New Century Financial Corp.
The Irvine mortgage lender posted a second-quarter loss and warned that it expects income for the year to be “significantly less than anticipated” because of rising interest rates.
The second-quarter loss totaled $8.6 million, or 63 cents a share, contrasted with net income of $10.9 million, or 60 cents a share, for the 1999 second quarter. The company said the loss in the recent quarter included a $21.2-million pretax adjustment to its residual securities. Revenue declined 36% to $35.9 million.
New Century said it had originally projected earnings of $2 to $2.25 a share for the year. Last year, the company earned $39.5 million, or $2.11 a share, including a $10-million adjustment to securities, on revenue of $233.9 million.
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