Occidental News
Occidental Petroleum Co. will purchase some gas and oil assets from Houston-based Plains Exploration & Production Co. for $865 million in cash. The deal involves properties in California and Texas. The properties will contribute about 56 million barrels of oil to it reserves, the Los Angeles-based company said. The deal is expected to close on or before Sept. 30.
Separately, Kazakhstan Prime Minister Danial Akhmetov said that Occidental is considering its first oil and gas project in that country. Kazakhstan is the largest oil producer next to Russia among the former Soviet states. Akhmetov said his country plans to triple oil production by 2015. Occidental spokesman Larry Meriage confirmed that a meeting took place but would not confirm if any agreement had been reached. Los Angeles-based Occidental operates in Latin America, the Middle East, North Africa, Pakistan, the U.S. and Russia.
Mercury Profit Drops
Mercury General reported second quarter net income of $37.8 million (69 cents per share) down 49 percent from $73.6 million ($1.35 per share) for the same period last year. Net written premiums for the Los Angeles-based insurance company were up 3 percent to $754 million. Earnings fell short of analyst estimates. The company blamed losses in its Florida and New Jersey operations prompting it to increase reserves. Mercury General’s combined ratio of premiums used to pay claims and expenses rose to 98.6 percent from 90.1 percent a year earlier.
California Pizza Kitchen Profit Off
California Pizza Kitchen reported second-quarter net income of $6 million (30 cents per share), down 3 percent from $6.2 million (32 cents) for the same period a year earlier. Revenue for the Los Angeles-based pizza restaurant owner and operator was up 14 percent to $136 million. That beat analysts’ forecasts of 29 cents per share net income on sales of $136 million, according to Thomson Financial. Sales at stores open at least 18 months rose 4.8 percent in the second quarter. Stock based compensation expenses contributed to the lower earnings, the company said.
Salem Profit, Revenue Jumps
Salem Communication reported second quarter net income of $11.6 million (47 cents per share), up 225.5 percent from $3.6 million (14 cents) for the same period last year. Revenue for the Camarillo-based Christian media company was up 8.8 percent to $58 million. Salem’s CEO Edward Atsinger said the growth was a result of good results in the company’s non-broadcast media, which saw a 71 percent jump in revenues, including Internet revenue increased 115 percent.
En-Point Has Solid 3Q
En Pointe Technologies Inc. reported third quarter net income of $1 million (14 cents per share), up 90 percent from $102,000 (1 cent), from the same period a year ago. Revenue for the El Segundo-based IT service and software provider was up 3 percent to $95.6 million.
Dodgers On-Demand
The Los Angeles Dodgers announced a partnership with Time Warner Cable to launch an on-demand feature. The channel is titled Dodgers On Demand and will be offered to the Los Angeles market. Time Warner just completed its takeover of Adelphia and Comcast in the local market, giving it coverage over 98 percent of the city of Los Angeles’ cable television market. Dodgers On Demand is a free on-demand channel that will broadcast classic games, player profiles, highlights and press conferences. It will be a year-round channel.
Disney Raises Theme Park Ticket Price
Walt Disney Co. raised the price of a one-day ticket to $67 at its Walt Disney World theme park in Orlando, Fla. It’s the second time this year it has raised admission prices to the park. Disney’s January decision to up its price by $4 triggered increases in admission fees at Universal Orlando and SeaWorld Orlando. Disney doesn’t release attendance figures for the park and declined to comment on the price increase. Prices at Disneyland are not being raised and will remain at $59 and up for daily admission.
