by The Editors on November 5, 2007
Gregory T. Lucier, the CEO our favorite Carlsbad-based life sciences company Invitrogen exercised options on 196,250 shares of his company’s stock today. He bought them for $38.01 a share and then sold them all in under a prearranged 10b5-1 trading plan for between $86.64 and $89.33. If we did our math correctly (and we’d be the last to assume that was the case) then Mr. Lucier brought home more than $9 million in this transaction. Not bad for four years work at the company (not counting his salary). Who says you have to move to LA or NYC to make the big bucks?
[Link: Forbes]
by The Editors on November 4, 2007
According to an interview in the San Diego Union Tribune, the Carlsbad Chamber of Commerce has the “second largest chamber membership in San Diego County and the 10th-largest in California.” We did not know that. In fact, we didn’t even know that Ted Owen was the president and chief executive officer or that he had a staff of 15 employees. But we’re learning all kinds of things today thanks to Mr. Owen:
This is a very civil city that has $80 million in the bank. We had an $8 million surplus at the end of 2006, and the city pretty much likes to listen to its residents and provide them things. . . They wanted a golf course; we built one. They wanted an aquatic park; we’re building one. They wanted (a water desalination plant); we’re building one. Those things cost money, and a city with wealth and that’s well-run can do that.
Hey Ted, we’d like a proper skateboard park near the Village. Are you building that?
[Link: San Diego Union Tribune]
by The Editors on November 3, 2007
The Surfrider Foundation has already stated that and the Agua Hedionda lagoon is the wrong place for the Poseidon Resources desalination factory. Now, according to the North County Times the staff of the California Coastal Commission is recommending a no vote on the project as well.
The staff of the California Coastal Commission, after months of reviewing information, said the project should be denied because it would harm marine life and water quality, hurt Agua Hedionda lagoon, and create millions of pounds of “green house gases” every year that could add to global warming.
Poseidon Resources is quoted as saying that they “were not surprised by the recommendation, but disputed the findings and said they thought commissioners would still approve the project.” Maybe they know something we don’t know.
[Link: North County Times and California Progress Report]
by The Editors on November 2, 2007
The Securities and Exchange Commission has “filed insider trading charges” against former Invitrogen scientist Harry H. Yim, 45, of Vista, California. Yim is being accused of trading . . .
. . . in Invitrogen stock immediately upon learning of non-public information about the company’s poor financial results. The complaint further alleges that, as a result of his improper stock sales, Yim avoided losses of approximately $79,581 that he otherwise would have incurred from the decline in the company’s stock price.
Of course, we’d like to think that he just didn’t know the rules. Either way, that $79k he saved probably doesn’t look so good right now.
[Link: Trading Markets.com]
by The Editors on October 19, 2007
From a business perspective this probably isn’t the greatest news in world, but according to a story in the North County Times Carlsbad office space vacancy rate is soaring.
Leasable office vacancy rates in the posh coastal city have risen to 24.2 percent in the third quarter, the report stated. That’s up from 21.2 percent in the second quarter and just 10.2 percent in the third quarter of 2006. “Leasable” refers to empty space that is on the market and leased space that is unused and could be rented to someone else. . . “Vacancy has continued to shoot up as construction has been outpacing absorption,” said John Hoffmann, a senior vice president at Burnham, a real estate research firm in San Diego.
Looks like this may have something to do with the recent softening of the real estate market in general. Sadly, we’re going to guess this vacancy number will go even higher in the short term.
[Link: North County Times]
by The Editors on October 18, 2007
According to a report released by Carlsbad’s Callaway Golf Co. (ELY) yesterday, it is highly likely that they will show a profit for the third quarter of this year. In the golf business that is apparently enough news for a celebration.
The high-end golf club maker said it expects its quarterly results to range from break-even to profit of 2 cents per share, including two charges and a gain on the sale of a building.
While the numbers won’t be released until November 1, the news was good enough to send the stock up $2 to $17.27 this morning in early trading.
[Link: Houston Chronicle]
by The Editors on October 18, 2007
If the Carlsbad City Council gives the Ponto Vision Plan (a development that could include “a 215-room Hilton resort; a 269-room hotel; a 161-unit condominium and live-work complex; and a 180-room hotel and 126 time shares”) the thumbs up it’s going to greatly increase traffic on La Costa Avenue. That means the road will have to be upgraded. But exactly who is going to pay for that has become a point of contention between the cities of Carlsbad and Encinitas.
Carlsbad estimated that the improvements would cost $5.34 million and determined that Ponto developers should pay 27 percent, with Encinitas paying the rest, Encinitas officials said. . . . Encinitas Planning Director Pat Murphy said Ponto’s developers should pay 70 percent of the improvements. His staff based its calculations on the developers’ share of the additional traffic that would be using La Costa Avenue, yielding a much higher share for the developers.
We have an easy solution: don’t build out Ponto.
[Link: San Diego Union Tribune]
by The Editors on October 16, 2007
While local government and other groups are well behind the proposed Carlsbad Desalination Plant the Surfrider Foundation is still asking people to do all they can to stop it.
This project would be the largest and most damaging ocean desalination facility in the western hemisphere and should not move forward if we want to improve the health of our coastal areas and ocean water quality. Though there is never a good reason to destroy public coastal property, this project is especially threatening because it will cause the destruction of marine life and ecosystems of one of Southern California’s last remaining coastal lagoons, and exacerbate global warming.
They’ve posted a form letter on their website that will allow people to send email to Coastal Commission Chair Patrick Kruer and Lt. Gov. John Garamendi asking that they vote no on the project. If you’re against this project, please click the link to take action.
[Link: Surfrider Foundation]
by The Editors on October 13, 2007
The owner of Legoland would like to create a separate attraction at the park centered around an aquarium the size of the “the Birch Aquarium in La Jolla,” according to plans filed with the city of Carlsbad.
The aquarium will be called the Sea Life Center and will be a separate attraction – with its own admission price – from the rest of the 128-acre Legoland amusement park. . . . Building plans for the aquarium indicate it is intended to be a two-story structure. The first floor is slated to include a freshwater stream, a children’s maze, a harbor animals area, a theater, a toddler water play zone and a classroom.
According to Legoland spokeswoman Julie Estrada The Sea Life Center will also house “a restaurant, a sea horse display area, a ray tank, and nature discovery area.” The city, of course, “expects to issue building permits within the next several weeks” because, well, that’s what the city’s planning department does.
[Link: San Diego Union Tribune]
by The Editors on October 11, 2007
We’ve always wondered what goes on at the Gemological Institute of America at 5345 Armada Drive. Now we have the chance to find out exactly what that Willy Wonka diamond factory is all about when the jewelry school hosts its West Coast Jewelry Career Fair and Open House on October 19, 2007.
Jewelry Career Fair attendees will receive advice on what it takes to succeed in this diverse and rewarding field. One-on-one career coaching, professional development seminars, and networking with the trade’s key players are some of the benefits for job seekers who attend.
Diamond life indeed.
[Link: Diamonds.net]
Gregory T. Lucier, the CEO our favorite Carlsbad-based life sciences company Invitrogen exercised options on 196,250 shares of his company’s stock today. He bought them for $38.01 a share and then sold them all in under a prearranged 10b5-1 trading plan for between $86.64 and $89.33. If we did our math correctly (and we’d be the last to assume that was the case) then Mr. Lucier brought home more than $9 million in this transaction. Not bad for four years work at the company (not counting his salary). Who says you have to move to LA or NYC to make the big bucks?
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