Pacific Gulf Properties, Inc.: The Newport Beach...

Pacific Gulf Properties, Inc.: The Newport Beach owner and operator of multifamily properties reported net income in the second quarter fell 38% to $529,000, or 11 cents a share, from $854,000, or 21 cents a share, a year ago. Revenue rose nearly 38% to $8.4 million from $6.1 million. First-half net income totaled $1 million, or 22 cents a share, compared with a loss of $2.2 million in the same period in 1994. Revenue rose 51% to $16.8 million from $11.1 million.