"William Lyon Homes today reported that net income for the third quarter decreased 15%. Consolidated operating revenue decreased 21%. General William Lyon, Chairman and CEO, stated: 'The Company's net income was down approximately 15% as a result of reduced closings and lower gross margins...."
# Homes closed of 650, down 25% from 864 in the third quarter of 2004
# Operating revenue from home sales of $358.8 million, down 24% from $474.3 million in the third quarter of 2004
# Operating revenue from lots, land and other sales of $17.6 million as compared to $0.6 million in the third quarter of 2004
# Consolidated operating revenue of $376.3 million, down 21% from $475.0 million in the third quarter of 2004
# Homebuilding gross margin of $89.7 million, down 29% from $125.7 million in the third quarter of 2004
# Homebuilding gross margin percentage of 25.0%, down 150 basis points from 26.5% in the third quarter of 2004
# Lots, land and other gross margin of $7.5 million as compared to $(0.2) million in the third quarter of 2004
# Net income of $38.1 million, down 15% from $44.9 million in the third quarter of 2004
# Diluted earnings per share of $4.39, down 3% from $4.51 in the third quarter of 2004 (based on weighted average shares outstanding of 8,677,410 in the 2005 period as compared to 9,965,762 in the 2004 period)
biz.yahoo.com
Am I mistaken or does it look like they are dumping land?
Mish |
