San Diego Business Journal articles from May 2004

San Diego Business Journal archives from May 2004

Biotechs now in favor as funding opens up: venture capital surveys find that 74% targeting biotech, health care.
May 3, 2004... The venture-capital spigot is flowing again, albeit nowhere near the amounts seen in the boom era of the dot-coms. Recent surveys for the first quarter of 2004 show an upward trend in the dollars invested by venture capital finns, both...

Biotechs now in favor as funding opens up: San Diego's Salmedix is the latest company to jump on IPO bandwagon.
May 3, 2004... Salmedix Inc. is the latest San Diego-based biotech company hoping to make its public debut, registering on April 23 to raise up to $86.3 million in an initial public offering. Salmedix is just one of a half-dozen local biotech companies...

Fans filling downtown's businesses: early results show eateries beefing up staff, though cost of parking a new headache.
May 3, 2004... Many Downtown businesses--including the Yard House, Omni San Diego Hotel and Le Travel Store--loved playing host to thousands of Padres fans hoofing it to and from Petco Park last month. When the team played at home, sales at the Yard House...

Cities back ballparks as catalyst for downtowns.(Petco Park: one month later)
May 3, 2004... If other baseball stadiums located in downtowns around the country serve as an indicator, Petco Park can be expected to spur lots of economic activity in the heart of San Diego. And not just during the stadium's debut season. Officials in...

Chargers, city move past initial hurdle with pact: involvement of city councilman in talks seen as key to settlement.(Politics)
May 3, 2004... The settlement of a contentious feud between the San Diego Chargers over the football team's lease was a classic case of compromise. Both sides realized they had too much to lose and made concessions in devising an agreement that allows the...

Speculation over Union-Tribune's sale surfaces: ownership by Copleys could fall to new foundation.(Media)
May 3, 2004... The recent firing of a longtime San Diego Union-Tribune columnist and the health of the publication's owners have fueled speculation that the area's dominant daily newspaper is for sale. Longtime editor and columnist Neil Morgan, was fired...

San Diego hardware's future hinges on big move: family-run business leaving after 112 years downtown.(Retail)
May 3, 2004... If they build it, they will come to you. If you move, they will follow you. That's the thinking of Rip Fleming and Bill Haynsworth, co-owners of the San Diego Hardware Co. They announced that after 112 years, the city's oldest family-run...

Stepping into 'The Lounge' for lesson in local media: 'Recipe TV' gallops in to feature local chefs.(Media)
May 3, 2004... I'd like to think I turned the tables on Dirk Sutro, host of KPBS-FM's "The Lounge." I interviewed him by phone while he was en route to his North County home from the station's studios at San Diego State University a couple weeks ago. ...

Cooking for a national audience.
May 3, 2004... Cooking For A National Audience: The crew of a "Recipe TV Featuring the World's Greatest Chefs" recently galloped to San Diego to shoot 10 episodes featuring a couple local gourmet chefs--Deborah Scott and Bernard Guillas. The half-hour...

Student fees increased at San Diego State University.
May 3, 2004... San Diego State University will increase student fees by $80 a semester, which will enable the university to offer 490 more course sections during the 2004-05 academic year. The move will bring in another $4.8 million annually for SDSU...

Spending on local wireless projects growing: Intel funding projects for the digital home.(High-Tech)
May 3, 2004... Two emerging technologies for wireless communications seem to have momentum--evident in the recent spending behavior of large companies. Both wireless technologies, known as ultrawideband and Bluetooth, are ways to transmit large amounts of...

SeaBotix big in mini-sub vehicles: vehicles used for remote, underwater inspections.(Technology)
May 3, 2004... "Flying" is the term Donald Rodocker uses to describe the control of the camera-equipped miniature submarines that his company makes. You watch the monitor, you take the controls, and you fly. But the product is no toy. Rather, it's a tool,...

Yulex lands $4.5 million financing round: Carlsbad-based company's focus is on expanding the life cycle of medical devices.(Biotech)
May 3, 2004... Yulex, a closely held material science company in Carlsbad, recently said it raised $4.5 million in a second round of financing, allowing it to expand its research for producing latex and robber products from guayule, a desert shrub native to...

