Stories for November 2013
Saturday, November 30
TECH: User-Friendly System Provides Tracking At the Granular Level
A $1,000 home energy bill was a wake-up call for Scott Steele. The former Motorola executive had recently moved into a 5,000-square-foot home in Poway and wanted to know more about where the electricity was going.
Bank merger activity slowed this year nationally, but prices paid are getting richer, according to a recent study by SNL Financial, a Virginia-based financial research firm.
The three finalists in San Diego Venture Group’s annual PitchFest have been selected from a list of more than 90 contestants: student housing search service OnMyBlock, “focused ultrasound” medical device startup Sonrgy Inc. and trust fund service provider TrustEgg.
TOURISM: Hotel Proposal Seeks 175 Rooms; Cohn Plans Eatery
Port of San Diego officials in coming months will discuss long-term development prospects for waterfront areas like Harbor Island, where locally based Sunroad Enterprises plans to build a new 175-room hotel.
The Business of Law Column
Hecht Solberg Robinson Goldberg & Bagley LLP recently named Michael Maher managing partner. Maher succeeds Darryl Solberg, who has served in that capacity since 1997. Solberg remains an active partner in the firm and is looking forward to focusing solely on practicing law and client relationships.
FINANCE: Those Who Haven’t Saved May Find Golden Years Tarnished
As many older employees look at the time they have left before they retire, many realize they haven’t saved enough and are opting to continue working, local wealth advisers said.
STARTUPS: Co-Working Site Plans P.B. Location For Innovation, Inspiration
To Raymond Hivoral, the beach and entrepreneurship are like ice cream and a 90-degree day — they go together.
Real Estate Column
San Diego County and the nation are in the midst of steady post-recession recovery when it comes to new construction projects, by most indicators; however, many contractors are not yet in a mood to celebrate.
PHARMA: Dermagraft Sales Decline Big Part of Decision
Irish drugmaker Shire PLC has halted construction of its more than 150,000-square-foot regenerative medicine building in Sorrento Mesa.
TOURISM: Tourism Authority Plans to Resume More Marketing Efforts
The planned $520 million expansion of the San Diego Convention Center faces yet another legal hurdle after a local environmental group filed a lawsuit challenging the California Coastal Commission’s approval of the project.
PROPERTY: Housing Market Changes Give Investors Incentive to Rent
Business partners Imran Clark and Darrell Kucan were among the risk-takers in the wake of the housing market collapse, buying houses mainly through short sales — in which banks approved offers below the amount owed on their loans — and often flipping houses in a few days.
ENERGY: Program Is First in Nation, May Also Generate Revenue
The city of San Diego has a plan to reduce what it spends for electricity to power its streetlights — and maybe generate revenue in the process.
Biotech/Health Care Column
One of the 11 recipients of Bill Gates’ call to build the better condom goes to a Mira Mesa-based company, which posits that a prophylactic crafted from beef tendons could be a market winner.
PHARMA: GSK and Avalon Creating Climate for Innovation
British pharmaceutical giant GlaxoSmithKline PLC is expanding its West Coast presence with several key moves in San Diego — and its unique partnership with La Jolla-based Avalon Ventures is front and center.
Thursday, November 28
Cubic Corp., the San Diego defense contractor and mass transit fare collection systems provider, said it completed the acquisition of Serco’s Transport Solutions business for $70 million.
San Diego-based Trigild has closed a $50.8 million sale of a Rancho Cucamonga office building for which it had been appointed receiver.
The Obama administration is delaying online enrollment for its small business health exchange by one year.
The Defense Logistics Agency has awarded Escondido-based American Innotek Inc. a sole-source contract for disposable solid-waste relief bags.
The Pentagon signed a $15 million contract with San Diego-based Coast Citrus Distributors, which has agreed to provide fresh fruits and vegetables through mid-2015.
Carlsbad-based West Living, which owns and operates hospitality-based senior living communities, plans to develop a new assisted living and memory care community in Corona.
Pulse Electronics Corp., a San Diego based maker of electronic components, recently shipped its 2 billionth antenna.
Tuesday, November 26
The European Union gave conditional approval to the purchase of Carlsbad-based Life Technologies Corp. by Thermo Fisher Scientific Inc.
San Diego-based EDF Renewable Energy has acquired the 200 megawatt Hereford 1 Wind Project in the Texas Panhandle from Lincoln Renewable Energy, EDF announced.
A local environmental group has filed a lawsuit challenging the California Coastal Commission’s October approval of plans for a $520 million expansion of San Diego Convention Center.
Providence Perris Apartments LLC of Encinitas has acquired the 122-unit Royal Oaks, a senior apartment community in San Marcos, for approximately $18.8 million.
San Diego’s unemployment rate for October was 7 percent, unchanged from September and matching the nation’s overall jobless rate for the same month, according to the state’s Employment Development Department.
The U.S. Air Force recently said it awarded Mission Valley-based Ahntech Inc. a $12.4 million deal to provide services at several Air Force training ranges.
Samuel Kephart has been appointed interim president and CEO of the World Trade Center San Diego, the organization announced Nov. 26. He succeeds Steven Weathers, who announced his resignation, effective Dec. 4, for personal reasons.
Pacific Imperial Railroad named David Rohal as president of the company, effective Dec. 1.
Monday, November 25
GlaxoSmithKline PLC will open a new office in San Diego at the start of the year, as the British pharmaceutical giant aims to expand its reach on the West Coast.
