Pac Rim Holding Reports Lower Profit in Quarter

Pac Rim Holding Corp., a Woodland Hills workers’ compensation insurer, reported a sharply lower profit in the third quarter that ended Sept. 30.

The company posted third-quarter earnings of $305,000, compared with a year-earlier profit of $1.03 million, although last year’s profit included $1.07 million from capital gains. Revenues in the third quarter totaled $27.8 million, down 12% from $31.5 million in the third quarter of 1993.

For the first three quarters of the year, Pac Rim reported a loss of $883,000 on revenues of $75.2 million, compared with a year-earlier profit of $1.99 million on revenues of $80.6 million.

On Aug. 16, the company completed a previously announced private placement of $20 million in convertible bonds, alleviating capital constraints that had hampered premium volume.