SAN DIEGO — Buoyed by a gain on the sale of industrial lots in Arizona, Christiana Cos. on Thursday reported a loss of only $9,000 for the three months ended March 31, compared to a loss of $190,000 in the third quarter of the previous year.
Revenue dropped 28% to $1.96 million. Earnings included an $871,000 gain on the sale of industrial lots in Phoenix, Christiana Controller Joseph E. Anderson Jr. said.
For the nine months, the real estate development company reported a loss of $665,000, compared to earnings of $1.3 million in the nine months of last year. Revenue for the nine months totaled nearly $5.9 million, down from last year's comparable $14.9 million. "We're anticipating a moderate income for the year," Anderson said.
Although the Texas investment group that took control of Christiana in March has yet to disclose its promised "new directions" for the company, there have been a few hints.
The largest was Christiana's purchase last month of the Remington Club, a senior citizen residential community in Rancho Bernardo. The purchase "represents Christiana's entry into the retirement industry," Anderson said.
Christiana, whose fortunes rose and fell with the California real estate boom and downturn, now will be looking for "new niches in the Sun Belt marketplace," according to a company spokesman.