VALENCIA, CA-The Newhall Land and Farming Co. on Wednesday reported third quarter net income of $2.8 million, or 12 cents per partnership unit, down from $6.7 million, or 27 cents per partnership unit, in the third quarter of last year. e for the 2003 third quarter totaled $39.5 million, compared with $58.2 million for the same period in 2002.

The company also reported it has reached a settlement of its lawsuit and the related cross actions against Kerr-McGee Corp. and other firms regarding the firms’ operations on property leased from Newhall. As previously reported, Newhall filed a lawsuit in early 2001 against a gas and oil-field operator to enforce contractual provisions requiring the operator to remediate and restore the leased properties. The key terms of the settlement address the level of property remediation and restoration to be performed by the operators, the timing of performance and the financial security provided to Newhall Land to assure completion of the remediation and restoration of the property.

Newhall also reported that it expects its net income for 2003 to range from $1.35 to $1.45 per unit. This is an increase over the previously reported range for this year’s earnings of $1.15 to $1.25 per unit.

Gary Cusumano, president and CEO, says Newhall continues to seek governmental approvals to complete the previously announced acquisition of the company by Lennar Corp. and LNR Property Corp. Newhall and the Lennar-LNR joint venture agreed to the merger in July, subject to pending approvals by unitholders and the California Public Utilities Commission, as well as customary closing conditions.

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