NEWHALL LAND NET DIPS DEVELOPMENT FIRM CALLS DROP-OFF EXPECTED.Byline: Nicholas Grudin 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. announced its second quarter earnings Tuesday, citing a lack of industrial and commercial land sales as the cause for a drop-off in revenue and profits. Newhall's net income for the three months that ended June 30 was $1.3 million, or 6 cents per partnership unit. In the second quarter of 2002, the net income was $9.4 million, or 38 cents per unit. Revenues for the 2003 second quarter totaled $20.4 million, compared with $52.2 million for the same period in 2002. Company spokeswoman Marlee Lauffer said that the drop-off from 2002 to 2003 was expected due to a lull in real estate sales. ``We are not a quarter-to-quarter company - it's difficult to compare us that way because of the nature of our business,'' Lauffer said. ``The (quarterly results) are in line with our expectations'' Despite the report of relatively low earnings, the Valencia developer's stock has been soaring soaring: see flight; glider. soaring or gliding Sport of flying a glider or sailplane. The craft is towed behind a powered airplane to an altitude of about 2,000 ft (600 m) and then released. lately, as it hit an all-time peak of $34.35 per partnership unit Monday. Tuesday, the stock price closed down slightly to $33.15 per unit. Newhall Land, a limited partnership company, owns 48,000 acres in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , which it uses for developing residential, commercial and industrial real estate. The master-planned community of Valencia, which is now home to 48,000 residents and 45,000 jobs, is the developer's crown jewel Crown jewel A particularly profitable or otherwise particularly valuable corporate unit or asset of a firm. Often used in risk arbitrage. The most desirable entities within a diversified corporation as measured by asset value, earning power, and business prospects; in takeover . Among the $775 million company's recent successes was the passage of the 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. development through the county approval process. The 21,000-home master-planned community - Newhall's next big thing - was passed by the Board of Supervisors on June 1 and is scheduled to begin home sales in 2006. The development, which still has a major legal hurdle HURDLE, Eng. law. A species of sledge, used to draw traitors to execution. to leap before final approval, will not be completed for 25 years. ``We're very pleased with the activity that the company is seeing ... everything is on track,'' Lauffer said. ``For this year, we have already sold most of our available residential lots'' Newhall has so much faith in its company, in fact, the board of directors has continued to implement an ``aggressive'' unit repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. plan, which was initiated in 1999 when the company bought up about 5.5 million units, 25 percent of their outstanding units. With the completion of that plan in 2001, Newhall's board approved the repurchase of a further 10 percent of outstanding units. ``We are still operating under that authorization The right or permission to use a system resource; the process of granting access. See access control. ,'' Lauffer said Monday. The sale of 10 custom homes in the Westridge golf course community and revenues from the company's income-producing portfolio were among the major contributors to the 2003 second quarter results, 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 Newhall earnings report. There were no commercial or industrial land sales in the second quarter. Nicholas Grudin, (661) 257-5255 nicholas.grudin(at)dailynews.com CAPTION(S): photo Photo: (color) The Newhall Land and Farming Company's sale of 10 custom homes in the Westridge golf course community contributed to earnings of the limited partnership. David R. Crane/Staff Photographer |
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