Qualcomm Inc. announced on Nov. 25 that the Chinese government is investigating the company in relation to China’s anti-monopoly law.
Qualcomm Inc.’s sale of its subsidiary Omnitracs Inc. to Vista Equity Partners has been finalized, the company announced.
San Diego County’s contracts awarded for future construction declined 1 percent from a year ago in the first 10 months of 2013, according to new data from McGraw Hill Construction.
A company that creates booster technology for strengthening weak cellular signals for voice, data and video reception on cellphones and other such devices announced the opening of an innovation center in Sorrento Valley.
San Diego-based Orexigen Therapeutics Inc. will soon reapply for regulatory approval of its weight-loss pill, Contrave, after reporting that interim results from a large-scale study showed the drug doesn’t significantly increase heart disease risk in patients.
The U.S. Navy destroyer USS McCampbell became the first ship to go to sea with a new shipboard computing network dubbed Canes, system integrator Northrop Grumman announced on Nov. 25.
BIOPHARMA: Latest Deal Gives Company Way to Fight Cancer with Targeted Toxin
San Diego-based Sorrento Therapeutics Inc., with the $12 million acquisition of Concortis Biosystems Inc., is rounding out what has been a pivotal year for the company.
The Helen Woodward Animal Center invites the public to support orphaned pets by shopping at the Orphaned Object Resale Store and newly revitalized pet supply boutique, Paws in the Ranch — now open at the center in Rancho Santa Fe.
FINANCE: Not All Agree Policy Exists or Is Needed
As of the end of September, the nation’s four largest banks held nearly $8 trillion — that’s trillion with a T — in combined assets.
SPORT: Torrey Pines Golf Tournament Brings Company, County Exposure
Farmers Insurance was hailed as a white knight coming to rescue when agreed to be the title sponsor for San Diego’s biggest golf tournament in 2010.
Consumer lending will likely be extinct at many community banks thanks to the implementation of the Dodd-Frank comprehensive banking reform law, one local bank executive said.
Rick Bregman joined Bank of America in 1992 via the Security Pacific Bank merger. He was named San Diego market president in 2008.
Property: Long-Range Plan to Add 2,850 Hotel Rooms
Work has begun on a Chula Vista street extension deemed a key first step toward long-envisioned commercial development of the city’s waterfront, where up to $2 billion in new residential and commercial projects are anticipated over the next 20 years.
Software: MacPhun Bringing High-End Photo Editing to Pros, Hobbyists
A Del Mar-based software company focused on Mac-based applications for photo editing is hoping its latest, modestly priced product will tap into a growing desire among consumers to improve and share their digital photographs and give professionals a powerful tool for less cost.
BIOTECH: Growth Plan Calls For In-House Development
San Diego-based CareFusion Corp. will acquire the Vital Signs division of GE Healthcare for $500 million.
News from the police blotter. Local dietary supplement retailer Ultimate Fitness Nutrition Inc. pleaded guilty to four misdemeanors, including the selling of dietary supplements stuffed with steroids and caffeine and questionable advertising practices, according to a news release from the city attorney’s office.
CYBERCRIME: Identity Thieves Are Flourishing In This ‘Connected’ World
Banks and other financial entities that handle customers’ money through online websites are always trying to improve their security protection systems — and they’d better be, longtime security expert and San Diegan Jim Stickley said.
PROPERTY: Active Industry Builds Momentum for Project
BioMed Realty Trust Inc. is betting that rising financial interest in the life-sciences sector — in the form of increased venture funding, public stock offerings and high-profile acquisitions — will translate into tenants seeking to occupy its new campus planned for University Towne Center.
DEFENSE: Companies’ Realistic Simulations Bring Home the Lessons of War
The blood and the chaos seem very real during a morning spent training sailors to be U.S. Navy corpsmen on the grounds of Strategic Operations Inc. in Kearny Mesa.
TOURISM: Plan Calls for Establishing $30M Reserve To Deal With Litigation
The city of San Diego and the Tourism Marketing District leaders have agreed on a plan to free up at least $6 million and jump-start regional visitor-promotion efforts that have been stalled by political and legal disputes over funding.
Biotech/Health Care Column
I’m starting this column with a request: I’m looking to speak with small business owners who have plans to join Covered California’s Small Business Health Options Program, or SHOP, as it’s scheduled to go online Nov. 25.
Sunday, November 24
Avalon Ventures and GlaxoSmithKline PLC have launched their first company, Sitari Therapeutics Inc., with a $10 million Series A financing from the companies’ $495 million joint funding alliance.
AMN Healthcare Services Inc., a San Diego-based national health care staffing provider, acquired ShiftWise, a provider of Web-based health care workforce solutions.
GC Properties of San Diego has purchased two El Cajon apartment communities for a total of approximately $5.2 million, according to CoStar Group and public data.
Specialty women’s clothing retailer Free People will open its first city of San Diego location Dec. 6 at Westfield UTC mall, 4545 La Jolla Village Drive.
Blue Bridge Hospitality of Coronado plans a spring 2014 opening for Stake Chophouse + Bar, the company’s sixth restaurant concept and eighth location in that city.
Thursday, November 21
Tenaska, the Omaha, Neb.-based majority owner of a 130 megawatt solar farm in Imperial County, refinanced $319.4 million in debt through a private placement.
