– Hot Topic Inc.
reported third-quarter net income of $5.9 million (13 cents per share) for the three months ended Oct. 29, compared with $12.4 million (26 cents) for the like period a year earlier. Revenue for the City of Industry-based mall specialty retailer rose 7 percent to $192.7 million.
Third-quarter results include a 2-cent-per-share charge retained as a provision for potential liabilities associated with two California wage and hour lawsuits.
The company’s comparable store sales decreased 6.2 percent for the quarter, compared to a decrease of 4.2 percent in the third quarter of the prior year.
– Optical Communication Products Inc.
reported fourth-quarter net income of $1.6 million (1 cent per share) for the three months ended Sept. 30, compared with a loss of $673,000 (1 cent) for the like period a year earlier. Revenue for the Woodland Hills-based fiber-optic subsystems manufacturer rose 12.5 percent to $14.8 million.
The company expects first-quarter revenue of between $17 million and $18 million.
– CKE Restaurants Inc.
said its October same-store sales grew by 1.1 percent due to a decline in gas prices, improved weather conditions and the introduction of new products at its Carl’s Jr. restaurants.
Carl’s Jr.’s October same-store sales rose 3.2 percent, while Hardee’s fell 0.9 percent, Carpinteria-based CKE said. October sales in the prior year grew 5.6 percent and 3.5 percent, respectively. For the third quarter, same-store sales were down 1.9 percent on a 0.1 percent decline at Carl’s Jr. and a 3.5 percent drop at Hardee’s. Total third-quarter revenue was reported as $274.8 million.
– Prospect Medical Holdings Inc.
acquired Orange County-based Genesis Healthcare of Southern California in an all cash transaction. Terms of the deal were not disclosed. The acquisition increases the number of HMO-covered individuals under management by the Culver City-based company by approximately 16,000. As of June 30, Prospect Medical served about 178,000 HMO enrollees, the company said in a statement.
– Point.360
acquired the assets of Visual Sound, Inc., a provider of closed-captioning and subtitling services for the television and motion picture industry. Financial details of the deal were not disclosed. Point.360 said the acquisition adds capabilities to the Burbank-based provider of integrated media management services that were previously outsourced. Visual Sound’s assets will be housed at Point.360’s facility in Hollywood.
–
A shareholder of Enterasys Networks Inc. is suing the Andover, Mass.-based company, saying its $386 million takeover offer from two private-equity firms is too low, Bloomberg News reported. Enterasys said on Nov. 14 that L.A.-based
Gores Group LLC
and Santa Monica-based
Tennenbaum Capital Partners LLC
bid $13.92 a share for the company. Shareholder Harold Weber said in a Delaware Chancery Court suit filed Tuesday that the offer is “unfair” and “inadequate.” Weber seeks unspecified damages and legal fees.
