Pacific Southwest Reports Loss for Fiscal Year

Pacific Southwest Corp., a real estate, mortgage banking and equipment leasing company based in Northridge, reported a loss of $71,480 for the fiscal year that ended July 31, 1989, compared to net income of $581,101 in fiscal 1988. Revenues fell 12% to $2.8 million from $3.2 million. The company did not break out fourth-quarter results.

Pacific Southwest’s president, Jerry Fraschilla, said the loss was due to costs of expanding its staff and acquiring two mortgage brokerages. He also said 1989 revenues declined because the company didn’t sell any real estate holdings during the year, in contrast to 1988, when it sold land in Ramona, Calif., for $1.2 million.