Vital Therapies Inc. announced it is postponing its $75 million initial public offering, citing poor market conditions, according to equity research firm Renaissance Capital.
Drawbridge Realty Trust of San Francisco has purchased a Rancho Bernardo office building that houses Broadcom Corp., for $36.5 million, according to CoStar Group and public data.
Shipbuilder General Dynamics NASSCO of San Diego has been awarded a modification of approximately $12.1 million, under a previously awarded contract for work on the USS Somerset.
San Diego’s economy is still in the doldrums and shows little signs of regaining its former energy, says the latest report from the National University System Institute for Policy Research.
Scripps Health may partner with Hospice of the North Coast, a nonprofit hospice provider that serves coastal North County.
Wednesday, November 20
Adamis Pharmaceuticals Corp., a San Diego company developing treatments for asthma, has filed for a $25 million secondary public offering.
Jack in the Box Inc. reported net income of $22.8 million for its fiscal 2013 fourth quarter, nearly double the $12.5 million in net profit for the like quarter of fiscal 2012.
Locally based craft beer brewer Ballast Point has signed a 15-year, $16 million lease deal to occupy a 106,584-square-foot industrial facility in San Diego’s Miramar submarket.
The $1 billion Carlsbad desalination project was recently named by the Bond Buyer as a Deal of the Year Finalist for the complex and innovative project financing.
Guild Mortgage Co., the San Diego mortgage bank that started here in 1960, continued opening new offices around the country, including eight in South Carolina since mid-2012.
Tuesday, November 19
Atlanta-based Delta Air Lines will add new daily nonstop flights between San Diego International Airport and Seattle-Tacoma International Airport, beginning June 2, 2014.
The Mission Bell Apartment Homes in Escondido was sold to Bayside LLC for $5,175,000, according to Cushman & Wakefield.
Mushroom Networks Inc., a San Diego-based provider of networking solutions, is partnering with Canadian value added reseller Atcomtel Communications Inc.
San Diego-based Lumena Pharmaceuticals Inc. announced its drug LUM001 has received a positive opinion for orphan drug designation from a European regulatory committee.
Operators plan a multimillion-dollar renovation of The Declan Suites San Diego, a downtown hotel that recently switched from the Sheraton Suites banner.
REVA Air Ambulance, a fixed-wing air ambulance service provider, has completed the acquisition of American Care Air Ambulance and its affiliates.
Monday, November 18
San Diego-based CareFusion Corp. said it will acquire Vital Signs, a division of GE Healthcare, for $500 million as CareFusion moves to increase its respiratory care and anesthesiology businesses.
A Silicon Valley firm has put some San Diego know-how into a new tool to detect malicious software.
Construction in San Diego County and elsewhere in Southern California should continue to see recovery in 2014, led by coastal development of new apartments, according to a forecast by locally based consulting firm Xpera Group.
California Coast Credit Union signed a 10-year, $3.25 million naming rights agreement with San Diego State University for its Open Air Theatre.
San Diego-based Cardium Therapeutics has sold its To Go Brands subsidiary in a deal worth $2.5 million.
Tech Coast Angels, a group of private investors with a chapter in San Diego, said it recently invested about $1 million in two local startups, SeniorQuote Insurance Services and Rock My World.
San Diego Marriott Gaslamp Quarter operators plan a mid-December opening for City Sights, a glass-enclosed balcony venue being added to the hotel’s rooftop Altitude Sky Lounge.
Directeur LLC and Immobilier Funds of Rancho Santa Fe have purchased the 28-unit Cota Arms Apartments in North Park for $7 million, according to CoStar Group and public data.
Fitch Downgraded some $82 million in San Ysidro School District general obligation bonds — series B, C, D, E and F — to BB+ from BBB+.
Active Network, the San Diego based provider of online registration services, said Vista Equity Partners, the private equity firm that agreed to purchase the company in September, completed its tender offer on all of Active’s common stock, closing the transaction.
Orsibs LLC of San Diego has purchased the 49-unit Emerald Vista Apartments in Vista for $8.35 million.
Some of the business events happening around the county for the week of November 18, 2013.
Shares for San Diego’s Cadence Pharmaceuticals Inc. shot up 34 percent — to a two year high — following a favorable ruling from the U.S. District Court for the District of Delaware in a patent lawsuit against Exela Pharma Sciences Inc.
Silvergate Bank, based in University Towne Center and with about $600 million in assets, launched a mobile banking application that gives customers instant access to their accounts and the ability to make deposits via smartphones and wireless devices.
San Diego-based Illumina Inc.’s 13.5 percent stake in its rival Oxford Nanopore Technologies Ltd. has been sold to other investors.
Rancho Bernardo-based ImageWare Systems Inc., which offers biometric identification software, recently reported earnings for its third quarter.
News and notes from communities around San Diego County
The Imperial Beach Palm Avenue eco-bikeway improvements project has been singled out for praise.
Leigh Kyle is managing principal at Spurlock Poirier Landscape Architects. Since joining the firm in 2004, she’s been project manager for a variety of work, including the San Diego Downtown Parks and Open Space Implementation Plan and the San Diego Federal Courthouse.
The Business of Law Columng
Lawyers are people, too — often very cool people. Here’s proof. Jana Beck, a lawyer at Gerson Law Firm APC, completed the 2013 New York Marathon.
