Stories for February 2016

Monday, February 29

Yahoo to Leave Burbank Offices

Yahoo! Inc. is moving its search marketing division out of its Burbank campus to consolidate with operations in Playa Vista, a spokeswoman for the company said.

Tutor Perini Beats Estimates

Tutor Perini Corp. reported net income that beat Wall Street expectations Monday, but the company fell short on revenue.

Pinecrest Schools to Lay Off 200-Plus

Sherman Oaks-based Pinecrest Schools will close its doors around June 15 and lay off more than 200 people, the chain notified the state Employment Development Department this month.

CRC Beats Estimates With $77 Million Loss

California Resources Corp. announced fourth-quarter and full results on Monday that reflect the impact of falling oil prices on the company.

Metro Announces NoHo-Pasadena Bus Line

A new express bus service will start Tuesday between North Hollywood and Pasadena, the Los Angeles County Metropolitan Transportation Authority announced Monday.

Friday, February 26

Al Mann Dies, Leaving Legacy of 17 Companies

Serial entrepreneur Alfred E. Mann died on Thursday. He was 90.

Avery Dennison Selects New CEO

Avery Dennison Corp. announced Friday that its board of directors appointed a new chief executive, effective May 1.

American Homes Beats Expectations, Gets Acquisition Approval

Agoura Hills’ single-family home rental company, American Homes 4 Rent, met analysts’ fourth-quarter earnings expectations and received word that an acquisition target’s shareholders approved the deal.

Pasadena Doctors Group Buys Building

Pasadena’s Huntington Orthopedics Surgical Medical Group has bought its second building in the past year near Huntington Hospital.

ReachLocal Beats Expectations, Despite Loss

ReachLocal beat analyst expectations in the fourth quarter on Friday by significantly trimming its losses over the past year.

Thursday, February 25

Tutor Perini Wins $285 Million Casino Expansion

Sylmar’s Tutor Perini Corp. said its civil construction subsidiary, Tutor Perini Building Corp., has been awarded a $285 million contract to build an expansion onto the Pechanga Resort and Casino in Temecula.

Health Net's Year of 'Positive Momentum'

Health Net Inc. reported fourth-quarter results on Thursday that met analysts’ estimates as the company prepares for a pending merger.

MGA Entertainment’s Campus Gets Green Light

The Los Angeles City Council approved a massive adaptive reuse project that aims to turn a former printing plant into a new company headquarters with amenities for the public, according to the L.A. Daily News.

Salem Media Signs Larry Elder, Moves Hugh Hewitt Show

Salem Media Group has signed talk show host Larry Elder to join its lineup on the Salem Radio Network in the 6 p.m. to 9 p.m. time slot.

Wednesday, February 24

DineEquity Shares Jump on Q4 Earnings

DineEquity Inc. reported fourth quarter earnings and revenues that exceeded analysts’ forecasts.

Warner Bros. Buys DramaFever Video Service

Warner Bros. is acquiring subscription and on-demand video service company DramaFever from a Japanese telecommunications and Internet company.

Ceres Fires Auditor KPMG

Ceres Inc. fired Amsterdam-based accounting firm KPMG as its auditor on Wednesday due to language used in Ceres’ 2015 and 2014 annual reports.

Vue at Montrose Apartments Sell for $30 Million

A 104-unit Montrose apartment building has sold for $30 million, said the real estate investment service division of Marcus & Millichap Inc. in Calabasas, which helped negotiate the sale.

Uber to Serve Burbank Airport

The Burbank-Glendale-Pasadena Airport Authority is close to an agreement with Uber to allow the service to pick up or drop off passengers at the Burbank Bob Hope Airport.

Loan Supports Santa Clarita Apartments Purchase for $3.6 Million

A Santa Clarita apartment complex has changed hands with help from iBorrow, the new name for the L.A.-based direct real estate lender formerly called Eagle Group Finance.

Tuesday, February 23

Cherokee Signs Up U.S. Retailers

Cherokee Global Brands announced Monday it has inked new deals with four fashion companies to distribute its Cherokee branded products to retailers in the United States.

DreamWorks Reports Profitable Quarter

DreamWorks Animation SKG Inc. beat Wall Street expectations in earnings and revenue in the fourth quarter.

