Stories for July 2013

Wednesday, July 31

Avery Dennison Moves to Glendale

Avery Dennison Corp. is moving its headquarters to occupy more than 54,000 square feet in Glendale.

DreamWorks Beats Estimates With 'Croods'

DreamWorks Animation SKG Inc. beat analyst estimates for revenue and earnings per share in the second quarter, helped by its spring release of “The Croods.”

Earnings, Revenue Drop at United Online

United Online Inc. reported second quarter earnings per share that beat analyst expectations while missing on revenue.

'Wholesome' Earnings Growth at Crown Media

Net income rose by 22 percent in the second quarter at Crown Media Holdings Inc., owner of The Hallmark Channel and Hallmark Movie Channel.

Wesco Reports Revenue Jump of 21 Percent

Wesco Aircraft Holdings Inc. beat analyst estimates in revenue for the second quarter but fell short on earnings.

Tuesday, July 30

DineEquity Reports Strong Quarter

Shares of DineEquity Inc. jumped more than 10 percent in early trading after the company announced profit and revenue that beat analyst expectations.

Amgen Revenues Grow

Amgen Inc. reported quarterly earnings that missed analysts’ expectations despite a gain in revenue.

Provision Interactive Makes Tactical Partnership

Provision Interactive Technologies Inc. has signed an agreement with an Ohio firm to provide advertising and marketing support for the rollout of Provision’s 3-D kiosk network.

PS Business Parks Falls Short

PS Business Parks Inc. on Monday announced second quarter profit that narrowly missed analysts’ expectations.

Monday, July 29

IPC Buys Alabama Medical Practice

IPC The Hospitalist Co. Inc. will expand its presence in Alabama with the acquisition of Baldwin Physician Services Inc., a post-acute doctors group in Mobile.

Entertainment Partners Adds Affiliate

Entertainment Partners has gained a new affiliate to offer payroll and production incentive services to the entertainment industry in Puerto Rico.

Friday, July 26

Regulators OK AeroVironment Drone for Commercial Use

AeroVironment Inc. received certification from the Federal Aviation Administration that allows its Puma unmanned aircraft to be used for commercial purposes.

Health Net Falls on Low Earnings

Health Net Inc. shares dipped Friday after the company reported earnings below analyst expectations.

IPC Downgraded After Missing Estimate

IPC The Hospitalist Inc. was downgraded a day after the company released second-quarter results that slightly missed analysts’ expectations.

Thursday, July 25

North Hills Apartment Fetches $16 Million

The 80-unit Villa Vincennes Apartments in North Hills has sold for $16.2 million by Investment Real Estate Associates of Encino.

Dole Beats Expectations as Costs Fall

Dole Food Co. announced profits far exceeding analyst expectations as its expenses for fruits and vegetables were less than expected.

Teledyne Reports Strong Quarter

Teledyne Technologies Inc. beat analyst forecasts for revenue and earnings per share in the second quarter.

Long-Time Valley Restaurateur Dies

Art Ginsburg, founder of Art’s Deli in Studio City, died Wednesday. He was 78.

Wednesday, July 24

Ryland Shatters Profit Estimates

Ryland Group Inc. announced net income that beat analysts’ expectations as the home-building market continues surging.

Cheesecake Misses Estimates

Cheesecake Factory Inc. reported results that narrowly missed analysts’ expectations for its fiscal second quarter.

CrowdGather Discusses Loss, Restructuring in Annual Report

CrowdGather Inc. continues to lose money but thinks its financial restructuring could help it reach breakeven this winter, the company said in its annual report.

Tuesday, July 23

Ryland Buys Another Homebuilder

Ryland Group Inc. on Tuesday announced the acquisition of the assets of Cornell Homes, a homebuilder in Philadelphia.

Power-One Sale Approved

The purchase of Camarillo solar equipment manufacturer Power-One Inc. has been approved by its stockholders.

Glendale Program to Help Businesses Post-Disaster

DreamWorks Animation SKG Inc. is the first company to be part of a new program from the city of Glendale designed to get businesses up and running quickly following an earthquake or other natural disasters.

Monday, July 22

Disney to Sell Classic Songs Through CreateSpace

Walt Disney Records has signed a deal with Amazon.com to release out-of-print titles and certain classic Disney film soundtracks on CD through Amazon's manufacture-on-demand service CreateSpace.

‘Turbo’ Not Charging DreamWorks’ Stock

Shares of DreamWorks Animation SKG Inc. fell nearly 5 percent Monday after an analyst said the company’s movie “Turbo” could cause a $50 million write down.

