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Home builder Meritage reports narrower loss in 2Q
Home builder Meritage Homes Corp. on Monday reported a much narrower second-quarter loss as revenue continues to fall from the weak housing market in the southwest. Meritage said it lost $23 million, or 79 cents a share, for the quarter ended June 30 compared with a loss $56.6 million, or $2.16, a year ago. Revenue fell 34 percent to $373.9 million from $567.7 million. Meritage recorded real estate related and joint venture charges of $39 million in the quarter, more than half of it California, which Meritage called its toughest market. The charges were down from $80 million in the year-ago quarter. Discounting the charge, Meritage said it would have generated s pretax profit of $5 million in the second quarter. The company said home closings fell 25 percent in the quarter and average sales prices were down 12 percent. The biggest decline in revenue were in Arizona and California, where revenue fell 43 and 45 percent, respectively. Orders were down 15 percent in the quarter. They were down just 5 percent in Texas and 28 percent in Meritage's other markets. "We remain a build-to-order homebuilder, appealing primarily to move-up buyers, but are repositioning many of our communities to attract buyers at lower price points, in response to demand for more affordable homes," Steven Hilton, Meritage's chairman and chief executive said in a statement. Year to date, Meritage said it has lost $68.7 million, or $2.46 a share, compared with $41.5 million, or $1.58 a share, last year. Revenue fell to $745.6 million from $1.14 billion. http://www.forbes.com/feeds/ap/2008/07/28/ap5262312.html |
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