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Billionaire investor Kirk Kerkorian’s offer to purchase up to 28 million shares of General Motors Corp. stock expired Tuesday without word about whether the offer was successful. A spokeswoman for Kerkorian’s Beverly Hills-based investment company
Tracinda Corp.
said the results would be announced Wednesday, the Associated Press reported.
Kerkorian said in May that he was offering about $870 million, or $31 per share. If all 28 million shares were purchased, Kerkorian would own 8.8 percent of GM’s shares, or a total of 50 million.
– Cherokee Inc.
, a Van Nuys-based apparel marketing and licensing company, reported net income of $6.1 million (69 cents per diluted share) for the first quarter ended April 30, compared with $5.5 million (64 cents) for the like period a year earlier. Revenue rose to $13.2 million from $12.2 million in the year-ago period.
The company said first quarter results were impacted by increases in royalty revenues nationally (up 3.2 percent) and internationally (up 24.8 percent).
Cherokee also announced that its board approved the distribution of a quarterly dividend to shareholders of 50 cents per share. The dividend, which is the same amount as the last one declared on May 2, will be payable on or about June 15 to shareholders of record on June 1.
– Virco Manufacturing Corp.
, a Torrance-based furniture producer, reported a net loss of $5.7 million (43 cents per diluted share) for the first quarter ended April 30, compared with a loss of $4.6 million (35 cents) for the like period a year earlier. Revenue rose to $33.3 million from $30.3 million in the year-ago period.
The company attributed the first-quarter loss to last year’s near doubling of steel and plastic costs.
– Teledyne Technologies Inc.
, an L.A.-based electronic components firm, said its engineering subsidiary was one of four companies awarded a U.S. Air Force contract worth up to $500 million over five years. Teledyne Brown Engineering Inc. will provide engineering and technical services to the Air Force Operational Test and Evaluation Center, with headquarters in Albuquerque and locations in Colorado Springs, Colo., Fort Walton Beach, Fla., and Lancaster.
– Reynaldo’s Mexican Food Company, Inc.
named Joe Garcia III as its new chief operating officer. Joe Garcia III, who has been with the company for 21 years, is the son of Joe Garcia, the president and co-founder of Downey-based Reynaldo’s. As the new COO, Garcia will focus on implementing cost efficiencies across the company.
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Vulcan Materials Co. has closed the sale of its chemicals business, Vulcan Chemicals, to a unit of
Occidental Petroleum Corp.
. The deal had been cleared by the Federal Trade Commission late last week, on the condition that Occidental divest itself of one of the plants to ensure that the acquisition wouldn’t reduce competition in the sale of certain chemicals. The deal, announced in October, includes $214 million in cash plus payments contingent on the future performance of the businesses being acquired from Vulcan.
