Technical debt and airplanes are a rough combination
By Paul Witman By Scott Mackelprang In late 2022, winter storms and technical problems caused Southwest Airlines to cancel thousands of flights, disrupting travel for 2 million passengers and complicating life for their flight crews and other staff. In early April 2023, Southwest released an action plan to guide public perception of the updates and Read More →
Semtech shares rise in after-hours trading following earnings beat
Camarillo-based Semtech saw its shares rise nearly 15% in after-hours trading on June 7, hours following the company’s first-quarter earnings announcement in which it beat analyst expectations in both revenue and net income. Semtech, which specializes in the Internet of Things applications, generated revenue worth $236.5 million, an increase of 41.2% sequentially, which means from Read More →
Santa Barbara cannabis company sees higher revenue to start 2023
Bloomios, a Santa Barbara-based cannabis products company, on June 1 reported first-quarter revenue of $2.75 million, up 84% from $1.5 million in first quarter 2022. The company’s gross profit was $675,000 or 25% of revenue as compared to $640,000 or 43% of revenue a year ago, the company said in its first-quarter earnings report. The decrease in gross Read More →
Montecito Bank remains “well-capitalized” after the first quarter
Montecito Bank & Trust reported a 30% increase in net income for the first quarter of 2023 on June 6, even despite a drop in total deposits. Montecito Bank & Trust generated $4.8 million in the first quarter while assets closed at $2.1 billion. According to the bank, it remains well-capitalized as its total risk-based Read More →
Limoneira posts higher revenue in second quarter
Santa Paula-based Limoneira announced its results for the second quarter after the markets closed June 6, highlighting a rise in revenue as well as a lower net debt position. Limoneira, a grower of lemons and avocados, announced revenue worth $48.1 million compared to $46.8 million in the same quarter a year ago. The company suffered Read More →
Ventura County supplier sues Volkswagon
A Camarillo-based electronics firm has sued Volkswagen AG in Ventura County Superior court in a breach of contract case that brings to light the severe shortage of computer chips that automakers were facing last fall. In its complaint, Data Exchange Corp., or DEX, alleges it agreed to supply some 4,500 computer chips, known as SAK Read More →
Puretec treats water for thousands of different uses
By Abigail Napp Special to the Business Times Since 1965, Jim Harris has served as President of Puretec Industrial Water, a water purification company he founded in Ventura. “Everybody takes water for granted,” said Harris. “There’s a lot to it.” Under Harris’s leadership, Puretec Industrial Water has become a regional leader in the purified water Read More →
