Valley Briefs CaminoSoft Struggles New products helped CaminoSoft Corp. increase revenues more than 12 times over in the quarter, but the company nonetheless turned in a net loss of $635,734 or $0.06 per share for the period ended June 30. CaminoSoft, a software developer based in Westlake Village, saw sales climb to $191,501 in its fiscal third quarter, compared to sales of $13,754 for the period a year ago, largely as a result of the acquisition of Legato products for NetWare. Sales in the most recent quarter exceeded all of the company’s revenues for fiscal 2002. But the improvement did not allay CaminoSoft’s need to raise additional money in order to continue to operate. The company said that failure to raise additional financing could result in suspension of operations or the need to seek bankruptcy protection. Mortgages Cooling Faster The sooner-than-expected jump in mortgage interest rates has led the Mortgage Bankers Association of America to revise downward its projections for mortgage production in 2003 and 2004. The association reduced its forecast for 2003 to $3.2 trillion nationally, from $3.4 trillion. Projections for 2004 were reduced to $1.5 trillion, versus the group’s earlier estimates of $1.9 trillion. The industry had been anticipating that mortgage rates would start to inch up in 2004, reducing the demand for refinancing, which represented the lion’s share of loans written this year and last. But rates have begun the upward climb earlier than expected at a rate faster than anticipated. In recent months, the 10-year Treasury bond has risen 134 basis points, and mortgage rates, which correspond to bond prices, have increased accordingly. Although the association’s revised report noted that the increases would taper off somewhat from recent highs, the upward trend is expected to continue over the next several years. “We expect, however, that rates will back down from recent highs because current levels are not in line with economic fundamentals,” said Douglas Duncan, chief economist for the MBA. “Rates will then move up slowly through 2004.” Rockwell Scientific Wins Contract The U.S. Air Force has awarded a $5.9 million contract to Thousand Oaks-based Rockwell Scientific Co. to provide laser protective goggles for air crews. The goggles are meant to protect air crews from temporary or permanent loss of vision that would be caused by a number of laser devices used by hostile forces. Rockwell Scientific has been a developer of laser protection technologies for more than 20 years and has been developing the new laser protection goggles for the last two years, the company said. Rockwell Scientific is a privately held company that was created after Rockwell International spun off its Rockwell Science Center unit in 2000 as a research and development laboratory. ‘New Zoo Review’ Update Valencia-based Valcom Inc. has signed a deal with O. Atlas Enterprises to develop an animated feature film and television series based on the 1970s children’s show “New Zoo Review.” Under the partnership announced last week, the companies plan to update and merchandise the show through a film and TV series based on the O. Atlas Enterprises-owned program. The companies said they plan to produce the show at Valcom’s Valencia Studios facilities. The program originally aired in syndication in 1971, featuring the live action characters, Charlie the Owl, Freddie the Frog and Henrietta Hippo. “We believe there is a strategic rationale to support a combination of our two companies,” said Valcom CEO Vince Vallardita in a statement. The program also meets Federal Communications Commission requirements for airing educational material for children, Valcom said. By law television stations must provide a minimum of three hours per week in educational programming for children. Neither the proposed film nor TV series has yet been sold to a television network. Biotech Firm Continues Losses North American Scientific Inc. reported a $2.8 million loss for the latest quarter, marking the eighth consecutive quarterly loss for the biotechnology firm. The Chatsworth-based company blamed a difficult economy and its transition to a direct seller of its brachytherapy seed products used for medical diagnostic devices. For the quarter ending July 31, North American reported a $2.8 million loss or $0.28 per share loss on revenue of $3 million, compared to a $350,000 loss or $0.03 loss on revenue of $5.2 million a year earlier. The company posted its last quarterly profit of $93,000, for the quarter ending Oct. 31, 2001. Company officials say they are optimistic about the company’s outlook after it closed a deal to serve as Ohio-based Cardinal Health’s authorized provider of brachytherapy seeds. North American said the Cardinal Health agreement allows the company to improve its sales for the seeds which are used in about 150 medical facilities around the country.