Stories for February 2012

Wednesday, February 29

Callaway Golf Appoints New CEO

Callaway Golf Co. announced Feb. 27 that the board of directors has appointed Chip Brewer president and CEO of the company, effective March 5.

Prime Healthcare CEO Steps Down; San Diego Exec Takes COO Post

Prime Healthcare Management Inc., the Ontario, Calif.-based hospital management company that owns Alvarado Hospital Medical Center in San Diego and Paradise Valley Hospital in National City, confirmed that President and CEO Lex Reddy stepped down after 11 years at the helm.

Sempra Energy Reports Increases in Net Profit

Sempra Energy, parent of San Diego Gas & Electric Co. and other subsidiaries, reported Feb. 28 that its 2011 net income was $1.35 billion, or $5.66 per diluted share, compared with $739 million in net income, or $3.02 per diluted share, for 2010.

La Costa Resort Debuts On-Site Technologies

La Costa Resort and Spa has launched new mobile technologies, including a way-finding application for guests attending large meetings and a golf-course app with animated flyovers of the Carlsbad resort’s two courses.

Tuesday, February 28

Roche Extends Deadline of $5.7B Illumina Offer

Swiss pharmaceutical giant Roche Holding AG on Feb. 27 extended its $5.7 billion cash tender offer to acquire Illumina Inc., the San Diego-based maker of genetic analysis tools, to 6 p.m. Eastern time on Friday, March 23.

Carlsbad Semiconductor Company Raises Capital

Luxtera Inc., a Carlsbad-based fabless semiconductor company, said Feb. 27 that it closed a $21.7 million C round of financing.

Business Journal Contest Offers Free Tickets to Marketing Association Conference

Mulling your next direction in strategic marketing? The American Marketing Association and the San Diego Business Journal may be able to provide you some new tools — for free.

Entropic Communications to Acquire Company’s Assets for $65M

Entropic Communications Inc., a San Diego maker of semiconductors and software for home entertainment networks, said Feb. 27 that it purchased the set-top box assets of Trident Microsystems for $65 million in a bankruptcy auction.

Monday, February 27

San Diego Won’t Surrender Tourist Draw Just Yet

The sculpture and popular visitor attraction known as Unconditional Surrender — showing a sailor and nurse locked in an embrace — will remain on downtown San Diego’s waterfront at least through through mid-May, according to the Port of San Diego.

Ferragamo Opening at Fashion Valley in April

Salvatore Ferragamo will open its first San Diego boutique in April at Fashion Valley mall, the Italian luxury fashion retailer announced Feb. 23.

Credit Union Opens Mortgage Loan Center

Kinecta Federal Credit Union, which is based in Manhattan Beach and has $3.5 billion in assets, said Feb. 23 that it opened a mortgage loan center in Mission Valley, following the opening of another center in Rancho Penasquitos in December.

Phil’s BBQ to Open Third County Outlet

Phil’s BBQ, a consistent winner of best barbecue in San Diego County, said it plans to open its third restaurant in the county at the Trolley Square Town Center in Santee.

Maxwell Technologies Turns a Profit in Fourth Quarter

Maxwell Technologies Inc., an electronics maker specializing in ultracapacitors, reported net income of $1.6 million on revenue of $42.5 million for the fourth quarter of 2011.

Nonprofit to Put Developing Countries on the Medical Map

BIOTECH: CRO Exec Aims to Bring Trials and Treatments to the Poor

Ellen Morgan declared she was ready for her “next adventure” when she stepped down last year as president and CEO of Synteract Inc., a Carlsbad-based company that she had developed over the course of 16 years into one of the largest and fastest-growing contract research organizations in Southern California.

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Make Innovation the Foundation for Our Future

In a recent edition of the San Diego Business Journal there was an article discussing a push for mayoral candidates to focus on innovation, creating jobs and retaining the best and brightest coming out of our universities for a prosperous city.

Expanding Mortgage Business a Key Factor in Silvergate’s Success

FINANCE: Bank’s Total Assets Increase 27% in the Past Year to $470 Million

Silvergate Bank has jumped into the reverse mortgage lending business, setting up a wholesale division to lend to smaller originators.

Mobile Health, Genomics Change Doctors’ Role

INNOVATION: Tools Redefine Care Process; Patients More Involved

Dr. Samir Damani doesn’t want patients to dread visiting his office. He wants them to look forward to it as much as they’d look forward to a trip to an Apple store at the mall.

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Midpriced Hotels to Be Part of New Designs for Lane Field

DEVELOPMENT: Luxury Hotel Could Follow in the Second Phase of Project

Developers still hope to transform a former minor league ballpark site in downtown San Diego to house up to 800 hotel rooms, with retail and green space elements, but the long-planned project’s timetable and hotel banner mix has been changed.

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Airport Authority Makes Deal for $315M

TRANSPORTATION: Company To Manage Fixed-Base Operations

Landmark Aviation gets to stay as the fixed-base operator at Lindbergh Field.

New York Company Acquiring Brokerage Firm Grubb & Ellis

BGC Partners Inc. is acquiring Grubb & Ellis Co., a commercial brokerage firm that has San Diego County operations at University Towne Center.

Conservative Approach Helps Online Bank Thrive; Net Profit Rises

BANKING: Increase in Loan Portfolio Leads to 35% Gain in Net Income

BofI Holding Inc., parent of BofI Federal Bank, is continuing a string of nice results, posting a 35 percent gain in net profits for both its second quarter and the first six months of its fiscal year.

Power Deals Give SDG&E a Greener Grid

UTILITY: 300 Megawatts Of Clean Energy to Be Added

San Diego Gas & Electric Co.’s plans to purchase power from wind and solar farms brings the company a step closer to meeting the state’s goal of attaining 33 percent of its energy from renewable sources by 2020.

Their Commitment to Caring and Contributing Spans Generations

The Thomas F. Carter Leadership Award was presented to the Frost family at the annual meeting of Rady Children’s Hospital which was held recently at the San Diego Marriott Marquis & Marina. Four generations of the family were represented by Dulie Ahlering, G. T. Frost, Jeanne Frost and Alison Gildred.

