A report from the California Motor Car Dealers Association forecasts that car sales will remain slow during 2007 before returning to normal growth. For 2008 and 2009, new car registrations are expected to approach the 2.2 million mark. For the third quarter of 2006, new registrations of cars and light trucks declined 7.6 percent as compared to the same quarter in 2005. The summer of 2005 had stronger sales due to employee discount incentive programs, the report said. The association releases the full report on Nov. 16. The association is the country’s largest state association of franchised new car and truck dealers with over 1,350 dealer members.

California United Bank said assets increased 12 percent to $159.7 million as of Sept. 30 from the prior quarter ended June 30. Deposits at the Encino-based startup bank increased 18.5 percent to $117.1 million versus the prior quarter. The bank, which has been in operation for five full quarters, reported a net loss of $583,000, compared to a net loss of $618,000 for the second quarter of the year. The bank in late October received regulatory approval to sell somewhat more than 1.2 million shares of common stock at $16.50 per share. The offering is expected to close on Dec. 29.

Bob Franz has submitted his resignation as director of administrative services and finance for the city of Glendale. He will step down Dec. 29. Franz has been in the position since November 1998 and previously served as deputy city administrator for Huntington Beach and assistant city administrator for Montebello. He takes over as chief financial officer of Orange County.

Santa Clarita voters have approved a $160 million bond measure to improve the Valencia campus of College of the Canyons and construct a new facility in Canyon Country. The bond applies an additional $9.73 per $100,000 of a home’s value to fund the expansions. The bond affects homeowners in Santa Clarita and would add about $30 to homeowner taxes. The measure passed by 62.3 percent, or 32,186 voters. It needed 55 percent to pass.

The Agoura/Oak Park/Conejo Valley Chamber of Commerce holds its 25th anniversary celebration. 5:30 p.m. John of Italy Salon and Day Spa 2772 Townsgate Rd., Westlake Village (818) 889-3150 agourachamber.org

Shoe Pavilion Inc. said today that it incurred a net loss of $318,000 or $0.03 per diluted share, for the third quarter ended Sept. 30. The loss compares to net income of $293,000 or $0.04 per share in the like period a year ago. Shoe Pavilion’s sales increased 28 percent for the third quarter to $31.8 million versus $24.8 million for the third quarter of 2005. Comparable store sales rose 3.7 percent in the quarter. Shoe Pavilion executives said the unseasonably warm fall weather dampened sales of fall merchandise. The company also noted that its operating margins were affected by the increased number of newly opened stores in the quarter. During the third quarter, Shoe Pavilion opened seven stores and closed two, bringing its store total as of Sept. 30 to 100. For the fourth quarter, Shoe Pavilion gave guidance of sales in the range of $38 million to $41 million and earnings per share in the range of $0.06 to $0.10.

Fiber optic component manufacturer Optical Communications Products Inc. will layoff up to 180 workers at its Woodland Hills facility next summer, the company has announced. The layoffs in the U.S. and at a facility in Taiwan are tied to OCP recently making a deal with SAE Magnetics to manufacture certain of its product line in China, the company said. The reductions are not expected to take place before the summer of 2007, the company said. “We greatly appreciate the contributions our employees have made over the years,” said company CEO Philip F. Otto, in a statement. “We will work with those who will be affected by the changes to ensure the smoothest possible transition. “We expect to retain many qualified employees in both the United States and Taiwan who will continue to develop the various new products demanded by our customers,” Otto added. The agreement with SAE Magnetics, a subsidiary of TDK Corporation, expands OCP’s manufacturing capacity while simultaneously reducing costs, Otto said. “We will continue to fulfill low-volume, fast-delivery requirements from our facilities in the U.S.,” Otto said. “With this step, we will now build on this core strength, adding manufacturing flexibility and faster product developments as vital components our strategy.”

Sport Chalet Inc. reported net income of $1.7 million or $0.12 per share for its fiscal second quarter ended Oct. 1 compared to a net loss of $5.2 million in the comparable period a year ago. The company changed its fiscal period at the beginning of the current fiscal year so that each quarter ends on a Sunday. Sales at the La Canada-based retailer increased 11.7 percent to $91.3 million in the quarter, versus $81.7 million in the year-ago quarter. “While we did not achieve the level of sales we had anticipated, we made great progress on our long-term growth initiatives in the second quarter,” said Craig Levra, chairman and CEO. The company reported that same store sales increased 3 percent.

La Canada-based Sport Chalet Inc. will open its newest location in San Jose, Calif., on Nov. 10, the company announced. The 45,000 square-foot store is the 43rd location for the specialty sporting goods chain. The company operates stores in California, Nevada and Arizona.

A month after the Tribune Co. forced out the publisher of the Los Angeles Times, the paper’s editor is also out the door. New Times publisher David Hiller told employees via e-mail Tuesday that editor Dean Baquet was leaving effective Nov. 10. Hiller took the helm of the Times in early October following the ouster of former publisher Jeff Johnson. Since then, he and Baquet have talked to see if they were on the same page is terms of strategy, Hiller wrote. “After considerable discussion, we concluded that we have significant differences on future direction,” Hiller wrote in the e-mail. Chicago Tribune Managing Editor Jim O’Shea replaces Baquet. The relations between the Times and its corporate parent in the Tribune Tower in Chicago can be best described as uneasy. Tribune came to own the Times following its purchase of Times Mirror Co. in 2000.