October 9, 1999 |
Anaheim-based Odetics Inc. will receive $100 million as a settlement of a 4-year-old patent infringement lawsuit against a competitor, the company said Friday. The agreement calls for Louisville, Colo.-based Storage Technology Corp. to pay Odetics $80 million immediately, plus $10 million each year for the next two years, and settles all outstanding patent litigation between the two companies. "We're very pleased with this," said Gregory Miner, Odetics' chief financial officer.
September 22, 1999 |
Western Digital Corp. said Tuesday it will report another larger-than-expected quarterly deficit, bringing its total losses over the last two years to nearly $1 billion and calling into question its long-term prospects as an independent company. The Irvine-based computer hard-drive manufacturer, one of Orange County's seven Fortune 500 companies, is suffering through an industrywide slump as production capacity outstrips demand and competitors slash prices.
September 13, 1999 |
The hype going around the Orange County business booster circuit is that this is the place for high-tech, and that our northern neighbors are overcrowded and overpriced, with scarce housing, talent and office space. But at least some Orange County technology companies find they need the connection to Silicon Valley, if only to attract and keep employees. Aliso Viejo-based ZLand.com Inc.
September 9, 1999 |
Orange County's highest-paid executive, who runs technology giant Ingram Micro Inc., said Wednesday that he is giving up the day-to-day reins of the world's largest computer distributor. The surprise announcement from Jerre Stead, who since 1996 has built the Santa Ana-based company into a global technology powerhouse, comes as Ingram has stumbled amid an industrywide slump that has seen vicious price-cutting erode profits.
September 9, 1999 |
Ingram Micro Inc. has a healthy balance sheet, the right strategy and a dominant market position. But Wednesday's announcement that the company is looking for a new chief executive and that its earnings will again fall far short of expectations underscored what Ingram hasn't done this year: perform. "In large measure, Ingram's earnings figures reflect real execution problems," said Joel Pitt of Credit Suisse First Boston.
September 1, 1999 |
An Irvine company that came out of nowhere to become one of the nation's largest personal computer makers by selling machines for less than $600 said Tuesday it planned to raise $200 million in an initial public stock offering. eMachines Inc. has sold more than 1 million PCs since it first began shipments last November, and the company now accounts for one out of every nine PCs sold in retail stores in the U.S. However, it has yet to turn a profit. eMachines lost $3.
August 6, 1999 |
Irvine-based Western Digital Corp. has named Matthew Massengill and Russell Stern as co-chief operating officers, the company said Thursday. The responsibilities of the two executives have not been altered, but the change in titles signals that the two are the leading internal candidates to take over the computer hard drive manufacturer when Charles Haggerty steps down next year.
July 31, 1999 |
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.
July 22, 1999 |
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.
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.