Taking advantage of an improved real estate market, American Pacesetter, a Newport Beach holding company, posted a $918,000 net income for the third quarter, more than seven times higher than the $125,000 earned in the same quarter last year.
Quarterly revenues rose 31.7% to $25.9 million from $17.7 million in last year's third quarter.
In the first nine months, American Pacesetter had net earnings of $1.7 million, more than eight times higher than the $199,000 earned in the same period last year. Its nine-month revenues grew 22% to $69 million from $56.5 million.
The company consists of San Clemente Savings & Loan Assn.; Pacesetter Homes Inc., a land development, construction and rental firm, and American Electronics Inc., an electromechanical equipment manufacturer with a varied line of precision products from motor tachometers to cameras.
According to the California Department of Savings and Loan, the S&L had $190.1 million in assets at the end of September, a 94.8% increase over $97.6 million in assets a year earlier. Its total loans at the end of the period grew 88.7% to $155.1 million from $82.2 million, and its total deposits rose 88.5% to $169.3 million from $89.8 million, according to agency figures.
The S&L revenues represented about 20% of the company's total revenues in the last nine months, a company spokeswoman said. Revenues from Pacesetter Homes accounted for more than 60% of the company total and sales from American Electronics made up the remainder.