Review
Jan. 30 – Feb. 5
Supermarket Update: Grocers rejected the striking union’s call for binding arbitration to end their 16-week stalemate. The three supermarket chains, Albertson’s Inc., Ralphs’ parent Kroger Co. and Safeway Inc., parent of Vons, said in a statement that the proposal for binding arbitration is an effort to shift the focus away from the United Food and Commercial Workers. Binding arbitration would empower a third party to shape a settlement that both sides must honor.
Earnings Results: Mattel Inc. reported fourth-quarter net income of $213.9 million, compared with $186.1 million for the like period a year earlier. Revenue for the El Segundo-based toy company rose 4.3 percent, to $1.74 billion, though most of that came from the falling dollar. California Pizza Kitchen Inc. reported fourth-quarter net income of $4.4 million, compared with $4.2 million for the like period a year ago.
Revenue for the Westchester-based restaurant chain rose 18 percent, to $96.1 million. Guitar Center Inc. reported fourth-quarter net income of $19.7 million, compared with $13.4 million for the like period a year earlier. Revenue for the Westlake Village-based musical instrument retailer rose 18.2 percent, to $395.8 million. United Online Inc. reported fourth-quarter net income of $24.4 million, compared with $4.7 million for the like period a year earlier. Revenue for the Westlake Village-based owner of the Juno and NetZero Internet-access services jumped 47 percent, to $96.9 million. Northrop Grumman Corp. reported fourth-quarter net income of $224 million, unchanged from the like period a year earlier. But earnings from continuing operations at the Los Angeles-based defense company fell 10 percent, to $203 million, because of rising pension costs. Revenue for the period rose 47 percent, to $7.1 billion. Unocal Corp. reported fourth-quarter net income of $180 million, compared with $96 million for the like period a year ago. Revenue for the El Segundo energy company was flat, at $1.59 billion. Cheesecake Factory Inc. reported fourth-quarter net income of $15.6 million, compared with $13.2 million for the like period a year earlier. Revenue for the Calabasas Hills-based restaurant chain rose 23 percent, to $214.5 million.
Super Bowl Ratings: The New England Patriots’ victory in last week’s Super Bowl drew the event’s highest television ratings since 2000. The 32-29 Patriots win over the Carolina Panthers was watched in an average 41.3 percent of the 108.4 million homes with televisions.
Gas Update: Los Angeles-area gasoline prices continued their steady climb last week, with L.A. topping San Francisco as the highest priced market in California. According to the Energy Information Administration, the average gallon of regular for the week ended Feb. 2 was $1.790, up from $1.748 the week before. Statewide, the price was $1.753, up from $1.726.
Shriver Out: Maria Shriver, a “Dateline NBC” reporter and wife of Gov. Arnold Schwarzenegger, resigned from NBC News, saying it would be too difficult to juggle the job and her duties as first lady. Shriver took an extended leave from NBC while Schwarzenegger campaigned for governor and made two appearances as an anchor after returning.
Oscar Hall?: Officials from the Academy of Motion Picture Arts and Sciences have disclosed plans to develop a major motion picture museum in the Los Angeles area. Details on the project were not disclosed but academy executives told the Los Angeles Times that they wanted the venue to be comparable in scope to the Walt Disney Concert Hall or the J. Paul Getty Museum.
Preview
February 9 – 15
Chamber Dinner: A star-studded cast of local and state politicos, led by Gov. Arnold Schwarzenegger, will attend the Los Angeles Area Chamber of Commerce’s annual inaugural dinner on Thursday (12th) at the Beverly Hilton Hotel. This year’s honorees include Chamber Chair George Kieffer, partner at the law firm Manatt Phelps & Phillips, and Kent Kresa, retired chairman and chief executive of Northrop Grumman Corp. For information: 213-580-7500.
Outlook Events: Jack Kyser, chief economist of the Los Angeles County Economic Development Corp., offers his 2004-2005 forecast on Monday (9th) at the Colburn School of Performing Arts, beginning at 8:15 a.m. Also on hand will be Linda Livingstone, dean of Pepperdine University’s Graziadio School. On Wednesday (11th), Cal State Northridge’s Center for Real Estate will present its first annual outlook for San Fernando Valley real estate at the Hilton Hotel in Universal City. The morning conference will include a keynote by former U.S. Housing Secretary Henry Cisneros. For information: 818-677-3621.
All-Star Stuff: The NBA pretty much takes over Staples Center and the Los Angeles Convention Center for several days, beginning on Thursday (12th) and leading up to the 53rd All-Star game on Sunday (15th). The festivities will include a basketball theme park at the South Hall where fans can try their hands at slam dunks.
Sports Beat: Both the Lakers and Clippers are on the road for the first part of the week, then it’s the All-Star break through the weekend. The Kings are also on the road all week, as are USC and UCLA men’s basketball. There is women’s college basketball on tap, as UCLA takes on Arizona State on Saturday (14th) at Pauley Pavilion, while USC hosts Arizona on Sunday (15th) at the Sports Arena.
Economic Reports: Friday (13th): December trade deficit, University of Michigan consumer sentiment figures and California and L.A. County jobs data for January.
Valentine’s Day: Falling on a Saturday this year, expect packed restaurants and high-priced red roses. According to the Greeting Card Association, 1 billion valentine cards are sent each year, making Valentine’s Day the second largest card-sending holiday of the year, behind only Christmas.
VICA Meet: The Valley Industry and Commerce Association holds its general membership luncheon on Tuesday (10th) at the Warner Center Marriott Hotel in Woodland Hills. Featured speaker will be California State Controller Steve Westly, who will discuss the $15 billion state bond initiative he and Gov. Arnold Schwarzenegger are pushing. For information: 818-817-0545.