Team of Local Law Students Beats Rivals at Baseball Arbitration

The Thomas Jefferson School of Law’s student team took second at the Fifth Annual Tulane National Baseball Arbitration Competition in New Orleans recently, beating 39 other teams from prominent law schools across the nation, including Harvard, University of Arizona, NYU, Notre Dame, Michigan, Marquette, Columbia, Chicago-Kent, Arizona State, St. John’s, Villanova, University of Pennsylvania, Southern Methodist University and the University of San Diego.

Regional Report

News and notes from communities around San Diego County

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Executive Profile: Neerav Jadeja

Neerav Jadeja has served as administrator for Paradise Valley Hospital since May 2011.

FAA Clears UAS for Flight in Civilian Airspace

The U.S. Senate passed the Federal Aviation Administration reauthorization bill recently. The passage of the bill brings to a conclusion a drawn out battle over the future of the FAA and the management of U.S. national airspace.

Hospitals Get ‘Unwired’ Through New Standards

HEALTH CARE: Local Facility To Be Area’s First to Use Network

When the new Scripps Coastal Medical Center in Oceanside opens in July, the 33,500-square-foot building will be the first facility in all of San Diego County to use a new medical-grade wireless network that’s expected to lower health care costs and drive product innovation.

Incubator Aimed at Student Engineers Launches at SDSU

The hum of increasing economy activity is in the air. The Zahn Center for Engineering Innovation, a new incubator at San Diego State University, will launch next month with five early stage ventures under its wing.

Printers Rolling With The Digital Revolution

MANUFACTURING: Advances Enhance Customization Capabilities

There isn’t a table big enough to hold Hewlett-Packard Co.’s largest inkjet printer.

PatientClick Seeks Fortune in Competitive E-Health Records Gold Rush

TECHNOLOGY: Startup Gains Traction Serving Small Physician Practices

Vish Mehta, founder of PatientClick, shifted his focus from medical transcription services to electronic health records in 2009, which President Barack Obama began touting early in his administration as a strategy to help combat the rising cost of medical care.

Pedal to the Metal

AUTOMOTIVE: Sales of Luxury Vehicles Increasing

George Athan III learned firsthand that sales of cars carrying luxury nameplates were among the first to roar back to life as consumers shook off the effects of the Great Recession — even in the hard-hit Las Vegas region, where he operated Audi dealerships for several years before moving to San Diego.

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Biotechs Put Out a Call for Capital to Advance Their Efforts

MEDICINE: Stock Activity Reflects Climate And Sector’s Productivity

February has seen a flurry of stock offering activity among San Diego’s publicly held life science companies that are seeking capital to advance investigational drugs and prepare for product launches, among other things.

Convention Center Expansion Plans in Hotel Operators’ Hands

HOSPITALITY: Proposed Room Tax Would Finance Construction Project

San Diego hoteliers in April will have the next and most crucial say on a proposed new tax that would finance the bulk of a proposed $520 million expansion of the city’s convention center.

Intrepid Movement: Construction Under Way on Marina Project

DEVELOPMENT: Landing More Commercial Fishing Business Is Part of Plan

Driscoll Inc. recently began construction on Intrepid Landing, a $7 million marina and mixed-use commercial project on Shelter Island, where developers are also hoping to revive the region’s once thriving commercial fishing industry.

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SD County Hospitals Expand Facilities, Innovate

HEALTH CARE: Kaiser, VA Partner on Electronic Medical Records Efforts

Innovation and expansion are common themes among the San Diego Business Journal’s list of 21 local hospitals.

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

Solar Panel Firm Shines Light on Job Creation

OneRoof Energy, a San Diego firm that contracts with roofers to install residential solar panel systems, said it will add about 100 jobs to the local economy in the next 12 months during a news conference held recently with Mayor Jerry Sanders and CleanTech San Diego.

Wave of Small Bank Sales Creates Expectations

FINANCE: Smaller Lenders Face Herculean Tasks as 2012 Unfolds

Speculation was rife last week about another local bank being sold when shares of San Diego-based Security Business Bancorp jumped from $8.40 to $11 in a day, propelled by a much higher volume.

Nonprofit Profile: Pauline Martinson

Pauline Martinson is one of San Diego’s modern environmentalists, putting her passion to use in a leadership role at I Love A Clean San Diego.

Jack in the Box Net Income Slips as Same-Store Sales Grow

Jack in the Box Inc. recently reported net income of $12 million, or 27 cents per diluted share, for its first quarter, down from $32.4 million and 61 cents per diluted share in the like quarter of 2011.

Friday, February 24

Volcano Q4 Sales Up 14%, More Growth Seen for 2012

Medical device maker Volcano Corp. on Feb. 22 said fourth-quarter revenue rose 14 percent over the year earlier as the company continued to gain market share.

Jack in the Box Net Income Slips as Same-Store Sales Grow

Jack in the Box Inc. recently reported net income of $12 million, or 27 cents per diluted share, for its first quarter, down from $32.4 million and 61 cents per diluted share in the like quarter of 2011.

REIT Selling Hawaii Office Property for $70.5 Million

Pacific Office Properties Trust Inc. of San Diego is selling an office complex that it owns in Honolulu for $70.5 million, the investment firm said in a Feb. 22 filing with the U.S. Securities and Exchange Commission.

Businesses Teaming Up to Help Publicly Traded Companies

MZ Group, a corporate communications firm that is based in Brazil and has a San Diego office, said Feb. 21 that it entered into a strategic agreement with the Dream Tea Group, a social media relations and Web-based marketing services business.

Thursday, February 23

San Diego Gets Gift of Cherry Trees From Japan

The Port of San Diego has scheduled a March 29 dedication ceremony and public event aboard the USS Midway, commemorating the recent gift of pink cloud cherry trees to the city of San Diego by the consul general of Japan.

GA-ASI: Radar System Test Goes Well

General Atomics Aeronautical Systems Inc. said that it has successfully tested an early prototype of a sense-and-avoid radar system, suitable for unmanned aircraft.

Opus Bank Opens La Jolla Office

Opus Bank, which is based in Irvine and has $2.4 billion in assets, said Feb. 22 that it recently opened three more offices, including one in La Jolla.

California Community Bank Reports Decline in Net Profit

California Community Bank, which is based in Escondido and has four branches, reported Feb. 22 net earnings of $864,000 for 2011, compared with net earnings of $1.67 million for 2010.

Solar Panel Business Shines Light on Job Creation

OneRoof Energy, a San Diego firm that contracts with roofers to install residential solar panel systems, scheduled a news conference for Feb. 22 with Mayor Jerry Sanders and CleanTech San Diego to announce the creation of about 100 local jobs in the next year.

