San Diego Business Watch
What’s happening in your city? While the economy has been riding some highs and lows, it seems to be business as usual in San Diego.
While I may have missed a few (I mean space is limited, right?), perhaps these tidbits are ones that you may have missed during your busy week.
For instance, did you know that the development and home-building company, the family-owned McMillin Communities based in San Diego, has announced it’s developing a resort community in Branson, Mo.? Yep, the partnership is said to be with Titusville, Fla.-based G.E.P. Inc., who will oversee the development of Branson Creek, a 6,500-acre master-planned community. In addition to the 12,000+homes to be built, there will be a couple of 18-hole golf courses, a country club, marina, and airport all located south of downtown Branson. G.E.P. Inc., was founded by Glenn Patch, who has been developing Branson Creek since purchasing the property in 1990. To date, about $250 million has been invested in the project, according to a released statement.
Or did you hear that NextWave Wireless Inc., whose main subsidiary is San Diego software firm PacketVideo Corp., reported a first quarter net loss of $3.4 million, compared to a net loss for the like quarter of 2009 of $82.2 million, according to the company? Total revenue for the quarter was $17.9 million compared to $16.9 million in the prior year’s first quarter.
Jack-in-the-Box also reported same-store sales on the downward in the past quarter by 8.6 percent, compared to a year-ago gain in same-store sales of 0.4 percent. For all of last year, the same-store sales dropped 1.2 percent. Same-store sales were forecast to drop again in the current quarter by 7 to 9 percent. However, that being said, S&P still gave Jack in the Box’s corporate credit rating a B-.
In other food news, looks like Rubio’s Inc., the Mexican fast-food chain that put fish tacos on the map, made a mint thanks to Mill Road Capital of Greenwich, Conn., who agreed to buy Rubio’s Inc., of Carlsbad for $91 million, the companies said on May 10. The sale is expected to close in the third quarter. Rubio’s began in 1983 but today, operates licenses or franchises 195 restaurants in five states. Also on May 10, Rubio’s reported first-quarter net income of $367,000 on revenue of $46.7 million. In the year-ago quarter, net income was $245,000 on revenue of $46.3 million.
If you have San Diego or surrounding community business news, please drop a line to DLSwriter@cox.net.