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Week in Review



Quote of the Week

‘We talk to people (who are) literally running out of food at the end of the month, but their house is (worth) $600,000 free and clear.’

, David Loseke, president of Freedom Capital Equity.

Click here for the story.


Friday, April 13


Barcode Blues:

Longs Drugs agreed to pay $1 million to settle charges that it overcharged customers, including some in San Diego County.

Walnut Creek-based Longs Drug Stores California Inc. admits no wrongdoing in the case, according to the San Diego city attorney’s office.

District attorney offices in San Diego, Marin, Santa Barbara, Santa Clara and Sonoma counties jointly announced the settlement.

In Marin Superior Court, Longs was facing charges that its price scanners charged customers more than the posted or advertised price for items throughout California Longs stores.

, Jessica Long


Monday, April 16


PepperBall Court Claim:

PepperBall Technologies Inc. said that it filed a patent infringement suit in San Diego federal court against Security With Advanced Technology Inc., also known as SWAT, of Westminster, Colo.

PepperBall, a privately held company based in San Diego, alleged that SWAT and two of its subsidiaries infringed on four patents and breached two agreements between the companies.

PepperBall sells nonlethal weapons for law enforcement. An air gun or a shotgun can launch PepperBall’s paintball-like capsules, which are filled with the irritating ingredient in pepper spray.

A SWAT subsidiary called Avurt is going to market its own gunlike launcher that can fire projectiles filled with the same chemical.

SWAT, which trades on the Nasdaq under the ticker symbol SWAT, responded to PepperBall’s suit April 16 with a statement saying PepperBall’s claims were “without merit” and that it may pursue counterclaims.

, Brad Graves


Tuesday, April 17


Optimistic ELY:

Shares of Callaway Golf Co. rose 8 percent after the company offered an estimate of its first-quarter earnings. Callaway plans to report its earnings May 3.

In a statement, the Carlsbad-based company said it expected net sales for the first quarter to be in the range of $330 million to $335 million. Earnings were estimated to range from 46 cents to 48 cents per share.

The company reported net sales of $302 million and earnings of 33 cents per share in the first quarter of 2006.

Shares of Callaway, which uses the symbol ELY on the New York Stock Exchange, closed at $18.40 April 17, up 8 percent from the previous day’s close.

, Brad Graves

– – –


Glasses Half Full:

Carlsbad-based Orange 21 Inc., which markets glasses to youths under the Spy Optic brand, announced fourth-quarter and year-end financial results for the period ended Dec. 31.

Quarterly net sales were $11.4 million, up 28 percent from $8.9 million in the like period of 2005.

Net loss for the quarter grew over last year to $4 million, or 49 cents per diluted share, from $1.8 million, or 22 cents per diluted share, in 2005.

Annual net sales were $42.4 million, up 10 percent from $38.6 million in 2005.

Orange’s net loss for the year ballooned to $7.3 million, or 90 cents per diluted share, from net loss of $1.7 million, or 21 cents per diluted share, in 2005.

Orange 21 trades on the Nasdaq as ORNG and closed April 17 at $5.61, up 8 cents from the previous session.

, Andy Killion

– – –


Taking Charge In Chula Vista:

The Chula Vista City Council unanimously selected David R. Garcia for the position of city manager.

Garcia will oversee the city’s $308 million budget and 1,250 employees in 17 departments.

Previously, Garcia has held executive positions in cities such as Los Angeles, Phoenix, San Antonio and Corpus Christi, Texas. His most recent position was county administrator in Yuma, Ariz.

Former City Manager Dave Rowlands abruptly resigned in June due to differences with the council, according to a settlement agreement with the city.

, Andy Killion


Wednesday, April 18


Biotech Bucks:

San Diego-based aTyr Pharma Inc. announced that it received $10.5 million in Series B financing.

Alta Partners of San Francisco and Polaris Venture Partners of Boston led the round, with Imagene of Seoul, South Korea, and Cardinal Partners of Princeton, N.J., also participating in the round.

Paul Schimmel, a professor at the Scripps Research Institute, and John Clarke of Cardinal Partners are among the firm’s founders. The company also announced April 18 that it hired Christina A. Waters as its president and chief operating officer.

In a statement, the company said it is “developing a novel class of naturally occurring protein biologics for human therapeutics.”

, Brad Graves


Thursday, April 19


SAIC Lands Air Force Deal:

Science Applications International Corp. announced that it won a contract worth a potential $394 million from the U.S. Air Force, Pacific Air Forces.

Under the contract, SAIC will provide engineering and technical services as requested for command, control, war-gaming and intelligence purposes. The work will be performed primarily in Hawaii, Alaska, Guam, Japan and Korea.

San Diego-based SAIC is traded on the New York Stock Exchange as SAI and closed on April 18 at $18.66.

, Andy Killion

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