Calabasas Firm Gets Airbus Work

National Technical Systems Inc. has won a contract to design and build test equipment for components used on the Airbus A350 passenger jet.

Company Goes on Crusade to Own Property

Insurance: Unico leaving Woodland Hills after Calabasas acquisition.

INSURANCE: Unico American has bought a new headquarters with tenants.

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Apollo Blasts Off With Equity Doctors Group

Management: Glendale hospitalist company starts L.A. County network.

Apollo Medical Holdings Inc. has established a new physicians network in Los Angeles County designed to benefit from ObamaCare.

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TAKE TWO - Editorial Cartoon SFVBJ - July 22, 2013

TAKE TWO - This week's Editorial Cartoon by Steve Greenberg

VALLEY BIZ SEEN - July 22, 2013

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

Dropping Bombshells in D.C.

By now everyone has heard that the Obama administration has announced a delay until 2015 of a key provision of the Affordable Care Act, specifically the employer shared responsibility provision, also known as “Play or Pay.”

The Forgotten Fourth

Valley businesses seize July 4 to sell products, but lost somewhere is the holiday’s true meaning.

Here it was, another Independence Day, and except for a day’s respite from work, the obligatory picnics and fireworks, and the slightly crass “Fourth of July” sale offered by every Valley car dealership and mattress store, once again we let an opportunity slip by to truly remember our history and heritage.

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Dialing Down the Megawatts

EDITOR: Think small when it comes to energy.

Stockwatch

Market Watch Summary

Stocks rebounded strongly during the two-week period ended July 17 as the Fed clarified it will gradually - not suddenly - reduce support for capital markets.

Calendar

Calendar of Events

Around the Valleys

News and notes from around the greater San Fernando Valley

California Pizza Kitchen Inc. opened a 5,300-square-foot prototype restaurant in the Westfield Topanga mall.

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High Desert Industrial Market Heats Up Despite Vacancy Rise

It was hard to know whether to applaud or shield your eyes from the Antelope Valley industrial market.

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Warner Center Activity Lifts Sagging San Fernando Valley

If you want to know where all the action took place last quarter in the San Fernando Valley office market, just look west.

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Numbers Paint Distorted Picture of Santa Clarita Valley Market

Sometimes the numbers just don’t paint the whole picture.

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Smaller Deals Mean Big Boost for Improving Conejo Valley

The Conejo Valley office market built on a successful first quarter to have one of its best quarters since 2010.

Giant ‘Hole in the Ground’ Blows Apart Burbank Office Space

The Burbank office market sputtered in the second quarter, still reeling from the giant hole left by a vacancy earlier this year.

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Easy Living

Developers are planning and building a variety of senior living projects in the greater San Fernando Valley.

Independent Living Complex Casey and Walnut Canyon roads, Moorpark Developer: 1 Moorpark LLC, Moorpark Project: 390-unit project on 49 acres that will not provide any health care or skilled nursing.

Assisted Development

What is the hottest trend in local building? Forget hipster hangouts. Think retirement homes and active seniors.

REAL ESTATE: Driven by demographics, senior care facilities are popping up all over the greater Valley.

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Alternative Lender Lets its Assets Do the Talking

Finance: Low profile TAB Bank is busy making loans despite no physical branch.

There is no TAB Bank branch in the San Fernando Valley, no staff other than a vice president of business development who for the most part keeps a low profile.

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Optimist Club Shows it Kares With Donation

Medical: Canyon Country group gives to foundation for hospital supply kits.

The Canyon Country Optimist Club has made a donation to help children with cancer.

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Mad Man 2.0

Ad man Dave Newmark has found success with his Bid4spots.com, an online auction site for radio time.

Q&A: How Dave Newmark figured out a new way to sell radio advertising online.

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Performance Review Isn’t Academic

Woodbury president assesses organizations for quality award.

EDUCATION: Woodbury University President Luis Calingo moonlights as an awards judge.

Theater Space’s Next Stage

Schreiber owner leases property to gastropub Fat Dog.

RESTAURANTS: A theater closes and a gastropub takes its space.

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Forget Hollywood ... Head to Conejo?

Tourism: Valley cities band together and form district to boost visitors.

TOURISM: Conejo Valley hoteliers form group to attract weekend travelers.

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Valley Law Firms Hire Don’t Fire

Legal: Local industry bucks national downturn in job trends.

