BIZWATCH : MARKETS.
FOX SUES YAPP FOR LEAVING: 20th Century Fox has filed suit against Jeffrey Yapp over his decision to resign as president of its home video operations to join video retail chain Hollywood Entertainment. The studio alleges that Yapp, who was named to the Fox post less than four months ago, has violated an exclusive contract with Fox into October 1999.
SUMMA SECURES FINANCING FOR CALANETICS DEAL: Summa Industries, a Torrance-based manufacturer of industrial components in the firefighting, aerospace and manufacturing sectors, said Tuesday it had received a letter of commitment from an unnamed commercial bank to finance its $22 million purchase of Chatsworth-based Calanetics Corp. Securing the financing was one condition Summa named as necessary before it could buy Calanetics, which also makes plastic components.
PARSONS WINS $250 MILLION CONTRACT: Pasadena-based Parsons Corp. won a $250 million contract to design and build a power plant at the Delaware refinery of Star Enterprise, a joint venture between Texaco and the Saudi national oil company. A builder of industrial plants, Parsons said the three-year project will create 500 jobs in Delaware.
ITT GILFILLAN GETS $40 MILLION CONTRACT: ITT Gilfillan, a Van Nuys-based maker of radar systems and a unit of ITT Industries, won a $40 million radar contract from the South Korean Defense Procurement Agency. Gilfillan will produce and install air traffic control and air defense surveillance systems for the Republic of Korea Army and Air Force.
dick clark productions
Burbank-based programming supplier
June 4th Qtr. 1997 1996
Sales $23.07 million $18.76 million
Net Income $1.05 million $646,000
Net Per Share 13 cents 8 cents
Year End 1997 1996
Sales $66.13 million $73.82 million
Net Income $6.51 million $5.6 million
Net Per Share 78 cents 68 cents
Earnings rose because of higher profitability of TV series production.
Ticketmaster Group Inc.
Los Angeles-based computerized ticketing service
July 2nd Qtr. 1997 1996
Sales $81.7 million$53.2 million
Net Income (loss) $1.98 million ($439,000)
Net Per Share 8 cents (3 cents)
Six months 1997 1996
Sales $158.7 million $100 million
Net Income $3.9 million ($2.4 million)
Net Per Share 15 cents (16 cents)
Profit increase was because of strong results in core business.
Chart: (1--color) DOW INDUSTRIALS
(2--color) BIZ FACTS
South of the border