Stories for October 2013
Thursday, October 31
Public Storage Inc. on Thursday reported third quarter funds from operations that beat analysts’ estimates, citing higher rents and occupancy rates at its storage facilities.
The initial public offering of Marcus & Millichap Inc. went to market at a lower price than expected on Thursday, but then the Calabasas real estate brokerage saw its shares gain nearly 12 percent on their first day of trading.
By the narrowest of margins, Dole Food Co. stockholders approved the sale of the company Thursday to its 90-year-old chairman and chief executive.
Wednesday, October 30
DC Comics will move its operations from New York City to the Warner Bros Studios lot in Burbank in 2015, according to media reports.
Chinese electric bus manufacturer BYD Co. Ltd. has hired an international law firm to represent its U.S. division in an ongoing investigation by the California Department of Industrial Relations into workplace violations, the company said Wednesday.
MannKind Corp. said Wednesday that the U.S. Food and Drug Administration has accepted its second drug application for Afrezza, an inhalable insulin powder.
Internet service provider and flower and gifts retailer United Online Inc. reported mixed results for the third quarter, beating analyst estimates on revenue but falling short on earnings per share, the company reported Wednesday.
Tuesday, October 29
Billionaire entrepreneur Al Mann has sold his Sylmar battery technology company, Quallion LLC, for $30 million to EnerSys, an industrial battery maker in Reading, Pa.
Ixia has agreed to purchase Net Optics Inc., a network monitoring software company, for $190 million in cash.
Revenue and earnings fell at DreamWorks Animation SKG Inc. in the third quarter, as the high-profile movie “Turbo” failed to meet expectations.
The BYD Co. Ltd. electric-bus manufacturing plant in Lancaster is the subject of a continuing investigation into workplace violations by the California Department of Industrial Relations
Shares of DineEquity Inc. hit an all-time high on Tuesday as the restaurant operator beat analysts’ earnings estimates and saw same-store sales rise at its IHOP chain.
Ryland Group Inc. on Tuesday announced net income that beat analysts’ expectations as the home-buying market continues to surge.
Monday, October 28
Nutritional supplement maker Natrol Inc. has been awarded $3.3 million by a federal court jury in Fort Lauderdale, Fla. in a case that stemmed from an FDA product recall of protein powder in 2011.
Vic Alston has resigned as chief executive of computer network equipment manufacturer Ixia after a board committee found he had falsified his resume, the company said.
The median price of a San Fernando Valley home climbed 33 percent in September to $520,000, according to a report from the Southland Regional Association of Realtors on Monday.
PS Business Parks Inc. on Monday announced third quarter earnings in line with analysts’ expectations, while narrowly missing on revenue.
Entertainment: Royer Labs has advanced the old-fashioned ‘ribbon’ microphone for the digital age, winning a Technical Grammy.
Entertainment: Old-fashioned microphones have new appeal at Royer Labs.
Mario Guerra seeks to trade Downey mayoral post for Senate seat.
Politics: Mario Guerra wants to add senator to his list of job titles.
Dapper Cadaver shop stakes retail reputation on Halloween sales.
Holiday: Dapper Cadaver sells professional quality Halloween gear.
Skydive platform built by Lancaster firm in Science Center exhibit.
Aerospace: Felix Baumgartner’s free-fall capsule is on display.
King of Rock blankie on sale at Wal-Mart after entrepreneurs win.
Retail: Seen Elvis in Wal-Mart? Legend Home Bedding hopes you will.
A new wave of urban-style apartments that cater to young professionals is going up. The trend doesn’t please everyone.
Development: Apartment buildings and mass transit defines the new urban lifestyle.
Acquisition: Private equity firm bulks up Organized SportsWear.
AcquisItion: Organized Sportswear prepares to go fashion forward.
Manufacturing: Natural Balance moving operations to Georgia.
Manufacturing: Pet food maker Natural Balance closes its Pacoima plant.
Photographs of recent business-related events in the valleys, including parties, awards dinners, benefits and other celebrations.
Editorial Cartoon SFVBJ - October 28, 2013
TAKE TWO - This week's Editorial Cartoon by Steve Greenberg
Market Watch Summary
The Valley 50 moved up along with the broader market for the two-week period ended Oct. 23.
News and notes from around the greater San Fernando Valley
Steven Borick will retire as chief executive of aluminum wheel manufacturer Superior Industries International Inc. on March 31.
Event: Van Nuys firm makes announcements at industry trade show.
Nearly 30 aviation-related businesses exhibited at the National Business Aviation Association Convention in LasVegas, including the Valley’s own Clay Lacy Aviation. Includes SFVBJ's 2013 VALLEY'S AVIATION CO's list for download (pdf)
Litigation: Court cutbacks prompt association to start non-profit to hear cases.
