– Tag-It Pacific Inc.
said it will seek an extension to delay the filing of its second quarter results as it reviews its reserves, and that it expects to report a “significant” operating loss in the quarter. Tag-It said the loss is due in part to an increase in reserves for accounts receivable, inventory and net deferred tax asset. The Woodland Hills-based apparel company anticipates second-quarter revenue to rise nearly 21 percent to approximately $18 million from $14.9 million a year earlier. Tag-It expects to release results on Aug. 22.
– Big 5 Sporting Goods Corp.
asked the Nasdaq for an additional extension of the deadline to file its results for 2004 and the first quarter of 2005. If the extension is not granted, the El Segundo-based company could be delisted. If this happens, the company expects to trade its shares in the over-the-counter market. The Nasdaq Listings Panel had agreed to continue the company’s listing as long as it filed its annual and quarterly reports by Aug. 12. Big 5 said it was also unable to file its second quarter 2005 results by that deadline. The retailer had previously disclosed that it expected to restate prior results. Big 5 said it expects to file the results “shortly.”
& #8226; Farmer Bros. Co.
said its board of directors named interim Chief Executive Guenter Berger as chairman, CEO and president. The Torrance-based coffee roaster named Berger its interim CEO in early January following the unexpected death of Roy E. Farmer, the son of Roy F. Farmer, a former CEO of the company founded by the Farmer family in 1912. Berger, a 45-year veteran of Farmer Bros., served as vice president of production since 1990, with responsibility for inventory, production, coffee roasting and distribution operations.
– Platinum Equity
said it will buy privately held USRobotics, a modems and wireless networking products manufacturer, in an all-cash deal. Financial details were not released. The Beverly Hills-based acquisition firm owned by billionaire Tom Gores said it thought it could speed USRobotics’ growth by making it a platform for add-on acquisitions. The Schaumburg, Ill.-based company will keep its current management and structure. USRobotics Chief Executive Joseph J. Hartnett told an interviewer last year he was seeking a buyer willing to pay between $30 million to $50 million, the Los Angeles Times reported.
– Unocal Corp.
is being sued in a securities class action lawsuit by the Alaska Electrical Pension Fund for breach of fiduciary duty related to its acquisition by Chevron Corp. The complaint alleges that the El Segundo-based company’s directors provided insiders with preferential treatment in connection with the proposed sale, which the shareholder claims was negotiated as part of an unfair process. The shareholder asserts Unocal wasn’t adequately “shopped” by the defendants, and that the competing offer by CNOOC Ltd. wasn’t properly considered.
– Ducommun Inc.
said its Ducommun AeroStructures Inc. subsidiary received a follow-on award for more than $15 million from Boeing Co. to produce aluminum fuselage panels for C-17 cargo aircraft. The award for the Carson-based aerospace industry component manufacturer adds to current production and extends deliveries into 2007.
– Napster Inc.
and BellSouth Corp. announced a marketing agreement where Bell South will offer memberships to the L.A.-based company’s digital music service in an effort to lure new customers. Customers who sign up for new DSL service can opt to receive a free three-month membership to Napster To Go, Napster’s portable subscription music service, and a compatible MP3 player. Napster said this is the first time it has aligned with a Web service provider.
– AdStar Inc.
, a Marina Del Rey-based e-commerce transaction technology company, reported a net loss of $69,935 (1 cent per diluted share) for the second quarter ended June 30, compared with a loss of $388,136 (3 cents) for the like period a year ago. Revenues fell to $1.3 million from $1.4 million in the year-ago period.
