Stories for January 2013

Thursday, January 31

Power-One Reports Fourth Quarter Loss

Camarillo solar power equipment company Power-One Inc. reported a dramatic fourth quarter loss due to lower-than-expected product demand in Europe, the company said Thursday.

Klein Named Chief at Providence Holy Cross

Providence Holy Cross has named Dr. Bernard Klein has its new chief executive, the hospital announced Thursday.

Health Net Shares Rise Despite Income Shortfall

Shares of Heath Net Inc. rose the day after the company reported earnings that badly missed analyst forecasts.

First California Cancels Proposed Merger

The proposed merger between First California Financial Group Inc. and Premier Service Bank has been terminated because it did not meet a Dec. 31 deadline.

Wednesday, January 30

Provision Inks Distribution Deal for 3-D Displays

Provision Interactive Technologies in Chatsworth signed an agreement to distribute its 3-D holographic displays in parts of Europe by a Finnish company.

Layoffs on the Way at Amgen

Thousand Oaks biopharmaceutical company Amgen Inc. is set to layoff up to 157 employees, according to documents filed with the state.

Tuesday, January 29

Disney Closes Video Game Studio

The Walt Disney Co. has closed down its Austin, Texas video game development studio Junction Point as a result of poor sales of its latest game, “Epic Mickey 2: The Power of Two.”

Wesco Falls Short of 1Q Forecasts

Wesco Aircraft Holdings Inc. fell short of analyst forecasts for revenue and earnings per share for the first quarter.

Ryland Shows Profit, Beats Estimates

The Ryland Group Inc. reported that its profits increased in the fourth quarter with a large increase in both new home orders and closings, giving the company a profitable full year for 2012.

Teledyne Acquires Danish Sonar Company

Teledyne Technologies Inc. has added to its digital imaging business with the acquisition of Reson A/S.

Northrop Grumman Gets Contract for Helicopter Computers

Northrop Grumman Corp. received a $9.3 million contract from the U.S. Naval Air Systems Command to supply computers for the improved models of the H-1 helicopter.

Monday, January 28

Amgen Reports Positive Trial Results

Amgen Inc. on Monday announced positive results from late-stage trials that treated colorectal cancer patients with Neulasta, a drug that boosts white blood cell counts.

State Renews Health Net Dental Contracts

Health Net of California was awarded five-year contracts by the state Department of Health Care Services to continue managing Medi-Cal dental benefits in Los Angeles and Sacramento counties, the company announced on Monday.

Tsujihara Named CEO of Warner Bros.

Kevin Tsujihara will become chief executive of Warner Bros. Entertainment, replacing Barry Meyer who has been in that position for 13 years.

Friday, January 25

Wesco Extends Contract with Triumph Aerostructures

Supply chain management firm Wesco Aircraft Holdings Inc. has extended its just-in-time supplier contract with Triumph Aerostructures – Vought Aircraft Division.

Court Throws Out MGA Damage Award

An appeals court has tossed out $172 million in damages awarded to Van Nuy’s MGA Entertainment in a trade-secrets lawsuit filed against Mattel Inc.

Thursday, January 24

China Approves Dole Divestiture

Dole Food Co. said Thursday it has received approval from the Chinese government Ministry of Commerce to sell its packaged foods and Asia fresh produce business.

Health Net, Tenet Reach Hospital Agreement

Subsidiaries of Heath Net Inc. signed new multi-year agreements Thursday that give its customers access to all 11 Tenet Healthcare hospitals in California.

Sega, Ubisoft Among THQ Asset Buyers

Sega Corp., French video game maker Ubisoft LLC and two German companies were the successful bidders for video game titles and studios owned by THQ Inc.

Land Sale Paves Way for Glendale Apartments

A joint venture sponsored by Dallas developer Mill Creek Residential Trust LLC has acquired property for a 245-unit apartment building in Glendale.

Teledyne Beats Analyst Estimates

Teledyne Technologies Inc. beat analysts’ profit and revenue estimates for the fourth quarter.

