Pac Rim Holding Corp. Shows 3rd Quarter Loss
Pac Rim Holding Corp., the Woodland Hills-based workers compensation insurer, posted a loss in its third quarter compared to a profit last year, while its quarterly revenues fell by 24%.
In the quarter that ended Sept. 30, Pac Rim posted a loss of $532,000, compared to net income of $305,000. Revenues in the latest quarter were $21.1 million, down from $27.8 million a year ago.
For nine months, the company posted a profit of $812,000 compared to a loss of $883,000 a year earlier. Nine months sales fell 14% to $64.5 million, down from $75.3 million a year ago.
The company attributed its slowdown in revenues to intense competition this year because on Jan. 1 California relaxed restrictions on the prices of workers’ compensation insurance policies.