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Monday, May 16, 2022

Briefs: Tutor Perini, Grease Bill, Qualstar

Tutor Perini Corp. announced on Monday that it has won a $112 million contract for expansion of the Chumash Casino Resort in Santa Ynez. The Sylmar construction company will build a hotel tower with 215 rooms, a 20,000-square-foot pool deck and a parking garage. The project also includes expansion of the casino and new restaurants. Construction will begin in October and is scheduled for completion in 2016. The contract was with the Santa Ynez Band of Chumash Indians, which has worked with Tutor Perini on previous projects. Shares closed down 8 cents, or a fraction of a percent, to $27.40 on the Nasdaq. Gov. Jerry Brown has signed a bill to crack down on theft of used kitchen grease. The bill, AB 1566, by Assemblyman Chris Holden, D-Pasadena, was crafted in response to a rise in thefts of used kitchen grease, which has become more valuable as an ingredient for cleaner-burning biofuels. At $3 a pound, a truckload of used kitchen grease can net thieves up to $600. The bill toughens penalties on thieves and gives local police the authority to impound suspected illegal hauling trucks for up to 15 days. Restaurant operators and grease recycling companies pushed for the bill, which had no official opposition. Brown signed the measure late on Friday. Qualstar Corp. reported on Monday a sharp decrease in revenue but also a narrower quarterly loss. The Simi Valley maker of tape storage and power supply products reported a net loss of $677,000 (-6 cents a share) for the fiscal fourth quarter ended June 30, compared to a net loss of $3.4 million (-28 cents) in the same period a year earlier. Revenue dropped 7 percent to $2.7 million. Analysts on average expected revenue of $3.6 million, according to Thomson Financial Network. There were no profit estimates. Shares fell 9 cents, or nearly 7 percent, to $1.21 on the Nasdaq.

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