ORANGE COUNTY EARNINGS

Westcorp: The Irvine financial services company, whose principal subsidiaries are WFS Financial and Western Financial Bank, reported that fourth-quarter net income fell to $762,000, or 3 cents a share, from $10.1 million, or 38 cents a share, for the same period a year earlier.

For the year, the company recorded a net loss of $14.7 million, or 56 cents a share, contrasted with net income of $36.8 million, or $1.40 a share, for 1997. The 1998 results include $18 million in pretax restructuring charges. The company listed $15 million in charges from consolidating its automobile lending operations, eliminating 400 positions. The other $3 million involved consolidating 14 mortgage banking offices into four offices, eliminating 200 positions.