MORE HOMES, MORE PROFITS NEWHALL LAND SAVORS SUCCESS.Byline: Daily News VALENCIA - The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. anticipates a healthy increase in net income for the first quarter, company President Gary Cusumano said Wednesday at the company's annual shareholders meeting. Income per share from January through March is expected to hit 40 cents, compared with 11 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. during the first quarter of 2001. Boosting income for the first-quarter results are the sales of 265 residential lots and 37 acres of commercial land that already have closed escrow. The company this year expects to sell an additional 1,100 residential lots, including 235 in the developing Westridge Golf Course project west of the Golden State Freeway The Golden State Freeway is a north-south freeway running through Kern County and Los Angeles County, California. Originally built as U.S. Highway 99, it was re-signed as Interstate 5 in 1964. and about 500 lots in the communities of Hidden Creek and Creekside in North Valencia. If Newhall Land succeeds in selling those lots in 2002, it would set a record for residential lot sales. In addition, the Valencia-based company expects to sell about 60 acres of commercial land and approximately 20 acres of industrial land. Anticipated sales, however, teeter on whether buyers can get financing, regulatory and legal issues, market conditions and negotiations. Newhall Land's income-producing properties, including shopping centers and apartment buildings, are expected to generate net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of approximately $21 million in 2002. The company is the largest developer in Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, . Newhall Land planned and built Valencia and is seeking to build another community, the 22,000-home Newhall Ranch, to the west of Santa Clarita. Wednesday's meeting at the Hyatt Valencia is to be the last such gathering for shareholders. With computer conferencing See chat, videoconferencing and data conferencing. on the Web gaining popularity, the company announced an end to the annual meeting. |
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