American Pacesetter, Newport Beach, reported a net...

American Pacesetter, Newport Beach, reported a net loss of $451,000 for the first quarter, compared with net income of $739,000 for the like period in 1988. Revenue rose 3%, to $7.7 million from $7.5 million. As previously announced, American Pacesetter was reorganized last year and its former development subsidiaries were spun off to shareholders and now operate as separate publicly traded companies. American Pacesetter presently operates two lines of business, San Clemente Savings & Loan Assn. and Windsor Mortgage Co. division., which operates in Southern California.