Pacesetter Business Properties Reports $658,000 Loss

Pacesetter Business Properties, the Newport Beach real estate developer, reported a net loss of $658,000 for the third quarter. A year earlier, it lost $972,000.

The 1988 results included one-time pre-tax costs of $749,000 related to the company’s spinoff from its former parent company and a stock award to the company’s president. Revenue increased slightly, to $2.1 million from $2 million.

For the nine months, the company’s loss deepened to $2.5 million, from $1.2 million in 1988. Revenue declined 37%, to $6.3 million from $10.1 million.