IRVINE, Calif. - New Century Financial Corp. reported third-quarter net income of $4.7 million, or 24 cents a share, down 60% against the year-ago period but an improvement over the second quarter's $8.6 million net loss.

The company said revenues were hurt by losses related to the repurchase of $16.2 million in delinquent loans and additions to loss reserves incurred as a result of changes in guidelines by secondary market investors. The purchased loans were sold at a loss of $7.6 million in the quarter.

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