Adventrx lists stock on AMEX.(Biotech)
May 3, 2004... Adventrx Lists Stock On AMEX: San Diego-based biotechnology firm Adventrx Pharmaceuticals Inc. said on April 27 it won the American Stock Exchange's approval to list its common shares under the trading symbol "ANX." The company expected to...

Earnings.(Biotech)
May 3, 2004... Earnings: San Diego-based medical device company Quidel Carp. reported $292,000 in net income, or 1 cent a share, on $19.7 million in revenue for the first quarter ended March 31. That compares to $1.7 million in net income, or 6 cents a share,...

ResMed's Earnings up.(Biotech)
May 3, 2004... ResMed's Earnings Up: Poway-based ResMed Inc., which makes machines to help sleep-disordered breathing, posted record revenue and income results for the third fiscal quarter and nine months ended March 31, 2004. ResMed posted a net profit...

Two Chicago guys make lots of dough in San Diego: from pizza to bread to philanthropy, Milton's has recipe for success.(Entrepreneurs Food Service)
May 3, 2004... It sounded like a scene out of the movies. Local entrepreneurs Barry Robbins and David Levy had just started a company that specialized in baking heart-smart bread. They wanted to market it through warehouse giant Costco. But they didn't...

Builders betting on third-party inspections: construction firms try to ward off future liability claims by checking jobs.(Special report: insurance)
May 3, 2004... Liability insurance for homebuilders contributes to the high cost of constructing homes in San Diego County, so options that can reduce those costs are being increasingly embraced by the construction industry. Poway-based Quality Built...

Property/casualty insurance agencies, brokerages.
May 3, 2004... PROPERTY/CASUALTY INSURANCE AGENCIES, BROKERAGES Ranked by number of local full-time employees as of Jan. 1, 2004 Local employees ...

First International Bank tops fund-raising mandate: UBOC agrees to sell local merchant credit card business to Nova Information Systems.(Finance)
May 3, 2004... First International Bank, the Chula Vista lender operating under cease-and-desist orders from both the state and FDIC, said it raised nearly $7 million in a private placement stock offering, well above the mandated $5 million required by the...

Union Bank sells credit card unit.(Finance)
May 3, 2004... Union Bank Sells Credit Card Unit: Union Bank of California said it has agreed to sell its merchant credit card business, based in San Diego, to Nova Information Systems, a subsidiary of U.S. Bancorp, for an undisclosed price. The bank...

Stock split: Southwest Community Bancorp.(Finance)
May 3, 2004... Stock Split: Southwest Community Bancorp declared a three-for-two stock split last month of its common shares, increasing the total number of shares from 1.9 million to 2.9 million. This is the fourth time the company has conducted a stock...

Profits up: First Pacific Bank of California.(Finance)
May 3, 2004... Profits Up: First Pacific Bank of California reported earnings after taxes for its first quarter of $185,553, compared to $310,875 in the first quarter of 2003, when it was able to take advantage of tax loss benefits. Before taxes,...

Seeing hefty growth: Escondido-based Community National Bank.(Finance)
May 3, 2004... Seeing Hefty Growth: Escondido-based Community National Bank saw its net income rise 66 percent to $1.9 million in the first quarter, compared to the like period of 2003. CEO Mike Perdue said the bank continues to show strong growth in its...

Profits on the rise: Bank of Internet USA.(Finance)
May 3, 2004... Profits On The Rise: Bank of Internet USA, the thrift based in Carmel Valley that does all its business online, reported net income of $655,000 for its third quarter ended March 31, up 14 percent from the like period last year. Total assets...

More profits: Rancho Bernardo Community Bank.(Finance)
May 3, 2004... More Profits: Rancho Bernardo Community Bank reported net income of $373,000 in its first quarter, up 180 percent from the same period a year earlier. Total assets broke through to $101.2 million, up 8 percent, while total loans grew 17...

Small change: San Diego Trust Bank.(Finance)
May 3, 2004... Small Change: San Diego Trust Bank, which opened late last year, reported total assets of $27.2 million and a loan portfolio of $11.3 million after about one quarter of operation.... Temecula Valley Bank got a Market Cap Champion Award from...

