Foothill Group’s Profit Doubles in 3rd Quarter

Foothill Group, a financial services company, reported a doubling of profits for its third quarter on a 29% increase in sales.

The company, which has dual headquarters in Agoura Hills and Los Angeles, reported net income of $4.1 million, or 40 cents per share, for the third quarter that ended Sept. 30 on sales of $24.9 million.

For nine months, the company’s profit increased by 78% to $10.1 million, or $1 per share, on a 22% increase in sales to $68.9 million, compared to the same period a year earlier.

The company attributed some of its improved results to profits it made on debts it had bought at a discount.