Wednesday, January 23

Amgen Profits Drop, Still Beats Estimates

Research and development costs ate into fourth-quarter profits at Amgen Inc., but the biotech giant still beat analysts’ estimates due to increased sales of its bone and arthritis drugs.

Wal-Mart Opens Second Simi Valley Store

Wal-Mart Stores Inc. opened a 75,000-square-foot location in Simi Valley Wednesday, the retail company’s second location in town.

Galpin Ford Tops in Sales Volume – Again

Galpin Ford retained its title as the world’s best-selling Ford dealership by volume for the 23rd time last year with sales of more than 22,000 vehicles.

Valley Financial Service Firms Form Alliance

Financial consultants with the Goetzman Group will assist clients in implementing accounting software from Blackline Systems following the strategic alliance of the two San Fernando Valley companies.

Tuesday, January 22

Great American Partners with Tech Auctioneer

Woodland Hills liquidation company Great American Group Inc. said Tuesday it has signed a strategic partnership with CA Global Partners Inc., which specializes in the liquidation of industrial and information technology equipment.

Valencia Medical Device Maker Secures FDA Approval

Bioness Inc. has received approval from the Food and Drug Administration to sell a nerve-stimulating device for pediatric patients with foot disorders, the company said Tuesday.

Valencia Medical Device Maker Secures FDA Approval

Bioness Inc. has received approval from the Food and Drug Administration to sell a nerve-stimulating device for pediatric patients with foot disorders, the company said Tuesday.

Monday, January 21

Laemmle Fallbrook 7 to Close

Laemmle Theatre in West Hills will close after its final shows on Feb. 27.

Tutor Sells Stake in Miramax: Variety

San Fernando Valley construction magnate Ron Tutor has sold his stake in Santa Monica film studio Miramax Films, according to a report Monday in entertainment industry trade publication Variety.

Schiff Tackling Airport Curfew, Helicopter Noise

Rep. Adam Schiff (D-Burbank) plans to re-introduce two aviation bills – one on helicopter noise and the second on a mandatory curfew at Van Nuys Airport and Bob Hope Airport.

VALLEY BIZ SEEN - January 21, 2013

Photographs of recent business-related events in the valleys, including parties, awards dinners, benefits and other celebrations.

Editorial Cartoon SFVBJ - January 21, 2013

This week's Editorial Cartoon by Steve Greenberg

Declaring War on Small Business

Federal data released this month shows that health care spending growth is at the lowest point it has been in 50 years, for the third year in a row.

Falling Hard Off the Fiscal Cliff

Think the recent deal between the President and Republicans saved the economy? Think again.

VICA LOCAL UPDATE: In the weeks following the media-hyped negotiations in Washington on the “fiscal cliff,” it has become clear that there will be no winners from the final deal.

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Grit Your Teeth and Bear It

FROM THE NEWSROOM

Editor: Businesses face dilemma over proposed street repair bond.

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Around the Valleys

News and notes from around the greater San Fernando Valley area

Henry’s Tacos closed this month after 51 years at the corner of Moorpark Street and Tujunga Avenue in Studio City.

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Stockwatch

Market Watch Summary

Stocks were relatively stable for the two-week period ended Jan. 16.

Landlords Eager to Deal

Industrial: Little activity prompts building owners to polish up properties.

Industrial: Sales and leasing activity has dropped 60 percent in the last year.

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Uncertainty Slows Leasing

Office: Employers pull back over federal budget, tax and health care issues.

Office: Stagnation in the market won’t end until hiring picks up, brokers say.

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Not Signed, Means Not Delivered for Camarillo

Camarillo: A missed deadline for signing contracts might kill several redevelopment projects.

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Simi Valley Auto Dealership Hits Rut in Road

Simi Valley: Construction is finished, but controversy over a $70,000 redevelopment grant goes on.

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North Hollywood Transformation Nearly Complete

NoHo: A once-blighted neighborhood says goodbye to the redevelopment that turned it around.

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Museum of Neon Lights Up Glendale Halfway

Glendale: Museum of Neon Art building has secured $2.3 million in redevelopment funds.