Will reform lure carriers back to workers' comp?(Workers' Comp Crisis)
May 3, 2004... When lawmakers passed the biggest workers' compensation package in a decade, they rejected rate regulation and bet that the reforms would spur vigorous competition and lower premiums. The question now is whether carriers are willing to take...

Companies who care should offer long term care.
May 3, 2004... Long term care insurance (LTCI) is the hottest product offered to employers. It is a great benefit for owners and executives as well as employees, Premiums are TAX DEDUCTIBLE to the corporation and can be paid up by retirement. Policies are...

MoFo finds new digs as firm is 'popping at the seams': Jones Day puts new office in heart of the biotech industry.(Law)
May 3, 2004... Morrison & Foerster's San Diego offices are expected to move to new digs in the fall of 2005. The law firm has leased 78,198 square feet at 12531 High BluffDrive. The total lease amounts to nearly $30 million for a 10-year period. ...

Expansion in the works for Chula Vista nonprofit.
May 3, 2004... The Arc of San Diego, a nonprofit human services agency, unveiled construction plans and kicked off a fundraising campaign for a $3 million expansion of its Starlight Center in Chula Vista. Ken Prater of San Diego-based Prater Architecture...

Progress report.(Real Estate)
May 3, 2004... SALES Property: 6911 Convoy Court, San Diego Seller: John Harland Co. Selling agents: Steve Rosetta of Corporate Real Estate represented the buyer and seller. Buyer/square footage: Cruzan/Monroe purchased a 56,750-square-foot...

Construction Journal.(Real Estate)
May 3, 2004... Hazard Construction Co. is building the extension of Mira Sorrento Place, which will ease traffic congestion on Mira Mesa Boulevard in the Sorrento Valley area. The project broke ground on April 22, west of Scranton Road. Designer: URS...

San Marcos maker of stone goods sold for $202m: borders Gaslamp store one of four on market.(Real Estate)
May 3, 2004... In a $202 million transaction, San Marcos-based Eldorado Stone LLC is moving from a private company to part of a publicly held corporation. Headwaters Inc., headquartered in South Jordan, Utah, is buying Eldorado Stone from Graham Partners,...

Four for sale.(Real Estate)
May 3, 2004... Four For Sale: Encino-based Marcus & Millichap Real Estate Investment Brokerage was hired by LandGrant Development in San Diego to sell four Borders Books and Music stores in California, with a total asking price of $35.6 million. The...

Retail market report.(Real Estate)
May 3, 2004... Retail Market Report: Shopping centers are performing the best of all commercial real estate in the county. According to a CB Richard Ellis report, retail vacancy is very low at only 3.1 percent as of the first quarter. While that is up...

Apartment sales.(Real Estate)
May 3, 2004... Apartment Sales: Phoenix-based brokerage Hendricks & Partners, which specializes in apartment sales, stays busy because of investors that appreciate the multi-family housing market's low vacancy rates. Recently H&P brokers Steve Huffman...

Multi-family numbers.(Real Estate)
May 3, 2004... Multi-Family Numbers: According to Novato-based research firm RealFacts, apartment vacancy is still very low, although it rose slightly from 4.7 percent at the end of 2003 to 5.4 percent during the first quarter. The average rent rose half...

What's old is new again: San Diego-based investor and developer H.G. Fenton Co.(Real Estate)
May 3, 2004... What's Old Is New Again: San Diego-based investor and developer H.G. Fenton Co. formed the Fenton Investment Co., which will provide investment equity for new industrial, office, residential, and retail projects. "Our knowledge of the...

Calendar.(Business Events)(Calendar)
May 3, 2004... If you would like your business event that costs less than $75 to attend included in the calendar section, make sure your press release arrives at our offices at least 15 working days before the event. Send requests to: Calendar Attn:...

Earnings news.(High-Tech)
May 3, 2004... Earnings News: More tech companies disclosed quarterly results in late April. A sampling: * San Diego-based Wireless Facilities, Inc. reported first quarter net income of $5.9 million on revenue of $98.0 million. In the year-ago quarter it...

