VALLEY BRIEFS First State Merger Approved The merger of First State Bancorp with Boston Private Financial Holdings Inc. has received all the required regulatory approvals, the principals said. The transaction is expected to close later this month. First State, which operates two branches in Granada Hills and Burbank under the name First State Bank of California, will continue to operate those units under the same name and management. Boston Private operates six companies in New England and California, specializing in wealth management and private banking services. Big Increases at K-Swiss K-Swiss Inc. reported net income increased 81.4 percent for the fourth quarter ended Dec. 31 to $8.7 million or $0.23 per diluted share, on sales of $80.4 million. That compares with net income of $4.8 million on sales of $53.2 million for the fourth quarter of 2002. Westlake Village-based K-Swiss said domestic revenues increased 53.2 percent to $68.4 million in the quarter. For the full year, K-Swiss reported a 74.4 percent hike in net income to $50.1 million or $1.32 per diluted share on revenues of $429.2 million, compared with earnings of $289.6 million in 2002 revenues. The company said it expects revenues of $142 million to $150 million in the first quarter of 2004 and earnings per diluted share in the range of $0.50 to $0.55. For the full year, K-Swiss said it would earn about $1.50 to $1.65 per diluted share on sales of $490 million to $510 million. Third Quarter Hike for Sport Chalet Sport Chalet Inc. reported net income increased 18 percent for its third quarter ending Dec. 31 to $3.1 million or $0.44 per diluted share on sales of $79.7 million, compared to net income of $2.6 million or $0.38 per diluted share on revenues of $72.3 million for the same period in 2002. Sport Chalet reported net income increased from $4.1 million or $0.59 per diluted share to $4.2 million or $0.6 per diluted share for the nine-month period, and attribute the increases to the opening of five new stores since November of 2002 and a boost in same-store sales of 2.9 percent for the period. Tax Help The Valley Economic Development Center (VEDC), in partnership with its Volunteer Income Tax Assistance Program (VITA), is offering free tax preparation assistance to those individuals who cannot afford to pay for the service, or simply choose not to. The VEDC’s VITA volunteers will help prepare basic tax returns on Saturdays through April 10 between 9 a.m. and noon at VITA’s two locations: the San Fernando Valley FDC at 12502 Van Nuys Blvd. Suite 119 in Pacoima and the Pacoima Workforce Development Initiative at 11243 Glenoaks Blvd., Suite 11, in Pacoima. The program also aims to serve taxpayers with special needs, non-English speaking individuals and the elderly. For more information, call the VEDC at: (818) 907-9977. Big Bucks for CSUN Despite a difficult climate for fundraising over the last couple of years, officials at California State University, Northridge have managed to set a new campus record for raising money for its programs and services, bringing in $18.8 million in private support during the 2002/2003 calendar year. According to CSUN’s annual fundraising report released during the recent California State University Board of Trustees meeting in Long Beach, the $18.8 million in charitable gifts rank the school at number five among the 23 Cal State campuses for the period for fundraising efforts. The funding was spurred by the donation of Chinese antiquities from Chinese-American and local business owner, Roland Tseng, a pledge valued at $38 million over the next four years and the largest gift ever given to the school or a Cal State campus. Other donations for the period include: – A $7 million gift in 2002 from The Eisner Foundation to establish a new teacher training program. – A $2 million gift from The Ridgestone Foundation for CSUN’s $6 million Abbott and Linda Brown Western Center for Adaptive Aquatic Therapy. – One of the world’s most comprehensive collections of materials on English novelist, Charles Dickens from retired professor Harry Stone. First California Net Soars First California Bank reported net income rose 37 percent to $2.2 million or $1.10 per share for the year ended Dec. 31. For the fourth quarter, First California saw net income rise to $610,000 or $0.30 per share, compared with $405,000 or $0.20 per share in the like period last year. During 2003, Camarillo-based First California opened a new branch in Thousand Oaks, bringing the number of full service branches to five including Camarillo, Oxnard, Ventura and Westlake Village.