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Tale of the Red Tape

The convoluted end of the state’s municipal redevelopment program.

Tenant Retention a Challenge Amid Slow Recovery

Leasing: Property managers offer amenities like Wi-Fi to add value to offices.

LIST STORY: Property managers want to keep tenants at their current addresses. Includes SFVBJ's 2013 PROPERTY MANAGEMENT FIRMS list for download (pdf)

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Bank Attorney Deposits Himself at Encino Firm

Insurance: Barbarowicz takes over insurance practice at Michelman.

At this time last year, Bob Barbarowicz was comfortably ensconced in his job as an insurance attorney at Bank of America.

Special Report: Real Estate Quarterly

Special Report: Redevelopment’s demise has left cities picking up the pieces and figuring out which projects still qualify for funding.

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It’s Curtains for the Hollywood Show in Burbank

Conventions: Memorabilia confab leaves Hilton at airport over cost dispute.

The Burbank Airport Marriott has been stage for the Hollywood Show, a memorabilia convention of the TV and movie industry, for eight years.

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Local Bank Charts New Course for Acquisitions

Banking: CapitalSource moves from industrial to commercial institution.

CapitalSource Bank plans to become a commercial financial institution to gain access to new customers and have options for future growth.

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He’s the Law

Lancaster Mayor R. Rex Parris is a wealthy personal injury attorney who has some innovative ideas about how cities can work with businesses.

Q&A: From solar energy investments to pit-bull control, R. Rex Parris brings unconventional thinking to the mayor’s office in Lancaster.

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Company Washes Hands of Old Headquarters

Manufacturing: Bobrick building $20 million plant in North Hollywood.

Manufacturing: A new building will consolidate a North Hollywood company’s factory, warehouse and offices.

Energized Over Environment

Aerospace contractor uses incentives to land natural gas fuel cell.

Energy: Pratt & Whitney Rocketdyne has installed a fuel cell to make carbon-free electricity at its De Soto campus.

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Google Puts Local Firm on Maps

Business Photos offers users inside look at Active Appliances.

Technology: A Van Nuys company puts itself on display with Google Business Photos.

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Magnets Charge Into Energy Field

BuQu phone product powers up both Apple and Android models.

Telecom: The Camarillo-made Magnetyze charger can deliver electrical power to a variety of cell phones.

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IPhone Fixer Rings Up Scholarship

CSUN student taps screen repair shop to set up $1,000 program.

Entrepreneur: College junior and business owner Alan Campos has established a scholarship for fellow CSUN students.

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Unfinished Business

Redevelopment’s end has left cities scrambling to revive projects halted in their tracks.

Special Report: Redevelopment’s demise has left cities picking up the pieces and figuring out which projects still qualify for funding.

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Shot in Arm For Antelope Valley

health care: City of Hope nurses $20 million cancer center.

Health care: City of Hope is constructing a new facility in Lancaster, the latest project in a local healthcare building boom.

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Garden Spot?

Hospitality: Florida developer proposes Hilton Garden Inn on improving stretch of Burbank’s San Fernando Road.

Hospitality: Burbank’s vibrant hotel sector has attracted a developer who plans to build a Hilton Garden Inn.

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Lender Invests In Growth Plan

Finance: VEDC looks to boost profile with Nevada acquisition.

Finance: VEDC wants to expand its model of small-business lending through the recent acquisition of a Nevada organization.

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TappED OUT?

Budweiser pours itself into crafting new brew

Beer: The recipe of a former Van Nuys brew master is now Budweiser Black Crown, a new beer from Anheuser-Busch.

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Friday, January 18

County, State Unemployment Flat in December

The unemployment rate remained flat in Los Angeles County and statewide in December 2012 when compared with the prior month, according to new numbers released by the California Employment Development Department.

Sherman Oaks Apartments Sell for $77 Million

A Sherman Oaks luxury apartment complex has been sold for $77 million to Raintree Partners LLC, a Laguna Niguel real estate company that last year acquired another nearby complex.

