NEWHALL LAND BLAMES CRISIS FOR POOR REVENUE.Byline: Patricia Farrell Aidem Staff Writer 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. posted a disappointing third quarter on Wednesday, apparently the result of the Sept. 11 attacks. Revenue fell $9.3 million over the three months that ended Sept. 30 compared with the same period a year ago. But last year's third quarter was marked by the sale of some income properties. Company President Gary Cusumano pointed to national events as reasons for slowing sales of Newhall Land properties, affecting the quarterly profit margin. Newhall Land is marketing 695 residential lots in its Westridge Golf Course community and had expected to close escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. in the third quarter. ``However, due to uncertainties arising from the events of September 11, the resulting U.S. military actions and the slowing economy, it is difficult to predict how many of these proposed land sales ... will close this year,'' Cusumano said in a statement. Westridge land is being graded 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 north of Stevenson Ranch Stevenson Ranch, California (in the 91381 ZIP Code) is a Los Angeles County, USA, unincorporated community west of Santa Clarita a few miles south of Six Flags Magic Mountain amusement park. The Stevenson Ranch fountain was redone in 2007. . Company spokeswoman Marlee Lauffer said model homes could open by late next year. Westridge will include a mix of homes, from apartments to high-end custom lots. The focal point focal point n. See focus. of the development will be a Professional Golfers' Association-approved Tournament Players Course golf course due to open in late 2003, Lauffer said. The golf course is being graded and representatives from The Players Championship will fine tune the contours Contours may mean:
Also during the third quarter, no industrial land sold. During the 2000 third quarter, escrows closed on more than 34 acres, contributing $3.2 million in profit. Three parcels are in escrow now for nearly $10 million, an indicator that Newhall Land's performance is tough to measure quarter to quarter. In commercial development, buyers closed escrow on 11.5 acres, a $5 million profit. The fourth quarter looks brighter with escrow due to close on more than 56 acres of commercial land - for $42.5 million. Several more deals could close by the end of the year, 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. the quarterly report. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion