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Ecuadorean state oil company Petroecuador will try to renegotiate production contracts with

Occidental Petroleum Corp.

to boost its share of oil output, Reuters reported on Wednesday. L.A.-based Occidental operates three blocks in joint-ventures with Petroecuador, producing 100,000 barrels per day. Nearly 25 percent of that output goes to Petroecuador. A potential dispute with Occidental could cast a shadow over Ecuador’s free-trade negotiations with the U.S., Reuters said. Petroecuador’s lack of resources has forced it to rely on foreign investors to operate many fields.

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Center Financial Corp.

announced that it has identified a “material weakness” in its financial statements, relating to non-routine business transactions. The L.A.-based financial holding company of Center Bank said the weakness resulted from a lack of accounting manpower and consulting expertise and led to its reporting of some transactions in a way not in accordance with Generally Accepted Accounting Principles for the period ended Dec. 31.

To correct the problem, Center Financial said it has increased its accounting staff and is working with an independent consultant. The company will soon retain a certified public accounting firm to help with the effort as well. The company also hired Patrick Hartman as it chief financial officer. His hiring was announced on Wednesday.

On March 16, Center Financial requested a 15-day extension to delay the filing of its annual report on Form 10-K. The company is expected to file the report on or before March 31.

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Ameron International Corp.

, a Pasadena-based steel and reinforced concrete pipe maker, reported first-quarter net income of $481,000 (6 cents per diluted share), compared with a loss of $2.8 million (34 cents) for the like period a year earlier. Revenue for the quarter ended Feb. 27 rose to $138.8 million from $129.7 million in the comparable period of the prior year.

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Summa Industries

reported second-quarter net income of $276,000 (7 cents per diluted share), compared with $453,000 (6 cents) for the like period a year earlier. Revenue for the quarter ended Feb. 28 rose to $29.2 million from $26.5 million in the year-ago period.

The Torrance-based plastic products manufacturer reported pro-forma net income of $594,000, compared with $672,000 for the like period a year earlier. Pro-forma results do not reflect effects that impacted the company’s second-quarter results: the consolidation of three plants to a new facility in Reading, Pa., and an ongoing plant relocation from Bensenville, Ill., to Pharr, Texas.