San Diego Business Journal

San Diego's Economy Will Top $200 Billion, Report Says

San Diego’s economy will end this year above $200 billion in gross domestic product, the sum of all spending by companies, the highest level in its history, according to a recent study by a local think tank.

Omnitracs Acquires XRS Corp. for $178 Million

Omnitracs LLC, the Qualcomm spinoff business that was acquired by Vista Equity Partners one year ago for $800 million in cash, recently completed its purchase of XRS Corp., a Minneapolis maker of software that helps trucking companies manage vehicle fleets via mobile devices.

Local Economy Shows Continuing Growth, Index Shows

An index measuring San Diego’s economy increased 0.6 percent in September, the fourth consecutive time it’s risen and the largest monthly spike since February 2013.

Third-Quarter Earnings For Peregrine Down From $60M in 2013

Peregrine Semiconductor Corp., the San Diego-based maker of high-speed, radio frequency chips, reported third-quarter revenue of $43 million, down from $60 million for the like quarter of 2013.

Economic Index Shows Fourth Consecutive Month of Growth

An index measuring San Diego’s economy increased 0.6 percent in September, the fourth consecutive time it’s risen and the largest monthly spike since February 2013.

Peregrine Reports $43 Million in Third-Quarter Earnings

Peregrine Semiconductor Corp., the San Diego-based maker of high-speed, radio frequency chips, reported third-quarter revenue of $43 million, down from $60 million for the like quarter of 2013.

SDPB Hits a ‘Grand Slam Home Run’ With Its Bank Buy

When banks buy other banks, the deal usually entails a stock for stock payment, with the buyer assuming all the liabilities of the acquired bank.

Law School Reaches a Debt Restructuring Deal

Thomas Jefferson School of Law said it signed a restructuring agreement with its bondholders, reducing its debt from $127 million to $40 million, and lifting the cloud of default.

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America’s Cup Backers Look to Land the Event

SPORT: Port Commissioner Optimistic Over S.D.’s Offer

With the choice for the next America’s Cup yachting race down to two sites, San Diego and Bermuda, the local agency leading the effort to attract the 2017 event submitted a revised proposal to organizers.

Balboa Park to Get Tech Upgrades With $1 Million Donation

Visitors to Balboa Park will soon be able to enjoy Internet access and other high-tech improvements following a $1 million donation from the James Irvine Foundation to double the size of the park’s WiFi network.

Vibra Bank Acquired by Los Angeles Bank

Vibra Bank, based in Chula Vista and one of San Diego’s smallest with about $148 million in assets, said it signed a definitive agreement to be acquired by Pacific Commerce Bank of Los Angeles in a stock and cash deal valued at $16 million.

Fourth-Quarter Revenue Up 6.3 percent at PriceSmart Inc.

PriceSmart Inc., the San Diego operator of club warehouse stores in Latin America and the Caribbean, reported fiscal 2014 fourth quarter revenue of $622.6 million, up 6.3 percent from the like quarter of 2013.

Thomas Jefferson Reaches Restructuring Deal With Bondholders

Thomas Jefferson School of Law said it signed a restructuring agreement with its bondholders, reducing its debt from $127 million to $40 million, and lifting the cloud of default.

Mogl Receives $11 Million in Venture Funding

Mogl, the San Diego-based restaurant loyalty service, received $11 million in venture funding recently, led by existing investors.

Coldwell Banker Ranked No. 1 For Listings Through August

Coldwell Banker was ranked No. 1 in San Diego County for listing unit, buyer units, total units and sales volume through the end of August, according to the most recent Trendgraphix Market Share Report.

Teledyne Technologies acquires Carlsbad-Based Oceanscience Group Ltd.

The Oceanscience Group Ltd., a Carlsbad manufacturer of marine sensor platforms and unmanned surface vehicles, was acquired by Teledyne Technologies Inc., the buyer said.