In the midst of widespread cutbacks at county courts, Adam Grant plans to shift some of that work to a new non-profit.
The office market in the Santa Clarita Valley continues to have a lackluster year, though a high-profile sale could boost optimism going forward.
The Antelope Valley industrial market had a relatively fair quarter, recovering from an abysmal second quarter.
The San Fernando Valley office market saw strong movement in the third quarter, highlighted by big sales and trophy buildings changing hands.
The oversupply of office space in the Conejo Valley is gradually shrinking, thanks to new tenants moving into the market.
REPORTS: Analysis and major events in the region’s submarkets.
A spate of urban-style condo and apartment projects are being developed in the greater San Fernando Valley, often situated near mass transit and with appeal to younger residents.
Map: Six urban projects in the Valley region.
Housing: In Valencia, the Metrolink station is close to home.
Biotech: Energy crop company Ceres Inc. letting workers go.
Biotech: Layoffs loom at seed research firm Ceres Inc.
Santa Clarita field could be sold, expanded
Energy: The Placerita Canyon oil field may have new owners.
Friday, October 25
Amgen Inc. said Friday that 100 employees had been notified earlier this week that their jobs were being eliminated due to the company’s restructuring or outsourcing efforts.
Ryland Group Inc. announced Friday that it has opened a residential development in Texas.
Mayor Garcetti has signed an ordinance to waive fees for the filming of television pilots in Los Angeles, the mayor’s office announced Friday.
Video game publisher 2K Games Inc. is closing its Northridge quality-assurance studio later this year and transferring the work to Las Vegas, eliminating 48 local jobs.
Thursday, October 24
IPC The Hospitalist Co. Inc. gave analysts exactly what they expected on Thursday with its third-quarter earnings, and then announced yet more acquisitions.
Scott London, the former KPMG auditor who has pled guilty to insider trading, deserves three years in prison and a $100,000 fine, according to a confidential report from the U.S. Probation Office.
The Countrywide Financial mortgage lender unit now owned by Bank of America Corp. was found liable for selling thousands of defective loans by a federal jury in New York.
Wednesday, October 23
Teledyne Technologies Inc. on Wednesday said that it signed a contract with Boeing Co. for avionics data and an information management system for updated versions of the 737, 747 and 777 jetliners.
The Los Angeles City Council gave final approval on Wednesday for the Warner Center 2035 Specific plan.
Charter flight firm Elite Aviation received $50 million that will go toward global expansion, fleet growth and acquisitions to complement its business.
Cheesecake Factory Inc. on Wednesday reported financial results in line with analysts’ expectations for its fiscal third quarter.
Film and television production supply business Filmtools Inc. will accelerate its growth plans after signing a strategic relationship agreement with Paladin Capital Partners LLC.
Tuesday, October 22
Teledyne Technologies Inc. on Tuesday said that it acquired C.D. Ltd., a marine engineering company in Aberdeen, Scotland.
Amgen Inc. reported a 25-percent profit increase in the third quarter on Tuesday, boosted by a jump in sales of its infection-fighting drugs. The biotech giant also raised its full-year revenue forecast.
Aerospace supplier Ontic has signed a licensing agreement with Curtiss-Wright Controls Inc. for heat and thermal management products used on missiles, blimps, and other military and commercial aircraft.
Monday, October 21
An independent advisory firm has given its stamp of approval to the offer by Dole Food Co. Chairman and Chief Executive David Murdock’s to take the company private for $13.50 a share.
Tutor Perini Corp. of Sylmar has won new projects in the U.S. territory of Guam totaling $77 million, the company announced Monday.
Friday, October 18
A joint venture that includes Tutor-Saliba Corp. has been sued by the city over the alleged shoddy reconstruction of a Los Angeles International Airport runway.
Venture capital into Los Angeles saw a noticeable uptick during the third quarter, according to a report released Friday by accounting firm PricewaterhouseCoopers and the National Venture Capital Association. Valley-area firms accounted for half of the top ten firms that raised money.
An entertainment fund has purchased a Valley Village office building that will become the group’s headquarters.
Energy crop company Ceres Inc. will lay off 17 workers and terminate the employment of a high-level executive, according to a filing on Friday with the Securities and Exchange Commission.
American Homes 4 Rent said Friday that it intends to charge $25 a share for its previously announced secondary offering of preferred stock.
Thursday, October 17
Real estate data and consulting services provider CoreLogic is laying off about 150 employees in Lancaster and Simi Valley amid a slowdown in mortgage refinancing.
Walt Disney Co. will showcase new selections of its Disney-branded fruits and vegetables at a trade show this week featuring Marvel and other characters, the company announced Thursday.
