San Diego chipmaker PSemi Corp. and its parent company, Murata Manufacturing Co. Ltd., have named a new CEO for PSemi. Sumit Tomar will take the job on July 1.
Cubic Corp. announced on Feb. 18 that its board approved a semiannual dividend of 13½ cents per share. The dividend is payable on March 12 to shareholders of record on March 1.
General Atomics Aeronautical Systems Inc. publicly announced the next piece of technology that will command its advanced MQ-9B remotely piloted aircraft.
The U.S. Navy is buying five additional MQ-8C Fire Scout helicopters from Northrop Grumman Corp., as well as two lightweight fuel cells, under a $55.1 million contract modification awarded on Jan. 30.
Defense & Technology: Viasat Grows Revenue, Takes $10.4M Loss, Places Order for Third ViaSat-3 Satellite
Grow, grow, grow. Satellite communications specialist Viasat Inc. set revenue records for all three of its business segments during the quarter ended Dec. 31.
Flux Power Holdings Inc. reported a net loss of $2.92 million on revenues of $2.7 million for the second quarter of its fiscal year. Revenue grew 126 percent from the same quarter last year, when Flux had $1.2 million in sales.
SPAWAR Systems Center Pacific, the U.S. Navy’s electronics lab complex on Point Loma, has changed its name to Naval Information Warfare Center Pacific.
Sempra Energy said on Feb. 12 that it has agreed to sell its wind generation assets to American Electric Power for $551 million in cash. It's part of a wider effort to divest of its generation and natural gas storage assets.
Sempra Energy is poised to start production on the first unit of its Cameron liquefied natural gas (LNG) export plant in southern Louisiana. Separately, Sempra announced on Feb. 7 that it completed the sale of its non-utility natural gas storage assets to ArcLight Capital Partners for $328 million in cash.
GIVING: They Prepare By Improving Connections With Donors, Cutting Debt
The bitter experience of the Great Recession sticks in the minds of the people running San Diego’s nonprofit organizations.
Philanthropists, Donors Deliver Needed Dollars for Cultural Institutions
Like other cultural spots in San Diego, Balboa Park is built atop civic support, exists on revenue from admissions and programs — but only flourishes with the help of charitable giving.
Satellite communications specialist Viasat Inc. reported a net loss of $10.4 million, or 17 cents per share, on total revenues of $554.7 million during its third quarter, which ended on Dec. 31. The Carlsbad-based corporation reported “exceptional performance” that set revenue records for its three business segments.
The U.S. Navy commissioned its futuristic Zumwalt-class destroyer, the USS Michael Monsoor, with traditional ceremonies that included a 19-gun salute in late January.
Cubic Corp. reported a net loss of $6.6 million or 23 cents per share on net sales of $305.3 million during the quarter ended Dec. 31. The Kearny Mesa-based corporation — which specializes in transportation and defense technology — reported its financial results on Feb. 6.
Viasat said it has reached an agreement with the Italian airline Neos S.p.A. to provide in-flight Wi-Fi connectivity to Neos’ fleet of Boeing 787 Dreamliner aircraft. Financial terms of the deal, announced Feb. 5, were not disclosed.
Similarly, the board declared a 35 cent dividend payable Aug. 30 to stockholders of record as of the close of business on Aug. 15.
Tesla Inc. has agreed to buy Maxwell Technologies, a San Diego company specializing in industrial-grade and vehicle-grade capacitors. Tesla has agreed to pay $4.75 per share of Maxwell (Nasdaq: MXWL) stock in an all-stock deal. The price is a 55 percent premium over Maxwell’s $3.07 closing share price on the previous trading day, Feb. 1.
Cubic Corp. announced on Feb. 4 that it promoted Dan Hedstrom to chief information officer. He replaces Jan Marshall in the job. Hedstrom will manage the information technology team for Cubic (NYSE: CUB), which has more than 5,600 employees at 75 locations worldwide.
Sempra Energy has passed another milestone on the road to building its liquefied natural gas (LNG) export facility in Port Arthur, Texas. The corporation said the project received its final environmental impact statement from the Federal Energy Regulatory Commission (FERC), which has yet to approve the project.
Viasat Inc. said in late January that its community Wi-Fi service is available to roughly 1 million residents south of the U.S.-Mexico border.
Cubic Corp. said on Jan. 31 that it will provide data networking gear to the U.S. Marine Corps as part of a contract awarded to Virginia-based iGov. Under the five-year contract, Cubic said its Cubic Mission Solutions subsidiary expects to deliver thousands of its DTECH ruggedized computer and networking modules for iGov’s small form-factor solution.
Kratos Defense and Security Solutions Inc. announced on Jan. 30 that it successfully demonstrated a satellite control technology. Specifically, Kratos software commanded a spacecraft using the U.S. Air Force’s Enterprise Ground Services framework, and demonstrated that its technology was mature.
Know someone who has a thing for numbers? Someone who works behind the scenes to keep the business on an even keel? Nominations for the San Diego Business Journal’s “2019 CFO of the Year Award” are being accepted through midnight Feb. 15.
