Newhall Land & Farming Reports Drop in Income

Newhall Land & Farming reported net income for the first quarter ended March 31 of $3.2 million compared with net income of $8.3 million for the first quarter of 1999. Revenue dropped to $28.4 million compared with $42.3 million, a decrease resulting from the sale of Cowell Ranch, the company said.

Newhall Land develops master-planned communities in north Los Angeles County, primarily in Valencia. The Newhall Ranch project was approved by the county in 1999.