Test systems manufacturer Ixia saw a drop in its second quarter income compared with the same reporting period from the previous year. The Calabasas company reported a net income of $300,000 or $0.00 per diluted share on net revenues of $39.9 million for the quarter ending June 30. That is a significant drop in the $9.8 million in net income or $0.14 per diluted share on net revenues of $41.3 million for the same quarter from 2005. For the six month period ending June 30, Ixia reported net income of $785,000 or $0.01 per diluted share on revenues of $78.7 million. That is a decrease from last year, when the company reported net income of $19 million or $0.28 per diluted share on revenues of $79.7 million. Ixia President and Chief Executive Officer Errol Ginsberg said the second quarter results reflected some positive trends for the company, including the addition of 85 new customers and diversifying the customer base. “Our government and enterprise business showed strong growth due to increased military spending and some renewed investment by enterprise customers,” Ginsberg said. “Geographically, we saw strong demand in Europe, the Middle East and Asia and a record quarter in the China region, which includes Taiwan.” Ixia is a provider of test systems for IP-based infrastructure and services used by network and telephony equipment manufacturers, semiconductor manufacturers, service providers and governments.

Federated Department Stores Inc. said today that it has sold one of its stores in the Glendale Galleria to Target Corp. Federated has sold the former Robinsons-May store comprising 179,000 square feet as part of a transaction that also included stores in Westminster, Calif., Albuquerque and Springfield, Penn. The stores sold were duplicate operations that resulted when Federated acquired The May Department Stores Co. Federated has so far divested 62 of 80 duplicate locations it plans to sell. Federated did not release the details of the transaction. The company has previously said it expects proceeds from the total divestitures to be in the $400 million to $500 million range.

All 400,000 hotel rooms under the Marriott nameplate will be non-smoking by September, the company announced. The Washington, D.C., company operates 2,300 hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Courtyard, Residence Inn, SpringHill Suites, Fairfield Inn, TownePlace Suites and Marriott ExecuStay brands. Currently, about 90 percent of guest rooms are nonsmoking. The new policy applies to all rooms, restaurants, meeting spaces, employee areas and bars. Marriott is the first national hotelier to apply across the board nonsmoking rules to its properties. Local Marriott hotels include the 474-room Warner Center Marriott Woodland Hills, 280-room Renaissance Agoura Hills Hotel, Courtyard Los Angeles Sherman Oaks and Courtyard Ventura – Simi Valley.

Semiconductor manufacturer Semtech Inc. announced Thursday that it would restate its financial statements in light of an internal review of stock options practices. Following the review, the Camarillo company expects to restate its financial statements for fiscal years 2002 through 2006. The initial phase of the investigation focuses on the processes used to establish option exercise prices and obtain approvals of stock option grants, including procedures relating to initial stock option grants to newly-hired employees, and the related measurement dates used for financial reporting purposes, the company said in a prepared release. Semtech also faces delisting from the Nasdaq National Market because it had not complied with filing required reports on its fiscal quarter that ended April 30. The company has requested a hearing before the Nasdaq Listing Qualifications Panel to review the matter. Semtech is late in filing Form 10-Q because of an internal review of its stock option practices in light of an informal Securities and Exchange Commission inquiry, the company said. Semtech is a leading supplier of analog and mixed-signal semiconductors used in a wide range of computer, industrial and communications applications.

During the second quarter of 2006, Glendale-based IHOP inked more than two dozen franchise agreements for new restaurants across the country, part of a continuing push to expand its national footprint. The 26 eateries will pop up over the next dozen years in Arkansas, Iowa, Minnesota, Montana, New York, North Dakota, Ohio and South Dakota, the company said. Vermont will also get its first franchised IHOP, which also marks the first time IHOP has had restaurants in all 50 states. The new commitments brings to 393 the number of new IHOP restaurants under development in Mexico and the U.S. as of the end of second quarter 2006. There are currently 1,264 IHOP restaurants. The chain was founded 45 years ago in Toluca Lake.

California Insurance Commissioner John Garamendi has announced a plan to reduce title insurance costs by $1 billion a year by forcing insurers and escrow firms to rollback costs and fees to March 2000 levels. Garamendi said that a lack of competition in the industry has hurt consumers. A study conducted last year by the Insurance Commission shows that three title insurers controlled 75 percent of the market. Garamendi’s reforms would force title insurers to reduce fees by 23 percent and escrow firms by 27 percent. The California Land Title Association, however, contends the proposed change would drive smaller companies out of business. The group also calls the commissioner’s report flawed because it was prepared by an out of state consultant hired by Garamendi under a no-bid contract.

Mortgage 101 Water and Power Community Credit Union 11 a.m.-2 p.m. 16840 Devonshire Street, Granada Hills (213) 580-1783 or wpcu.org Public Speakers Speakers in the Wind Toastmaster Club 2867 Noon-1 p.m. Larry Chimbole Cultural Center, 38350 Sierra Highway, Palmdale. Contact (661) 946-1181

A Chatsworth optical components company terminated a planned acquisition of a Chinese fiber optic transceiver manufacturer, the company announced Wednesday. The deal between Luminent, Inc. and HG Genuine Opto was nixed based on current market valuations of comparable companies and further due diligence. Luminent, Inc., is a subsidiary of MRV Communications, Inc., a publicly traded provider of network equipment and services and optical components. HG Genuine Opto is a subsidiary of Huagong Tech Company, Limited. The parties have expressed the hope to find mutually agreeable terms in the future in which the synergies between HG Genuine and Luminent can be realized. Luminent has production facilities in Chatsworth and Taiwan.

The Walt Disney Co. announced Wednesday that it plans to eliminate as many as 650 studio positions worldwide as it repositions itself to focus on Disney branded movies. “Cutbacks such as these are difficult on so many levels, and we will do everything in our power to make the transition as smooth as possible,” said Walt Disney Studios Chairman Dick Cook. Disney also announced a consolidation of its global marketing and distribution into Buena Vista Worldwide Marketing and Distribution, and Buena Vista Worldwide Home Entertainment. Under the new plan, the studio will produce and distribute approximately 10 Disney live-action and animated films a year and two to three Touchstone films a year. Nina Jacobson is also out as president of the Walt Disney Motion Pictures Group, replaced by Mark Zoradi, who will also oversee the distribution and marketing of Disney and Touchstone Pictures films worldwide. Robert Chapek has been named president, Buena Vista Worldwide Home Entertainment, and will manage the worldwide distribution and marketing of all the Studio’s films on Home Entertainment platforms. “The consolidation of global marketing and distribution is extremely important as we continue to adapt to the vastly changing world,” Cook said.

Glendale Water & Power set an all-time record July 15 for the amount of power it provided to customers on a Saturday. Demand peaked at 290 megawatts, about 25 megawatts higher than the previous record for a Saturday, the public utility company said. The city provides electricity to 75,341 residential, commercial and industrial customers.