TCS Financial: The San Diego-based financial services...

TCS Financial: The San Diego-based financial services company reported a profit of $210,000 on revenue of $2.2 million for the third quarter ended July 31, contrasted with a profit of $37,000 on revenue of $1.7 million for the same three months the previous year.

The results reflect $700,000 in charges, including a write-off of $400,000 that TCS invested in the Hotel Pontchartrain refurbishment project in Detroit. The company said the hotel investment has suffered from delays in adjoining Detroit redevelopment projects. TCS also set aside reserves to cover the effect of Proposition 103, the auto insurance initiative.

TCS also said it is negotiating to buy back TCS stock held by Lincoln Savings, an Orange County thrift that was recently taken over by federal regulators. TCS has offered to pay Lincoln’s cost of the 578,000 shares, which represent 18% of the fully diluted total of outstanding TCS stock.

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