Hammond Co. Reports Increase in Earnings

The strong housing market lifted 1987 fiscal earnings for Hammond Co., a Newport Beach-based mortgage banker, to $1.6 million, more than 2.5 times the $605,691 reported a year earlier. Sales increased to $31.7 million, an increase of 45% from $21.9 million in the company’s fiscal 1986.

For its fourth quarter ended March 31, Hammond reported net earnings of $326,992, up slightly from $310,913 a year earlier. Sales for the quarter were up 24% to $7.8 million from $6.3 million.

Thomas Hammond, the company’s founder and president, attributed the sales growth to strong home sales, affordable home mortgage interest rates and the expansion of sale offices.