LOCAL FIRMS REAP BENEFITS OF BOOM IN U.S. ECONOMY.

Byline: Enrique Rivero Daily News Staff Writer

Hot on the heels of the Dow Jones industrial average breaking the 8,000 threshold comes word from a number of local companies that the economic expansion has helped them as well, and in at least one case helped a company break its own prior financial records.

On Assignment Inc., a Calabasas-based supplier of temporary help for the scientific, environmental and health-care financial industries, reported record earnings during its second quarter ended June 30.

The company's net earnings jumped 40 percent to $1.92 million, or 35 cents per share, compared with $1.37 million, or 25 cents per share, during the comparable period last year. Revenues totaled $26.4 million, up 23 percent from $21.4 million last year.

Second-quarter net earnings for Dole Food Co. Inc. increased 11 percent to $70.4 million, or $1.17 per share, from last year's $63.6 million, or $1.05 per share. Revenues jumped by 6 percent to $1.1 billion from $1.04 billion the previous year.

The Westlake Village-based fruit and vegetable producer credited the gains to strong sales in fresh fruit, vegetables and packaged products.

Van Nuys-based Superior Industries International Inc., a maker of aluminum wheels and automotive accessories, reported net income of $15.1 million, or 54 cents per share, up nearly 9 percent from last year's $13.9 million, or 48 cents. Revenues for the period were $142.1 million vs. $137.6 million the prior year.

The company attributed the increase to several major contracts and modest profits at its Arkansas facility, which had racked up $2.8 million in start-up losses for the comparable period last year.

Burbank-based Highland Federal Bank also saw a healthy gain, with net earnings for the quarter totaling $1.35 million, or 58 cents per share, compared with $489,000, or 21 cents, last year. Total interest and noninterest income for the quarter was $11.2 million, compared with $10.5 million.

The Burbank-based bank attributed the improvement to its efforts to control and reduce administrative expenses. The bank sold three branches in the first quarter and last week announced the sale of a fourth.

Among the Valley-area bunch announcing earnings Thursday, the only company showing a year-to-year decrease was Valencia-based The Newhall Land and Farming Company, whose second-quarter net income was $17.2 million, or 49 cents per share, down from $22.5 million, or 64 cents, in the year-ago period, when the company sold its McDowell Mountain Ranch project in Scottsdale, Ariz.

Revenues totaled $48.7 million, compared with $71.5 million.

On the national front:

Microsoft Corp.'s profits rose nearly 90 percent in the latest quarter, just barely beating Wall Street's expectations, to $1.06 billion, or 80 cents a share, on $3.18 billion in revenue, compared with profits of $559 million, or 43 cents a share, on $2.26 billion in revenue for the same period last year.

Sears, Roebuck & Co. said its earnings rose 16 percent to $311 million, or 78 cents a share, for the quarter ended June 28, from $274 million, or 67 cents, in the year-earlier period. Revenue rose 6.6 percent to $9.73 billion from $9.13 billion.

Merck & Co. said second-quarter earnings rose 19 percent to $1.15 billion, or 96 cents a share.

Coca-Cola Co. said its second-quarter earnings rose 9.9 percent to $1.15 billion, or 47 cents a share.

McDonald's Corp. reported its second-quarter profits rose 4 percent to $438.2 million, or 63 cents a share.

McDonnell Douglas Corp. said second-quarter earnings rose 3.7 percent to $195 million, or 93 cents a share.

Occidental Petroleum Corp. reported an 8 percent drop in second-quarter earnings to $153 million, or 41 cents per share.