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VALLEY EARNINGS

July 22, 1986

Newhall Land & Farming reported second-quarter earnings of $9.6 million, or 50 cents a unit, up 63% from the same period last year. Sales were up 31%, to $38.3 million.

In the second quarter of 1985, the company earned $5.9 million, or 32 cents a unit, on revenue of $29.2 million.

Executive Vice President Robert Wilkie attributed the strong showing to a sharp increase in sales of industrial property and continued strength in new-home sales. He cautioned that last year's third quarter was extraordinarily strong and that the current third quarter won't be quite as good. Nevertheless, he said, a small increase in profits is expected for the year.

Newhall Land is a real estate and agriculture partnership based in Valencia. Its investment units trade like shares on the New York Stock Exchange.

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