Broad Inc.: The parent company of the...
From Times Staff and Wire Reports
Broad Inc.: The parent company of the financial services group SunAmerica Corp. reported net income of $26.1 million for a 10-month fiscal year 1989, contrasted with a net loss of $507,000 in the same 10-month period in 1988. The results reflect a change in the Los Angeles company’s fiscal year-end from Nov. 30 to Sept. 30. Prior year results were restated to reflect accounting changes and the spinoff of Kaufman & Broad Home Corp. in March, 1989. Investment income in fiscal 1989 rose 43% to $490 million. The company said the rise in earnings was due in part to a cost-containment program.
