March 8, 1987
Goleta-based Applied Magnetics Corp. gave CEO Ben J. Newitt the additional title of vice chairman. Succeeding him as president is William R. Anderson, whose previous post was executive vice president and chief operating officer. Harold R. Frank continues as chairman. O. M. Fundingsland was promoted to executive vice president-sales and marketing of Applied Magnetics, which manufactures magnetic recording heads for the computer industry.
January 28, 1993
NPC Holding, a subsidiary of Japan's Nakamichi Corp., said Wednesday that it has agreed to acquire a producer of optical disk-drive components in Monument, Colo., for an undisclosed price. NPC, which owns optical disk-drive maker Most Inc. in Cypress, said it plans to acquire the Optical Products Division of Applied Magnetics Corp., which has about 50 employees in Colorado. Most Inc. employs about 500 people in Cypress, said Kim Frank, general counsel for NPC.
April 26, 1994
Companies ranked by loss from continuing operations. Rank. Company: '93 Income ($ Millions) 1. Amdahl Corp.: -589 2. Tandem Computers Inc.: -510 3. Conner Peripherals: -445 4. Maxtor Corp.: -273 5. California Federal Bank: -146 6. H.F. Ahmanson & Co.: -138 7. Glendale Federal Bank: -112 8. Carter Hawley Hale: -96 9. Hexcel Corp.: -86 10. Gensia Pharmaceuticals: -63 11. REXON Inc.: -53 12. Applied Magnetics Corp.: -52 13. Presley Co.: -51 14. AST Research Inc.: -50 15. Atari Corp.: -49 16.
November 26, 1998 |
Applied Magnetics Corp., a maker of computer disk-drive parts, agreed to buy closely held DAS Devices Inc. to gain its semiconductor technology. Applied Magnetics said it will pay 13 million of its common shares for Milpitas-based DAS Devices, valuing the transaction at $90.2 million, based on the closing price of Applied Magnetics shares Tuesday of $6.94. Goleta-based Applied Magnetics makes heads that read computer disk drives. Applied Magnetics shares rose 69 cents to close at $7.
February 28, 1997 |
Applied Magnetics Corp.'s stock fell 16%, further cutting the value of its offer for rival Read-Rite Corp. and placing the bid in jeopardy, analysts said. Applied Magnetics shares fell $7.25 to close at $38 on the New York Stock Exchange. Based on Thursday's share price, its offer for Read-Rite is worth $1.22 billion, $580 million less than when the offer was made Monday. Analysts questioned whether Goleta-based Applied Magnetics will go through with the bid, now worth $25.80 a share.
March 12, 1997 |
Applied Magnetics Corp. sent an open letter to its shareholders to explain its $1.31-billion hostile takeover offer for larger rival Read-Rite Corp. In the letter, Chief Executive Craig Crisman said the Goleta company became convinced a merger would benefit both companies and that Applied made its bid only after Milpitas-based Read-Rite declined other transactions. Read-Rite's board has rejected the proposal and adopted a "poison pill" plan to thwart it and any other hostile bids.