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Orange County Business Journal CONEJO VALLEY SIMI VALLEY SAN FERNANDO CALABASAS AGOURA HILLS ANTELOPE VALLEY CONEJO VALLEY SIMI VALLEY SAN FERNANDO CALABASAS AGOURA HILLS ANTELOPE VALLEY 4.7.14 front_Layout 1 4/4/14 12:09 PM Page 1 ocbj.com ORANGE COUNTY BUSINESS JOURNAL TM $1.50 VOL. 37 NO. 14 THE COMMUNITY OF BUSINESS APRIL 7-13, 2014 EXECUTIVE DINING Restrained View on Q2 Top Public Cos. Total $134B OC Business Expectations (50 or higher indicates positive expectations) on 18.7% Gain in Market Cap 93.9 91.6 ECONOMY: 88.8 88.1 Allergan No. 1 85.2 again; Western Digital adds $9.6B 75 By MARK MUELLER 72.8 70.5 Orange County’s largest publicly traded companies com - bined for a cool $20 billion boost to their market valuations over the past year, thanks to strong gains by Allergan Inc. Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 and Western Digital Corp. , the largest representatives of the local healthcare and technology sectors. Provenance: pEasgtbelu 2ff 2 The 100 largest public companies based here account for CSUF Index: Outlook $134 billion in market value overall, according to the Busi - 100 for 2014: Ł Public Cos. 13 list starts on page 10 About Flat for Q2 LUXURY HOMES ECONOMY: Continues to ease off all-time high notched last year Pyott’s Place: Not Big Pharma By JANE YU CEO: Cash-Pay Lines, Less Bureaucracy Set Allergan Apart Orange County business owners and executives enter the second quarter with a virtually un - By VITA REED T changed outlook on the economy, according to the latest quarterly index of business expectations Call Allergan Inc. the biggest publicly traded published by the Mihaylo College of Business and company in Orange County. Economics at California State University- Just don’t call it “Big Pharma.” Fullerton . Pelican Point pPaacgkea g2e 5 That’s the word from David Pyott , the longtime The index, which is based on a recent survey of chief executive of the Irvine-based maker of 82 executives based here, reached 88.1, compared Botox and other drugs, which checks in at the top with 88.8 for the p rior quarter and 91.6 a year ear - ADVERTISING of this week’s list of OC-based public companies, Ł CSUF Index 60 with a recent market value of about $37 billion Gallery of Fine Homes PAGES A-26 A-35 (see related stories throughout issue, list on page – 10). Wealth Strategies “I do not like the label of ‘Big Pharma’ at all,” Pyott said last week. “Specialty pharma does de - Quiksilver Aims for PAGES B-37 B-47 – scribe us better—that is the right label.” Investment Properties Big Pharma is a sector of the healthcare industry Addition by Subtraction PAGES 50 51 that includes big names such as Merck & Co. , APPAREL: – Johnson & Johnson , Pfizer Inc. , Eli Lilly and Rethinks retail strategy, Business Services ................53 55 Co. and GlaxoSmithKline PLC . Allergan has seen annual sales grow from the product development under Mooney Executive Suites ..............56 –57 By KARI HAMANAKA – equivalent of $700 million when Pyott arrived in the corner office in 1998 to $6.3 billion last year, Ripping off Band-Aids. when it spent more than $1 billion on research and That’s what Quiksilver MAIL TO: development. Ł Inc. Chief Executive Andy Allergan 59 Pyott: “specialty pharma” is “right label” Mooney has been doing since taking the helm on a turnaround bid at the Hunt - ington Beach-based action- sports apparel maker and re - Mooney: tenure has Ingram Micro’s Step to Next Level tailer. seen 36% increase in The wound might still be share price a bit raw from last week’s Located Behind the Scenes announcement ending a 23-year sponsorship of pro-surfer Kelly Slater , one of the most widely CIO Charged With Marrying Tech Backbone, New Business Lines recognized faces in his sport. Slater’s off to work By CHRIS CASACCHIA nology infrastructure that crosses 36 on a new apparel line for Paris-based luxury countries and five continents with the brand owner Kering , parent of Costa Mesa-based Ingram Micro Inc. ’s push into distribution giant’s sprawling work - Volcom Inc. and San Clemente-based Electric . higher-margin business lines, force that supports that network—a re - Industry chatter last week portrayed the severed namely mobility and the cloud, sponsibility that falls squarely on the tie as a blow to Quiksilver. were spearheaded by Chief Execu - shoulders of new Chief Information Others saw it differently. tive Alain Monie , who took over Officer Ernie Park . It was “somewhat of a blow,” according to the top post more than two years “We have an opportunity to really Dave King , senior research analyst at Newport ago. leverage what we have built and take Beach-based Roth Capital Partners . The ultimate success of the ongo - Park: