Foothill Group Declares Turnaround in Earnings

Foothill Group Inc. reported a $1.28-million profit in the second quarter that ended June 30, compared to a $3.97-million loss a year earlier. The turnaround came despite a 7% decline in revenues to $21.9 million from $23.5 million in the second quarter of 1990.

Foothill is a financial services concern with executive offices in Agoura Hills and Los Angeles. The profit in the latest quarter marks the company’s continued recovery from losses on its junk bond portfolio.

For the six months that ended June 30, Foothill earned $2.53 million, in contrast to a $1.87-million loss in 1990’s first half. Revenues fell 6% to $44.7 million from $47.4 million.