Legal: Local firms hire attorneys despite bad news nationwide.

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Universal Axes 500 at Gibson

Entertainment: Layoffs follow planned closure of amphitheater.

ENTERTAINMENT: Gibson Amphitheater’s closure reflects unsettling times in the venue business.

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Blood Simple

Medtronic makes gains on diabetics’ artificial pancreas

Biomedical: Medtronic takes a big step toward developing an artificial pancreas.

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Age Old Prescription

Marketing: Japanese pharmaceutical maker launches high-end supplement brand said to be based on Okinawa longevity secrets.

MARKETING: Valley ad agency wants to sell the Okinawan diet to health-conscious consumers.

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Nursing USC-UCLA Rivalry

Bruins down Trojans in magazine’s ranking of medical centers.

HOSPITALS: Two university medical systems duel for national recognition.

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Close Encounters In Valley

Production company aims sky high for alien-contact movie.

FILM: Husband and wife filmmakers take risks together.

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Friday, July 19

American Homes Plans $794 Million IPO

American Homes 4 Rent is seeking to raise $794 million in its initial public offering, the company disclosed in a regulatory filing on Friday.

Venture Capital Flows to Valley Companies

Two valley companies raised nearly $20 million in venture capital funding in the second quarter, according to a report released Friday.

Wal-Mart to Open in Newbury Park

Wal-Mart Stores Inc. will open a grocery store in Newbury Park next year.

Unemployment Up in Greater Valley

Cities in the greater San Fernando Valley reported higher unemployment rates in June as schools let out for summer and cut their payrolls.

Thursday, July 18

Amgen Pays $15 Million to Settle Kickback Claims

Amgen Inc. has paid the government $15 million to settle allegations that the company paid kickbacks to doctors and medical groups to induce them to prescribe a cancer drug.

United Online Spinoff Refinances

Flower-delivery company FTD Cos. Inc. has received a $350 million five-year revolving credit line to refinance its senior secured debt as it prepares to go public.

AeroVironment Shares Jump on Hedge Fund Interest

AeroVironment Inc. shares jumped 14 percent Wednesday on news that a Newport Beach hedge fund had acquired a 5.1 percent stake in the Monrovia maker of unmanned drone aircraft and electric-car charging stations.

Wednesday, July 17

Judge Winds Up THQ Bankruptcy

A federal judge has approved video game publisher THQ Inc.'s sell-off of its game titles and development studios and clears the way to end the bankrupt company's estate.

LTC Opens Memory Care Facility

Real estate investment trust LTC Properties Inc. has finished work on a 60-bed memory care facility in Littleton, Colo., the company said Tuesday.

Tuesday, July 16

Van Nuys Runway to Close for Repairs

Aircraft operators at Van Nuys Airport will face a 10-day closure of the main runway starting Wednesday as part of a $14 million repair project.

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USC Buys Verdugo Hills Hospital, Plans Upgrades

USC has purchased Verdugo Hills Hospital and promises to spend $30 million to upgrade the Glendale facility.

Monday, July 15

Bronson Named Interim CEO at Qualstar

Steven Bronson, the investor who took control of Qualstar Corp. after a proxy fight, has been named its interim chief executive and president, the company announced Monday.

Talon Buys Up Preferred Stock

Zipper-maker Talon International Inc. announced Monday that it has eliminated all of its preferred stock in a $18.8 million cash and debt deal.

USamp Receives $15 Million in Funding

USamp announced on Monday that it has received a $15 million investment from two private equity firms to enhance the marketing company’s online services.

Friday, July 12

Dreamworks to Build Chinese Theme Park

DreamWorks Animation SKG Inc. will develop an indoor theme park in the Yangtze River Delta in China as part of a joint venture.

Disney to Retain Hulu Interest

Walt Disney Co. and its partners have reversed their intention to sell off video streaming service Hulu.

Phoenix Firm Lands at Van Nuys Airport

Cutter Aviation will begin operations this month at Van Nuys Airport, taking over space Pentastar Aviation occupied until leaving the airport last year.

PennyMac Receives $200 Million Credit Facility

PennyMac Financial Services Inc. has signed a $200 million revolving credit facility with Morgan Stanley to fund the purchase of third-party originated mortgages.

Thursday, July 11

Cool Planet Moving to Colorado

Biofuel startup Cool Planet Energy Systems Inc. of Camarillo has decided to move to Colorado after receiving state tax rebates.

