RYLAND POSTS $52.4 MILLION QUARTERLY LOSS.Byline: Daily News CALABASAS -- Homebuilder Ryland The name Ryland can refer to several things:
The outlook remains bleak The bleak is a small pelagic fish of the Cyprinid family. Description The body of the bleak is elongated and flat. The head is pointed and the relatively small mouth is turned upwards. The anal fin is long and has 18 to 23 fin rays. The lateral line is complete. as homes sales continue to fall, foreclosures spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression. (jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result. and prices soften, factors that contributed to big writeoffs at the Calabasas-based company. In the second quarter, Ryland lost $52.4 million, or $1.25 a share, versus a profit of $94.8 million, or $2.03 a share, a year earlier. Earlier this month, the company's management predicted a loss of $1.25 to $1.35 a share. That was much worse than analysts' estimate of a 32-cent per share net income. In the quarter, Ryland recorded $147 million in charges related to land investments. Ryland's revenue fell 38 percent. The company's revenue fell 38 percent from last year to $740 million. New orders declined 17 percent, as the company previously reported. The company's homebuilding segments reported a pretax loss pretax loss A loss reported before tax benefits are considered. of $91.5 million during the second quarter, down from $153.8 million in pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings for the same period in 2006. This decrease was primarily due to a decline in closings and margins, which included the impact of inventory valuation adjustments and writeoffs, the company said. Homebuilding revenues decreased 38.3 percent to $722.6 million in the second quarter to $1.2 billion for the same period a year ago. This decline was primarily attributable to closings that totaled 2,461 units, representing a 35.3 percent decrease from the same period in the prior year, and to a slight decline in the average closing price of a home, which decreased to $292,000 for the quarter from $295,000 a year ago. Homebuilding revenues for the second quarter of 2007 included $3 million from land sales, compared to $29.2 million from land sales for the second quarter of 2006, which contributed net gains of $595,000 and $10 million to pretax earnings in 2007 and 2006, respectively. New orders fell an annual 16.6 percent to 2,521 units for the quarter. The backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at the end of the second quarter fell 39.2 percent to 4,953 units from 8,151 units at the end of the second quarter of last year. The dollar value of the company's backlog at June 30 was $1.5 billion, reflecting a decline of 42.2 percent from June 30, 2006. |
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