Quote of the Week
‘The use of genetic information is just in kindergarten class, we haven’t even gotten to first grade yet and we’re far away from graduation.’
, Dr. Jeff Kamil, chief medical officer for Blue Cross of California.
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Friday, Oct. 13
Sempra Settles:
Sempra Energy announced it had settled a lawsuit brought by the California Public Utilities Commission and the state attorney general. The lawsuit related to service curtailments of certain industrial San Diego Gas & Electric Co. natural gas customers in 2000-2001.
Sempra said the after-tax cost of the settlement is less than $5 million and the settlement will not have a material effect on the company’s 2006 earnings.
The settlement also ends two other utilities commission investigations. As part of the settlement, Sempra Energy and its utilities deny any wrongdoing.
, Brad Graves
Monday, Oct. 16
Shades Of The Strike:
Ralphs Grocery Co. pleaded guilty to identity fraud and four other criminal counts related to the chain’s illegal hiring of locked-out workers during the 2003-2004 grocery store strike in Southern California.
In the plea agreement approved in a Los Angeles federal court, the company agreed to pay a fine of $20 million and to create a $50 million restitution fund, the company said.
Ralphs said during the strike that some of its store managers and their supervisors illegally hired locked-out union workers. To avoid detection, the workers used false names and Social Security numbers.
, Mike Allen
Wednesday, Oct. 18
WD-Fourth Quarter:
Household goods and lubricants manufacturer WD-40 Co. said for the fiscal year ended Aug. 31, net sales were $286.9 million, up 9 percent from $263.2 million last year. Net income for the year inched up 1 percent to $28.1 million, or $1.66 per share, from $27.8 million, or $1.65 per share, the previous year.
Sales for the fourth quarter were down compared with the same period of 2005, ending at $75.2 million compared with $76.3 million. Quarterly net income plummeted nearly 40 percent to $6.3 million compared with $10.5 million in 2005.
WD-40 is traded on the Nasdaq as WDFC.
, Andy Killion
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Picking Up Steam:
Amylin Pharmaceuticals Inc., which has two diabetes drugs on the market, reported third-quarter results.
The firm continues to improve its bottom line as sales from Byetta and Symlin increase. Compared with the like period one year ago, Amylin cut its net loss by one-third, reporting a loss of $46.1 million compared with a loss of $69.5 million during the third quarter of 2005.
Amylin reported $147 million in revenue compared with $25.9 million the same quarter last year.
Product sales this quarter were $138.8 million, which includes $126.4 million in revenue from Byetta and $12.4 million from Symlin. In the third quarter of 2005, Byetta reeled in $18.1 million, and Symlin earned $3.8 million.
Cash on hand, including equivalents and short-term investments, was $832.5 million compared with $443.4 million in the third quarter of 2005.
, Katie Weeks
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SYS Adds On:
San Diego-based SYS Technologies, which provides information technology to the federal government, announced it had acquired Ai Metrix of Reston, Va. SYS will pay 3.1 million shares of SYS stock. Based on the shares’ closing price Oct. 17, the deal was valued at $7.4 million. SYS trades on the American Stock Exchange as SYS.
Ai Metrix provides network management solutions. The company has 42 employees, who will keep their jobs.
, Brad Graves
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Complaint Lodged:
In its continuing conflict with Rady Children’s Hospital and Health Center San Diego, the Service Employees International Union filed a charge alleging unfair labor practices with the National Labor Relations Board.
The union, which represents nearly 700 Children’s employees, said that the hospital is refusing to bargain “in good faith” , a violation of federal labor laws. Children’s Hospital released a statement saying it had been bargaining in good faith.
, Andy Killion
