Company Takes Flight Global Jet Shares Inc. opened for business earlier this month offering time-shares in its airplanes for what the company claims is half the cost of traditional airline time-share prices. Global Jet launched with one plane, a Gulfstream GIII, out of Van Nuys Airport, but the company intends to expand the business to include a fleet of planes in several locations, officials said. Airline time shares work this way: Customers purchase a share of the plane based on a percentage of total flying time and then reserve the actual flying time they require. The idea is to provide the convenience of a private jet, usually to business executives, for a small portion of the cost of owning the jet outright. Although even time-shares can be extremely costly, Global Jet has reduced the expense of such ownership by outfitting its company with previously owned airplanes. The typically older Gulfstream jets are refurbished and equipped with the latest luxury amenities. According to David Reich, a spokesman for Global Jet, a $2.8 million time share from competitors would cost $1.3 million at Global Jet. Lighting Company Acquired RSA Lighting, a contract manufacturer based in Chatsworth, has been acquired by Cooper Industries, a publicly-traded manufacturer of electrical and other products based in Houston. Terms of the deal were not disclosed. The acquisition will allow Cooper’s lighting division to expand into the architectural market and provide RSA’s product line, sold to architects and other commercial channels, with enhanced sales and marketing support, the companies said. Salem Gets New Station Salem Communications Corp. is expected to acquire radio station WAFS-AM in Atlanta, Ga. for about $16.4 million. Salem, a broadcaster of religious programming based in Camarillo, owns and operates about 92 radio stations. The company is acquiring WAFS-AM from Moody Bible Institute. The station has a Christian talk format. Hemacare Posts Losses for Year Hemacare Corp. reported net income rose to $264,000 or $0.03 per diluted share for the fourth quarter ended Dec. 31 on revenues of $6.6 million, but the company ended up in the red for the year. In the 12 months ended Dec. 31, Hemacare, a publicly-traded provider of blood products and services, lost $4.7 million or $0.60 per diluted share, compared to a loss of $591,000 in the 2002 year. Revenues for the full year were $27.5 million, compared with $27.8 million in 2002. Hemacare attributed the losses to costs associated with closing several of its unprofitable blood donor centers and a decline in gross profits of its ongoing centers, among other factors. The company said its fourth quarter profits indicated an improved outlook for the future. Wells Fargo Feted The Valley Industry and Commerce Association has selected Wells Fargo to receive its 2004 Robert E. Gibson Corporate Award for Excellence. VICA will present the award on June 17 at an awards gala to be held at Sheraton Universal Hotel. Wells Fargo, which has 35 branches in the San Fernando Valley area, was selected as the award recipient because of its support to the communities in which it does business, VICA officials said. The company made a $1 million gift to Cal State Northridge and awarded an additional $1 million to non-profit organizations throughout the Valley last year. California Chamber Seeks Entries The California Chamber of Commerce launched its first-ever “Simply Essential Success Stories” contest to reward smaller California businesses for innovation and success during difficult times. The deadline for the contest is Wednesday, March 31, 2004. The contest is open to any small business in California with 100 employees or less. Businesses can enter the contest online at www.calchamber.com/successstories by filling out a short questionnaire and submitting their success story. A panel of small business leaders will review the responses and award prizes in six regional categories, including Los Angeles. A grand prize winner will be chosen from among the regional winners and receive $5,000 plus a regional prize package. Scheib Continues Losses Earl Scheib Inc. a Sherman Oaks-based auto painting company, reported a net loss of $2 million or $0.45 per diluted share for the third quarter of fiscal 2004 ended January 31 compared to a net loss of $1.5 million or $0.36 per diluted share, for the like period a year ago. Net sales for the third quarter were $9 million, a decrease of 3.1% from the third quarter of fiscal 2003, where Scheib reported net sales of $9.3 million. Scheib attributed the decline to the company operating 12 fewer retail paint and body shops compared to the same date last year. Scheib’s operating losses for the third quarter of fiscal 2004 and fiscal 2003 were $1.7 million and $2.1 million respectively.
