An incredibly strong first quarter may put Kennedy-Wilson’s stock price back on the map, although immediate reaction from Wall Street was less than encouraging.

Kennedy-Wilson, Inc. (Nasdaq: KWIC), reported that its revenue for the three months ended March 31 increased 123 percent, or $37.5 million compared to $16.9 million in first-quarter 1999. Income also showed impressive improvements, increasing 44 percent to $1.7 million (17 cents per share diluted) from $1.2 million (16 cents).

“This is the second consecutive record first quarter for Kennedy-Wilson,” said Freeman Lyle, executive vice president and chief financial officer. “The company’s strong performance exceeded analysts expectations and is a result of our continued expansion in the real estate services sector.”

Unfortunately, as recently as last week the stock price dipped to its year-low of $4 5/8 on low volume. It’s a steal at a price-to-earnings ratio of under 9.

Kennedy-Wilson focuses on real estate property management and leasing services, including its newly launched technology division. In addition, the company this quarter has purchased a loan portfolio with a face value of $100 million from a major Japanese Trust Bank.

Stronger earnings and newsworthy activities, however, have done little to boost Kennedy-Wilson’s lagging stock price As recently as Jabuary, shares were near the 52-week high of $11 ¹/4. But weak fourth quarter results turned investors off after earnings were significantly lower than analyst expectations. Both Friedman Billings and Wedbush Morgan Securities downgraded the stock in February, and the price plunged to just above $5.

Since that time, however, things have been looking up for Kennedy-Wilson. The company has invested heavily in Japan, where a great deal of upside potential exists. And Friedman Billings has reversed itself, upgrading the stock from “market perform” to “accumulate.”

And speaking of interesting investments, American Church Mortgage Company (OTC Bulletin Board: ACMC) has announced a first-quarter dividend of 2.25 cents per share, or 9 percent annualized.

Why does this catch my eye? Well, one of the national media’s latest obsessions is a revival in spirituality and church attendance in America. And sure enough, churches are popping up in my neighborhood like mushrooms after a storm.

This typically underserved market pulls in attractive demographics and stands to make someone out there a lot of money.

American Church Mortgage is a tiny player. Its first-quarter revenue totaled just $345,000, up from $217,300 for the first quarter of 1999. The Company operates as a real estate investment trust and still is offering its initial stock issue of 1.5 million