Ixia Finishes Year Strong

Ixia beat analyst revenue estimates Tuesday with its fourth quarter results.

Calendar

Calendar of events

Monday, February 22

LTC Shares Flat Despite Beating Forecasts

LTC Properties Inc. beat Wall Street expectations for the fourth quarter and had a record year in investments for 2015, but its shares barely moved.

MRV Reaps Higher Price from Divestiture

MRV Communications Inc. will receive an additional $4.8 million for the sale of an Italy-based subsidiary, the company announced Monday.

Second Sight Shares Rise on Pending HBO Appearance

Second Sight Medical Products Inc. will be featured on HBO’s documentary series VICE in an episode titled “Beating Blindness,” scheduled to air Feb. 26.

Cast & Crew Has Script Software’s Final Draft

ACQUISITION: Production accounting firm plans to move into film budgeting.

When Marc Madnick got to the point when he wanted to sell his scriptwriting software company, Final Draft, he didn’t want to strike a deal with just anybody.

SPECIAL REPORT: Cyberstalking Law Offers New Protections

Ron Supancic has practiced family law for more than 45 years. He is founder of the Law Collaborative in Woodland Hills, California’s first collaborative law practice, and is an advocate for the state’s recently passed cyberstalking law.

Vendors Assemble at Trade Show for the Disabled

EVENT: Abilities Expo attracts 6,000 attendees to L.A. Convention Center.

Each year, the Abilities Expo in Los Angeles is to the disabled community what the Consumer Electronics Show is to the tech sector.

The Number

California doesn’t have an excess of lawyers compared to some other states.

Tomato Farm Uses Sun Down Under

Australian solar plant implements Burbank company’s technology.

Burbank solar company collects its first revenue in Australia.

Architect Firm Grows by Acquisition

CSA gets client MidiCi with purchase of Malibu design house.

Woodland Hills firm rebuilds through acquisition.

Upscale RVs Come With Concierge

Van Nuys company rents motor homes valued at $150,000.

Luxury RV rental business adds to fleet and expands to Nevada.

Calabasas Hears Hoteliers Knock

DEVELOPMENT: Building heights could trip up pair of projects.

Does Calabasas need two more hotels?

Fighting Fakes Has Real Stakes

INTERNET: Counterfeit Report curbs knockoffs’ shelf life.

How a Camarillo company profits by catching fakes of manufacturers’ products.

Inn Checking In to Foreign Markets

HOSPITALITY: Marketing deal aims to find room for Stonehaus brand.

Westlake Village Inn seeks cachet with foreigners by joining Hong Kong hotel group.

The Valley Needs Smart Transport

Sen. Bob Hertzberg on expanding public transportation in the Valley.

SPECIAL REPORT: Couple United In Divorce

Don and Cindy Zelinsky rely on family approach in helping clients through end of their marriages.

How divorce attorney Don Zelinsky and his wife run their Woodland Hills practice without the discords that bring them clients.

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Device Sets Disabled Up

HEALTH CARE: Machine shop owner seeks investment to relaunch StandMaster.

Inventor seeks funding to help disabled stand tall.

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Short on Sales?

Why is Westfield’s new Village at Topanga making tenants grumble?

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Around the Valleys

News and notes from the greater San Fernando Valley

The Antelope Valley Transit Authority has ordered up to 85 electric buses to be manufactured in Lancaster by Chinese company BYD Motors Inc.

Buyers Homed In on Valley Multifamily Market

INVESTMENT: Historically high rents opened door to deals across submarkets.

Apartment vacancies dropped in the San Fernando Valley through most of last year while rents rose to historically high levels, creating a climate that drove sales of multifamily buildings, according to a recent industry report.

SPECIAL REPORT: Recession Provided a Break From Breakups

Jim Reape is senior managing partner of the Reape-Rickett Law Firm in Valencia. He specializes in family law and is a member of the family law section of the California State Bar.

SPECIAL REPORT: Collaborative Style Comes Together for Clients

Michelle Daneshrad is a family law attorney and past president of Family Divorce Solutions of the San Fernando Valley.

