Foothill Group’s Profit Drops 56% in 3rd Quarter

Foothill Group reported a 56% drop in its third-quarter profit compared with a year ago, and its revenue slipped 6%.

The financial services company, which has executive offices in Agoura Hills and Los Angeles, said net income in the quarter ended Sept. 30 fell to $1.82 million from $4.12 million. Revenue decreased to $23.3 million from $24.9 million.

Foothill blamed the declines on a higher effective tax rate compared with a year ago, and on sales of several investments in 1988 that boosted the year-earlier results.

For the first nine months of 1989, Foothill’s profit fell 16%, to $8.47 million from $10.1 million, but its revenue rose 8%, to $74.6 million from $68.9 million.