ORANGE COUNTY
DWI Corp., an Irvine-based design and engineering services company, reported Thursday that its third-quarter earnings will be reduced by $292,100 because the firm has lowered the value of its investment in Inotek.
Late last year DWI sold several product development projects to Inotek, in return for a 95% interest in the Irvine-based company. DWI reported a $602,218 gain from the sale at that time.
However, according to DWI’s chief financial officer Laurence A. Smith Jr., Inotek, which is in the process of preparing for a public stock offering, advised DWI recently that the projects may not be worth the stated purchase price. As a result, DWI reduced the value of its Inotek stock holdings by $292,100. Smith said the write-down will be reflected in the earnings for the quarter ended March 29. For the first six months, the company reported earnings of $567,665 on sales of $3.4 million.
A newly formed unit of Fluor Corp. has been awarded a contract by the federal Urban Mass Transportation Administration to provide project management services for a Detroit people-mover project. Fluor will manage construction of the transit system for the South Eastern Michigan Transit Authority. Fluor Transportation and Infrastructure Inc., a newly formed Fluor company, will design and manage the project. Fluor officials declined to disclose the value of the contract.
Another Fluor unit, Fluor Constructors Inc. Thursday said it has been awarded a contract by the Santa Margarita Water District in Mission Viejo.
The company submitted the low bid for construction of the Chiquita water reclamation plant, located about two miles north of Ortega Highway in Chiquita Canyon on Rancho Mission Viejo lands. Terms of the contract were not disclosed. MacDonald-Stephens Engineers Inc. of Laguna Hills is designing the project.
Fluor is an Irvine-based engineering, construction and natural resources management company.
FHP Inc., a Fountain Valley health care services company, has established anadministrative headquarters in Long Beach. About 250 staff members will be based at the new 35,000-square-foot office. FHP has about 205,000 members in its medical plan and 101,000 dental plan members. The company also serves about 25,000 Medicare members with its alternative health-maintenance organization.