PROPERTY: Experts Gather to Discuss the State of the Market
San Diego County’s commercial real estate industry is showing strong signs of recovery, although the recession isn’t over. That’s the view expressed by real estate professionals who took part in a recent roundtable discussion hosted by the San Diego Business Journal.
Biotechnology/Health Care Column
Some happy news for the biotech IPO circuit: On its first day of trading on the Nasdaq, shares for Tandem Diabetes Care Inc. soared 28 percent — or $4.26 — closing day trading at $19.26. It trades on the Nasdaq under ticker symbol TNDM.
PHARMA: Zogenix Raises Funds and Bolsters Sales Force
San Diego-based Zogenix Inc. plans to use most of the proceeds from a recent $60 million public offering to triple its sales force and commercialize its newly approved narcotic painkiller, Zohydro.
Breaking news from www.sdbj.com
San Diego State University is more than half way toward raising enough money to build a new basketball practice facility on the campus, which will help it to maintain its status as a rising college hoops power, the university announced.
RETAIL: Upgrades, Openings and Even Free Charging Offered
San Diego-area mall operators are looking to tear shoppers away from their computers and mobile devices as much as possible this holiday season — or give them a reason to bring those devices with them.
North County Health Services will begin a $7.5 million overhaul of its Mission Mesa campus in Oceanside, which it said will more than quadruple the size of the community clinic. It plans to break ground in early December.
HEALTH: Acquisition Would Bring More Services To Rural Area Residents
Scripps Health could acquire El Centro Regional Medical Center, a 161-bed hospital that’s been shopping for a buyer since May.
MANUFACTURING: Co. Meets Variety of Needs for Containment, Transport
Body bags are hardly a pleasant topic of conversation, but someone has to make them to serve a niche market need.
The San Diego Venture Group released the names of the 10 startups that will battle for $25,000 in cash at its annual PitchFest set for Dec. 12 in La Jolla. The semifinalists were chosen from more than 90 applications.
PROPERTY: Irvine Co. Is Self-Financing $100M Project
Irvine Co., San Diego County’s largest office landlord, recently began work on La Jolla Centre III, a 15-story office tower at University Towne Center. The tower, being built largely on spec, will be Irvine Co.’s first new-construction high-rise project since it entered the local market 30 years ago.
TRADE: Paola Avila Sees Binational Efforts As Key to Growth
Paola Avila hasn’t yet started her new job as executive director of the San Diego Regional Chamber of Commerce’s Mexico Business Center, but already she’s got lots of ideas.
PROPERTY: New CEO Carries on Realty Income’s Solid Investment Strategy
The new CEO of Realty Income Corp. had an education in real estate that began while he was still in the seventh grade, working on projects being built by his father’s development company along the Gulf Coast, near his Alabama home town of Mobile.
Walden Family Services, a nonprofit foster care and adoption agency, recently held its 10th annual Wine D’Vine Gala fundraising event, which raised nearly $300K to further the organization’s mission of providing care and support to foster children and families.
A group of community organizations, led by the California Reinvestment Coalition, is asking bank regulators to take a closer look and hold public hearings on PacWest Bancorp’s proposed acquisition of CapitalSource Inc., parent of CapitalSource Bank.
DEFENSE: Foreign Sale Could Give Northrop New, Key Client
A defense contractor with a large San Diego workforce may get a key overseas military sale next year.
Biotech: Researchers, Investors Still Waiting for Effective Therapies
San Diego is a beacon nationally for its advances in regenerative medicine and stem cell research, but the field has faltered in its transition from the bench to the bedside.
The U.S. Navy has a to-do list longer than Point Loma: The world is getting more complicated, there’s a fleet to maintain, infrastructure to tend, and only so many bodies. Now, the defense budget is shrinking.
RETAIL: North Castle Adds Buy To Portfolio That Includes Curves
An iconic name in San Diego County business is changing hands, again. Swiss multinational company Nestlé SA is selling weight-loss industry competitor Jenny Craig to North Castle Partners LLC, a small-cap consumer private equity firm focused on health, wellness and active living.
Real Estate Column
It’s a great time to be an apartment complex owner in San Diego County, judging by the late-year numbers.
FINANCE: Firm’s 429 Members to Vote On Proposed Merger
Ketema Federal Credit Union, one of the smallest in the county with about $1.3 million in assets, obtained preliminary approval from federal and state regulators to merge with California Coast Credit Union, San Diego’s third largest.
PROPERTY: Science, Military Realignment Part of Region’s Pluses
Fueled by continued technology-oriented job growth, San Diego retains its place as the nation’s 15th-best metro market for commercial real estate investment, according to the latest annual trends report by consulting firm PwC and the Urban Land Institute.
Friday, November 15
An advocacy group went to court Nov. 14 to stop industry’s effort to put a measure on the local ballot.
Essex Property Trust Inc. of Palo Alto has purchased the 379-unit Domain by Alta apartment community in Kearny Mesa for $121 million.
On its first day of trading on the Nasdaq, shares for Tandem Diabetes Care Inc. soared 28 percent — or $4.26 — closing day trading at $19.26.
SR Commercial of Solana Beach has acquired two local office and industrial properties, for a total of $8.5 million.
The San Diego Business Journal is offering its estimated 42,000 daily eNews subscribers an introductory subscription to the Journal’s weekly print and online editions.
