According to the recent report by HomeFed, the company experienced a net loss of $10.5 million or $0.19 per diluted common share for those nine months. In comparison, a net loss of $1.7 million or $.03 per diluted common share was reported for the same period in 2001.
HomeFed's operating results for the first three quarters of 2002 reflect a provision for environmental remediation of approximately $11.2 million, according to company officials. That figure is based on a remediation study commissioned by HomeFed concerning 34 acres of undeveloped land owned by Otay Land Co. "Although this estimated liability is the company's current best estimate, no assurance can be given that the actual amount of environmental liability will not exceed the amount of reserves for this matter or that it will not have a material adverse effect on the company's financial position, results of operations or cash flows," the HomeFed report says.
HomeFed's current development projects include two master-planned communities located in San Diego County: San Elijo Hills and a portion of the larger Otay Ranch planning area.
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