& #8226; Global ePoint Inc.
, a provider of airline cockpit security surveillance systems, is adding casino video surveillance to its portfolio. The City of Industry-based company is acquiring Ontario-based Tops Digital Security for $2.5 million in stock. Tops provides video surveillance and security systems to the gaming industry and museums, including the J. Paul Getty Museum and the Morongo Casino Resort & Spa. Tops founder Don Sung, a 15-year executive of South Korean giant LG Electronics, estimates Tops will generate $8 million in revenues over the next 12 months. Global ePoint shares closed up 3 cents on the news, to $3.32 per share.
& #8226;
El Segundo-based
Computer Sciences Corp.
announced that its first quarter, which ends March 31, brought in 71 federal contracts worth about $639 million. The information technology giant won 45 contracts from the Department of Defense, worth about $447 million, and 26 from civil agencies. The contracts focused on CSC’s core customers, including the U.S. Army, the U.S. Navy and the intelligence community, as well as non-defense areas such as healthcare and transportation.
& #8226; Beverly Hills Bancorp Inc.
, the parent of First Bank of Beverly Hills, reported net income for the year ended Dec. 31, 2005, of $15.1 million (70 cents per diluted share)., up from $13.8 million (65 cents) for the year-earlier period. Net interest income for the Calabasas-based company rose 14.3 percent to $39.1 million, up from $33.5 million in 2004. The company restated its financial statements for 2004, which included a pre-tax gain of $21.7 million on the sale of its former loan-servicing subsidiary, Wilshire Credit Corp.
& #8226; Earle M. Jorgensen Co.
announced today its stockholders approved the sale of the company to
Reliance Steel & Aluminum Co.
Los Angeles-based Reliance, a major North American steel distributor, paid $934 million for the 90-year old, Lynwood-based company in January. The deal gives Reliance 39 steel yards and distribution hubs located through the U.S. and Canada. Reliance also agreed to take on $291 million in Jorgensen debt. The deal paid Jorgensen stock holders $13.00 per share, half in cash and half in Reliance stock. According to a report by CIBC World Markets, Jorgensen is valued at more than the price paid by Reliance, but a lack of buyers discounted the price.
