– Impco Technologies Inc.
, a Cerritos-based provider of fuel systems technology, late Wednesday reported a net loss of $2.2 million (10 cents per diluted share) for the first quarter ended March 31, compared with income of $516,000 (3 cents) for the like period a year earlier. Revenue fell to $25 million from $28.6 million in the year-ago period.
Impco also said that Thomas Costales was named interim chief financial officer, a job that he previously held in the late 1990s. Costales takes over for Nickolai A. Gerde, who resigned last month. Costales served as Impco’s’ CFO from 1995 to 1999.
After the closing bell Thursday, Impco announced that it was no longer in danger of being delisted by the Nasdaq. The company had received notice that it could be delisted for failing to file its Form 10-Q on a timely basis. Impco said today that the form was filed on May 18.
– Maguire Properties Inc.
agreed to sell a Phoenix office building for nearly $130 million. The buyer was not identified. The sale of One Renaissance Square, a 484,000-square-foot office building, will include the assumption of $104 million in mortgage debt, the L.A.-based real estate investment trust said in a press release. The company will use the proceeds from the sale to pay down a $450 million term loan from Credit Suisse First Boston. Maguire acquired the property as part of a $1.5 billion portfolio of office properties. The sale is expected to close in the second quarter.
– STAAR Surgical Co.
received approval from the Korean Food and Drug Administration to market its STAAR Visian Toric lens to eye care doctors and professionals in South Korea. The Monrovia-based developer of ophthalmic products said the lens is the first of its kind to receive Korean FDA approval.
– Reliance Steel & Aluminum Co.
said its board of directors approved the repurchase of up to 6 million common shares and extended the term of its repurchase plan for 10 years. As of March 31, the company had repurchased 5.5 million shares since the initial stock repurchase plan was adopted in December 1994. The plan authorizes the L.A.-based metals distributor to purchase shares from time to time in the open market or in privately negotiated transactions.
– Raytheon Space and Airborne Systems
was awarded a $27.6 million contract to develop a programmable computing system for the Defense Advanced Research Project Agency. Raytheon, of Waltham, Mass., said its El Segundo-based space and airborne systems unit will work with the Information Sciences Institute of the University of Southern California.
– Canyon Capital Realty Advisors
has supplied a $25 million bridge loan to help launch the development of a mixed-use project planned for 44 acres across from McCarran International Airport and the campus of the University of Nevada-Las Vegas. The East Village project is inspired by the New York City neighborhood and will offer a complex with shopping, work and entertainment assets. The loan allowed the developers, East Village Partners, to acquire the leasehold interest in the property from ILX Resorts Inc. Beverly Hills-based Canyon Capital is also providing pre-development capital for the project.