Thursday, January 17

South Korean Company Acquires K-Swiss

K-Swiss Inc. is being purchased by South Korean retail conglomerate E. Land World Ltd. for $170 million in a cash-for-stock deal, the companies announced Thursday.

Amgen Announces $200 Million Asian Expansion

Amgen Inc. will invest $200 million over several years in a new manufacturing facility in Singapore.

New York Private Equity Firm Acquires Cast & Crew

Entertainment industry payroll provider Cast & Crew Entertainment Services has been sold to New York private equity firm ZelnickMedia.

Power-One Shares Fall on Expected Loss

Shares of Power-One Inc. fell nearly 10 percent Thursday after the Camarillo solar power equipment maker announced an expected loss of up to $15 million for the fourth quarter.

Wednesday, January 16

Amgen Reports Disappointing Drug Trial

A clinical trial of Amgen Inc.’s anemia drug Aransep for use in patients suffering from heart failure ended in disappointing results, the company said Wednesday.

Ontic Adds New Aircraft Product Line

Aerospace aftermarket parts supplier Ontic has acquired part of the legacy product line of Zodiac Oxygen Systems.

Tuesday, January 15

Profits Fall at Simulations Plus

Lancaster software company Simulations Plus’ profits fell 22 percent in the first fiscal quarter ended Nov. 30, due to the closure of several large customers and ongoing restructuring of the firm, the company reported.

Jet Edge Adds Planes, Receives New Funding

Aircraft charter and management firm Jet Edge International has added four Gulfstream planes to its fleet bringing it to a total of 19 aircraft.

Southern Theatres to Install Cinedigm Software

Cinedigm Digital Cinema Corp. announced Tuesday that movie chain Southern Theatres LLC has selected Cinedigm software to centrally manage its operations in nine states.

Monday, January 14

FDA Sends St. Jude Sylmar Warning Letter

St. Jude Medical Inc. has received a warning letter from the U.S. Food and Drug Administration regarding manufacturing practices at its Sylmar facility.

Final Taco Served at Henry’s

Henry’s Tacos, a historic Studio City taco stand, closed down Saturday after 51 years in business.

Ixia Hits 52-Week High on Guidance

Shares of Ixia rose to a 52-week high on news that the telecommunications company was increasing its fourth quarter guidance due to the performance of two recent acquisitions.

Friday, January 11

Lawsuit Challenges Condom Law

Adult entertainment performers and one production company have filed a lawsuit in federal court challenging the legality of Los Angeles County’s mandatory condom law approved by voters in November.

Online Video Company Gets 3D Streaming Technology

3D Crave, a distributor of Internet-based video on demand, has signed a partnership with Nanotech Entertainment for the launch of a new video channel.

Dodgers Dreamfield to Open in Reseda

A new Dodgers Dreamfield will open Jan. 12 morning at the Reseda Recreation Center on Victory Boulevard.

Thursday, January 10

Salem Hires New Leadership in New York

Salem Communications Corp. has hired a new team to manage its New York radio stations.

Ceres Inc. Narrows Loss

Energy crop company Ceres Inc. narrowed its loss in its first fiscal quarter, despite a dramatic decline in product sales, the company said Thursday.

Glendale Accounting Firms Merge

The Glendale office of PKF California has merged into accounting firm Hutchinson & Bloodgood LLP, also in Glendale.

Wednesday, January 9

Film Production Grows in Santa Clarita

Film and television production rose 2 percent last year in Santa Clarita, making it the busiest year ever for production, the city announced Wednesday.

Archstone Warner Center Fetches $100 Million

The 522-unit Archstone Warner Center has been sold to Chicago real estate development trust AMLI Residential Properties Inc. in a deal valued at $100 million.

Target Buys Land in Westlake Village

Target Corp. has purchased 10.3 acres of land for a store that will anchor the new The Shoppes at Westlake Village when it opens next year.

Tuesday, January 8

On-Location TV Production Falls in 2012

On-location television production in Los Angeles County declined in 2012, drawn away by cheaper filming costs in other states and by shows moving to studio soundstages, according to figures released by FilmL.A.