Council OKs public art fee.(Top Business News: April 23-29, 2004)
May 3, 2004... Council OKs Public Art Fee: The San Diego City Council approved a fee on public construction and commercial development to fund public art projects. The April 27 decision initiates a fee of 1 percent of the value of new privately owned...

Gateway report loss, announces work-force cuts.(Top Business News: April 23-29, 2004)
May 3, 2004... Gateway Reports Loss, Announces Work-Force Cuts: Gateway Inc., the PC maker that is vacating its Poway headquarters in favor of Orange County, reported a net loss of $162.7 million, or 49 cents a share on revenues of $868.4 million for its...

Mayor calls for dissolution of Data Processing Corp.(Top Business News: April 23-29, 2004)
May 3, 2004... Mayor Calls For Dissolution of Data Processing Corp.: Mayor Dick Murphy, City Manager Lamont Ewell and Councilman Jim Madaffer recommended the dissolution of the city-owned Data Processing Corp., the agency formed in 1979 to provide technology...

SAIC's Beyster sells stake.(Top Business News: April 23-29, 2004)
May 3, 2004... SAIC's Beyster Sells Stake: J. Robert Beyster, founder and chairman of San Diego-based Science Applications International Corp., sold 1.1 million shares of SAIC stock April 23 for $41.1 million, according to a Securities and Exchange Commission...

Cigar bar loses vote.(Top Business News: April 23-29, 2004)
May 3, 2004... Cigar Bar Loses Vote: The San Diego City Council voted 8-1 to condemn the Gran Havana Lounge in Downtown San Diego to make way for a 334-room Marriott Renaissance Hotel. GRH LLC, a local development partnership, plans to build the hotel on...

Callaway, K2 report earnings.(Top Business News: April 23-29, 2004)
May 3, 2004... Callaway, K2 Report Earnings: Two Carlsbad companies selling sporting goods and apparel reported the following quarterly results. Callaway Golf reported net income of $40.5 million on net sales of $363.8 million in the quarter ended March...

Southern California index watch.
May 3, 2004... Southern California Index Watch. Index 4/16/04 4/23/04 % Change Dow 10,451.97 10,472.84 0.2% Nasdaq 1,995.74 2,049.77 2.7% S&P 500 1,134.61...

Week's best performers (1).
May 3, 2004... Week's Best Performers (1) Company Ticker Close % Change Phoenix Footwear Group, Inc. PXG $10.54 23.4 Quidel Corp. QDEL 8.50 20.1 Illumina Inc. ...

Week's worst performers (1).
May 3, 2004... Week's Worst Performers (1) Company Ticker Close % Change Captiva Software Corp. CPTV $11.80 -16.4 Vista Med Technologies Inc. VMTI 1.60 -11.1 Novatel Med Technologies Inc....

San Diego public stocks.(Marketplace)
May 3, 2004... Marketplace SAN DIEGO PUBLIC STOCKS Data as of STOCK PRICE 04/23/04 Price Performance % Chg. 52 ...

Sempra Energy.(Proxy)
May 3, 2004... NYSE--SRE Sempra Energy is a holding company whose subsidiaries are primarily engaged in the energy business. The company's principal subsidiaries are San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas),...

San Diego Technology 15.(Proxy)
May 3, 2004... San Diego Technology 15 As of April 23, 2004 52 week 1 Week Company Ticker Close High Low % Change Qualcomm, Inc. QCOM $66.98 $69.38 $29.58 3.3%...

San Diego Biotech 15.(Proxy)
May 3, 2004... San Diego Biotech 15 As of April 16, 2004 52 week 1 Week Company Ticker Close High Low % Change IDEC Pharmaceuticals Corp. IDPH $60.68...

Baby boomers behind push to franchise: classes offer advice on public agency contracting.(Trends)
May 3, 2004... Baby boomer execs between the ages 40 and 55 who have either been laid off, resigned, or are still working but want to own a business on-the-side for job security, are the growing face of today's franchisees. That's according to Blair...

