Tuesday’s L.A. News RoundupTuesday, July 24, 2012
EARNINGS: Shares of Avery Dennison Corp. gained more than 7 percent today after the Pasadena maker of labels and tags announced a restructuring and provided better-than-expected second quarter results and full-year guidance. The company reported second quarter net income of $64.2 million (62 cents a share), down 12 percent from the same period a year earlier, with a 1 percent decline in sales to $1.52 billion. Avery expects to report adjusted full-year net income of $1.55 to $1.70 a share. Executives expect the restructuring to achieve annual cost savings of $100 million by the middle of next year.
COURT RULING: Walt Disney Co. must consider letting disabled customers use Segways at its theme parks, an appeals court ruled today. The U.S. Court of Appeals for the Ninth Circuit overturned a judge’s decision throwing out a lawsuit by a woman with muscular dystrophy who claimed the Burbank company violated the Americans with Disabilities Act by not allowing her to use the two wheeled self-balancing personal vehicle instead of a wheelchair, according to Bloomberg News. The appeals court did say that Disney may be able to ban Segways if it can prove that they can’t be operated safely at its parks.
BANK MERGER: Encino’s California United Bank said today that its shareholders have approved the merger of Premier Commercial Bancorp’s Premier Commercial Bank, N.A. into California United. Shareholders of Premier Commercial of Anaheim approved the merger last week and regulators earlier signed off on the deal, which was announced in December. The post-merger company will be called CU Bancorp. The stock transaction, which is expected to close by July 31, is valued at $38.2 million.
COMPLIANT: Struggling video game developer THQ Inc. said today that it received notification from the Nasdaq Global Select Market that it had regained compliance with rules for continued listing on the stock exchange. The Agoura Hills company had to achieve a closing bid price for its common stock of $1 a share or greater for at least 10 consecutive business days.