VALENCIA, CA-The Newhall Land and Farming Co. today increased the Company’s estimated per-unit net income for 2002.

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

Gary M. Cusumano, president and chief executive officer, reported that Valencia’s economy remains strong and is outperforming that of Los Angeles County. The new earnings estimates were based on transactions that already have closed escrow or currently are in escrow and are expected to close by year-end. The net income for the year, Cusumano said, will include proceeds from the sale of 1,330 residential lots, 66 acres of commercial land and three acres of industrial land. Combined, these sales are expected to contribute $165 million to revenues and $65.7 million to income in 2002.

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

Newhall Land’s primary activity is planning the community of Valencia. Valencia and Newhall Ranch, its next new community, together comprise 36,000 acres about 30 miles north of downtown Los Angeles.

Newhall’s stock stood at $28.55 in late morning trading Tuesday, up 20 cents for the day but below its 52-week high of $33.80, achieved in May.

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