North American Scientific Inc. has received notice from The NASDAQ Stock Market that it has failed to regain compliance due to shares falling below $1. Chatsworth-based North American was unable to meet an April 2 deadline of raising the price of its stock. Moreover, the Chatsworth-based radiation therapy provider is not eligible for an additional 180 calendar day compliance period given that it does not meet the Nasdaq Capital Market initial inclusion criteria of $15 million market value of publicly held shares. As a result, the company’s common stock is subject to delisting from the Nasdaq Capital Market at the opening of business on April 15. Shares of North American closed up at $0.37.
Gumiyo, HomeNet Partner On Mobile Web Marketing
Automotive mobile marketing company Gumiyo will partner with HomeNet Inc. to equip auto dealers with a single-click mobile Web marketing solution. Built on Gumiyo’s mobile marketing platform, the new service extends HomeNet’s Inventory Online (IOL) Marketing Suite to mobile phones, putting a dealership’s inventory and showroom directly into the hands of buyers. It enables dealers to connect immediately with in-market consumers, providing them with on-demand detailed inventory listings, vehicle photos and Carfax reports. HomeNet’s Inventory Online (IOL) Marketing Suite serves more than 12,000 automotive dealership locations throughout the United States and Canada, processing over 2.5 million vehicles each day. Now, consumers can access the dealer’s inventory via their mobile phones by keying a short Go Code (a simple keyword unique for each dealership) into the body of a text message and then sending it to 48696. The reply message that comes back includes information on the dealership and a mobile Web link to the dealer’s showroom. Go Codes can also be extended with the last eight digits of the vehicle identification number (VIN) or the dealer’s stock numbers to take a mobile consumer directly to a specific vehicle.
Boeing delays 787 debut
CHICAGO — The Boeing Co. delayed its 787 jetliner program again Tuesday, pushing back its expected debut in commercial service to the third quarter of 2009 as it continues to grapple with problems involving its supply chain and the need to redo some outside work. The plane’s first flight, originally targeted for last year, now isn’t expected to take place until the fourth quarter of this year as Boeing builds more time into the schedule to reduce the risk of further delays on the program. The fourth delay with the 787, coming less than three months after the last one, further undermines Boeing’s credibility on the much-hyped program and also is a setback to the more than 50 airlines that have placed about 900 orders for the top-selling plane. Buyers are likely to seek compensation for the delays. For the full story visit http://www.latimes.com/business/la-fi-boeing10apr10,1,7019202.story
Cruise ship safety bill sails through committee
A bill that would require peace officers aboard cruise ships sailing from California ports cleared its first hurdle Tuesday as the state Senate’s public safety committee voted to move it forward in the legislative process. Such ships generally have private security guards, but a spate of alleged crimes on the high seas has prompted victims and their families to push for greater oversight. Several federal and international laws and agencies regulate cruise ships, but most of the major cruise lines register their ships in foreign countries such as Liberia and Panama and sail in international waters, raising complicated jurisdictional issues. Senate Bill 1582, sponsored by state Sen. Joe Simitian (D-Palo Alto), calls for funding “ocean rangers” with a $1-a-day passenger fee. The rangers would monitor public safety and ensure that ships comply with environmental regulations that prohibit them from dumping waste within three miles of the state’s coastline. If passed, the bill would give California the most stringent cruise-ship regulations in the nation. For the full story visit http://www.latimes.com/business/la-fi-cruise9apr09,1,1231377.story
Laser Maker Receives New Patent
QPC Lasers Inc. received its third new patent this year and its ninth overall related to design and manufacturer of semiconductor lasers. The new patent protects a unique technique for thermal management of extremely high brightness arrays that “This new technique provides greater power output in a smaller package, which is of critical significance for high performance military and industrial lasers,” said Jeffrey Ungar, president and CEO. Sylmar-based QPC has seven patents pending.
CBS layoffs signal a financial squeeze on TV stations
When veteran Los Angeles news anchors Harold Greene and Ann Martin were felled by a round of jobs cuts last week, they were in good company. At least 160 employees at CBS Corp.-owned television stations in 13 cities were let go, including such seasoned broadcasters as prominent Chicago anchor Diann Burns, renowned Boston sportscaster Bob Lobel and longtime Minneapolis meteorologist Paul Douglas. The jettisoning of such experienced on-air talent exposed the weakening of the once-robust local station business, which historically has enjoyed some of the fattest profit margins in the media industry. It marked a dramatic shift from the days when television stations paid top dollar to attract big-name anchors such as Greene and Martin, who have been TV mainstays in Los Angeles for three decades. For the full story visit http://www.latimes.com/business/la-fi-stations9apr09,0,4642747.story
Poor economy curbs business expansions, study says
The number of major business expansions in Southern California during 2007 declined by 17.5 percent as a result of the sagging economy and industrial and office markets, according to a report released today by the Los Angeles County Economic Development Corp. According to the report, there were 203 major business expansions — defined as a new lease or expansion of at least $1 million in value or 20,000 square feet or more of space — in Southern California last year. “The region’s ultra-tight industrial real estate markets have had an impact on expansion trends,” LAEDC chief economist Jack Kyser said. “Many people are unaware that `industrial’ space is used not just by manufacturing, but logistics and warehousing, printing and publishing, and even the motion picture production industry.” For the full story visit http://www.dailynews.com/breakingnews/ci_8849921
DTS Sells Imaging Business for $7.5 Million
DTS Inc. sold its digital images business for $7.5 million to Reliance Big Entertainment Ltd. The sale marks the exit from the image enhancement and restoration services business as Agoura Hills-based DTS focuses on its consumer audio business. Reliance is a member of the Reliance ADA Group of India. “The company fits well with the digital services strategy of the Reliance ADA Groip in the global media and entertainment space,” said Anil Arjun, senior vice president of Reliance. DTS shares closed up at $27.04.
Providence Gets Stake in Lakeside Systems Inc
Lakeside Systems Inc. and Providence Health & Services California Region today announced a significant multi-million dollar equity investment by Providence in Lakeside, giving the company a minority position in Lakeside. According to terms of the agreement, Lakeside and Providence will collaborate on new health care products and services, expand the reach of healthcare services, and grow services, such as health information systems. Lakeside and Providence have had a 21-year relationship in the San Fernando and Santa Clarita valleys, with many of Lakeside’s physicians serving patients at Providence hospitals. With this new investment, Providence will have one seat on the Lakeside board and one seat on Lakeside Comprehensive Healthcare, a Lakeside company that holds a Knox-Keene license, allowing it to contract for Medicare business. There are no changes in Lakeside’s management structure.
WaMu gets $7 billion infusion, sees big loss
NEW YORK — Washington Mutual Inc, the largest U.S. savings and loan, said today it received a $7 billion capital injection from private equity firm TPG Inc and other investors. The thrift also said it expects to report a first-quarter loss of $1.1 billion, or $1.40 per share. It expects to set aside $3.5 billion in the quarter for loan losses, nearly twice as much as it previously projected, and said net charge-offs will total $1.4 billion. Separately, the Seattle-based thrift set plans to reduce its mortgage operations by closing all its freestanding home loan offices, and to stop offering home loans through brokers. For the full story visit http://www.latimes.com/business/la-fi-wamu9apr09,1,5388882.story