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Odetics Inc

BUSINESS
March 23, 2000 | Bloomberg News
Odetics Inc., an Anaheim supplier of communications equipment and services, said it is postponing plans to spin off its Iteris Inc. unit because of volatility in the stock market. Earlier this week, Odetics had announced a two-day delay in its plans to distribute Iteris shares to Odetics shareholders. The unit makes traffic-management safety systems such as a device that warns drivers if their vehicles wander into another lane. Odetics shares fell 31 cents to $18.13.
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BUSINESS
March 15, 2000 | (Dow Jones)
Odetics Inc. said it expects to spin off its Iteris Inc. subsidiary, formerly known as Odetics ITS Inc., on March 21 for shareholders of record March 20. Odetics, which is based in Anaheim, said it plans to complete the spinoff by means of a dividend distribution of all of its Iteris common stock to shareholders of Odetics Class A and Class B common stock. Odetics is an Anaheim incubator for technology businesses and maker of telecommunications equipment.
BUSINESS
February 19, 2000
Odetics Telecom, an Anaheim maker of timing and synchronization products, said Friday it has changed its name to Zyfer Inc., effective immediately. Zyfer, a wholly owned subsidiary of incubator Odetics Inc., said the new name reflects the company's direction toward network and mass media data security markets.
BUSINESS
December 18, 1999 | (Dow Jones)
A subsidiary of Odetics Inc., an Anaheim incubator for technology businesses and maker of telecommunications equipment, filed documents Friday to go public with an initial offering of $50 million worth of common shares. The company said in a Securities and Exchange Commission filing that its Odetics ITS Inc. subsidiary will reincorporate next month as Iteris Inc. and will offer an undetermined number of shares under the Iteris name.
BUSINESS
December 3, 1999 | Dow Jones
Odetics Inc.'s Gyyr unit acquired the security products unit of Digital Processing Systems Inc. in a cash deal valued at $5.1 million over two years. Gyyr said products in the transaction include the Digital Detective and Watson digital security recorders. Gyyr produces electronic security equipment. Anaheim-based Odetics, which reported revenue of $83.4 million for the recent fiscal year, supplies communication equipment.
BUSINESS
October 12, 1999 | Bloomberg News
Odetics Inc.'s stock rose 10% Monday, the first trading session after the Anaheim provider of computer storage equipment said it will receive $100 million in settling its lengthy patent-infringement lawsuit against a competitor, Storage Technology Corp., in Louisville, Colo. Odetics' stock rose $1.13 to $12.25 a share in Nasdaq trading. Storage Technology's stock closed at $20.06 a share, down 63 cents, on the New York Stock Exchange.
BUSINESS
October 9, 1999 | JONATHAN GAW, TIMES STAFF WRITER
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.
BUSINESS
October 5, 1999 | Dow Jones
Odetics Inc. said the Internal Revenue Service has ruled that the Anaheim company's proposed spinoff of three units will be tax free. The company, which supplies communication equipment, said it has not yet determined the timing of its plans to divest itself of its Broadcast, Odetics ITS Inc. and Gyyr units. Gyyr makes television security systems and has been part of Odetics for 26 years. Odetics Broadcast manages videotape facilities for the television industry.
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