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ORANGE COUNTY EARNINGS

May 17, 1993

Bolsa Chica Co.: The Newport Beach real estate company reported a loss of $38.4 million, or 96 cents a share, for the first quarter, including a $36-million charge because of an accounting change. That compared to a loss of $13.6 million, or 68 cents a share, for the same period in 1992. Revenue dropped to $3.2 million from $14.1 million. The company said the decline was primarily because of the 1992 sale of undeveloped land in Ontario for about $8 million.

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