Pacific Rim Holding Corp., a Woodland Hills workers' compensation insurance firm, said its profit in the fourth quarter that ended Dec. 31 was $2.04 million, compared to a loss of $3.37 million in the same period a year earlier.
Revenues for the quarter were down 17% to $24.16 million from $29.2 million the previous year. For the full year, earnings were $1.16 million, compared to a loss of $1.38 million in 1993. Revenues for the year were $99.4 million, down 9% from $109.8 million a year earlier.
The company attributed the profit turnaround to fewer new and outstanding claims and cost-cutting measures. The company said revenues declined because the state ordered workers' compensation premium rates to be decreased by as much as 28.7% during the last year.