William Lyon Sees Net Income Rise 33%
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William Lyon Homes reported a 33% jump in first-quarter profit as revenue dipped 3%.
The Newport Beach-based home builder said net profit rose to $20.5 million, or $2.36 a share, compared with $15.4 million, or $1.55, a year ago. Revenue fell to $246.7 million from $254.5 million.
Net new home orders for the quarter ended March 31 dropped 20% to 873 homes, and the average number of communities fell 14% to 38 from the year before. The company previously had warned that orders would be below the last year’s results, which set a first-quarter record.
Last month, Chairman William Lyon announced a plan to buy all outstanding shares and take the company private. His offer price was $82 a share, or about $200 million. The deal is subject to board approval.
Since then, seven shareholder lawsuits have been filed seeking to stop the proposed transaction.
The company’s shares fell 15 cents Tuesday to $88.05 on the New York Stock Exchange.
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