Silvercrest Industries Reports $453,000 Net
Silvercrest Industries, the Santa Ana-based mobile home builder, reported net income of $453,000 for its fiscal 1987 third quarter, compared to $62,000 a year earlier. Revenue for the period ended March 31 rose 28% to $16.9 million from $13.2 million in the previous third quarter.
For the nine months ending March 31, net earnings were $1.4 million, up sharply from $124,000 for the same period last year. Revenues increased 19% to $48.4 million from $40.5 million.
Chief financial officer Gary King attributed the improved results to an unusually high demand for mobile homes during the winter season, when the market usually falls into a slump. He said lower interest rates helped push demand.
Silvercrest adjusted last year’s earnings to reflect its $5 million acquisition of Santiago Corp., a Santa Ana developer of mobile home parks.
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