Daily Business Report — Dec. 17, 2012
Water Authority Secures Favorable Interest
Rate for Financing Carlsbad Desalination Project
The San Diego County Water Authority announced Friday that it had secured a favorable interest rate for financing a desalination plant and pipeline that will save an estimated $200 million over three decades compared to earlier projections. The Water Authority teamed with private developer Poseidon Resources to sell construction bonds at 4.78 percent for Poseidon’s seawater desalination plant in Carlsbad, and a related pipe. That will save $125 per acre-foot, reducing the price of water from the plant to between $1,917 and $2,165 per acre-foot, officials said. The Water Authority’s boardapproved a 30-year purchase agreement with Poseidon in November based on a projected cost range of $2,042 to $2,290 per acre-foot. “By coming in at a lower interest rate today, we will save money for decades,” said Maureen Stapleton, Water Authority general manager. Construction of the plant, next to the Encina Power Station, is to start in early 2013.
Schenk Reappointed to High Speed Rail Authority
Lynn Schenk, 67, of San Diego, has been reappointed to the California High Speed Rail Authority, where she has served since 2003. Schenk was chief of staff to Gov. Gray Davis from 1999 to 2004 and served in Congress from 1993 to 1995, where she authored H.R. 4867, the High Speed Rail Development Act of 1994, the first federal law authorizing high speed rail. Schenk also was commissioner and vice chair of the San Diego Port District from 1990 to 1993. She served as deputy secretary and later as secretary at the California Business, Transportation and Housing Agency from 1977 to 1983. The position does not require Senate confirmation. The compensationis $100 per diem. Schenk is a Democrat.
Viejas Band Elects New Tribal Council
Members of the Viejas Band of Kumeyaay Indians have voted in a new Tribal Council, returning five of seven incumbents, including Chairman Anthony R. Pico. Voting took place Saturday at the Viejas Tribal Hall. Members of the new Tribal Council are: Chairman: Anthony R. Pico; vice chairman, Robert “Cita” Welch; secretary, Anita Uqualla; treasurer, Sam Q. Brown; Councilmember Raymond “Bear” Cuero; CouncilmemberAdrian K. Brown; Councilmember Ernest “Chuka” Pingleton. The 67-year-old Pico has served for most of the past two decades as the elected leader of the Viejas Band. Newly elected members of the Tribal Council will officially take office on Jan. 7, 2013, and will serve two-year terms.
Cubic Corp. Reports Sales and Earnings
Cubic Corp. reported higher sales and earnings for the fiscal year ended Sept. 30, 2012. Sales in fiscal year 2012 were $1.381 billion, an increase of 7 percent over sales of $1.296 billion in the prior year. Net income attributable to Cubic shareholders increased to $91.9 million, or $3.44 per share, from $83.6 million, or $3.13 per share, last year. Sales and net income were both record highs. The fiscal year increase was primarily due to growth of 20 percent in Cubic Transportation Systems (CTS), and in particular from contracts in Sydney, Australia and Vancouver, B.C. Growth in 2012 sales from Mission Support Services was nearly offset by a decrease in Cubic Defense Systems sales.
CONNECT Announces Most Innovated New Products
CONNECT has announced the winners of its Most Innovative New Products Awards program — companies that have produced unusual or unique products for the marketplace.
The winners this year:
Action and Sport Technologies
PEAR Sports, for PEAR Square One , which acts as a personal trainer, delivering real-time coaching and feedback while users listen to music.
Aerospace and Security Technologies
Cubic Defense Application, for Dismounted Combat Identification, a rifle-mounted laser system that allows users to instantly identify their friends in the fog of war.
Clean Technology
Atlantis Technologies, for RDI desalination system, which can desalinate industrial waste water from oil, gas, and mining operations for 40-70 percent less cost than state-of-the-art technologies.
Communications & IT
TrellisWare Technologie,s for Cheetah CUB Mobile Ad Hoc Networking unit, an all-in-one transmitter/receiver/relay offering multi-channel push to talk voice, IP data and streaming video services, and position location services.
Hardware and General Technology
Logic PD, for DM3730 Torpedo + Wireless System on Module, an off-the-shelf solution for applications in markets where network connectivity is required and space is at a premium, including point-of-care medical products to handheld communication devices.
Life Sciences — Diagnostics and Research Tools
Life Technologies, for Ion Proton Sequencer The Ion Proton System, a bench-top sequencing system that uses semiconductor technology to sequence DNA and RNA bases.
Life Sciences — Medical Products
Amylin Pharmaceuticals, for Bydureon, the first once-weekly medicine approved by the FDA for the treatment of adults with type 2 diabetes.
Software
Independa Inc., for the Independa Integrated CloudCare platform for caregivers that enables the elderly to continue living at the residence of their choice.
Mobile Apps
LIA: Liberated Intelligence, for LIA, a mobile sales enablement platform.
L.A. Firm Acquires Caris & Company
B. Riley & Co., an independent investment bank based in Los Angeles, has acquired San Diego-based investment bank Caris & Company. “This acquisition is consistent with our growth strategy to assemble experienced professionals who share our disciplined approach to research, sales, trading and investment banking,” said Bryant Riley, Chairman of B. Riley & Co. Caris & Company founder Darren Caris will assume the new B. Riley position, director of capital markets, research, sales and trading. President John Ahn continues as head of corporate finance,
Below-Average Voter Turnout in November
California Secretary of State Debra Bowen, certifying the results of last month’s general election, said the turnout rate was a below-average 72 percent, Capital Public Radio reports. For all the buzz over the November election, voter turnout didn’t keep up. The 72 percent turnout fell short of the 79 percent rate in both the 2008 election and the state’s 100-year average. Of the 13.2 million Californians who cast ballots, more than half did so by mail. That’s the first time ever in a general election. In the end, California gave its 55 electoral votes to Barack Obama. The president won 60 percent of the vote to Mitt Romney’s 37 percent. Gov. Jerry Brown’s Proposition 30 finished with 55 percent. And two statewide measures that lost finished closer than it appeared on Election Night. Prop 34, to abolish the death penalty, lost 52 to 48 percent; Prop 37, requiring the labeling of genetically modified foods, fell by fewer than three points.
Bicyclist-Counting Group to Work in San Diego County
Cycling advocates in San Diego County looking for accurate counts of bicyclists so they can encourage the creation of bike lanes and paths will get the assistance of Bikes Count, the largest regional bicycle-counting project in the country. It is sponsored by the county of San Diego Health and Human Services Agency, in partnership with San Diego State University and the San Diego Association of Governments (SANDAG). There are 28 bicycle-counter locations in 14 cities throughout the county mostly in urban settings, with more counters to be installed. “This project moves us closer to integrating cycling into mainstream planning, and transforming San Diego County into a cycling region,” said Sherry Ryan, professor at San Diego State University’s School of Public Affairs, and Bikes Count project principal investigator.
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. manny@sandiegometro.com.