A $1.3-million gain on the sale of assets enabled Yuba Natural Resources Inc. to post a profit for the third fiscal quarter ended Dec. 31. But the mining company still reported a loss for the nine months.
In the latest quarter, Yuba had net income of $645,790, or 6 cents a share, compared with a loss of $575,478 in the same period a year ago. Revenue, including the $1.25-million gain on sales of assets, increased to $1.4 million, from $159,381 a year earlier.
For the nine months, Yuba suffered a net loss of $551,102, compared to a loss of $1.4 million a year earlier. Revenues were to $1.8 million, up from $677,685 a year ago.
The extraordinary gain was realized from a transaction in which Yuba established a joint venture to produce silica sand and flour at a company location in Northern California.
California Heritage Bank and some of its former officers and directors are being sued for fraud, conspiracy and racketeering by a Chicago savings and loan that said it was sold $4 million of worthless mortgage loans.
The suit, filed by by Norwood Federal Savings and Loan Assn. in federal court in San Diego, alleges the bank joined with now-defunct San Marino Savings and Loan Assn. in an elaborate plan to falsify loan documents and supply knowingly incorrect property appraisals to inflate the value of an Escondido condominium project in the fall of 1982. More than 83 individuals were named in the action, which alleges that scores of East County residents were paid $300 to $500 to sign loan documents to buy the 83 condominiums they had no intention of honoring. "From all we know, these loans are good; they were legitimate loans on legitimate properties," said California Heritage President Terry Metrovich, who is not named in the suit.
The Price Co. has leased 12 acres in South San Francisco where it plans to build and operate a Price Club wholesale cash and carry warehouse. The location, scheduled to open in early 1986, would be the 25th Price Club warehouse store.
Teledyne Ryan Aeronautical won an $18.5-million contract from the Department of Defense to supply Firebee subsonic aerial target systems. All production of the reusable remote-controlled turbojet systems will be in San Diego. Deliveries are expected to begin in mid-1986 and continue through early 1988, the company said. Further orders are expected, Teledyne said.
Jack Giacomini, former senior vice president of operations for Atlas Hotels, has formed a hotel management and consulting firm, Santa Fe Management Group. The firm will offer management services to owners and syndicators in the burgeoning field of hotel and motel property investment, Giacomini said.
The Bank of Southern California signed a definitive agreement to merge with Oceanside-based Bank of the Ocean, for undisclosed terms. The two banks, which have had on-again, off-again merger talks for the last year, would have combined assets of about $79 million and capital of $4.9 million.
Franklin & Associates, Wise Communications and Knoth & Meads took top honors at the San Diego Advertising Club's Homburg Awards presentation. The awards are presented annually for outstanding advertising.
La Jolla Bank and Trust Co. declared a 5% stock dividend and a 5-cent-per-share cash dividend. Both dividends are payable April 1 to shareholders of record March 15.
Nelowet Business Machines was acquired by FKM Copier Products of Irvine for undisclosed terms. Nelowet had sales of about $600,000 last year.
Construction has commenced on the 82-room TraveLodge in La Mesa, set to open in June.