BRIEFCASE MRV INC. TO ISSUE CONVERTIBLE NOTES.Byline: - Staff and Wire Services CHATSWORTH - Officials at MRV Communications  OverviewMRV NASDAQ: MRVC is a company that designs, manufactures, sells, distributes, integrates and supports communication equipment and services, and optical components. Inc. said Monday that the fiber-optics components maker will sell five-year senior convertible notes resulting in gross proceeds of $23 million. The notes will bear an interest rate of 5 percent per year, with a fixed conversion price of $2.32. The Chatsworth-based company will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). for general corporate purposes and working capital, officials said. Stock in Diodes rises 8.72 percent WESTLAKE VILLAGE - Shares of Diodes Inc. surged Monday after officials of the semiconductor manufacturer said they still expect a strong second quarter. Investors drove the stock up $1.55, or 8.72 percent, to close at $19.33, based on news that the company's Asian market was expanding, that new products sold strongly and that severe acute respiratory syndrome Severe Acute Respiratory Syndrome (SARS) Definition Severe acute respiratory syndrome (SARS) is the first emergent and highly transmissible viral disease to appear during the twenty-first century. or SARS had not affected its international business. Though no specific number was released, Diodes officials expect revenue will be up slightly from last quarter, when the company brought in $29.5 million. Jakks acquires Color Workshop MALIBU - Jakks Pacific JAKKS Pacific, Inc. NASDAQ: JAKK is is a multi-brand company that designs and markets a broad range of toys and consumer products and is based in Malibu, California. Its product categories include action figures, art activity kits, stationery, writing instruments, performance Inc. announced Monday it has acquired the assets of P&M Products, the toy maker that produced the Color Workshop product line. Terms of the deal were not disclosed, but Jakks will now control the BloPen, Vivid Velvet and Kaps-Off Markers brands. The privately held, Downingtown, Pa.-based P&M will fold into Jakks' operations immediately. Food-supplement firm to be bought CULVER CITY Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. - WENR WENR Workgroup of European Nurse Researchers (The Netherlands) Corp. officials announced Monday that they signed a letter of intent to acquire En Garde en garde interj. Used to warn a fencer to assume the position preparatory to a match. [French : en, on + garde, guard.] Adj. 1. Inc., a Southern California-based manufacturer of health food supplements. Terms of the acquisition were not disclosed. En Garde is a 12-year-old company with consumer, professional and pet products divisions. Its 50-plus products are distributed to more than 400 retail outlets throughout the country. Tenet to appeal IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. audit findings SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. - Tenet Healthcare Corp. reported Monday that an Internal Revenue Service audit has concluded the company owes $269 million in back taxes and interest. Company officials said they disagree with the audit findings and plan to appeal, a process that could take a year or more. Tenet officials said the assessment was the result of a tax audit for the years that ended on May 31 in 1995, 1996 and 1997. The IRS concluded that Tenet owes back taxes of $157 million for those years, plus interest that Tenet officials estimate at $112 million through May 31, 2003. Short-term rates up in T-bill sales WASHINGTON - Interest rates on short-term Treasury securities rose in Monday's auction. The Treasury Department sold $18 billion in three-month bills at a discount rate of 1.110 percent, up from 1.100 percent last week. An additional $18 billion was sold in six-month bills at a rate of 1.095 percent, up from 1.080 percent. The three-month rate was the highest since April 28 when the bills sold for 1.120 percent. The six-month rate was the highest since May 12 when the rate was 1.100 percent. |
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