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.
July 8, 1999 |
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.
June 19, 1999 |
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.
June 18, 1999 |
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.