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Computer Industry Orange County

BUSINESS
July 31, 1999 | P.J. Huffstutter
Kingston Technology Co. founders John Tu and David Sun said Friday that they completed their previously announced purchase of 80% of Kingston from Japanese conglomerate Softbank Corp. for $450 million. The deal, handled by Synapse Capital LLC, closed Friday. Sun and Tu sold the stake in Kingston to Softbank three years ago for $1.5 billion in cash and stock. Tu and Sun still own 4.7 million Softbank shares, which are worth about $1.23 billion.
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BUSINESS
July 22, 1999 | JONATHAN GAW and P.J. HUFFSTUTTER, TIMES STAFF WRITERS
Two of Orange County's technology titans, semiconductor makers Conexant Systems Inc. and Broadcom Corp., reported Wednesday that quarterly sales set records and that profits beat Wall Street's expectations. And beleaguered disk drive maker Western Digital Corp., mired in a two-year industrywide slump, said it continued to hemorrhage money.
BUSINESS
July 15, 1999
QLogic Corp. directors, who have seen the Costa Mesa company's shares climb nearly sevenfold over the last year, have approved a 2-for-1 stock split. On July 30, shareholders of record July 22 will receive one additional share of common stock for each share they hold, the company said Wednesday. The stock moved up $4.06 a share Wednesday to close at $133.31. After the split, the provider of high-speed computer technology will have approximately 36 million shares outstanding.
BUSINESS
July 8, 1999 | From Times Staff and Wire Reports
Odetics Inc. is to receive $70.6 million in damages from a rival seller of data-storage equipment after a federal appeals court reinstated a jury's award in a patent dispute. A jury last year found that Storage Technology Corp. of Louisville, Colo., the No. 1 maker of corporate computer tape-storage systems, infringed an Odetics patent related to data storage in network computing. The verdict was reversed by a federal judge in Virginia, but a higher court reinstated the award Tuesday.
BUSINESS
June 19, 1999 | JONATHAN GAW, TIMES STAFF WRITER
Garden Grove-based Techmedia Computer Systems and its owner, Andrew Park, have been ordered in court to pay nearly $100 million to its former supplier and a bank. A jury awarded the sums this week, culminating a six-week civil trial in Orange County Superior Court. The case stemmed from a contract dispute that began two years ago between Techmedia, a computer and electronics distributor, and South Korea-based Tae Il Media Co.
BUSINESS
June 18, 1999 | JONATHAN GAW, TIMES STAFF WRITER
With lower prices eating away at its profit margins, Irvine-based Western Digital Corp. said Thursday that its fourth-quarter losses would be nearly double analysts' expectations. In suffering what will be its seventh consecutive quarterly loss, the beleaguered computer hard drive maker echoed projections by two competitors earlier this month that they would not meet Wall Street estimates. Western Digital said it would lose between $81.5 million and $88.
BUSINESS
June 4, 1999 | From Bloomberg News
FutureLink Distribution Corp. agreed to buy Irvine-based Executive LAN Management Inc., the No. 1 North American distributor of Citrix Systems Inc. software, for about $60 million in cash and stock plus future payments to gain more small and mid-size customers. The combined company, to be named FutureLink Corp., will be based in Irvine.
BUSINESS
June 4, 1999 | P.J. Huffstutter
A Los Angeles federal grand jury has indicted 12 people suspected of being involved in a $60-million software counterfeiting ring believed to have been run by Asian gangs in Orange County. Westminster police and the FBI are expected to disclose the names of the defendants today, sources said. Local and federal investigators raided several warehouses in Long Beach and Paramount in February, and found tens of thousands of fake copies of Microsoft Corp. products. Investigators seized a $1.
BUSINESS
May 22, 1999 | Dow Jones
Gary E. Liebl is retiring as chairman of QLogic Corp. to devote more time to nonprofit interests and family, the Costa Mesa company said Friday. Liebl has been chairman since QLogic, a provider of high-speed computer technology, was spun off six years ago by rival Emulex Corp. President and Chief Executive H.K. Desai will assume the title of chairman.
BUSINESS
May 20, 1999 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
Kingston Technology Corp., the Fountain Valley technology company that has given $58 million in bonuses to its employees during the last couple of years, plans to enrich its workers again this summer by handing out $20 million. The payout--expected to be delivered by July to its 1,000-person staff--is the third round of corporate largess that Kingston founders David Sun and John Tu have bestowed since selling 80% of the computer memory-products maker to Softbank Corp. of Japan for $1.
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