Governor Signs Law Curtailing Enterprise Zones

Gov. Jerry Brown on Thursday signed legislation sharply restricting enterprise zone tax credits and replacing them with a sales tax exemption on the purchase of manufacturing equipment.

Simulations Plus Reports Strong Quarter

Shares of Simulations Plus Inc. rose nearly 4 percent Thursday after the company reported results in line with expectations.

San Diego Credit Union Buys Autoland

Car buying service provider Autoland Inc. has been acquired by Mission Federal Credit Union in San Diego.

Amgen to Collaborate on Heart Drugs

Amgen Inc. has committed $50 million to a new drug to fight heart disease in a collaboration deal with a French lab.

Ceres Exceeds Revenue, Misses Profit Forecasts

Energy crop company Ceres Inc. announced on Thursday strong revenue growth in its fiscal third quarter but losses that exceeded Wall Street estimates.

Wednesday, July 10

SEC Loosens Startup Funding Rules

Startups looking to raise money will soon be able to shout it to the rooftops thanks to a new rule from the Securities and Exchange Commission.

Thousand Oaks Nixes Swap Meet

A swap meet proposed for a Thousand Oaks office park has been rejected by the City Council.

Surf Air Adds Santa Barbara Flights

Surf Air, a startup airline based at Bob Hope Airport in Burbank, has expanded, with flights to Santa Barbara.

Capstone Sells Turbines in Northeast

Capstone Turbine Corp. announced on Wednesday that has received orders for six turbines from natural gas producers in the Northeast.

Tuesday, July 9

Teledyne Completes Nova Acquisition

A subsidiary of Teledyne Technologies Inc. has taken over full ownership of Nova Research Inc., a Santa Barbara County infrared camera manufacturer.

Ixia Shares Plunge on Lower Revenue

Ixia shares fell nearly 20 percent on Tuesday after the company reported lower-than-expected revenue and two analysts downgraded the stock.

Monday, July 8

Amgen Bid Sparks Insider Trading, SEC Alleges

An offer from Amgen Inc. to buy out Onyx Pharmaceuticals Inc. may have helped traders with inside knowledge make $4.8 million in illegal profits, the Securities and Exchange Commission has alleged.

Disney Shares Rise Despite Lone Ranger Flop

Shares of Walt Disney Co. kept moving higher Monday, despite the high-profile flop of the studio’s latest film “Lone Ranger.”

CSUN Appoints Business School Dean

Kenneth R. Lord has been appointed dean of Cal State Northridge’s College of Business and Economics, the university announced on Monday.

Tutor Perini Wins Second Hudson Yards Contract

Tutor Perini Corp. has been awarded a $133 million contract by Amtrak to construct a tunnel at the massive Hudson Yards project in New York, the company announced Monday.

Wal-Mart Doesn’t Discount Simi Valley Interest

Development: Retailer to open third store in Ventura County city.

Some communities fight Walmarts tooth and nail.

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L.A. Investor Snaps Up Reseda Apartments

Multifamily: Complex goes for $14.5 million, highest price since 2006.

A 138-unit apartment complex in Reseda has been acquired for $14.5 million, the highest sales price for a multifamily building in the community since 2006.

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Around the Valleys

News and notes from around the greater San Fernando Valley

InterMedia Group of Cos. has named Rob Levy president of its entertainment division.

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VALLEY BIZ SEEN - July 8, 2013

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

TAKE TWO - Editorial Cartoon SFVBJ - July 8, 2013

TAKE TWO - This week's Editorial Cartoon by Steve Greenberg

Not All Reforms Created Equal

Business owners aren’t always in their store or office, but spend time in meetings with clients, or at local community events, conferences and workshops.

Speeding Towards Disaster

California’s high-speed rail is a $65 billion boondoggle benefiting labor unions, not the riding public.

Taxpayers in the San Fernando Valley have something in common with taxpayers in Portland, Maine when it comes to California’s High Speed Rail project: They are both paying for this $68 billion boondoggle.

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Putting a Brake on the Break

Editor: Let’s reconsider the big tax break for the Village at Westfield Topanga.

Stockwatch

Reports the Fed will shrink its support for capital markets sent stocks lower for the two-week period ended July 2.

Calendar

Calendar of Events

Washroom Equipment Maker Gets Clean Slate

Construction: Bobrick starting work on new North Hollywood offices.

Bobrick Washroom Equipment Inc. broke ground June 10 on its new $20 million corporate headquarters and manufacturing plant in North Hollywood.