Wednesday, February 22

New York Company Acquiring Brokerage Firm Grubb & Ellis

BGC Partners Inc. is acquiring Grubb & Ellis Co., a commercial brokerage firm that has San Diego County operations at University Towne Center.

Marshall Edwards Looks to Raise $8M for Cancer Drugs

Marshall Edwards Inc. said Feb. 21 that it will seek to raise $8 million from existing stockholders to further develop its two lead cancer-drug candidates.

Optimism Rising Among Small-Business Owners

Wells Fargo Bank says America’s small-business owners are the most optimistic they’ve been since July 2008, before the recession took hold, according to the bank’s most recent index survey it does with Gallup.

Retiring Old Wireless Devices Paying Off for Firm

Helping people get rid of old wireless devices is becoming a popular business plan.

Tuesday, February 21

Leap Wireless Reports Decline in Net Loss, Rise in Revenue

Leap Wireless International Inc., a spinoff public company from Qualcomm Inc. that sells advanced, flat-rate pay cellphone services, reported Feb. 16 a fourth-quarter net loss of $84.4 million, compared with a net loss of $249.4 million for the like quarter of 2010.

Local Firm Seeks ‘Milestone Payments’ From Facebook Fans

PhotoBin, a San Diego-based business that creates digital images from old photos, negatives and slides, is trying to capitalize on one of Facebook’s most recent initiatives.

Cardium Therapeutics Gets $5M Boost From Stock Sale

Cardium Therapeutics Inc. said Feb. 16 that it raised $5 million in gross proceeds through a direct sale of nearly 18 million shares of its common stock.

Ross Opening 2 More Discount Stores Locally

Ross Stores Inc. plans to open two locations of its dd’s Discounts retail chain Feb. 25, the company said on its website Feb. 17.

Monday, February 20

DJO Global Breaks $1 Billion Sales Threshold for the 1st Time

Annual sales at Vista-based DJO Global Inc. surpassed $1 billion for the first time in 2011, said President and CEO Mike Mogul.

Westfield Selling Partial Stake in 4 Local Malls

Australia-based Westfield Group is selling a 45 percent stake in 12 of its U.S. shopping malls to the Canada Pension Plan Investment Board, including four in San Diego County, in a deal valuing the properties at $4.8 billion.

Operator of County Pension Fund Earns Top Credit Rating

The San Diego County Employees Retirement Association, which operates the pension fund for the county’s 36,000 active, retired and deferred members, recently received an AAA credit rating and stable outlook from Standard & Poor’s Ratings Services, the SDCERA said.

Rating to Aid in Sales of Hurricane-Resistant Doors

LaCantina Doors, a Vista-based designer and manufacturer of folding door systems, recently said it received a DP70 hurricane impact rating from Miami Dade County on its aluminum line of folding doors.

The Scripps Research Institute

Advertorial: Biotech Supplement

The Scripps Research Institute, one of the world’s largest independent, nonprofit research organizations, stands at the forefront of basic biomedical science. Working in this vital segment of medical research, the institute has established a track record of major scientific breakthroughs and significant contributions to human health.

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Biotechs Create Jobs Along With Innovations

TECHNOLOGY: Optimer More Than Doubles Staff To Advance Dificid Drug

San Diego County’s biopharmaceuticals sector is an important part of the local economy and as diverse as the 16 companies represented on the San Diego Business Journal’s list of Biotechnology Companies for 2012.

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Life Sciences Venture Capital Soars 45% in Q4

Companies in San Diego’s biotechnology and medical device industries continued to receive the largest share of local venture capital during the fourth quarter of 2011, according to the PricewaterhouseCoopers MoneyTree Survey, conducted in partnership with the National Venture Capital Association.

Cost-Cutting Comes With Benefits for the Community

FINANCE: Finding Ways to Save Creates Opportunity to Give

George Brooks-Gonyer calls it “donor fatigue.” It’s a problem that nonprofit organizations face in the current financial climate, and it’s getting worse, said Brooks-Gonyer, a onetime chief financial officer for the San Diego Natural History Museum in Balboa Park.

Two Local Banks Post Higher Earnings for 2011

BANKING: Cal Bank & Trust, Regents Report Decline in Problem Assets

Two local banks recently reported improved financial results for 2011, citing a reduction in the amount of reserves they had to put aside to cover loan losses as problem assets declined.

CCDC Chair Denies Permits For Project

The chairman of the Centre City Development Corp., the entity that oversees redevelopment downtown, has rejected permits for a proposed Fat City Lofts mixed-use project.

REIT Determines Whether Time Is on Potential Tenants’ Side

REAL ESTATE: Firm Employs Strategy as It Invests in New Areas

Realty Income Corp. is standing by a core strategy that helped it cap a year featuring a company record $1 billion in acquisitions, a significant boost in annual revenue, and a streak of consecutive stock dividends that approached 500 months as 2011 drew to a close.

Firms Dealing With Distressed Properties Are Still Busy

REAL ESTATE: Local Situation Relatively Good; No Quick Fixes Nationally

Local firms handling fallout from delinquent commercial real estate loans, such as Trigild and Douglas Wilson Cos., are starting 2012 with plenty on their plates, even as national indicators of property distress have dwindled significantly from peaks seen in 2009 and 2010.

Gen-Probe Test Offers Alternative to Invasive Prostate Biopsies

SCIENCE: Firm Expects Significant Sales Growth From Its FDA Approvals

San Diego-based molecular diagnostics company Gen-Probe Inc. has won the U.S. Food and Drug Administration’s approval for a test that detects the over-expression of a gene linked to prostate cancer.

Startup Field Getting Crowded, Outlook for Funding Is Murky

TECHNOLOGY: New Tech Businesses Employ 500 People; Software Is King

Stanley Kim proudly calls himself a serial entrepreneur.

Investors Bet on Bioprinting as the Next Big Thing in Medicine

SCIENCE: Organovo Raises Funds to Advance Novel Tissue Technology

Backers stepped up and invested $6.5 million in Organovo Inc.

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Irwin Jacobs Stresses Business Need for Strong Cultural Climate

WORKFORCE: Qualcomm Co-Founder Also Calls For Improving Education

Qualcomm Inc. co-founder Irwin Jacobs has spoken out in support of a push by local biotech company CEO Philip Low to get mayoral candidates to present proposals for improving San Diego’s entrepreneurial climate.

