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January 23, 2002
Titan Corp. has entered into a definitive agreement to acquire Jaycor Inc. — a San Diego based provider of information technology services and specialized communications and sensor products — for about $95 million in Titan common stock.
The deal is expected to: close in the first quarter of 2002, reduce Titan's net debt by about $50 million, add about $45 to $50 million to Titan's 2002 revenue and be accretive to Titan's 2002 earnings.
Founded in 1975 as a defense research and development contractor, Jaycor has provided advanced research, technical and engineering services as well as specialized electronic products to the Department of Defense and other government customers for more than 25 years.
The company’s key products today include respiration sensors, acoustic imaging sensors, visibility sensors, radar systems, radiation hardened and ruggedized military devices, and network security products. Upon the closing of the transaction, Jaycor will become a part of Titan's government information and communications technology business.
In addition to developing a successful government business, Jaycor also has been one of the few defense companies, in addition to Titan, that has been successful in creating commercial businesses from technology developed under contracts with the U.S. military.
Jaycor has spun-off JNI, a publicly-traded provider of fibre channel hardware and software products and more recently spun-off Jaycor Tactical Systems, a privately-held company focused on specialized weapons products for law enforcement agencies.
"Jaycor brings to Titan strong relationships with several key research and development agencies of the U.S. military,” says Eric M. DeMarco, executive v.p. and COO of San Diego-based Titan. “These relationships are critical to Titan's strategy of creating value for our shareholders by using our government business as the source of new technology for our commercial ventures. In addition to strong customer relationships, Jaycor also brings a highly diversified product and technology portfolio that complements both the service and product businesses within Titan Systems."
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City Heights Retail Village, a 108,706 square-foot shopping center in San Diego’s urban core, has obtained and closed permanent financing from Teachers Insurance & Annuity Association.
Teachers extended a $14.5 million loan for a term of 10 years to the neighborhood center's owner, City Heights Retail Village LLC.
The village, located at the corner of University and Fairmont avenues, is anchored by a 66,167-square-foot Albertsons and includes Washington Mutual, Blockbuster, Denny's, McDonald's, Starbucks, Subway, Kragen Auto Parts, Cingular Wireless and Papa John's Pizza.
"Teachers' permanent loan and City National Bank's construction loan represent major private investment in City Heights," says project developer and co-owner William Jones, president of CityLink Investment Corp., noting that City Heights is in the middle of significant urban transformation. "It’s transitioning to a place where people want to live, not leave. These loans endorse what many of us have known all along — that a vital group of shoppers lives and/or works in mid-city and supports neighborhood stores."
"CityLink has created a shopping center that would be a great addition to any community. It’s beautiful, functional, and leased by retailers offering goods and services shoppers need," says Renee Jenkins, director, Teachers. "We congratulate William for his vision and execution."
A $13.8 million construction loan from City National Bank preceded the permanent financing.
City Heights Retail Village is 95 percent leased and occupied. About 5,000 square feet of space remains for lease.
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RedMoss Media, a San Diego-based communications network that offers online marketing assistance for small to mid-sized businesses, reports that the company secured 265 new contracts during the fourth quarter of 2001, totaling $1.34 million in sales, a 179 percent increase from the previous quarter.
BMG Direct, Reader's Digest and USA Today top the list of new contracts, which represents a variety of industries such as entertainment, financial services, pharmaceuticals, real estate and retail.
In addition, RedMoss rapidly expanded its sales force from 17 to 84 employees to meet new client demands, and added five Web properties including eLoanGroup.com and SuperDogMedia.com.
"Our commitment to providing top-notch customer service and the continuous expansion of our Web properties have allowed us to experience steady growth," says Hart P. Cunningham, RedMoss Media CEO. "The sales team works extremely hard and the jump in our fourth quarter sales is a testament to their diligence. We’re well prepared for the new year and are confident that we’ll meet our new $2 million sales goal for the first quarter."
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The Iowa-based Wells Fargo Housing Foundation has set aside an additional $100,000 through its Focus Communities Initiative to further affordable housing efforts in San Diego.
The foundation’s Focus Communities Initiative helps community housing organizations raise funds for projects and programs that increase affordable housing for low- and moderate-income families.
The contribution will be distributed to a local housing organization in the form of a challenge grant. The local organization will coordinate a six-month campaign to raise money for an affordable housing initiative. At the end of the six months, the foundation will match the funds raised, dollar-for-dollar, up to $100,000.
In conjunction with the challenge grant, the foundation will provide a three-for-one match for donations made by Wells Fargo team members to the local housing organization selected. For example, if a team member donates $25, the Wells Fargo Housing Foundation will donate $75, for a total gift of $100.
"Affordable housing has been declining in many of the nation’s communities for some time," says Kimberly Jackson, executive director of the Wells Fargo Housing Foundation. "The Focus Communities Initiative creates an incentive for individuals, businesses and organizations to work together to develop solutions that will positively impact the community for years to come."
The foundation is in the process of reviewing proposals from local housing organizations interested in participating in the Focus Communities Initiative and hopes to announce the recipient by April 15.
San Diego is one of six communities receiving a $100,000 grant through the Wells Fargo Housing Foundation’s Focus Communities Initiative this year.
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Mad Catz Interactive Inc., a San Diego headquartered manufacturer of video game accessories, has established an office in London.
The company says the opening of the office reinforces its previously announced focus on the European market. The new sales office will establish a channel for direct sales to the United Kingdom and French markets.
"We are excited by the opportunities that the European market offers Mad Catz,” says Darren Richardson, president and COO of Mad Catz Inc. “In fiscal 2001, international sale represented 12 percent of the company’s net sales, and the European market is now poised for growth. The establishment of this office broadens our European marketing and sales efforts in preparation for the upcoming launch of Microsoft's Xbox in March and Nintendo's GameCube scheduled for later this year."