Overland Storage, the San Diego provider of data storage services, reported fiscal 2014 first quarter revenue of $10.6 million, compared with $11.7 million for the like quarter of the prior fiscal year.
San Diego-based Celladon Corp. has chosen to postpone its $75 million initial public offering, citing poor market conditions, according to equity research firm Renaissance Capital.
Thursday, November 14
San Diego-based Sorrento Therapeutics announced it is acquiring Concortis BioSystems, a San Diego biotech, in a deal worth about $12 million.
San Diego-based Tandem Diabetes Care Inc. has upped the ante of its previously announced initial public offering, increasing the targeted goal from $100 million to $120 million.
San Diego State University said it’s more than half way toward raising sufficient funds to build a new basketball practice facility on the campus, which will help it to maintain its status as a rising college hoops power.
San Diego-based developer OliverMcMillan plans to break ground Nov. 20 on a 388-unit, mixed-use condominium tower in Honolulu.
The median price for houses sold in San Diego County in October was $412,750, down 2 percent from September’s median, but up 17.9 percent from October 2012, according to the latest Dataquick market report.
Kratos Defense & Security Solutions Inc. recently said that it received a $5.8 million contract to deploy a specialized security and communication system at a hospital campus.
Real estate services provider Trigild has named Judy Hoffman as president of the San Diego-based company.
Wednesday, November 13
ViaSat Inc., the Carlsbad maker of satellite equipment and provider of Internet services, reported fiscal 2014 second quarter net income of $1.9 million, compared with a net loss of $7.9 million for the like quarter of last year.
General Dynamics Nassco announced Nov. 12 that it received a new contract to build a tanker for Seabulk Tankers Inc.
Linear LLC, a Carlsbad manufacturer of security devices for residential and commercial use, recently expanded into a second facility near McClellan-Palomar Airport, adding about 35,000 square feet to its existing plant.
Shares for San Diego biotech Organovo Inc. jumped as much as 17 percent in day trading after settling in at a 4 percent increase following the company’s release of its second quarter results.
San Diego-based Cohn Restaurant Group has opened Zigzag Pizza Pie, a new quick-service restaurant concept in Oceanside.
Minneapolis-based retailer Target Corp. plans to close its store in northern Chula Vista at the close of business on Feb. 1, 2014.
Corsair Properties LP of Yorba Linda has purchased a Carlsbad industrial property, currently leased by TaylorMade Golf, for $5.6 million.
Tuesday, November 12
San Diego DNA sequencing company Illumina Inc. has appointed Francis deSouza, a Bay Area computer security executive, as its president. He will join the company in December.
Shares for San Diego’s Arena Pharmaceuticals Inc. continue to rise following its Nov. 7 announcement that it will expand its partnership with Japanese drugmaker Eisai Co. to market the anti-obesity medication Belviq.
D&K Engineering Inc. reported revenue in the $80 million to $100 million range during the fiscal year that ended Sept. 30. That is up from $63.7 million in 2012 and $37.0 million in 2011.
Covario Inc. co-founder and CEO Russ Mann was elected chairman of the company and will turn over his position of CEO to three current executives, the San Diego-based search engine marketing agency said.
Mad Catz Interactive Inc., a maker of video game accessories, saw its net loss for the second quarter of its fiscal 2014 increase tenfold to $4.5 million — up from $450,000 in the like quarter of fiscal 2013.
The San Diego Association of Governments, the regional planning agency also known as Sandag, will unveil a new design alternative on Wednesday for a proposed intermodal transportation center in San Ysidro.
Local franchisee Paul Martinez recently opened his second East County Baskin-Robbins ice cream location, with a third planned as a part of a new store development agreement announced by Massachusetts-based Baskin-Robbins.
San Diego-based Mobile Learning Networks Inc. received $350,000 in seed funding, the company said recently.
Monday, November 11
Shares for San Diego’s Arena Pharmaceuticals Inc. rose 17 percent following news that it will expand its partnership with Japanese drugmaker Eisai Co. to market its weight loss pill Belviq.
The median price for a single family house sold in October in San Diego County was $475,000, a 2 percent drop from September, but 19 percent above the median price for October 2012, according to the latest report from the Greater San Diego Association of Realtors.
Small business owners seeking assistance with state and federal tax laws, and residents who wish to expand their business knowledge, are invited to a free small business fair Nov. 14 from 9 a.m. to 2:30 p.m. at Chula Vista’s City Council chambers at 276 Fourth Ave.
Leap Wireless International Inc., the flat rate carrier doing business as Cricket being sold to AT&T, reported third quarter net losses of $185.4 million compared with a net profit of $25 million for the like quarter of 2012.
Some of the business events happening around the county for the week of November 11, 2013.
Stock for Sequenom Inc. rose 24 percent after news that its quarterly earnings beat Wall Street projections.
Wal-Mart Stores Inc. has opened a temporary hiring center in Oceanside, where it is looking to hire up to 65 people to work at a planned new location of its Walmart Neighborhood Market in that city.
San Diego-based Kyocera Communications Inc. said that wireless carrier MetroPCS — which recently kicked off service in the San Diego area — will offer Kyocera’s Hydro XTRM handset.
PROPERTY: Council Goes Against Committee Pick for Development
Carlsbad officials will soon begin talks with operators on a planned expansion and re-branding of the Sheraton Carlsbad Resort & Spa, after rejecting a new Legoland California Resort hotel proposed for the same city-owned property.