DJO Global Breaks $1 Billion Sales Threshold for the 1st Time

Annual sales at Vista-based DJO Global Inc. surpassed $1 billion for the first time in 2011, said President and CEO Mike Mogul.

Bright Ideas Win Race For Cash

FINANCE: Local Biotech Leads Investment Pack Despite VC Challenges

Even amid a risk-averse investing environment, there’s always money available for the most innovative drug and medical device ideas, said Joseph Panetta, CEO of the San Diego-based life sciences trade group Biocom.

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Executive Profile: Douglas Bryant

Douglas Bryant is president and chief executive officer of Quidel Corp.(QDEL), a leading provider of rapid diagnostic tests and cellular-based virology assays.

Regional Report

News and notes from communities around San Diego County

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

Gala Guests Can Spy Some Real Talent as Actor Takes the Stage

The La Jolla Playhouse gala will feature entertainment by stage and screen actor Peter Gallagher.

Facing Growing Problems After Redevelopment

The death of redevelopment is destined to wreak havoc on existing policies and land use requirements that have been designed to accommodate growth in our urbanized areas.

Jobs, Not Taxes, Will Raise Revenue for State

California Governor Jerry Brown has proposed a package of tax increases totaling $6.9 billion as his “solution” to the state’s long-standing budget problems. Unfortunately for Governor Brown and his pro-tax allies, these tax increases require voter approval and are scheduled for the November 2012 ballot.

Military Program Changes, Cost-Cutting Measures Lead to Layoffs

WORKFORCE: Retired Admiral: Pentagon Strategy To Benefit Region

Job creation is slowly returning, but Northrop Grumman Corp., Sony Electronics and several other San Diego County employers reported job losses recently.

Rescuing Big Pharma?

BIOTECH: Local Companies Hatching Drug Innovations

Diego Miralles is conducting an experiment on the campus of Johnson & Johnson’s West Coast drug research center in Torrey Pines Mesa.

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$25B Offers Little Relief For Local Housing Market

REAL ESTATE: Settlement May Prevent Some Home Foreclosures

The $25 billion legal settlement with five major mortgage banks stands to bring some $18 billion in assistance to California borrowers, but won’t improve the local housing market very much, say housing experts.

Japan Airlines Flights To Serve San Diego

TOURISM: Direct Service Will Boost Travel From Asia

San Diego will get a bigger share of the burgeoning growth in California travel by Asian consumers, when Japan Airlines begins direct nonstop service between Tokyo and Lindbergh Field in December.

Protest Puts Contract In ‘Holding Pattern’

DEFENSE: Competitors Vie for $638M Navy Electronics Deal

A $638 million U.S. Navy electronics contract is now in a “holding pattern” after a second government contractor filed a protest over the award, according to a Navy spokesman.

Sold on Walmart as Economic Stimulus

RETAIL: Store Expected to Draw Customers, Other Businesses to Area

A Walmart store arriving in South San Diego this fall is expected to bring a needed lift to business activity as well as add more than 250 jobs.

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Water Customers Can Now Go With Information Flow

There’s now an app for that. San Diego County Water Authority customers can access current news releases, including a 24-hour water-related news feed, not to mention videos and links to other important information via smartphones, thanks to a mobile application recently completed by local IT design firm Bytes Inc., which is headed by founder and CEO Sanjiv Prabhakaran.

Synteract, Inc.

Advertorial: Supplement

Synteract, Inc. is a full-service contract research organization (CRO) with a successful 17-year track record supporting biotechnology, medical device and pharmaceutical companies in all phases of clinical development.

GenWay Biotech’s New Cardiovascular Blood Test Fulfills Unmet Need to Access Risk of Near Term Heart Attack

Advertorial: Biotech Supplement

In the U.S. alone, there are more than 18 million patients with coronary artery disease (CAD). It is the largest cause of death in the U.S. and the world.

Local Cruise Ship Industry Riding a Falling Tide

TOURISM: Perfect Storm of Adversity Washes Over Business; Mexico a Factor

With visits to San Diego by cruise ships on the decline the Port of San Diego is stepping up efforts to promote the beleaguered cruise ship industry. Drug-related violence in Mexico, the accidental sinking of the cruise ship Costa Concordia last month off the coast of Italy, and the imminent exit of Carnival Cruise Lines from the local market in combination have significantly reduced the number of cruise ships scheduled to make port calls in San Diego in the coming year.

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Friday, February 17

Port Commissioners Affirm Maritime Uses at Terminal Site

Port of San Diego commissioners have approved a measure calling for waterfront property that includes the 10th Avenue Marine Terminal to be developed solely for maritime uses.

Silvergate Bank Reports Growth in Net Income

Silvergate Bank, which is based in La Jolla and has four branches, reported 2011 net earnings of $3 million, beating last year’s net profit by $4,000, the bank announced Feb. 15.

Jerome’s Furniture Expanding to San Bernardino County

San Diego-based Jerome’s Furniture plans to open its first San Bernardino County store in April, bringing the family-operated retailer’s total to nine showrooms.

Cohu’s 4th Quarter Results a Sign of Profits in Decline

Industrial electronics maker Cohu Inc. recently reported net income of $719,000 on net sales of $66.6 million in the fourth quarter of 2011.

Thursday, February 16

Japan Airlines to Launch Nonstop Service From San Diego to Tokyo in December

Japan Airlines announced Feb. 15 that it will launch new nonstop service from Tokyo to San Diego International Airport in December, the first-ever nonstop flights between San Diego and Asia.

Developers Granted Option for Revised Lane Field Project

San Diego port district commissioners have approved granting an option to a development team working on a revised version of the long-planned Lane Field redevelopment in downtown San Diego, including two proposed hotels.

CCDC Chair Denies Permits for Proposed Fat City Lofts Project

The chairman of the Centre City Development Corp., the entity that oversees redevelopment downtown, rejected permits for a proposed Fat City Lofts mixed-use project Feb. 14.

Startup Airline Passes First Certification Phase

California Pacific Airlines, a new startup carrier that plans to begin passenger flights later this year out of Carlsbad, announced Feb. 6 that it has passed Phase I of the Federal Aviation Administration’s certification process.