QCMI to Create Program to Train Machinists

Quality Controlled Manufacturing Inc., a Santee contract manufacturer, said it will collaborate with the San Diego Workforce Partnership, the local job training agency, to establish a machinist training program at its site with funding in place for the first 12 students.

Sempra Energy Celebrates Groundbreaking of Louisiana Facility

San Diego-based Sempra Energy said some 300 community and business leaders turned out for the Oct. 23 groundbreaking ceremony in Hackberry, La., for its Cameron $10 billion liquid natural gas export facility.

Third-Quarter Net Income Rises for San Diego Private Bank

San Diego Private Bank, which just announced the acquisition of all the loans and deposits of First Security Business Bank, reported third quarter net income of $723,000, up 58.6 percent from the like quarter of last year.

Seacoast Commerce Bank Makes Gains in Net Income, Assets

Seacoast Commerce Bank, which amazingly is now the fourth largest community bank headquartered in San Diego, reported third quarter net income of $1 million, up 300 percent from the net income for the same quarter of last year.

Stone to Build Distribution Center In Vista

Stone Brewing Co., the Escondido juggernaut that recently struck deals to build breweries in both Virginia and Berlin, said it plans to open a distribution center in Vista for its national clients.

Council Puts Minimum Wage Issue on 2016 Ballot

A phased-in minimum wage increase required of businesses located in the city of San Diego that would have raised the wage from $9 to $11.50 by 2017 will be put to a public vote on June 2016 following a unanimous 9-0 vote by the San Diego City Council.

Law School Gets Extension on Bonds

FINANCE: TJLS Trying To Restructure Its Debt

Thomas Jefferson School of Law obtained another extension from bondholders to the end of this month to negotiate a new agreement following the school’s default in June on $133 million of outstanding debt.

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Numbers Adding Up for Abacus Data Systems

TECHNOLOGY: Big Growth In Legal Data Services

Abacus Data Systems Inc. is seeing explosive growth in both its staffing and revenue this year, as more law firms adopt its private cloud platform that lets firms focus on legal services rather than managing their data systems.

Sempra Energy Breaks Ground on Natural Gas Facility

San Diego-based Sempra Energy said some 300 community and business leaders turned out for the Oct. 23 groundbreaking ceremony in Hackbery, La., for its Cameron $10 billion liquid natural gas export facility.

San Diego Private Bank Reports Third Quarter Net Income

San Diego Private Bank, which just announced the acquisition of all the loans and deposits of First Security Business Bank, reported third quarter net income of $723,000, up 58.6 percent from the like quarter of last year.

Alaska Airlines Adds Nonstop Flights to Kona, Hawaii

Alaska Airlines said it is adding new nonstop flights from San Diego to Kona, Hawaii, starting March 5.

San Diego Private Bank to Acquire First Security Business Bank

San Diego Private Bank, which merged with Coronado First Bank in April 2013, is expanding again, having signed a definitive agreement to acquire all of the loans and deposits of First Security Business Bank, a one-office industrial bank in Orange.

Vibra Bank Reports Strong Third-Quarter Net Income

Vibra Bank, based in Chula Vista and with one branch, reported third quarter net income of $305,000, compared to net income of $134,000 for the like quarter of 2013.

County's Assessed Property Value Up 5.7 Percent

The total value of San Diego County’s assessed property for the 2014 fiscal year ended June 30 was $430.3 billion, up 5.7 percent from the prior year, according to the state Board of Equalization.

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Cox Doubles Speed on Internet Packages

Cox Communications, whose subsidiary Cox San Diego, provides cable and Internet services to about 500,000 households here, said it doubled the speeds of its two most popular Internet service packages without increasing the price.

Inflexus Buys Diego Homes Property Management Group

Inflexus Management, a San Diego property management firm, said it acquired Diego Homes Property Management Group, a local management firm focused mainly on single-family homes and small apartments, for an undisclosed price.

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Envision Solar Reports High Level of Sales

Envision Solar International Inc., a San Diego maker and provider of solar energy systems, said it received multiple purchase orders for its solar products in less than 30 days that totaled more than $2 million.

