Home Builder Presley Sees Sales Rise 21%, Closings 31% for Quarter
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NEWPORT BEACH — The Presley Cos., a home-building company, reported profit for the third quarter of $683,000, or 1 cent a share, slightly down from last year’s third-quarter net income of $693,000, or 1 cent a share.
Last year’s quarter results included a onetime gain of $2 million from retirement of debt. Sales rose 21%, to $79.6 million, from $65.7 million.
For the nine-month period, the company lost $1.3 million, or 2 cents a share, an improvement from a loss of $12.6 million, or 24 cents a share, for last year’s first three quarters.
Last year’s nine-month loss included a charge of $9.4 million on the value of its real estate holdings, as well as a onetime gain from the retirement of $2.7 million in debt. Sales rose 15% to $222.8 million for the period from $193.8 million.
The company also reported that closings in the third quarter of this year grew 31%, to 467 from 356 in the third quarter a year ago.
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