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Week in Review

Quote of the Week

‘We’re wondering if there is a conspiracy out there to kill ILCs.’

, Dennis Frank, chief executive officer of Silvergate Bank, referring to industrial loan companies.

Click here for the story.

Tuesday, May 8

DJO Pays Expenses:

DJO Inc., a Vista-based maker of medical orthopedic devices, reported first-quarter net income of $4 million on revenue of $114.9 million.

While revenue was up 39 percent from the like period of 2006, net income was down from the $6 million reported in last year’s first quarter.

DJO said the lower profit was the result of expenses related to its acquisition of Aircast Inc. and a legal settlement.

Chief Executive Officer Les Cross said the company expects full-year revenues of $470 million to $480 million, up 14 percent to 16 percent from the total in 2006.

Annual operating earnings on a per share basis were forecast between $1.35 and $1.40.

Shares of DJO, traded on the New York Stock Exchange, took a hit of more than $7 and were at $32.35, a 52-week low in the May 8 session. The 52-week range was between $34.20 and $45.50.

, Mike Allen

– – –

Cricket Gains Customers:

Leap Wireless International Inc., the San Diego-based parent of flat-rate wireless carrier Cricket, reported total revenue for the quarter ended March 31 of $389.4 million, up 46 percent from the like period of 2006.

Leap reported a net loss of $8.1 million in the quarter compared with a net profit of $17.7 million in the like period last year. The company said increased depreciation and interest expense associated with expanding into new markets, including San Diego, contributed to the loss.

Leap added 318,346 new customers during the period, triple what it did in 2006’s first quarter. That caused its customer count to rise to more than 2.5 million, up 43 percent from the level in the prior year first quarter.

Leap said net customer additions in the second quarter should be in the range of 125,000 to 175,000.

Traded on Nasdaq under LEAP, shares closed May 8 at $79.46, and have ranged from $39.59 to $80.73 in the past 52 weeks.

, Mike Allen

Wednesday, May 9

Diagnostic Bucks:

Nanogen Inc. announced revenues for the first quarter ended March 31, of $9.7 million, more than doubling its first-quarter 2006 revenues of $4.4 million.

Total costs and expenses for the period were $21.1 million, compared with $16.4 million for the first quarter of 2006.

Quarterly net loss was $11.8 million, or 17 cents per share, slightly narrowing from last year’s net loss of $12 million, or 21 cents per share.

In the fourth quarter of 2006, net loss was $11.8 million.

Diagnostics developer Nanogen anticipates a 50 percent increase in revenues for 2007 compared with 2006.

San Diego-based Nanogen is traded on the Nasdaq as NGEN and closed May 9 at $1.78, even with the previous session.

, Andy Killion

– – –

Fish Taco Financials:

Rubio’s Restaurants Inc. of Carlsbad, which operates and franchises restaurant chain Rubio’s Fresh Mexican Grill, announced first-quarter earnings for the period ended April 1.

Revenues for the quarter were up 17 percent to $41 million from $35.1 million in the year-ago period, pushed up by a 17 percent jump in restaurant sales. Franchise and licensing revenues decreased from $56,000 to $33,000.

Net income held steady at $196,000, nudging up from $192,000 for the first quarter of 2006. Earnings per diluted share were 2 cents for both periods.

Rubio’s is traded on the Nasdaq as RUBO and closed May 9 at $12.80, down 11 cents from the previous session.

, Andy Killion

– – –

MXWL Shares Hit Market:

Maxwell Technologies Inc., a San Diego electronics company whose product line includes heavy-duty capacitors, said it planned to sell 1 million shares of stock, which would generate $10.4 million for the company. Maxwell said it planned to use the funds for working capital and general corporate purposes.

UBS Investment Bank is the underwriter. Maxwell has given UBS an over-allotment option to buy 150,000 additional shares.

Shares of Maxwell trade on the Nasdaq under the symbol MXWL. Toward the end of the trading day May 9, they stood at $11.50, up from a closing price of $11.30.

, Brad Graves


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