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EARNINGS

2nd-Quarter Net Earnings Quadruple for Silvercrest

January 15, 1987|KEN CHAVEZ

Silvercrest Corp. said its fiscal 1987 second-quarter net earnings quadrupled to $510,000 from $126,000 a year earlier and attributed the rising profits to the company's entry into the mobile home park development business. Silvercrest, a mobile home manufacturer, acquired park developer Santiago Corp. about a year ago.

Revenues for the combined companies rose 35% during the second quarter to $16.5 million from $12.2 million in the fiscal 1986 second quarter.

The second quarter financial report includes results from a Hemet lumber company acquired by Silvercrest's lumber products subsidiary, but Gary King, Silvercrest's chief financial officer, said the period's profit came from mobile home construction and park development.

During the second quarter just ended, Silvercrest also acquired a small mobile home company in Northern California; Santa Ana-based Universal Accessories Inc., a maker of mobile home accessories, and two mobile home parks in Washington.

For the first six months of fiscal 1987, Silvercrest posted net earnings of $1 million, contrasted with the prior year's first-half earnings of $62,000.

Revenues for the first half increased 15% to $31.5 million from $27.4 million in the first six months of fiscal 1986.

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