Southmark Corp.: The real estate and financial...

Southmark Corp.: The real estate and financial services company reported a third-quarter loss of $1.04 billion, largely as a result of adding more than $800 million to its provisions for losses, the Dallas-based firm said. The results, stemming partly from discontinued operations and extraordinary items, compared to a $12.3-million loss a year earlier. Revenue for the period ended March 31 slipped to $406 million, compared to $431 million a year ago. The company said its deteriorating financial condition and a continuing depression in many real estate markets required significant adjustments in its provision for losses.