El Camino Bancorp Sees 6-Month Earnings Increase
El Camino Bancorp, parent company of El Camino Bank of Anaheim, reported second quarter earnings of $291,000, virtually unchanged from the $290,000 reported for the same three-month period in 1984.
For the six-month period ended June 30, however, the bank holding company reported a 69%increase in net earnings to $615,000 compared with $364,000 for the same period in 1984.
El Camino Bancorp attributed the improved six-month results to a substantial reduction in non-performing loans and to tighter controls on the bank’s operating costs. A spokesman for the parent company said that the similar second quarter earnings for 1985 and 1984 reflects “performance stability which the company believes will continue through 1985.”
El Camino Bank, with four offices in Orange County, has $78 million in deposits in 7,500 accounts.
Comprehensive Care Reports Earnings Up
Comprehensive Care Corp., a Newport Beach-based drug and alcohol treatment center company, reported an 18% increase in fourth quarter net earnings and a 23% increase in net earnings for the year ended May 31.
Earnings for the fourth quarter were $5 million, compared to $4.3 million for the final period of fiscal 1984. Fourth-quarter revenues increased 45% to $47.7 million from $33 million in the same period a year ago.
For the year, net earnings increased to $17.2 million from $14 million a year ago. Revenues were up 39% to $158.5 from $113.7 million in fiscal 1984. Pacific Scientific Co. Says Profits Hold Steady
Pacific Scientific Co. of Anaheim said second-quarter profits held steady at $1.6 million while revenues increased slightly to $23.6 million.
However, Edgar S. Brower, president and chief operating officer of the diversified high technology manufacturer, said he expects earnings for the remainder of 1985 to lag behind those of last year because of the continuing slump in the computer and semiconductor industries, two of Pacific Scientific’s major types of customers.
As a result, Brower predicted that Pacific Scientific’s full-year performance would be “slightly less” than that of 1984, when the company earned $7 million on record sales of $92.2 million.
“Companies in these (computer and semiconductor) industries accounted for approximately 20% of our sales in 1984,” Brower said in a prepared statement. “Although the near-term outlook for Pacific Scientific is not quite as bright as earlier anticipated, we remain optimistic for the long term based on the company’s proprietary products, market share and financial strength.”
For the quarter ended June 28, profits were $1.63 million on sales of $23.6 million, compared to profits of $1.62 million on sales of $23.4 million.
Profits for the first half of the year were $3.1 million, about 7% higher than the $2.9 million posted a year ago. Revenues were $46.7 million, about 6% higher than the $43.9 million recorded last year.
Drop in Profits Recorded by HealthCare USA
Citing the cost of expanding its prepaid health plan throughout the nation, HealthCare USA of Santa Ana announced Monday that third-quarter profits fell 28% despite a tripling of revenues.
For the period ended June 30, the company, formerly Greatwest Hospitals Inc., recorded profits of $575,000, compared to $803,000 in the year-ago quarter. Revenues for the period were $44.6 million, compared to $14.3 million last year.
In the first nine months of the fiscal year, the company lost $2.7 million, compared to a profit of $2.4 million last year. Revenues for the period were $124.1 million, more than three times the $38.6 million of last year.
Harlan W. Loomas, chairman and chief executive, said HealthCare has acquired a new prepaid health plan, shed its hospital operations and started a new prepaid dental plan during the past three months. As of May 1, the company’s only business has been as an operator of prepaid health plans.
Loomas said the switch caused quarterly profits to drop but predicted that the new strategy would pay off with increased earnings in the near future.
