SD FINANCERecent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
ACQUISITION: Staffing Overlap May Bring Cuts
FTD Companies Inc.’s acquisition of San Diego-based Provide Commerce should yield $25 million in annual synergies within three years, according to the buyers. But how those savings will be achieved is difficult to discern.
San Diego City Council will schedule a vote within the next 30 days to consider an override, after Mayor Kevin Faulconer vetoed council’s recent move to hike the city’s minimum wage to $11.50 an hour by January 2017.
BofI Holding Inc., parent company of BofI Federal Bank, formerly called Bank of Internet USA, reported fourth quarter net income of $16 million, up 44 percent from the like quarter of 2013.
BioMed Realty Trust Inc. saw total revenue rise 7 percent from a year ago in its second quarter ending June 30, reaching $171.2 million, the San Diego-based company reported.
Pulse Electronics Corp., a San Diego based maker of electronic components, reported second quarter net sales of $93.6 million, up 6 percent from the prior year’s second quarter.
San Diego-based American Assets Trust Inc. reported second-quarter revenue and net income figures similar to those of a year ago, with revenue totaling $62.2 million for the period ending June 30.
San Diego-based Retail Opportunity Investments Corp. reported total revenue of $36.9 million in its second quarter ending June 30, an increase of 42 percent from the year-ago period.
San Diego-based Regulus Therapeutics Inc. reported a net loss of $12 million for the second quarter of 2014, compared with a net loss of $7.3 million for the same quarter last year.
Silvergate Bank, based in University City and with four branches, reported second quarter net income of 1.5 million, up 10 percent from the like quarter of 2013.
The Scripps Research Institute, the University of California, San Diego and Illumina Inc. have been awarded a total of $8.7 million in grants by the National Institutes of Health for DNA sequencing research.
San Diego-based Otonomy, a biopharmaceutical startup developing new treatments for diseases and disorders of the ear, has announced the estimated pricing of its initial public offering at $80 million — 5.3 million shares at a price range of $14 to $16.
Broadcom Corp. plans to lay off 203 people from its San Diego office beginning in late September, according to the state Employment Development Department.
Isis Pharmaceuticals Inc. reported second quarter revenue of $57.1 million compared with $38.1 million in the previous quarter.
ResMed Inc.’s fourth quarter net income dipped slightly at $87.7 million, down from $90 million last quarter, but an overall increase of 20 percent over the same quarter last year.
Beth Altman has been named managing partner of accounting firm KPMG LLP’s San Diego office.