Christiana Reports Gain for Second Quarter

The Christiana Cos. on Wednesday reported net income of $707,000 on revenues of $15 million for the second quarter ended Dec. 31, compared to a loss of $526,000 on revenues of $618,000 in the comparable quarter in the prior year.

For the six months, the San Diego company reported net income of $176,000 on revenues of $19.3 million compared to a net loss of $656,000 on revenues of $3.2 million for the six months in the prior year.

Earnings and revenues were boosted by holiday sales of F.A.O. Schwarz, the New York retailer of upscale children’s toys acquired by Christiana last June.

However, earnings were slashed by $1 million as the company established a $1-million reserve to cover possible losses from a slow-selling luxury condo development in Los Angeles.

In December, Dallas-based Western Savings Assn. bought 39%of Christiana Cos.’ common stock. Western Savings owner Jarrett E. Woods Jr. is now Christiana’s chairman and chief executive.