Foothill’s Profits Double on 25% Rise in Revenue

Foothill Group said its third-quarter profit more than doubled from a year earlier on a 25% increase in revenue.

The commercial finance company with headquarters in Agoura Hills and Los Angeles said a drop in its cost of obtaining funds for lending helped its net income jump to $2 million, or 22 cents a share, from $860,000, or 11 cents a share, a year ago.

Revenue in the quarter ended Sept. 30 climbed to $19.2 million from $15.3 million.

Foothill’s earnings also more than doubled in the first nine months of 1987, to $5.7 million, or 62 cents a share, from $2.3 million, or 30 cents a share, in the comparable 1986 period. Nine-month revenue rose to $56.5 million from $43.9 million.