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

Southmark Corp.: The real estate and financial services company reported a net loss of almost $1.5 billion for the fiscal year ended June 30, compared to a loss of $125.1 million in the previous year. Revenue totaled $1.8 billion, about the same as in fiscal 1988. The company said its results were adversely affected by provisions for losses of $962 million, most of which were recognized in the third quarter and were related primarily to syndicated partnerships and other mortgage receivables. A net loss of $330.4 million in the fourth quarter resulted from discontinued operations and an adverse tax accrual adjustment, as well as declines related to real estate. Southmark, headquartered in Dallas, is operating under Chapter 11 of the U.S. Bankruptcy Code.

Tables, D12