San Diego Business Journal

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JMI Equity Closes $1 Billion Fund

JMI Equity, a private equity firm with offices in San Diego and Baltimore, said it closed its largest fund ever this week-— $1 billion for JMI VIII.

Search Optics Acquires DigiGo

Search Optics, a digital marketing business based in San Diego, said it acquired KPA’s DigiGo division, formerly known as TK Carsites. Terms of the agreement weren’t disclosed.

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Mitek Sees Stock Drop as CTO Leaves, Some Patent Lawsuits Dismissed

Mitek Systems , a San Diego maker of software used by more than 2,500 financial institutions for transferring money via mobile devices, saw its stock plunge 18 percent Aug. 18 following the company’s announcement that its chief technology officer abruptly left the company.

County Business Forecast Index Drops 8 Points in July

The San Diego Business Forecast, an index measuring the county’s business outlook, showed a dramatic decline in July, falling 8 points from June.

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E. Digital Corp. Reports Q1 Results for FY2015

E. Digital Corp., a technology developer and licensor for consumer products, reported fiscal 2015 first quarter revenue of about $683,000, compared with $449,000 for the like quarter of the prior year.

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Kashi Returning to 'Re-Establish Brand as a Stand-Alone Natural Food Business'

With news of some San Diego companies moving to other states, it’s refreshing to report that one that left is returning.

San Diego County's Unemployment Rate Increases to 6.6% for July

San Diego’s unemployment rate increased to 6.6 percent in July, up from a revised 6.1 percent in June, as the region shed nearly 6,000 jobs, mostly from school employees taking a summer recess, according to the state’s Employment Development Department.

Affordable Housing Complex Aims to Serve Developmentally Disabled

Independence Point, a housing complex geared to families with a member who has developmental disabilities, broke ground on renovations of a site in Lincoln Park.

Ground Broken on Apartment Complex for Disabled Residents

Independence Point, a housing complex geared to families with a member who has developmental disabilities, broke ground in Lincoln Park.

Whistleblower Laws Call for Sound, Clearly Defined Policies

LAW: Proliferation of Lawsuits Emphasizes Scope of the Problem

A tidal wave of new lawsuits claiming retaliation against so-called whistleblowers has been hitting business owners in recent years.

Silvergate Shifts Strategy to Make More Nonqualified Mortgages

Silvergate Bank changed its lending strategy from making qualified mortgages to making nonqualified ones, or those that aren’t bought by the two major government-sponsored entities, Fannie Mae and Freddie Mac.

A Stroke of Luck Brought Financial Adviser to Golf Franchise

SPORT: Players’ Swings Evaluated With Motion Sensors, Video

Suzanne LaTour was looking to improve her golf game and ended up owning a national franchise that provides golf lessons.

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Kashi Returning to San Diego

With news of some San Diego companies moving to other states, it’s refreshing to report that one that left is returning.

County Unemployment Rate Increases to 6.6% in July

San Diego’s unemployment rate increased to 6.6 percent in July, up from a revised 6.1 percent in June, as the region shed nearly 6,000 jobs, mostly from school employees taking a summer recess, according to the state’s Employment Development Department.

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Renovation Realty to Expand to Bay Area

Renovation Realty, a San Diego company that renovates houses and then sells them without the owners paying up front construction costs, said it’s expanding to the Bay Area.

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Infosonics Corp. Reports Net Sales Increase 25% in Q2

Infosonics Corp., the San Diego maker and distributor of wireless devices mainly in South America, reported second quarter net sales of $10.4 million, up 25 percent from the like quarter of 2013. For the six months, sales were $22.1 million, up 37 percent from the comparable period of the prior year.

City Pension Fund Reports Preliminary Return of 16.6%

The San Diego City Employees Retirement System, the pension fund for employees of the city of San Diego, the Port of San Diego, and the San Diego County Regional Airport Authority, reported a preliminary return of 16.6 percent, net of fees, for the 2014 fiscal year ended June 30.

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California Bank & Trust Reports Q2 Results

California Bank & Trust, San Diego’s largest locally-based lender with $11 billion in total assets, reported second quarter net income of $29.1 million, compared with net income of $31 million for the like quarter of 2013.

County Median House Price for July Is $445,000, According to Dataquick

The median price for a single family house sold in San Diego during July was $445,000, down by $5,000 from the June median, but up 6.6 percent from July 2013, according to Dataquick, the San Diego based real estate research firm.

2Q Revenue, Loss Down at ImageWare Systems

ImageWare Systems, a San Diego-based maker of identity management software, reported second quarter revenue of $937,000, compared with $1 million in revenue for the like quarter of 2013.

Sports Industry Startups Sought for Incubator

SD Sports Innovators accepting applications through Sept. 7.

Athletic Endurance Events Have $64.1M Economic Impact Locally

Endurance events like San Diego’s Rock ‘n Roll Marathon and Carlsbad’s 5000 meter race generate significant economic benefits to the county, according to a new report from the National University System Institute for Policy Research, a think tank based in Torrey Pines.

County Tax Collections Hit Record Level

San Diego County Treasurer-Tax Collector Dan McAllister said his office hit a record for tax collections for the 2014 fiscal year that ended June 30.

San Diego-Based Succession Capital Acquires Washington State Company

Succession Capital Inc., a San Diego based private equity firm that buys small- and medium-sized businesses of retiring owners, said it acquired Wine Valley Siding Supply Inc., a distributor of cedar and fiber cement siding based in Bothell, Wash., near Seattle.

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Encore Capital Group's Revenue Up 72% for Q2

Encore Capital Group, the San Diego buyer and collector of defaulted credit card debt, reported second quarter net income of $21.3 million, compared with $11 million in the like quarter of 2013.