Former Fox executive Mike Hopkins was named Thursday as chief executive of video-streaming service Hulu, as had been widely expected.
Unico American Corp., now based in Woodland Hills, has purchased a two-story Calabasas office building with plans to make it the company’s headquarters.
Wednesday, October 16
DreamWorks Animation SKG's AwesomenessTV and Hearst Corp. have formed a joint venture for a YouTube channel aimed at readers of Seventeen magazine.
The Los Angeles City Council has passed an ordinance waiving fees for the on-location filming of television pilots.
Amgen names new director, declares dividend. Ryland Group opens Indiana development.
Tuesday, October 15
Two of AOL Patch’s local editors in the San Fernando Valley announced their departure from the site on Tuesday.
Walt Disney Co. asked its shareholders on Tuesday to disregard a tender offer from TRC Capital Corp.
The son of Sport Chalet Inc. founders Norbert and Irene Olberz has stepped down as a director amid a review by the La Canada Flintridge sporting goods chain of its strategic alternatives.
The Los Angeles region is poised to create more manufacturing jobs but more needs to be done to get potential workers ready for those jobs, Mayor Eric Garcetti said Tuesday at the opening of the Westec manufacturing expo.
Monday, October 14
MannKind Corp on Monday said it had submitted a revised application to the U.S. Food & Drug Administration to allow the company to market its inhaled diabetes drug Afrezza.
Steven Borick will retire as chief executive of aluminum wheel manufacturer Superior Industries International Inc. effective March 31 of next year.
Buffalo’s Café will open its first store in California tomorrow in Palmdale.
IPC The Hospitalist Co. Inc. announced Monday it has acquired three affiliated doctor groups in South Texas.
Development: Non-profit HMO opens latest center on Lankershim Boulevard.
Kaiser Permanente has new medical offices in North Hollywood that it’s working to bring up to full capacity.
Publishing: Academic printer has outside CEO, offers rich benefits.
Story: Sage Publications treats its employees like family.
media: Comcast purchase of 35-story building called a sign of market strength.
Media: The tallest building in the Valley sells for $420 million.
Retail: Sport Chalet has been unprofitable and is considering its strategic options, including a sale.
Retail: Sport Chalet seeks a winning strategy with new partners.
Air Force One project design team returns to Valley after decades.
Design: After years on the Westside, CSA Architects has moved back to Woodland Hills.
Ouch! Doctor breaks bones to lift patients’ height, self-esteem.
Health Care: Short men with lots of money can have an operation to increase their height.
Mother of preemie designs line that is sturdy, chemical-free.
Startup: Christine Barlow wants mothers to use her toxin-free baby bottles made of glass.
Real Estate: American Homes posts loss as housing recovers.
Real Estate: Will the business model of American Homes 4 Rent make money long term?
Advertising: Encino firm alleges controller’s fraud led to demise.
Advertising: An alleged insider finance fraud contributed to KSL Media’s bankruptcy.
Finance: Marcus & Millichap files $104 million IPO on the NYSE.
Finance: Apartment brokerage Marcus & Millichap has big plans to go public.
Burbank airport renews effort for modern facility
Aviation: At a time of shrinking passenger counts, Burbank Bob Hope Airport wants a new terminal.
Pinot’s Palette is latest franchise in the ‘paint-and-sip’ craze.
Entertainment: At Pinot’s Palette, you can sip wine and create art with friends.
Larry Levine has been a campaign consultant for five decades, and he’s still going at an age when many have left the business.
Q&A: Political consultant Larry Levine started his career as a news reporter.
Health Care: Two Conejo firms seek funding to help finance their R&D.
Crowdsourcing has been used to finance everything from independent movies and comic books to novels and consumer products.
Local philanthropic organization takes issue with Glendale group’s closure and sale of senior home.
As recently as July, be.group took out ads in local publications that boasted of the charm of Twelve Oaks, a unique haven for seniors nestled in a grove of majestic oak trees.
Editorial Cartoon SFVBJ - September 30, 2013
TAKE TWO - This week's Editorial Cartoon by Steve Greenberg
Market Watch Summary, Oct. 14, 2013
Stock prices of the Valley 50 moved lower along with the broader market for the two-week period ended Oct. 9.
News and notes from around the greater San Fernando Valley
United Online Inc. named Francis Lobo its next president and chief executive.
Retail: High price makes Woodland Hills property likely for development.
The Woodland Hills Shopping Center, a fully leased block-long retail strip, has been sold to new owners who are considering a complete tear-down of the property.
Construction: Branch dedication celebrates contributions of founders.
The Boys & Girls Club of Greater Conejo Valley celebrated a new branch in honor of founders Cal and Marje Johnston last month.
