Speaking at an investor conference, Countrywide Financial Corp. officials today told investors that the company was well-fortified against the problems in the mortgage market. The comments helped to staunch the share price decline that the Calabasas-based company saw yesterday as a result of the broader problems in the mortgage sector. Countrywide’s share price closed today up $1.65 to $36.85 per share. The company’s stock yesterday fell as news broke that another subprime lender was facing a Securities and Exchange Commission investigation. Countrywide CFO Eric Sieracki told investors in a conference in Orlando that, while those with businesses exclusively in the subprime sector were likely to suffer, Countrywide’s broader business mix would insulate the company from similar woes. “We’re a top-conditioned athlete,” he told the group.

The director of Glendale Water and Power plans to step down from the post this spring, the city announced Tuesday. Ignacio R. Troncoso will retire from the position May 7 after six years with the city. The resignation will take effect in July. Troncoso is credited with implementing environment, safety and security improvements. Previously, Troncoso worked 24 years at the El Paso Electric Co. in Texas. No replacement has been named.

Wi-Fi networks made by Xirrus Inc. have been chosen for use in medical and corporate conferences produced by Advance Concepts, the company announced Tuesday. The equipment from Westlake Village-based Xirrus was recently used by Advance Concepts at a medical conference in Florida. The Xirrus Wi-Fi Array handled more than 200 users who downloaded more than 20,000 filed during the six-day event, said John DiGiovanni, director of marketing, in a statement. “With an average file size of 1MB that translated into a huge amount of traffic highlighting the scalability and resiliency of the Array,” DiGiovanni said. Advance Concepts went with Xirrus because its product was easy to set up and allowed hundreds of doctors to download files quickly and with minimal assistance, said President Phil Joseph, in a statement.

Warner Bros. Entertainment has joined Universal Pictures and a partnership of three movie theater chains to develop a digital cinema delivery system, the company announced Tuesday. The collaboration is the first between studios and exhibitors to create a delivery system for digital content. Warner Bros. Entertainment is based in Burbank. “Utilizing digital distribution technologies to support digital cinema seems like a natural progression and complementary to the roll-out of projection systems that is currently taking place,” said Darcy Antonellis, executive vice president, distribution and technology operations, in a statement released Tuesday. Digital distribution can be done through satellite or broadband components. It streamlines the process and limits the number of people handling the product, which is expected to increase security and support the fight against film piracy. Digital Cinema Implementation Partners is owned equally Regal Entertainment Group, AMC Entertainment Inc. and Cinemark USA. The partnership represents more than 14,000 screens in the U.S. “This system will provide theater owners with greater scheduling flexibility as it allows for real-time bookings to meet audience demand and expands the theater’s ability to deliver alternative programming,” said DCIP CEO Travis Reid, in the statement.

Construction is moving forward on a multiphase project to expand the Simi Valley Hospital emergency department. The first, $250,000 portion to renovate the department’s 5,600-square-foot guest lobby and patient care areas is expected to finish by summer. Construction started in January. Once completed, plans call for installing a new ER fast track system to provide care for patients will less severe illnesses and minor injuries. Both projects are intended cut patient wait times in the ER, which currently handles 50 percent more patients than it was designed to handle, and increase the hospital’s ability to provide emergency care during a disaster.

The United Food and Commercial Workers has extended the contract deadline covering workers at Ralphs, Vons and Albertsons for two weeks as the union and the corporations continue discussions. The contract was due to expire Monday night. Among the proposals on the table from the UFCW is a plan to eliminate the current two-tier wage system agreed upon during the last round of negotiations three years ago. Under that plan, new hires are paid less than longtime employees and have a longer waiting period before receiving benefits. The extension, requested by a federal mediator working with the two sides, may be extended again when the two-week period expires March 19.

For chambers of commerce, spring is the peak travel season, when business groups large and small head to Sacramento and Washington, D.C., to lobby elected officials. “We talk with them about whatever issues are current for us at that time,” said Tinalyn Firestone, executive director of the Woodland Hills-Tarzana Chamber of Commerce, one of several area chambers heading to Sacramento May 21 as part of the California Business Legislative Summit hosted by the California Chamber. Among the most extensive lobbying efforts currently planned locally is by the Santa Clarita Valley Chamber of Commerce, which is taking 25 members to Washington, D.C., for a three-day trip starting April 14. President Larry Mankin said the chamber has set up 20 to 30 meetings with federal agencies, committee staff and Congressional members. The goal is to solicit funds for roads, water, education and workforce development issues. Mankin said the meetings help connect issues with real-life businesses and residents. “We put a face on a request,” he said. “There are very few chambers that do this. There’s a fear of dealing with Washington.” U.S Rep. Howard P. “Buck” McKeon, whose district includes Santa Clarita, agreed that face-to-face meetings with constituents let him better grasp what’s happening at the community level. That’s not always possible, he said. “It’s a good chance for me to sit down and talk about their issues. I’m looking forward to it,” McKeon said. McKeon’s office is also setting up discussions with other elected officials on committees that deal with important issues specific to Santa Clarita, such as transportation. McKeon said such interaction with a variety of congressional representatives helps both sides understand where they stand. “It’s a win-win,” he said.