My avatar is better looking and probably taller than I am in real life. He stands in place outside the lecture hall, shifts his weight and brings one hand to his chin while the other goes akimbo on his waist. The body language says, “Hmmm ….”
News and notes from communities around San Diego County
The Living Discovery Center, a nonprofit zoo and aquarium at the Sweetwater Marsh National Refuge, said it’s staying open after receiving sufficient donations to offset a budget shortfall.
Biotechnology/Health Care Column
The CEO of a local stem cell company who I spoke with recently joked that UCSD — as the University of California, San Diego used to abbreviate its name before it adopted the short form UC San Diego — should be renamed as UCDS. That would stand for the University of California-Denny Sanford.
SPORT: Dive Shop’s Guantanamo Bay Location Serves Navy Base Personnel
Werner Kurn has one of the most unconventional defense contracts in San Diego.
Silvergate Bank, the area’s fourth-largest commercial lender, reported reduced third-quarter profit of $1.37 million, down about $1 million from the like quarter of last year.
TECH: Big Data’s Future Includes a Huge Role in Business
As San Diego County companies strive to match the products they make with the buyers who need them, they increasingly are turning to “big data,” the science of sorting through multiple layers of computer-generated information to identify likely clients.
TECHNOLOGY: Tools Address Clean Water, Sanitation, Rogue Armies
A local digital marketing and engineering agency and one of the world’s largest information technology product makers are demonstrating that big data is about more than lofty concepts and ones and zeros without end; it’s about people.
Shayne Skaff is co-founder and president of MaintenanceNet Inc. and a long-time surfer and exercise fanatic. At MaintenanceNet, he has helped create a successful business that has attracted tech giants such as Cisco Systems Inc., Panasonic Corp. of North America and Ingram Micro as customers, according to the company.
Commentary: Editorials, letters, columns and other opinions
Pension woes are not limited to your local City Hall. Other government-funded retirement plans also pose substantial risk for taxpayers, with large pension debts and inadequate reform efforts from elected officials.
BIOTECH: Stock Repurchases, Incentives Suggested for Company
Rumblings of change may be in store for Volcano Corp., now that an activist investor has acquired 5.1 percent of the San Diego-based medical device maker’s shares.
The LightBridge Hospice Community Foundation, charitable arm of local LightBridge Hospice & Palliative Care, held its fifth annual LightBridge Walk at the Naval Training Center Park in Liberty Station.
FINANCE: Lending Instruments on Upswing Bringing Needed Business
Home loans for people who don’t meet the stringent underwriting requirements to be prime borrowers can still find financing, although it’ll cost more, housing industry sources said. And they appear to be doing so at an increasing pace.
RETAIL: Invention Goes From Bathroom To Big-Box Stores
It was Erin Balogh’s frustration with a pedestal sink that led her to create the Hot Iron Holster.
TECH: CEO Is Pleased With Year, Expects More Growth
Despite turning in a record year in revenue and earnings, Qualcomm Inc.’s fiscal fourth quarter results didn’t impress the market, which pushed down the stock.
RESTAURANTS: Plan Includes New Capital From Existing Equity Partners
Faced with rising competition on its soup-and-salad turf, San Diego-based Garden Fresh Restaurant Corp. has taken financial steps to grow its Souplantation and Sweet Tomatoes brands.
Here’s a local angle to the upcoming Winter Games. Behind the Scenes Catering, a Sorrento Valley-Mira Mesa-based catering firm, will be cooking meals for 5,000-plus members of the U.S. broadcast and international media, as well as corporate sponsors and athletes, at the 2014 Winter Olympics in Sochi, Russia, come February and March.
TECH: Cleaner, More Efficient Engines Are Goals
A young, venture-funded engine technology company has found a partner in one of the country’s most established engine manufacturers.
SPORT: National University Gets Publicity, Team Building
Although it’s got some recognition here, National University knows it’s not a household name, and it wants to change that.
BIOTECH: Sales Forces Merge; Portfolios Seen as ‘Complementary’
Santarus Inc., a San Diego maker of diabetes and gastrointestinal drugs, has agreed to be acquired for $2.6 billion by Salix Pharmaceuticals Ltd.
TRAVEL: Marriott Makeover Part of Trend Of Property Upgrades
Downtown’s San Diego Marriott Marquis & Marina is in the midst of a long-term $200 million makeover that, by the time it’s done in mid-2016, will leave it practically unrecognizable from the property that first opened in 1984.
Friday, November 8
Santarus Inc., a San Diego maker of diabetes and gastrointestinal drugs, has agreed to be acquired for $2.6 billion by Salix Pharmaceuticals Ltd.
Nestle SA said that it agreed to sell the North American business of Jenny Craig to a private equity group, which said it planned to combine it with the Curves International fitness chain.
Locally based investment firm Presidio Residential Capital has provided $8.2 million to build the first phase of a planned $18.8 million urban infill project in San Diego’s Golden Hill neighborhood.
Encore Capital Group, the San Diego collector of charged-off credit card debt, reported third quarter net income of $21 million compared with net income of $21.3 million for the like quarter of 2012.
Kratos Defense & Security Solutions Inc. reported a net loss of $9.9 million on total revenues of $226.4 million during the third quarter ended Sept. 29.
Encin Real Estate of La Jolla has purchased an Oceanside retail building, which includes a McDonald’s restaurant, for approximately $6.2 million.
