The Hammond Co., Newport Beach, reported that...

The Hammond Co., Newport Beach, reported that net income for the year ended March 31 declined 46%, to $907,000 from $1.7 million in fiscal 1987. Revenue dropped 20%, to $25.5 million from $31.8 million. For the fiscal fourth quarter, net income totaled $297,000, a 38% decline from the $477,000 posted for the comparable period last year. Revenue fell 24%, to $6.1 million from $8.1 million. Thomas T. Hammond, president, said that although loan volumes were strong for the first quarter of fiscal 1988, rising interest rates reduced loan demand until February. The company also said it would pay its first common stock dividend, 10 cents per share payable May 11 to owners of record April 22. The Hammond Co. company originates, sells and services residential mortgage loans, primarily to real estate brokers and developers.