Covington Technologies Reports Net of $791,000
Covington Technologies reported net income of $791,000 for the first quarter, contrasted with a loss of $20,000 the previous year. Revenue for the Fullerton-based housing company more than doubled to $18.6 million from $8.7 million.
During the first quarter, according to President Robert B. Fitzpatrick, Covington closed escrows on 193 units as contrasted with 90 units for the same period in 1985.
Fitzpatrick said company officials expect the earnings improvement to continue throughout 1986. For 1985, Covington reported a net loss of $6.65 million.