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INDUSTRY NOTES

Real Estate Firm Expects Boost in Quarter Earnings

October 14, 1987

Centennial Group Inc., a real estate development company based in Orange, said that it expects to post net income of $4 million to $4.2 million for its fiscal 1988 first quarter, ended Sept. 30 and that even higher earnings are expected in the second quarter.

The 4-month-old company also expects to report first-quarter revenues of $37.2 million, said Ronald R. White, Centennial's chairman. Complete financial results are scheduled to be released next week.

The company's assets--mainly properties in Sacramento, San Bernardino, Riverside and Phoenix--had an appraised value of $400 million and a book value of $282 million at the end of September, he said.

White said the company is also seeking approval of a public offering of $50 million to $75 million in corporate debt.

The debentures, however, may not be issued immediately upon approval because interest rates may be too high, he said.

The company was formed in June by combining 12 closely held real estate companies, partnerships and limited partnerships.

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