J.M. Peters Posts 77% Drop in Net Income Compared to Third Quarter Last Year
J.M. Peters Co. Inc. said Friday that it posted net income of $2 million, or 14 cents a share, for its fiscal 1993 third quarter, down 77% from $8.8 million, or 63 cents a share, a year earlier. The company received a onetime federal income tax refund of $3.1 million in its 1992 third quarter.
Revenue for the third quarter, ended Nov. 30, was $13.8 million, down 41% from $23.5 million. Revenue from quarterly housing sales was $3.5 million from 16 closed sales, compared to $22.7 million from 71 closed sales a year earlier. The company received $8.9 million from the sale of land, compared to $370,000 the same period last year.
For the first nine months the home building company reported a net loss of $79.6 million, or $5.70 a share, compared to a year-earlier loss of $6.8 million, or 48 cents a share.
Revenue for the first nine months of $68.1 million was down 40.6% from $114.8 million. Revenue from the sale of 106 homes was $35.1 million, off 68.6% from the year-earlier $111.9 million from 322 home sales; land sales revenue of $30.8 million was down 6.9% from $33.1 million.
TriCare Inc.: The Irvine-based company said Friday that it lost $604,000, or 8 cents a share, in its fiscal 1993 second quarter ended Nov. 30, compared to a year-earlier gain of $1 million, or 13 cents a share.
The company, which operates rehabilitation centers and also has an insurance claims evaluation arm, said the loss stemmed from the $1.3 million cost of restructuring and shrinking the evaluation unit.
Net revenue for the fiscal second quarter dropped 25% to $9 million from $12.1 million.
For the first half of its current fiscal year, TriCare reported net income of $307,000, or 4 cents a share, down 84% from $1.9 million, or 25 cents a share. Revenue for the six-month period of $19.8 million was down 16% from $23.6 million in the first half of TriCare’s fiscal 1992.
The restructuring resulted in the layoff this month of 74 employees, or 18% of TriCare’s work force, as well as the closure of 11 rehabilitation centers in Southern California. TriCare continues to operate 31 centers throughout the state.
