VALLEY BRIEFS

VALLEY BRIEFS Plans for Panorama The Economic Alliance of the San Fernando Valley will host a community forum focusing on economic and community development opportunities for Panorama City. “Communities of Opportunities, Visions for a New Panorama City,” will be held on Wednesday, Oct. 15, from 8 a.m. to 10:30 a.m. at the Sportsman’s Lodge, at 4234 Coldwater Canyon in Studio City. A presentation titled “Vision for the Future of Panorama City” will be made by the American Institute of Architects, San Fernando Valley Chapter, Urban Design Assistance Team, or UDAT. The UDAT team, comprised of volunteer architects, planners and other professionals, will present its report, “Panorama City Commercial Area Concept Plan,” offering recommendations for a Panorama City Town Center project. To reserve, call (818) 379-7000, ext. 113. Small Business Center Opens Cal State University Northridge will celebrate the launch of the new U.S. Small Business Administration’s Small Business Development Center Network, Thursday, Oct. 23 from 4:30 p.m. to 6:30 p.m. at Cleary Court, located near the business department on Etiwanda Avenue and North University Drive. The center will serve Los Angeles, Ventura and Santa Barbara counties. Alberto G. Alvarado, district director of the Los Angeles district office of the SBA and CSUN President Jolene Koester will host the event, Reservations must be made by Oct. 17. Call Jeanie Heisner at (818) 677-5473. First Commerce Reports Earnings dipped at First Commerce Bank in Encino for the quarter and the nine-month period ended Sept. 30. The bank reported net income of $942,000 or $0.11 per diluted share, compared with earnings of $1.0 million or $0.13 per diluted share for the nine months ended Sept. 30. For the quarter, First Commerce Bank said net income was $365,000 or $0.05 per diluted share, compared with net income of $470,000 or $0.05 per diluted share. The bank’s loan portfolio increased 41 percent year over year. However, performance was impacted by an income tax expense of $928,000. In 2002, First Commerce utilized a net operating loss carry forward to offset its taxable income. The bank is now fully taxable for financial reporting purposes. Cheesecake Exec Resigns Michael P. Berry, president and COO of The Cheesecake Factory restaurants division, has resigned. Berry is joining Boston-based Back Bay Restaurant Group as president. Cheesecake Factory officials said there are no immediate plans to name a replacement for Berry. Salem Acquires Station, Builds Another Camarillo-based religious radio broadcaster, Salem Communications Corp. has completed the acquisitions of an AM radio station in Colorado and received a permit to build a new station Sacramento. The company acquired KZNT-AM in Colorado Springs, from Walton Stations for $1 million. The station will now switch from music to a news/talk format. It will become part of a three-station cluster with fellow Salem stations KGFT-FM, a Christian talk station, and KBIQ-FM, a contemporary Christian music station. In a separate deal, Salem received a permit to build an FM radio station in the Grass Valley area of Sacramento. Work on the station, which will cost a projected $1 million, will be completed in December. SMTEK in the Black SMTEK International Inc. saw revenues and earnings rise in its fiscal fourth quarter, but the company remained in the red for the year. SMTEK, a Moorpark-based electronics manufacturing provider to original equipment makers in the instrumentation, medical, telecom and other industries, reported net income of $1.2 million or $0.52 per share for the company’s most recent quarter ended June 30, compared with a net loss of $2.3 million or $1.02 per share in the comparable period last year. Revenues rose to $20.2 million in the fourth quarter, compared to $16.2 million for the prior year. For the year, SMTEK lost $4.6 million or $2.02 per share on revenues of $70.7 million. That compares with a loss of $6.0 million or $2.62 per share on revenues of $64.6 million for the fiscal year ended June 30, 2002. In releasing the financial data on Sept. 29, company officials said the positive momentum was an encouraging sign for the coming year. Variflex Skates Back to Black Variflex Inc., Moorpark-based maker of recreational and sporting goods products, slipped back into the black in its just ended fiscal year. The company reported earnings of $856,000 or $0.19 per diluted share on revenues of $57.9 million for the fiscal year ended July 31. That compares with a net loss of $678,000 or $0.15 per diluted share for the comparable period last year. Quarterly results showed a steep decline from last year, however. Variflex reported earnings of $176,000 or $0.04 per share for the fourth quarter ended July 31 on revenues of $14.1 million, compared to earnings of $1.2 million or $0.25 per share on sales of $16.3 million for the fourth quarter of 2002.