The results compare with net income of $14.2 million for the fourth quarter of 2001 and $91.1 million for the full year in 2001. On a per-partnership unit basis, the company earned 56 cents for the latest quarter, down a penny from the fourth quarter of 2001. For the year, per-unit net income was $1.66 diluted, compared with $3.56 for 2001.

Fourth quarter revenue totaled $77.6 million, versus $76.7 million for the last three months of 2001, while full-year revenues decreased slightly to $239.8 million from $241.6 million in 2001.

Major contributors to 2002 fourth quarter results were the sales of 381 residential lots and about 12 acres of commercial and industrial land. In 2001, major contributors to fourth quarter results were the sales of 232 residential lots, about 60 acres of commercial and industrial land, and the sale of the 26,000-sf Town Center Plaza mixed-use building on Town Center Drive.

Major contributors to full-year 2002 results were the sales of 1,330 residential lots and about 69 acres of commercial and industrial land. For 2001, major contributors were the sales of 232 residential lots, about 92 acres of commercial and industrial land, and the asset sales of the Town Center Plaza mixed-use building, the Bank of America Building, the Chiquita Canyon Landfill, and the company's option to purchase 1,800 acres in Broomfield, Colo.

As part of the earnings announcement, Newhall reported on the annual appraisal of the value of its holdings. At Dec. 31, the total net appraised value of the company's assets was $889 million, a slight decrease from $896 million reported at the end of 2001. However, the appraised value per unit of Newhall Land's net assets increased 2.7% to $37.78 in 2002, compared with $36.78 at yearend 2001. This increase reflects the fact that there were fewer units outstanding at yearend as a result of the company's unit repurchase program. Newhall shares stood at $29.20 in early morning trading, down 35 cents for the day and below the 52-week high of $33.80, achieved in May.