Hammond Co.: Blaming a bad economy and...

Hammond Co.: Blaming a bad economy and the Persian Gulf War, the Hammond Co. posted a $347,331 loss for its fiscal third quarter and is headed for its third straight year of losses or lackluster financial results. The Newport Beach mortgage banking firm’s loss for the three-month quarter that ended Dec. 31 was more than four times the $84,995 loss in the same quarter a year earlier. Quarterly revenue fell 26% to $3.4 million from $4.6 million a year earlier.

For the first nine months, the company lost $778,879, a big drop from earnings of $852,973 for the same period a year earlier. Revenue for the period fell 25% to $11.8 million from $15.8 million a year earlier.