The Air Group has expanded its fleet of planes at Van Nuys Regional Airport. The company added a 14-seat Gulfstream G550 and Legacy 600, two mid-sized planes that can accommodate more than a dozen passengers each. The planes will be based at Van Nuys; the company also added a Falcon 50 aircraft for its operations in Reno, Nev. Air Group President and CEO Jon R. Winthrop said expanding the fleet makes sense economically as the business experiences growth. “The trend toward private jet ownership continues strong,” he said. “With the economy growing stronger every month and commercial airline travel more difficult and unpredictable, we expect 2007 will be a banner year for private jet sales and chartering.” The Legacy is a mid-sized jet that can seat 13 and travel more than 3,000 miles. The Gulfstream has a maximum range of 6,000 miles and can hold 14 passengers. It is the latest of several additions to The Air Group fleet in recent months. The company, which has operations in eight cities and in Japan, last year added a Challenger and Citation SII in Van Nuys. The Air Group broke ground last month on a new private jet terminal and corporate headquarters at Van Nuys. The complex will include an 86,000-square-foot hangar and maintenance center and approximately 12,000 square feet of office space. The company is also building a new East Coast terminal in New Jersey slated to open this month. , Chris Coates

Countrywide Financial Corp. was caught in the downwind today as mortgage lender stocks slid. Shares in Countrywide closed at $35.20, down nearly 5 percent from the opening price of $37.20. The sector’s performance mostly reflected continued bad news in the subprime lending market, where delinquencies are rising and some lenders have issued warnings about their performance. New Century Financial Corp. in Irvine led Wall Street’s decline today, with shares losing 60 percent of their value on news that New Century is under investigation by the Securities and Exchange Commission and the U.S. Attorney’s office in the Central District of California.

Felix Lopez is seated at a table so far to the back of the restaurant that he is practically in the kitchen, but a steady stream of patrons finds him anyway, and he is interrupted continually as they stop by to say hello. It is only three weeks since his new Glendale restaurant, Sabor, opened, and yet the visitors all seem as if they’ve known the local entrepreneur for years. Many have. Lopez himself has been a staple in the local Hispanic community since the acquisition of his first Latin bakery and caf & #233;, La Adelita, in 1994. Since then, La Adelita Food Company Inc., which Lopez likes to call the “7-Eleven of tortillas” has grown to four locations with plans to open several more. Now, with partner Luis Rodriguez and his son Andy recently graduated from Pepperdine University, Lopez has expanded into his first, full-service restaurant, a large open space just across the way from the Nestle building on Brand Avenue. Lopez had been eyeing the location for three years. When its former owner finally decided to sell, another buyer got to the table first. But that deal fell through, giving Lopez his opportunity. “You get a corner. You get all the windows, and I knew this place was going to be a key factor,” he said. “There was a need for a Cuban restaurant, but also it was a dream of mine to have the best looking Cuban restaurant.” Lopez, who left Cuba in 1967 and moved first to Madrid before coming to the States, grew up in the restaurant business his parents opened one of the first Cuban restaurants in L.A. But he had different ambitions, rising to become director of sales for a region that stretched from South America to Canada at Domecq. When the distiller was acquired and its headquarters moved to Detroit, Lopez chose to stay in L.A., and instead bought a 15-year-old tortilleria called La Adelita. “I used to fly in the front of the plane with my feet up, and now I was in the back of this bakery covered in flour,” he joked. He pumped $350,000 into the bakery, buying new machinery, renovating the d & #233;cor, and perhaps most important, changing the menu. “We did focus groups,” Lopez said. “One of the things we found out is the area changed, and we were selling Mexican food in an area where there were all Central Americans.” Another store Soon, a second store was added in Santa Monica, then in Pico Rivera and Grand Central Market. The stores range in size from 8,000 square feet to 2,500 square feet. Each offers about 50 different types of fresh bread and tortillas, pastries and steam tables of food, all made freshly on the premises. And each offers selections tailored to Mexican, Nicaraguan, Salvadoran or Guatemalan tastes depending on the ethnic makeup of the surrounding location. Lopez calls the little chain his “bread and butter. “We have a pretty good concept. I’m not afraid of any major supermarket because they’re not competition for me,” he said. But Lopez’s one expansion attempt in the San Fernando Valley did not turn out as planned. He lost nearly $200,000 on the tortilleria he opened in Sunland. “The location was not right. There was a lot of traffic, but there were not enough Hispanics and it was an industrial area,” Lopez said. “It took me a little time to recover.” When Lopez found the location for Sabor in Glendale, a short distance from many of L.A.’s Hispanic communities, he was confident it was the right one for his upscale restaurant concept. Miami connection But it took three trips to Miami, scouring the restaurants and knocking on doors until he found a chef who agreed to sign on. “I had to go there,” he said. “Where was I going to find a Cuban chef in L.A.?” Although L.A. has a number of Cuban restaurants, most are small and very casual. Sabor, decorated with original artwork and designed in a contemporary, open style, with live music on the weekends, is considerably more elegant. While the menu has a decided Cuban influence with traditional dishes like black beans and rice, fried plantains and Cuban sandwiches, the offerings also contain a mix of foods that also include paella and ceviche, what the owners call Latin fusion. “You have a little of everywhere,” said Andy Lopez. “People are afraid to try different things. By fusing the food, you can order the Chicken Madera and if the person next to you is having something else, you will taste it. So I gear the menu to touch all the bases.” Lopez estimates there are some 200,000 Cubans in L.A. But he says the majority of his customers are not ethnic at all. “Eighty percent of my business is Anglos,” the elder Lopez said. Visitors immediately notice the variety of the menu. “Every plate had a base of Cuban food, but there were Colombian items, Puerto Rican, a lot of different cultures,” said Vladimir Victorio, senior vice president for specialized lending services at Mission Valley Bank who is of Colombian descent. “There are so many different types of Latinos in L.A. He’s not really going after one particular market, but he’s creating a broad Latino feeling.”