3rd Quarter

Troubled home loans continued to mount in the nation's banks in the third quarter as even once-solid borrowers increasingly fell behind on their mortgage payments. For the first quarter ever, the number of homes in foreclosure with mortgages serviced by U.S. national banks and savings and loans topped the 1-million mark, according to figures released Monday by the Office of Thrift Supervision and the Office of the Comptroller of the Currency. The percentage of prime borrowers whose loans were 60 or more days past due doubled from the July-to-September period a year earlier.

Los Angeles home builder KB Home's loss widened slightly in its fiscal third quarter as the nation's housing market continued to show weakness, although the company said orders for new homes increased. The company reported a loss Friday of $9.6 million, or 13 cents a share, for the quarter ended Aug. 31, compared with a loss of $1.4 million, or 2 cents, a year earlier. Revenue was $367.3 million, down 27% from $501 million during the year-earlier period. One bright spot: The company said its orders for new homes jumped 40% to 1,838 from 1,314 in the third quarter of 2010.

The American economy is showing a little more pep in its step, the government reported Friday, but not enough to help bring down high unemployment or put the country on the road to sustained and widespread prosperity. The nation's gross domestic product ? the total value of goods and services produced inside U.S. borders ? grew at a modest annual rate of 2% in the third quarter, up from 1.7% in the second quarter, the Commerce Department said. Even though the United States is at least technically in the process of recovering from the worst recession in decades, the slow growth rate, high unemployment, the devastated housing market and widespread uncertainty over the future have seeded clouds of political resentment that shadow next Tuesday's congressional elections ?

Here is third-quarter performance (July 3 to Sept. 29) for public companies based in the San Fernando Valley area. Source: Bridge Information System

Newhall Land and Farming Co., Valencia, reported a net loss of $612,000 for the third quarter ended Sept. 30, compared to net income of $11.9 million for the same period last year. Revenue dropped to $46.5 million from $73.2 million. Newhall Land plans and develops communities in north Los Angeles County, including the town of Valencia.

Upscale clothing retailer Nordstrom Inc. reduced its third-quarter earnings outlook, hurt in part by record-keeping changes associated with a new inventory management system. The Seattle-based company expects earnings in the range of 13 cents to 14 cents a share, compared with 8 cents in the third quarter of 2001. The company had expected to earn 16 cents to 20 cents a share in the period. Nordstrom was the stock that fell the most after the 4 p.m.

Landmark Bank in La Habra reported third quarter profits of $261,000, an 18% increase over the $221,000 earned last year. Profits for the first nine months hit $669,000, a 22.7% increase over earnings of $546,000 for the same period last year. As of Sept. 30, Landmark's assets were $110 million and its capital and reserves totaled $9.68 million, giving it a capital-to-asset rate of 8.8%. Federal regulators, who use the rate as a check on a bank's soundness, require banks to maintain a 7% rate.

Quiksilver Inc., Huntington Beach designer, producer and distributor of clothing, accessories and related products, said net income for the third fiscal quarter ended July 31 climbed 20% to $6.7 million, or 29 cents a share, from $5.6 million, or 24 cents a share, a year ago. Sales advanced 16% to $122 million. The company's stock rose 21.8%, or $3.25 a share, to $18.13 on the New York Stock Exchange.

Ticket seller Ticketmaster Inc. said it narrowed its third-quarter net loss to $49.4 million from $51.2 million a year earlier. The company said that despite event cancellations in the wake of the Sept. 11 attacks, it posted $14 million in earnings before interest, taxes, depreciation and amortization--a key performance measure among media companies. Last year's EBITDA was $2.7 million, Ticketmaster said. The Los Angeles-based company said revenue rose 7.1% to $157.5 million.