Wednesday, February 15

Report: Life Sciences Venture Capital Soars 45 Percent in Q4

Companies in San Diego’s biotechnology and medical device industries continued to receive the largest share of local venture capital during the fourth quarter of 2011, according to PricewaterhouseCoopers MoneyTree Survey, conducted in partnership with the National Venture Capital Association.

Company Closes $47M Fund for Solar Projects

Borrego Solar Systems Inc., a San Diego-based designer and installer of solar panels, said Feb. 13 that it closed a $47 million fund with financing provided by U.S. Bank and East West Bank for solar projects by customers in the corporate, education and municipal sectors.

Partnership Forms to Develop Imaging System

Brooks Life Science Systems said Feb. 7 that it has partnered with The Scripps Research Institute to jointly complete development of a microplate imaging system, used to evaluate the quality of compounds during drug discovery.

Pita Jungle Planning First San Diego Restaurant

Arizona-based restaurant chain Pita Jungle plans to open its first San Diego location in mid-April in the Hillcrest neighborhood, at 1045 University Ave.

Tuesday, February 14

Halozyme Seeks to Raise $83M in Stock Offering

Halozyme Therapeutics Inc., the San Diego-based developer of enzyme drugs, said Feb. 10 that it’s seeking to raise a total of $83 million through a pubic stock offering.

Irwin Jacobs Stresses Business Need for Strong Educational, Cultural Climates

Qualcomm Inc. co-founder Irwin Jacobs spoke out in support of a push by local biotech company CEO Philip Low to get mayoral candidates to present proposals for improving San Diego’s entrepreneurial climate.

Encore Capital Reports Surge in Gross Collections, Profits

Encore Capital Group, a San Diego-based purchaser and collector of charged off credit cards, reported Feb. 9 fourth-quarter gross collections of $185.9 million, up 25 percent from the prior year fourth-quarter results.

Eyewear Maker Changes Name to Spy Inc.

Orange 21 Inc., a sports-oriented eyewear maker and marketer with headquarters in Carlsbad, has officially changed its corporate name to Spy Inc.

Monday, February 13

REIT Buys Local Care Facility for $67.5 Million

An Ohio-based real estate investment trust has purchased the Belmont Village assisted living facility in Sabre Springs for approximately $67.5 million.

Mossy Steers Vista BMW Dealership Into Auto Group

The Mossy Automotive Group has brought one more dealership under its umbrella: Mossy BMW of Vista.

Regents Bank Reports Rise in Net Profit for 2011

Regents Bank reported Feb. 9 net income of $439,000 in the fourth quarter, compared with net income of $698,000 in the fourth quarter of 2010.

Construction Firms Make Fortune 100 Workplace List

Two general contracting firms with San Diego operations recently made Fortune magazine’s annual “100 Best Companies to Work For” list.

Mad Catz Reports Declines in Quarterly Profit, Revenue

Mad Catz Interactive Inc., a San Diego maker of accessories for video games, reported Feb. 8 net income of $1.5 million for its fiscal third quarter ended Dec. 31, compared with net income of $9.7 million for the like quarter of 2010.

Legend3D Looks Forward to Oscar Night

Legend3D Inc., the Carmel Valley film studio that converts two-dimensional films to three-dimensional versions, said it was the primary conversion partner for two movies nominated for the upcoming Academy Awards in the best visual effects category, “Hugo” and “Transformers: Dark of the Moon.”

Restaurant’s Strategy Is to Add More Flair With New Fare

DINING: Regional Player Must Adapt to Changing Tastes, More Competition

Catalina Restaurant Group Inc. recently decided that if it wants to grow the popularity of its struggling Carrows Restaurants brand, it needs to move beyond its meat-and-potatoes comfort food zone.

City, AT&T Issue Apps Challenge to Software Developers

TECHNOLOGY: Creating Apps That Make Life Easier Is Contest’s Goal

Innovation is as innovation does. The City of San Diego has formed an innovative public/private partnership to promote innovation that will improve residents’ access to city services and information.

Intuit Tosses Line to the Befuddled

SOFTWARE: TurboTax Publisher Seeks an Edge; Adds Free Expert Advice

The folks at TurboTax, the tax preparation software division of Intuit Inc., are constantly refining their products, reacting as they must to the changes to federal and state tax laws.

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Firm’s Master Plan Includes National Approach, Japanese Partner

REAL ESTATE: Newland Acquires Single-Family Home Communities

Newland Real Estate Group LLC, a local firm that has developed several prominent San Diego County neighborhoods in the past quarter-century, now sees a national approach with an international partner as key to navigating a delicate housing market recovery.

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Port, Company Said to Be Close on Lease Extension Deal

IMPORTS: Tenth Avenue Facility Eyed By Some for Stadium and Development

The Port of San Diego and Dole Fresh Fruit Co., one of its largest tenants, are nearing a 25-year extension of Dole’s lease at the Tenth Avenue Marine Terminal.

Changing Faces of Banking Reflect Its Wild Ride

BANKING: Survivors Depend on Solid Practices In Competitive Arena

California Bank & Trust has held the top spot on the San Diego Business Journal’s list of local banks for all but one of the last eight years.

St. Valentine’s Day Time to Show Your Love for San Diego

For the past few months, the San Diego Foundation has been deeply involved in its “Our Greater San Diego Vision” campaign

Illumina Calls Roche Takeover Bid ‘Inadequate’

Illumina Inc.’s board of directors unanimously rejected the $5.7 billion takeover offer from Swiss drugmaker Roche Holding AG

4G+4G Divided By Wi-Fi=?

TECHNOLOGY: Free Wi-Fi May Spoil 4G Party, Some Say

Wireless carriers such as AT&T and Verizon Wireless are moving aggressively to sell extra-fast 4G Internet service to people with smartphones and tablets.

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Locals Land Spot on Prestigious U.S. Health System Ranking

HOSPITALS: PPH and Scripps Health Standouts In Performance Report

Two local health systems, Palomar Pomerado Health and Scripps Health, were named to a list of the best-performing health care groups in the nation, based on a data analysis by New York-based business information company Thomson Reuters.

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Cubic Transportation Systems Drives Growth

MANUFACTURING: Advanced Technology, Services Lift Revenue

San Diego-based Cubic Corp. is a force to be reckoned with as it makes gains in profitability and staff expansions due in large part to its growing Transportation Systems segment.

