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J.M. PETERS COMPANY INC. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 1994

 NEWPORT BEACH, Calif., Sept. 13 /PRNewswire/ -- J.M. Peters Company Inc. (AMEX: JMP) today reported second quarter financial results for the period ended Aug. 31, 1993.
 For the second quarter of fiscal 1994, revenue from housing sales was $3.3 million on 15 closings compared to the $16.3 million on 45 closings reported for the corresponding period of fiscal 1993. The company recorded land sales totaling $4.5 million during the second quarter of fiscal 1994 vs. land sales of $21.2 million for the first quarter of fiscal 1993.
 A net loss for the first quarter of $1.6 million, or $0.11 per share on 13,980,000 shares outstanding was recorded vs. a net loss of $79.3 million, or $5.67 per share on 13,980,000 shares outstanding for the comparable period of fiscal 1993.
 At Aug. 31, 1993, the company had 158 homes in its backlog vs. 22 homes at Aug. 31, 1992. For the second quarter of fiscal 1994 the company booked 52 net orders (homes contracted for sale less cancellations) vs. 5 homes in the second quarter of fiscal 1993.
 At Aug. 31, 1993, the company had 162 homes under construction, all of which are scheduled to deliver prior to the end of the current fiscal year.
 J.M. PETERS COMPANY INC.
 Financial Highlights
 (Unaudited)
 (Dollars in thousands except per share data)
 Six Months Ended Three Months Ended
 Aug. 31, Increase Aug. 31, Increase
 1993 1992 (Decrease) 1993 1992 (Decrease)
 Total revenue $12,254 $54,222 (77.4 pct) $8,250 $37,547 (78.0 pct)
 Housing sales $6,933 $31,668 (78.1 pct) $3,329 $16,258 (79.5 pct)
 Land sales $4,512 $21,944 (79.4 pct) $4,512 $21,214 (78.7 pct)
 (Loss) before
 income taxes ($3,508)($81,611) ($1,557)($79,314)
 Net (loss)/
 earnings ($3,508)($81,611) ($1,557)($79,314)
 Net (loss)/
 earnings per
 share ($0.25) ($5.83) ($0.11) ($5.67)
 Weighted average
 number of
 shares 13,980 13,980 13,980 13,980
 Homes closed 32 90 (64.4 pct) 15 45 (66.7 pct)
 Homes in backlog 158 22 618.2 pct 158 22 618.2 pct
 Home orders 98 31 216.1 pct. 52 5 940.0 pct
 -0- 9/13/93
 /CONTACT: Greg Petersen, VP and CFO of J.M. Peters, 714-854-2500/
 (JMP) CO: J.M. Peters Company Inc. ST: California IN: CST SU: ERN


JB-LM -- LA041 -- 1534 09/13/93 19:02 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
Words:420
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