Review
Numbers News: The Los Angeles Times is expected to show a 0.75 percent drop in daily circulation for the six months ended Sept. 30, Editor & Publisher magazine reported, while its Sunday circulation was up 0.57 percent. The actual circulation numbers, as compiled by the Audit Bureau of Circulations, will be released this month.
Earnings Roundup: Activision Inc. reported net income for the second-quarter ended Sept. 30 of $9.1 million, compared with $2.2 million for the like period a year ago. Revenue for the Santa Monica-based video game maker rose 21 percent, to $169.2 million. Arden Realty Inc. reported third-quarter net income of $15.1 million, compared with $23.5 million for the like period a year ago. Revenue at the Los Angeles-based real estate investment trust fell 1.5 percent, to $104.9 million. IHOP Corp. reported third-quarter net income of $9.8 million, compared with $11.1 million for the like period a year ago. Revenue for the Glendale-based restaurant chain was $92.1 million from $81.1 million. The company expects fourth quarter earnings to be below forecasts. Kilroy Realty Corp. reported third-quarter net income of $7.9 million, compared with $9.3 million for the like period a year ago. The El Segundo-based real estate investment trust also reported that its largest tenant, Boeing Co., plans to vacate a Kilroy building in El Segundo. Guitar Center Inc. reported third-quarter net income of $4.4 million, compared with $1.4 million for the like period a year ago. Revenue for the Westlake Village-based retail chain rose 13 percent, to $257.4 million. PacifiCare Health Systems Inc. reported third-quarter net income of $43.8 million, compared with $17 million for the like period a year ago. Revenue for the Cypress-based health care provider fell 6.2 percent, to $2.78 billion.
Bank Deal: The Federal Reserve voted to approve Citigroup’s acquisition of Golden State Bancorp, parent of California Federal Bank. As a result of the sale, New York-based Citigroup will gain 1.5 million customers, mostly in California. The Fed, however, said it hasn’t completed a review of lending activities at several Citigroup subprime units that lend to people with blemished credit records.
Observatory Project: At groundbreaking for the $82 million restoration and expansion of the Griffith Observatory, Gov. Gray Davis announced the allocation of $6 million in voter-approved park bond money to the project. City officials and observatory backers had sought $12 million in funds from Proposition 40, the $2.6 billion water and parks bond approved in March. Nonetheless, L.A. Mayor James Hahn welcomed the funds for the first restoration of the famed observatory since it opened in 1935.
Vegas Friends: Zenith National Insurance Corp., based in Woodland Hills, agreed to purchase 1 million common shares of Wynn Resorts Ltd., the casino company founded by Stephen Wynn. Wynn Resorts, seeking to finance the construction of Le Reve, a $2.4 billion casino and hotel planned for Las Vegas, held an initial public offering of 34.6 million common shares.
EchoStar Woes: U.S. and state antitrust enforcers were preparing litigation late last week to stop EchoStar Communications Corp. from buying El Segundo-based DirecTV, saying the combination of the nation’s only satellite-television services would hurt competition. Earlier, the Federal Communications Commission voted to block the merger.
L.A. Super Bowl: National Football League Commissioner Paul Tagliabue said the league would consider awarding Los Angeles a Super Bowl in 2007 or 2008, most likely at the Rose Bowl. It would mark the first Super Bowl to be played in a city without an NFL team.
Preview
Ongoing Earnings: Local companies set to report quarterly earnings this week include S & P; 500 component firms Computer Sciences Corp. and Walt Disney Co., along with Smart & Final, ValueClick, DaVita and United Online.
Fashion Fete: Monday and Tuesday (4th and 5th) winds up Los Angeles Fashion Week as retailers, manufacturers and other industry players attend a series of trade shows and fashion shows for next Spring at the downtown California Mart and California Market Center.
PanCAN Fundraiser: Robert Wuhl, star of HBO’s “Arli$$”, will receive the Jack Benny Humanitarian Award during a gala hosted by the El Segundo-based Pancreatic Cancer Action Network on Saturday (9th) at the Beverly Hilton Hotel. Marilyn McCoo and Billy Davis of The Fifth Dimension will provide entertainment. For information: 877-2-PanCAN.
Space Talk: Former astronaut Sally Ride will be featured on Monday (4th) as part of the Distinguished Speaker Series of Pasadena at the Civic Auditorium at 8 p.m. Individual tickets range from $28-$48. For information: 626-449-7360.
Sports Talk: USC, gradually moving up in the polls, takes on Stanford on Saturday (9th) at Palo Alto. UCLA, going nowhere fast, is at Arizona in a night game. The Lakers are on the road all week: Tuesday (5th) at Cleveland, Thursday (7th) at Boston and Friday (8th) at Washington. The Clippers are at Philadelphia on Wednesday (6th) at Philadelphia, Friday at New Jersey and Sunday (10th) at Orlando. The Kings are home on Monday (4th) against Minnesota, then away on Tuesday at San Jose, Friday against Ottawa and Saturday at Montreal.
Fair Biz: USC will host its third annual Small Business Trade Fair on Thursday (7th) from 8:30 a.m. to 2 p.m. at University Park Campus. The fair provides an opportunity for small-, minority- and women-owned businesses to exhibit their goods and services. For information: 213-821-1786.
Job Data: October’s state and county employment numbers are due out on Friday (8th). Last month, California’s unemployment rate was 6.3 percent, down from a revised 6.4 percent. L.A. County had a 6.5 percent rate.
Election Day: California voters cast ballots Tuesday (5th) on their choices for governor, statewide offices, state and congressional legislators and a host of multibillion-dollar bond measures. Also on the L.A. ballot are Hollywood San Fernando Valley secession measures. Secretary of State Bill Jones last week predicted turnout at 58 percent, slightly higher than 1998, but turnout could be much lower.
