Santiago Corp., a Santa Ana-based mobile home park developer, says it has completed a long-anticipated merger with Silvercrest Industries, a Corona-based mobile home manufacturer.
The merger lifted Silvercrest out of a money-losing position, according to a restatement of financial figures that Silvercrest released earlier this week to reflect a pooling of both companies' operations.
Silvercrest on its own posted a $459,000 loss in its second fiscal quarter ended Dec. 31, compared with net income of $176,000 when Santiago's profit for the period was added in. Before the merger, Silvercrest sustained a $451,000 loss for the first half of its 1986 fiscal year, compared with a $112,000 net gain on a consolidated basis for the same six months after the merger.
Silvercrest's second quarter net sales without Santiago's input were $11.6 million, compared with $12.2 million for the combined companies. Sales for the first half of the year were $26.4 million before the merger and $27.4 million afterwards.