Amgen Spends $181 Million on Drug Coatings

Biotechnology company Amgen Inc. will spend up to $180.5 million to license technology from Bind Biosciences Inc. that will help deliver cancer drugs, the company said Tuesday.

Tutor Perini to Manage Water in Afghanistan

A subsidiary of construction firm Tutor Perini Corp. has landed a $130 million contract to run the Irrigation and Watershed Management Program in Afghanistan.

AeroVironment Secures Army Contract

Unmanned aircraft manufacturer AeroVirnoment Inc. is among five companies participating in a $248 million U.S. Army contract to supply drones.

Warner Bros. Gets Animated with New Venture

Warner Bros. Pictures has started a new feature animation venture with the goal of releasing one animated film a year starting in 2014.

Monday, January 7

Additional Bidders for THQ Given More Time

THQ Inc. on Monday reached an agreement with creditors for a revised bankruptcy sale process, which will take more time than the Agoura Hills video game maker originally envisioned and could potentially result in a breakup of the company.

LTC Makes Land Acquisitions

LTC Properties Inc. said that it had purchased two land parcels and entered into health care facility development commitments valued at more than $29 million.

Story Finally Ends for Woodland Hills Bookstore

Publishing: Few booksellers left in area after closure at Westfield Promenade.

Publishing: Barnes & Noble has emptied its shelves at the Promenade in Woodland Hills.

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Dialing Up 911

Rob Dickinson’s Singer Vehicle Design takes the already perfect Porsche 911 and turns it into a carbon super car.

CARS: Singer Vehicle Design explores the creative possibilities of classic Porsches.

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On the Boulevard

On The Boulevard: A drive down the Valley’s commercial corridor.

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Cancer Startup Preps for Test

Biotech: Cynvenio’s ‘liquid biopsy’ could be revolutionary.

BIOTECH: Cynvenio Biosystems is starting commercial production of a liquid biopsy technology that aids the detection of cancer.

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Editorial Cartoon SFVBJ - January 7, 2013

This week's Editorial Cartoon by Steve Greenberg

VALLEY BIZ SEEN - January 7, 2013

Photographs of recent business-related events in the valleys, including parties, awards dinners, benefits and other celebrations.

Getting the Facts Straight on Measure B

In it’s Dec. 24 issue, the San Fernando Valley Business Journal published a less than flattering editorial about the adult production industry and the aftermath of Measure B.

Meting Out High Desert Justice

Crime: Lancaster’s mayor defends his proposal to publicize names of stores not prosecuting shoplifters.

Crime is contagious.

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Take an Aspirin, Go to Bed

I’m the typical male when it comes to doctors.

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Stockwatch

Stocks were up across the board for the two-week period ended Jan. 2.

Around the Valleys

News and notes from around the greater San Fernando Valley area

Alfred Mann, chief executive of MannKind Inc., reduced the biotech company’s debt by more than $107 million last month.

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Lower Cost Lancaster Grocery Draws Top Price

Sale: Joint venture buys Quartz Hill Towne Center for a healthy $21 million.

A Lancaster shopping center anchored by a Vons grocery store changed hands last month for $21 million, making it one of the largest individual retail property sales last year in the Antelope Valley.

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Market Swings Put Money Managers in the Money

Investing: Local firms see funds under management grow during wild year.

Story: Management firms grow in turbulent year. Includes SFVBJ's 2013 MONEY MANAGEMENT FIRMS list for download (pdf)

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Miniature Mutual Fund Has Big Growth Plans

Startup: Industry veteran launches Calabasas fund, draws initial $1 million.

Startup: Veteran investment advisor starts the only Valley-based mutual fund.

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Valley Business Types in the Mix at Film Festival

Movies: VICA sponsors sellout trip to annual Sundance event in Utah.

When crowds flock to Park City, Utah for the Sundance Film Festival later this month, among the attendees will be a group of 20 people from the San Fernando Valley.

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Health Net Terminates Six Hospital Contracts

Insurance: Woodland Hills carrier in dispute with Tenet Healthcare.

