Los Angeles Business Journal

Monday’s L.A. News Roundup

By Deborah Crowe Monday, August 6, 2012

MOVE TO PROFIT: Video game maker THQ Inc. late Monday said it swung to a profit in its fiscal first quarter as it restructures its business. The Agoura Hills company reported net income of $15.4 million ($2 a share), compared with a net loss of $38.4 million (-$5.63) in the same period last year. Revenue fell 31 percent to less than $134 million, reflecting the studio’s effort to cut back game production in order to increase profitability. Shares were unchanged in afterhours trading on the Nasdaq.

ACQUISITIONS:Teledyne Technologies Inc. has acquired the parent of PDM Neptec Ltd., a U.K. company that makes underwater cables and other apparatus for harsh marine environments. The acquired private company, based in Hampshire, will operate under the name Teledyne Impulse-PDM Ltd. It is the 13th acquisition for the Teledyne Marine unit. Financial terms were not disclosed. Teledyne also said it had closed its acquisition of LeCroy Corp., a Chestnut Ridge, N.Y. maker of oscilloscopes and other instruments used in the semiconductor industry. That deal was valued at about $291 million.

OBITUARY: Entrepreneur and philanthropist John “Jack” B. GilEntrepreneur and philanthropist John “Jack” B. Gilbert died on Aug. 2 in Oxnard of complications from pneumonia. He was 91. Gilbert was founder and chairman of Ventura County real estate developer TOLD Corp. and a former board member at California Lutheran University. He and his wife, Carol, were considered the most generous donors in the university’s history. A memorial service is planned for 10 a.m. Aug. 14 at CLU’s Samuelson Chapel.