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Thursday, May 30, 2024

Week in Review

Quote of the Week

‘All successful CEOs in America today are salesmen. The art of selling is the

secret of America’s success.’

, Steve Games, CEO, Prudential California Realty.

Click here for the story.

Friday, Feb. 17

Mexico Business Sold:

Wireless Facilities Inc., a San Diego-based integrator of telecom network equipment, said that it agreed to sell its Mexican operations to Sakoki LLC, a newly formed entity controlled by Massih Tayebi.

Tayebi is the former WFI chief executive who founded Wireless Facilities with brother Masood Tayebi.

The agreed cash sale price was $18 million, which is the approximate net value of the operations, the company said. The transaction involved a down payment of $1.5 million in cash, and a secured promissory note of $16.5 million that is payable in installments through the end of 2006.

The note is secured by pledges of assets and a personal guarantee, the company said. Employees of the Mexican unit are expected to continue as employees under the new ownership.

WFI said its board of directors considered a number of business factors occurring in Latin America before deciding that selling the unit was in the best interests of its shareholders.

WFI is also exiting certain operations in South America. In conjunction with the notice of the sale, WFI said it was delaying its fourth-quarter results until March 14 to provide additional time to amend its financial reports.

Massih Tayebi, WFI’s CEO from 1994 to 2000, still owns about 10 percent of WFI’s stock. Chairman Masood Tayebi has no personal financial interest in the transaction and will have no role with Sakoki, the company said.

The news of the sale was released after the close of trading, before a three-day holiday weekend. Company stock, traded on the Nasdaq as WFII, closed at $5.48.

, Mike Allen

– – –

Anchor Buy:

The Westfield Group of Australia announced plans to acquire five anchor-store buildings from Cincinnati-based Federated Department Stores, Inc. The buildings are at the Westfield North County center in Escondido, Westfield Plaza Camino Real mall in Carlsbad, and the Westfield University Towne Centre mall near La Jolla.

, Brad Graves

Tuesday, Feb. 21

New Director:

Patriot Scientific Corp. announced Jim Turley, editor of Silicon Insider, had been named to the company board of directors.

, Julie Gallant

– – –

UAV Back From Combat:

A Global Hawk unmanned aerial vehicle, developed in part by Northrop Grumman Corp.’s Integrated Systems sector in San Diego, returned to Edwards Air Force Base after completing 167 missions and more than 4,800 flight hours in Southwest Asia. The spy plane was originally planned for 40 test flights a year within several years. It flew four times that many flights in 18 months and had a 95 percent mission effectiveness rate, according to Northrop Grumman.

, Julie Gallant

– – –

Filling In Tunnel Loophole:

A landowner who knowingly permits a cross-border tunnel on his property could receive 10 years in federal prison under legislation to be introduced by Sen. Dianne Feinstein, D-Calif., and Sen. Jon Kyl, R-Ariz.

Feinstein came to Otay Mesa to announce her bill and to view such a tunnel. The half-mile passageway, discovered in January, originates in Tijuana and ends in a warehouse in the 8600 block of Siempre Viva Road, marked V & F; Distributors.

While crossing the border illegally is a crime, building a tunnel under the border is technically not against the law.

, Brad Graves

Wednesday, Feb. 22

Jack Sells And Sells:

While net earnings in San Diego-based Jack in the Box Inc. slipped slightly on a legal settlement charge during its first fiscal quarter, a revenue increase that outpaced Wall Street expectations triggered a surge in trading on the day of the company’s announcement.

During midafternoon trading, shares in the fast-food chain, sold as JBX on the New York Stock Exchange, had increased 11.35 percent, or $4.36 a share, to reach $42.76.

For the quarter ended Jan. 22, earnings fell less than 1 percent to $25.2 million, or 70 cents per share, compared with $25.4 million, or 68 cents a share, during the same year-ago period. Revenue, meanwhile, grew to $819.7 million from $737.7 million.

The quarterly results included stock-option costs of 5 cents per share and a charge of 4 cents per share for a legal settlement.

Looking ahead, Jack in the Box raised its full-year 2006 guidance, saying it now anticipates earnings of $2.57 to $2.60 per share, up from its prior target of $2.50 to $2.54 per share. Analysts expect to see the company generate a profit of $2.52 a share for 2006.

, Connie Lewis

– – –

Zable Honored:

Described as the “Godfather of Engineering in San Diego,” Cubic Corp. founder Walter J. Zable was inducted into the Connect Entrepreneur Hall of Fame for his achievements in technology, transportation and defense that span more than a half-century.

Zable, the chairman, president and chief executive officer of Cubic for more than five decades, is the second recipient of the Hall of Fame award. He will be honored at the Connect offices in La Jolla along with Qualcomm Inc. founder Irwin Jacobs.

, Julie Gallant

Thursday, Feb. 23

New Judge:

Gov. Arnold Schwarzenegger appointed Eugenia Eyherabide of San Diego to a judgeship in the San Diego Superior Court. Eyherabide, 46, has been a prosecutor with the San Diego County district attorney’s office since 1995.

, Pat Broderick


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