Hammond Reports $43,187 in Income for 3rd Quarter

The Hammond Co. said net income for the fiscal third quarter ended Dec. 31 was $43,187, compared with a net loss of $48,608 for the same period a year earlier--a turnaround it attributed to increased interest income and higher profits on loans.

Revenue for the quarter was $5.4 million, up $2.4 million from the $3 million for the fiscal third quarter a year ago.

For the first nine months, the mortgage banking company reported net income of $294,778, up 365% from $63,379 for the same period a year earlier. Nine-month revenues totaled $15.6 million, compared with revenue of $8 million for the first nine months of the prior fiscal year.

Thomas T. Hammond, chairman and president, said the current housing and interest rate environments “look encouraging for the new year and appear conducive to expanding our business and improving our net income and mortgage-servicing portfolio.”