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Ventura Bancorp Earnings Rise in Last Quarter

VENTURA COUNTY ROUNDUP / JACK SEARLES

February 27, 1996|JACK SEARLES

Earnings of Ventura County National Bancorp increased in the final quarter of 1995 over the same period a year earlier, although profits at the company's main unit, Ventura County National Bank, declined.

In the three months that ended Dec. 31, Ventura County National Bancorp had net income of $2.3 million, or 30 cents a share. A year earlier, the holding company earned only $50,000, or 1 cent a share.

Ventura County National Bank had a net profit of $88,000 in last year's final quarter, down from $486,000 a year earlier.

For all of 1995, the holding company earned $3.8 million, or 48 cents a share, contrasted with a loss of $262,000, or 4 cents a share, in 1994.

Ventura County National Bank had a profit of $4.3 million in all of 1995, compared to a profit of $539,000 the previous year.

Richard S. Cupp, president and chief executive of both concerns, said the year-to-year improvements were due mainly to a reduced loan-loss provision, the use of deferred tax assets and reduced costs.

Both the holding company and the bank are based in Oxnard.

Other earnings reports:

* BioSource International, a Camarillo producer of test kits and other products used in biomedical research, had a profit of $367,000, or 6 cents a share, on sales of $2.3 million in the three months ended Dec. 31.

This compared with a loss of $230,000, or 4 cents a share, on sales of $1.7 million in the same quarter of 1994.

For all of 1995, BioSource had a profit of $1.2 million, or 20 cents a share, on sales of $8.6 million. In 1994, the company had a loss of $210,000, or 4 cents a share, on sales of $7.4 million.

The quarterly and year-end results include a pooling of interests with Keystone Laboratories Inc., which BioSource acquired last November.

* PerfectData Corp., a Simi Valley producer of products for the care and maintenance of computers and other office equipment, had net income from continuing operations of $18,000, or 1 cent a share, on sales of $1.4 million in the three months ended Dec. 31. This compared with a year-earlier loss of $5,000, or no cents a share, on sales of $1.5 million.

* Golden Systems, a Simi Valley producer of computer power supplies, had an operating loss of $505,000, or 20 cents a share, on sales of $5.1 million in the quarter ended Dec. 31.

In the same period a year earlier, Golden had an operating loss of $8.8 million, or $1.99 a share, on sales of $1.9 million. Customers returned $4.1 million worth of rejected products in the final quarter of 1994.

Michael D. Thomas, president and chief operating officer, said that unless the company raises more cash or increases its sales in the next several months, "we will need to obtain capital from outside sources or to engage in a transaction that would alter Golden's fundamental structure."

* Advanced Photonix, a Camarillo producer of photo detectors and other electronic products, had a net loss of $104,000, or 1 cent a share, on sales of $2 million in the three months ended Dec. 31. In the same period a year earlier, the company had a loss of $570,000, or 7 cents a share, on sales of $1.5 million.

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