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EvoNexus Raises Its Profile, But Doesn’t Lower Standards

INCUBATOR: Downtown Expansion Seeks to Foster A ‘South of Market’ Vibe

For every 15 startups that apply to be part of San Diego’s nonprofit EvoNexus incubator, 14 are turned away, said Kevin Hell, the pro-bono chairman of EvoNexus and former chief executive of local software firm DivX Inc., which was bought out in 2010.

Hotel’s Magnetic Personality to Get Even More Drawing Power

HOSPITALITY: Recently Purchased Property to Undergo $3M Renovation

Pacific Hospitality Group LLC, the new owner and operator of Estancia La Jolla Hotel & Spa, plans to follow up its recent $41.7 million purchase of the luxury property with a $3 million renovation, expected to begin this summer.

This Hole in Education Can Sink Careers

Academic institutions are charging more tuition and producing more graduates than ever before in a saturated marketplace where the competition is thick and the opportunities are slim

Region Is Ready for IT Health Care Cluster

San Diego has a chance to do what it has done so well in biomedicine and wireless technology, this time developing a regional cluster of stakeholders in the rapidly advancing field of health care information technology.

Grant Enables Group to Give Foster Kids Much Needed Support

Voices for Children has been awarded a $250,000 grant from the Price Family Charitable Fund.

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

Regional Report

News and notes from communities around San Diego County

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Small Banks Have Their Own Story On TARP’s Chapter in History

FINANCE: Some Put It Behind Them, While Other Institutions Retain Debt

When Security Business Bank of San Diego obtained nearly $9 million in funding from the U.S. Treasury Department in July, the money allowed the downtown San Diego community bank to repay the debt it owed to the government through its participation in the Troubled Asset Relief Program, better known as TARP.

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Region Harbors Fresh Plan for Waterfront

DEVELOPMENT: District Would Generate $1.3B, Port Estimates

City and port officials are setting the stage for the next attempt at development of the Chula Vista waterfront, even if Gaylord Entertainment decides not to revive plans for a $1 billion hotel and convention center that it abandoned in 2008.

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Diagnostics Firm Moves To San Diego

Applied Proteomics Inc., an emerging diagnostics company focused on protein analysis, said recently that it relocated its corporate headquarters to San Diego from Glendale and appointed veteran diagnostic developer Peter Klemm as its first CEO.

Prater to Lead BB&K; Luce Partners Find New Home at Procopio

Best Best & Krieger LLP has appointed Arlene Prater office managing partner for the San Diego office.

Executive Profile: DeAnne Steele

DeAnne Steele is a managing director and Western Division investment executive at U.S. Trust, Bank of America Private Wealth Management, and has more than 18 years of investment experience in California and New York.

CEO: Innovation a Key Mayoral Issue

STARTUPS: Stimulating New Business Is Goal of Petition

The City of San Diego needs to step up its game if it wants the brightest graduates from UC San Diego and other universities to grow companies locally

Cassidy Turley BRE Commercial: The Lost Art of the Interview

Advertorial: Lending, Leasing and Financing Supplement

Many business owners or executives face the daunting task of determining the right tenant representative as their lease expiration approaches.

Friday, February 10

Realty Income Boosts Revenue for Fourth Quarter and 2011

Realty Income Corp. saw revenue rise 23.6 percent from a year ago in its fourth quarter ending Dec. 31, and full-year revenue increase 22.6 percent, as the Escondido-based investment trust capped a record year for property acquisitions.

ViaSat Pulls in Earnings of $5.1M

Carlsbad-based satellite communications company ViaSat Inc. reported net income of $5.1 million on revenue of $205 million during its third quarter, which ended Dec. 30.

Three Health Care Properties Sold for $146.1 Million

Carmel Medical Office LLC of Chicago has purchased three health care-related properties in San Diego for $146.1 million.

Leasing Income Growth Helps Boost BioMed Revenue

Revenue at BioMed Realty Trust Inc. was up 7 percent from a year ago in the quarter ending Dec. 31, with revenue for the year rising 13.8 percent, as the San Diego-based company reported continued strong growth in rental income.

Thursday, February 9

REIT Nets $361M in Stock Offering

Realty Income Corp. netted $361.7 million in proceeds from a public offering of preferred stock, the real estate investment trust announced Feb. 7 with the close of the offering.

Smartphone Photography Streamlines Insurance Quotes

Not too long ago, Mitek Systems Inc. introduced software that lets people deposit checks by photographing them with their smartphones. Now the Kearny Mesa firm is looking beyond banking to another vertical market: insurance.

Spanish Retailer Making Fall Debut in San Diego

Spanish fashion retailer Zara plans to open its first San Diego County store in fall 2012 at Fashion Valley, the Mission Valley shopping center owned by Simon Property Group Inc.

Callaway Set to Debut Its New-Tech Golf Balls in March

Callaway Golf Co. on March 2 plans to begin marketing a new golf ball, known as Hex Black Tour, that it says is designed to enhance “spin separation” and improve game performance.

Wednesday, February 8

Applied Proteomics Moves Headquarters to Torrey Pines, Hires Inaugural CEO

Applied Proteomics Inc., an emerging diagnostics company focused on protein analysis, said Feb. 7 that it relocated its corporate headquarters to San Diego from Glendale and appointed veteran diagnostic developer Peter Klemm as its first CEO.

GA-ASI’s 2nd Predator C Avenger Flies for 1st Time

General Atomics Aeronautical Systems Inc. said Feb. 7 that its second jet-powered unmanned aircraft flew for the first time, in January.

Cadence Recalls One Lot of Ofirmev Drug, Citing ‘Particulate Matter’

San Diego-based Cadence Pharmaceuticals Inc. on Feb. 7 said its discovery of “an unidentified, visible particle” in a vial of its acetaminophen injection drug Ofirmev sparked a voluntary product recall that led to short-term supply delays.

Local REIT Buying Massachusetts Office Complex for $119M

BioMed Realty Trust Inc. has agreed to purchase a Massachusetts office complex for approximately $119 million.

Tuesday, February 7

Union Bank Reports Growth in Business Banking Group

Union Bank is expanding its business banking group this year, after nearly doubling its loan volume in this type of lending last year, the bank said Feb. 2.

Armani Opens First Local Store at Fashion Valley

Italian fashion and luxury goods retailer Giorgio Armani Group has opened its first San Diego County location of Emporio Armani at Fashion Valley mall.

