Electronic equipment provider Electro Rent Corp. saw a net profit loss for the first quarter of the 2007 fiscal year due to developing its overseas operations and the integration of assets from an acquisition in January, the company reported Friday. For the reporting period ending Aug. 31, the Van Nuys-based company had net income of $4.7 million or $0.18 per diluted share on revenues of $30 million as compared to the nearly $5 million in net income or $0.19 per diluted share on revenues of $26.5 million for the same period in 2005. Electro Rent operates facilities in Asia and Europe. Developing those operations contributed to the drop in net income, the company stated in its filing to the U.S. Securities and Exchange Commission. Also contributing to the income drop was the integration of Rush Computer Rentals Inc., purchased in January to help grow the data products business, the filing said. Rush is a leading provider of personal computers and related equipment for rent or sale in the northeast United States. Electro Rent generates revenues through the rental, lease and sale of electronic equipment, primarily test and measurement and personal computer-related equipment. Testing and measurement equipment accounted for 75 percent of the rental and lease revenues for the first quarter of fiscal year 2007.

BREAKING NEWS: Tribune Fires Times Publisher The Tribune Co. has forced out Los Angeles Times publisher Jeffrey Johnson just weeks after he reportedly balked at a corporate directive to make more cuts at the newspaper. David D. Hiller, the publisher of the Chicago Tribune, has been named as Johnson’s replacement. “After a thorough review, Jeff and I agreed that he should resign at this time,” said Tribune Publishing President Scott Smith, in a statement. “We do agree on many priorities to best serve our customers, communities and shareholders. The Times’ has also made great progress on many fronts in the face of intense marketplace challenges. However, this leadership change is necessary because of important differences on how best to shape our future.” Johnson took over the publisher’s post in June 2005, following the departure of John Puerner. 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. Industry wide difficulties led to layoffs and buyouts at the Times since its purchase by Tribune, most recently in December 2005. In recent months, the company has come under criticism on various fronts, including members of the Chandler family, the second largest shareholder in Tribune and former owners of Times Mirror Co. In June, the family wrote a letter suggesting that Tribune to spin off its newspaper business from the broadcast division. In September, leading civic and business leaders wrote an open letter to the Tribune Co. board of directors urging no additional cuts at the Times. Valley Industry and Commerce Association President Brendan Huffman was among the signers. On Thursday, Huffman said in a released statement that Johnson’s leadership will be missed. “Valley business leaders especially appreciated Johnson reaching out to us to hear our concerns and suggestions for improving coverage of public policy issues at the Times,” Huffman said. “We hope that further cuts in staff are not made, particularly as they impact coverage of the San Fernando Valley and its 1.8 million residents,and 48,000 businesses.”

The Studio City Chamber of Commerce holds its first Friday club meeting with special guest Richard Katz, MTA board member. 7:30 a.m. Wine Bistro 11915 Ventura Blvd., Studio City (818) 655-5916 studiocitychamber.com

Guitar Center said today that it would miss its earlier guidance for earnings and sales in the third quarter ended Sept. 30, 2006. Guitar Center Inc. said it now expects net income in the range of $10.6 million to $11.3 million or $0.36 to $0.38 per share for the third quarter ended Sept. 30. Sales for the same period are expected to be about $473 million. The company’s previous guidance anticipated net income at the low end of the $12 million to $13.8 million range or $0.40 to $0.46 per share. Guitar Center had earlier anticipated that consolidated net sales would be in the range of $489 million to $501 million. The Westlake Village-based music retailer called sales in the first two months of the quarter “uneven” and noted that the environment improved considerably in the last month of the quarter. Shares in Guitar Center fell dramatically on the news. Shares plummeted $4.28 or 9.4 percent in late trading to $41.35.

Most retailers reported better than expected sales gains in September as shoppers scooped up back-to-school items and apparel. The one weak spot in the month was discount store retailers. Wal-Mart Stores Inc., BJ’s Wholesale Club Inc. and Costco Wholesale Corp. all reported disappointing sales for the month. The Children’s Place Retail Stores, Nordstrom Inc. and Kohl’s Corp. were among the leaders, reporting September sales rose 20 percent, 13.4 percent and 16.3 percent respectively. According to the International Council of Shopping Centers-UBS index, retail sales for all sectors rose 3.8 percent for the month. Excluding Wal-Mart, the index revealed a 6 percent increase for the retail sector. Experts attributed the increases to cooler September temperatures and falling gas prices. At Wal-Mart, however, same store sales rose just 1.3 percent, compared to the 2.1 percent growth analysts had predicted. BJ’s same store sales declined 0.9 percent, versus an expected gain of 2.3 percent and Costco sales rose 4 percent, compared to a 5 percent prediction from The Street.

The investment firm of computer mogul Michael Dell bought a majority ownership of the ValleyCrest Companies, the decades old family-owned landscaping firm based in Calabasas, it was announced Thursday. Financial terms of the deal between ValleyCrest and MSD Capital L.P were not disclosed. Company founder and chief executive Burton S. Sperber, President Richard A. Sperber and Stuart Sperber, chief executive of Valley Crest Tree Co. retain equity ownership and will continue to lead the business. Burton Sperber founded the company in 1949 and operates its development and maintenance divisions through more than 100 offices in 21 states and has 8,500 employees on its payroll. The company has designed the landscaping for the Orange Line busway, the Wynn Resort in Las Vegas, the Getty Center, and the Grove and The Lakes at Thousand Oaks shopping areas. ValleyCrest also put in a new field and landscaping at Dodger Stadium prior to the 2006 season. The new partnership is no different than other decisions made by the company to benefit its employees and customers, Burton Sperber said. “MSD Capital shares our values and long-term perspective of the $50 billion landscape industry, and we welcome them to the ValleyCrest family,” Burton Sperber said. ValleyCrest was named in March as the largest family owned business in the San Fernando Valley by the San Fernando Valley Business Journal.

Dole Food Co. said today that Jamaica Producers Group Ltd. has accepted its offer to purchase the remaining portion of JP Fruit Distributors Ltd. Dole, which already owned 35 percent of JPFD, will purchase the remaining portion for $41.9 million. JPFD imports and sells fresh produce in the U.K. Dole said that it is considering “expressions of interest” by potential partners to own and operate JPFD along with Dole.

Thousand Oaks-Westlake Village Regional Chamber of Commerce holds its Westlake business connections meeting. 7:15 a.m. Mimi’s Caf & #233; 400 N. Moorpark Rd., Thousand Oaks (805) 371-6144

Simulations Plus Inc., a Lancaster provider of modeling software for the pharmaceutical industry, has received a purchase order from the National Institute of Health Sciences in Japan. The five-year license is for ClassPharmer software, which will be used in the group’s research. The National Institute of Health Sciences is the Japanese equivalent to the Food and Drug Administration in the states.

A Woodland Hills office building has sold for $3.3 million. The 13,000-square-foot building, at 23123 Ventura Blvd., is a multi-tenant property. It was fully leased at the time of the sale. The buyer, Bromark Inc., was represented by Marilyn Kidd, a broker with Westcord Commercial Real Estate Services.