BNC Mortgage Inc.

The Irvine specialty finance company said its fourth-quarter net income dropped to $972,000, or 19 cents a share, from $2.2 million, or 36 cents a share, for the like period last year. Revenue for the quarter ended June 30 declined 9% to $12.5 million. Net earnings for the year were $6.3 million, or $1.14 a share, down 13% from the $7.2 million, or $1.51 a share, posted for the prior fiscal year. Revenue increased 19% to $52.9 million.