, a Santa Monica-based apparel maker, reported fourth-quarter net income of $629,000 (4 cents per diluted share), compared with $693,000 (4 cents) for the like period a year earlier. Revenue for the quarter ended Dec. 31 rose to $3.2 million from $3 million in the year-ago period.
- China Digital Communication Group , a Chinese battery producer with U.S. headquarters in L.A., reported a fourth-quarter loss of $ $843,649 (2 cents per diluted share), compared with income of $782,000 (breakeven on a per-share basis) for the like period a year earlier. Revenue for the quarter rose 192 percent to $2.3 million.
- After weeks of speculation, Viacom Inc. named Gail Berman president of Paramount Pictures. Berman will report to Paramount Chairman and Chief Executive Brad Grey, the L.A.-based studio said today in a statement. Berman will be responsible for developing Paramount's slate of films, budgeting, casting and production. Berman, Grey's first appointment since assuming leadership of the studio in January, will begin her new duties after a transition period at Fox Broadcasting Co., where she has served as entertainment president since May 2000.
- The Tennis Channel named Ken Solomon chairman and chief executive of the two-year-old network, effective April 1. Solomon, former founding president of the Fine Living cable network, has more than 20 years of experience in cable, new media, TV production, distribution and advertising through top posts at Universal Television, DreamWorks, News Corp. and Scripps. He succeeds network co-founder David Meister, who is leaving the L.A.-based company to spend more time with his family.
- The European Union has given antitrust approval for LOC Acquisition Co. to acquire Metro-Goldwyn-Mayer Inc. , a release today said. The previously announced deal is for nearly $2.9 billion, according to published reports. LOC Acquisition Co. is a consortium comprised of Sony Corp. of America, Providence Equity Partners, Texas Pacific Group, Comcast Corp., and DLJ Merchant Banking Partners.
The Brussels-based commission said the proposed acquisition is compatible with the common market and didn't require changes in the deal. U.S. regulators earlier had approved the purchase, and the companies said they expect it to close by mid-April. After the close, MGM will continue to operate under the Metro-Goldwyn-Mayer name as a private company in L.A.
- Tag-It Pacific, Inc. announced today that it will reschedule its earnings call for March 31, after market close, to discuss fourth-quarter and 2004 year-end results due to scheduling conflicts. The call was originally scheduled for March 30. The company expects to release its financial results prior to the call, during the afternoon of March 31.
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