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July's Median Housing Price in County Is $517,000

San Diego’s median sales price for a single family house sold in July was $517,000, down 2 percent from June, but up 7 percent from July 2013, according to the Greater San Diego Association of Realtors.

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Encore Capital Reports Q2 Results

Encore Capital Group, the San Diego buyer and collector of defaulted credit card debt, reported second quarter net income of $21.3 million, compared with $11 million in the like quarter of 2013.

Who Derailed Proposed Bank Acquisition Is Open to Interpretation

Federal regulators didn’t approve the proposed acquisition of First Mountain Bank by First National Bank of Southern California, with four of its five branches in San Diego.

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County Meidan Housing Price Is $517,000 for July

San Diego’s median sales price for a single family house sold in July was $517,000, down 2 percent from June, but up 7 percent from July 2013, according to the Greater San Diego Association of Realtors.

Sempra Sales, Profits Going in Right Direction

ENERGY: Second-Quarter Net Income Up 9.8%; Key Project Gets Financing

Sempra Energy, San Diego’s second-largest company by revenue, is on track get bigger this year, both in sales and profits.

Peer-to-Peer Lending Is Gaining Currency

FINANCE: Borrowers and Investors Find a Useful Tool

Peer-to-peer lenders are becoming more acceptable, both as a source of capital for consumers and as a legitimate place for investors to get a better return on their money.

FTD Must Pick Its Course for Provide

ACQUISITION: Staffing Overlap May Bring Cuts

FTD Companies Inc.’s acquisition of San Diego-based Provide Commerce should yield $25 million in annual synergies within three years, according to the buyers. But how those savings will be achieved is difficult to discern.

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Sempra's Q2 Net Earnings Up 9.8%

Sempra Energy reported second quarter net earnings of $269 million, up 9.8 percent from the net profit in the second quarter of 2013.

BofI Holding Reports Net Income of $56M for Fiscal Year

BofI Holding Inc., parent company of BofI Federal Bank, formerly called Bank of Internet USA, reported fourth quarter net income of $16 million, up 44 percent from the like quarter of 2013.

Bridgepoint Education Reports Q2 Results

Bridgepoint Education, the for profit operator of two colleges, reported second quarter revenue of $171.5 million, down from $193.5 million for the like quarter of 2013.

Pulse Electronics Reports Q2 Net Sales of $93.6M

Pulse Electronics Corp., a San Diego based maker of electronic components, reported second quarter net sales of $93.6 million, up 6 percent from the prior year’s second quarter.

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Padres Name Preller New GM

The San Diego Padres named A.J. Preller as the team’s new executive vice president and general manager, replacing Josh Byrnes, who was fired in June.

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Jack in the Box Reports Q3 Results for FY2014

San Diego-based Jack in the Box Inc. reported net income of $24.7 million for its fiscal third quarter ended July 6, compared with a net loss of $5.6 million for the like quarter of 2013.

Silvergate Bank Reports Net Income of $1.5M for Q2

Silvergate Bank, based in University City and with four branches, reported second quarter net income of 1.5 million, up 10 percent from the like quarter of 2013.

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Overland Storage Expects Q4 Revenue to Exceed $24M

Overland Storage, a San Diego provider of data storage systems that’s in the midst of being acquired by a Canadian software company, said its net revenue for the fourth quarter should exceed $24 million, up from $20 million in the third quarter.

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Cubic Reports Q3 Results

Cubic Corp., the San Diego defense contractor and provider of mass transit fare systems, reported fiscal 2014 third quarter revenue of $340.4 million, up 1 percent from the like quarter of last year.

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OneRoof Energy Raises $1 Million in Loan Funding

OneRoof Energy Group Inc., a San Diego solar power finance provider, said it closed on $1 million of additional loan funding under an existing loan arrangement. The loan was made by Hanwha Holdings Inc., an existing shareholder of the company.

Survey says: ...You Don't Want to Know If You're in Small Business in S.D.

A nationwide survey of entrepreneurs gave San Diego an F rating for its friendliness to small businesses.

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Maxwell Technologies Inc. Reports Q2 Revenue of $46.1 Million

Maxwell Technologies Inc., the San Diego maker of energy storage and power delivery devices, reported second quarter revenue of $46.1 million, down 17 percent from $55.6 million in revenue in the like quarter of 2013.

San Diego Gets a Failing Grade in This Business Survey

A nationwide survey of entrepreneurs gave San Diego an F rating for its friendliness to small businesses.

Zingle Uses Your Texts to Help You Get to the Front of the Line

TECH: Device Connects Hospitality Businesses to Their Customers’ Orders

Making a call is OK but texting is better for business, said John Girard, who heads Zingle, a Carlsbad business built around texting technology.

Phase 2 of Bay Cleanup Dredges Up Old Issues

BAY: Some Say Costs Increased By Foot-Dragging, Litigation

One of the more contentious environmental remediation projects in San Diego history — a cleanup of two sites in San Diego Bay — enters phase two this week.

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Maxwell Technologies Reports Q2 Revenue of 46.1M

Maxwell Technologies Inc., the San Diego maker of energy storage and power delivery devices, reported second quarter revenue of $46.1 million, down 17 percent from $55.6 million in revenue in the like quarter of 2013.

Provide Commerce Is Being Sold to FTD

Provide Commerce, a San Diego subsidiary of Liberty Interactive Corp. and operator of online retailer ProFlowers, is being sold again, this time to one of its biggest competitors, FTD Cos. of Downers Grove, Ill.

Vibra Bank Reports Q2 Results

Vibra Bank, based in Chula Vista and a single office, reported a second quarter loss of $26,000, compared to net income of $61,000 for the like period of 2013.

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