Provide Commerce, the San Diego parent company of ProFlowers, Red Envelope and other online retailers, is holding a job fair to hire 600 temporary customer service associates Saturday, Nov. 9 at the offices at 4830 Eastgate Mall from 10 a.m. to 1 p.m.
Thursday, November 7
Qualcomm Inc. reported fiscal 2013 fourth quarter net income of $1.5 billion, up 18 percent from the like quarter of 2012.
Escondido-based Realty Income Corp. reported record operating results for its third quarter ending Sept. 30, with revenue up 70.2 percent from the year-ago period, to $199.3 million.
Novatel Wireless Inc., which is two months into a restructuring push, cut its loss by 84 percent during the third quarter.
Sempra Energy reported third quarter net income of $296 million, compared with net income of $268 million for the like quarter of 2012.
Rhino Linings Corp., a San Diego maker of protective truck linings, said it acquired Advanced Coating Solutions, a San Diego developer and manufacturer of coatings including epoxies, urethanes, stains, sealers and topcoats, for an undisclosed price.
San Diego-based Acadia Pharmaceuticals Inc. reported a net loss of $10.7 million in its third quarter earnings this year — an increase from its $2.4 million loss in the third quarter of 2012.
BioMed Realty Trust saw revenue rise 18.4 percent from a year ago in its third quarter ending Sept. 30, reaching $159.2 million.
San Diego’s Sophiris Bio Inc. has applied for a voluntary delisting from the Toronto Stock Exchange.
Wednesday, November 6
The 2014 Davis Cup is coming to San Diego’s Petco Park, the U.S. Tennis Association announced.
San Diego City Council has given preliminary approval to a hike in “linkage” fees, assessed on commercial construction projects, by five times or more, to fund affordable housing development in the city.
San Diego-based Tandem Diabetes Care Inc. has set the terms for its $100 million IPO, offering 7.1 million shares at a price of $13 to $15.
Bridgepoint Education, the San Diego for-profit provider of college courses mainly through online channels, struck a deal with Forbes Media LLC to name its business school under Ashford University the Forbes School of Business.
San Diego-based Cytori Therapeutics Inc. could receive as much as $531 million in an Asia Pacific licensing deal with Chinese regenerative medicine company Lorem Vascular.
The U.S. Navy awarded Carlsbad-based ViaSat Inc. a $39.2 million contract modification for specialized voice and data communications equipment.
General Dynamics Nassco laid the keel of its third mobile landing platform ship in ceremonies Nov. 5 at its Barrio Logan shipyard.
Three new retailers have joined the merchant roster at the recently renovated Flower Hill Promenade in Del Mar.
Tuesday, November 5
Businessman and philanthropist T. Denny Sanford has committed $100 million to create the Sanford Stem Cell Clinical Center at University of California, San Diego.
Jaime Cuadra, who was spearheading an the resurrection of the defunct United States Football League, was sentenced to 41 months in prison and ordered to repay more than $1 million he admitted to embezzling from a local seafood company where he served as chief financial officer, according to the U.S. Attorney’s Office.
U-T San Diego is buying eight community newspapers and websites in San Diego County.
Right on the heels of the Food and Drug Administration’s approval of the narcotic painkiller Zohydro, San Diego-based Zogenix Inc. has announced a $60 million public offering of its stock.
South Korea plans to buy four Northrop Grumman Global Hawk high-altitude spy aircraft, according to a report from Reuters.
RF Industries Ltd., the San Diego maker of cable assemblies and radio frequency connectors, said it sold its RadioMobile operations to a new spinoff business formed by that division’s management team.
DriveCam Inc., a San Diego provider of recording equipment installed in vehicles to help drivers improve their driving, changed its name to Lytx Inc.
The Pizza Studio, a Los Angeles-based fast-casual restaurant, is planning to open its first eatery in the county with a downtown location in January of 2014, to be followed by a second location expected to open in Kearny Mesa in March of 2014.
Monday, November 4
Piazza D’Oro, a 221-unit multifamily and mixed-use complex in Oceanside which includes 17,000 square feet of leasable office space, sold for $81 million.
San Diego-based drugmaker Celladon Corp. announced the terms of its approximately $75 million initial public offering, with plans to release 5 million shares of stock at a price range of $14 to $16 per share.
Overland Storage, the San Diego based provider of data storage services, agreed to acquire Tandberg Data, a German data storage and protection business in an all-stock transaction for an undisclosed price.
The French government has asked Poway-based General Atomics Aeronautical Systems Inc. to provide logistics support for France’s Predator-family remotely piloted aircraft.
The U.S. Navy recently awarded a construction contract worth up to $12.8 million to San Diego-based I.E.-Pacific Inc.
Active Network, the San Diego provider of online registration services, reported third quarter net revenue of $117.5 million, up 8 percent from the like quarter of 2012.
Some of the business events planned for the week of November 4, 2013.
HEALTH: DJO Sees Aging Population Needing Its Devices to Stay Mobile
Vista-based DJO Global Inc.’s DonJoy brand has minor celebrity status in the football circuit, with its knee braces making regular cameos on national television.
HEALTH: Project Finished Ahead of Schedule and $100 Million Under Budget
Six months ahead of schedule and more than $100 million under budget, the joint-venture team of Clark Construction Group LLC and McCarthy Building Cos. Inc. is putting the finishing touches on a $456 million naval hospital at Marine Corps Base Camp Pendleton.
