Newport’s American Pacesetter Reports $1-Million Quarter Loss

American Pacesetter in Newport Beach, a financial services company, reported a net loss of $1 million for the second quarter.

It had $493,000 in net income for the second quarter of 1987. For the first six months, the company earned $336,000, a 69% drop from $1.1 million earned in the same period last year.

The earnings include totals from two construction divisions that were spun off at the end of the second quarter. American Pacesetter said it could not divulge total revenue figures for the combined operations.

The company’s continuing operations--San Clemente Savings & Loan and Windsor Mortgage Co.--posted combined net income of $61,000 for the second quarter, down 64% from $170,000 a year earlier. Revenue from the continuing operations rose 24%, to $7.2 million from $5.8 million in the second quarter of 1987.

For the first half, the continuing operations produced net income of $852,000, up 14% from $749,000 for the first six months of 1987. Revenue for the first half grew 30%, to $15.2 million from $11.7 million.

On June 30, American Pacesetter spun off its residential building subsidiary, Pacesetter Homes, and its commercial building unit, Pacesetter Business Properties, to shareholders in a tax-free stock distribution.

Complete first-half financial results for those two firms are not yet available.