Superior Industries International Inc. reported a 36 percent increase in net income for the second quarter when compared with the previous year. The Van Nuys-based manufacturer of aluminum wheels for the automotive industry had a net income of $3 million, or $0.11 per diluted share, on revenues of $255 million for the quarter ending June 30. For the same period in 2006, Superior reported a net income of $2.2 million, or $0.08 per diluted share, on revenues of $219.9 million. The company’s second quarter performance reflects improved productivity and reduced costs, said Superior President and CEO Steven Borick. “The steady ramp in production volume at our new facility in Chihuahua, Mexico also contributed to the increase in gross margin, as did the progress we made during the quarter toward resolving certain production issues at our Midwest plants,” Borick said.

IRIS International Inc. requested an extension to file its second quarter financial results due to emergency surgery for its interim chief financial officer. Veronica Tarrant has returned to work at the Chatsworth-based company on a part-time basis but her absence due to back surgery affected the company meeting the Aug. 9 filing deadline. Peter L. Donato becomes the new CFO effective Aug. 10. Iris International designs, manufactures and markets medical devices, diagnostic systems and consumables.

California United Bank announced that it has completed a $20 million secured credit commitment to help Sherwood Country Club purchase the club from its original developer, Sherwood Development Company L.P. The new owners plan to convert Sherwood to a private equity country club. Sherwood Country Club will also utilize California United Bank’s cash management services. A private country club in Ventura County, with a golf course designed by Jack Nicklaus, Sherwood is the home of the Target World Challenge, hosted by Tiger Woods.

The cost of opening new stores and a reduction in selling margins affected the second quarter financial performance of Show Pavilion. The Sherman Oaks-based retailer suffered a net loss of $1.1 million, or $0.11 per diluted share, on revenues of $37.5 million for the second quarter ending June 30. That is a downturn compared to the net income of $1 million, or $0.10 per diluted share, on revenues of $31.4 million for the same reporting period a year ago. Gross profit also declined, from 34.9 percent for second quarter 2006 to 29.3 percent for the same period this year. Shoe Pavilion attributes the decline to higher occupancy costs due to the rapid rollout of new stores during the past year and a reduction in selling margins.

DTS Inc. reported a $658,000 net loss for the second quarter when compared with the same period from a year ago. The net loss for the Agoura Hills-based digital entertainment technology company came on revenues of $12.9 million for the period ending June 30. For the second quarter in 2006, the company reported net income of $1.9 million, or $0.10 per diluted share, on revenues of $9.6 million. During the second quarter, the company purchased $3.7 million in common stock as part of its share repurchase program. The repurchase reflects confidence in the long-term value of the business, said DTS President and CEO Jon Kirchner. “We continue to be optimistic about our future growth prospects and are confident that we will benefit from the accelerating transition to high definition entertainment,” Kirchner said. DTS is made up of an electronics division and digital cinema business. The digital cinema business will be spun off later this year and will be headquartered in Burbank. The electronics business will remain in Agoura Hills.

Electronic Sensor Technology posted a net loss for the second quarter. The Newbury Park-based developer of equipment used to analyze odors and fragrances reported a net loss of $830,413, or a loss of $0.02 per diluted share, on revenues of $690,504 for the quarter ending June 30. That is an increase from the net loss of $753,676, or a loss of $0.01 per diluted share, on revenues of $621,407 for the same period in 2006. For the six months ending June 30, EST reported a net loss of $2.19 million, or a loss of $0.05 per diluted share, on revenues of $1.17 million. That is more than double the net loss of $1.02 million, or a loss of $0.02 per diluted share, on revenues of $1.15 million for the same six month period in 2006. The company has made progress in the second quarter with strong business in China and multiple orders from an international consumer products company, said EST President and CEO Barry S. Howe. “We have added sales representatives covering the Midwest, southeast, California, and Pacific Northwest to join our existing representatives in the Northeast,” Howe said. “We have also appointed a distributor to cover Europe.”

Voit Development Company broke ground on its North Valley Commerce Center, an industrial park in Sylmar totaling approximately 200,000 sq. feet. The industrial project is at the intersection of Olden Street and San Fernando Road and is slated for completion during the second quarter of 2008. “We anticipate the small-to-medium sized industrial spaces will sell quickly since the project has already been met with a substantial amount of demand prior to breaking ground,” said Tim Regan, vice president of acquisition and development for Voit Development Company. Phase I consists of 90,000 sq. feet of for-sale industrial condominium units ranging in size from 2,300 sq. feet to 30,000 sq. feet. Phase II has approximately 110,000 sq. feet of small industrial product for sale ranging in size from 4,200 sq. feet to 30,000 sq. feet.

CHAD Therapeutics Inc. has received $3.5 million in financing from a private investor, the company announced. The money will be used for the development and commercial roll-out of CHAD’s initial products for the sleep disorder market. “We currently are launching several new products for the oxygen market and expect to launch our initial products for the sleep disorder market this fall,” Earl Yager, president and CEO of the Chatsworth-based company said. “We also are pursuing outsourcing and other cost-cutting measures to reduce manufacturing costs for many of our established products. We believe this financing package gives us the resources to complete these programs while maintaining our current operations.” The financing package is comprised of a $750,000 convertible term note and a $2.75 revolving credit line, secured by the company’s assets. In connection with the financing, CHAD incurred brokerage and related fees of approximately $400,000.

Crown Media Holdings Inc. narrowed its net loss in the second quarter while at the same time boosting subscribers. The Studio City-based-owner owner and operator of the Hallmark Channel reported a net loss of $43.7 million, or a loss of $0.42 per diluted share, on revenues of $55.9 million for the quarter ending June 30. That is an 80 percent decrease from the net loss of $227.4 million, or a loss of $2.17 per diluted share, on revenues of $50.5 million for the same period in 2006. Crown Media reported a loss of $40.2 million, or a loss of $0.38 per share, on revenues of $53.6 million for the first quarter ending March 31. The company boosted its subscriber base to 82.6 million. That is a 13 percent increase over the 73.3 million subscribers for the second quarter of 2006. “The appeal of and demand for our original programming and family friendly series continues to place us among the top-rated cable channels,” said Crown Media President and CEO Henry Schleiff. “Advertisers in growing numbers are rewarding us for the unique niche that Hallmark Channel ahs with our increasingly important demographic of women, 25 to 54.” Paramount Pictures, Wal-Mart and Pizza Hut are among the channel’s 19 new advertising clients.

Net income dropped by 75 percent in the second quarter for Salem Communications Corp. when compared with the same period a year ago. The Camarillo-based broadcaster, publisher, and online content provider reported an income of $2.9 million, or $0.12 per diluted share, on revenues of $60 million for the quarter ending June 30. That is a significant drop from the net income of $11.6 million, or $0.48 per diluted share, on revenues of $58 million for the same period in 2006. The company experienced challenges with local spot advertising but saw an overall revenue growth of 3.4 percent in the second quarter, said Salem CEO Edward G. Atsinger III. “We continue to see solid growth in our non-broadcast media as we invest in new media businesses that take advantage of the content and promotional abilities of our radio stations,” Atsinger said.