Mary Lacroix is CEO of Cognitive Medical Systems. The company develops custom clinical decision support solutions from its stable of software tools. With headquarters in San Diego, it is a certified HUBZone, service-disabled, veteran-owned and economically disadvantaged woman-owned small business.
Commentary: Editorials, letters, columns and other opinions
Great mentors are generally people of good will who get satisfaction out of helping create opportunities for other people by sharing their knowledge. This is not always as easy as it sounds, but it can prove tremendously rewarding.
The Business of Law Column
Sheppard Mullin Richter & Hampton LLP lawyers Steve Korniczky, Martin Bader, Matthew Mueller and Gray Buccigross earned another big win for client HTC Corp.
SERVICE: Company Combines Print, Digital to Deliver Custom Materials
The smartphone and the tablet did not kill off the printing press. In fact, digital technology is turning Johannes Gutenberg’s 15th century invention into a different machine altogether.
SPORT: Diverse Product Line Counters Dips in Dive Market
On the surface — or rather, just below it — Aqua Lung International would seem to be merely a diving equipment company. But the Vista-based company has crafted a strategy of late to expand into neighboring market segments, knowing that the tides of business can quickly turn on a limited product line.
SPORT: Callaway Golf Takes Leaner, More Decisive Approach
Callaway Golf Co. seems to be shooting under par on its comeback course. The Carlsbad-based maker of golf clubs, balls and accessories reduced its traditional third-quarter loss, increased its yearly revenue forecast and said it might even turn a profit for 2013.
INSURANCE: Firm Plans to Keep Office, Leadership Intact
Arthur J. Gallagher & Co., one of the nation’s largest insurance brokerages, has acquired San Diego-based G.S. Levine Insurance Services for an undisclosed price.
TECH: Co. Says Patents at Issue Are ‘Old Technology’
Qualcomm Inc. plans to appeal a federal jury’s decision to award $173 million in damages to a Florida company that sued the San Diego tech giant for patent infringement.
RETAIL: Urban Wineries Create a Following With Their Winemaking Talents and Central Locations
Mike McWilliams was looking for small wine bar as a retirement business several years ago before he ended up buying something called an urban winery.
Startups in need of angel funding have a new source to possibly tap here in San Diego. Michael J. Kinkelaar, senior partner in the downtown office of Procopio Cory, Hargreaves & Savitch, has been working with Orange County investment bank Roth Capital Partners plus member organizations Connect and Orange County’s Octane to launch a new website, openround.com.
MEDICINE: It Will Focus on Improving Stakeholders’ Experiences
Tri-City Medical Center is regrouping after the firing of its chief executive, Larry Anderson, with Chief Operating Officer Casey Fatch filling the position in the interim.
PROPERTY: Lowe Said to Be Wanting to Buy, Redevelop Site
Lowe Enterprises’ real estate group is looking to buy and redevelop the Town & Country Resort & Conference Center, according to a lobbying disclosure form filed with the city of San Diego.
PHARMA: Many at Co. Have A ‘Rich History’
Seragon Pharmaceuticals Inc. — a new San Diego company focused on breast cancer therapies with a management team coming off an extremely lucrative exit — has raised $30 million in Series A financing.
RETAIL: Expansion Outside U.S. Contributed To Revenue, Earnings
PriceSmart Inc., the San Diego-based operator of club warehouse stores in Latin America and the Caribbean, turned in another stellar fourth quarter and year, causing investors to take notice.
FINANCE: Some Say Regulations Would Still Be Too Cumbersome
Startups seeking capital may find fertile ground through the proposed federal rules covering crowdfunding, but some of those rules could also inhibit businesses from using this process to raise money.
U.S. Bank supplanted Wells Fargo Bank as the No. 1 lender of SBA loans by number this year in the San Diego market — by a single loan.
Biotech/Health Care Column
Illumina Inc. has acquired Silicon Valley-based NextBio Inc., which uses big data technology to systematically catalogue and interpret genetic data. This is a notable move for a company like Illumina that has a vested stake in lowering the cost of sequencing the human genome.
News and notes from communities around San Diego County
The owners of Coronado Brewing Co. recently signed a 25-year lease for a building in Imperial Beach, co-founder Ron Chapman said.
Friday, November 1
Leap Wireless International Inc., the flat rate carrier doing business as Cricket, said more than 99 percent of the votes cast at the special shareholders meeting Oct. 30 approved the company’s sale to AT&T.
The San Diego Unified Port District said two major credit rating agencies, Fitch Ratings and Standard & Poor’s, assigned an A+ rating to $19 million in revenue refunding bonds that will be issued next month.
San Diego Private Bank reported third quarter net income of $456,000, up 80 percent from the net earnings in the second quarter of this year.
Fairbanks Morse Engine, a Wisconsin business that has built opposed-piston engines for nearly 100 years, has signed a joint development and licensing agreement with San Diego-based Achates Power Inc., which has a new design for the opposed-piston engine.
A new version of the U.S. Navy’s unmanned helicopter made its first flight on Oct. 31 at Naval Base Ventura County in Point Mugu.
Shares for San Diego-based Sequenom Inc. plunged 23 percent after it reported in a regulatory filing that it received an unfavorable ruling in a patent infringement case against San Jose-based Ariosa Diagnostics Inc.