& #8226; Summa Industries
, the Torrance-based plastic products developer, reported net income of $508,000 (13 cents per diluted share) for the third quarter ended May 31, compared with $1.4 million (30 cents) for the like period a year earlier. Revenue fell to $31.5 million from $33.2 million in the year-ago period.
The company said third-quarter earnings were adversely affected by facility relocation costs. Without the effects of the relocation expenses, Summa reported net income of $826,000 (20 cents per diluted share) for the third quarter, compared with $1.5 million (33 cents) for the like period a year earlier.
Summa Industries also said Tuesday that it plans to sell a factory site in Orange County to a real estate developer for $4.8 million, with an anticipated net gain of $2.7 million (65 cents per share). The transaction is scheduled to close in the first quarter of fiscal 2006.
In December, Summa announced plans to sell several parcels of real estate due to consolidation and restructuring activities. Summa estimated that the sales would result in a gain of $5 million to $9 million and generate cash of $9 million to $14 million. The parcels have been offered for sale separately and are zoned for industrial use. In January, one of three plants, in Bensenville, Ill., was sold for $1 million. The other two are still for sale.
& #8226; Jacobs Engineering Group Inc.
announced Tuesday that subsidiary companies were awarded contracts. The contract values were not disclosed. One contract is from BMW to design and construct a new aerodynamic research and development center. The center’s wind tunnels and support buildings will provide BMW with a new facility to develop next-generation vehicles. The other contract is for engineering and procurement for Equipolymers S.r.l.’s new plant in Sardinia, Italy. Equipolymers S.r.l. is subject to the direction and coordination of Equipolymers B.V., a joint venture between The Dow Chemical Co. and Petrochemicals Industries Co. of Kuwait.
& #8226; Jakks Pacific, Inc.
signed a multi-year toy licensing agreement to produce a variety of products, including soft dolls, youth electronics, art activity kits and Plug It In & Play TV Games, based on the Emmy-nominated children’s educational TV series Hi-5. The Hi-5 series airs on the TLC and Discovery Kids’ channels. The Malibu-based toy company plans to launch the products in fall 2006. Financial details of the deal were not disclosed.
& #8226; Amgen Inc.
and Massachusetts General Hospital are in a dispute over royalties from sales of the drug Enbrel, the Boston Globe reported. The Thousand Oaks-based biotechnology company wants to reduce the amount of royalties it pays to Massachusetts General on sales of its arthritis and psoriasis drug a product the hospital helped develop, the Globe said. Last year, Amgen sold $2 billion worth of the drug and paid Mass. General about $41 million, which the facility used to help fund a genetics laboratory.
Amgen inherited the Enbrel pact with the hospital in 2001 when it bought Immunex Corp., a Seattle company that developed the drug in the 1990s. Now, Frances Toneguzzo, a lawyer for the hospital, said that Amgen’s lawyers believe that specific wording in the agreement allows for a reduction in payments. Mass. General disagrees. Losing even a portion of Amgen royalties would be a significant loss for the hospital, the newspaper reported.
& #8226; Apriso Corp.
, a Long Beach-based supply network operations development firm, named Jim Henderson its president and chief executive. Henderson joins Apriso from enterprise software company GERS, where he was chief executive for nearly 7 years. Prior to GERS, he was chief executive and president of Simione Central, a healthcare software solutions provider. Henderson fills a position that had remained open ever since former chief executive Adam Bartkowski moved to another unit of the company when Apriso changed its focus in 2004 from a product-oriented firm to one more based on sales and marketing.
