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Valley Briefs

Valley Briefs Hahn Commissioners Resign Four prominent city leaders have tendered their resignations: city commissioners Lisa Specht, Doug Ring, Dennis O’ Sullivan, and Victor Sampson. The former commissioners said they plan to throw their support behind the mayoral race of former Assembly Speaker Robert Hertzberg. Specht was a recreation and parks commissioner; Ring served on the community redevelopment commission; Sampson chaired the universal access to preschool advisory board of the Los Angeles First 5 commission; and O’Sullivan served on the Los Angeles homeless service authority. Specht maintained in a statement that Mayor James Hahn had not supplied adequate leadership or a cogent vision and claimed that Hertzberg offered a new vision better equipped to bring communities and neighborhoods together. Diodes Gets Accolades Diodes Inc., a manufacturer and supplier of semiconductors, announced that it has been included in Business 2.0 Magazine’s “B2 100” ranking of the fastest-growing technology companies for 2004. The B2 100 list is featured in the June 2004 issue of the magazine. This is the magazine’s third annual listing and Westlake Village-based Diodes has been included in every listing. More than half of the companies included in this year’s ranking were new to the list. To make the B2 100, which was selected from a group of 2,000 publicly-traded tech firms, companies cleared a series of demanding financial hurdles. Criteria for making the final list included at least three years of trading on a major U.S. stock exchange, a minimum of $50 million in annual revenue, and positive cash flow during the most recently reported 12 months. Cherokee’s Target Sales Slow Van Nuys-based Cherokee Inc. a global licensor and brand management company, reported net earnings increased to $5.5 million or $0.64 per share on revenues of $12.2 million in the first quarter ended May 1, 2004. That compares with earnings of $5.3 million or $0.63 per share and revenues of $12.0 million in the comparable period a year ago. Selling, general, and administrative expenses for three months ended May 1, 2004 were $3.0 million, up slightly from $2.9 million in the comparable In a statement, Howard Siegel, president of Cherokee, noted that revenues from the company’s long time client, Target declined in the quarter while international revenues increased. “Our overall revenues from Cherokee branded products worldwide grew by over 4.6% during our first quarter as compared to last year,” Siegel said. “On a mature base, our Cherokee brand revenues from Target were down approximately 6.5% from the first quarter of last year, while our international revenues grew in excess of 50%, which does not yet include any revenues from our new licensee in Mexico, Grupo Aviara. IHOP Corp. Adds Franchises Glendale-based IHOP Corp. announced that it has signed development agreements with four of its existing franchisees to develop a total of 28 new IHOP restaurants over the next 10 years. These agreements provide for the development of new IHOP restaurants in Indiana, Georgia, Rhode Island and Massachusetts. Since announcing the decision to shift to franchisee-financed development in early 2003, IHOP has signed agreements for the development of a total of 233 new IHOP restaurants. Sport Chalet Gets New Board Member La Canada Flintridge-based Sport Chalet appointed Donald Howard to serve on the company’s board of directors. He will also serve on the compensation committee. The 58-year-old Howard is currently partner and senior vice president of development with Marketplace Properties, a full service shopping center development company that has completed projects throughout Southern California, Phoenix, and Las Vegas. He had previously served as senior vice president of development with Donahue Schriber, a privately held real estate investment trust. Valley Bar Holds Reception The San Fernando Valley Bar Association held its 24th Annual Stanley Lintz Award and Volunteer Recognition Reception on June 8 at the Woodland Hills Country Club. Betty Fisher, executive director of Haven Hills, Inc. was presented with the Stanley M. Lintz Award, which recognizes community service. Pegi Matsuda, publisher of the San Fernando Valley Business Journal was the recipient of the media award. Additionally, special recognition was given to Russell Bankes (in memoriam), Sandra Davisson, Michael Hernandez, Harcourt Hervey III, Martha Stulman, Russell Thaw, and Irma Zahid for their contributions to the association’s legal services program.

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