Long Beach Financial Reports Record Profit
Long Beach Financial Corp., a subprime mortgage lender based in Orange, said second-quarter profit hit a record $7.4 million, or 29 cents a share, 51% higher than the $4.9 million, or 19 cents a share, posted a year ago. First-half net income advanced 36% to $12.8 million, or 50 cents a share, from $9.4 million, or 38 cents a share, for the like 1997 period.
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