Friday, February 19

LA Fitness to Build Gym in Agoura Hills

National health club chain LA Fitness plans to build a 45,000-square-foot fitness center on a 4-acre property at 29431 Agoura Road next to two planned hotels, according to brokerage Lee & Associates-LA North/Ventura.

Mann Down at MannKind

MannKind Corp. announced Friday that Alfred Mann has resigned from his executive chairman and board member positions.

City Attorney Wants Pot Delivery Stopped

Los Angeles City Attorney Mike Feuer is seeking a court order to put marijuana delivery provider SpeedWeed out of business.

Crown Media Reports Higher Revenue, Costs

Crown Media Holdings saw continued improvement in earnings and revenue for the fourth quarter.

Camarillo Game Publisher Acquired

Social game developer Zynga Inc. has acquired Camarillo publisher Zindagi Games.

Group Buys Pasadena Site for Development

Singpoli Group, an Arcadia-based investor and developer, has bought a 1.6–acre parcel in Pasadena with plans to develop either a hotel or a mixed-use building.

Thursday, February 18

Apartments Planned Across From Village at Topanga Mall

Canoga Park residential developer California Home Builders has bought a Topanga Canyon Boulevard property across from The Village at Westfield Topanga shopping mall aiming to turn the property into luxury apartments.

Aliso Canyon Leak Permanently Plugged

Southern California Gas Co. has confirmed that the leak that forced thousands of Porter Ranch residents to evacuate their homes has been permanently stopped.

On Assignment Moves Higher on Earnings Report

Shares of On Assignment Inc. rose more than 5 percent the day after it announced healthy results for the fourth quarter.

Wednesday, February 17

United Online Meets Wall St. Expectations

United Online Inc. matched Wall Street expectations for earnings and revenue in the fourth quarter, the company announced Wednesday.

USDA Decision Facilitates Ceres Corn Research

Ceres Inc. has successfully petitioned to have genetic traits for corn deemed non-regulated, meaning those traits will not have to follow the same procedures outlined in the U.S. Department of Agriculture’s rules for genetically engineered crops, the company announced Wednesday.

Public Storage Shares Rise on Strong Quarter

Public Storage of Glendale shares jumped more than 3 percent after the company reported healthy boosts in fourth-quarter and year-end earnings led by an increase in self-storage facilities the company buys, develops, owns and operates.

Tuesday, February 16

Cheesecake Sets Sales Record in 2015

Cheesecake Factory Inc. reported its sixth straight quarter of sales growth in its fourth-quarter earnings Tuesday to top off record sales for the prior year.

Gold Starts Flowing from Antelope Valley Mine

Construction has been completed on the infrastructure at the Golden Queen Mining Co. Ltd.’s Soledad Mountain gold and silver mine in the Antelope Valley, the company announced Tuesday.

CRC Shakes Up Executive Suite

California Resources Corp. announced a series of executive changes Tuesday.

Monday, February 15

BYD Wins Local Bus Contract

The Antelope Valley Transit Authority has ordered up to 85 electric buses to be manufactured in Lancaster by Chinese company BYD Motors Inc.

Lucky Guests to Sample Wizarding World Attractions

While the Universal Studios Hollywood attraction Wizarding World of Harry Potter doesn't officially open until April 7, a handful of lucky theme park guests will get a sneak peek.

Friday, February 12

Avita Medical Expands Globally

Northridge medical tech company Avita Medical, which specializes in skin and burn treatments, is furthering its global expansion.

Trio Tech Takes a Tumble

Trio Tech International Inc. of Van Nuys showed a dip in revenue and earnings during its fiscal second quarter.

Thursday, February 11

Leak Stops, Loans Start at Porter Ranch

The gas leak that has been plaguing Porter Ranch for almost four months has been temporarily stopped, Southern California Gas Company announced Thursday.

Software Firm’s Strong Growth

Calabasas software firm NetSol Technologies reported a significant increase in net revenues in its 2016 fiscal second quarter, which the company attributes to growth in its services.

Towering Price for Office Building

An office building in Woodland Hills has sold for $4.7 million.

Blackline in the Black

Woodland Hills financial software developer Blackline Systems Inc. added nearly 400 new clients last year.

