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Wednesday, Jun 7, 2023

Company Briefs: Anthem, Tutor-Perini, Point.360

Anthem Blue Cross named Mark Morgan as company president on Wednesday. Morgan previously served as chief operating officer of the Thousand Oaks insurer, a subsidiary of WellPoint Inc. in Indianapolis. In his new job, Morgan will oversee management of Anthem’s commercial business and strategy in California during the rapid changes occurring with national health care reform. “I look forward to the challenge of leading an organization that already serves millions of Californians and will add hundreds of thousands more in the coming months with the exchange,” Morgan said in a statement. Pam Kehaly, who formerly held the post, is being promoted to west region president and will oversee business in California, Nevada and Colorado. Both Kehaly and Morgan will continue to be based in Thousand Oaks. “At this turning point in health care, Mark is uniquely qualified and prepared for this role,” said Kehaly in a statement. “His extensive experience in all market segments will greatly benefit our efforts in improving health care access and affordability in California.” Tutor Perini Corp. announced on Wednesday that subsidiary Roy Anderson Corp. has won a $61.3 million contract to build luxury apartments and a hotel in New Orleans. The contract with developer HRI Properties is for construction of the 225 Baronne Mixed-Use Development Project. It involves the conversion of an existing 31-story office building into 192 apartments and a 188-room hotel. A 356-space parking garage will be constructed. The Sylmar construction firm is expected to begin work this month, with a substantial completion date in December 2014. Shares closed up 84 cents, or nearly 4 percent, to $22.20 on the New York Stock Exchange. Point.360 Inc. narrowed its loss in its latest quarterly report released Wednesday. The Los Angeles company, which provides post-production, visual effects and digital storage services to movie studios, reported a loss of $105,000 (-1 cent a share) for the fiscal first quarter ended Sept. 30, compared to a loss of $1 million (-10 cents) for the same period last year. Revenues fell 11.6 percent to $6.8 million. No analysts follow the company. “While revenues were negatively affected by lower orders from one major customer, activity from others has increased,” said Chief Executive Haig Bagerdjian aid in a statement. “We are seeing more opportunities for localization and deliveries of content outside the United States on behalf of our customers.” Shares gained 2 cents, or 3 percent, to 65 cents in trading on the Nasdaq.

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