Cubic Reports Higher Sales and Earnings for 1st Quarter

Growth in San Diego-based Cubic Corp.’s Transportation Systems segment contributed to significantly higher sales and earnings during the company’s 2012 first fiscal quarter ended Dec. 31.

UTC Apartment Complex Sells for $64.7M

A South Carolina investment firm has purchased Las Flores, a 312-unit apartment complex in the University Towne Center neighborhood, for $64.7 million.

Details Worked Out for Cardiovascular Safety Trial of Orexigen’s Obesity Drug

Orexigen Therapeutics Inc. said it reached an agreement with the U.S. Food and Drug Administration on the design and analysis of a cardiovascular safety trial for the company’s investigational obesity drug Contrave.

Local Company Unveils Technology for Transmitting Video Over Mobile Networks

Mushroom Networks Inc. said Feb. 2 that it has introduced its ThirdEye technology for transmitting live, high-quality video over mobile networks.

South County Group Seeks Manufacturing Data

The South County Economic Development Council is collecting data regarding the region’s manufacturing base in an effort to find out from employers how it can be expanded and sustained, the nonprofit organization said Feb. 2.

Monday, February 6

Cymer Sees Revenues Rise, Profits Decline

Cymer Inc., a San Diego-based maker of lasers used for manufacturing semiconductors, reported fourth-quarter net income of $12.5 million on revenue of $152.9 million Feb. 2.

16 Littoral Combat Ships May Be Homeported Locally

The U.S. Navy may station as many as 16 of its new Littoral Combat Ships at Naval Base San Diego during the years ahead.

Scripps Acquires Building to Relocate Coastal Center

Locally based Scripps Health has purchased a 33,500-square-foot medical office building in Oceanside for its Scripps Coastal Medical Center.

Rancho Valencia Ranks Seventh in Nation on U.S. News List of Top Hotels

The luxury Rancho Valencia resort in Rancho Santa Fe placed seventh in the nation and first in California, on the annual U.S. News & World Report ranking of the nation’s best hotels.

Marketer Focusing on Picture Framing Franchise Deal

StoneMass LLC, an online marketing company based in Carlsbad, announced Jan. 30 that it has landed work with the Fastframe picture framing franchise.

Dining Is Key Ingredient in Casinos’ Business Mix

GAMING: Food Purveyors Take Pride in Delivering Excellent Customer Service

Barona Resort & Casino, ranked No. 1 on the San Diego Business Journal’s Casinos list, views a wide range of dining options and excellent customer service as an essential part of the casino business.

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Confident Comeback

REAL ESTATE: Transaction Volume Rises in Commercial Sector; Number of Deals Dips

The national and global financial markets remain in volatile territory, but 2011 was generally a good year for Jones Lang LaSalle Inc. and its large rivals involved in San Diego County commercial real estate, with transaction volume rising even as the number of deals declined from the prior year.

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Industrial Workforce Settles to 70,500 People

MANUFACTURING: San Diego 10th in Nation; Houston 1st

Local manufacturing jobs dipped a bit last year, but the sector still employs more than 70,000 people in San Diego, ranking it 10th among all cities in the nation, according to a recent survey.

Excitement Isn’t in the Air, It’s in the Water at Company

TECHNOLOGY: System For Cooling Computers Is Unique and Effective

“Do you want to cut the line?” asks Steve Harrington. With a grin, he hands over a pair of nippers taken from his workshop’s tool drawer.

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Illumina vs. Roche, The Takeover Tango

BIOTECH: CEO Flatley to Shareholders: Hold Tight

All eyes in San Diego’s life science industry are on Illumina Inc. The La Jolla-based genetic analysis company is the target of a $5.7 billion hostile takeover bid from Swiss drugmaker Roche Holding AG.

UAV Funding Hits Budget Turbulence

DEFENSE: U-2 Seen as Alternative; Drones Still Have Big Role in Plans

The recently released 2013 Pentagon budget request calls for unmanned aircraft to do more of the military’s work in years to come.

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Outlook for S.D. Economy Stays Positive for 2012

An index measuring San Diego’s economy increased by 0.6 percent in December, the largest rise since May, and the first time since then that it showed gains in consecutive months, according to a recently released report.

Amylin’s Once-Weekly Diabetes Drug Is Approved

MEDICINE: It Will Be in Pharmacies This Month; Huge Sales Are Predicted

Third time’s a charm for San Diego-based Amylin Pharmaceuticals Inc.

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CEO Offers Tips On Taking First Business Steps

Business expert Tyler Jensen, founder and CEO of Solana Beach-based Startup Garage, is scheduled to address a workshop sponsored by UC San Diego’s Entrepreneurial Challenge on Feb. 8 on campus.

S.D. Leads Region in Biotech Jobs; Growth Predicted in 2012, ’13

LIFE SCIENCES: Local Firms To Hire 2,770, Biocom Report Says

Few people know more about the local biotechnology industry than Joe Panetta. But the leader of the San Diego-based life sciences trade association was quite surprised by the results of his group’s first economic impact report.

Chinese Tourists Are Seen as a Source of Welcome Revenue

HOSPITALITY: Area Attractions Seek to Tap Potentially Huge Market

SeaWorld San Diego hosted more than 2,000 Chinese visitors in late January, thanks in part to a statewide tourism push tied to the Lunar New Year, as the popular park and other local attractions look to generate repeat business from a country whose travelers already spend $1 billion annually in California

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North County Developments Aim to Meet Growing Needs

REAL ESTATE: Area’s Expansion Adds to the Demand for Housing

The county Board of Supervisors recently approved plans by Pardee Homes that would bring more than 800 new residential units to an area near Fallbrook, the second large residential project approved for that North County region in the past 12 months.

Company Sees a Profitable Path in Personalized Medicine

BIOTECH: Life Makes Key Hire to Head Its Diagnostics Business

Life Technologies Corp. wants to stake a claim in the burgeoning personalized medicine space.

Some Builders Hiring; Defense, Health Care Projects Trickle In

CONSTRUCTION: Intense Competition Exists for Work; Permits Are Up

George Rogers feels fortunate that his company, RQ Construction Inc., has enough military base infrastructure work that it plans to add 30 to 40 employees in the coming year, bolstering its current workforce of approximately 180.

