New Century Posts a Profit


Irvine lender New Century Financial Corp. on Friday reported a second-quarter profit, reversing a year-ago loss, on a 25% improvement in loan production.

The company reported a profit of $9.9 million, or 51 cents a share, compared with a loss of $8.6 million, or 63 cents a share, a year earlier. Quarterly loan production totaled $1.4 billion. Revenue rose nearly 84% to $64.8 million.

The company raised its forecast for full-year earnings to a range of $1.45 to $1.60 a share, from its estimate of $1.30 to $1.45 a month ago.

New Century also said it agreed to sell $15 million of its common stock to private investors.

The stock closed at $11.68, up 19 cents a share, in Nasdaq trading.

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