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Odetics Inc

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.
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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.
BUSINESS
August 7, 1999 | P.J. Huffstutter
Odetics Inc. named a new president and chief executive officer Friday to head a subsidiary that the Anaheim-based supplier of communication equipment has considered spinning off. Peter Strom, formerly vice president of sales for the unit, Gyyr Inc., assumes his new executive role there immediately. He replaces Frank Borst, who resigned to pursue other interests, the company said. Gyyr makes television security systems for the banking and retail industries.
BUSINESS
July 29, 1999
Odetics Inc.: The Anaheim supplier of communications equipment said it lost $6.6 million, or 74 cents a share, for the first fiscal quarter ended June 30, compared with a net loss of $5.5 million, or 76 cents a share, for the like period last year. Revenue increased 12%, to $22.1 million.
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
July 8, 1999 | 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 Louisville, Colo.-based Storage Technology Corp., 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 the appellate court reinstated the award Wednesday.
BUSINESS
March 3, 1999 | JONATHAN GAW, TIMES STAFF WRITER
Anaheim-based Odetics Inc. said Tuesday it has taken preliminary steps toward spinning off two subsidiaries in addition to a previously announced divestiture. Odetics said it has asked the Internal Revenue Service for a ruling whether the spinoffs would be tax-free. The company, which previously announced plans to shed its ITS Inc. subsidiary, is now seeking IRS tax rulings for possible spinoffs of its Gyyr Inc. and Odetics Broadcast divisions.
BUSINESS
January 22, 1999 | John O'Dell
Odetics Inc. said its Odetics ITS intelligent transportation system subsidiary has been named the prime contractor to provide technical support to the Virginia Department of Transportation for setting up a statewide system to manage traffic and provide information to travelers. The three-year contract is worth $6 million but has two one-year options that could boost the total value to $10 million, Anaheim-based Odetics said.
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