PASADENA, Calif. - Countrywide Credit Industries reported unaudited net earnings of $53 million, or 51 cents a share, for its fiscal third quarter, which ended Nov. 30. Earnings for the quarter a year earlier were $16.2 million, or 10 cents a share.
"From a production standpoint, the highlight of the quarter was an increase in fundings to over $9.3 billion, the highest quarterly level since the refinance boom of 1993, said David S. Loeb, chairman.
Countrywide's board declared a cash dividend of 8 cents a common share for the third quarter, payable Jan. 22, 1996, to shareholders of record of Dec. 29.
"Margins were again bolstered by the strong performance of our servicing hedge," Mr. Loeb said. The hedge gained $119 million pretax for the quarter, while the company took a writedown of $109.9 million for a decline in the value of its servicing asset.