Irvine Lender Reports Income Up 76% in ’98
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New Century Financial Corp.: The Irvine provider of sub-prime mortgage loans to borrowers with less than stellar credit histories reported record results for the fourth quarter and year.
Net income for the fourth quarter more than doubled to $8.8 million, or 55 cents a share, from $3.3 million, or 22 cents a share, a year ago. Revenue increased 45% to $44.2 million from $30.5 million.
Net income for the year rose 76% to $31.1 million, or $2.03 a share, from $17.7 million, or $1.40 a share, for 1997. Revenue was up 79% to $176.4 million from $98.6 million.
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