First Alliance Reports Sharp 4th-Quarter Dip

Irvine consumer finance company First Alliance Corp. reported a sharp decline in net income for the fourth quarter as revenue dropped 27%.

Net income totaled $2.3 million, or 13 cents a share, down from the $9 million, or 42 cents a share, reported for the corresponding period in 1997. Revenue declined to $20.1 million from $27.6 million.

Forthe year, net income declined 57% to $14.2 million, or 73 cents a share, from $32.8 million, or $1.49 a share. Revenue fell 12% to $83.8 million from $95.6 million.