Mission West Properties reported a 21.6% drop...

Mission West Properties reported a 21.6% drop in earnings and a 41.3% drop in revenue for the year ended Nov. 30.

The Del Mar-based real estate investment company reported net income of $1.6 million, or 94 cents per share, compared to the previous year’s $2.1 million, or $1.20 per share. Revenues for the year were $5.9 million compared to the previous year’s $10.1 million.

President G. Joseph LaBreche said that last year’s net income and revenues were down because of the large and profitable sale in 1983 of a San Diego office and research building developed by Mission West.

The firm’s outstanding debt as of year-end fiscal 1984 had ballooned to nearly $1.8 million from none the year before. In addition, Mission West’s cash and cash investments dropped to $1.1 million, from $4.1 million at the end of the previous year.

Nonetheless, the company last week declared a cash dividend of 6 cents per share, payable on Feb. 28 to shareholders of record as of Jan. 31. It is the firm’s 10th consecutive quarterly dividend.

During the fourth quarter, Mission West reported net income of $71,610, or 4 cents per share, compared to $772,524, or 44 cents per share, the previous year. Revenues reached only $692,919 compared to $2.6 million in the previous year’s fourth quarter.