DIAMOND BAR, Calif. -- First Mortgage Corp. showed a drop in net income for the fiscal year ended March 31 to $4.99 million, or 83 cents a share, from $5.26 million, or 89 cents a share.

Revenues reached a record $28.99 million, a 10.7% increase over revenues of $26.19 million for fiscal 1993. The company attributed the decline in earnings despite a revenue gain to the sharp increase in interest rates in its fiscal fourth quarter.

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