CUSTOM-HOME LOTS SPUR EARNINGS.Byline: Patricia Farrell Aidem Staff Writer VALENCIA - Sales of custom home lots in one of Valencia's last developments pushed The Newhall Land and Farming Company's third-quarter net income to $2.8 million, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report released Wednesday. That sum compared with $6.7 million for the third quarter of 2002 when builders bought 217 residential tract lots in the Westridge golf course community, one of the last projects Newhall Land will develop before it is acquired next year by Florida-based Lennar Corp., a national home builder. Revenue for the 2003 third quarter, which covered July, August and September, reached $39.5 million, compared with the $58.2 million for the same period last year. Despite the decline in numbers in numbered parts; as, a book published in numbers. See also: Number , 2003 is proving to be a good year, company spokeswoman Marlee Lauffer said. ``We don't compare quarters because escrows change dramatically,'' Lauffer said. ``When you look at earning projections for 2003, the bigger picture looks good.'' The industrial market picked up a bit with the sale of 12 acres of commercial and industrial land sold in the past three months, including a 7.8-acre parcel for a 188-unit apartment complex in the Bridgeport community. No industrial land sold in the third quarter of 2002. Noting the tepid tep·id adj. 1. Moderately warm; lukewarm. 2. Lacking in emotional warmth or enthusiasm; halfhearted: "the tepid conservatism of the fifties" Irving Howe. industrial land market, the development company pointed out in its quarterly report that vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates are healthy - below 10 percent - in the local industrial centers, a good economic indicator economic indicator Statistic used to determine the state of general economic activity or to predict it in the future. A leading indicator is one that tends to turn up or down before the general economy does (e.g. . Also, by the end of the fourth quarter, the company expects to have sold a total of 61 acres of commercial and industrial land, Lauffer said. Newhall Land, nearly finished building Valencia, has just 363 acres of industrial land and 121 acres of commercial land remaining. Those properties have been approved for development. The company's next big project is the proposed 21,000-home Newhall Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. , west of Valencia, which is set for development under the new owner, Lennar. A shareholder meeting is set for Nov. 6 in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. for a vote on the planned sale. |
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