Hammond Shows Loss for Quarter
The Hammond Co., a Newport Beach mortgage banker, reported a second-quarter loss of $237,193, or 19 cents a share, on lower revenue.
The loss for the quarter ended Sept. 30 contrasts with net income of $102,626, or 8 cents a share, for the year-earlier period. Revenue for the three months was $3.5 million, down 24% from $4.6 million.
For the first six months, Hammond Co. lost $539,139, or 42 cents a share, compared to a year-earlier loss of $431,549, or 34 cents a share. Revenue was down 12% to $7.4 million from $8.4 million.
Chairman Thomas T. Hammond said that during the first half of the company’s fiscal 1992 year it first began a new strategy of retaining servicing rights to the loans it originates rather than selling them to outside servicing companies. As a result, Hammond Co. had revenue of only $121,690 from the sale of servicing rights in the first half contrasted with $1.4 million a year earlier.
For the second quarter, the company originated loans totaling $89 million, up 8.5% from $82 million in the year-earlier quarter.
Separately, Hammond said Monday that Ned K. Ryder, chairman and president of Ryder Homes Inc., in Walnut Creek, has been elected to the company’s board of directors.
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