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Ice Cream Man

Umami Burger founder Adam Fleischman wamts to make Chatsworth’s L.A. Creamery the next big thing in frozen desserts.

Q&A: Umami Burger’s Adam Fleischman has a new favorite food: ice cream.

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Council Releases Westfield Tax Break for Review

Government: Topanga project could receive $59 million subsidy.

Government: Council gives tentative approval for Westfield’s $59 million tax break.

Planned Burbank Walmart Jumps Legal Obstacle

Development: Court lifts injunction but retailer delays work pending trial.

Development: Walmart clears one hurdle for a Burbank store.

Harvesting Profits

Cosmetics: Pravana launches hair care line with exotic oils grown at its Amazon plantation.

Cosmetics: Pravana proves a small firm can underprice bigger competitors.

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Grill Raised Bar On Journalists

StoneFire hoped for ‘social media’ at its beer-tasting event.

Restaurants: Craft beer comes to the StoneFire Grill chain.

Turning Up Volume On Car Speakers

Recorded audio tracks help vehicle computers learn voice commands.

Automotive: A Burbank company records voices for interactive dashboards.

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Banking On Monster Attraction

Effects duo hopes to hatch creature feature with Kickstarter help.

Entertainment: Old-fashioned special effects can still work magic.

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Business Journal Wins Awards

Trade group, local press club honor Valley newspaper.

Awards: Business Journal takes home the hardware.

Can Mandalay Take a Bite of App-le?

Technology: Hollywood mogul Peter Guber enters the app wars.

Technology: Mandalay Digital Group seeks to bring order to the fragmented mobile phone sector.

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Signature Group’s Secret Weapon – Losing $900 Million

Finance: What to do with $900 million in tax credits? Signature Group Holdings wants answers.

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Dollars Printed By PennyMac

Real Estate: Distressed assets still make money for sister firms.

Real Estate: Delinquent mortgages fuel expansion at both companies in the PennyMac family.

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Smooth Landing

Sun Valley firm to keep whoosh in reverse thrusters

AVIATION: Reverse thrusters could help business pick up speed at Hawker Pacific.

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Executive Pay Rides Recovery

Management: Local CEOs benefit from stock grants.

LIST STORY: Top executives at public companies are getting more stock grants and less salary. Includes SFVBJ's 2013 VALLEY'S EXECUTIVE COMPENSATION list for download (pdf)

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Wednesday, July 3

Valley Businesswoman Sentenced in Real Estate Fraud

A San Fernando Valley businesswoman has been sentenced to five years in prison in a Ponzi scheme that bilked investors of more than $2 million.

Westfield Topanga Lawsuit Dismissed

A lawsuit seeking to block Westfield Group LLC’s proposed $450 million Village at Topanga project has been dismissed in Los Angeles County Superior Court.

San Fernando Industrial Building Sells for $4.1 Million

A 41,365-square-foot industrial building has sold for $4.1 million in a sale-leaseback deal.

Tuesday, July 2

Great American to Manage Orchard Hardware Auctions

Great American Group Inc. will handle closing sales at eight Orchard Supply Hardware locations.

Disney Acquires Rights to Four Marvel Titles

Burbank entertainment giant Walt Disney Co. announced Tuesday it has purchased distribution rights to four films from competitor studio Paramount Pictures.

Takeover Successful at Qualstar

Qualstar Corp. shareholder Steven Bronson succeeded in his third attempt to takeover at the struggling tape storage and power supply manufacturer.

Merex to Distribute Parts from Texas Manufacturer

Aerospace service provider Merex Group will begin distributing aircraft parts made by a Texas manufacturer used on legacy military aircraft.

IPC Expands Florida Presence

IPC The Hospitalist Co. Inc. announced Tuesday that it has acquired select operations of Cape Coral Hospitalists Inc.

Monday, July 1

KPMG Auditor Pleads Guilty to Insider Trading

Scott London, an accountant and former auditor for KPMG, pleaded guilty Monday to an insider-trading charge in L.A. federal court.

Iger's Contract at Disney Extended

The Walt Disney Co. board has extended the contract of Chief Executive Robert Iger for a year.

MannKind Secures $160 Million in Debt Financing

Valencia biophamaceutical firm MannKind Corp. has inked a deal for up to $160 million in debt financing from affiliates of New York healthcare investment company Deerfield Management Co. L.P., company officials said Monday.

Amgen Takeover Bid Rejected

A San Francisco pharmaceutical company has rejected a nearly $10 billion takeover bid from biopharmaceutical firm Amgen Inc.