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J. F. Shea Co. has announced that after 27 years of employment, Roy Humphreys, president, Shea Homes, has made the decision to retire.
Humphreys joined Shea Homes in 1974 as offsite coordinator for the Southern California division followed by project manager and, later, as division manager of Southern California.
Humphreys became president of Shea Homes in 1980 and has grown the company to six divisions with yearly sales of about 5,600 new homes, and the highest homebuilding profits and volume in the history of the company in 2001.
Shea, headquartered in Walnut, has a San Diego division that, under Humphrey’s leadership, received both the National Housing Quality Award from National Association of Home Builders/Professional Builder magazine and the California Quality Awards "U.S. Senate Productivity Award" in 1996 and 1997.
Shea Homes sold about $1.8 billion in homes last year.
No replacement has been named.
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In a survey of key decision makers in the nonprofit sector, 44 percent says that they intend to hire more staff in 2002. The survey noted that 36 percent expect to maintain staffing at 2001 levels, while only 20 percent plan to decrease staff.
The informal survey was conducted this month by San Diego-based Internet marketing services provider Kintera Inc. via its Web site.
"The nonprofit sector is experiencing the same kind of optimism we’re seeing in the business world, but there's more here than just an improved economic outlook," says Harry Gruber, founder and CEO of Kintera. "In 2001, all businesses — nonprofit and for-profit alike — faced a tough year. Yet the American people not only responded in huge numbers to help victims of Sept. 11; they seem to have rediscovered how important philanthropy is to the very fabric of our society. As more people give, nonprofits will need more staff to provide programs and assistance to those in need."
Many nonprofits experienced a surge in contributions during the latter part of 2001. "Even if the economy were to take longer to recover, it is likely that charitable giving will remain strong in 2002 because people now understand better than ever the importance of philanthropy, and how they can actually make a difference with a donation," says Gruber.
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Clarence Watters, a former g.m. at Helix Water District, died Jan. 11 at his home after suffering a heart attack. He was 77.
"My impression of Clarence was that he was straightforward, dedicated, kind, and trustworthy" g.m. Mark Weston says. "Several existing employees worked with Clarence and I have only heard good things spoken of him. He will be fondly remembered by his family, coworkers and friends."
Watters worked for the district from 1950 to 1980. The last five years of his career, he served the district as g.m.. He also represented the district on the San Diego County Water Authority board.
Watters worked for the district during its period of rapid growth. In 1950, the district served 46,000 people, in 1980, 205,000 people, almost a 450-percent increase in the District.
Watters was instrumental in both expansion and modernization of the district. He also managed revenues from the largest sale of bonds in the district's history (to that date) totaling $10 million.
"Clarence will be remembered for his great contribution and dedication to the customers of the district," Weston says.
A memorial service was held Jan. 18.
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Pull out your lederhosen, polish the glockenspiel and practice your yodeling — A special performance of the international sensation, “Sing-A-Long Sound of Music,” is scheduled for 7 p.m. March 4 at Landmark’s Ken Cinema to benefit The Center.
This show kicks off a two-week run of the hit interactive musical. The benefit performance will include a costume contest, special appearance by original cast member Charmian Carr (“Liesl”), and pre-show festivities led by a guest host, followed by interactive fun and a sing-a-long to the 1965 Academy Award-winning film.
A non-profit organization founded in 1973, The Center is the third largest and second oldest organization of its kind in the United States. It provides social and health awareness programs for San Diego’s lesbian, gay, bisexual and transgender communities. The agency serves more than 10,000 visitors per month through offices in North County, East County, South Bay and Central San Diego.
Benefit general admission tickets are $35 each and may be purchased by calling 619-692-2077, Ext.811 or at the Obelisk Bookstore, 1029 University Ave. in Hillcrest.
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From 1 to 4 p.m. Saturday, the city of Encinitas will host a much anticipated "Birth Day Party" to celebrate an open house and dedication ceremony of its $7.8 million Community and Senior Center located at the corner of Balour Drive and Encinitas Boulevard.
There will be a formal ribbon cutting ceremony at 1 p.m., featuring members of the Encinitas City Council, as well as other city leaders, followed by festivities and fun.
The event will feature food and ongoing entertainment including jugglers, face painters, clowns, and a variety of dance and musical performances with a special concert by the band Hot Rod Lincoln 1:30-3:30 p.m.
Guests also will get a chance to take a self-guided tour through the 38,600-square-foot center, which features banquet facilities, meeting rooms, craft room, game rooms, and a state-of-the-art gymnasium/auditorium.
"The goal of the event," says Pam Alexander, recreation superintendent, "is to give children of all ages, adults, and senior citizens a glimpse into the types of facilities, activities and programs that will be offered at the center."
The event is free and open to the public.
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Every year the parents of some 17,000 San Diego fourth graders are faced with a creative and practical challenge: How to build a model of the Mission Basilica San Diego to meet a San Diego County elementary school requirement.
The nonprofit organization Credit Union Alliance of San Diego has joined with Paper Models Inc. to provide a free photo-realistic model of Mission Basilica San Diego to fourth-grade students in San Diego County. The Mission Model is available for download at www.creditunionalliance.org.
Robin Lentz, spokesperson for the CUA, says the 22-member alliance is excited to be able to offer this free service to local students.
"The Mission Model program provides a great opportunity for the CUA to provide another useful service to our members and the community," says Lentz. "As many parents and teachers know, the importance of the California Missions in the development of our state has not gone unnoticed in our classrooms."
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