Covington Development Group Inc.: The Fullerton real...

Covington Development Group Inc.: The Fullerton real estate development company reported a 22% decline in net income for the third quarter, to $279,000 from $356,000 during the corresponding 1989 period. Revenue rose 43%, to $13.2 million from $9.2 million. For the first three quarters of 1990, net income dropped to $1.1 million from $3.8 million a year earlier. Revenue declined 16%, to $48.3 million from $57.4 million. The decline in revenue and earnings reflected a slowing of demand for single-family homes in Southern California, the company said.