Axos Financial Inc. said on Jan. 29 that it closed its acquisition of COR Clearing LLC of Omaha, Nebraska. Final terms of the deal were not disclosed; however, Axos told investors in October that it expected a purchase price of $76 million and debt payments of $9 million.
Collins Aerospace notified the San Diego Workforce Partnership that it will lay off 66 employees at its Chula Vista plant on March 29. Notification came in a letter dated Jan. 28. While manufacturing will come to an end in Chula Vista, the facility is not closing, according to the subsidiary of United Technologies.
Sempra Energy announced on Jan. 28 that it plans to sell its businesses in Peru and Chile by the end of 2019.
Cubic Corp. is wrapping up renovations of the space where it manufactures military training gear, paving the way for future manufacturing in San Diego.
The U.S. Navy inked ship maintenance agreements with three major shipyards in the Port of San Diego. BAE Systems San Diego Ship Repair, Huntington Ingalls Industries Inc. and General Dynamics NASSCO will now bid on work valued at up to $90.3 million.
The U.S. Navy is poised to place orders for two aircraft carriers in the Gerald R. Ford class.
Harper Construction Co. Inc. beat out two other bidders to receive a $17.3 million task order to build a Marine Corps Reserve Training Center and vehicle maintenance facility at Naval Weapons Station Seal Beach.
FINANCE: Effects May Have Bigger Impact On Mid-Level Donors
Passage of the Tax Cuts and Jobs Act in 2017 came with some speculation that the law would put a damper on charitable giving.
The Solana Beach city government approved a three-year deal to buy energy that does not come from sources that create greenhouse gases. The move comes as other California cities take the same step, and as San Diego lawmakers move to put their city on the same path.
Forget Guessing or Even Googling to Navigate New Tax Law, You Are Going to Need Expertise
The Tax Cuts and Jobs Act of 2017 is many things. It is big. Its changes are sweeping.
Anticipating continuing work building ships for the U.S. Navy and commercial clients, General Dynamics NASSCO has constructed and equipped a new facility to fabricate steel components for ships.
Nitin Jain, a founder of San Diego based chipmaker Anokiwave Inc., has been named a fellow of the IEEE, or Institute of Electrical and Electronics Engineers. The award recognizes leadership in the development of physics-based models for millimeter wave system-on-chip integrated circuits.
Western Lighting and Energy Controls has become an employee owned company by changing its structure to an Employee Stock Ownership Plan (ESOP) trust.
The space sector is experiencing a technology renaissance.
Foothill Transit has awarded Cubic Corp. a $4.5 million contract to make its bus fare collection system compatible with the regional TAP system — the smart card system used by transit providers in the greater Los Angeles area.
The U.S. Missile Defense Agency awarded Raytheon Co.’s San Diego office a contract for multispectral targeting system (MTS) sensor support, with a $1.3 million task order. The entire contract could eventually be worth up to $9.6 million.
2019 will be the year of the 5G smartphone.
2019 Look Ahead: TECHNOLOGY
Sempra Energy went through several changes in 2018 and could change some more by the time 2019 is over.
WD-40 Co., maker of the eponymous lubricant as well as a line of cleaning and lubricating products, reported net income of $13.3 million or 95 cents per share during its first quarter, which ended Nov. 30. Net income rose 5 percent from last year’s first quarter.
PriceSmart, the San Diego-based warehouse club chain operating in Latin America and the Caribbean, reported that December’s merchandise sales increased almost 1 percent compared with the same month one year ago. The company made its announcement Jan. 9.
2019 Look Ahead: Aerospace
San Diego’s aerospace community was established long before Lindbergh took off for Paris, and it’s poised to make more headlines in 2019. Look for news among the makers of unmanned aerial vehicles.
The U.S. Navy awarded engine maker Fairbanks Morse an indefinite delivery, indefinite quantity contract that could be worth up to $13.6 million over five years. Thirty percent, or up to $4 million, of the work is expected to flow to San Diego.
ECONOMY: Defense, Tech And Tourism to Help S.D. Beat National Numbers
San Diego’s economy will likely run faster than the national economy in the coming year.
Spring Valley-based Williams Aerospace and Manufacturing has been acquired by a Los Angeles area defense contractor for undisclosed terms. Williams makes parts for a variety of Lockheed Martin aircraft, including the P-3 Orion maritime patrol aircraft and C-130 Hercules transport.
Raytheon Co. is quietly working its way toward earning $132 million over several years by tending to the electronics on the U.S. Navy’s San Antonio-class amphibious ships. Raytheon (NYSE: RTN) is performing most of that work in San Diego.
General Atomics has received a contract to help launch a satellite for an international data gathering program. It is expected to play a role in ocean buoy tracking, wildlife and fishery monitoring, and maritime security.
Harper Construction Co. Inc. is going into 2019 with a $59.5 million U.S. Army contract to build a reception station barracks complex at Fort Sill, Oklahoma.