Imperial Corp. Reports 47% Earnings Increase

Citing cost-cuttings and a slight increase in its net interest margin, Imperial Corp. of America on Thursday reported earnings of $6.9 million for the first quarter ended March 31, up 47%.

Revenues dipped 9% to $225 million.

Imperial’s cost-cutting measures included developing a corporate plan, consolidating and subleasing excess office space and instituting expense-control procedures. The budget slashings trimmed operating expenses by 18% over the fourth quarter of 1985--to $41.3 million, according to ICA President and Chief Executive Kenneth Thygerson.

Imperial’s mortgage banking subsidiary lost money in the first quarter, Thygerson said, because of hedging programs that were hurt by reduced interest rates.

As of March 31, Imperial’s assets were $8.2 billion, a decline of 1%.