boosting earnings and revenue growth in the past year

New Marketing, Renovation at Airtel Hotel

THe Airtel hotel at Van Nuys Airport has launched a renovation and marketing campaign.

Corporate Jets Not Just for Big Guys

More smaller businesses considering the use of local jets in traveling.

Entertainment Volume Rises in NoHo Redevelopment

Senior Reporter Shelly Garcia writes about the plans for nightlife underway in the redevelopment of North Hollywood

United Chambers CEO Resigns

Paula Bethsebe, the CEO of the United Chambers of Commerce for only two months, resigns

Mayor's Stance on Jets Causes Industry Jitters

Mayor Antonio Villaraigosa's stance on Stage 2 jets Van Nuys Airport is causing jitters in the private industry.

Locally Based Firms Lead Way as Private Air Grows

Profiles of locally based aviation firms.

Air Firms Facing Issues as Valley Business Booms

Despite an increase in business, local corporate aviation firms face some unresolved issues

Calig World Travel Partnering With Multinational Company

Calig World Travel & Cruises in Woodland Hills is partnering with Altour, a multinational travel and leisure company