The announcement that Health Net Inc. would terminate payment contracts with six Southern California hospitals came a surprise to Tenet Healthcare Corp., owner of the hospitals.

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Aerospace Company Flies High for Nonprofits

Charity: Antelope Valley groups receive $100,000 from Northrop Grumman.

Employees who work at the Palmdale operations of Northrop Grumman Corp. honored 22 nonprofits from the Antelope Valley at their annual Holiday Giving event on Dec. 17.

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Real History

Auctioneer Joe Maddalena has developed an unusual niche selling both historical documents and Hollywood memorabilia.

Q&A: Joe Maddalena combines a love of old documents and Hollywood memorabilia at his Calabasas auction house.

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Burbank Blues

Retail: Newport Beach REIT buys stumbling retail complex next to downtown theaters.

Retail: Burbank mixed-use center is sold for $12.8 million.

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Learning Lessons In Afghanistan

Tutoring firm looks to make grade overseas with franchise plan.

TRAINING: The Van Nuys office of Tutor Doctor recently sent several employees on an education envoy to Afghanistan.

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Lancaster Developing Reputation

City’s downtown earns smart growth award from EPA.

CITY: Lancaster wins an award from the U.S. Environmental Protection Agency for its downtown development.

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Sold On The Great Unknown

Corporate clients buy into Mystery Trip LA’s surprise destinations.

ENTERTAINMENT: Companies hitch a ride on Mystery TripLA’s party buses.

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Family Makes Stand With Hot Dogs

Co-owners hope diners fall back in love with relaunched Cupid’s.

FOOD: Cupid’s Hot Dog is heating up for a renaissance in the Valley.

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Retailer Busts No Longer Booming

LIQUIDATION: Great American moves beyond bankruptcies.

LIQUIDATION: Woodland Hills firm that sold distressed assets diversifies its services as the economy mends.

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Marijuana Market Grows Like Weed

MANUFACTURING: States’ new laws light fire under pot products maker.

Manufacturing: Hydroponics garden supply company in Woodland Hills gears up for more pot business.

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Punching in

Online comics vendor tries brick-and-mortar

RETAIL: Blastoff, a comic book shop in North Hollywood, has a contrarian strategy of moving from online to brick-and-mortar.

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Wal-Mart Finds Santa Clarita Ripe for Grocery

Development: Giant retailer thought to be eyeing regional mall for market.

Development: Wal-Mart Stores Inc. envisions a grocery store in Valencia.

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Friday, January 4

Hulu CEO Jason Kilar Resigns

Jason Kilar, chief executive of Internet TV site Hulu, has resigned and will leave his post in the first quarter of 2013.

Rexford Industrial Buys Van Nuys Warehouse for $5.6 million

Rexford Industrial LLC has purchased an 81,282 square foot warehouse in Van Nuys for $5.6 million, the company said Friday.

Tutor Perini Wins $116 Million Highway Contract

Tutor Perini Corp. has won a $116 million contract for work on the Interstate 35 freeway in St. Paul, Minn.

Thursday, January 3

Macy’s Moving Ahead with Galleria Bloomingdale’s

Macy’s Inc. announced it would move forward with its plans to open a Bloomingdale’s department store in the Glendale Galleria this fall.

Health Net Gains After Upgrade

The share price of Health Net Inc. rose on Thursday after an analyst upgraded the stock to “buy” from “hold.”

Illinois Company Buys Agoura Hills Food Inspection Business

National Everclean Services Inc., an Agoura Hills company that conducts food-safety audits of grocers and restaurants, has been purchased by Illinois company UL LLC, the companies announced.

Wednesday, January 2

Dole Closer to Finalizing Sale of Packaged Foods Division

Dole Food Co., the Westlake Village fruit and vegetable grower, is one step closer to shedding its packaged foods and Asia fresh produce business, the company said Wednesday.

Thousand Oaks Data Company Sells for $120 million

Nexsan Corp., a data storage company in Thousand Oaks, has been acquired by Minnesota firm Imation Corp., in a deal valued at $120 million, the company said in a statement Wednesday.