L.A. Region Gets Lower-Income Housing Money
California Department of Housing and Community Development awarded the Los Angeles region with $43 million to provide housing for more than 2,500 families and individuals. The funds are a result of the $2.1 billion Proposition 46 housing bond approved by voters in November of 2002. The $43 million includes $19.5 million for creating affordable apartment homes through the Multifamily Housing Program, $6.1 million in Workforce Housing Reward Program funds, $7.8 million in Building Equity & Growth in Neighborhoods (BEGIN) awards, and $9.5 million in awards through the Emergency Housing Assistance Program.
Jacobs Lands San Bernardino Contract
A subsidiary of Pasadena-based Jacobs Engineering Group Inc. has received a contract from San Bernardino Associated Governments for construction management services on the new 5th Street Overcrossing project in the city, the company said Tuesday. The project is the first part of an estimated $500 million construction program to improve a six-mile stretch of Interstate 215 through San Bernardino. The project is being developed by SANBAG with the California Department of Transportation District 8 using State of California Measure I funding. Jacobs will work with Omaha, Neb.-based HDR Construction Control Corp. and Port Richmond-based Vali Cooper & Associates. Terms of the agreement were not disclosed.
EMAK Names New Independent Auditors
Los Angeles-based EMAK Worldwide, Inc. said that the audit committee of its board of directors has appointed Deloitte & Touche LLP as its independent auditors to replace PricewaterhouseCoopers LLP, effective immediately for review of the company’s financial results for the second quarter ending June 30.
EchoStar, Comcast Sue Finisar
Englewood, Colorado-based EchoStar Communications Corp., the second-largest U.S. satellite-TV provider, and Comcast Corp. filed lawsuits challenging a patent owned by Finisar Corp. for a system to organize satellite-data transmissions. A federal jury in Texas ordered DirecTV to pay more than $115 million to Sunnyvale-based Finisar for patent infringement of its satellite transmission technology. The trial was in Beaumont, Texas, in a court district with a high rate of victories for patent owners. Comcast said in its suit that it has received three letters from Finisar, including one on Feb. 8 that said Comcast should “consider this patent closely as it relates to the cable services offered by your company” and offering a license on “reasonable terms.” In a June 28 letter, Finisar informed Comcast of the DirecTV verdict, Comcast said.
KB Homes Gets Quality Certification
The NAHB Research Center today announced the National Housing Quality Certification of Valencia-based KB Home’s Northern Los Angeles division. KB Home is the first production home builder in California to earn the certification, and currently has eight NHQ Certified divisions operating in the state. KB Home has been building communities throughout the Los Angeles metro area since 1963.
Smart & Final Revenues Rise, Profits Fall
City of Commerce-based Smart & Final reported second-quarter net earnings of $5.78 million, or 18 cents a share, down from $8.09 million, or 25 cents a share, during the year-ago period. The supermarket operator posted revenue of $493.7 million up 2 percent from $484.1 million a year ago. The quarterly results include $500,000 net of tax, or 2 cents a share, of costs associated with the company’s previously announced assessment of strategic alternatives. Same-store sales were down 0.3 percent during the quarter, the company said. Smart & Final said its exploration of strategic alternatives is ongoing.
Small World Kids Recalls Toys
Culver City-based Small World Kids Inc. said it is recalling about 92,300 units of toy vehicles in the IQ Baby Pillow Soft Activity Blocks, IQ Baby Travelin’ Train Blocks, IQ Baby Vroom as well as other similar products due to a possible choking hazard, according to Class Action Reports.
IHOP Names New COO
Glendale-based IHOP Corp. said it has appointed Dennis Farrow its chief operating officer, effective Sept. 5. Farrow most recently served as senior vice president of operations for Dublin, Ohio-based Wendy’s International’s Midwest Region.