Wednesday, February 10

Toluca Lake Condo Complex Sells for $14.7 Million

A 21-unit condominium complex in Toluca Lake has sold for $14.7 million in a deal handled by real estate investment services firm Marcus & Millichap Inc.

Tutor Perini Lands Condo Contract

A Sylmar construction company has been contracted to build a luxury residential tower in Florida.

Tuesday, February 9

Van Nuys Industrial Park Fetches $8.8 Million

Encino real estate brokerage NAI Capital has completed the sale of a multi-tenant industrial park in Van Nuys for $8.8 million in an all-cash transaction.

‘Star Wars’ Boosts Disney Earnings

Walt Disney Co. significantly beat Wall Street expectations for the fiscal first quarter primarily on the back of “Star Wars: The Force Awakens.”

Second Sight Expands into South America

Second Sight Medical Products Inc. announced on Tuesday that it has entered into an exclusive agreement with cochlear implant distributor Tecnosalud in Buenos Aires to bring its Argus II Retinal Prosthesis System to South America.

Monday, February 8

It’s Pedal to Metal for Disney’s Accelerator

Walt Disney Co. is looking for tech startups to participate in its third Disney Accelerator program. The Burbank entertainment and media giant started the program in 2014 to provide fledgling companies access to company executives, entertainment industry leaders and venture capitalists.

Gas-Leak Refugees Get Some Relief

Southern California Gas Co. announced Monday it has reached a new agreement with the city to extend the time allotted for displaced Porter Ranch residents to return home once the Aliso Canyon gas leak has been resolved.

Amgen’s Biosimilar Targets Market for Humira

BIOTECH: FDA agrees to review drug, but lawsuit is pending over patents.

The U.S. Food and Drug Administration has accepted for review a biosimilar from Thousand Oaks biotech Amgen Inc.

Making Grade In Business

EDUCATION: Village Christian School program helps put students on course for careers.

Learning from top CEOs at Village Christian. Includes the 2016 Valley's Private High Schools list.

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SPECIAL REPORT: Healthy Opportunity

Developer checks in to Antelope Valley with hospital-adjacent wellness center.

L.A. developer John Thomas proposes a health care oasis in Antelope Valley’s high desert.

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Taking Out Trash

New facility aims to let less go to waste

Impacts from Sun Valley’s new waste-processing plant.

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Club Operator Hits New Stage

MUSIC: Lance Sterling adds venue to compete with bigger rivals.

Pasadena’s nightlife is the next stage for Agoura Hills night club owner.

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Around the Valleys

News and notes from the greater San Fernando Valley

A Newbury Park Walgreens location has changed hands for $15.7 million, brokerage Colliers International announced Jan. 25.

SPECIAL REPORT: Antelope Valley Tenants Face Scarce Inventory

The industrial vacancy rate in the Antelope Valley decreased during the fourth quarter of 2015, a sign that the available inventory continues to shrink in the face of no new construction.

SPECIAL REPORT: Sales Offset Slow Lease Quarter for Santa Clarita

Activity was flat in the Santa Clarita Valley’s office market during the fourth quarter of 2015.

SPECIAL REPORT: Landlords Suffer as Conejo Office Tenants Go Small

Vacant industrial space was nearly nonexistent in the Conejo Valley during the fourth quarter, according to data provided by Colliers International.

SPECIAL REPORT: Production Ramps Up Demand in East Valley

The Burbank and Glendale office markets saw an uptick in investment as vacancy rates decreased significantly in the fourth quarter.

SPECIAL REPORT: Valley Industrial Market Tightens While Office Lags

The industrial market continues to tighten in the San Fernando Valley, and that trend increasingly speaks to the region’s shift to warehouse-based distribution and supply chain-oriented businesses.

Tech Incubator Hatches Skateboard Startup

SPORTS: Angel investors preview motion detector from Chatsworth firm.

Make in LA, a technology hardware accelerator in Chatsworth, last month held its first demo day, looking to set up its four portfolio startups with investors.

Old-Fashioned Ice Creamery Comes to Valley

FOOD: Salt & Straw to open Studio City shop featuring innovative flavors.

Portland, Ore.-based ice-cream chain Salt & Straw, which has been in the L.A. market for two years, is hoping to grab a bigger scoop of the local market with its first San Fernando Valley shop – opening next month in Studio City.

