The Presley Cos.: The Newport Beach-based home...
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The Presley Cos.: The Newport Beach-based home builder reported that it narrowed its net loss for the first quarter to $2.3 million, or 4 cents a share, from a net loss of $3.2 million, or 6 cents a share, for the comparable period a year ago. The home builder’s sales declined 11% to $61.1 million from $67.9 million.
Sales of homes were up 8% to $60.6 million for the quarter, while sales of lots, land and other for the quarter dropped to $459,000 from $11.7 million.
The company said new home orders for the quarter rose 66% and were at the highest level since the second quarter of 1989. The company attributed the increase to its strategy to return to the Arizona market after a three-year absence, as well as to gains in the Southern California, Northern California and New Mexico markets.
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