Spotlight: progressive design playgrounds.(Small Business)
May 3, 2004... Progressive Design Playgrounds, designs and manufactures colorful commercial children's play structures and recreation site furnishings utilizing recycled plastic. The playgrounds are manufactured in a 16,000-square-foot shop at its...

Labor code violations and new 'sue your boss' law.(Small Business Help Line)
May 3, 2004... Question: How does SB 796, the "sue your boss" law, work? Answer: Senate Bill 796, which was signed into law as California Labor Code Sections 2698 and 2699 in January 2004, expands the grounds by which current or former employees can take...

Jay Robb.(Executive Profile)
May 3, 2004... Jay Robb, founder of Jay Robb Enterprises Inc. in Carlsbad, hopes to eventually sell a million copies of his newly published weight-loss guide. Robb's book, "The Fat Burning Diet," is a revision of his original diet book from 1991. A...

Nassco begins work on new Navy ships.
May 3, 2004... National Steel and Shipbuilding Co. marked the official start of construction on a new class of military logistics ships April 22 with a keel-laying ceremony. The first of the ships will be called the Lewis and Clark, and it will be...

In the pipeline.(Trends)
May 3, 2004... In The Pipeline: The San Diego County Water Authority and other public agencies will offer a series of classes for prospective contractors and subcontractors on public agency contracting opportunities from May 12 to June 24. There are...

Awards & recognitions.(Key Hires And Promotions)
May 3, 2004... Ted Owen, president and CEO of the Carlsbad Chamber of Commerce, has been awarded the Directors" Award by the Centre City Development Corp. in recognition of his commitment and dedication in advancing the redevelopment of Downtown San Diego....

Banking and finance.(Key Hires And Promotions)
May 3, 2004... David Medrano has been named vice president/branch manager of the Vista office of California Bank & Trust. In his new position, Medrano is responsible for directing the branch's staff in all facets of the operation. Washington Mutual has...

Construction and design.(Key Hires And Promotions)
May 3, 2004... KMA Architecture & Engineering announced the promotion of Joyce Peabody and Neville Willsmore to partners. Peabody's recent projects include Parkloft and she is currently involved with Park Terrace, a planned high-rise condominium complex...

Education.(Key Hires And Promotions)
May 3, 2004... Deanna Weeks was appointed to the Grossmont-Cuyamaca Community College District Governing Board. Weeks is president and chief executive officer of the East County Economic Development Council. The National Academy of sciences elected M. Brian...

Government and nonprofit.(Key Hires And Promotions)
May 3, 2004... Rhonda R. Valencia has been selected as executive director of the EastLake Educational Foundation. Prior to joining the EEF, Valencia was with St. Mary's Food Bank in Phoenix as the major gifts officer. Alfredo Lopez has been appointed as human...

Health care and biotech.(Key Hires And Promotions)
May 3, 2004... Structural GenomiX, Inc. announced the appointment of Neill Giese, Ph.D. as senior vice president of drug development. Giese will be responsible for all translational biology, and pre-clinical and clinical development and SGX. CliniComp, Intl....

High-tech and manufacturing.(Key Hires And Promotions)
May 3, 2004... The Titan Corp. announced that Brian J. Clark has been named vice president and corporate controller for the company. Clark, who was previously vice president of strategic transactions for Titan, joined the company in 2001 to lead the firm's...

Hotels, resorts, and restaurants.(Key Hires And Promotions)
May 3, 2004... Elizabeth Pine has joined La Casa del Zorro Desert Resort as food and beverage director. Prior to joining La Casa del Zorro, Pine was food and beverage manager for River Rock Casino in Sonoma County's Alexander Valley. La Casa del Zorro has...

Media & marketing.(Key Hires And Promotions)
May 3, 2004... Oscar Leon Walker has been appointed accounts director for the ethic print media group division of Gemstone Communications, Inc. In his new assignment, Walker teams with and provides support services to the vice president for marketing and...

Miscellaneous.(Key Hires And Promotions)
May 3, 2004... Sandra Butler has been appointed executive vice president of sales and marketing. With 20 years of convention and meeting industry experience, Butler will direct the SDCCC's overall sales and marketing effort. Sallee Pavlovich has been...

