Pacific Rim Holding Reports 1st-Quarter Profit

Pacific Rim Holding Corp., an issuer of workers’ compensation insurance, reported net income of $1.02 million for the first quarter that ended March 31, compared to a net loss of $1.08 million during the same three-month period a year earlier.

The Woodland Hills company said its profitable quarter came despite a 23% decline in gross premiums earned compared to a year ago, a drop it attributed to a 16% state-mandated cut in workers’ compensation insurance rates. Pacific Rim’s revenues for the latest quarter were $19.1 million, down from $24.9 million during the first quarter of 1994.