BNC Mortgage Reports Mixed Third Quarter
BNC Mortgage Inc., Irvine-based specialty finance company said net income for the third fiscal quarter slumped 25% while revenue climbed 21%.
Net income for the three months ended March 31 totaled $1.5 million, or 33 cents a share, down from $2 million, or 49 cents a share, a year earlier. Revenue rose to $10.8 million from $8.9 million.
For the nine-month period, net income increased 2% to $5.1 million, or $1.16 a share, from $5 million, or $1.60 a share, for the comparable three quarters of the previous fiscal year. Revenue advanced 38% to $30.7 million from $22.2 million.