Rolf Benirschke.(Executive Spotlight)
May 3, 2004... Rolf Benirsehke has joined the California Bank & Trust team in a spokesman capacity. Benirschke will also serve as a customer ambassador and participate in media marketing and developing new business relationships. Benirschke is best known for...

Real estate.(Key Hires And Promotions)
May 3, 2004... American Residential Investment Trust, Inc. announced that Ray McKewon has retired from its board of directors. McKewon has served as a director since 1997 and was most recently chairman of the audit committee. American Residential also...

Indians, media vent frustrations.(Reporter's Notebook)
May 3, 2004... The auditorium still had seats left, but frustration seemed to fill the room to-rapacity. American Indian leaders from up and down the state gathered at UCLA last month to say how unhappy they were with the coverage they're getting from...

Business set for battle to overturn SB 2.(Our Views)
May 3, 2004... Gov. Arnold Schwarzenegger may sit this one out, but the battle to overturn a California law requiring employer-funded health care coverage is shaping up to be a heated one. The issue: Senate Bill 2, signed into law by former Gov. Gray...

Financial weapons of mass destruction: derivatives have already fueled an Asian economic crisis. So why is the NYSE poised to sanction them?(Opinion)
May 3, 2004... Deliberately injecting a new dollop of uncertainty into the already-shaky international financial system, it seems to me, has got to be the white-collar dysfunctional equivalent of dropping a pair of terrorism car bombs on the steps of some...

Iraq allegations newest glitch in Titan sale: deal with lockheed may be delayed again.
May 10, 2004... Titan Corp. found itself at the center of more unwanted attention last week as an internal Army report alleged that one or more translators employed under a Titan contract were at the scene of the abuses at the Abu Ghraib military prison near...

Civilian contractors consider overseas responsibilities.
May 10, 2004... Are defense contractors liable for the actions of civilian contractors they send to work overseas, especially in wartime? What precautions should they take? Questions arose last week concerning the extent of involvement employees of two...

Revitalized El Cajon is turning downtown into urban magnet: once East County's business hub, renewal draws attention as new homes go up.
May 10, 2004... Downtown El Cajon already has what many communities in the county are trying to create through redevelopment. A growing number of downtown rowhomes are being built around a prospering business district along Main Street with a mix of...

Sewer system puts ship in shape: cruise liner commits to San Diego--and to clean water.
May 10, 2004... When the cruise liner MS Oosterdam was at the B Street Terminal recently, Port of San Diego and local tourism officials celebrated on board by awarding plaques and medals to the year-old ship's executives. The commitment by Seattle-based...

Businesses beware: suing an employer is now as easy as 1,2,3.
May 10, 2004... In anticipation of employees filing a multitude of lawsuits for violations of the California Labor Code, employers need to be extremely diligent in complying with all aspects of the law. This article will address a new law signed by former...

Sandag energy panel muddles through first vote: inability to reach conclusion on SDG&E plan puts board in tenuous spot.(Utilities)
May 10, 2004... A fledgling group, created to act as a regional authority on energy matters, lacked the savvy and resources recently to vote on a controversial plan for supplying electricity to San Diego County, some local observers said. The San Diego...

Memec, active network set plans for initial public offerings.
May 10, 2004... Two San Diego high-tech firms plan to issue stock later this year, proving the capital markets are finally warming up for technology companies that aren't making drugs. Both Memec Inc., a distributor of semiconductors, and The Active...

Ex-Bush official urges tax breaks to ease outsourcing: Lynn Martin to Speak at UCSD's Athena program.(Q&A With Lynn Martin)
May 10, 2004... Companies outsource jobs for a variety of reasons, and it is not easy to turn the tide, said Lynn Martin, U.S. secretary of labor during former President George H. W. Bush's administration. No government ban should be placed on outsourcing...

Air travel nears pre-9/11 totals at Lindbergh field: Chick-fil-A Inc. setting up shop in San Diego.(Tourism)
May 10, 2004... Shortly after taking office in January 2003, the chairman of the newly formed agency responsible for recommending a site to relocate the regional airport said he took the task very seriously because he expected air travel would soon rise to...