Unanimous City Council Vote Puts Minimum Wage Issue on June 2016 Ballot

A phased-in minimum wage increase required of businesses located in the city of San Diego that would have raised the wage from $9 to $11.50 by 2017 will be put to a public vote on June 2016 following a unanimous 9-0 vote by the San Diego City Council.

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Stone to Open Distribution Center in Vista

Stone Brewing Co., the Escondido juggernaut that recently struck deals to build breweries in both Virginia and Berlin, said it plans to open a distribution center for its national clients in Vista.

Albireo of New Jersey Buys Two Poway Companies

Electronic Control Systems and Green Total Solutions, both based in Poway, were acquired by Albireo Energy LLC of New Jersey for an undisclosed price.

Acquisition of redIT Clears Final Regulatory Hurdle

KIO Networks, a Mexico-based Internet services provider, said it concluded the final regulatory process of acquiring redIT, a San Diego-based provider of information technology data centers.

Unemployment Rate in County Is 5.9% for September

San Diego’s unemployment rate in September was 5.9 percent, down from August’s 6.2 percent, and down from the year-ago rate of 7.3 percent, according to the state’s Employment Development Department.

Plans for Busier Workers Buoy Business Index for September

The San Diego Business Outlook Index, a measure of local business owners’ confidence, increased by 1.7 points in September to 26.7, driven by more optimism about increased workforce hours.

Military Compensation Average Outpaces Civilian Pay Locally

DEFENSE: Total Said to Be $15.5B According to Study

San Diego’s active duty military personnel are “a force for good,” as the Navy says in a televised ad, and especially good for the local economy.

Neighborhood National Bank Slowly Filling Its Tanks These Days

If you’re a gas station owner looking for a loan, don’t bother visiting Neighborhood National Bank. It’s not that the San Diego lender can’t support anything connected to the oil industry. It’s just that it’s gotten hosed by a couple of problem loans to gas station borrowers.

Ashford Leader Changes The ‘Campus’ Culture

EDUCATION: Reforms Keep Coming in Challenging Climate

It’s been two years since Richard Pattenaude was named president of Ashford University, and he’s still getting used to change that occurs much faster than at his past job.

Business Index Outlook Is Up 1.7 Points in September

The San Diego Business Outlook Index, a measure of local business owners’ confidence, increased by 1.7 points in September to 26.7, driven by more optimism about increased workforce hours.

September Unemployment Rate in County Is 5.9%

San Diego’s unemployment rate in September was 5.9 percent, down from August’s 6.2 percent, and down from the year-ago rate of 7.3 percent, according to the state’s Employment Development Department.

Region Ranks Sixth in Q3 Venture Capital Dollars

Twenty one San Diego area businessesattracted about $220 million in venture capital during the third quarter, according to the Dow Jones VentureSource report.

Seacoast Commerce Bank Reports Q3 Results

Seacoast Commerce Bank, based in San Diego, reported third quarter net income of $1 million, compared with net income of $250,000 for the like quarter of last year.

Former Mayor O’Connor Makes List of California’s Top 500 Tax Debtors

Former San Diego Mayor Maureen O’Connor was on the latest list of California’s Top 500 Tax Debtors released by the state’s Franchise Tax Board.

County Investment Pool Receives High Rating

San Diego County’s investment pool, used by local agencies for their short term cash needs, received Standard & Poor’s highest ratings for credit quality and volatility again based on its past fiscal year results, said County Treasurer-Tax Collector Dan McAllister.

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Overland Storage Says Its Acquisition Is On Track to Close This Quarter

Overland Storage Inc., the San Diego provider of data storage systems that agreed to be acquired in May by Ontario, Canada-based Sphere 3D, said the transaction is on track to close in the current fiscal quarter.

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OneRoof Energy Receives $2M in Debt Financing

OneRoof Energy Inc., a San Diego provider of residential solar services, said New Resource Bank will provide it with about $2 million in debt financing to lower its cost of funds on a pool of existing solar projects.