Business Briefs: Raytheon, Homestore, Disney, Northrop, LADWP, Hot Topic

0



– Raytheon Co.

named Jon C. Jones to succeed Jack R. Kelble as president of its El Segundo-based Space and Airborne Systems group. Kelble, who will retire from the company in February after 26 years, will assist in the transition, the company said in a statement. Jones will take over immediately. In May, Jones was named vice president and general manager of the Space and Airborne Systems unit. A 28-year Raytheon veteran, he had earlier been responsible for production of the Tomahawk cruise missile and the Paveway Laser Guided Bomb.



– Homestore Inc.

has sold $100 million in preferred stock to private equity group Elevation Partners LP. As part of the agreement, Elevation principals Fred Anderson and Roger McNamee will join Homestore’s board by Dec. 8. The preferred stock purchased by Elevation is also convertible into common shares of Homestore. The Westlake Village-based company plans to use the proceeds of the investment for general corporate purposes, which may include strategic growth initiatives and acquisitions.



– Walt Disney Co.

launched its first downloadable games collection and Web site specifically tailored for a “grown-up” audience. Disney’s Game Cafe site features 20 downloadable games intended to appeal to adults 25-45, the Burbank-based company said in a statement. Games are available for downloading for $9.95 to $19.95. The site is an extension of its Disney Game Downloads business, which offers Disney games appropriate for kids age five and up.



– Northrop Grumman Corp.

was awarded a contract valued at up to $153 million over five years to help the Social Security Administration upgrade its computer networks. Northrop’s Information Technology sector will provide engineering services and switching products, including Cisco hardware and software, to support the Social Security Administration’s nearly 1,800 locations. The L.A.-based defense contractor will work with Comstor, of Chantilly, Va., and Carol Stream, Ill.-based Communication Supply Corp.



– Los Angeles Department of Water & Power

said it plans to sell about $930 million of power system revenue bonds in two separate sales. The nation’s largest municipal utility serving about 3.8 million residents and businesses will use the proceeds to finance capital improvements to the power infrastructure. Goldman, Sachs & Co. will manage about $620 million of the transaction, while E.J. De La Rosa & Co. will handle about $310 million. Maturities on the debt will range from 2008 to 2040.


An independent report released Tuesday said that a power grid unable to handle overloads was one of the main factors behind the massive Sept. 12 power outage that swept through much of L.A., affecting at least 700,000 LADWP customers.



– Hot Topic Inc.

said its comparable store sales were flat during the four weeks ended Nov. 26. A year earlier, sales at its stores open at least a year dropped 8 percent. Net sales for November totaled $54.7 million, up 13 percent from a year earlier. Year-to-date same-store sales are down 2.9 percent, while total sales are up 11 percent at $549.5 million, the City of Industry-based mall retailer said in a statement.

No posts to display