Friday, October 11
An executive with 21st Century Fox is expected to be named as the new chief executive of video-streaming service Hulu, according to a news report on Friday.
Xencor Inc., a San Gabriel Valley company developing antibody-based drugs, filed for an initial public offering on Friday. Amgen Inc. has rights to commercialize one of the drugs.
Thursday, October 10
Stock certificates with depictions of Mickey Mouse, Donald Duck and other characters will no longer be issued by Walt Disney Co. as the quaint practice falls victim to the digital age.
Health Net Inc. has signed a contract with Prime Healthcare Services to add 14 hospitals to its network.
Home foreclosures fell sharply in Southern California in September, with the rates in the greater Valley varying widely, according to a report released Thursday.
Ryland Group Inc. announced Thursday that it has opened a residential development in Colorado.
The Glenoaks Apartments, a 63-unit building in Glendale, has sold for about $12.5 million to a San Francisco firm.
Wednesday, October 9
UCLA Health System and the Motion Picture & Television Fund on Wednesday said UCLA plans to take over operations and leases on six Fund health clinics that now serve entertainment industry workers.
Amidi Group has received stage one approval for its massive live-work proposal for downtown Glendale.
City of Hope and Providence Health & Services announced a partnership today to bring comprehensive cancer patient care to Providence’s Southern California area hospitals, including three San Fernando Valley area hospitals.
Juicy Couture’s plush days of velour track suits and crown logos are over.
Capstone Turbine Corp. is targeting cargo ships using U.S. waterways as its next big growth area for its liquid natural gas micro-turbines, the company announced Wednesday.
Tuesday, October 8
American Homes 4 Rent is conducting a $15 million secondary offering of preferred shares, according to a Tuesday regulatory filing.
LTC Properties Inc. announced on Tuesday that it has agreed to spend $19.6 million to construct communities in Colorado for elderly patients with memory disorders.
A sharp increase in feature film production helped boost location filming in Los Angeles during the third quarter, even as local television production lagged, according to statistics released Tuesday.
Monday, October 7
Kythera Biopharmaceuticals Inc. announced on Monday a $100 million secondary stock offering as it prepares to seek FDA approval of its groundbreaking drug that reduces double chins.
IPC The Hospitalist Co. Inc. has acquired Greater Orlando Hospitalists P.A., a doctors group in Altamonte Springs, a suburb of Orlando, Fla.
Cherokee Inc. announced on Monday that it has approved a stock repurchase program of up to 1 million shares.
Friday, October 4
NBC Entertainment has signed an exclusive deal to develop a reality show featuring contestants competing to take a sub-orbital flight aboard Virgin Galactic’s SpaceShipTwo space vehicle.
The stock price of Capstone Turbine Corp. went up 7 cents Friday after research firm Cowen & Co. initiated coverage with an outperform rating.
Thursday, October 3
The tallest office building in the San Fernando Valley has sold for $420 million.
A mock-up of the engine that helped take humans to the moon was installed on Thursday outside the Aerojet Rocketdyne campus on DeSoto Avenue in Chatsworth after standing for decades along Canoga Avenue.
United Online Inc. announced on Thursday that Francis Lobo would become president and chief executive of the company next month.
Walt Disney Co. has lost a federal court challenge to the sale of 3-D conversion technology used in its films “G-Force” and “Alice In Wonderland” – a development that could complicate future conversions of its feature films.
DineEquity declares 75 cent dividend. Electro Rent misses on earnings.
Wednesday, October 2
The Los Angeles economy, including parts of the Valley, grew at a faster rate than the nation last year, according to a report released by the Los Angeles Area Chamber of Commerce on Wednesday.
A lawsuit filed by a doctor who has brought repeated whistle-blower lawsuits against different companies had his case against Amgen Inc. thrown out of court, according to a news report on Tuesday.
Cheesecake Factory opened up a new Valley restaurant on Wednesday at the Westfield Topanga mall in Canoga Park.
Long-time Universal Studios executive Rick Finkelstein died on Tuesday after a long battle with cancer. He was 64 years old.
Construction has started on a new center to provide small business assistance and workforce development services in the Pacoima area.
Tuesday, October 1
Amgen Inc. has completed its tender offer to purchase all outstanding shares of Onyx Pharmaceuticals Inc. at $125 a share, or a total price of $9.7 billion.
American Homes 4 Rent of Agoura Hills has bumped up its credit facility by $300 million. Health-care REIT LTC Properties of Westlake Village has increased its monthly dividend.
A pair of private investors from Calabasas purchased a $60 million portfolio of apartments.
Qualstar Corp. missed an analyst’s estimate on earnings in the fiscal fourth quarter as the Simi Valley company goes through a transition to a new executive team.