Newhall Resources’ Net Income Rises to $828,000

Newhall Resources in Valencia reported its net income for the third quarter ended Sept. 25 quintupled to $828,000, or 18 cents a share, compared to $163,000, or 4 cents a share, in the same period a year earlier. Revenue was up 8% to $1.3 million from $1.2 million a year earlier.

The company was formed in 1983 to develop oil and gas assets that were spun off from Newhall Land & Farming Co., a real estate and agriculture concern that is developing the community of Valencia. However, Newhall Land is now repurchasing Newhall Resources.

Newhall Resources’ improved results were attributed to reduced expenses and the sale of working interests in eight Texas wells.

For the nine months ended Sept. 25, Newhall Resources earned $2.2 million, or 49 cents a share, compared to $1.4 million, or 33 cents a share, in the same period a year earlier. Revenue was $4.6 million compared with $4 million.

For detailed data and results of other companies, please see tables, Page 13.