Quarterly Profit Down, American Pacesetter Says

American Pacesetter, a Newport Beach home builder and the owner of San Clemente Savings and Loan, reported second-quarter profits of $493,000, 55% below the $1.1 million recorded during the same period last year.

However, revenues for the period ended June 30 were $25.6 million, 5% higher than the $24.4 million posted a year ago.

Jean Meronk, American Pacesetter’s chief financial officer, said the earnings decline reflects extraordinary gains included in second-quarter results for 1986. Overall, Meronk said 1987 has been a better year for the company than 1986.

For the first six months of the year, profits were $1.1 million, up 40% from the $787,000 recorded last year. Sales were $44.7 million, up 17% from 1986.