Net Income Drops 56% for the Hammond Co.

The Hammond Co. said net income dropped 56% in its fiscal 1988 second quarter to $351,700 from $799,964 for last year’s comparable quarter. Revenues for the period ended Sept. 30 fell 24%, to $6.7 million from $8.8 million a year earlier.

For the first six months, the Newport Beach-based mortgage banking firm posted net income of $465,698, a 105% increase from the $227,562 reported for the same period last year. Revenues of $13.4 million for the six months reflect a decrease of 5%, compared to revenues of $14.1 million for the previous year.

Thomas Hammond, the company’s chairman, said he expects the tumultuous stock market decline to soften demand for housing, causing a drop in mortgage lending activity that could affect Hammond during the final half of its fiscal year.