Bolsa Chica Co.: The Newport Beach real...

Bolsa Chica Co.: The Newport Beach real estate development company reported a second-quarter loss of $3.5 million, or 9 cents a share. That compared to a loss of $8 million, or 40 cents a share, for the same period last year. Revenue declined 63% to $2.2 million from $5.9 million. The company said the revenue drop reflected February’s foreclosure sale of the company’s Long Beach Airport Marriott Hotel. For the first six months of 1993, the company had a loss of $41.9 million, or $1.05 a share, compared to a loss of $21.6 million, or $1.08 a share, for the same period a year earlier. Bolsa Chica said the increased loss reflects a $36-million charge in the first quarter from an accounting change. Six-month revenue dropped to $5.4 million from $20 million.