Higher-Yield Crops Could Produce for Biotech

AGRICULTURE: Ceres licenses patented gene trait to help grow business in Australia.

Thousand Oaks’ Ceres forages for new business in crop markets.

The Number

Valley home prices continue to climb.

Supper on the High Seas Goes Higher

Celebrity chef opens eateries aboard Princess cruise ships.

Santa Clarita’s Princess Cruises sets sail with new restaurants.

IBM’s Watson Matches Wits With Diabetes

Medtronic project pairs company data and supercomputer.

Got diabetes? Now there’s an app for that.

Super Bowl Debut for Beer Mascot

Anheuser-Busch buys game time for Van Nuys brew Shock Top.

Anheuser-Busch brews Super Bowl ad for Shock Top line.

Grooming Firm Uses Group Strategy

BEAUTY: Salon Republic’s locations offer 50 to 75 studios to stylists.

Salon Republic cuts into Woodland Hills with fresh concept.

Grade ‘A’ Space At School Sites

REAL ESTATE: Variety of projects may book ex-Pinecrest campuses.

Brokers and charter schools on what’s next for Pinecrest Schools’ five L.A. and Ventura county campuses.

New Hires Can Help Revitalize L.A.

Los Angeles should take advantage of opportunities to create jobs – and fill them appropriately.

Calendar

Calendar of events

Friday, February 5

Agoura Hills Business Park Sells for $21 Million

An Agoura Hills business park has changed hands for $21 million and the new owners plan significant upgrades to attract tenants.

Princess Appoints Captain for Chinese Ship

Princess Cruises has named Capt. Dino Sagani the master of Majestic Princess, the company’s first vessel built for the Chinese market.

Thursday, February 4

Teledyne Beats Forecasts But Remains Cautious

Teledyne Technologies beat Wall Street estimates on revenue and earnings for the fourth quarter, the company announced Thursday.

PennyMac Financial Reports Healthy Quarter

Mortgage lender PennyMac Financial Services Inc. in Moorpark reported boosts in revenue and profit for its final 2015 quarter and the full year.

Studio City Office Sells for $7 Million

Real estate investment and management firm Siegel Group Nevada has sold its Studio City location for $7 million to the Nasa Group of Los Angeles, citing high demand for the property.

Wesco Income Increases Despite Revenue Decline

Wesco Aircraft Holdings Inc. narrowly beat analyst expectations on adjusted earnings but fell short on matching revenue in the fiscal first quarter, it was announced Thursday.

Wednesday, February 3

Avery Soars on Strong Quarterly Report

Avery Dennison Corp. beat Wall Street expectations on adjusted earning and revenue for the fourth quarter, it was announced Wednesday.

Capstone Beats Street on Losses

Capstone Turbine Corp. beat analyst estimates on its earnings for the fiscal third quarter while just missing on revenue.

LTC Buys Texas Nursing Home

LTC Properties Inc., a real estate investment trust in Westlake Village, has purchased a skilled nursing center in Dallas-Fort Worth for $16 million.

Tuesday, February 2

Cast & Crew Buys Final Draft

Screenwriting software developer Final Draft Inc. has been acquired by Cast & Crew Entertainment Services Inc., the companies announced Tuesday.

Feds Approve Legendary Buyout

The Commerce Department has given its approval to the acquisition of Legendary Entertainment by Chinese investment company Dalian Wanda Group Co. Ltd., it was announced Tuesday.

ApolloMed Hires Doctor Recruiter

Apollo Medical Holdings Inc. announced Tuesday that it has appointed Shawn M. Burns as its new senior vice president of physician services.

Monday, February 1

Movie Junkyard Sells for $21.5 Million

Hollywood’s favorite junkyard for movies such as “Deep Impact” and “Escape from L.A.” has been sold, according to commercial real estate broker CBRE Group Inc.

‘Panda’ Beats Box Office Rivals

“Kung Fu Panda 3” kicked its way to the top of the movie box office over the weekend with domestic receipts of $41 million.

ApolloMed Signs Hospitalist Deal

Apollo Medical Holdings, Inc. announced that a subsidiary has agreed to provide hospitalists for seven hospitals run by Allied Pacific of California.