Silvercrest Industries Reports $137,000 Gain
Silvercrest Industries reported net income of $137,000 for its fiscal 1986 third quarter, in contrast with a net loss of $1.4 million a year earlier. For the nine months ended March 31, net earnings were $249,000. Last year the company reported a net loss of $1.9 million.
The mobile home maker, which in January relocated to Santa Ana from Corona, said revenues for the quarter fell 7.7% to $13.2 million from $14.3 million a year ago. For the nine months, revenues were down 7.1% to $40.5 million from $43.6 million.
The improved results, said Gary King, Silvercrest’s executive vice president, came from a combination of cost-cutting measures and strong performance by the Santiago Corp., a Santa Ana developer of mobile home parks that Silvercrest acquired in January for $5 million in Silvercrest stock. Santiago contributed about $300,000 to Silvercrest’s third-quarter net earnings, King said.