News Roundup: MPG, Wilshire, DTS, THQMonday, July 23, 2012
REIT EARNINGS: MPG Office Trust Inc.’s second quarter net income fell 43 percent as the downtown L.A real estate investment trust continued to trim its office portfolio. MPG, which now owns or has interests in nine properties, reported net income of $67.3 million ($1.32 a share), compared with $118 million ($2.42) in the same period a year earlier. Funds from operations fell 28 percent to $71.4 million ($1.38).
BANK EARNINGS: Wilshire Bancorp Inc.’s second quarter net income rose more than 900 percent as the Koreatown bank holding company made more loans and sold loans for better terms. Wilshire reported net income of $22.1 million (31 cents a share), compared with $2.1 million (4 cents) in the same period a year earlier. Net interest income fell 11 percent to $24.2 million; non-interest income jumped 400 percent to $8.5 million.
DEAL CLOSES: Calabasas audio technology maker DTS Inc. has closed its $148 million acquisition of SRS Labs in Santa Ana. The deal boosts DTS’s range of audio processing technologies and will give it one of the broadest portfolios of audio-related intellectual property in the industry, the company said.
EXEC RETURNS: Agoura Hills video game developer THQ Inc. said that Ron Moravek had been appointed executive vice president for production. Moravek was a co-founder of game studio Relic Entertainment, which was sold to THQ in 2004. He continued as the studio’s general manager until 2006. Most recently, Moravek has been as a senior adviser to NuCaptcha, a cloud-based Internet security platform.