Locally Based Banks Report Improved Performances for 2011

BANKING: Torrey Pines, San Diego Trust Post Big Increases in Net Income

Four local banks said recently that they delivered better results for 2011, compared with 2010, to their investors.

Valley View Rolls Out the Red Carpet

GAMING: Casino Raises Its Stakes With Additional Slot Machines, Newer Hotel

Joe Navarro leads a visitor over the gaming floor of Valley View Casino, past clanging, blinking slot machines, and talks about how crowds move.

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With Merger Completed, Bank Aims to Grow Loan Portfolio

BANKING: Embarcadero Pays Less for Coronado First Than Estimated Price

The newly combined Coronado First Bank has released new figures about its purchase by Embarcadero Bank.

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

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Regional Report

News and notes from communities around San Diego County

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Celebrities Are All-In to Help the Humane Society and the SPCA

Annie Duke, star of the second season of “Celebrity Apprentice,” and her father, writer and broadcaster Richard Lederer, hosted a charity poker tournament at Harrah’s Rincon casino and resort.

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Help Wanted and Needed in Energy Efficiency

In this period of high unemployment, there is a sector of the economy that is not only hiring, it is suffering from a lack of qualified and talented workers.

Build a Better Future on the Waterfront

We like to talk about San Diego as a world-class city. To a certain extent, we have become a global metropolis, given our tourism amenities, a major port and naval presence, a revitalized and exciting central business district, our reputation as a international hub in the wireless technology industry, and home to UC San Diego.

PALA Casino Spa & Resort

Advertorial: Profiles of Tribal Leaders and Resorts Supplement

Nestled in the splendor of the Palomar Mountains in northern San Diego County, Pala Casino Spa & Resort enjoys the distinction of being an AAA Four-Diamond award winner for eight consecutive years.

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Valley View Casino & Hotel

Advertorial: Profiles of Tribal Leaders and Resorts Supplement

Valley View Casino & Hotel is known locally as Southern California’s premier gaming destination. With an outstanding reputation for offering San Diego’s only Certified Loose slots; unrivaled guest service; stylish rooms and suites; a generous Players Club rewards program; the exclusive $1,000,000 Colossal Coin jackpot; and, of course, the famous lobster buffet, Valley View Casino & Hotel truly offers something for everyone.

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Collaboration Delivers on Pregnancy Care

TECHNOLOGY: Local Firm Helps West Wireless Develop 1st Device

Two local organizations, the West Wireless Health Institute and DD Studio, have teamed up to develop a device that could provide better care for expectant mothers in Mexico.

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Friday, February 3

DexCom, Tandem to Develop Insulin Pump

Two San Diego medical device companies, Dexcom Inc. and Tandem Diabetes Care, on Thursday said they’ll be teaming up to develop and commercialize a new diabetes health care product that will incorporate technology from both companies.

Qualcomm Reports Soaring Profit, Revenue

Qualcomm Inc. reported Feb. 1 that its first-quarter net income increased 20 percent from the prior year’s first quarter to $1.4 billion, while its revenue ballooned 40 percent to $4.68 billion during the same period.

99 Cents Only Opens 17th Local Store

Deep-discount retailer 99 Cents Only Stores opened its 17th San Diego County location on Feb. 2, at 2611 Market St. in San Diego.

Local Hotel Backs REIT’s $40M Loan

Virginia-based Apple REIT Eight Inc. has received a $40 million loan from Wells Fargo Bank secured by two hotels owned by the investment trust, including a Residence Inn By Marriott in Oceanside.

Company Raises Funds to Repay Bank Debt

Glacier Water Services Inc. said it raised $20 million through the sale of common stock and subordinated debt.

Thursday, February 2

Business-Focused Nonprofit Moves to Liberty Station

The California Southern Small Business Development Corp., a nonprofit organization that offers loan guarantees, has left 2,400 square feet in downtown San Diego for 1,700 square feet in Liberty Station.

Websense Reports Higher Profits, Revenues

Websense Inc., a San Diego provider of Internet security software, reported Jan. 31 that its fourth-quarter net income was $10.4 million, compared with net income of $8.9 million in the like period of 2010.

Local REIT Plans Offering of Preferred Stock

Realty Income Corp. announced Jan. 31 that a planned public offering of 13 million shares of preferred stock has been priced at $25 per share.

Vista Software Company Announces Record Quarter

BP Logix Inc., a developer of business process management software that accelerates time-to-value, announced Feb. 1 a record quarter for the period ending Jan. 31.

Nationwide Search Begins for North EDC Chief’s Replacement

The San Diego North Economic Development Council has accepted the resignation of Gary Knight, its president and CEO, according to a statement from the council.

Five Guys Burger Chain Opens 10th Local Outlet

Five Guys, the national burger chain that began opening restaurants in California two years ago, opened its first restaurant in Escondido on Jan. 30.

Wednesday, February 1

Illumina CEO Urges Stockholders to Hold Off on Taking Action on Takeover Bid, as Roche Seeks Control of Board

Illumina Inc. President and CEO Jay Flatley on Jan. 31 again urged stockholders to “take no action at this time” on Swiss drugmaker Roche’s attempt to acquire the San Diego life science company.

Outlook for S.D. Economy Stays Positive for 2012

An index measuring San Diego’s economy increased by 0.6 percent in December, the largest rise since May, and the first time since then that it showed gains in consecutive months, according to a Jan. 31 report.

Trius Therapeutics Raises $52M in Stock Offering

Trius Therapeutics Inc. said it has sold 9.9 million shares of its stock, raising a total of $52 million for clinical trials, research and development, and other general corporate purposes.

Local Firm, Japanese Builder Acquire 28 Housing Communities

Newland Real Estate Group LLC has teamed with an affiliate of Japan’s largest homebuilder to acquire a portfolio of 28 master-planned communities in the United States.

High-Tech Firm Adds Business Leaders to Board

Micropower Technologies, a San Diego maker of wireless surveillance cameras, named two heavy hitters from the local ranks of high-tech executives, Jim Brailean and Kevin Hell, to its board of directors, the firm said Jan. 31.

Kratos Lands Contract Extension From Air Force

Last year’s purchase of Integral Systems is bearing fruit for Kratos Defense & Security Solutions Inc.

San Diego Law Library Completes Renovation

The San Diego Law Library announced Jan. 30 the completion of a $5 million, yearlong renovation of the downtown Law Library at 1105 Front St.