accomplished it to the next level,” Park said during “There are other surfers that they can really ing shift lies in synchronizing tech - similar objective for Ł Ł 3M Corp. Ingram 53 Quiksilver 60 4.7.14 front_Layout 1 4/4/14 12:27 PM Page 2 60 ORANGE COUNTY BUSINESS JOURNAL Local breaking news: www.ocbj.com APRIL 7, 2014 Optimism im - project increases in revenue, and a larger in inventory and equipment than they were proved when partic - percentage—10% versus 7%—said they ex - earlier this year, according to the survey. CŁSUF Index ipants were asked pect declines. Nearly 30%, versus 33% a quarter ago, from page 1 about their own in - said they anticipate increases in inventory lier. dustries. More than Primal Elements and equipment spending. A majority—at A reading above 50 generally indicates a 70% of respondents “It’s kind of a crazy period right now for 60%, up from 57%—said they plan no positive outlook. said they expect businesses overall,” said Scott Freeman , changes to inventory levels. The index hit 93.9 in the third quarter of “significant or president of Primal Elements Inc. , a Hunt - 2013, the highest level in nearly a decade. some” growth in ington Beach-based maker of soaps and per - Concerns Companies that employ more than 100 their respective busi - sonal-care products. “We’re seeing some The survey also asked executives to iden - workers accounted for about 40% of the sur - ness sectors, up from Puri: no big changes growth. But we’re a bit pessimistic about it tify the most significant factors impacting vey sample. “Midsize” firms of between 20 66% three months in economy or Q2 sur - because we see things pick up and drop their enterprises. The state of the overall and 100 employees made up 38%, and those ago. Nearly 8% pro - vey again. There are too many variables going economy remained the largest focus, at 48%, with fewer than 20 represented 22% of the jected some decreases, slightly down from around right now. Consumers are timid.” up from 42%. Government regulations were pool. last quarter, while 22% expect business ac - Privately held Primal Elements, estab - the second major concern, at 33%. The survey typically asks a range of ques - tivity to remain stable. lished in 1993 by Freeman and his wife, Credit availability and labor costs have be - tions of local business owners, executives Faith , manufactures soaps, candles and lo - come less significant concerns for local and managers, including their expectations Employment Outlook tions, among other products. It distributes to businesses. Those who are worried mainly on quarterly revenues, profitability, invest - Employment outlook has changed over the retailers, mostly on the East Coast through about credit fell from 10% to 4%, and the ments in inventory and hiring. past three months, leading more firms to re - stores such as Whole Foods. It also sells in - figures for labor costs fell from 5% to 1%. port that they “intend to hold on to their em - ternationally, including in Dubai, China, International competition, on the other General Business Activity ployees” and fewer to plan job cuts. More Korea and Germany. The company operates hand, surfaced as a bigger concern, with 6% Expectations on general business activity than half of the respondents—55%—said in a 19,000-square-foot facility and has 37 of respondents indicating it as their primary fell slightly for the current quarter, as 91% they will make no changes in their labor employees. worry, versus 2% for the first quarter. of respondents said they expect business to forces, up from 49% last quarter. About 5% OC businesses’ short-term outlook on improve or be flat, versus 92% last quarter. said they expect to reduce their workforces, profitability has improved, with more than California vs. U.S. “OC expectations are staying little down from 12%. Those planning to hire ac - 51% of respondents indicating they expect The survey asked local executives to com - changed quarter over quarter,” said Anil counted for 40% of the survey pool, up higher profits through June, compared with pare the pace of economic improvements in Puri , dean of the Mihaylo College and di - slightly quarter-over-quarter. 50% last quarter. About 39% said they esti - California with that of the U.S. rector of the quarterly index project. “That’s Local executives have tempered their ex - mate no changes, and about 10% said profits A larger share of respondents—38% ver - because there was no real [macroeconomic] pectations on sales and revenues for the next are likely to slip. Both figures were stable sus 31% last quarter—said California will information that emerged last quarter that three months. A smaller proportion of re - quarter-over-quarter.
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