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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Troubled Sonic Jet Fires Chief Executive

March 06, 2001|Marc Ballon

Beset by mounting losses, Sonic Jet Performance Inc. said Monday it fired Alan Weaver, the company's chief executive, president and chairman.

"He was terminated by the board because of nonperformance," said Rao Mankal, Sonic Jet chief financial officer.

Weaver, who held the top spot for less than a year, said the Huntington Beach company failed to achieve certain earnings milestones under his direction.

Albert Mardikian, who founded the personal watercraft and boat manufacturer in 1998, has been named interim chief executive. His position could be made permanent if Sonic fares well, Mankal said.

In the third quarter ended Sept. 30, Sonic's losses more than tripled to $858,000 on slightly higher sales of about $136,000. The company has received a report from its auditors questioning its ability to survive, Sonic said in a document filed with the Securities and Exchange Commission.

The stock closed Monday at 19 cents, up 6 cents a share, in over-the-counter trading.

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