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Week in Review



Friday, April 11


Mitchell Pairs With Rival:

Mitchell International Inc., a San Diego firm that provides data management software to the insurance and car repair industries, said it signed a definitive agreement to merge with CCC Information Services Inc. of Chicago, a similar software company.

When the stock combination is completed after regulators review it, CCC-Mitchell Inc., the new company, would have annual sales of about $460 million, and about 2,000 employees, according to a press statement.

Mitchell had about 1,000 employees, including 700 at its headquarters in Scripps Ranch, and did about $200 million in sales last year.

, Mike Allen

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Monday, April 14


Nowhere To Go But Up:

Workers at General Dynamics Nassco laid the keel for the Navy’s newest large cargo ship, the USNS Wally Schirra. Delivery is scheduled for the third quarter of 2009. It would bring the number of ships in the class called T-AKE to eight.

, Mike Allen


Thursday, April 17


First Community Writes Off Good Will, Reports Loss:

First Community Bancorp, parent of Pacific Western Bank, reported a net loss of $273 million for the first quarter, caused by a $275 million write-off of good will it had to take in response to the volatility in the banking industry.

First Community reported operating earnings of $2.3 million in the first quarter, compared with $28.5 million in the like quarter of last year, and $17 million in the 2007 fourth quarter.

However, the company said its market capitalization, or the stock price multiplied by the outstanding shares, as of Dec. 31 slipped below the total shareholders’ equity, or its capital base, for the same date.

When this occurs, federal securities regulations require that public companies determine to what extent their good will, an intangible asset, is impaired.

First Community said a hired consultant helped in the evaluation that concluded in writing down its good will by $275 million.

The charge has no effect on the company’s or the bank’s cash balances or liquidity, the bank said. And because the item is not considered in the calculation of regulatory capital, the bank remains well capitalized with a Tier 1 leverage capital ratio of 9.09 percent, compared with a minimum required 5 percent in leverage capital.

, Mike Allen

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