The developer of housing and commercial properties in Valenciaestimates it will earn $1.62 to $1.67 per unit for the year endingDec. 31, compared with its previous estimate of $1.50 to $1.60 perunit.

Gary M. Cusumano, president and chief executive officer,reported that Valencia's economy remains strong and isoutperforming that of Los Angeles County. The new earningsestimates were based on transactions that already have closedescrow or currently are in escrow and are expected to close byyear-end. The net income for the year, Cusumano said, will includeproceeds from the sale of 1,330 residential lots, 66 acres ofcommercial land and three acres of industrial land. Combined, thesesales are expected to contribute $165 million to revenues and $65.7million to income in 2002.

For 2003, the company has about 16 acres of commercial land andabout six acres of industrial land in escrow for about $11million.

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