Foothill Group’s Profit, Revenue Increase 14% in the 1st Quarter

Foothill Group, a financial services concern with corporate offices in Agoura Hills and Los Angeles, said its first-quarter profit and revenue both rose 14% from year-earlier levels.

Foothill, whose activities include commercial real estate loans and business financing, said net income in the quarter ended March 31 climbed to $3.41 million from $3 million a year earlier. Revenue rose to $24.3 million from $21.4 million.

The company noted that the improved earnings came despite a big jump in its effective tax rate, to 40% in the latest quarter from 24% a year ago.

Foothill’s assets as of March 31 were up 9% from a year earlier, to $632.9 million from $581.6 million.