Too few snow days in California led to disappointing fourth quarter results at La Canada-based retailer Sport Chalet. The company reported net income dipped to $881,000 or $0.06 per diluted share for the fourth fiscal quarter ended April 1 compared to earnings of $1.6 million or $0.12 per diluted share in the comparable period a year ago. Sales for the fourth quarter rose 9 percent to $97.8 million including five stores opened in fiscal 2007 and one store opened in the fourth quarter of fiscal 2006. On a same store basis, sales dipped 1 percent. “While we made solid progress towards our long-term goals during the fourth quarter, our results did not meet our expectations following our record third quarter,” said Craig Levra, chairman and CEO. “Unlike last year’s particularly strong late snowfall, we experienced exceptionally dry weather in California, Nevada and Arizona which impacted sales of winter apparel and equipment.”

The Walt Disney Co. and renowned comic book artist Stan Lee inked a deal giving the media conglomerate first look at content created by Lee’s POW! Entertainment. Lee created such action hero icons as Spider-Man, The Hulk, and X-Men, all of which have been turned into film characters. “We’re very excited to be working with [Lee] and his talented team in creating some incredible new motion picture experiences,” said Disney Studios Motion Picture Production President Oren Aviv. Teaming with Disney is the best way to bring the Stan Lee and POW! Brand to all media because the company understands the importance and value of developing and marketing new global franchises, said POW! COO Gill Champion. “We are incredibly impressed with the professionalism and valuable input from the executive and creative talent whom we now so eagerly join,” Champion said.

Oplink Communications, Inc. closed on its purchase of a majority share of fiber optic components manufacturer Optical Communications Products, Inc. The Furukawa Electric Co. sold its 58 percent share in Woodland Hills-based OCP for $1.50 per share payable in cash and Oplink stock. Oplink is expected to purchase the remaining shares of OCP at $1.65 per share and close that deal within the third quarter of 2007. With Oplink holding a majority share of OCP, the future of the Valley company is up in the air. Following the April announcement of a deal between Oplink and Furukawa, the OCP board adopted a “poison pill” provision to delay the buyout. Oplink in turn filed a lawsuit challenging the validity of that provision. But in late May, Furukawa added members to the OCP board that guaranteed the sale of its OCP sales to Oplink would go through.

Natrol, Inc., has acquired sports nutrition product supplier Medical Research Institute, the company has announced. The acquisition allows for an initial purchase price of $8 million in cash and for potential earn-out payments based upon obtaining certain levels of earnings before interest and taxes over the next three years. In 2006, MRI recorded revenue of $21.4 million with operating income of $3.1 million. MRI has unique intellectual property and an excellent, but somewhat underdeveloped, strategic position in this market, said Wayne Bos, president and chief executive officer of the Chatsworth-based Natrol. “We believe that we can help grow the business by improving manufacturing and logistics capabilities, expanding into new geographic markets and extending the MRI product lines,” Bos said. MRI founder and principal shareholder Ed Byrd will continue to serve as MRI’s chairman and head of research and development. MRI, which was founded in 1997, was the first company to launch nitric oxide-based products in the sports nutrition market.

Vitesse Semiconductor Corp. has chosen BDO Seidman, LLP as its new independent registered public accounting firm, the company announced Tuesday. The accounting company will begin to audit financial statements for fiscal years 2006 and 2007 from Camarillo-based Vitesse so that the company is able to file reports with the U.S. Securities and Exchange Commission. Vitesse was delisted from the Nasdaq National Market last year after the company failed to file financial reports for the quarter ending March 31, 2006 due to an investigation by the Special Committee of the Board of Directors into stock option practices. In December, the special committee reported that former senior management backdated stock options over a number of years, resulting in lower exercise prices for the stock options. The same former executives tried to conceal the backdating by creating or altering documents, the committee’s report said. “We are committed to completing the audits of our financial statements in a timely manner and returning to a listing on a national stock exchange,” said CFO Rich Yonker.

David DeLorenzo has been named president and CEO of Dole Food Co. DeLorenzo, who has been associated with Dole for over 37 years, currently serves on the board of directors and chair of the audit committee. He has previously been held executive positions including president, COO and vice chairman of the board. David H. Murdock, the owner of Dole, previously served as CEO and will remain chairman of the board. Richard Dahl, who is currently president and COO, is leaving to pursue personal business interests.

A subsidiary of Teledyne Technologies Inc. received an $11 million contract for hydrogen generator systems to be used on power plant construction and steel processing plant expansion projects. Teledyne Energy Systems will deliver the generators in 2007 and 2008. The awards solidify Thousand Oaks-based Teledyne Technologies as the vendor of choice for commercial hydrogen generators, said company Chairman, President and CEO Robert Mehrabian. “Our demonstrated reliability and continued focus on customer service and support have helped drive our recent growth in the on-site hydrogen generation market,” Mehrabian said. Teledyne Energy Systems is a world provider of on-site gas and power generation systems based on proprietary fuel cell, electrolysis and thermoelectric technologies.

Consumers may be opting for online shopping more frequently as gas prices rise. A survey conducted by Amplitude Research for PriceRunner.com found 22 percent of those surveyed are making more purchases online to save the cost of driving. The survey, conducted between April 6 and April 9, polled 1,000 consumers nationwide. Among the other findings, 55 percent said they were reducing general driving when possible; 39 percent said they were reducing spending on luxury items; 28 percent said they were changing their vacation plans; and 22 percent said they were reducing spending on regular items including groceries. PriceRunner.com, a unit of ValueClick Inc. in Westlake Village, provides online comparison shopping services.

In a $420 million deal, Amgen has agreed to acquire Ilypsa, Inc., a private San Francisco Bay Area biotechnology company that develops renal care pharmaceutical products. The acquisition will turn Ilypsa into a wholly owned subsidiary of Amgen. The transaction, which will be paid in cash, is expected to close in the third quarter of 2007. The acquisition has been approved by both company’s boards of directors and Ilypsa’s shareholders. Ilypsa is currently developing non-absorbed drugs for renal disorders. Its leading drug candidate is ILY101, a non-absorbed polymeric agent that works by preventing the absorption of ingested phosphate. “Ilypsa and ILY101 are a strategic fit for Amgen’s nephrology portfolio and further demonstrates our commitment to explore, develop and commercialize promising therapies that help in the fight against kidney disease and its complications,” said George J. Morrow, Amgen’s vice president of Global Commercial Operations.

North American Scientific Inc. reported that the company lost $3.2 million or $0.11 per share for its fiscal second quarter ended April 30 on revenues of $6.2 million. The Chatsworth-based developer of radiation therapy products noted that revenues in its core business, radiation sources, grew by 19 percent compared with the fiscal second quarter of last year, and gross profit in the division increased 45 percent over last year. The company reported a net loss of $3.7 million or $0.22 per share in the fiscal 2006 period on revenues of $5.8 million. North American Scientific said that it expects to begin clinical work with its ClearPath, breast brachytherapy device at the end of this fiscal year.